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
Nuveen Investments
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: July 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-CSR/0001193125-20-265453/g84543imgd37119101.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-CSR/0001193125-20-265453/g84543imgd37119101.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543imgd0fe6d832.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543imgc0152fb13.jpg)
Total Returns as of July 31, 2020 | ||||
Average Annual | ||||
Inception Date | 1-Year | Since Inception | Expense Ratio | |
NUAG at NAV | 9/14/16 | 10.11% | 4.51% | 0.20% |
NUAG at Market Price | 9/14/16 | 10.19% | 4.47% | 0.20% |
ICE BofA Enhanced Yield U.S. Broad Bond Index | - | 9.41% | 4.78% | - |
ICE BofA U.S. Broad Market Index | - | 10.23% | 4.50% | - |
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543img06249c734.gif)
Total Returns as of July 31, 2020 | ||||
Average Annual | ||||
Inception Date | 1-Year | Since Inception | Expense Ratio | |
NUSA at NAV | 3/31/17 | 5.93% | 3.58% | 0.20% |
NUSA at Market Price | 3/31/17 | 6.15% | 3.67% | 0.20% |
ICE BofA Enhanced Yield 1-5 Year U.S. Broad Bond Index | - | 5.84% | 3.80% | - |
ICE BofA 1-5 Year U.S. Broad Market Index | - | 5.42% | 3.35% | - |
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543imga3e5b8175.gif)
Total Returns as of July 31, 2020 | |||
Cumulative | |||
Inception Date | Since Inception | Expense Ratio | |
NUHY at NAV | 9/25/19 | 1.79% | 0.35% |
NUHY at Market Price | 9/25/19 | 3.02% | 0.35% |
Bloomberg Barclays MSCI U.S. High Yield Very Liquid ESG Select Index | - | 1.98% | - |
Bloomberg Barclays U.S. High Yield Very Liquid Index | - | 2.85% | - |
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543imge2674b016.gif)
Total Returns as of July 31, 2020 | ||||
Average Annual | ||||
Inception Date | 1-Year | Since Inception | Expense Ratio | |
NUBD at NAV | 9/29/17 | 10.38% | 5.84% | 0.20% |
NUBD at Market Price | 9/29/17 | 10.51% | 5.91% | 0.20% |
Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index | - | 10.29% | 5.93% | - |
Bloomberg Barclays U.S. Aggregate Bond Index | - | 10.12% | 5.88% | - |
![](https://capedge.com/proxy/N-CSR/0001193125-20-265453/g84543img836e29277.gif)
Dividend Rate | 2.96% |
SEC 30-Day Yield | 1.54% |
Dividend Rate | 2.53% |
SEC 30-Day Yield | 0.85% |
Dividend Rate | 3.92% |
SEC 30-Day Yield | 4.59% |
Dividend Rate | 2.15% |
SEC 30-Day Yield | 1.05% |
Fund Allocation (% of net assets) | |
Securitized | 40.3% |
Corporate Debt | 30.8% |
U.S. Treasury | 23.4% |
Government Related - Long-Term | 4.7% |
U.S. Government and Agency Obligations | 1.7% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 47.8% |
Financials | 16.0% |
Utility | 36.2% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 1.4% |
AA | 3.2% |
A | 9.5% |
BBB | 22.7% |
U.S. Treasury/Agency | 63.2% |
Total | 100% |
Fund Allocation (% of net assets) | |
Corporate Debt | 42.9% |
Securitized | 30.1% |
U.S. Treasury | 26.1% |
U.S. Government and Agency Obligations | 1.5% |
Other Assets Less Liabilities | (0.6)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 22.9% |
Financials | 47.8% |
Utility | 29.3% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 13.7% |
AA | 3.9% |
A | 18.1% |
BBB | 21.0% |
U.S. Treasury/Agency | 43.3% |
Total | 100% |
Fund Allocation (% of net assets) | |
Corporate Debt | 97.8% |
U.S. Government and Agency Obligations | 1.1% |
Other Assets Less Liabilities | 1.1% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 90.2% |
Financials | 9.3% |
Utility | 0.5% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
BBB | 9.3% |
BB or Lower | 89.5% |
U.S. Treasury/Agency | 1.2% |
Total | 100% |
Fund Allocation (% of net assets) | |
U.S. Treasury | 37.2% |
Securitized | 28.8% |
Corporate Debt | 27.4% |
Government Related - Long-Term | 5.8% |
U.S. Government and Agency Obligations | 2.9% |
Other Assets Less Liabilities | (2.1)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 62.1% |
Financials | 29.6% |
Utility | 8.3% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 4.3% |
AA | 3.9% |
A | 15.5% |
BBB | 8.7% |
U.S. Treasury/Agency | 67.6% |
Total | 100 % |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,053.80 |
Expenses Incurred During Period | $ 1.02 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.87 |
Expenses Incurred During the Period | $ 1.01 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,062.10 |
Expenses Incurred During Period | $ 1.03 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.87 |
Expenses Incurred During the Period | $ 1.01 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $ 998.00 |
Expenses Incurred During Period | $ 2.97 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.12 |
Expenses Incurred During the Period | $ 3.01 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,032.40 |
Expenses Incurred During Period | $ 1.01 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,023.87 |
Expenses Incurred During the Period | $ 1.01 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 99.2% | ||||||
SECURITIZED – 40.3% | ||||||
$ 250 | COMM 2015-LC19 Mortgage Trust | 3.527% | 2/10/48 | AAA | $265,727 | |
500 | Csail 2015-C2 Commercial Mortgage Trust | 3.849% | 6/15/57 | Aa2 | 539,889 | |
974 | Fannie Mae Pool AL9125 | 4.000% | 10/01/43 | N/R | 1,067,323 | |
495 | Fannie Mae Pool AS6302 | 3.500% | 12/01/45 | N/R | 527,480 | |
613 | Fannie Mae Pool AX4887 | 4.000% | 12/01/44 | N/R | 670,556 | |
56 | Fannie Mae Pool MA1489 | 3.000% | 7/01/43 | Aaa | 60,065 | |
629 | Fannie Mae Pool MA2929 | 3.500% | 3/01/47 | Aaa | 665,494 | |
763 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 806,421 | |
228 | Fannie Mae Pool MA3211 | 4.000% | 12/01/47 | Aaa | 243,186 | |
406 | Fannie Mae Pool MA3239 | 4.000% | 1/01/48 | Aaa | 433,047 | |
628 | Fannie Mae Pool MA3276 | 3.500% | 2/01/48 | Aaa | 663,460 | |
143 | Fannie Mae Pool MA3277 | 4.000% | 2/01/48 | N/R | 152,300 | |
322 | Fannie Mae Pool MA3305 | 3.500% | 3/01/48 | N/R | 339,640 | |
99 | Fannie Mae Pool MA3306 | 4.000% | 3/01/48 | N/R | 105,544 | |
331 | Fannie Mae Pool MA3332 | 3.500% | 4/01/48 | Aaa | 350,044 | |
213 | Fannie Mae Pool MA3383 | 3.500% | 6/01/48 | Aaa | 224,340 | |
223 | Fannie Mae Pool MA3467 | 4.000% | 9/01/48 | Aaa | 235,946 | |
259 | Fannie Mae Pool MA3663 | 3.500% | 5/01/49 | Aaa | 272,488 | |
353 | Fannie Mae Pool MA3744 | 3.000% | 8/01/49 | N/R | 373,993 | |
380 | Fannie Mae Pool MA3774 | 3.000% | 9/01/49 | Aaa | 402,353 | |
455 | Fannie Mae Pool MA3905 | 3.000% | 1/01/50 | N/R | 481,240 | |
1,337 | Fannie Mae Pool MA3960 | 3.000% | 3/01/50 | N/R | 1,415,328 | |
2,833 | Fannie Mae Pool MA3990 | 2.500% | 4/01/50 | N/R | 2,973,237 | |
4,988 | Fannie Mae Pool MA4078 | 2.500% | 7/01/50 | N/R | 5,239,530 | |
570 | Freddie Mac Gold Pool G08797 | 4.000% | 1/01/48 | N/R | 609,161 | |
271 | Freddie Mac Gold Pool G08800 | 3.500% | 2/01/48 | N/R | 286,490 | |
2,485 | Freddie Mac Pool SD8080 | 2.000% | 6/01/50 | N/R | 2,575,374 | |
45 | Ginnie Mae II Pool MA2149 | 4.000% | 8/20/44 | N/R | 49,268 | |
533 | Ginnie Mae II Pool MA3310 | 3.500% | 12/20/45 | Aaa | 568,752 | |
153 | Ginnie Mae II Pool MA3311 | 4.000% | 12/20/45 | Aaa | 165,408 | |
189 | Ginnie Mae II Pool MA3874 | 3.500% | 8/20/46 | Aaa | 202,008 | |
121 | Ginnie Mae II Pool MA3937 | 3.500% | 9/20/46 | Aaa | 128,838 | |
299 | Ginnie Mae II Pool MA4900 | 3.500% | 12/20/47 | Aaa | 318,153 | |
238 | Ginnie Mae II Pool MA4962 | 3.500% | 1/20/48 | Aaa | 252,880 | |
284 | Ginnie Mae II Pool MA5875 | 3.500% | 4/20/49 | Aaa | 298,363 | |
474 | Ginnie Mae II Pool MA6283 | 3.000% | 11/20/49 | N/R | 501,636 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$ 485 | Ginnie Mae II Pool MA6338 | 3.000% | 12/20/49 | N/R | $513,244 | |
490 | Ginnie Mae II Pool MA6474 | 3.000% | 2/20/50 | N/R | 519,202 | |
1,734 | Ginnie Mae II Pool MA6599 | 3.000% | 4/20/50 | N/R | 1,836,377 | |
1,995 | Ginnie Mae II Pool MA6711 | 3.500% | 6/20/50 | N/R | 2,111,562 | |
2,000 | Ginnie Mae II Pool MA6819, (WI/DD) | 2.500% | 8/20/50 | N/R | 2,112,917 | |
499 | SoFi Professional Loan Program 2017-E LLC, 144A | 2.720% | 11/26/40 | AAA | 507,330 | |
250 | Verizon Owner Trust 2019-C | 2.060% | 4/22/24 | AA+ | 255,937 | |
250 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 4.020% | 8/15/50 | Aaa | 265,709 | |
$ 30,843 | Total Securitized (cost $31,897,736) | 32,587,240 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 30.8% | ||||||
Financials – 4.9% | ||||||
$ 62 | Air Lease Corp | 3.875% | 7/03/23 | BBB | $63,497 | |
49 | Aircastle Ltd | 5.000% | 4/01/23 | BBB | 49,122 | |
40 | Alexandria Real Estate Equities Inc | 3.375% | 8/15/31 | BBB+ | 46,242 | |
90 | American Financial Group Inc/OH | 5.250% | 4/02/30 | BBB+ | 109,106 | |
126 | American International Group Inc | 4.200% | 4/01/28 | BBB+ | 148,996 | |
94 | Anthem Inc | 3.700% | 9/15/49 | A | 113,726 | |
85 | Aon Corp | 3.750% | 5/02/29 | A- | 99,698 | |
66 | AXIS Specialty Finance PLC | 4.000% | 12/06/27 | A- | 71,709 | |
40 | Barclays Bank PLC | 3.750% | 5/15/24 | A1 | 44,136 | |
150 | Barclays PLC | 3.932% | 5/07/25 | A | 163,923 | |
32 | Boston Properties LP | 2.900% | 3/15/30 | A- | 34,286 | |
27 | Brixmor Operating Partnership LP | 4.125% | 5/15/29 | BBB- | 28,881 | |
105 | Capital One Financial Corp | 3.800% | 1/31/28 | A- | 118,359 | |
167 | Citigroup Inc | 4.125% | 7/25/28 | BBB+ | 193,363 | |
62 | Citigroup Inc | 4.750% | 5/18/46 | BBB+ | 82,978 | |
71 | CNA Financial Corp | 3.900% | 5/01/29 | A- | 81,054 | |
147 | Discover Bank | 4.650% | 9/13/28 | BBB+ | 172,955 | |
34 | Essex Portfolio LP | 2.650% | 3/15/32 | BBB+ | 36,644 | |
106 | Fifth Third Bancorp | 3.950% | 3/14/28 | A- | 126,208 | |
42 | GATX Corp | 4.550% | 11/07/28 | BBB | 47,982 | |
150 | GE Capital International Funding Co Unlimited Co | 4.418% | 11/15/35 | BBB+ | 154,882 | |
20 | Goldman Sachs Group Inc | 3.750% | 2/25/26 | A | 22,671 | |
26 | Goldman Sachs Group Inc | 3.500% | 11/16/26 | A | 29,008 | |
18 | Healthcare Realty Trust Inc | 3.625% | 1/15/28 | BBB+ | 19,428 | |
44 | Highwoods Realty LP | 3.050% | 2/15/30 | BBB | 45,608 | |
69 | Humana Inc | 3.850% | 10/01/24 | BBB+ | 76,602 | |
35 | Huntington Bancshares Inc/OH | 4.000% | 5/15/25 | A- | 39,829 | |
85 | Jefferies Financial Group Inc | 5.500% | 10/18/23 | BBB | 94,371 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$ 4 | JPMorgan Chase & Co | 3.702% | 5/06/30 | AA- | $4,647 | |
40 | KeyBank NA/Cleveland OH | 3.400% | 5/20/26 | BBB+ | 44,987 | |
93 | Lazard Group LLC | 4.500% | 9/19/28 | BBB+ | 108,025 | |
28 | Lincoln National Corp | 4.200% | 3/15/22 | A- | 29,685 | |
100 | Lloyds Banking Group PLC | 2.438% | 2/05/26 | A+ | 104,999 | |
85 | Manulife Financial Corp | 4.061% | 2/24/32 | A- | 90,738 | |
66 | Markel Corp | 5.000% | 5/20/49 | BBB+ | 89,105 | |
13 | Morgan Stanley | 4.350% | 9/08/26 | BBB+ | 15,244 | |
110 | Morgan Stanley | 4.457% | 4/22/39 | A | 144,747 | |
26 | Physicians Realty LP | 3.950% | 1/15/28 | BBB- | 27,159 | |
96 | Prudential Financial Inc | 5.375% | 5/15/45 | BBB+ | 102,947 | |
73 | Raymond James Financial Inc | 3.625% | 9/15/26 | BBB+ | 82,374 | |
8 | Realty Income Corp | 3.650% | 1/15/28 | A- | 9,025 | |
18 | Reinsurance Group of America Inc | 4.700% | 9/15/23 | A | 19,879 | |
29 | Sabra Health Care LP | 4.800% | 6/01/24 | BBB- | 29,413 | |
81 | Santander Holdings USA Inc | 3.244% | 10/05/26 | BBB+ | 85,905 | |
86 | Synchrony Financial | 3.950% | 12/01/27 | BBB- | 90,760 | |
44 | UDR Inc | 3.000% | 8/15/31 | BBB+ | 48,805 | |
29 | UnitedHealth Group Inc | 3.850% | 6/15/28 | A+ | 34,889 | |
96 | Unum Group | 4.500% | 12/15/49 | BBB | 97,786 | |
48 | Ventas Realty LP | 4.400% | 1/15/29 | BBB+ | 53,861 | |
26 | VEREIT Operating Partnership LP | 4.875% | 6/01/26 | BBB | 29,018 | |
72 | Wells Fargo & Co | 4.750% | 12/07/46 | A3 | 94,381 | |
87 | Welltower Inc | 4.250% | 4/15/28 | BBB+ | 99,657 | |
104 | Willis North America Inc | 4.500% | 9/15/28 | BBB | 125,348 | |
3,504 | Total Financials | 3,978,648 | ||||
Industrial – 14.7% | ||||||
59 | AbbVie Inc, 144A | 3.850% | 6/15/24 | BBB+ | 65,265 | |
56 | AbbVie Inc | 3.600% | 5/14/25 | BBB+ | 62,629 | |
106 | AbbVie Inc, 144A | 4.050% | 11/21/39 | BBB+ | 130,426 | |
110 | Altria Group Inc | 5.800% | 2/14/39 | A3 | 144,113 | |
80 | American Tower Corp | 3.800% | 8/15/29 | BBB+ | 93,733 | |
127 | Amgen Inc | 4.563% | 6/15/48 | A- | 174,865 | |
423 | Anheuser-Busch InBev Worldwide Inc | 4.000% | 4/13/28 | BBB+ | 495,172 | |
108 | AstraZeneca PLC | 4.000% | 1/17/29 | A3 | 132,004 | |
128 | AT&T Inc | 4.350% | 3/01/29 | A- | 152,941 | |
174 | AT&T Inc | 5.375% | 10/15/41 | A- | 228,444 | |
96 | AT&T Inc | 4.900% | 6/15/42 | A- | 120,582 | |
62 | AT&T Inc | 4.300% | 12/15/42 | A- | 73,420 | |
80 | AT&T Inc | 4.350% | 6/15/45 | A- | 94,712 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 78 | AutoNation Inc | 4.500% | 10/01/25 | BBB- | $85,751 | |
27 | Baxter International Inc | 3.500% | 8/15/46 | A- | 32,134 | |
88 | Becton Dickinson and Co | 4.685% | 12/15/44 | BBB | 116,434 | |
69 | Bell Canada Inc | 4.464% | 4/01/48 | BBB+ | 92,506 | |
35 | Boeing Co | 3.300% | 3/01/35 | Baa2 | 32,739 | |
77 | BorgWarner Inc | 4.375% | 3/15/45 | Baa1 | 86,165 | |
36 | Boston Scientific Corp | 2.650% | 6/01/30 | Baa2 | 39,131 | |
100 | Broadcom Inc, 144A | 4.750% | 4/15/29 | BBB- | 116,583 | |
109 | Canadian Pacific Railway Co | 2.050% | 3/05/30 | BBB+ | 114,932 | |
40 | Cardinal Health Inc | 4.500% | 11/15/44 | BBB | 46,279 | |
107 | Carrier Global Corp, 144A | 2.722% | 2/15/30 | BBB | 113,079 | |
211 | Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375% | 5/01/47 | BBB- | 267,172 | |
182 | Cigna Corp | 4.500% | 2/25/26 | A- | 215,699 | |
69 | Cimarex Energy Co | 4.375% | 6/01/24 | BBB- | 73,610 | |
36 | Constellation Brands Inc | 3.600% | 2/15/28 | BBB | 40,888 | |
44 | Crown Castle International Corp | 3.100% | 11/15/29 | BBB+ | 49,078 | |
38 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 46,393 | |
109 | CSX Corp | 3.800% | 4/15/50 | BBB+ | 138,617 | |
276 | CVS Health Corp | 4.875% | 7/20/35 | BBB | 358,575 | |
135 | Dell International LLC / EMC Corp, 144A | 8.350% | 7/15/46 | BBB- | 188,135 | |
75 | Discovery Communications LLC | 4.900% | 3/11/26 | BBB- | 87,927 | |
80 | Dow Chemical Co | 4.800% | 5/15/49 | BBB+ | 100,780 | |
81 | Eaton Corp | 4.150% | 11/02/42 | A- | 103,283 | |
16 | Ecolab Inc | 3.250% | 12/01/27 | A- | 18,408 | |
29 | Electronic Arts Inc | 4.800% | 3/01/26 | A- | 34,874 | |
75 | Energy Transfer Operating LP | 5.950% | 10/01/43 | BBB- | 76,024 | |
150 | Energy Transfer Operating LP | 6.125% | 12/15/45 | BBB- | 157,758 | |
128 | Enterprise Products Operating LLC | 5.750% | 3/01/35 | BBB+ | 164,850 | |
100 | Equinix Inc | 1.250% | 7/15/25 | BBB- | 100,850 | |
46 | FedEx Corp | 3.100% | 8/05/29 | BBB | 51,093 | |
66 | FedEx Corp | 3.900% | 2/01/35 | BBB | 74,982 | |
93 | Fiserv Inc | 3.500% | 7/01/29 | BBB | 107,629 | |
55 | Fortive Corp | 4.300% | 6/15/46 | Baa1 | 67,199 | |
90 | Fox Corp | 3.500% | 4/08/30 | BBB | 102,429 | |
109 | General Mills Inc | 2.875% | 4/15/30 | BBB | 122,172 | |
130 | General Motors Co | 6.600% | 4/01/36 | BBB | 158,309 | |
77 | Global Payments Inc | 4.450% | 6/01/28 | BBB- | 91,855 | |
76 | Grupo Televisa SAB | 5.000% | 5/13/45 | BBB+ | 87,761 | |
84 | HCA Inc | 4.125% | 6/15/29 | BBB- | 98,318 | |
65 | Helmerich & Payne Inc | 4.650% | 3/15/25 | BBB+ | 72,425 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 72 | Hess Corp | 4.300% | 4/01/27 | BBB- | $75,669 | |
67 | Hewlett Packard Enterprise Co | 6.200% | 10/15/35 | BBB+ | 84,662 | |
86 | International Paper Co | 4.400% | 8/15/47 | BBB | 107,403 | |
10 | Interpublic Group of Cos Inc | 3.750% | 2/15/23 | BBB+ | 10,654 | |
80 | J M Smucker Co | 4.250% | 3/15/35 | BBB | 97,986 | |
73 | Johnson Controls International plc | 4.625% | 7/02/44 | BBB+ | 88,833 | |
90 | Keurig Dr Pepper Inc | 3.200% | 5/01/30 | BBB | 102,162 | |
136 | Kinder Morgan Inc | 4.300% | 3/01/28 | BBB | 158,628 | |
109 | Kroger Co | 5.400% | 1/15/49 | Baa1 | 158,327 | |
96 | Lowe's Cos Inc | 3.650% | 4/05/29 | BBB+ | 112,527 | |
63 | LYB International Finance III LLC | 4.200% | 10/15/49 | Baa1 | 72,523 | |
71 | Magellan Midstream Partners LP | 4.200% | 3/15/45 | BBB+ | 73,994 | |
66 | Marriott International Inc/MD | 4.500% | 10/01/34 | BBB | 69,174 | |
109 | Martin Marietta Materials Inc | 2.500% | 3/15/30 | BBB+ | 114,582 | |
53 | McDonald's Corp | 4.700% | 12/09/35 | BBB+ | 69,680 | |
87 | McDonald's Corp | 4.875% | 7/15/40 | BBB+ | 116,876 | |
82 | Mondelez International Inc | 4.125% | 5/07/28 | Baa1 | 99,875 | |
79 | Mosaic Co | 4.050% | 11/15/27 | BBB- | 85,442 | |
39 | MPLX LP | 4.500% | 7/15/23 | BBB | 42,139 | |
96 | Noble Energy Inc | 3.900% | 11/15/24 | BBB | 106,519 | |
72 | Nordstrom Inc | 6.950% | 3/15/28 | BBB- | 72,723 | |
80 | Norfolk Southern Corp | 4.150% | 2/28/48 | BBB+ | 103,638 | |
109 | Northrop Grumman Corp | 4.400% | 5/01/30 | BBB | 136,326 | |
96 | Nutrien Ltd | 6.125% | 1/15/41 | BBB | 127,189 | |
90 | Omnicom Group Inc | 4.200% | 6/01/30 | BBB+ | 107,026 | |
76 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 79,696 | |
74 | Orange SA | 5.375% | 1/13/42 | BBB+ | 109,162 | |
80 | Pioneer Natural Resources Co | 4.450% | 1/15/26 | BBB | 93,312 | |
94 | Plains All American Pipeline LP / PAA Finance Corp | 3.800% | 9/15/30 | BBB- | 94,114 | |
29 | Rayonier Inc | 3.750% | 4/01/22 | BBB- | 29,587 | |
128 | Raytheon Technologies Corp | 3.750% | 11/01/46 | A- | 157,498 | |
95 | Republic Services Inc | 3.950% | 5/15/28 | BBB+ | 114,057 | |
144 | Reynolds American Inc | 5.700% | 8/15/35 | BBB+ | 183,712 | |
83 | Rogers Communications Inc | 5.000% | 3/15/44 | BBB+ | 114,075 | |
34 | RPM International Inc | 4.250% | 1/15/48 | BBB- | 35,456 | |
63 | Seagate HDD Cayman | 4.875% | 6/01/27 | Baa3 | 70,383 | |
76 | Seagate HDD Cayman, 144A | 4.091% | 6/01/29 | Baa3 | 81,073 | |
78 | Sherwin-Williams Co | 2.300% | 5/15/30 | BBB | 82,710 | |
156 | Spectra Energy Partners LP | 4.500% | 3/15/45 | BBB+ | 182,051 | |
93 | Starbucks Corp | 3.550% | 8/15/29 | BBB+ | 107,925 | |
56 | Sysco Corp | 2.400% | 2/15/30 | Baa1 | 56,387 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 50 | Telefonica Emisiones SA | 5.520% | 3/01/49 | BBB | $67,525 | |
109 | Textron Inc | 3.000% | 6/01/30 | BBB | 113,639 | |
90 | Thermo Fisher Scientific Inc | 4.497% | 3/25/30 | BBB+ | 114,516 | |
110 | TransCanada PipeLines Ltd | 5.100% | 3/15/49 | A- | 153,849 | |
87 | Union Pacific Corp | 4.300% | 3/01/49 | A- | 119,180 | |
36 | University of Southern California | 3.226% | 10/01/20 | Aa1 | 40,311 | |
38 | Valero Energy Corp | 3.650% | 3/15/25 | BBB | 41,763 | |
367 | Verizon Communications Inc | 4.750% | 11/01/41 | A- | 513,672 | |
101 | ViacomCBS Inc | 2.900% | 1/15/27 | BBB | 108,828 | |
108 | Vodafone Group PLC | 4.875% | 6/19/49 | BBB | 140,961 | |
103 | Walgreens Boots Alliance Inc | 4.500% | 11/18/34 | Baa2 | 118,998 | |
90 | Weyerhaeuser Co | 4.000% | 4/15/30 | Baa2 | 104,696 | |
106 | Williams Cos Inc | 3.750% | 6/15/27 | BBB | 116,207 | |
36 | WPP Finance 2010 | 3.750% | 9/19/24 | BBB+ | 39,501 | |
26 | Zimmer Biomet Holdings Inc | 5.750% | 11/30/39 | BBB | 33,466 | |
9,927 | Total Industrial | 11,913,999 | ||||
Utility – 11.2% | ||||||
84 | AEP Texas Inc | 4.150% | 5/01/49 | A- | 106,266 | |
230 | Alabama Power Co | 5.200% | 6/01/41 | A1 | 315,721 | |
110 | Ameren Illinois Co | 4.150% | 3/15/46 | A1 | 146,396 | |
78 | American Electric Power Co Inc | 2.300% | 3/01/30 | BBB+ | 81,433 | |
139 | American Water Capital Corp | 4.300% | 12/01/42 | A | 182,128 | |
60 | Appalachian Power Co | 4.400% | 5/15/44 | A- | 75,469 | |
22 | Berkshire Hathaway Energy Co, 144A | 3.700% | 7/15/30 | A- | 26,699 | |
73 | Berkshire Hathaway Energy Co | 3.800% | 7/15/48 | A- | 92,904 | |
128 | Black Hills Corp | 3.150% | 1/15/27 | BBB+ | 137,765 | |
37 | CenterPoint Energy Resources Corp | 4.000% | 4/01/28 | A3 | 42,736 | |
126 | Cleco Corporate Holdings LLC | 3.743% | 5/01/26 | BBB- | 134,046 | |
97 | CMS Energy Corp | 4.700% | 3/31/43 | Baa1 | 123,985 | |
109 | Consolidated Edison Co of New York Inc | 3.350% | 4/01/30 | A- | 127,752 | |
215 | Consolidated Edison Co of New York Inc | 3.700% | 11/15/59 | A- | 263,082 | |
66 | Consumers Energy Co | 3.500% | 8/01/51 | Aa3 | 84,333 | |
151 | Dominion Energy Inc | 5.250% | 8/01/33 | BBB+ | 192,496 | |
165 | Dominion Energy Inc | 4.700% | 12/01/44 | BBB+ | 223,789 | |
81 | DTE Electric Co | 2.625% | 3/01/31 | Aa3 | 90,856 | |
102 | DTE Electric Co | 3.750% | 8/15/47 | Aa3 | 129,699 | |
401 | Duke Energy Corp | 3.750% | 9/01/46 | BBB+ | 494,280 | |
12 | Duke Energy Indiana LLC | 2.750% | 4/01/50 | Aa3 | 13,246 | |
203 | Duke Energy Progress LLC | 3.600% | 9/15/47 | Aa3 | 252,159 | |
237 | Edison International | 5.750% | 6/15/27 | BBB- | 276,600 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$ 97 | Emera US Finance LP | 4.750% | 6/15/46 | BBB | $126,003 | |
40 | Enel Chile SA | 4.875% | 6/12/28 | A- | 47,245 | |
81 | Entergy Corp | 2.950% | 9/01/26 | BBB | 90,925 | |
39 | Entergy Louisiana LLC | 2.900% | 3/15/51 | A | 44,521 | |
115 | Entergy Texas Inc | 3.550% | 9/30/49 | A | 138,551 | |
109 | Essential Utilities Inc | 2.704% | 4/15/30 | A- | 119,061 | |
16 | Evergy Metro Inc | 5.300% | 10/01/41 | A+ | 22,565 | |
31 | Evergy Metro Inc | 4.200% | 6/15/47 | A+ | 41,016 | |
95 | Evergy Metro Inc | 4.125% | 4/01/49 | A+ | 124,506 | |
40 | Eversource Energy | 3.450% | 1/15/50 | BBB+ | 47,870 | |
152 | Exelon Corp | 4.950% | 6/15/35 | BBB+ | 194,513 | |
428 | Exelon Corp | 4.450% | 4/15/46 | BBB+ | 556,026 | |
258 | FirstEnergy Corp | 2.650% | 3/01/30 | BBB | 263,690 | |
130 | FirstEnergy Corp | 4.850% | 7/15/47 | BBB | 160,721 | |
65 | Indiana Michigan Power Co | 3.750% | 7/01/47 | A- | 79,583 | |
126 | Interstate Power and Light Co | 4.700% | 10/15/43 | A- | 162,350 | |
67 | ITC Holdings Corp | 5.300% | 7/01/43 | BBB+ | 92,480 | |
6 | John Sevier Combined Cycle Generation LLC | 4.626% | 1/15/42 | Aaa | 8,027 | |
62 | National Grid USA | 5.803% | 4/01/35 | BBB+ | 82,256 | |
65 | National Rural Utilities Cooperative Finance Corp | 3.700% | 3/15/29 | A1 | 77,620 | |
84 | NiSource Inc | 5.250% | 2/15/43 | BBB+ | 114,986 | |
127 | NiSource Inc | 3.950% | 3/30/48 | BBB+ | 157,996 | |
109 | NSTAR Electric Co | 3.950% | 4/01/30 | A1 | 134,760 | |
169 | Oglethorpe Power Corp | 5.050% | 10/01/48 | BBB+ | 203,224 | |
90 | Oncor Electric Delivery Co LLC, 144A | 2.750% | 5/15/30 | A+ | 101,844 | |
91 | Oncor Electric Delivery Co LLC | 5.300% | 6/01/42 | A+ | 138,660 | |
165 | PacifiCorp | 2.700% | 9/15/30 | A+ | 186,903 | |
109 | PPL Capital Funding Inc | 4.125% | 4/15/30 | BBB+ | 128,179 | |
148 | PPL Capital Funding Inc | 4.700% | 6/01/43 | BBB+ | 185,215 | |
185 | Public Service Electric and Gas Co | 5.500% | 3/01/40 | Aa3 | 276,983 | |
190 | Puget Energy Inc | 3.650% | 5/15/25 | BBB | 202,939 | |
166 | Sempra Energy | 4.050% | 12/01/23 | BBB+ | 182,642 | |
52 | Southern California Gas Co | 3.950% | 2/15/50 | Aa3 | 68,663 | |
73 | Southern Co | 4.250% | 7/01/36 | BBB+ | 87,499 | |
72 | Southern Co | 4.400% | 7/01/46 | BBB+ | 91,138 | |
47 | Southern Co Gas Capital Corp | 4.400% | 6/01/43 | A- | 56,728 | |
67 | Spire Inc | 4.700% | 8/15/44 | BBB+ | 80,673 | |
109 | Union Electric Co | 2.950% | 3/15/30 | A | 124,763 | |
68 | Wisconsin Public Service Corp | 3.300% | 9/01/49 | A+ | 79,226 | |
141 | Xcel Energy Inc | 4.800% | 9/15/41 | BBB+ | 182,469 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$ 106 | Xcel Energy Inc | 3.500% | 12/01/49 | BBB+ | $ 129,397 | |
7,316 | Total Utility | 9,008,256 | ||||
$ 20,747 | Total Corporate Debt (cost $23,455,349) | 24,900,903 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 23.4% | ||||||
$ 3,803 | United States Treasury Note/Bond | 2.625% | 7/15/21 | Aaa | $3,893,173 | |
3,818 | United States Treasury Note/Bond | 2.000% | 12/31/21 | Aaa | 3,918,670 | |
1,406 | United States Treasury Note/Bond | 1.750% | 6/15/22 | Aaa | 1,448,839 | |
138 | United States Treasury Note/Bond | 1.375% | 10/15/22 | Aaa | 141,811 | |
1,364 | United States Treasury Note/Bond | 1.250% | 2/28/25 | Aaa | 1,421,970 | |
663 | United States Treasury Note/Bond | 0.375% | 4/30/25 | Aaa | 668,361 | |
1,019 | United States Treasury Note/Bond | 3.125% | 11/15/28 | Aaa | 1,239,558 | |
484 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 562,593 | |
593 | United States Treasury Note/Bond | 1.625% | 8/15/29 | Aaa | 652,184 | |
1,239 | United States Treasury Note/Bond | 3.500% | 2/15/39 | Aaa | 1,798,680 | |
1,100 | United States Treasury Note/Bond | 2.750% | 8/15/42 | Aaa | 1,465,062 | |
64 | United States Treasury Note/Bond | 2.250% | 8/15/49 | Aaa | 80,662 | |
294 | United States Treasury Note/Bond | 2.000% | 2/15/50 | Aaa | 353,225 | |
1,254 | United States Treasury Note/Bond | 1.250% | 5/15/50 | Aaa | 1,270,508 | |
$ 17,239 | Total U.S. Treasury (cost $18,726,340) | 18,915,296 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 4.7% | ||||||
Government Agency – 0.5% | ||||||
$ 44 | Federal Home Loan Mortgage Corp | 6.250% | 7/15/32 | Aaa | $69,614 | |
68 | Federal National Mortgage Association | 6.625% | 11/15/30 | Aaa | 105,741 | |
195 | Tennessee Valley Authority | 3.500% | 12/15/42 | Aaa | 249,511 | |
307 | Total Government Agency | 424,866 | ||||
Municipal Bonds – 2.2% (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- | 152,766 | |
10 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Green Series 2016B (No Optional Call) | 3.852% | 8/15/46 | AAA | 13,832 | |
0 (4) | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (Optional Call: 8/20 at 100.00) | 7.950% | 3/01/36 | Aa2 | 7 | |
125 | Chicago O'Hare International Airport (No Optional Call) | 4.572% | 1/01/54 | A | 174,504 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Municipal Bonds (3) (continued) | ||||||
$ 95 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Plancon Program, Taxable Series 2018A (No Optional Call) | 3.864% | 6/01/38 | A1 | $114,429 | |
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 | 107,418 | |
60 | Health & Educational Facilities Authority of the State of Missouri (No Optional Call) | 3.086% | 9/15/51 | AA+ | 69,974 | |
95 | Illinois State, General Obligation Bonds, Pension Funding Series 2003 (No Optional Call) | 5.100% | 6/01/33 | BBB- | 99,751 | |
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 | 134,334 | |
175 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America Taxable Bonds, Series 2009A-1 (No Optional Call) | 5.871% | 11/15/39 | A+ | 207,582 | |
29 | 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 | 44,220 | |
125 | 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 | BBB+ | 161,711 | |
30 | Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Taxable Series 2016B (No Optional Call) | 3.798% | 12/01/46 | Aa1 | 39,258 | |
60 | Phoenix, Arizona, Various Purpose General Obligation Bonds, Build America Taxable Bonds, Series 2009A (No Optional Call) | 5.269% | 7/01/34 | AA+ | 75,476 | |
110 | Sales Tax Securitization Corp (No Optional Call) | 3.820% | 1/01/48 | AA- | 123,259 | |
81 | Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2010A (No Optional Call) | 4.631% | 4/01/33 | AAA | 103,562 | |
135 | University of California, General Revenue Bonds, Taxable Series 2019BD (No Optional Call) | 3.349% | 7/01/29 | AA | 158,907 | |
1,415 | Total Municipal Bonds | 1,780,990 | ||||
Sovereign Debt – 2.0% | ||||||
24 | Chile Government International Bond | 3.500% | 1/25/50 | A+ | 29,232 | |
109 | Colombia Government International Bond | 6.125% | 1/18/41 | Baa2 | 146,169 | |
200 | Indonesia Government International Bond | 3.850% | 10/15/30 | BBB | 229,935 | |
146 | Mexico Government International Bond | 6.050% | 1/11/40 | Baa1 | 189,070 | |
174 | Mexico Government International Bond | 5.550% | 1/21/45 | Baa1 | 219,235 | |
60 | Panama Government International Bond | 4.300% | 4/29/53 | BBB+ | 78,300 | |
162 | Peruvian Government International Bond | 4.125% | 8/25/27 | A3 | 191,768 | |
200 | Philippine Government International Bond | 3.750% | 1/14/29 | BBB+ | 236,754 | |
66 | Republic of Italy Government International Bond | 5.375% | 6/15/33 | BBB- | 83,611 | |
131 | Uruguay Government International Bond | 5.100% | 6/18/50 | BBB | 183,236 | |
1,272 | Total Sovereign Debt | 1,587,310 | ||||
$ 2,994 | Total Government Related (cost $3,426,723) | 3,793,166 | ||||
Total Long-Term Investments (cost $77,506,148) | 80,196,605 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 1.7% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.7% | ||||||
$ 1,389 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 8/03/20 | N/R | $ 1,389,000 | |
$ 1,389 | Total Short-Term Investments (cost $1,389,000) | 1,389,000 | ||||
Total Investments (cost $78,895,148) – 100.9% | 81,585,605 | |||||
Other Assets Less Liabilities – (0.9)% | (740,194) | |||||
Net Assets – 100% | $ 80,845,411 |
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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(4) | Principal Amount (000) rounds to less than $1,000. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 99.1% | ||||||
CORPORATE DEBT – 42.9% | ||||||
Financials – 20.5% | ||||||
$ 200 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.875% | 1/16/24 | BBB | $203,164 | |
200 | Air Lease Corp | 2.250% | 1/15/23 | BBB | 197,699 | |
81 | Aircastle Ltd | 4.400% | 9/25/23 | BBB | 80,314 | |
85 | Ally Financial Inc | 3.875% | 5/21/24 | BBB- | 90,815 | |
167 | American Express Co | 3.400% | 2/22/24 | A | 182,583 | |
81 | American International Group Inc | 4.125% | 2/15/24 | BBB+ | 90,620 | |
85 | Anthem Inc | 2.375% | 1/15/25 | A | 90,917 | |
85 | Aon Corp | 2.200% | 11/15/22 | A- | 88,298 | |
74 | Ares Capital Corp | 3.250% | 7/15/25 | BBB | 73,458 | |
364 | Bank of America Corp | 3.458% | 3/15/25 | A+ | 397,072 | |
107 | Bank of Montreal | 3.300% | 2/05/24 | AA- | 116,851 | |
140 | Bank of New York Mellon Corp | 3.450% | 8/11/23 | AA- | 152,337 | |
66 | Bank of Nova Scotia | 3.400% | 2/11/24 | AA- | 72,157 | |
200 | Barclays PLC | 3.932% | 5/07/25 | A | 218,565 | |
33 | BlackRock Inc | 4.250% | 5/24/21 | AA- | 34,060 | |
59 | Canadian Imperial Bank of Commerce | 3.100% | 4/02/24 | AA- | 63,777 | |
181 | Capital One Financial Corp | 4.750% | 7/15/21 | A- | 188,450 | |
208 | Capital One Financial Corp | 3.300% | 10/30/24 | A- | 226,968 | |
273 | Citigroup Inc | 4.044% | 6/01/24 | A | 297,019 | |
71 | Citizens Financial Group Inc | 2.375% | 7/28/21 | BBB+ | 72,259 | |
250 | Credit Suisse Group Funding Guernsey Ltd | 3.800% | 9/15/22 | A- | 265,702 | |
200 | Deutsche Bank AG/New York NY | 3.700% | 5/30/24 | BBB | 211,295 | |
100 | Discover Bank | 3.350% | 2/06/23 | BBB+ | 106,189 | |
86 | Fifth Third Bancorp | 2.600% | 6/15/22 | A- | 89,156 | |
160 | Goldman Sachs Group Inc | 3.625% | 2/20/24 | A | 175,138 | |
200 | HSBC Holdings PLC | 3.600% | 5/25/23 | A+ | 214,626 | |
66 | Humana Inc | 2.900% | 12/15/22 | BBB+ | 69,504 | |
85 | Jefferies Group LLC | 5.125% | 1/20/23 | BBB | 92,699 | |
218 | JPMorgan Chase & Co | 3.797% | 7/23/24 | AA- | 237,587 | |
134 | JPMorgan Chase & Co | 2.005% | 3/13/26 | AA- | 139,821 | |
86 | Marsh & McLennan Cos Inc | 3.875% | 3/15/24 | A- | 95,634 | |
85 | MetLife Inc | 3.600% | 4/10/24 | A- | 94,563 | |
140 | Mitsubishi UFJ Financial Group Inc | 3.761% | 7/26/23 | A1 | 152,252 | |
118 | Morgan Stanley | 2.625% | 11/17/21 | A | 121,386 | |
167 | Morgan Stanley | 3.700% | 10/23/24 | A | 186,611 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$ 400 | Natwest Group PLC | 4.269% | 3/22/25 | A | $440,478 | |
200 | Nomura Holdings Inc | 2.648% | 1/16/25 | BBB+ | 210,175 | |
40 | Northern Trust Corp | 3.375% | 8/23/21 | A+ | 41,336 | |
66 | PNC Financial Services Group Inc | 3.300% | 3/08/22 | A+ | 68,930 | |
51 | Prudential Financial Inc | 5.625% | 6/15/43 | BBB+ | 55,229 | |
51 | Prudential Financial Inc | 5.200% | 3/15/44 | BBB+ | 53,880 | |
59 | Sabra Health Care LP | 4.800% | 6/01/24 | BBB- | 59,840 | |
81 | Santander Holdings USA Inc | 3.500% | 6/07/24 | BBB+ | 86,822 | |
44 | SL Green Realty Corp | 4.500% | 12/01/22 | BBB | 45,337 | |
85 | State Street Corp | 3.700% | 11/20/23 | AA- | 94,338 | |
31 | Stifel Financial Corp | 3.500% | 12/01/20 | BBB | 31,175 | |
140 | Sumitomo Mitsui Financial Group Inc | 3.748% | 7/19/23 | A1 | 152,120 | |
70 | Synchrony Financial | 2.850% | 7/25/22 | BBB- | 71,589 | |
100 | Synchrony Financial | 4.375% | 3/19/24 | BBB- | 106,425 | |
77 | Toronto-Dominion Bank | 2.650% | 6/12/24 | Aa3 | 82,982 | |
71 | Trinity Acquisition PLC | 4.625% | 8/15/23 | BBB | 78,019 | |
126 | Truist Bank | 3.689% | 8/02/24 | A+ | 136,988 | |
79 | US Bancorp | 2.625% | 1/24/22 | A+ | 81,519 | |
105 | Wells Fargo & Co | 3.500% | 3/08/22 | A+ | 109,876 | |
141 | Wells Fargo & Co | 3.750% | 1/24/24 | A+ | 154,524 | |
6,872 | Total Financials | 7,351,128 | ||||
Industrial – 9.8% | ||||||
91 | AbbVie Inc | 3.750% | 11/14/23 | BBB+ | 99,865 | |
85 | AbbVie Inc, 144A | 2.600% | 11/21/24 | BBB+ | 90,899 | |
85 | Altria Group Inc | 2.350% | 5/06/25 | A3 | 90,418 | |
70 | American Tower Corp | 2.400% | 3/15/25 | BBB+ | 74,904 | |
85 | Amgen Inc | 1.900% | 2/21/25 | A- | 89,584 | |
85 | Anheuser-Busch InBev Finance Inc | 3.700% | 2/01/24 | BBB+ | 93,848 | |
70 | BAT Capital Corp | 2.789% | 9/06/24 | BBB+ | 74,696 | |
84 | Becton Dickinson and Co | 3.125% | 11/08/21 | BBB | 86,691 | |
85 | Boeing Co | 4.875% | 5/01/25 | Baa2 | 91,983 | |
86 | Bristol-Myers Squibb Co | 2.750% | 2/15/23 | A+ | 90,953 | |
70 | Broadcom Inc, 144A | 4.110% | 9/15/28 | BBB- | 79,072 | |
44 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 45,749 | |
70 | Carrier Global Corp, 144A | 2.242% | 2/15/25 | BBB | 73,120 | |
59 | Charter Communications Operating LLC / Charter Communications Operating Capital | 4.500% | 2/01/24 | BBB- | 65,498 | |
85 | Cigna Corp | 3.750% | 7/15/23 | A- | 92,610 | |
74 | Constellation Brands Inc | 2.650% | 11/07/22 | BBB | 77,285 | |
141 | CVS Health Corp | 2.625% | 8/15/24 | BBB | 151,620 | |
99 | Dell International LLC / EMC Corp, 144A | 5.450% | 6/15/23 | BBB- | 109,084 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 70 | Dominion Energy Gas Holdings LLC | 2.500% | 11/15/24 | BBB+ | $75,134 | |
74 | Energy Transfer Operating LP | 4.250% | 3/15/23 | BBB- | 77,427 | |
85 | Equifax Inc | 2.600% | 12/15/25 | BBB | 91,158 | |
84 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | 85,327 | |
251 | General Motors Financial Co Inc | 4.375% | 9/25/21 | BBB | 259,555 | |
59 | Global Payments Inc | 4.000% | 6/01/23 | BBB- | 64,244 | |
59 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 60,869 | |
70 | Keurig Dr Pepper Inc | 4.057% | 5/25/23 | BBB | 76,617 | |
85 | Kinder Morgan, Inc | 0.043% | 9/01/24 | BBB | 94,867 | |
85 | LYB International Finance III LLC | 2.875% | 5/01/25 | Baa1 | 91,919 | |
85 | Marriott International Inc/MD | 5.750% | 5/01/25 | BBB- | 94,420 | |
40 | McDonald's Corp | 2.625% | 1/15/22 | BBB+ | 41,307 | |
85 | Moody's Corp | 3.750% | 3/24/25 | BBB+ | 96,644 | |
74 | Mosaic Co | 3.250% | 11/15/22 | BBB- | 76,345 | |
40 | Norfolk Southern Corp | 3.250% | 12/01/21 | BBB+ | 41,212 | |
70 | ONEOK Inc | 2.750% | 9/01/24 | BBB | 71,218 | |
31 | Quest Diagnostics Inc | 4.700% | 4/01/21 | BBB+ | 31,816 | |
31 | Roper Technologies Inc | 2.800% | 12/15/21 | BBB+ | 31,932 | |
70 | Ryder System Inc | 2.500% | 9/01/24 | BBB+ | 73,696 | |
85 | Sabine Pass Liquefaction LLC | 0.056% | 3/01/25 | BBB- | 98,645 | |
30 | Southern Natural Gas Co LLC / Southern Natural Issuing Corp | 4.400% | 6/15/21 | BBB+ | 30,705 | |
59 | Union Pacific Corp | 3.150% | 3/01/24 | A- | 64,182 | |
85 | Verizon Communications Inc | 5.150% | 9/15/23 | A- | 97,063 | |
85 | Williams Cos Inc | 3.900% | 1/15/25 | BBB | 93,193 | |
31 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 32,542 | |
3,291 | Total Industrial | 3,529,916 | ||||
Utility – 12.6% | ||||||
81 | Ameren Corp | 2.500% | 9/15/24 | Baa1 | 86,731 | |
118 | American Water Capital Corp | 3.850% | 3/01/24 | A | 130,684 | |
85 | Avangrid Inc | 3.150% | 12/01/24 | Baa1 | 92,804 | |
85 | Black Hills Corp | 4.250% | 11/30/23 | BBB+ | 93,014 | |
70 | CenterPoint Energy Inc | 2.500% | 9/01/24 | BBB | 74,718 | |
83 | CenterPoint Energy Resources Corp | 3.550% | 4/01/23 | A3 | 89,298 | |
70 | CMS Energy Corp | 3.875% | 3/01/24 | Baa1 | 76,765 | |
48 | Consolidated Edison Inc | 2.000% | 5/15/21 | BBB+ | 48,555 | |
44 | Dominion Energy Inc | 4.104% | 4/01/21 | BBB | 44,975 | |
81 | Dominion Energy Inc | 3.071% | 8/15/24 | BBB | 87,979 | |
257 | DTE Energy Co | 3.500% | 6/01/24 | BBB | 280,423 | |
259 | Duke Energy Carolinas LLC | 3.050% | 3/15/23 | Aa2 | 276,373 | |
85 | Edison International | 4.950% | 4/15/25 | BBB- | 94,549 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$ 70 | Entergy Gulf States Louisiana LLC | 5.590% | 10/01/24 | A | $83,732 | |
169 | Entergy Louisiana LLC | 5.400% | 11/01/24 | A | 200,388 | |
109 | Evergy Inc | 2.450% | 9/15/24 | BBB+ | 116,531 | |
66 | Eversource Energy | 2.500% | 3/15/21 | BBB+ | 66,738 | |
70 | Eversource Energy | 2.750% | 3/15/22 | BBB+ | 72,599 | |
199 | Exelon Corp | 3.497% | 6/01/22 | BBB | 208,381 | |
134 | FirstEnergy Corp | 2.050% | 3/01/25 | BBB | 135,894 | |
266 | Georgia Power Co | 2.200% | 9/15/24 | A- | 281,686 | |
74 | ITC Holdings Corp | 2.700% | 11/15/22 | BBB+ | 77,363 | |
44 | National Rural Utilities Cooperative Finance Corp | 3.050% | 2/15/22 | A1 | 45,468 | |
40 | NextEra Energy Capital Holdings Inc | 4.500% | 6/01/21 | A- | 40,922 | |
84 | NextEra Energy Capital Holdings Inc | 2.800% | 1/15/23 | A- | 88,302 | |
85 | NextEra Energy Capital Holdings Inc | 2.750% | 5/01/25 | A- | 92,987 | |
167 | Oncor Electric Delivery Co LLC | 2.750% | 6/01/24 | A+ | 180,658 | |
58 | PacifiCorp | 2.950% | 2/01/22 | A+ | 59,946 | |
134 | PacifiCorp | 3.600% | 4/01/24 | A+ | 146,699 | |
100 | Pinnacle West Capital Corp | 1.300% | 6/15/25 | A3 | 102,484 | |
85 | PPL Capital Funding Inc | 3.950% | 3/15/24 | BBB+ | 92,596 | |
354 | PSEG Power LLC | 3.850% | 6/01/23 | BBB+ | 383,852 | |
143 | Sempra Energy | 2.900% | 2/01/23 | BBB+ | 151,047 | |
85 | Sempra Energy | 3.550% | 6/15/24 | BBB+ | 93,136 | |
62 | Southern California Edison Co | 1.845% | 2/01/22 | A- | 61,917 | |
61 | Southern California Edison Co | 3.400% | 6/01/23 | A- | 65,136 | |
110 | Southern Co | 2.350% | 7/01/21 | BBB+ | 111,759 | |
75 | Virginia Electric and Power Co | 2.950% | 1/15/22 | A2 | 77,165 | |
4,210 | Total Utility | 4,514,254 | ||||
$ 14,373 | Total Corporate Debt (cost $14,676,846) | 15,395,298 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 30.1% | ||||||
$ 100 | BENCHMARK 2018-B1 Mortgage Trust | 3.571% | 1/15/51 | AAA | $103,945 | |
466 | CarMax Auto Owner Trust | 3.130% | 6/15/23 | AAA | 475,756 | |
95 | Carmax Auto Owner Trust 2020-1 | 1.890% | 12/16/24 | AAA | 97,957 | |
120 | COMM 2012-CCRE1 Mortgage Trust | 3.912% | 5/15/45 | Aaa | 123,838 | |
549 | COMM 2014-CCRE16 Mortgage Trust | 3.775% | 4/10/47 | AAA | 589,493 | |
250 | Discover Card Execution Note Trust | 3.110% | 1/16/24 | AAA | 256,728 | |
416 | Fannie Mae Pool BM3087 | 4.000% | 12/01/32 | N/R | 441,223 | |
169 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 177,422 | |
121 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | 128,165 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$ 307 | Fannie Mae Pool MA3798 | 3.000% | 10/01/34 | N/R | $322,146 | |
79 | Fannie Mae Pool MA3828 | 3.000% | 11/01/34 | N/R | 83,406 | |
88 | Fannie Mae Pool MA3897 | 3.000% | 1/01/35 | N/R | 91,804 | |
273 | Fannie Mae Pool MA3930 | 2.500% | 2/01/35 | N/R | 286,888 | |
1,323 | Fannie Mae Pool MA4012 | 2.000% | 5/01/35 | N/R | 1,376,996 | |
1,450 | Fannie Mae Pool MA4123, (WI/DD) | 2.000% | 8/01/35 | N/R | 1,509,324 | |
600 | Ford Credit Auto Owner Trust 2016-REV1, 144A | 2.310% | 8/15/27 | AAA | 605,453 | |
500 | Ford Credit Floorplan Master Owner Trust A | 2.440% | 9/15/26 | AAA | 523,829 | |
251 | Freddie Mac Gold Pool G18642 | 3.500% | 4/01/32 | N/R | 265,004 | |
700 | Freddie Mac Multifamily Structured Pass Through Certificates | 3.205% | 3/25/25 | AAA | 777,131 | |
973 | Freddie Mac Pool SB8040 | 2.500% | 4/01/35 | N/R | 1,021,528 | |
100 | GM Financial Automobile Leasing Trust 2018-3 | 3.300% | 7/20/22 | AAA | 101,060 | |
300 | GS Mortgage Securities Trust 2019-GC38 | 3.872% | 2/10/52 | AAA | 323,967 | |
200 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 | 4.166% | 12/15/46 | Aaa | 217,698 | |
50 | MMAF Equipment Finance LLC 2019-A, 144A | 2.930% | 3/10/26 | Aaa | 53,222 | |
250 | Synchrony Credit Card Master Note Trust | 2.210% | 5/15/24 | AAA | 253,086 | |
150 | Verizon Owner Trust 2019-A | 2.930% | 9/20/23 | AAA | 154,151 | |
150 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 158,796 | |
118 | WFRBS Commercial Mortgage Trust 2012-C7 | 4.090% | 6/15/45 | Aaa | 122,643 | |
140 | WFRBS Commercial Mortgage Trust 2013-C12 | 3.863% | 3/15/48 | AA | 145,637 | |
$ 10,288 | Total Securitized (cost $10,639,953) | 10,788,296 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 26.1% | ||||||
$ 336 | United States Treasury Note/Bond | 1.875% | 2/28/22 | Aaa | $345,266 | |
268 | United States Treasury Note/Bond | 2.125% | 5/15/22 | Aaa | 277,547 | |
633 | United States Treasury Note/Bond | 1.750% | 6/30/22 | Aaa | 652,559 | |
2,884 | United States Treasury Note/Bond | 1.375% | 10/15/22 | Aaa | 2,963,648 | |
211 | United States Treasury Note/Bond | 2.000% | 10/31/22 | Aaa | 219,893 | |
128 | United States Treasury Note/Bond | 2.000% | 11/30/22 | Aaa | 133,595 | |
337 | United States Treasury Note/Bond | 2.375% | 1/31/23 | Aaa | 355,917 | |
542 | United States Treasury Note/Bond | 2.500% | 3/31/23 | Aaa | 576,298 | |
820 | United States Treasury Note/Bond | 2.750% | 4/30/23 | Aaa | 879,034 | |
113 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 123,272 | |
113 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 122,252 | |
332 | United States Treasury Note/Bond | 1.750% | 6/30/24 | Aaa | 352,491 | |
70 | United States Treasury Note/Bond | 1.250% | 8/31/24 | Aaa | 73,063 | |
1,681 | United States Treasury Note/Bond | 1.375% | 1/31/25 | Aaa | 1,769,843 | |
167 | United States Treasury Note/Bond | 0.375% | 4/30/25 | Aaa | 168,350 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$ 350 | United States Treasury Note/Bond - When Issued | 0.250% | 5/31/25 | N/R | $ 350,779 | |
$ 8,985 | Total U.S. Treasury (cost $9,210,031) | 9,363,807 | ||||
Total Long-Term Investments (cost $34,526,830) | 35,547,401 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 1.5% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.5% | ||||||
$ 538 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 8/03/20 | N/R | $ 538,000 | |
$ 538 | Total Short-Term Investments (cost $538,000) | 538,000 | ||||
Total Investments (cost $35,064,830) – 100.6% | 36,085,401 | |||||
Other Assets Less Liabilities – (0.6)% | (231,713) | |||||
Net Assets – 100% | $ 35,853,688 |
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. Ratings are not covered by the report of independent registered public accounting firm. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 97.8% | ||||||
CORPORATE DEBT – 97.8% | ||||||
Financials – 9.0% | ||||||
$ 360 | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A | 5.750% | 5/15/26 | BB+ | $302,425 | |
260 | Centene Corp | 4.750% | 1/15/25 | BBB- | 269,443 | |
470 | Centene Corp, 144A | 5.375% | 6/01/26 | BBB- | 502,623 | |
60 | Centene Corp, 144A | 5.375% | 8/15/26 | BBB- | 64,200 | |
750 | Centene Corp | 4.625% | 12/15/29 | BBB- | 836,445 | |
130 | ESH Hospitality Inc, 144A | 5.250% | 5/01/25 | BB- | 132,798 | |
300 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 6.250% | 2/01/22 | BB+ | 306,090 | |
630 | Intesa Sanpaolo SpA, 144A | 5.710% | 1/15/26 | BB+ | 685,714 | |
330 | LPL Holdings Inc, 144A | 5.750% | 9/15/25 | BB | 343,200 | |
110 | MPT Operating Partnership LP / MPT Finance Corp | 5.000% | 10/15/27 | BBB- | 117,975 | |
210 | MPT Operating Partnership LP / MPT Finance Corp | 4.625% | 8/01/29 | BBB- | 221,877 | |
820 | Nationstar Mortgage Holdings Inc, 144A | 9.125% | 7/15/26 | B | 891,996 | |
400 | UniCredit SpA, 144A | 5.459% | 6/30/35 | Baa3 | 413,097 | |
4,830 | Total Financials | 5,087,883 | ||||
Industrial – 88.3% | ||||||
750 | 1011778 BC ULC / New Red Finance Inc, 144A | 3.875% | 1/15/28 | BB+ | 779,767 | |
130 | Air Methods Corp, 144A | 8.000% | 5/15/25 | CCC | 91,325 | |
200 | Altice France Holding SA, 144A | 6.000% | 2/15/28 | CCC+ | 199,758 | |
150 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.625% | 5/20/24 | BB | 161,250 | |
170 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.500% | 5/20/25 | BB | 183,600 | |
90 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.875% | 8/20/26 | BB | 99,311 | |
170 | Antero Midstream Partners LP / Antero Midstream Finance Corp | 5.375% | 9/15/24 | B+ | 154,214 | |
170 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | 5.750% | 3/01/27 | B+ | 148,492 | |
170 | Aramark Services Inc, 144A | 5.000% | 4/01/25 | BB- | 174,675 | |
400 | Aramark Services Inc, 144A | 5.000% | 2/01/28 | BB- | 402,500 | |
500 | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 144A | 5.250% | 8/15/27 | B | 523,385 | |
100 | ASGN Inc, 144A | 4.625% | 5/15/28 | BB- | 102,250 | |
130 | Atento Luxco 1 SA, 144A | 6.125% | 8/10/22 | Ba3 | 120,901 | |
260 | Beacon Roofing Supply Inc, 144A | 4.875% | 11/01/25 | B- | 254,506 | |
70 | Bombardier Inc, 144A | 8.750% | 12/01/21 | B | 70,000 | |
270 | Bombardier Inc, 144A | 7.500% | 12/01/24 | CCC | 218,700 | |
90 | Bombardier Inc, 144A | 7.500% | 3/15/25 | B | 72,675 | |
280 | Bombardier Inc, 144A | 7.875% | 4/15/27 | B | 222,600 | |
250 | Camelot Finance SA, 144A | 4.500% | 11/01/26 | B | 258,750 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 240 | Catalent Pharma Solutions Inc, 144A | 5.000% | 7/15/27 | B+ | $255,389 | |
110 | Cengage Learning Inc, 144A | 9.500% | 6/15/24 | CCC | 72,050 | |
200 | Century Communities Inc | 6.750% | 6/01/27 | B+ | 213,588 | |
210 | Chemours Co | 6.625% | 5/15/23 | B1 | 210,000 | |
100 | Cheniere Energy Partners LP | 5.250% | 10/01/25 | BB | 102,500 | |
470 | Cheniere Energy Partners LP | 5.625% | 10/01/26 | BB | 496,437 | |
150 | Clean Harbors Inc, 144A | 4.875% | 7/15/27 | BB+ | 159,016 | |
340 | Clear Channel Worldwide Holdings Inc | 9.250% | 2/15/24 | CCC | 306,000 | |
300 | CommScope Inc, 144A | 5.500% | 3/01/24 | Ba3 | 311,556 | |
640 | CommScope Inc, 144A | 6.000% | 3/01/26 | Ba3 | 682,797 | |
240 | CommScope Inc, 144A | 8.250% | 3/01/27 | B- | 258,816 | |
360 | CommScope Technologies LLC, 144A | 6.000% | 6/15/25 | B- | 367,812 | |
210 | CommScope Technologies LLC, 144A | 5.000% | 3/15/27 | B- | 202,826 | |
120 | Cornerstone Building Brands Inc, 144A | 8.000% | 4/15/26 | B- | 123,750 | |
360 | Coty Inc, 144A | 6.500% | 4/15/26 | B- | 280,847 | |
130 | Darling Ingredients Inc, 144A | 5.250% | 4/15/27 | BB+ | 138,775 | |
130 | DCP Midstream Operating LP | 5.375% | 7/15/25 | BB+ | 136,893 | |
100 | Delphi Technologies PLC, 144A | 5.000% | 10/01/25 | BB | 110,350 | |
260 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | 5.375% | 8/15/26 | BB- | 200,218 | |
102 | Dun & Bradstreet Corp, 144A | 10.250% | 2/15/27 | BB- | 115,814 | |
360 | Elanco Animal Health Inc | 5.022% | 8/28/23 | BB+ | 396,900 | |
290 | Encompass Health Corp | 4.500% | 2/01/28 | B+ | 303,050 | |
1,280 | Encompass Health Corp | 4.750% | 2/01/30 | B+ | 1,352,474 | |
240 | Energizer Gamma Acquisition Inc | 6.375% | 7/15/26 | B+ | 255,600 | |
300 | Energizer Holdings Inc, 144A | 7.750% | 1/15/27 | B+ | 333,060 | |
220 | EnLink Midstream Partners LP | 4.150% | 6/01/25 | BB+ | 176,264 | |
160 | Entegris Inc, 144A | 4.625% | 2/10/26 | BB | 166,259 | |
350 | Gap Inc, 144A | 8.875% | 5/15/27 | BB | 391,125 | |
140 | Gates Global LLC / Gates Corp, 144A | 6.250% | 1/15/26 | B | 146,650 | |
290 | Gogo Intermediate Holdings LLC / Gogo Finance Co Inc, 144A | 9.875% | 5/01/24 | B3 | 267,525 | |
50 | Gray Television Inc, 144A | 5.875% | 7/15/26 | BB- | 51,731 | |
150 | Gray Television Inc, 144A | 7.000% | 5/15/27 | BB- | 163,875 | |
440 | Greif Inc, 144A | 6.500% | 3/01/27 | BB- | 467,500 | |
130 | GrubHub Holdings Inc, 144A | 5.500% | 7/01/27 | BB- | 135,687 | |
220 | Hanesbrands Inc, 144A | 4.625% | 5/15/24 | BB | 232,694 | |
400 | Hanesbrands Inc, 144A | 4.875% | 5/15/26 | BB | 436,000 | |
130 | HCA Inc | 5.375% | 2/01/25 | Ba2 | 146,575 | |
110 | HCA Inc | 5.875% | 2/15/26 | Ba2 | 128,733 | |
900 | HCA Inc | 3.500% | 9/01/30 | Ba2 | 945,913 | |
190 | HD Supply Inc, 144A | 5.375% | 10/15/26 | Ba2 | 199,109 | |
510 | Herc Holdings Inc, 144A | 5.500% | 7/15/27 | B+ | 539,325 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 210 | Hilton Domestic Operating Co Inc | 4.250% | 9/01/24 | BB | $212,100 | |
340 | Hilton Domestic Operating Co Inc | 5.125% | 5/01/26 | BB | 351,900 | |
260 | Hilton Domestic Operating Co Inc | 4.875% | 1/15/30 | BB | 272,350 | |
130 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp | 4.625% | 4/01/25 | BB | 132,113 | |
130 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp | 4.875% | 4/01/27 | BB | 135,038 | |
240 | Hologic Inc, 144A | 4.375% | 10/15/25 | BB- | 246,000 | |
190 | Hughes Satellite Systems Corp | 5.250% | 8/01/26 | BBB- | 208,597 | |
50 | Hughes Satellite Systems Corp | 6.625% | 8/01/26 | BB | 55,625 | |
410 | IAA Inc, 144A | 5.500% | 6/15/27 | BB- | 437,162 | |
1,050 | iHeartCommunications Inc | 8.375% | 5/01/27 | CCC+ | 1,048,351 | |
240 | Iron Mountain Inc, 144A | 4.875% | 9/15/27 | BB- | 249,300 | |
210 | Iron Mountain Inc, 144A | 5.250% | 3/15/28 | BB- | 220,500 | |
400 | Iron Mountain Inc, 144A | 4.875% | 9/15/29 | BB- | 416,700 | |
270 | KAR Auction Services Inc, 144A | 5.125% | 6/01/25 | B- | 271,350 | |
700 | Kraft Heinz Foods Co | 3.000% | 6/01/26 | Baa3 | 740,466 | |
550 | Kraft Heinz Foods Co | 4.625% | 1/30/29 | Baa3 | 626,633 | |
190 | Laureate Education Inc, 144A | 8.250% | 5/01/25 | BB- | 203,300 | |
190 | Lennar Corp | 4.750% | 11/29/27 | Baa2 | 217,075 | |
250 | Macy's Inc, 144A | 8.375% | 6/15/25 | Ba1 | 261,105 | |
190 | Marriott Ownership Resorts Inc / ILG LLC | 6.500% | 9/15/26 | B1 | 194,750 | |
150 | Masonite International Corp, 144A | 5.375% | 2/01/28 | BB+ | 159,750 | |
1,100 | MEDNAX Inc, 144A | 6.250% | 1/15/27 | B+ | 1,163,250 | |
100 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc | 5.625% | 5/01/24 | BB+ | 108,500 | |
60 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc | 5.750% | 2/01/27 | BB+ | 64,950 | |
210 | Michaels Stores Inc, 144A | 8.000% | 7/15/27 | B2 | 198,383 | |
1,030 | Navistar International Corp, 144A | 6.625% | 11/01/25 | B3 | 1,055,750 | |
250 | NCL Corp Ltd, 144A | 10.250% | 2/01/26 | BB | 246,875 | |
220 | NCR Corp, 144A | 5.750% | 9/01/27 | BB- | 227,150 | |
240 | NCR Corp, 144A | 6.125% | 9/01/29 | BB- | 262,908 | |
70 | Netflix Inc | 4.375% | 11/15/26 | BB | 77,727 | |
110 | Netflix Inc | 4.875% | 4/15/28 | BB | 127,866 | |
130 | Netflix Inc | 5.875% | 11/15/28 | BB | 160,550 | |
220 | Netflix Inc | 6.375% | 5/15/29 | BB | 279,400 | |
70 | Netflix Inc, 144A | 5.375% | 11/15/29 | BB | 84,788 | |
250 | Newell Brands Inc | 4.875% | 6/01/25 | BB+ | 271,875 | |
100 | Nielsen Co Luxembourg SARL, 144A | 0.050% | 2/01/25 | BB- | 102,627 | |
360 | Nokia Oyj | 4.375% | 6/12/27 | BBB- | 384,300 | |
220 | NortonLifeLock Inc, 144A | 5.000% | 4/15/25 | BB+ | 226,072 | |
150 | OCI NV, 144A | 6.625% | 4/15/23 | BB | 155,599 | |
370 | Open Text Corp, 144A | 5.875% | 6/01/26 | BB | 393,014 | |
400 | Outfront Media Capital LLC / Outfront Media Capital Corp, 144A | 5.000% | 8/15/27 | B+ | 391,648 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 220 | Parkland Corp/Canada, 144A | 6.000% | 4/01/26 | BB | $233,244 | |
110 | Parkland Corp/Canada, 144A | 5.875% | 7/15/27 | BB | 116,600 | |
70 | PBF Holding Co LLC / PBF Finance Corp | 7.250% | 6/15/25 | BB | 63,350 | |
350 | Performance Food Group Inc, 144A | 5.500% | 10/15/27 | B+ | 361,375 | |
600 | Post Holdings Inc, 144A | 5.625% | 1/15/28 | B+ | 655,680 | |
1,450 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | 6.250% | 1/15/28 | B- | 1,511,625 | |
300 | PulteGroup, Inc | 0.050% | 1/15/27 | BB+ | 343,980 | |
90 | Qorvo Inc | 5.500% | 7/15/26 | BB+ | 96,596 | |
130 | Ritchie Bros Auctioneers Inc, 144A | 5.375% | 1/15/25 | BB+ | 134,523 | |
150 | Rite Aid Corp, 144A | 8.000% | 11/15/26 | BB- | 154,485 | |
210 | Sabre GLBL Inc, 144A | 5.375% | 4/15/23 | Ba3 | 206,062 | |
70 | Sabre GLBL Inc, 144A | 5.250% | 11/15/23 | Ba3 | 68,688 | |
170 | Sally Holdings LLC / Sally Capital Inc | 5.625% | 12/01/25 | Ba3 | 174,462 | |
420 | SBA Communications Corp | 4.000% | 10/01/22 | BB- | 425,670 | |
400 | SBA Communications Corp | 4.875% | 9/01/24 | BB- | 411,000 | |
130 | Select Medical Corp, 144A | 6.250% | 8/15/26 | B- | 140,075 | |
240 | Sensata Technologies UK Financing Co PLC, 144A | 6.250% | 2/15/26 | BB+ | 252,624 | |
110 | Service Corp International/US | 4.625% | 12/15/27 | BB | 116,875 | |
170 | Service Corp International/US | 5.125% | 6/01/29 | BB | 187,850 | |
750 | ServiceMaster Co LLC, 144A | 5.125% | 11/15/24 | BB- | 772,500 | |
150 | Signature Aviation US Holdings Inc, 144A | 5.375% | 5/01/26 | BB | 155,686 | |
170 | Sirius XM Radio Inc, 144A | 3.875% | 8/01/22 | BB | 173,187 | |
280 | Sirius XM Radio Inc, 144A | 4.625% | 7/15/24 | BB | 294,840 | |
210 | Sirius XM Radio Inc, 144A | 5.375% | 7/15/26 | BB | 221,275 | |
300 | Sirius XM Radio Inc, 144A | 5.000% | 8/01/27 | BB | 319,746 | |
260 | Sirius XM Radio Inc, 144A | 5.500% | 7/01/29 | BB | 289,575 | |
136 | Six Flags Entertainment Corp, 144A | 5.500% | 4/15/27 | B- | 128,520 | |
200 | Sotheby's, 144A | 7.375% | 10/15/27 | B+ | 202,000 | |
250 | Spirit AeroSystems Inc, 144A | 7.500% | 4/15/25 | Ba2 | 245,700 | |
200 | Summit Materials LLC / Summit Materials Finance Corp | 6.125% | 7/15/23 | BB | 200,120 | |
70 | Sunoco LP / Sunoco Finance Corp | 4.875% | 1/15/23 | BB | 71,138 | |
70 | Sunoco LP / Sunoco Finance Corp | 6.000% | 4/15/27 | BB | 73,850 | |
30 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 144A | 5.500% | 9/15/24 | BB | 28,772 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 6.500% | 7/15/27 | BB | 74,900 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 5.000% | 1/15/28 | BB | 71,400 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 6.875% | 1/15/29 | BB | 78,968 | |
400 | TEGNA Inc, 144A | 5.000% | 9/15/29 | BB- | 403,248 | |
260 | Tenet Healthcare Corp | 6.750% | 6/15/23 | B- | 274,300 | |
300 | Tenet Healthcare Corp | 4.625% | 7/15/24 | BB- | 305,250 | |
110 | Tenet Healthcare Corp, 144A | 4.625% | 9/01/24 | BB- | 112,475 | |
90 | Tenet Healthcare Corp | 5.125% | 5/01/25 | B1 | 92,585 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 380 | Tenet Healthcare Corp, 144A | 4.875% | 1/01/26 | BB- | $397,465 | |
280 | Tenet Healthcare Corp, 144A | 5.125% | 11/01/27 | BB- | 297,150 | |
260 | Tenneco Inc | 5.000% | 7/15/26 | B- | 174,200 | |
340 | Tervita Corp, 144A | 7.625% | 12/01/21 | B3 | 268,600 | |
380 | Tesla Inc, 144A | 5.300% | 8/15/25 | B+ | 393,300 | |
300 | TransDigm Inc | 6.375% | 6/15/26 | B- | 294,108 | |
520 | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | 5.375% | 9/01/25 | B | 513,500 | |
170 | Under Armour Inc | 3.250% | 6/15/26 | BB | 158,737 | |
130 | United Rentals North America Inc | 5.500% | 7/15/25 | BB- | 133,718 | |
110 | United Rentals North America Inc | 4.625% | 10/15/25 | BB- | 113,163 | |
170 | United Rentals North America Inc | 5.875% | 9/15/26 | BB- | 181,475 | |
190 | United Rentals North America Inc | 6.500% | 12/15/26 | BB- | 210,900 | |
300 | United Rentals North America Inc | 4.875% | 1/15/28 | BB- | 322,125 | |
180 | United Rentals North America Inc | 5.250% | 1/15/30 | BB- | 197,100 | |
90 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A | 7.125% | 12/15/24 | CCC- | 84,825 | |
320 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A | 7.875% | 2/15/25 | B | 336,800 | |
90 | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A | 6.000% | 4/15/23 | B | 90,450 | |
190 | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC | 8.250% | 10/15/23 | CCC- | 184,300 | |
400 | UPC Holding BV, 144A | 5.500% | 1/15/28 | B | 406,000 | |
150 | US Concrete Inc | 6.375% | 6/01/24 | BB- | 153,000 | |
1,170 | US Foods Inc, 144A | 5.875% | 6/15/24 | BB- | 1,167,812 | |
300 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 4/01/26 | BB- | 307,500 | |
170 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 9/01/27 | BB- | 173,789 | |
300 | VEON Holdings BV | 7.250% | 4/26/23 | BBB- | 332,125 | |
130 | VeriSign Inc | 5.250% | 4/01/25 | BBB- | 148,200 | |
70 | VeriSign Inc | 4.750% | 7/15/27 | BBB- | 76,005 | |
320 | VICI Properties LP / VICI Note Co Inc, 144A | 3.750% | 2/15/27 | BB | 322,400 | |
400 | VICI Properties LP / VICI Note Co Inc, 144A | 4.625% | 12/01/29 | BB | 419,120 | |
400 | Virgin Media Finance PLC, 144A | 5.000% | 7/15/30 | B | 417,936 | |
350 | Virgin Media Secured Finance PLC, 144A | 5.500% | 5/15/29 | BB+ | 381,500 | |
700 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 842,201 | |
130 | Wyndham Hotels & Resorts Inc, 144A | 5.375% | 4/15/26 | Ba2 | 132,600 | |
170 | XPO Logistics Inc, 144A | 6.500% | 6/15/22 | BB- | 170,425 | |
300 | Yum! Brands Inc, 144A | 4.750% | 1/15/30 | B+ | 325,500 | |
340 | Ziggo Bond Co BV, 144A | 6.000% | 1/15/27 | B- | 360,400 | |
48,028 | Total Industrial | 49,596,767 | ||||
Utility – 0.5% | ||||||
160 | Drax Finco PLC, 144A | 6.625% | 11/01/25 | BB+ | 166,800 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$ 100 | Enviva Partners LP / Enviva Partners Finance Corp, 144A | 6.500% | 1/15/26 | BB- | $ 107,750 | |
260 | Total Utility | 274,550 | ||||
$ 53,118 | Total Corporate Debt (cost $54,219,347) | 54,959,200 | ||||
Total Long-Term Investments (cost $54,219,347) | 54,959,200 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 1.1% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.1% | ||||||
$ 641 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 8/03/20 | N/R | $ 641,000 | |
$ 641 | Total Short-Term Investments (cost $641,000) | 641,000 | ||||
Total Investments (cost $54,860,347) – 98.9% | 55,600,200 | |||||
Other Assets Less Liabilities – 1.1% | 595,175 | |||||
Net Assets – 100% | $ 56,195,375 |
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. Ratings are not covered by the report of independent registered public accounting firm. | |
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 – 99.2% | ||||||
U.S. TREASURY – 37.2% | ||||||
$ 2,500 | United States Treasury Note/Bond | 0.125% | 6/30/22 | Aaa | $2,500,098 | |
9,205 | United States Treasury Note/Bond | 1.875% | 9/30/22 | Aaa | 9,554,502 | |
1,248 | United States Treasury Note/Bond | 2.750% | 7/31/23 | Aaa | 1,345,793 | |
1,346 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 1,468,349 | |
1,411 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 1,526,526 | |
1,814 | United States Treasury Note/Bond | 2.250% | 4/30/24 | Aaa | 1,955,577 | |
4,872 | United States Treasury Note/Bond | 2.000% | 5/31/24 | Aaa | 5,214,562 | |
262 | United States Treasury Note/Bond | 1.250% | 8/31/24 | Aaa | 273,462 | |
3,090 | United States Treasury Note/Bond | 2.125% | 9/30/24 | Aaa | 3,339,735 | |
1,454 | United States Treasury Note/Bond | 2.125% | 11/30/24 | Aaa | 1,575,205 | |
2,824 | United States Treasury Note/Bond | 1.375% | 1/31/25 | Aaa | 2,973,253 | |
900 | United States Treasury Note/Bond | 0.500% | 6/30/27 | Aaa | 906,891 | |
2,186 | United States Treasury Note/Bond | 2.250% | 8/15/27 | Aaa | 2,468,301 | |
888 | United States Treasury Note/Bond | 2.250% | 11/15/27 | Aaa | 1,005,556 | |
2,344 | United States Treasury Note/Bond | 2.750% | 2/15/28 | Aaa | 2,748,981 | |
1,470 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 1,708,703 | |
514 | United States Treasury Note/Bond | 1.625% | 8/15/29 | Aaa | 565,300 | |
1,000 | United States Treasury Note/Bond | 0.625% | 5/15/30 | Aaa | 1,008,281 | |
1,964 | United States Treasury Note/Bond | 2.750% | 8/15/42 | Aaa | 2,615,802 | |
4,571 | United States Treasury Note/Bond | 2.750% | 8/15/47 | Aaa | 6,240,129 | |
2,300 | United States Treasury Note/Bond | 1.250% | 5/15/50 | Aaa | 2,330,277 | |
1,500 | United States Treasury Note/Bond - When Issued | 0.250% | 5/31/25 | N/R | 1,503,340 | |
$ 49,663 | Total U.S. Treasury (cost $50,892,171) | 54,828,623 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 28.8% | ||||||
$ 500 | BBCMS Mortgage Trust 2020-C6 | 2.690% | 2/15/53 | AAA | $526,599 | |
367 | Capital One Multi-Asset Execution Trust | 1.720% | 8/15/24 | AAA | 377,367 | |
95 | Carmax Auto Owner Trust 2020-1 | 1.890% | 12/16/24 | AAA | 97,957 | |
100 | Citibank Credit Card Issuance Trust | 3.290% | 5/23/25 | AAA | 108,348 | |
500 | COMM 2015-LC19 Mortgage Trust | 3.183% | 2/10/48 | Aaa | 540,953 | |
723 | Fannie Mae Pool MA2941 | 3.500% | 3/01/32 | N/R | 762,452 | |
1,110 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 1,173,721 | |
2,471 | Fannie Mae Pool MA3143 | 3.000% | 9/01/47 | N/R | 2,617,404 | |
252 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 264,768 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$ 533 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | $563,924 | |
459 | Fannie Mae Pool MA3536 | 4.000% | 12/01/48 | Aaa | 486,319 | |
689 | Fannie Mae Pool MA3574 | 3.500% | 1/01/49 | N/R | 725,352 | |
4,294 | Fannie Mae Pool MA3774 | 3.000% | 9/01/49 | Aaa | 4,546,586 | |
199 | Fannie Mae Pool MA3828 | 3.000% | 11/01/34 | N/R | 208,515 | |
420 | Fannie Mae Pool MA3865 | 3.000% | 12/01/34 | N/R | 440,471 | |
2,545 | Fannie Mae Pool MA3905 | 3.000% | 1/01/50 | N/R | 2,694,943 | |
551 | Fannie Mae Pool MA3957 | 3.500% | 3/01/35 | N/R | 579,463 | |
5,729 | Fannie Mae Pool MA3960 | 3.000% | 3/01/50 | N/R | 6,065,689 | |
1,193 | Fannie Mae Pool MA4074, (WI/DD) | 2.000% | 7/01/35 | N/R | 1,241,918 | |
4,541 | Fannie Mae Pool MA4077 | 2.000% | 7/01/50 | N/R | 4,701,096 | |
955 | Fannie Mae Pool MA4096, (WI/DD) | 2.500% | 8/01/50 | N/R | 1,003,052 | |
250 | Fannie Mae-Aces | 3.370% | 7/25/28 | N/R | 289,120 | |
100 | Ford Credit Floorplan Master Owner Trust | 2.480% | 9/15/24 | AAA | 103,514 | |
800 | Freddie Mac Multifamily Structured Pass Through Certificates | 2.862% | 5/25/26 | AAA | 887,680 | |
646 | Freddie Mac Pool SD8080 | 2.000% | 6/01/50 | N/R | 669,597 | |
1,412 | Ginnie Mae II Pool MA3663 | 3.500% | 5/20/46 | Aaa | 1,506,883 | |
251 | Ginnie Mae II Pool MA5264 | 4.000% | 6/20/48 | Aaa | 268,260 | |
278 | Ginnie Mae II Pool MA5398 | 4.000% | 8/20/48 | Aaa | 296,825 | |
1,741 | Ginnie Mae II Pool MA6038 | 3.000% | 7/20/49 | N/R | 1,843,319 | |
805 | Ginnie Mae II Pool MA6283 | 3.000% | 11/20/49 | N/R | 852,782 | |
4,848 | Ginnie Mae II Pool MA6338 | 3.000% | 12/20/49 | N/R | 5,132,442 | |
200 | GS Mortgage Securities Trust 2019-GC38 | 3.968% | 2/10/52 | AAA | 234,767 | |
300 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 317,591 | |
300 | Wells Fargo Commercial Mortgage Trust 2019-C49 | 3.760% | 3/15/52 | Aaa | 347,657 | |
$ 40,157 | Total Securitized (cost $41,304,169) | 42,477,334 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 27.4% | ||||||
Financials – 8.1% | ||||||
$ 104 | Alexandria Real Estate Equities Inc | 3.900% | 6/15/23 | BBB+ | $113,430 | |
121 | Allstate Corp | 4.500% | 6/15/43 | A- | 164,978 | |
301 | American Express Co | 3.400% | 2/27/23 | A | 322,657 | |
52 | Ameriprise Financial Inc | 4.000% | 10/15/23 | A | 57,688 | |
248 | Bank of Montreal | 3.803% | 12/15/32 | A | 275,910 | |
76 | Bank of New York Mellon Corp | 3.450% | 8/11/23 | AA- | 82,697 | |
185 | Bank of New York Mellon Corp | 3.300% | 8/23/29 | A2 | 213,510 | |
197 | Bank of Nova Scotia | 2.450% | 9/19/22 | Aa2 | 205,884 | |
42 | BlackRock Inc | 3.500% | 3/18/24 | AA- | 46,735 | |
40 | BlackRock Inc | 3.250% | 4/30/29 | AA- | 47,218 | |
91 | Boston Properties LP | 3.850% | 2/01/23 | A- | 97,429 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$ 48 | Brookfield Finance Inc | 4.000% | 4/01/24 | A- | $52,487 | |
40 | Brookfield Finance Inc | 4.350% | 4/15/30 | A- | 46,910 | |
103 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | Aa2 | 112,555 | |
100 | Charles Schwab Corp | 3.200% | 3/02/27 | A | 113,213 | |
199 | Chubb Corp | 6.000% | 5/11/37 | A | 306,030 | |
50 | Citibank NA | 3.650% | 1/23/24 | Aa3 | 55,207 | |
675 | Citigroup | 0.035% | 10/27/28 | A | 760,791 | |
650 | Citigroup Inc | 3.668% | 7/24/28 | A | 740,769 | |
60 | CME Group | 0.053% | 9/15/43 | AA- | 94,085 | |
330 | Cooperatieve Rabobank UA | 3.875% | 2/08/22 | Aa3 | 347,257 | |
50 | Equitable Holdings Inc | 4.350% | 4/20/28 | BBB+ | 57,789 | |
136 | ERP Operating LP | 2.500% | 2/15/30 | A | 149,114 | |
42 | Franklin Resources Inc | 2.800% | 9/15/22 | A | 43,890 | |
50 | GATX Corp | 4.700% | 4/01/29 | BBB | 58,139 | |
110 | GMAC, Inc | 8.000% | 11/01/31 | BBB- | 152,138 | |
46 | Host Hotels & Resorts LP | 4.750% | 3/01/23 | Baa2 | 48,367 | |
50 | Humana Inc | 4.875% | 4/01/30 | BBB+ | 62,684 | |
100 | ING Groep NV | 3.950% | 3/29/27 | A+ | 116,525 | |
114 | Intercontinental Exchange Inc | 3.750% | 9/21/28 | A | 136,112 | |
152 | KeyCorp | 5.100% | 3/24/21 | A- | 156,640 | |
20 | Legg Mason Inc | 4.750% | 3/15/26 | Baa1 | 23,191 | |
100 | Lincoln National Corp | 3.050% | 1/15/30 | A- | 109,858 | |
500 | Lloyds Banking Group PLC | 2.438% | 2/05/26 | A+ | 524,993 | |
166 | Marsh & McLennan Cos Inc | 4.800% | 7/15/21 | A- | 171,222 | |
200 | Mitsubishi UFJ Financial Group | 0.028% | 9/13/26 | A1 | 217,848 | |
210 | Mitsubishi UFJ Financial Group | 0.037% | 2/22/27 | A1 | 238,604 | |
64 | Mitsubishi UFJ Financial Group Inc | 3.961% | 3/02/28 | A1 | 74,763 | |
200 | Mizuho Financial Group Inc | 2.226% | 5/25/26 | A1 | 208,021 | |
100 | Morgan Stanley | 2.188% | 4/28/26 | A | 105,310 | |
997 | Morgan Stanley | 3.772% | 1/24/29 | A | 1,156,261 | |
100 | National Australia Bank Ltd/New York | 3.625% | 6/20/23 | AA- | 108,894 | |
42 | Northern Trust Corp | 3.950% | 10/30/25 | A | 49,088 | |
44 | ORIX Corp | 2.900% | 7/18/22 | A- | 45,720 | |
332 | PNC Financial Services Group Inc | 3.900% | 4/29/24 | A3 | 370,315 | |
104 | Principal Financial Group Inc | 3.700% | 5/15/29 | A- | 122,069 | |
204 | Progressive Corp | 3.200% | 3/26/30 | A | 238,882 | |
72 | Prologis LP | 3.875% | 9/15/28 | A- | 87,081 | |
213 | Prudential Financial Inc | 3.905% | 12/07/47 | A | 257,488 | |
63 | RBC USA Holdco Corp | 5.250% | 9/15/20 | AA- | 63,359 | |
42 | Regency Centers Corp | 3.750% | 11/15/22 | BBB+ | 43,812 | |
93 | Regions Financial Corp | 3.800% | 8/14/23 | BBB+ | 101,537 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$ 110 | Royal Bank of Canada | 2.800% | 4/29/22 | AA | $114,481 | |
42 | Sompo International Holdings Ltd | 4.700% | 10/15/22 | A- | 44,595 | |
149 | State Street Corp | 3.100% | 5/15/23 | A2 | 159,932 | |
158 | Sumitomo Mitsui Financial Group Inc | 3.936% | 10/16/23 | A1 | 174,254 | |
330 | Sumitomo Mitsui Financial Group Inc | 3.364% | 7/12/27 | A1 | 370,278 | |
173 | Toronto-Dominion Bank | 2.125% | 4/07/21 | Aa1 | 175,193 | |
100 | Travelers Cos | 0.046% | 8/01/43 | A | 139,233 | |
366 | Truist Financial Corp | 3.750% | 12/06/23 | A | 402,473 | |
104 | UDR Inc | 3.000% | 8/15/31 | BBB+ | 115,358 | |
184 | Ventas Realty LP | 4.750% | 11/15/30 | BBB+ | 213,339 | |
168 | Welltower Inc | 4.125% | 3/15/29 | BBB+ | 189,215 | |
104 | Westpac Banking Corp | 2.000% | 1/13/23 | AA- | 107,917 | |
166 | Westpac Banking Corp | 4.322% | 11/23/31 | A- | 188,761 | |
10,582 | Total Financials | 11,952,183 | ||||
Industrial – 17.0% | ||||||
198 | 3M Co | 2.375% | 8/26/29 | A+ | 218,672 | |
50 | ABB Finance USA Inc | 3.800% | 4/03/28 | A | 59,920 | |
180 | Abbott Laboratories | 4.750% | 11/30/36 | A- | 253,417 | |
472 | AbbVie Inc | 3.750% | 11/14/23 | BBB+ | 517,983 | |
353 | AbbVie Inc | 4.500% | 5/14/35 | BBB+ | 444,055 | |
104 | Adobe Inc | 1.900% | 2/01/25 | A | 110,331 | |
200 | Alibaba Group Holding Ltd | 0.045% | 11/28/34 | A+ | 253,624 | |
40 | Alphabet, Inc | 0.034% | 2/25/24 | AA+ | 44,227 | |
150 | American Honda Finance Corp | 1.650% | 7/12/21 | A- | 151,834 | |
180 | American Tower Corp | 5.000% | 2/15/24 | BBB+ | 206,606 | |
355 | Amgen Inc | 4.400% | 5/01/45 | A- | 478,921 | |
86 | Analog Devices Inc | 2.500% | 12/05/21 | Baa1 | 88,152 | |
271 | Apple Inc | 1.800% | 9/11/24 | AA+ | 285,447 | |
40 | Apple Inc | 3.000% | 6/20/27 | AA+ | 45,349 | |
323 | Apple Inc | 4.500% | 2/23/36 | AA+ | 440,543 | |
254 | Apple Inc | 3.850% | 5/04/43 | AA+ | 330,959 | |
42 | Applied Materials Inc | 5.100% | 10/01/35 | A- | 60,104 | |
165 | AstraZeneca PLC | 6.450% | 9/15/37 | A | 260,377 | |
114 | Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor Inc | 3.138% | 11/07/29 | A- | 123,685 | |
180 | Baxalta Inc | 4.000% | 6/23/25 | BBB+ | 205,650 | |
150 | Becton Dickinson and Co | 2.823% | 5/20/30 | BBB | 164,825 | |
111 | Biogen Inc | 3.625% | 9/15/22 | A- | 118,343 | |
70 | Booking Holdings Inc | 2.750% | 3/15/23 | A- | 74,019 | |
38 | Bristol-Myers Squibb Co | 2.000% | 8/01/22 | A+ | 39,169 | |
359 | Bristol-Myers Squibb Co | 5.000% | 8/15/45 | A+ | 540,518 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 42 | Broadridge Financial Solutions Inc | 3.950% | 9/01/20 | BBB+ | $42,103 | |
28 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 29,113 | |
110 | Campbell Soup Co | 2.375% | 4/24/30 | Baa2 | 116,517 | |
100 | Canadian National Railway Co | 6.375% | 11/15/37 | A | 160,771 | |
141 | Cardinal Health Inc | 2.616% | 6/15/22 | BBB | 145,861 | |
38 | Cardinal Health Inc | 3.200% | 3/15/23 | BBB | 40,429 | |
160 | Carrier Global Corp, 144A | 3.377% | 4/05/40 | BBB | 172,883 | |
80 | Caterpillar Financial Services Corp | 2.550% | 11/29/22 | A | 83,963 | |
186 | Caterpillar Inc | 3.803% | 8/15/42 | A | 237,378 | |
50 | Cheniere Corpus Christi Holdings LLC | 5.125% | 6/30/27 | BBB- | 56,529 | |
372 | Cigna Corp | 3.050% | 10/15/27 | A- | 415,194 | |
188 | Cisco Systems Inc | 2.500% | 9/20/26 | AA- | 209,822 | |
28 | Clorox Co | 3.050% | 9/15/22 | A- | 29,415 | |
148 | Coca-Cola Co | 2.500% | 4/01/23 | A+ | 156,501 | |
175 | Coca-Cola Co | 1.450% | 6/01/27 | A+ | 181,770 | |
100 | Corning Inc | 5.350% | 11/15/48 | BBB+ | 141,042 | |
204 | Crown Castle International Corp | 3.300% | 7/01/30 | BBB+ | 231,738 | |
155 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 189,233 | |
42 | CSX Corp | 4.250% | 11/01/66 | BBB+ | 56,455 | |
274 | Deere & Co | 3.900% | 6/09/42 | A | 367,185 | |
100 | Dell International LLC / EMC Corp, 144A | 5.450% | 6/15/23 | BBB- | 110,186 | |
151 | Dell International LLC / EMC Corp, 144A | 8.100% | 7/15/36 | BBB- | 204,939 | |
150 | Discovery Communications LLC | 3.625% | 5/15/30 | BBB- | 166,437 | |
38 | Discovery Communications LLC | 5.000% | 9/20/37 | BBB- | 46,592 | |
150 | Dow Chemical Co | 0.043% | 10/01/34 | BBB+ | 177,502 | |
126 | DuPont de Nemours Inc | 4.725% | 11/15/28 | BBB+ | 155,599 | |
42 | Eaton Corp | 4.000% | 11/02/32 | A- | 51,523 | |
124 | eBay Inc | 2.700% | 3/11/30 | BBB+ | 133,804 | |
116 | Ecolab Inc | 3.250% | 12/01/27 | A- | 133,458 | |
100 | Eli Lilly and Co | 0.037% | 3/01/45 | A+ | 130,735 | |
50 | Emerson Electric Co | 1.950% | 10/15/30 | A | 53,289 | |
160 | Enbridge Inc | 3.125% | 11/15/29 | BBB+ | 172,288 | |
110 | Equinix Inc | 2.625% | 11/18/24 | BBB- | 117,539 | |
100 | Estee Lauder Cos Inc | 2.600% | 4/15/30 | A+ | 111,231 | |
154 | Fiserv Inc | 3.500% | 7/01/29 | BBB | 178,224 | |
138 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | 140,181 | |
164 | General Mills Inc | 2.875% | 4/15/30 | BBB | 183,818 | |
296 | Gilead Sciences Inc | 4.000% | 9/01/36 | A | 386,528 | |
230 | GlaxoSmithKline Capital PLC | 3.375% | 6/01/29 | A | 270,014 | |
206 | HCA Inc | 4.125% | 6/15/29 | BBB- | 241,113 | |
116 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 119,674 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 299 | Home Depot Inc | 5.400% | 9/15/40 | A | $445,383 | |
50 | Howmet Aerospace Inc | 5.900% | 2/01/27 | BBB- | 55,627 | |
80 | HP Inc | 3.400% | 6/17/30 | BBB+ | 86,202 | |
60 | Illinois Tool Works Inc | 4.875% | 9/15/41 | A+ | 86,252 | |
272 | Intel Corp | 2.450% | 11/15/29 | A+ | 300,257 | |
100 | Intel Corp | 4.600% | 3/25/40 | A+ | 138,794 | |
350 | International Business Machines Corp | 3.300% | 5/15/26 | A | 398,195 | |
72 | International Business Machines Corp | 5.600% | 11/30/39 | A | 107,377 | |
58 | International Flavors & Fragrances Inc | 3.200% | 5/01/23 | BBB | 60,418 | |
50 | Johnson Controls International plc | 5.125% | 9/14/45 | BBB+ | 65,179 | |
115 | Kellogg Co | 2.650% | 12/01/23 | BBB | 122,340 | |
179 | Keurig Dr Pepper Inc | 3.130% | 12/15/23 | BBB | 193,203 | |
48 | Kimberly-Clark Corp | 6.625% | 8/01/37 | A | 79,827 | |
104 | Kimberly-Clark Corp | 2.875% | 2/07/50 | A | 122,404 | |
160 | Kroger Co | 0.069% | 4/15/38 | Baa1 | 240,903 | |
113 | Laboratory Corp of America Holdings | 3.200% | 2/01/22 | BBB | 117,369 | |
58 | Lam Research Corp | 2.800% | 6/15/21 | A- | 59,125 | |
218 | Lowe's Cos Inc | 4.650% | 4/15/42 | BBB+ | 291,136 | |
150 | LYB International Finance III LLC | 3.375% | 5/01/30 | Baa1 | 165,351 | |
28 | Mastercard Inc | 2.000% | 11/21/21 | A+ | 28,578 | |
144 | Mastercard Inc | 3.350% | 3/26/30 | A+ | 172,097 | |
139 | McCormick & Co Inc/MD | 2.700% | 8/15/22 | BBB | 144,572 | |
150 | Medtronic Inc | 4.375% | 3/15/35 | A | 203,628 | |
235 | Merck & Co Inc | 3.400% | 3/07/29 | AA- | 277,706 | |
70 | Micron Technology Inc | 4.185% | 2/15/27 | BBB- | 80,348 | |
392 | Microsoft Corp | 3.450% | 8/08/36 | AAA | 490,923 | |
295 | Microsoft Corp | 3.700% | 8/08/46 | AAA | 384,190 | |
84 | Moody's Corp | 4.500% | 9/01/22 | BBB+ | 89,972 | |
38 | Moody's Corp | 2.625% | 1/15/23 | BBB+ | 39,893 | |
115 | Motorola Solutions Inc | 3.500% | 3/01/23 | BBB- | 122,869 | |
44 | National Oilwell Varco Inc | 2.600% | 12/01/22 | BBB+ | 44,910 | |
164 | NIKE Inc | 2.850% | 3/27/30 | AA- | 186,135 | |
142 | Norfolk Southern Corp | 4.837% | 10/01/41 | BBB+ | 192,603 | |
210 | Nutrien Ltd | 4.200% | 4/01/29 | BBB | 250,938 | |
54 | NVIDIA Corp | 2.200% | 9/16/21 | A | 54,989 | |
104 | Omnicom Group Inc | 4.200% | 6/01/30 | BBB+ | 123,675 | |
273 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 286,277 | |
109 | Orange SA | 4.125% | 9/14/21 | BBB+ | 113,459 | |
60 | Otis Worldwide Corp, 144A | 3.112% | 2/15/40 | BBB | 66,420 | |
50 | Owens Corning | 3.875% | 6/01/30 | BBB | 54,891 | |
96 | PACCAR Financial Corp | 2.300% | 8/10/22 | A+ | 99,572 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$ 104 | Parker-Hannifin Corp | 4.200% | 11/21/34 | BBB+ | $129,598 | |
150 | PayPal Holdings Inc | 2.850% | 10/01/29 | A3 | 169,302 | |
364 | PepsiCo Inc | 2.875% | 10/15/49 | A+ | 421,274 | |
119 | Praxair Inc | 2.700% | 2/21/23 | A | 124,918 | |
160 | Procter & Gamble Co | 3.000% | 3/25/30 | AA- | 188,714 | |
28 | Quest Diagnostics Inc | 4.250% | 4/01/24 | BBB+ | 31,179 | |
54 | Raytheon Technologies Corp, 144A | 3.700% | 12/15/23 | A- | 58,738 | |
36 | Roper Technologies Inc | 3.125% | 11/15/22 | BBB+ | 37,947 | |
114 | Ryder System Inc | 2.500% | 9/01/24 | BBB+ | 120,019 | |
50 | Seagate HDD Cayman | 4.875% | 6/01/27 | Baa3 | 55,859 | |
131 | Sherwin-Williams Co | 2.950% | 8/15/29 | BBB | 146,049 | |
100 | Stanley Black & Decker Inc | 4.250% | 11/15/28 | A | 122,180 | |
201 | Starbucks Corp | 3.550% | 8/15/29 | BBB+ | 233,258 | |
135 | Target Corp | 4.000% | 7/01/42 | A | 181,837 | |
43 | Telefonica Emisiones SA | 5.462% | 2/16/21 | BBB | 44,144 | |
150 | Telefonica Emisiones SA | 5.520% | 3/01/49 | BBB | 202,575 | |
110 | Texas Instruments Inc | 1.750% | 5/04/30 | A+ | 115,384 | |
100 | TJX Cos Inc | 3.750% | 4/15/27 | A | 116,038 | |
282 | Toyota Motor Corp | 2.760% | 7/02/29 | A+ | 317,803 | |
78 | Trane Technologies Global Holding Co Ltd | 4.250% | 6/15/23 | BBB | 86,147 | |
351 | TWDC Enterprises 18 Corp | 2.350% | 12/01/22 | A2 | 366,413 | |
38 | Tyco Electronics Group SA | 3.500% | 2/03/22 | A- | 39,456 | |
100 | Unilever Capital Corp | 2.600% | 5/05/24 | A+ | 107,589 | |
28 | United Parcel Service Inc | 6.200% | 1/15/38 | A2 | 44,746 | |
154 | United Parcel Service Inc | 3.750% | 11/15/47 | A2 | 191,770 | |
160 | Valero Energy Corp | 4.000% | 4/01/29 | BBB | 182,651 | |
670 | Verizon Communications, Inc | 0.047% | 3/15/55 | A- | 983,264 | |
189 | Visa Inc | 4.150% | 12/14/35 | AA- | 250,513 | |
135 | VMware Inc | 2.950% | 8/21/22 | Baa2 | 140,949 | |
233 | Vodafone Group PLC | 6.150% | 2/27/37 | BBB | 344,078 | |
200 | Walgreens Boots Alliance Inc | 3.200% | 4/15/30 | BBB | 212,702 | |
270 | Walt Disney Co | 2.750% | 9/01/49 | A2 | 277,087 | |
100 | Waste Management, Inc | 0.032% | 11/15/27 | A- | 112,329 | |
31 | Weyerhaeuser Co | 4.625% | 9/15/23 | Baa2 | 34,568 | |
122 | WPP Finance 2010 | 3.625% | 9/07/22 | BBB+ | 127,391 | |
72 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 75,581 | |
126 | Zoetis Inc | 3.900% | 8/20/28 | Baa1 | 151,090 | |
20,947 | Total Industrial | 25,054,433 | ||||
Utility – 2.3% | ||||||
161 | Alabama Power Co | 6.000% | 3/01/39 | A1 | 242,798 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$ 100 | American Water Capital Corp | 2.800% | 5/01/30 | A | $112,752 | |
300 | Berkshire Hathaway Energy Co | 0.052% | 11/15/43 | A- | 438,080 | |
171 | Commonwealth Edison Co | 6.450% | 1/15/38 | A1 | 270,035 | |
124 | Consolidated Edison Co of New York Inc | 5.500% | 12/01/39 | A- | 179,663 | |
126 | DTE Energy Co | 2.950% | 3/01/30 | BBB | 135,146 | |
108 | Entergy Louisiana LLC | 4.000% | 3/15/33 | A | 137,478 | |
114 | Eversource Energy | 3.450% | 1/15/50 | BBB+ | 136,431 | |
191 | Florida Power & Light Co | 5.950% | 2/01/38 | Aa2 | 304,892 | |
100 | NiSource Inc | 3.600% | 5/01/30 | BBB+ | 117,562 | |
117 | Northern States Power Co/MN | 6.200% | 7/01/37 | Aa3 | 186,242 | |
36 | Potomac Electric Power Co | 6.500% | 11/15/37 | A | 56,658 | |
100 | Public Service Electric and Gas Co | 5.800% | 5/01/37 | Aa3 | 149,206 | |
143 | San Diego Gas & Electric Co | 4.150% | 5/15/48 | A | 187,896 | |
104 | Sempra Energy | 6.000% | 10/15/39 | BBB+ | 154,524 | |
178 | Southern California Edison Co | 4.500% | 9/01/40 | A- | 218,100 | |
222 | Virginia Electric and Power Co | 6.000% | 5/15/37 | A2 | 332,827 | |
2,395 | Total Utility | 3,360,290 | ||||
$ 33,924 | Total Corporate Debt (cost $36,944,595) | 40,366,906 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 5.8% | ||||||
Government Agency – 2.4% | ||||||
$ 184 | Equinor ASA | 3.125% | 4/06/30 | Aa2 | $209,686 | |
290 | Federal Home Loan Banks | 1.875% | 12/11/20 | Aaa | 291,816 | |
390 | Federal Home Loan Banks | 2.375% | 9/08/23 | Aaa | 415,407 | |
529 | Federal National Mortgage Association | 5.625% | 7/15/37 | Aaa | 873,803 | |
200 | Japan Bank for International Cooperation | 1.750% | 10/17/24 | A+ | 210,142 | |
200 | Japan Bank for International Cooperation | 0.625% | 7/15/25 | A+ | 200,657 | |
310 | Kreditanstalt fuer Wiederaufbau | 2.375% | 12/29/22 | AAA | 326,222 | |
764 | Kreditanstalt fuer Wiederaufbau | 2.500% | 11/20/24 | AAA | 835,371 | |
170 | Tennessee Valley Authority | 0.055% | 6/15/38 | Aaa | 264,902 | |
16 | Tennessee Valley Authority | 5.250% | 9/15/39 | Aaa | 24,610 | |
3,053 | Total Government Agency | 3,652,616 | ||||
Municipal Bonds – 2.3% (3) | ||||||
400 | Asian Development Bank (No Optional Call) | 1.500% | 10/18/24 | AAA | 420,216 | |
20 | Council Of Europe Development Bank (No Optional Call) | 1.375% | 2/27/25 | AAA | 20,918 | |
249 | European Investment Bank (No Optional Call) | 2.000% | 3/15/21 | Aaa | 251,735 | |
250 | European Investment Bank (No Optional Call) | 3.125% | 12/14/23 | Aaa | 274,171 | |
340 | Inter-American Development Bank (No Optional Call) | 3.875% | 10/28/41 | Aaa | 494,255 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Municipal Bonds (3) (continued) | ||||||
$ 535 | International Bank for Reconstruction & Development (No Optional Call) | 1.500% | 8/28/24 | AAA | $560,215 | |
250 | Province of Alberta Canada (No Optional Call) | 1.000% | 5/20/25 | Aa2 | 253,600 | |
100 | Province of British Columbia Canada (No Optional Call) | 1.750% | 9/27/24 | AAA | 105,481 | |
100 | Province of Manitoba Canada (No Optional Call) | 2.600% | 4/16/24 | Aa2 | 107,707 | |
516 | Province of Ontario Canada (No Optional Call) | 1.750% | 1/24/23 | Aa3 | 533,719 | |
150 | Province of Quebec Canada (No Optional Call) | 1.500% | 2/11/25 | Aa2 | 156,398 | |
176 | Province of Quebec Canada (No Optional Call) | 2.500% | 4/20/26 | Aa2 | 193,585 | |
3,086 | Total Municipal Bonds | 3,372,000 | ||||
Sovereign Debt – 1.1% | ||||||
200 | Chile Government International Bond | 2.550% | 1/27/32 | A+ | 214,702 | |
416 | Colombia Government International Bond | 2.625% | 3/15/23 | Baa2 | 426,400 | |
14 | Hungary Government International Bond | 7.625% | 3/29/41 | BBB | 24,434 | |
200 | Israel Government International Bond | 2.750% | 7/03/30 | AA- | 221,000 | |
250 | Panama Government International Bond | 0.045% | 5/15/47 | BBB+ | 330,938 | |
96 | Peruvian Government International Bond | 5.625% | 11/18/50 | A3 | 163,680 | |
200 | Uruguay Government International Bond | 0.041% | 11/20/45 | BBB | 247,000 | |
1,376 | Total Sovereign Debt | 1,628,154 | ||||
$ 7,515 | Total Government Related (cost $8,161,844) | 8,652,770 | ||||
Total Long-Term Investments (cost $137,302,779) | 146,325,633 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 2.9% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 2.9% | ||||||
$ 4,230 | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 8/03/20 | N/R | $ 4,230,000 | |
$ 4,230 | Total Short-Term Investments (cost $4,230,000) | 4,230,000 | ||||
Total Investments (cost $141,532,779) – 102.1% | 150,555,633 | |||||
Other Assets Less Liabilities – (2.1)% | (3,066,653) | |||||
Net Assets – 100% | $ 147,488,980 |
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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NUAG | NUSA | NUHY | NUBD | |
Assets | ||||
Long-term investments, at value (cost $77,506,148, $34,526,830, $54,219,347 and $137,302,779, respectively) | $80,196,605 | $35,547,401 | $54,959,200 | $146,325,633 |
Short-term investments, at value (cost approximates value) | 1,389,000 | 538,000 | 641,000 | 4,230,000 |
Cash | 266 | 110 | 89 | 198 |
Receivable for: | ||||
Interest | 455,767 | 188,417 | 728,589 | 795,946 |
Investments sold | 1,743,269 | 1,194,439 | 3,531,094 | 372,688 |
Total assets | 83,784,907 | 37,468,367 | 59,859,972 | 151,724,465 |
Liabilities | ||||
Payable for: | ||||
Investments purchased - regular settlement | 808,378 | 98,005 | 3,646,829 | 1,973,179 |
Investments purchased - when-issued/delayed-delivery settlement | 2,115,764 | 1,509,890 | — | 2,236,149 |
Accrued expenses: | ||||
Management fees | 14,432 | 6,445 | 17,295 | 25,015 |
Professional fees | 130 | 54 | 80 | 202 |
Trustees Fees | 792 | 285 | 393 | 940 |
Total liabilities | 2,939,496 | 1,614,679 | 3,664,597 | 4,235,485 |
Net assets | $80,845,411 | $35,853,688 | $56,195,375 | $147,488,980 |
Shares outstanding | 3,100,000 | 1,400,000 | 2,300,000 | 5,400,000 |
Net asset value ("NAV") per share | $ 26.08 | $ 25.61 | $ 24.43 | $ 27.31 |
Net assets consist of: | ||||
Capital paid-in | $79,037,286 | $35,090,350 | $57,327,370 | $138,755,632 |
Total distributable earnings | 1,808,125 | 763,338 | (1,131,995) | 8,733,348 |
Net assets | $80,845,411 | $35,853,688 | $56,195,375 | $147,488,980 |
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
NUAG | NUSA | NUHY * | NUBD | |
Investment Income | $3,116,228 | $ 783,298 | $ 1,864,905 | $2,121,343 |
Expenses | ||||
Management fees | 257,978 | 65,147 | 132,635 | 186,229 |
Professional fees | 3,056 | 662 | 762 | 2,027 |
Trustees fees | 3,505 | 831 | 919 | 2,369 |
Total expenses | 264,539 | 66,640 | 134,316 | 190,625 |
Net investment income (loss) | 2,851,689 | 716,658 | 1,730,589 | 1,930,718 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | 1,175,963 | 217,770 | (1,796,697) | 92,664 |
In-kind redemptions | (940,002) | 261,126 | — | 171,532 |
Change in net unrealized appreciation (depreciation) of investments | 578,463 | 629,947 | 739,853 | 7,704,023 |
Net realized and unrealized gain (loss) | 814,424 | 1,108,843 | (1,056,844) | 7,968,219 |
Net increase (decrease) in net assets from operations | $3,666,113 | $1,825,501 | $ 673,745 | $9,898,937 |
* | For the period September 25, 2019 (commencement of operations) through July 31, 2020. |
NUAG | NUSA | NUHY | NUBD | |||||||
Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/20 | Year Ended 7/31/19 | For the Period 9/25/19 (commencement of operations) through 7/31/20 | Year Ended 7/31/20 | Year Ended 7/31/19 | ||||
Operations | ||||||||||
Net investment income (loss) | $ 2,851,689 | $ 3,377,177 | $ 716,658 | $ 742,567 | $ 1,730,589 | $ 1,930,718 | $ 1,322,685 | |||
Net realized gain (loss) from: | ||||||||||
Investments | 1,175,963 | 1,816,047 | 217,770 | (12,392) | (1,796,697) | 92,664 | 16,430 | |||
In-kind redemptions | (940,002) | (604,601) | 261,126 | 56,816 | — | 171,532 | 323,021 | |||
Change in net unrealized appreciation (depreciation) of investments | 578,463 | 3,499,814 | 629,947 | 767,226 | 739,853 | 7,704,023 | 2,432,028 | |||
Net increase (decrease) in net assets from operations | 3,666,113 | 8,088,437 | 1,825,501 | 1,554,217 | 673,745 | 9,898,937 | 4,094,164 | |||
Distributions to Shareholders | ||||||||||
Dividends | (3,772,060) | (3,510,400) | (894,030) | (855,950) | (1,805,740) | (2,152,900) | (1,392,050) | |||
Decrease in net assets from distributions to shareholders | (3,772,060) | (3,510,400) | (894,030) | (855,950) | (1,805,740) | (2,152,900) | (1,392,050) | |||
Fund Share Transactions | ||||||||||
Proceeds from shares sold | 439,401,562 | 119,215,650 | 22,618,439 | 4,875,760 | 57,327,420 | 89,150,650 | 29,521,639 | |||
Cost of shares redeemed | (429,469,590) | (200,733,010) | (15,045,450) | (4,951,480) | (50) | (5,194,200) | (17,525,220) | |||
Net increase (decrease) in net assets from Fund share transactions | 9,931,972 | (81,517,360) | 7,572,989 | (75,720) | 57,327,370 | 83,956,450 | 11,996,419 | |||
Net increase (decrease) in net assets | 9,826,025 | (76,939,323) | 8,504,460 | 622,547 | 56,195,375 | 91,702,487 | 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 | $ 80,845,411 | $ 71,019,386 | $ 35,853,688 | $27,349,228 | $56,195,375 | $147,488,980 | $ 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 | $24.49 | $0.55 | $ 1.88 | $ 2.43 | $(0.84) | $ — | $(0.84) | $26.08 | $26.05 | |
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(d) | 25.00 | 0.57 | (0.40) | 0.17 | (0.56) | —** | (0.56) | 24.61 | 24.67 | |
NUSA | ||||||||||
2020 | 24.86 | 0.55 | 0.90 | 1.45 | (0.70) | — | (0.70) | 25.61 | 25.69 | |
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(e) | 25.00 | 0.23 | 0.04 | 0.27 | (0.16) | — | (0.16) | 25.11 | 25.15 | |
NUHY | ||||||||||
2020(f) | 25.00 | 0.93 | (0.53) | 0.40 | (0.97) | — | (0.97) | 24.43 | 24.74 | |
NUBD | ||||||||||
2020 | 25.36 | 0.55 | 2.04 | 2.59 | (0.64) | — | (0.64) | 27.31 | 27.37 | |
2019 | 24.17 | 0.63 | 1.24 | 1.87 | (0.68) | — | (0.68) | 25.36 | 25.38 | |
2018(g) | 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) |
10.11% | 10.19% | $ 80,845 | 0.20% | 2.21% | 208% |
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 |
5.93 | 6.15 | 35,854 | 0.20 | 2.20 | 51 |
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 |
1.79 | 3.02 | 56,195 | 0.35* | 4.55* | 47 |
10.38 | 10.51 | 147,489 | 0.20 | 2.07 | 18 |
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 5 - 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 4 - Fund Shares). |
(d) | For the period September 14, 2016 (commencement of operations) through July 31, 2017. |
(e) | For the period March 31, 2017 (commencement of operations) through July 31, 2017. |
(f) | For the period September 25, 2019 (commencement of operations) through July 31, 2020. |
(g) | For the period September 29, 2017 (commencement of operations) through July 31, 2018. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
NUAG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Securitized | $ — | $32,587,240 | $ — | $32,587,240 |
Corporate Debt | — | 24,900,903 | — | 24,900,903 |
U.S. Treasury | — | 18,915,296 | — | 18,915,296 |
Government Related | — | 3,793,166 | — | 3,793,166 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 1,389,000 | — | 1,389,000 |
Total | $ — | $81,585,605 | $ — | $81,585,605 |
NUSA | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Corporate Debt | $ — | $15,395,298 | $ — | $15,395,298 |
Securitized | — | 10,788,296 | — | 10,788,296 |
U.S. Treasury | — | 9,363,807 | — | 9,363,807 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 538,000 | — | 538,000 |
Total | $ — | $36,085,401 | $ — | $36,085,401 |
NUHY | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Corporate Debt | $ — | $54,959,200 | $ — | $54,959,200 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 641,000 | — | 641,000 |
Total | $ — | $55,600,200 | $ — | $55,600,200 |
NUBD | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
U.S. Treasury | $ — | $ 54,828,623 | $ — | $ 54,828,623 |
Securitized | — | 42,477,334 | — | 42,477,334 |
Corporate Debt | — | 40,366,906 | — | 40,366,906 |
Government Related | — | 8,652,770 | — | 8,652,770 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 4,230,000 | — | 4,230,000 |
Total | $ — | $150,555,633 | $ — | $150,555,633 |
NUAG | NUSA | NUHY | NUBD | |
Purchases: | ||||
Investment securities | $233,162,765 | $22,231,440 | $27,105,077 | $88,418,231 |
U.S. Government and agency obligations | 42,557,768 | 11,491,037 | — | — |
Sales and maturities: | ||||
Investment securities | 224,868,780 | 11,612,020 | 20,974,858 | 16,556,183 |
U.S. Government and agency obligations | 29,798,835 | 4,665,818 | — | 364,884 |
NUAG | NUSA | NUHY | NUBD | |
In-kind purchases | $226,736,464 | $ — | $50,167,038 | $15,320,343 |
In-kind sales | 237,459,350 | 9,682,822 | — | 2,776,344 |
NUAG | NUSA | ||||||||||
Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/20 | Year Ended 7/31/19 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | 17,500,000 | $ 439,401,562 | 5,000,000 | $ 119,215,650 | 900,000 | $ 22,618,439 | 200,000 | $ 4,875,760 | |||
Shares redeemed | (17,300,000) | (429,469,590) | (8,400,000) | (200,733,010) | (600,000) | (15,045,450) | (200,000) | (4,951,480) | |||
Net increase (decrease) | 200,000 | $ 9,931,972 | (3,400,000) | $ (81,517,360) | 300,000 | $ 7,572,989 | — | $ (75,720) |
NUHY | NUBD | |||||||
For the Period 9/25/19 (commencement of operations) through 7/31/20 | Year Ended 7/31/20 | Year Ended 7/31/19 | ||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||
Shares sold | 2,300,002 | $57,327,420 | 3,400,000 | $89,150,650 | 1,200,000 | $ 29,521,639 | ||
Shares redeemed | (2) | (50) | (200,000) | (5,194,200) | (700,000) | (17,525,220) | ||
Net increase (decrease) | 2,300,000 | $57,327,370 | 3,200,000 | $83,956,450 | 500,000 | $ 11,996,419 |
NUAG | NUSA | NUHY | NUBD | |
Tax cost of investments | $79,151,442 | $35,181,343 | $55,160,357 | $141,863,175 |
Gross unrealized: | ||||
Appreciation | $ 2,589,133 | $ 918,359 | $ 1,334,601 | $ 8,734,833 |
Depreciation | (154,970) | (14,301) | (894,758) | (42,375) |
Net unrealized appreciation (depreciation) of investments | $ 2,434,163 | $ 904,058 | $ 439,843 | $ 8,692,458 |
NUAG | NUSA | NUHY | NUBD | |
Undistributed net ordinary income1 | $220,238 | $92,174 | $316,622 | $328,878 |
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. |
2020 | NUAG | NUSA | NUHY 2 | NUBD |
Distributions from net ordinary income1 | $3,772,060 | $894,030 | $1,805,740 | $2,152,900 |
Distributions from net long-term capital gains | — | — | — | — |
2019 | 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. |
2 | For the period September 25, 2019 (commencement of operations) through July 31, 2020. |
NUAG | NUSA | NUHY | NUBD | |
Not subject to expiration: | ||||
Short-term | $ — | $ 28,655 | $1,888,460 | $202,693 |
Long-term | 846,276 | 204,239 | — | 85,295 |
Total | $846,276 | $232,894 | $1,888,460 | $287,988 |
NUAG | NUSA | |
Utilized capital loss carryforwards | $413,529 | $41,970 |
Fund | Management Fee |
NUAG | 0.20% |
NUSA | 0.20 |
NUHY | 0.35 |
NUBD | 0.20 |
NUAG | |
Nuveen owned shares | 2% |
NUHY | |
TIAA owned shares | 78% |
NUAG | NUSA | ||||
Year Ended July 31, 2020 | Number of Days | % of Total Days | Number of Days | % of Total Days | |
Premium/Discount Range: | |||||
Greater than 3.00% | - | - | - | - | |
1.01% to 3.00% | 4 | 1.6% | - | - | |
0.51% to 1.00% | 14 | 5.5% | 11 | 4.3% | |
0.26% to 0.50% | 29 | 11.5% | 45 | 17.8% | |
0.00 to 0.25% | 99 | 39.0% | 184 | 72.7% | |
(0.01)% to (0.25)% | 90 | 35.6% | 6 | 2.4% | |
(0.26)% to (0.50)% | 8 | 3.2% | - | - | |
(0.51)% to (1.00)% | 2 | 0.8% | 2 | 0.8% | |
(1.01)% to (3.00)% | 6 | 2.4% | 4 | 1.6% | |
Less than (3.00)% | 1 | 0.4% | 1 | 0.4% | |
253 | 100% | 253 | 100% |
NUHY | NUBD | ||||
Year Ended July 31, 2020 | Number of Days | % of Total Days | Number of Days | % of Total Days | |
Premium/Discount Range: | |||||
Greater than 3.00% | - | - | - | - | |
1.01% to 3.00% | 51 | 23.8% | 1 | 0.4% | |
0.51% to 1.00% | 47 | 22.0% | 8 | 3.2% | |
0.26% to 0.50% | 93 | 43.4% | 75 | 29.6% | |
0.00 to 0.25% | 16 | 7.5% | 143 | 56.5% | |
(0.01)% to (0.25)% | 2 | 0.9% | 18 | 7.1% | |
(0.26)% to (0.50)% | 4 | 1.9% | 3 | 1.2% | |
(0.51)% to (1.00)% | 1 | 0.5% | 1 | 0.4% | |
(1.01)% to (3.00)% | - | - | 4 | 1.6% | |
Less than (3.00)% | - | - | - | - | |
214 | 100% | 253 | 100% |
NUAG | NUSA | NUHY | NUBD | |
% of Interest-Related Dividends for the period August 1, 2019 through December 31, 2019 | 91.0% | 89.4% | 84.9% | 89.9% |
% of Interest-Related Dividends for the period January 1, 2020 through July 31, 2020 | 93.1% | 90.0% | 85.7% | 90.5% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
• | 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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees (2): | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 155 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 155 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 155 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions; formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 155 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC. (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 155 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 155 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 155 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 155 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 155 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Jordan M. Farris 1980 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2019 | Managing Director (since 2017), formerly Vice President (2016-2017), Head of Product Management and Development, ETFs, Nuveen Securities, LLC; Director, Guggenheim Funds Distributors (2013-2016). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 100 Park Avenue New York, NY 10016 | Vice President | 2020 | Executive Vice President, Global Head of Product at Nuveen (since November 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 TIAA 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
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Serving Investors for Generations
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended July 31, 2020 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 18,330 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 18,280 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG High Yield Corporate Bond ETF 5 | 18,330 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 18,330 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 73,270 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
5 | Fund commenced operations on 9/26/2019 |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended July 31, 2019 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 17,980 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 17,930 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG High Yield Corporate Bond ETF 5 | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 17,980 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 53,890 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
5 | Fund commenced operations on 9/26/2019 |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen ESG High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended July 31, 2020 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nushares ETF Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended July 31, 2019 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nushares ETF Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended July 31, 2020 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG High Yield Corporate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended July 31, 2019 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen ESG High Yield Corporate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | 0 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale and Carole E. Stone, Chair.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nushares ETF Trust
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: October 7, 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 M. Farris | |
Jordan M. Farris | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: October 7, 2020
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: October 7, 2020