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 811-22023
Nuveen Managed Accounts Portfolios Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrants telephone number, including area code: (312) 917-7700
Date of fiscal year end: July 31
Date of reporting period: January 31, 2018
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.
Ticker Symbol | ||||
Fund Name | ||||
Municipal Total Return Managed Accounts Portfolio | NMTRX |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class I Shares | 0.61% | 5.30% | 4.01% | 5.77% | |
Bloomberg Barclays 7-Year Municipal Bond Index | (1.17)% | 2.62% | 2.23% | 3.96% |
Cumulative | Average Annual | ||||
6-Month | 1-Year | 5-Year | 10-Year | ||
Class I Shares | 2.88% | 7.40% | 4.47% | 6.03% |
Share Class | |
Class I | |
Gross Expense Ratios | 0.11% |
Net Expense Ratios | 0.05% |
Effective Leverage Ratio | 7.69% |
Share Class | |
Class I | |
Dividend Yield | 3.53% |
SEC 30-Day Yield - Subsidized | 2.97% |
SEC 30-Day Yield - Unsubsidized | 2.85% |
Taxable-Equivalent Yield - Subsidized (28.0%)1 | 4.13% |
Taxable-Equivalent Yield - Unsubsidized (28.0%)1 | 3.96% |
Share Class | |
Class I | |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,006.10 |
Expenses Incurred During the Period | $ — |
Hypothetical
Performance (5% annualized return before expenses) |
|
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,025.21 |
Expenses Incurred During the Period | $ — |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.3% | ||||||
MUNICIPAL BONDS – 97.3% | ||||||
National – 0.1% | ||||||
$ 1,000 | MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, 5.750%, 6/30/50 (Alternative Minimum Tax) | 9/19 at 100.00 | Ba2 | $ 1,031,080 | ||
Alabama – 1.1% | ||||||
850 | Alabama State Board of Education, Revenue Bonds, Faulkner State Community College, Series 2009, 6.125%, 10/01/28 | 10/18 at 100.00 | A1 | 876,078 | ||
Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: | ||||||
1,750 | 5.000%, 10/01/25 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 1,998,272 | ||
1,890 | 5.000%, 10/01/26 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 2,171,780 | ||
1,270 | DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33 | 6/25 at 100.00 | A | 1,420,279 | ||
Tuscaloosa County Board of Education, Alabama, Special Tax School Warrants, Series 2017: | ||||||
960 | 5.000%, 2/01/36 | 2/27 at 100.00 | AA- | 1,099,008 | ||
795 | 5.000%, 2/01/37 | 2/27 at 100.00 | AA- | 908,113 | ||
1,050 | 5.000%, 2/01/43 | 2/27 at 100.00 | AA- | 1,194,102 | ||
8,565 | Total Alabama | 9,667,632 | ||||
Alaska – 0.7% | ||||||
1,100 | Alaska Housing Finance Corporation, General Obligation Bonds, State Capital Project II, Series 2015C, 5.000%, 6/01/31 | 12/25 at 100.00 | AA+ | 1,259,082 | ||
1,400 | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015, 5.000%, 1/01/30 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 1,537,004 | ||
1,500 | Alaska Municipal Bond Bank, General Obligation Bonds, Three Series 2015, 5.250%, 10/01/31 | 4/25 at 100.00 | AA- | 1,739,100 | ||
1,385 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 | 3/18 at 100.00 | B3 | 1,358,159 | ||
5,385 | Total Alaska | 5,893,345 | ||||
Arizona – 2.7% | ||||||
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2017A: | ||||||
750 | 5.000%, 7/01/35 | 7/24 at 100.00 | AA | 861,900 | ||
1,000 | 5.000%, 7/01/36 | 7/24 at 100.00 | AA | 1,147,280 | ||
1,000 | 5.000%, 7/01/37 | 7/24 at 100.00 | AA | 1,145,370 | ||
1,250 | 5.000%, 7/01/38 | 7/24 at 100.00 | AA | 1,429,325 | ||
1,000 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 144A, 14.861%, 1/01/43 (IF) (4) | 1/22 at 100.00 | AA- | 1,335,900 | ||
1,010 | Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2013D, 5.000%, 2/01/28 | 2/23 at 100.00 | BBB+ | 1,098,203 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Arizona (continued) | ||||||
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 144A: | ||||||
$ 140 | 3.000%, 7/01/22 | No Opt. Call | BB | $137,946 | ||
100 | 5.000%, 7/01/37 | 7/27 at 100.00 | BB | 104,895 | ||
1,000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 144A, 5.000%, 7/01/51 | 7/27 at 100.00 | BB | 1,034,110 | ||
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 144A: | ||||||
115 | 4.000%, 3/01/27 | No Opt. Call | BB+ | 112,679 | ||
1,040 | 5.000%, 3/01/37 | 9/27 at 100.00 | BB+ | 1,053,395 | ||
1,000 | Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project - Queen Creek and Casa Grande Campuses, Series 2013, 6.000%, 7/01/43 | 7/23 at 100.00 | Ba1 | 1,063,910 | ||
2,465 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 144A, 3.500%, 7/01/26 | No Opt. Call | BB+ | 2,401,699 | ||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A: | ||||||
3,450 | 5.000%, 7/01/35 | 7/25 at 100.00 | A+ | 3,907,987 | ||
1,000 | 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 1,121,440 | ||
1,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 7/01/28 (Alternative Minimum Tax) | 7/23 at 100.00 | AA- | 1,121,530 | ||
250 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies - Veritas Project, Series 2012, 6.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (5) | 285,058 | ||
225 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | BBB- | 240,102 | ||
555 | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 5.875%, 4/01/22 | 4/20 at 100.00 | BB- | 557,459 | ||
410 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 144A, 6.750%, 2/01/50 | 2/28 at 100.00 | N/R | 404,182 | ||
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Refunding Series 2015A, 144A: | ||||||
290 | 3.900%, 9/01/24 | No Opt. Call | BB+ | 294,710 | ||
1,500 | 5.000%, 9/01/34 | 3/25 at 100.00 | BB+ | 1,523,175 | ||
215 | Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Inc Project, Series 2012, 144A, 4.625%, 3/01/22 | No Opt. Call | BB+ | 222,050 | ||
290 | Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.625%, 3/01/31 (Pre-refunded 3/01/21) | 3/21 at 100.00 | BB+ (5) | 334,147 | ||
1,000 | Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/24 | No Opt. Call | A- | 1,149,710 | ||
22,055 | Total Arizona | 24,088,162 | ||||
California – 11.7% | ||||||
500 | ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Casa de Lad Campanas, Series 2010, 6.000%, 9/01/37 | 9/20 at 100.00 | AA- | 553,515 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Kern County Tobacco Funding Corporation, Refunding Series 2014: | ||||||
$ 1,125 | 5.000%, 6/01/21 | No Opt. Call | N/R | $1,248,559 | ||
2,545 | 4.000%, 6/01/29 | 4/18 at 100.00 | N/R | 2,547,621 | ||
655 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2013-U3, 5.000%, 6/01/43 | No Opt. Call | AAA | 863,991 | ||
500 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188, 144A, 15.569%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4) | 10/18 at 100.00 | Aa1 (5) | 552,825 | ||
1,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/36 (UB) (4) | 11/26 at 100.00 | AA- | 1,166,020 | ||
5,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/38 (UB) (4) | 11/27 at 100.00 | AA- | 5,814,750 | ||
1,300 | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A, 4.000%, 3/01/35 | 3/26 at 100.00 | A | 1,361,230 | ||
1,000 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.625%, 7/01/25 | 7/19 at 100.00 | A | 1,052,420 | ||
205 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/35 | 8/27 at 100.00 | BBB+ | 236,209 | ||
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/38 (UB) | 11/27 at 100.00 | AA- | 5,272,400 | ||
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital at Stanford, Series 2017A: | ||||||
775 | 5.000%, 11/15/37 (UB) (4) | 11/27 at 100.00 | AA- | 904,851 | ||
1,000 | 5.000%, 11/15/42 (UB) (4) | 11/27 at 100.00 | AA- | 1,159,280 | ||
300 | California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 6.000%, 8/01/23 | No Opt. Call | BB- | 319,743 | ||
1,180 | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A, 144A, 5.000%, 7/01/36 | 7/26 at 100.00 | BB | 1,209,264 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A: | ||||||
295 | 4.750%, 8/01/22 | No Opt. Call | BB | 310,470 | ||
675 | 5.000%, 8/01/32 | 8/22 at 100.00 | BB | 691,085 | ||
840 | California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education; Multiple Projects, Series 2014A, 6.000%, 6/01/23 | 6/22 at 102.00 | N/R | 895,793 | ||
685 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2017A, 5.000%, 8/15/30 | 8/27 at 100.00 | BBB | 793,573 | ||
735 | California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A, 5.000%, 8/15/30 | 8/24 at 100.00 | BBB+ | 809,419 | ||
1,300 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.500%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Baa2 (5) | 1,419,236 | ||
1,000 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A, 5.000%, 7/01/29 | 7/27 at 100.00 | Baa2 | 1,167,410 | ||
1,600 | California School Finance Authority School Facility Revenue Bonds, KIPP LA Projects, Series 2015A, 144A, 3.625%, 7/01/25 | No Opt. Call | BBB | 1,713,248 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
$ 1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2015A, 144A, 5.000%, 8/01/35 | 8/25 at 100.00 | BBB | $1,102,570 | ||
California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016, 144A: | ||||||
330 | 5.000%, 8/01/24 | No Opt. Call | BBB | 374,738 | ||
360 | 5.000%, 8/01/25 | No Opt. Call | BBB | 410,605 | ||
790 | 5.000%, 8/01/26 | 8/25 at 100.00 | BBB | 884,295 | ||
250 | 5.000%, 8/01/27 | 8/25 at 100.00 | BBB | 280,383 | ||
1,485 | California School Finance Authority, Charter School Revenue Bonds, Classical Academies Project, Series 2017A, 144A, 5.000%, 10/01/37 | 10/27 at 100.00 | BB+ | 1,576,060 | ||
755 | California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/33 | 10/22 at 100.00 | BBB- | 790,062 | ||
700 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education - Obligated Group, Series 2016A, 144A, 5.000%, 6/01/31 | 6/25 at 100.00 | N/R | 737,688 | ||
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C: | ||||||
450 | 4.000%, 7/01/20 | No Opt. Call | BBB | 467,424 | ||
510 | 5.000%, 7/01/21 | No Opt. Call | BBB | 551,636 | ||
640 | 5.000%, 7/01/22 | No Opt. Call | BBB | 702,810 | ||
430 | California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2014A, 4.125%, 7/01/24 | No Opt. Call | BBB | 460,908 | ||
300 | California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2017A, 144A, 5.000%, 7/01/25 | No Opt. Call | BBB | 348,918 | ||
5,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 5.000%, 8/01/36 (UB) | 8/26 at 100.00 | AA- | 5,789,850 | ||
695 | California State, General Obligation Bonds, Various Purpose Series 1997, 5.625%, 10/01/21 – FGIC Insured | 10/18 at 100.00 | AA+ | 700,136 | ||
California State, General Obligation Bonds, Various Purpose Series 2009: | ||||||
1,000 | 6.500%, 4/01/33 | 4/19 at 100.00 | AA- | 1,056,250 | ||
645 | 6.000%, 11/01/39 | 11/19 at 100.00 | AA- | 691,717 | ||
California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016: | ||||||
825 | 5.000%, 10/01/31 | 10/26 at 100.00 | A- | 931,895 | ||
830 | 5.000%, 10/01/32 | 10/26 at 100.00 | A- | 934,870 | ||
3,900 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 144A, 5.000%, 12/01/36 | 6/26 at 100.00 | BB | 4,208,178 | ||
California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014A: | ||||||
350 | 5.000%, 8/01/28 | 8/22 at 102.00 | AA- | 398,899 | ||
1,130 | 5.000%, 8/01/29 | 8/22 at 102.00 | AA- | 1,285,782 | ||
440 | Carson Redevelopment Agency, California, Tax Allocation Bonds, Merged & Amended Project Area, Series 2014A, 5.000%, 10/01/24 | No Opt. Call | AA- | 520,454 | ||
840 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 4.000%, 6/01/31 | 6/25 at 100.00 | A+ | 900,598 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
$ 210 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 3/18 at 100.00 | B3 | $210,844 | ||
750 | Irvine, California, Special Tax Bonds, Community Facilities District 2004-1 Central Park, Series 2015A, 4.000%, 9/01/35 | 9/25 at 100.00 | N/R | 765,233 | ||
Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 4, Series 2016: | ||||||
1,740 | 4.000%, 9/01/34 | 9/23 at 103.00 | N/R | 1,798,742 | ||
1,250 | 4.000%, 9/01/35 | 9/23 at 103.00 | N/R | 1,289,400 | ||
50 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35 | No Opt. Call | A | 59,061 | ||
1,400 | Long Beach, California, Harbor Revenue Bonds, Series 2017, 5.000%, 5/15/29 (Alternative Minimum Tax) | 5/27 at 100.00 | AA | 1,657,810 | ||
Long Beach, California, Marina Revenue Bonds, Alamitos Bay Marina Project, Series 2015: | ||||||
320 | 5.000%, 5/15/24 | No Opt. Call | BBB | 374,784 | ||
745 | 5.000%, 5/15/26 | 5/25 at 100.00 | BBB | 869,951 | ||
750 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/30 (Alternative Minimum Tax) | 5/25 at 100.00 | AA | 858,570 | ||
1,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2009A, 5.250%, 5/15/29 | 5/19 at 100.00 | AA | 1,048,220 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B: | ||||||
2,200 | 5.000%, 5/15/33 (Alternative Minimum Tax) | 5/26 at 100.00 | AA- | 2,524,060 | ||
500 | 5.000%, 5/15/34 (Alternative Minimum Tax) | 5/26 at 100.00 | AA- | 572,075 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017A: | ||||||
1,000 | 5.000%, 5/15/33 (Alternative Minimum Tax) | 5/27 at 100.00 | AA- | 1,162,770 | ||
2,000 | 5.000%, 5/15/34 (Alternative Minimum Tax) | 5/27 at 100.00 | AA- | 2,318,500 | ||
2,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/36 (UB) (4) | 1/26 at 100.00 | AA | 2,318,040 | ||
750 | Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/22 (Alternative Minimum Tax) | No Opt. Call | A | 830,408 | ||
365 | Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A, 5.000%, 9/01/32 – BAM Insured | 9/25 at 100.00 | AA | 417,086 | ||
2,010 | Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2013, 5.000%, 12/01/29 | 12/23 at 100.00 | BB | 2,057,818 | ||
85 | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 | 9/21 at 100.00 | BBB+ | 96,641 | ||
Orange County, California, Improvement Bond Act of 1915, Limited Obligation Bonds, Reassessment District 17-1R Newport Coast Phase IV, Refunding Improvement Series 2018: | ||||||
1,000 | 3.000%, 9/02/32 – AGM Insured | 9/28 at 100.00 | AA | 966,600 | ||
700 | 3.000%, 9/02/33 – AGM Insured | 9/28 at 100.00 | AA | 672,910 | ||
1,000 | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35 | 4/18 at 100.00 | CCC+ | 982,840 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
Rancho Mirage Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Northside Sub-Area, Refunding Series 2016A: | ||||||
$ 1,085 | 3.000%, 4/01/30 – BAM Insured | 4/26 at 100.00 | AA | $1,084,978 | ||
2,245 | 3.000%, 4/01/31 – BAM Insured | 4/26 at 100.00 | AA | 2,208,878 | ||
1,215 | Sacramento Area Flood Control Agency, California, Special Assessment Bonds, Natomas Basin Local Assessment District, Series 2014, 5.000%, 10/01/32 – BAM Insured | 10/24 at 100.00 | AA | 1,383,545 | ||
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Refunding Series 2015F: | ||||||
615 | 5.000%, 9/01/26 | 9/25 at 100.00 | BBB+ | 703,658 | ||
1,290 | 5.000%, 9/01/27 | 9/25 at 100.00 | BBB+ | 1,461,880 | ||
300 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/32 | 9/25 at 100.00 | N/R | 330,987 | ||
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A: | ||||||
1,000 | 5.000%, 7/01/34 (Alternative Minimum Tax) | 7/27 at 100.00 | A | 1,155,840 | ||
500 | 5.000%, 7/01/35 (Alternative Minimum Tax) | 7/27 at 100.00 | A | 576,595 | ||
1,000 | San Diego Unified Port District, California, Revenue Bonds, Refunding Series 2013A, 5.000%, 9/01/27 | 9/23 at 100.00 | A+ | 1,142,880 | ||
1,280 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%, 8/01/33 | 8/26 at 100.00 | A | 1,475,942 | ||
550 | San Jose, California, Airport Revenue Bonds, Refunding Series 2014A, 5.000%, 3/01/25 (Alternative Minimum Tax) | 3/24 at 100.00 | A2 | 629,442 | ||
1,530 | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, 5.000%, 3/01/29 (Alternative Minimum Tax) | 3/27 at 100.00 | A2 | 1,794,185 | ||
1,925 | Santa Clarita Community College District, Los Angeles County, California, General Obligation Bonds, Series 2013, 3.000%, 8/01/27 | 8/23 at 100.00 | AA | 2,001,288 | ||
550 | Southern California Public Power Authority, Milford Wind Corridor Phase II Project Revenue Bond, Series 2011-1, 5.250%, 7/01/28 | 7/21 at 100.00 | AA | 613,129 | ||
500 | Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.400%, 9/01/32 | 9/21 at 100.00 | BBB+ | 579,400 | ||
Upland, California, Certificates of Participation, San Antonio Regional Hospital, Series 2017: | ||||||
585 | 5.000%, 1/01/25 | No Opt. Call | BBB+ | 663,016 | ||
1,110 | 5.000%, 1/01/26 | No Opt. Call | BBB+ | 1,267,009 | ||
530 | 5.000%, 1/01/28 | No Opt. Call | BBB+ | 613,411 | ||
750 | Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2009B, 5.000%, 10/01/34 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA+ (5) | 794,108 | ||
1,000 | Yuba Levee Financing Authority, California, Revenue Bonds, Yuba County Levee Refinancing Project, Refunding Series 2017A, 5.000%, 9/01/31 – BAM Insured | 9/26 at 100.00 | AA | 1,162,610 | ||
94,255 | Total California | 103,664,782 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Colorado – 1.5% | ||||||
Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement Certificates of Participation, Series 2016: | ||||||
$ 1,000 | 5.000%, 6/15/33 | 6/26 at 100.00 | Aa2 | $1,155,030 | ||
1,330 | 5.000%, 6/15/35 | 6/26 at 100.00 | Aa2 | 1,528,729 | ||
500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aspen Ridge School Project, Series 2015A, 144A, 5.000%, 7/01/36 | 7/25 at 100.00 | BB | 506,465 | ||
1,635 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/28 (UB) (4) | 12/22 at 100.00 | A | 1,789,557 | ||
1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF2196, 144A, 16.680%, 1/01/35 (IF) (4) | 1/24 at 100.00 | Aa3 | 1,590,710 | ||
1,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/24 | No Opt. Call | A+ | 1,177,650 | ||
1,240 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/28 | 12/26 at 100.00 | Baa2 | 1,448,903 | ||
484 | Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 | 3/20 at 100.00 | N/R | 505,015 | ||
500 | Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40 | 12/20 at 100.00 | N/R | 528,355 | ||
1,130 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | AA | 1,295,217 | ||
1,000 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30 | 7/20 at 100.00 | Baa3 | 1,113,030 | ||
500 | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | 12/20 at 100.00 | N/R | 517,155 | ||
11,319 | Total Colorado | 13,155,816 | ||||
Connecticut – 1.1% | ||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1: | ||||||
500 | 5.000%, 7/01/36 | 7/27 at 100.00 | A | 568,290 | ||
410 | 5.000%, 7/01/37 | 7/27 at 100.00 | A | 464,932 | ||
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017, 144A: | ||||||
4,000 | 5.000%, 4/01/30 | 4/27 at 100.00 | N/R | 4,496,760 | ||
3,965 | 5.000%, 4/01/39 | 4/27 at 100.00 | N/R | 4,330,057 | ||
8,875 | Total Connecticut | 9,860,039 | ||||
Delaware – 0.2% | ||||||
480 | Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding Series 2016A, 2.800%, 9/01/26 | No Opt. Call | BBB+ | 475,651 | ||
1,120 | Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Series 2012, 3.875%, 9/01/22 | 3/22 at 100.00 | BBB+ | 1,169,683 | ||
1,600 | Total Delaware | 1,645,334 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
District of Columbia – 3.6% | ||||||
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001: | ||||||
$ 440 | 6.500%, 5/15/33 | No Opt. Call | BBB | $498,766 | ||
450 | 6.750%, 5/15/40 | 5/18 at 100.00 | Baa1 | 475,007 | ||
2,000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Refunding Subordinate Lien Series 2016A, 5.000%, 10/01/39 | 4/26 at 100.00 | AA+ | 2,292,340 | ||
4,000 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2017B, 5.000%, 10/01/34 | 4/27 at 100.00 | AAA | 4,664,560 | ||
5,000 | District of Columbia, General Obligation Bonds, Refunding Series 2017A, 5.000%, 6/01/33 | 6/27 at 100.00 | Aa1 | 5,884,100 | ||
3,000 | District of Columbia, General Obligation Bonds, Series 2016A, 5.000%, 6/01/34 | 6/26 at 100.00 | Aa1 | 3,477,600 | ||
1,000 | District of Columbia, Hospital Revenue Bonds, Children's Hospital Obligated Group, Refunding Series 2015, 5.000%, 7/15/28 | 1/26 at 100.00 | A1 | 1,159,730 | ||
District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A: | ||||||
1,000 | 5.000%, 10/01/28 | 10/23 at 100.00 | AA | 1,122,810 | ||
1,000 | 5.000%, 10/01/29 | 10/23 at 100.00 | AA | 1,118,340 | ||
575 | 5.000%, 10/01/30 | 10/23 at 100.00 | AA | 642,085 | ||
5,000 | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017, 5.000%, 4/01/33 | 4/27 at 100.00 | A | 5,756,900 | ||
2,000 | District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017A, 5.000%, 7/01/37 | 1/28 at 100.00 | BBB+ | 2,249,420 | ||
2,000 | District of Columbia, Revenue Bonds, KIPP DC Issue, Refunding Series 2017B, 5.000%, 7/01/37 | 1/28 at 100.00 | BBB+ | 2,249,420 | ||
27,465 | Total District of Columbia | 31,591,078 | ||||
Florida – 7.6% | ||||||
1,365 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 5.250%, 9/01/30 | 9/20 at 100.00 | BBB | 1,427,531 | ||
750 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 | 9/23 at 100.00 | BBB | 792,150 | ||
5,000 | Brevard County School Board, Florida, Certificates of Participation, Refunding Series 2017A, 5.000%, 7/01/31 | 7/27 at 100.00 | Aa3 | 5,796,950 | ||
1,000 | Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/23 – AGM Insured (Alternative Minimum Tax) | 9/21 at 100.00 | AA | 1,083,310 | ||
3,035 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA- | 3,417,471 | ||
1,250 | City of Orlando, Florida, Senior Tourist Development Tax Refunding Revenue Bonds, 6th Cent Contract Payments, Series 2017A, 5.000%, 11/01/35 – AGM Insured | 11/27 at 100.00 | AA | 1,433,687 | ||
2,185 | Collier County Health Facilities Authority, Florida, Residential Care Facility Revenue Bonds, Moorings Inc., Series 2015A, 4.000%, 5/01/35 | 5/25 at 100.00 | A+ | 2,259,967 | ||
1,555 | Florida Board of Governors, Florida, Dormitory Revenue Bonds, Florida Atlantic University, Refunding Series 2017A, 4.000%, 7/01/33 – BAM Insured | 7/26 at 100.00 | AA | 1,616,967 | ||
540 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 5.750%, 7/01/24 | No Opt. Call | N/R | 555,401 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Florida (continued) | ||||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017C, 144A: | ||||||
$ 175 | 5.150%, 7/01/27 | No Opt. Call | N/R | $173,833 | ||
385 | 5.750%, 7/01/47 | 7/27 at 101.00 | N/R | 379,602 | ||
170 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 144A, 6.000%, 6/15/35 | 6/25 at 100.00 | N/R | 179,937 | ||
2,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.125%, 6/01/27 (Alternative Minimum Tax) | 6/21 at 100.00 | AA+ | 2,201,040 | ||
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017: | ||||||
400 | 5.000%, 10/01/34 (Alternative Minimum Tax) | 10/27 at 100.00 | A+ | 461,944 | ||
5,000 | 5.000%, 10/01/37 (Alternative Minimum Tax) | 10/27 at 100.00 | A+ | 5,733,900 | ||
1,500 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/28 (Alternative Minimum Tax) | 10/25 at 100.00 | AA- | 1,723,905 | ||
1,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/30 (Alternative Minimum Tax) | 10/24 at 100.00 | AA- | 1,131,560 | ||
3,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.500%, 10/01/28 (Alternative Minimum Tax) | 10/23 at 100.00 | A+ | 3,441,720 | ||
1,650 | Jacksonville Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Baptist Health Properties, Refunding Series 2017, 5.000%, 8/15/35 | 8/27 at 100.00 | AA | 1,902,664 | ||
2,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A, 5.000%, 6/15/24 | 6/22 at 100.00 | BB | 2,089,960 | ||
Lee County, Florida, Solid Waste System Revenue Bonds, Refunding Series 2016: | ||||||
1,110 | 5.000%, 10/01/24 – NPFG Insured (Alternative Minimum Tax) | No Opt. Call | A | 1,284,492 | ||
3,330 | 5.000%, 10/01/25 – NPFG Insured (Alternative Minimum Tax) | No Opt. Call | A | 3,879,450 | ||
605 | 5.000%, 10/01/26 (Alternative Minimum Tax) | No Opt. Call | A | 712,345 | ||
750 | Manatee County School Board, Florida, Certificates of Participation, Refunding Series 2016A, 5.000%, 7/01/26 – BAM Insured | No Opt. Call | AA | 881,513 | ||
1,455 | Marco Island, Florida, Utility System Revenue Bonds, Refunding Series 2016, 3.000%, 10/01/33 | 10/26 at 100.00 | Aa3 | 1,408,847 | ||
Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2014: | ||||||
850 | 5.000%, 11/15/23 | No Opt. Call | Baa1 | 959,386 | ||
250 | 5.000%, 11/15/26 | 11/24 at 100.00 | Baa1 | 278,210 | ||
375 | 5.000%, 11/15/27 | 11/24 at 100.00 | Baa1 | 415,380 | ||
500 | 5.000%, 11/15/28 | 11/24 at 100.00 | Baa1 | 551,600 | ||
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014: | ||||||
900 | 5.000%, 10/01/27 | 10/24 at 100.00 | A- | 1,030,752 | ||
920 | 5.000%, 10/01/28 | 10/24 at 100.00 | A- | 1,050,033 | ||
500 | 5.000%, 10/01/30 | 10/24 at 100.00 | A- | 567,730 | ||
590 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.000%, 7/01/23 | No Opt. Call | BBB | 658,853 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Florida (continued) | ||||||
$ 705 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | A | $785,730 | ||
1,145 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/28 (Alternative Minimum Tax) | 10/24 at 100.00 | A | 1,305,334 | ||
1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | A | 1,138,460 | ||
800 | Miami-Dade County, Florida, Seaport Revenue Bonds, Series 2013D, 5.000%, 10/01/18 (Alternative Minimum Tax) | No Opt. Call | A | 816,104 | ||
2,290 | Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2016B, 4.000%, 10/01/34 | 10/26 at 100.00 | AA | 2,432,942 | ||
425 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2015C, 5.000%, 8/01/30 | 8/25 at 100.00 | Aa3 | 489,698 | ||
505 | Pinellas County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2017A, 5.000%, 7/01/37 | 7/27 at 100.00 | Aa3 | 579,255 | ||
2,000 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2016, 4.000%, 5/01/33 | 5/26 at 100.00 | AA | 2,094,980 | ||
500 | Tallahassee, Florida, Consolidated Utility Systems Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/35 | 10/23 at 100.00 | AA+ | 569,865 | ||
1,310 | Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2016A, 5.500%, 9/01/29 | 9/26 at 100.00 | A+ | 1,529,831 | ||
3,250 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, Refunding Series 2016B, 5.000%, 7/01/37 | 7/26 at 100.00 | A- | 3,615,072 | ||
5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 | 4/18 at 100.00 | N/R | 4,999 | ||
15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) | 5/19 at 100.00 | N/R | 14,000 | ||
10 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) | 5/22 at 100.00 | N/R | 7,825 | ||
5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/18 (7) | No Opt. Call | N/R | — | ||
20 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7) | 5/18 at 100.00 | N/R | 15,996 | ||
15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7) | 5/18 at 100.00 | N/R | 9,876 | ||
15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7) | 5/18 at 100.00 | N/R | — | ||
60,110 | Total Florida | 66,892,057 | ||||
Georgia – 0.6% | ||||||
220 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Trust 2015-XF0234, 144A, 18.083%, 11/01/40 (IF) | 5/25 at 100.00 | Aa2 | 375,267 | ||
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A: | ||||||
2,390 | 5.000%, 4/01/35 | 4/27 at 100.00 | A | 2,707,392 | ||
1,380 | 5.000%, 4/01/37 | 4/27 at 100.00 | A | 1,556,268 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Georgia (continued) | ||||||
$ 530 | Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 | 12/22 at 100.00 | Aa2 | $ 584,733 | ||
4,520 | Total Georgia | 5,223,660 | ||||
Guam – 0.5% | ||||||
420 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/21 | No Opt. Call | A | 451,408 | ||
1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 4.500%, 7/01/18 | No Opt. Call | A- | 1,010,400 | ||
450 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/24 | 7/23 at 100.00 | A- | 503,793 | ||
660 | Guam Government, General Obligation Bonds, 2009 Series A, 6.000%, 11/15/19 | No Opt. Call | BB- | 688,901 | ||
1,000 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.000%, 10/01/23 (Alternative Minimum Tax) | 8/18 at 100.00 | BBB | 1,019,540 | ||
Guam Power Authority, Revenue Bonds, Series 2012A: | ||||||
500 | 5.000%, 10/01/22 – AGM Insured | No Opt. Call | AA | 557,865 | ||
235 | 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 247,758 | ||
4,265 | Total Guam | 4,479,665 | ||||
Hawaii – 1.0% | ||||||
Hawaii State Department of Transportation - Airports Division, Lease Revenue Certificates of Participation, Series 2013: | ||||||
1,000 | 5.250%, 8/01/24 (Alternative Minimum Tax) | 8/23 at 100.00 | A | 1,143,740 | ||
1,600 | 5.000%, 8/01/28 (Alternative Minimum Tax) | 8/23 at 100.00 | A | 1,772,176 | ||
2,000 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/25 at 100.00 | A+ | 2,234,480 | ||
Hawaii State, General Obligation Bonds, Series 2011DZ: | ||||||
990 | 5.000%, 12/01/30(Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | 1,104,009 | ||
610 | 5.000%, 12/01/30(Pre-refunded 12/01/21) | 12/21 at 100.00 | AA+ (5) | 681,443 | ||
2,000 | Honolulu City and County, Hawaii, General Obligation Bonds, Series 2015A, 5.000%, 10/01/37 | 10/25 at 100.00 | Aa1 | 2,303,000 | ||
8,200 | Total Hawaii | 9,238,848 | ||||
Idaho – 1.0% | ||||||
Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Refunding Series 2015: | ||||||
500 | 5.000%, 6/01/29 | 12/24 at 100.00 | A3 | 570,940 | ||
1,000 | 5.000%, 6/01/30 | 12/24 at 100.00 | A3 | 1,132,550 | ||
2,090 | 5.000%, 6/01/31 | 12/24 at 100.00 | A3 | 2,354,594 | ||
750 | Boise-Kuna Irrigation District, Ada and Canyon Counties, Idaho, Arrowrock Hydroelectric Project Revenue Bonds, Series 2008, 7.375%, 6/01/34 (Pre-refunded 6/01/18) | 6/18 at 100.00 | A3 (5) | 764,827 | ||
865 | Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Series 2015, 5.500%, 12/01/29 | 6/25 at 100.00 | AA- | 1,016,894 | ||
1,000 | Idaho Housing and Finance Association, Economic Development Facilities Recovery Zone Revenue Bonds, TDF Facilities Project, Series 2010A, 6.500%, 2/01/26 | 2/21 at 100.00 | AA- | 1,125,610 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Idaho (continued) | ||||||
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A: | ||||||
$ 430 | 4.750%, 9/01/25 | 9/22 at 100.00 | A3 | $473,185 | ||
1,070 | 4.600%, 9/01/27 | 9/22 at 100.00 | A3 | 1,165,209 | ||
7,705 | Total Idaho | 8,603,809 | ||||
Illinois – 5.8% | ||||||
Beford Park Village, Illinois, Hotel and Motel Tax Revenue Bonds, Refunding Series 2015A: | ||||||
920 | 4.000%, 12/01/22 | No Opt. Call | A3 | 929,228 | ||
1,395 | 4.000%, 12/01/23 | No Opt. Call | A3 | 1,395,656 | ||
450 | Beford Park Village, Illinois, Hotel and Motel Tax Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/19 | No Opt. Call | A3 | 458,104 | ||
736 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Pullman Park/Chicago Redevelopment Project, Series 2013A, 7.125%, 3/15/33 | 10/18 at 100.00 | N/R | 739,317 | ||
500 | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 | 10/20 at 100.00 | B+ | 537,795 | ||
865 | Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 6.875%, 10/01/31 | 10/21 at 100.00 | BB+ | 927,090 | ||
360 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 2016-XF2339, 144A, 13.874%, 9/01/32 (IF) (4) | 9/22 at 100.00 | BB+ | 440,093 | ||
1,045 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015, 5.000%, 5/01/45 (UB) (4) | 5/25 at 100.00 | AA+ | 1,147,483 | ||
4,000 | Illinois Finance Authority, Revenue Bonds, Ann & Robert H Laurie Children's Hospital, Refunding Series 2017, 5.000%, 8/15/35 (UB) (4) | 8/27 at 100.00 | AA | 4,570,800 | ||
750 | Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008B, 5.500%, 8/15/21 (Pre-refunded 8/15/18) | 8/18 at 100.00 | AA (5) | 766,770 | ||
2,000 | Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2016A, 5.000%, 10/01/35 | 10/26 at 100.00 | A | 2,272,060 | ||
3,000 | Illinois Finance Authority, Revenue Bonds, Edward-Elmhurst Healthcare, Series 2017A, 5.000%, 1/01/36 | 1/27 at 100.00 | A | 3,265,620 | ||
345 | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016, 5.000%, 9/01/36 | 9/26 at 100.00 | A- | 375,588 | ||
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A: | ||||||
2,400 | 4.000%, 7/15/36 (UB) (4) | 1/28 at 100.00 | AA+ | 2,510,376 | ||
1,500 | 4.000%, 7/15/37 (UB) (4) | 1/28 at 100.00 | AA+ | 1,565,115 | ||
475 | 4.000%, 7/15/47 (UB) (4) | 1/28 at 100.00 | AA+ | 492,176 | ||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A: | ||||||
280 | 6.000%, 5/15/39 | 5/20 at 100.00 | A | 296,786 | ||
615 | 6.000%, 5/15/39(Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (5) | 675,344 | ||
1,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 4.000%, 11/15/33 | 11/25 at 100.00 | A | 1,024,860 | ||
700 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23 | 8/18 at 100.00 | BBB+ | 710,927 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Illinois (continued) | ||||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C: | ||||||
$ 25 | 5.000%, 8/15/21 | No Opt. Call | Baa1 | $27,094 | ||
220 | 5.000%, 8/15/23 | No Opt. Call | Baa1 | 244,779 | ||
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Refunding Series 2017C: | ||||||
150 | 5.000%, 3/01/32 | 3/27 at 100.00 | A+ | 170,368 | ||
150 | 5.000%, 3/01/33 | 3/27 at 100.00 | A+ | 169,612 | ||
1,250 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 (UB) (4) | 10/25 at 100.00 | AA- | 1,397,287 | ||
5,000 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/23 | No Opt. Call | BBB | 5,352,200 | ||
420 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 144A, 14.646%, 1/01/38 (IF) | 1/23 at 100.00 | AA- | 611,533 | ||
710 | Madison, Macoupin, Jersey, Calhoun, Morgan, Scott, and Greene Counties Community College District 536, Illinois, General Obligation Bonds, Lewis & Clark Community College, Refunding Series 2017A, 5.000%, 11/01/33 – AGM Insured | 11/26 at 100.00 | AA | 795,292 | ||
2,495 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 12/15/20 | No Opt. Call | BBB- | 2,669,475 | ||
1,325 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017B, 5.000%, 12/15/26 | No Opt. Call | BBB- | 1,499,105 | ||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2: | ||||||
380 | 5.000%, 6/15/50 | 6/20 at 100.00 | BB+ | 390,047 | ||
370 | 5.250%, 6/15/50 | 6/20 at 100.00 | BB+ | 381,944 | ||
155 | 5.200%, 6/15/50 | 6/20 at 100.00 | BBB- | 159,724 | ||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||
2,030 | 5.250%, 6/01/21 | No Opt. Call | A | 2,235,294 | ||
1,000 | 5.500%, 6/01/23(Pre-refunded 6/01/21) | 6/21 at 100.00 | N/R (5) | 1,122,860 | ||
120 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1991, 6.700%, 11/01/21 – FGIC Insured | No Opt. Call | AA | 132,979 | ||
500 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | No Opt. Call | A2 | 654,055 | ||
3,100 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/29 – NPFG Insured | No Opt. Call | AA | 4,007,060 | ||
500 | Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015, 5.000%, 10/01/19 | No Opt. Call | BBB+ | 524,330 | ||
St Clair County, Illinois, Highway Revenue Bonds, Series 2013A: | ||||||
1,500 | 4.250%, 1/01/38 | 1/23 at 100.00 | AA- | 1,553,085 | ||
825 | 5.500%, 1/01/38 | 1/23 at 100.00 | AA- | 940,805 | ||
1,000 | University of Illinois, Auxiliary Facilities System Revenue Bonds, Refunding Series 2015A, 5.000%, 4/01/27 | 4/25 at 100.00 | A1 | 1,121,180 | ||
46,561 | Total Illinois | 51,261,296 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Indiana – 2.5% | ||||||
$ 750 | Columbus, Indiana, General Obligation Bonds, Series 2009, 4.500%, 7/15/23 (Pre-refunded 7/15/19) | 7/19 at 100.00 | N/R (5) | $781,875 | ||
1,000 | Fishers Redevelopment District, Indiana, General Obligation Bonds, Saxony Project Series 2009, 5.250%, 7/15/34 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AAA | 1,071,090 | ||
1,500 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012A, 5.000%, 2/01/25 | 2/22 at 100.00 | A- | 1,647,810 | ||
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2014A: | ||||||
560 | 5.000%, 2/01/26 | 2/24 at 100.00 | A- | 630,213 | ||
425 | 5.000%, 2/01/27 | 2/24 at 100.00 | A- | 478,537 | ||
525 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | 10/19 at 100.00 | B | 533,138 | ||
1,110 | Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Health System Obligated Group, Series 2016A, 5.000%, 3/01/32 | 9/26 at 100.00 | AA- | 1,263,557 | ||
2,020 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2011A-1, 5.000%, 11/15/34 | 11/25 at 100.00 | AA+ | 2,315,183 | ||
3,000 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/37 | 7/26 at 100.00 | A+ | 3,428,790 | ||
1,420 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 7/26 at 100.00 | A+ | 1,619,567 | ||
1,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A, 5.250%, 1/01/32 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A+ (5) | 1,171,560 | ||
670 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2017A, 5.000%, 1/01/42 | 1/28 at 100.00 | A+ | 763,800 | ||
1,500 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project Revenue Bonds, Refunding Series 2015I, 5.000%, 1/01/28 (Alternative Minimum Tax) | 1/25 at 100.00 | A1 | 1,690,020 | ||
Munster School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 2009: | ||||||
1,395 | 3.875%, 7/05/18 | No Opt. Call | AA+ | 1,402,435 | ||
855 | 5.000%, 1/05/20 | No Opt. Call | AA+ | 889,174 | ||
1,105 | 5.000%, 1/05/21 | 1/20 at 100.00 | AA+ | 1,149,377 | ||
Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2015A: | ||||||
500 | 5.000%, 1/01/28 | 1/25 at 100.00 | A | 562,125 | ||
815 | 5.000%, 1/01/29 | 1/25 at 100.00 | A | 914,642 | ||
20,150 | Total Indiana | 22,312,893 | ||||
Iowa – 0.7% | ||||||
Des Moines Airport Authority, Iowa, Revenue Bonds, Refunding Capital Loan Notes Series 2012: | ||||||
1,000 | 5.000%, 6/01/27 (Alternative Minimum Tax) | 6/22 at 100.00 | A2 | 1,084,850 | ||
1,000 | 5.000%, 6/01/28 (Alternative Minimum Tax) | 6/22 at 100.00 | A2 | 1,084,850 | ||
745 | Des Moines, Iowa, Aviation System Revenue Bonds, Refunding Capital Loan Notes Series 2010B, 5.750%, 6/01/33 – AGM Insured (Alternative Minimum Tax) | 6/20 at 100.00 | AA | 797,180 | ||
1,500 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 4/18 at 100.00 | B2 | 1,516,635 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Iowa (continued) | ||||||
$ 1,240 | State University of Iowa, Revenue Bonds, Academic Building Series 2014A-SUI, 3.000%, 7/01/27 | 7/24 at 100.00 | Aa1 | $ 1,275,030 | ||
5,485 | Total Iowa | 5,758,545 | ||||
Kansas – 0.6% | ||||||
1,500 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/29 | 9/24 at 100.00 | AAA | 1,754,970 | ||
1,240 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.375%, 3/01/30 | 3/20 at 100.00 | AA- | 1,321,567 | ||
205 | Kansas Power Pool, a Municipal Energy Agency Electric Utility Revenue Bonds, DogWood Facility, Series 2015A, 5.000%, 12/01/28 | 12/25 at 100.00 | A3 | 238,542 | ||
2,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/35 | 9/25 at 100.00 | AA- | 2,259,240 | ||
4,945 | Total Kansas | 5,574,319 | ||||
Kentucky – 0.6% | ||||||
750 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/26 | No Opt. Call | BBB | 839,273 | ||
3,000 | Louisville/Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc, Series 2016A, 5.000%, 10/01/29 | 10/26 at 100.00 | A | 3,454,770 | ||
1,100 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/32 – AGM Insured | 10/26 at 100.00 | AA | 1,238,105 | ||
4,850 | Total Kentucky | 5,532,148 | ||||
Louisiana – 2.9% | ||||||
Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017: | ||||||
1,000 | 5.000%, 11/01/36 – AGM Insured | 11/25 at 100.00 | AA | 1,149,970 | ||
805 | 5.000%, 11/01/37 – AGM Insured | 11/25 at 100.00 | AA | 923,915 | ||
4,000 | 5.000%, 11/01/42 – AGM Insured | 11/25 at 100.00 | AA | 4,570,000 | ||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017: | ||||||
2,000 | 5.000%, 5/15/33 | 5/27 at 100.00 | A3 | 2,261,400 | ||
2,000 | 5.000%, 5/15/34 | 5/27 at 100.00 | A3 | 2,254,580 | ||
2,640 | 5.000%, 5/15/35 | 5/27 at 100.00 | A3 | 2,969,340 | ||
50 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.375%, 5/15/31 (Pre-refunded 5/15/21) | 5/21 at 100.00 | A3 (5) | 57,369 | ||
2,900 | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2017C, 5.000%, 5/01/37 | 11/27 at 100.00 | AA | 3,368,292 | ||
4,190 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 4.000%, 1/01/26 (Alternative Minimum Tax) | 1/25 at 100.00 | A- | 4,471,358 | ||
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B: | ||||||
400 | 5.000%, 1/01/34 (Alternative Minimum Tax) | 1/27 at 100.00 | A- | 453,124 | ||
500 | 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/27 at 100.00 | A- | 565,165 | ||
355 | 5.000%, 1/01/36 (Alternative Minimum Tax) | 1/27 at 100.00 | A- | 400,390 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Louisiana (continued) | ||||||
$ 2,000 | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.500%, 5/15/30 | 5/20 at 100.00 | A- | $ 2,151,400 | ||
22,840 | Total Louisiana | 25,596,303 | ||||
Maryland – 1.6% | ||||||
730 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland - Baltimore Project, Refunding Senior Lien Series 2015, 4.000%, 7/01/20 | No Opt. Call | BBB- | 759,142 | ||
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015: | ||||||
205 | 4.000%, 7/01/20 | No Opt. Call | BBB | 214,168 | ||
290 | 5.000%, 7/01/21 | No Opt. Call | BBB | 316,660 | ||
250 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B, 5.000%, 7/01/32 | 7/27 at 100.00 | Baa3 | 276,887 | ||
500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36 | 1/22 at 100.00 | Baa3 | 555,525 | ||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015: | ||||||
1,200 | 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 1,249,200 | ||
625 | 5.000%, 7/01/40 | 7/25 at 100.00 | A+ | 697,400 | ||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2012: | ||||||
1,000 | 5.000%, 7/01/25 | 7/22 at 100.00 | BBB | 1,092,460 | ||
1,000 | 5.000%, 7/01/26 | 7/22 at 100.00 | BBB | 1,085,530 | ||
2,120 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 | 7/24 at 100.00 | A3 | 2,313,937 | ||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/28 | 7/27 at 100.00 | A | 1,165,430 | ||
2,000 | Prince George's County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2017A, 3.000%, 9/15/29 | 9/27 at 100.00 | AAA | 2,040,280 | ||
2,255 | Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2017, 3.000%, 6/01/30 | 6/27 at 100.00 | AAA | 2,271,416 | ||
13,175 | Total Maryland | 14,038,035 | ||||
Massachusetts – 1.7% | ||||||
4,000 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2016A, 4.000%, 7/15/36 | 7/26 at 100.00 | AAA | 4,290,480 | ||
1,660 | Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015F, 5.000%, 8/15/30 | 8/25 at 100.00 | A | 1,905,348 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.000%, 4/01/31 (Pre-refunded 4/01/21) | 4/21 at 100.00 | AA- (5) | 1,101,860 | ||
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L: | ||||||
2,000 | 5.000%, 7/01/30 | 7/27 at 100.00 | A- | 2,287,080 | ||
2,000 | 5.000%, 7/01/31 | 7/27 at 100.00 | A- | 2,278,360 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Massachusetts (continued) | ||||||
$ 535 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 144A, 11.582%, 12/15/34 (Pre-refunded 12/15/19) (IF) (4) | 12/19 at 100.00 | AAA | $638,790 | ||
2,170 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/34 | 3/24 at 100.00 | Aa1 | 2,474,212 | ||
13,365 | Total Massachusetts | 14,976,130 | ||||
Michigan – 1.0% | ||||||
3,595 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 4.000%, 11/15/35 | 11/26 at 100.00 | A | 3,686,097 | ||
390 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 144A, 5.900%, 7/15/46 | 7/27 at 100.00 | N/R | 324,043 | ||
300 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | B2 | 302,214 | ||
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D: | ||||||
1,330 | 5.000%, 9/01/31 | 3/24 at 100.00 | A1 | 1,473,241 | ||
2,200 | 5.000%, 9/01/33 | 3/24 at 100.00 | A1 | 2,426,622 | ||
800 | University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 923,200 | ||
8,615 | Total Michigan | 9,135,417 | ||||
Minnesota – 0.6% | ||||||
835 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 4.500%, 8/01/26 | 8/22 at 102.00 | BB+ | 880,666 | ||
3,000 | Minnesota State, General Fund Appropriation Refunding Bonds, Series 2012B, 5.000%, 3/01/28 | 3/22 at 100.00 | AA+ | 3,347,190 | ||
1,165 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 4.000%, 1/01/24 | 1/23 at 100.00 | N/R | 1,180,017 | ||
5,000 | Total Minnesota | 5,407,873 | ||||
Mississippi – 0.4% | ||||||
750 | Medical Center Educational Building Corporation, Revenue Bonds, University of Mississippi Medical Center Facilities Expansion and Renovation Project, Series 2012A, 5.000%, 6/01/41 | 6/22 at 100.00 | Aa2 | 819,270 | ||
1,190 | Mississippi Development Bank, Special Obligation Bonds, Harrison County, Mississippi Highway Refunding Project, Series 2013A, 5.000%, 1/01/26 | No Opt. Call | AA- | 1,392,145 | ||
1,000 | Mississippi State, Gaming Tax Revenue Bonds, Series 2015E, 5.000%, 10/15/29 | 10/25 at 100.00 | A+ | 1,160,460 | ||
2,940 | Total Mississippi | 3,371,875 | ||||
Missouri – 1.2% | ||||||
3,485 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/27 | 8/26 at 100.00 | A | 3,886,507 | ||
250 | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson Shoppes Redevelopment Project, Refunding Series 2017A, 3.000%, 11/01/18 | No Opt. Call | N/R | 252,100 | ||
2,000 | Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.250%, 9/01/25 (Alternative Minimum Tax) | 9/21 at 100.00 | A+ | 2,227,160 | ||
1,500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal and Presbyterian Hospitals, Series 2015B, 3.500%, 12/01/32 | 6/25 at 100.00 | A+ | 1,526,280 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Missouri (continued) | ||||||
$ 500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/42 (UB) (4) | 5/25 at 102.00 | A+ | $510,885 | ||
300 | Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 3.250%, 5/01/21 | No Opt. Call | N/R | 298,881 | ||
287 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28 | 9/18 at 100.00 | N/R | 162,901 | ||
1,215 | Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017B, 5.000%, 7/01/28 (Alternative Minimum Tax) | 7/27 at 100.00 | Aa2 | 1,403,276 | ||
9,537 | Total Missouri | 10,267,990 | ||||
Nebraska – 0.8% | ||||||
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children's Hospital Obligated Group, Series 2017: | ||||||
1,045 | 5.000%, 11/15/36 | 5/27 at 100.00 | AA- | 1,191,624 | ||
1,070 | 5.000%, 11/15/37 | 5/27 at 100.00 | AA- | 1,217,371 | ||
900 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/29 | 11/25 at 100.00 | A- | 1,020,240 | ||
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health Services Project, Refunding Series 2017A: | ||||||
1,000 | 5.000%, 7/01/27 | No Opt. Call | BBB | 1,133,110 | ||
1,500 | 5.000%, 7/01/28 | 7/27 at 100.00 | BBB | 1,688,055 | ||
600 | Omaha Airport Authority, Nebraska, Airport Facilities Revenue Refunding Bonds, Series 2017A, 5.000%, 12/15/34 (Alternative Minimum Tax) | 12/26 at 100.00 | AA- | 686,790 | ||
6,115 | Total Nebraska | 6,937,190 | ||||
Nevada – 0.9% | ||||||
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A: | ||||||
505 | 5.000%, 9/01/31 | 9/27 at 100.00 | BBB+ | 573,680 | ||
1,000 | 5.000%, 9/01/33 | 9/27 at 100.00 | BBB+ | 1,128,990 | ||
2,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A, 5.000%, 6/01/41 (UB) | 6/26 at 100.00 | Aa1 | 2,310,380 | ||
1,435 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Series 2017A, 4.000%, 2/01/34 | 2/27 at 100.00 | Aa1 | 1,513,796 | ||
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 812 Summerlin Village 24, Series 2015: | ||||||
1,255 | 4.000%, 12/01/23 | No Opt. Call | N/R | 1,299,176 | ||
1,000 | 4.250%, 12/01/24 | No Opt. Call | N/R | 1,041,470 | ||
70 | Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008, 6.750%, 9/01/27 (Pre-refunded 9/01/18) | 9/18 at 100.00 | N/R (5) | 72,152 | ||
7,265 | Total Nevada | 7,939,644 | ||||
New Hampshire – 1.1% | ||||||
580 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 5.000%, 7/01/27 | 7/22 at 100.00 | A- | 633,627 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
New Hampshire (continued) | ||||||
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2017: | ||||||
$ 3,145 | 5.000%, 7/01/35 | 7/27 at 100.00 | A- | $3,560,926 | ||
3,315 | 5.000%, 7/01/36 | 7/27 at 100.00 | A- | 3,744,856 | ||
1,950 | 5.000%, 7/01/37 | 7/27 at 100.00 | A- | 2,198,606 | ||
8,990 | Total New Hampshire | 10,138,015 | ||||
New Jersey – 3.7% | ||||||
New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017: | ||||||
460 | 5.000%, 7/15/23 | No Opt. Call | BBB- | 512,072 | ||
485 | 5.000%, 7/15/24 | No Opt. Call | BBB- | 543,025 | ||
510 | 5.000%, 7/15/25 | No Opt. Call | BBB- | 571,154 | ||
535 | 5.000%, 7/15/26 | No Opt. Call | BBB- | 599,505 | ||
560 | 5.000%, 7/15/27 | No Opt. Call | BBB- | 629,496 | ||
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017: | ||||||
1,755 | 5.000%, 10/01/22 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,929,096 | ||
1,525 | 5.000%, 10/01/23 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,695,312 | ||
1,800 | 5.000%, 10/01/24 (Alternative Minimum Tax) | No Opt. Call | N/R | 2,013,606 | ||
2,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/25 | No Opt. Call | A | 2,275,460 | ||
5,000 | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Refunding Series 2017, 5.000%, 10/01/29 | 4/28 at 100.00 | BBB+ | 5,501,700 | ||
1,700 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32 | 12/24 at 100.00 | BBB+ | 1,843,446 | ||
250 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A, 5.250%, 6/15/30 | 6/21 at 100.00 | A- | 265,990 | ||
2,025 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.250%, 6/15/36 | 6/21 at 100.00 | A- | 2,139,919 | ||
265 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | A- | 275,515 | ||
325 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/33 | 6/22 at 100.00 | A- | 344,312 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA: | ||||||
330 | 5.250%, 6/15/33 | 6/23 at 100.00 | A- | 353,196 | ||
645 | 5.000%, 6/15/36 | 6/23 at 100.00 | A- | 679,366 | ||
200 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/32 | 6/25 at 100.00 | A- | 219,556 | ||
5,000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/34 | 1/27 at 100.00 | A+ | 5,768,500 | ||
310 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 144A, 13.759%, 1/01/43 (IF) (4) | 7/22 at 100.00 | A+ | 437,934 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
New Jersey (continued) | ||||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 2017B: | ||||||
$ 1,300 | 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/28 at 100.00 | Baa1 | $1,404,390 | ||
1,250 | 5.000%, 1/01/36 (Alternative Minimum Tax) | 1/28 at 100.00 | Baa1 | 1,348,250 | ||
1,125 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 | 3/18 at 100.00 | B3 | 1,113,457 | ||
29,355 | Total New Jersey | 32,464,257 | ||||
New York – 6.4% | ||||||
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2017: | ||||||
1,750 | 4.000%, 7/01/36 (UB) (4) | 7/27 at 100.00 | AA | 1,874,757 | ||
1,750 | 4.000%, 7/01/37 (UB) (4) | 7/27 at 100.00 | AA | 1,867,390 | ||
300 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 144A, 5.000%, 12/01/29 | 6/27 at 100.00 | BBB- | 334,029 | ||
750 | Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2012B, 5.000%, 7/01/38 | 7/22 at 100.00 | AA+ | 836,190 | ||
1,260 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Refunding Series 2017, 5.000%, 7/01/37 | 7/27 at 100.00 | BBB | 1,419,050 | ||
5,000 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/37 (UB) (4) | 2/27 at 100.00 | Aa3 | 5,773,450 | ||
1,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2015B, 5.000%, 9/01/36 | 9/25 at 100.00 | A- | 1,131,790 | ||
2,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/36 | 9/27 at 100.00 | A- | 2,300,320 | ||
250 | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 | 2/21 at 100.00 | AA | 280,073 | ||
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Nazareth College of Rochester, Series 2017A: | ||||||
925 | 5.000%, 10/01/31 | 10/27 at 100.00 | BBB+ | 1,051,706 | ||
600 | 4.000%, 10/01/34 | 10/27 at 100.00 | BBB+ | 609,120 | ||
2,500 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 3/18 at 100.00 | B- | 2,500,500 | ||
New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A: | ||||||
1,245 | 5.000%, 7/01/31 | 7/25 at 100.00 | BBB | 1,381,427 | ||
370 | 5.000%, 7/01/32 | 7/25 at 100.00 | BBB | 409,264 | ||
1,930 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series BB-1, 5.000%, 6/15/46 (UB) | 6/25 at 100.00 | AA+ | 2,188,909 | ||
3,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-2, 5.000%, 7/15/32 | 7/27 at 100.00 | AA | 4,148,340 | ||
3,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1, 5.000%, 8/01/38 | 8/26 at 100.00 | AAA | 3,451,950 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
New York (continued) | ||||||
New York City, New York, General Obligation Bonds, Fiscal 2012 Series F: | ||||||
$ 1,000 | 5.000%, 8/01/24 | 2/22 at 100.00 | AA | $1,115,510 | ||
2,000 | 5.000%, 8/01/25 | 2/22 at 100.00 | AA | 2,229,400 | ||
New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1: | ||||||
500 | 5.000%, 8/01/37 (UB) | 8/26 at 100.00 | AA | 576,540 | ||
775 | 5.000%, 8/01/38 (UB) | 8/26 at 100.00 | AA | 891,754 | ||
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016B: | ||||||
600 | 5.000%, 6/01/28 | 6/26 at 100.00 | A- | 685,950 | ||
540 | 5.000%, 6/01/29 | 6/26 at 100.00 | A- | 611,831 | ||
250 | 5.000%, 6/01/31 | 6/26 at 100.00 | A- | 279,373 | ||
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2005B: | ||||||
500 | 5.500%, 10/15/27 (ETM) | No Opt. Call | AAA | 626,555 | ||
1,000 | 5.500%, 4/15/35 (ETM) | No Opt. Call | AAA | 1,346,220 | ||
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | ||||||
1,065 | 4.000%, 7/01/33 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 1,102,765 | ||
5,080 | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 5,563,108 | ||
Newburgh, Orange County, New York, General Obligation Bonds, Deficit Liquidation, Series 2012B: | ||||||
605 | 5.000%, 6/15/24 | 6/22 at 100.00 | Baa2 | 670,927 | ||
635 | 5.000%, 6/15/25 | 6/22 at 100.00 | Baa2 | 699,751 | ||
915 | Newburgh, Orange County, New York, General Obligation Bonds, Series 2012A, 5.000%, 6/15/25 – AGC Insured | 6/22 at 100.00 | Baa2 | 1,008,303 | ||
150 | Niagara Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2014, 5.000%, 5/15/20 | No Opt. Call | N/R | 162,176 | ||
1,250 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty-Ninth Series 2011, 5.000%, 10/15/24 (Alternative Minimum Tax) | 10/21 at 100.00 | AA- | 1,383,162 | ||
800 | Poughkeepsie City, New York, Bond Anticipation Notes, Series 2017A, 4.000%, 5/04/18 | No Opt. Call | N/R | 801,384 | ||
1,000 | Syracuse, New York, General Obligation Bonds, Airport Terminal Security Access Improvement Series 2011A, 5.000%, 11/01/36 (Alternative Minimum Tax) | 11/21 at 100.00 | A1 | 1,076,590 | ||
3,500 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series A, 5.000%, 6/01/33 | 6/27 at 100.00 | A- | 4,004,560 | ||
50,295 | Total New York | 56,394,124 | ||||
North Carolina – 1.8% | ||||||
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017B: | ||||||
1,000 | 5.000%, 7/01/42 (Alternative Minimum Tax) | 7/27 at 100.00 | Aa3 | 1,140,920 | ||
1,000 | 5.000%, 7/01/47 (Alternative Minimum Tax) | 7/27 at 100.00 | Aa3 | 1,136,580 | ||
665 | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 144A, 11.564%, 7/01/38 (IF) (4) | 7/20 at 100.00 | AAA | 821,401 | ||
2,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/34 (UB) (4) | 1/19 at 100.00 | AA- | 2,065,460 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
North Carolina (continued) | ||||||
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015B: | ||||||
$ 125 | 5.000%, 10/01/41 (UB) (4) | 10/25 at 100.00 | AA+ | $142,365 | ||
1,020 | 5.000%, 10/01/55 (UB) (4) | 10/25 at 100.00 | AA+ | 1,141,656 | ||
350 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B, 6.000%, 1/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (5) | 406,459 | ||
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A: | ||||||
1,000 | 5.000%, 1/01/25(Pre-refunded 7/01/22) | 7/22 at 100.00 | AAA | 1,135,630 | ||
1,500 | 5.000%, 1/01/26(Pre-refunded 7/01/22) | 7/22 at 100.00 | AAA | 1,703,445 | ||
340 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Tender Option Bond Trust 2015-XF0147, 144A, 18.019%, 6/01/42 (Pre-refunded 6/01/20) (IF) | 6/20 at 100.00 | AA (5) | 469,618 | ||
1,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/32 | 1/27 at 100.00 | BBB | 1,155,390 | ||
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2017A: | ||||||
1,110 | 5.000%, 5/01/31 (Alternative Minimum Tax) | 5/27 at 100.00 | Aa3 | 1,291,962 | ||
1,750 | 5.000%, 5/01/32 (Alternative Minimum Tax) | 5/27 at 100.00 | Aa3 | 2,030,735 | ||
1,135 | 5.000%, 5/01/33 (Alternative Minimum Tax) | 5/27 at 100.00 | Aa3 | 1,311,129 | ||
13,995 | Total North Carolina | 15,952,750 | ||||
North Dakota – 0.6% | ||||||
1,365 | North Dakota Public Financing Authority, Capital Financing Program Revenue Bonds, Series 2015B, 5.250%, 6/01/27 | 6/25 at 100.00 | A+ | 1,612,952 | ||
1,500 | University of North Dakota, Housing and Auxiliary Facilities Revenue Bonds, Refunding Series 2012, 5.000%, 4/01/32 | 4/22 at 100.00 | Aa3 | 1,664,940 | ||
1,485 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C, 5.000%, 6/01/34 | 6/28 at 100.00 | BBB- | 1,638,683 | ||
4,350 | Total North Dakota | 4,916,575 | ||||
Ohio – 1.2% | ||||||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2: | ||||||
115 | 5.000%, 10/01/37(Pre-refunded 10/01/23) | 10/23 at 100.00 | N/R (5) | 133,518 | ||
335 | 5.000%, 10/01/37 | 10/23 at 100.00 | AA+ | 375,766 | ||
2,000 | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/35 | 5/25 at 100.00 | AA+ | 2,271,160 | ||
550 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27 | 2/23 at 100.00 | BB+ | 590,409 | ||
Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2017: | ||||||
500 | 5.000%, 7/01/34 | 7/27 at 100.00 | A | 572,205 | ||
495 | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 559,612 | ||
2,500 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Special Obligation, Administrative Building Fund Projects, Series 2017A, 5.000%, 4/01/35 | 4/27 at 100.00 | AA | 2,895,750 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Ohio (continued) | ||||||
$ 3,045 | Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2014C, 3.000%, 3/01/28 | 3/23 at 100.00 | AA+ | $3,108,397 | ||
375 | Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Improvement Series 2015, 5.000%, 12/01/20 | No Opt. Call | BB- | 393,214 | ||
9,915 | Total Ohio | 10,900,031 | ||||
Oklahoma – 0.5% | ||||||
315 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2016, 5.000%, 6/01/23 | No Opt. Call | A+ | 359,125 | ||
2,000 | Edmond Public Works Authority, Oklahoma, Sales Tax and Utility Systems Revenue Bonds, Series 2017, 5.000%, 7/01/42 | 7/27 at 100.00 | AA- | 2,302,860 | ||
500 | Marshall County Educational Facilities Authority, Oklahoma, Lease Revenue Bonds, Madill Public Schools Project, Series 2017A, 5.000%, 9/01/32 | 9/27 at 100.00 | A- | 583,175 | ||
1,370 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/37 | 1/26 at 100.00 | AA- | 1,568,979 | ||
4,185 | Total Oklahoma | 4,814,139 | ||||
Oregon – 0.2% | ||||||
750 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 5.000%, 9/01/21 | No Opt. Call | A- | 828,112 | ||
860 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/24 (Pre-refunded 4/01/21) | 4/21 at 100.00 | N/R (5) | 952,794 | ||
365 | Oregon Special Districts Association, Certificates of Participation, Flexlease Program, Series 2013A, 4.000%, 1/01/24 | 7/18 at 100.00 | N/R | 365,606 | ||
1,975 | Total Oregon | 2,146,512 | ||||
Pennsylvania – 5.0% | ||||||
650 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016, 5.000%, 10/15/22 | No Opt. Call | Baa3 | 713,479 | ||
1,000 | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.000%, 12/01/26 | 12/21 at 100.00 | AA- | 1,102,980 | ||
1,500 | Council Rock School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A, 3.000%, 11/15/29 | 5/24 at 100.00 | AA | 1,502,520 | ||
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2017: | ||||||
1,750 | 5.000%, 6/01/32 | 6/25 at 102.00 | BBB | 1,918,000 | ||
1,760 | 5.000%, 6/01/37 | 6/25 at 102.00 | BBB | 1,913,543 | ||
700 | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2015, 5.000%, 8/01/31 | 8/25 at 100.00 | A+ | 805,539 | ||
1,130 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1998A, 5.500%, 8/01/28 – AMBAC Insured | No Opt. Call | A1 | 1,345,728 | ||
1,140 | Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0065, 144A, 14.638%, 7/01/42 (Pre-refunded 1/01/22) (IF) | 1/22 at 100.00 | N/R (5) | 1,684,145 | ||
1,955 | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 3.000%, 9/01/27 | 9/23 at 100.00 | Aaa | 2,014,862 | ||
1,985 | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Refunding Series 2016, 3.000%, 9/15/29 | 3/24 at 100.00 | Aaa | 1,984,960 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Pennsylvania (continued) | ||||||
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2017: | ||||||
$ 1,000 | 5.000%, 12/15/24 – AGM Insured | No Opt. Call | AA | $1,121,310 | ||
1,000 | 5.000%, 12/15/25 – AGM Insured | No Opt. Call | AA | 1,125,050 | ||
Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017A: | ||||||
1,000 | 5.000%, 12/15/26 – AGM Insured | No Opt. Call | AA | 1,150,500 | ||
500 | 5.000%, 12/15/27 – AGM Insured | No Opt. Call | AA | 576,550 | ||
Luzerne County, Pennsylvania, General Obligation Bonds, Refunding Series 2017B: | ||||||
500 | 5.000%, 12/15/26 – AGM Insured | No Opt. Call | AA | 575,250 | ||
500 | 5.000%, 12/15/27 – AGM Insured | No Opt. Call | AA | 576,550 | ||
1,250 | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Refunding Series 2011, 5.500%, 7/01/26 | 7/21 at 100.00 | A | 1,393,650 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015: | ||||||
455 | 5.000%, 6/30/18 (Alternative Minimum Tax) | No Opt. Call | BBB | 460,965 | ||
1,000 | 4.125%, 12/31/38 (Alternative Minimum Tax) | 6/26 at 100.00 | BBB | 1,027,540 | ||
3,265 | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2016, 4.000%, 3/15/36 | 9/26 at 100.00 | AA- | 3,365,823 | ||
2,290 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.000%, 9/01/45 | 3/25 at 100.00 | A+ | 2,537,022 | ||
5,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Refunding Bonds, Second Series 2017, 5.000%, 12/01/34 | 12/27 at 100.00 | AA- | 5,703,950 | ||
1,355 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 144A, 6.000%, 6/15/23 | 6/20 at 100.00 | BB | 1,433,536 | ||
1,845 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Thomas Jefferson University, Fixed Rate Series 2017A, 5.000%, 9/01/36 | 3/27 at 100.00 | A+ | 2,076,990 | ||
1,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A (5) | 1,082,650 | ||
430 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/27 | 8/25 at 100.00 | A | 495,145 | ||
870 | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.000%, 4/01/23 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A+ (5) | 915,501 | ||
1,500 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2015A, 5.000%, 6/15/26 (Alternative Minimum Tax) | 6/25 at 100.00 | A | 1,726,935 | ||
725 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2017, 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/28 at 100.00 | Baa3 | 815,415 | ||
590 | Upper Merion Area School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2016, 5.000%, 1/15/35 | 1/25 at 100.00 | Aa1 | 671,880 | ||
39,645 | Total Pennsylvania | 43,817,968 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Rhode Island – 0.6% | ||||||
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016: | ||||||
$ 1,250 | 5.000%, 5/15/29 | 5/26 at 100.00 | BBB+ | $1,403,863 | ||
1,500 | 5.000%, 5/15/30 | 5/26 at 100.00 | BBB+ | 1,676,565 | ||
2,200 | 5.000%, 5/15/31 | 5/26 at 100.00 | BBB+ | 2,448,864 | ||
4,950 | Total Rhode Island | 5,529,292 | ||||
South Carolina – 0.9% | ||||||
1,000 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2013A, 5.250%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,108,110 | ||
1,100 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41 | 5/26 at 100.00 | A+ | 1,211,463 | ||
500 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2011, 5.000%, 11/01/26 | 11/21 at 100.00 | A+ | 545,655 | ||
1,250 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2017, 4.000%, 11/01/32 | 11/27 at 100.00 | A+ | 1,300,138 | ||
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, York Preparatory Academy Project, Series 2014A: | ||||||
245 | 5.750%, 11/01/23 | No Opt. Call | N/R | 255,052 | ||
180 | 7.000%, 11/01/33 | 11/24 at 100.00 | N/R | 192,105 | ||
785 | South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.000%, 7/01/33 (Alternative Minimum Tax) | 7/25 at 100.00 | A+ | 881,437 | ||
2,500 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Refunding Series 2016A, 3.000%, 10/01/29 | 10/25 at 100.00 | A1 | 2,495,050 | ||
250 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A1 (5) | 265,088 | ||
7,810 | Total South Carolina | 8,254,098 | ||||
South Dakota – 0.8% | ||||||
2,805 | South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds Series 2013B, 5.000%, 6/01/26 | 6/23 at 100.00 | A- | 3,112,905 | ||
1,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Refunding Series 2017, 5.000%, 7/01/35 | 7/27 at 100.00 | AA- | 1,138,310 | ||
2,765 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/40 | 9/27 at 100.00 | A1 | 3,114,911 | ||
6,570 | Total South Dakota | 7,366,126 | ||||
Tennessee – 1.1% | ||||||
1,000 | Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010, 6.000%, 10/01/30 | 10/20 at 100.00 | N/R | 1,074,880 | ||
1,400 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017, 5.000%, 4/01/27 | No Opt. Call | BBB+ | 1,609,524 | ||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 144A: | ||||||
105 | 4.625%, 6/15/27 | No Opt. Call | N/R | 103,504 | ||
300 | 5.500%, 6/15/37 | 6/27 at 100.00 | N/R | 294,375 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tennessee (continued) | ||||||
$ 830 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | A3 | $930,314 | ||
1,350 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2015B, 5.000%, 7/01/32 (Alternative Minimum Tax) | 7/25 at 100.00 | A+ | 1,539,810 | ||
335 | Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2017A, 5.000%, 5/01/36 | 5/27 at 100.00 | AA- | 385,015 | ||
3,625 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 (Mandatory Put 5/01/23) | 5/23 at 100.43 | A | 3,903,690 | ||
8,945 | Total Tennessee | 9,841,112 | ||||
Texas – 9.3% | ||||||
560 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Refunding Series 2017A, 5.000%, 12/01/35 | 6/27 at 100.00 | AAA | 643,659 | ||
1,835 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2016A, 2.750%, 12/01/26 | No Opt. Call | BBB- | 1,827,807 | ||
485 | Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Round Rock Campus, Refunding Series 2015, 5.000%, 8/01/27 | 8/25 at 100.00 | AA | 566,344 | ||
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Refunding First Tier Series 2017A: | ||||||
500 | 5.000%, 1/01/32 | 1/27 at 100.00 | BBB+ | 573,900 | ||
500 | 5.000%, 1/01/33 | 1/27 at 100.00 | BBB+ | 572,645 | ||
3,200 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (4) | 11/25 at 100.00 | AA | 3,631,808 | ||
1,000 | Austin-Berghorst Landhost Enterprises, Inc., Texas, Airport Hotel Revenue Bonds, Refunding & Improvement Senior Series 2017, 5.000%, 10/01/35 | 10/27 at 100.00 | A- | 1,136,100 | ||
1,385 | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005A. Remarketed, 5.750%, 4/01/26 | 4/20 at 100.00 | Baa1 | 1,478,584 | ||
1,210 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016, 5.000%, 1/01/28 | 1/26 at 100.00 | BBB | 1,380,235 | ||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | ||||||
360 | 5.000%, 1/01/35 | 7/25 at 100.00 | Baa2 | 401,202 | ||
1,695 | 5.000%, 1/01/40 | 7/25 at 100.00 | BBB+ | 1,876,043 | ||
790 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2011, 4.800%, 8/15/21 (ETM) | No Opt. Call | BBB+ (5) | 832,470 | ||
1,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2016B, 5.000%, 8/15/24 | No Opt. Call | BBB+ | 1,136,960 | ||
230 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A, 3.100%, 12/01/22 | No Opt. Call | BBB- | 233,301 | ||
2,500 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/48 (UB) (4) | 12/25 at 100.00 | AA+ | 2,840,925 | ||
2,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012F, 5.000%, 11/01/29 (Alternative Minimum Tax) | 11/20 at 100.00 | A+ | 2,147,320 | ||
960 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.625%, 9/01/31 | 9/23 at 100.00 | N/R | 1,106,650 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Texas (continued) | ||||||
Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvement District 2, Series 2017: | ||||||
$ 955 | 4.500%, 9/01/32 | 9/27 at 100.00 | BBB | $1,011,383 | ||
1,230 | 4.500%, 9/01/32 | 9/27 at 100.00 | BBB | 1,302,619 | ||
605 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/26 | 11/24 at 100.00 | A3 | 688,720 | ||
1,315 | Houston Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2014B, 4.000%, 2/15/27 | 2/24 at 100.00 | AAA | 1,432,561 | ||
1,630 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/22 at 100.00 | A+ | 1,784,263 | ||
1,500 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/31 | 9/24 at 100.00 | A2 | 1,683,615 | ||
490 | Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 4.000%, 8/15/25 | 8/19 at 100.00 | BBB+ | 494,140 | ||
500 | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2016A, 4.000%, 2/15/31 | 2/26 at 100.00 | AAA | 541,405 | ||
1,400 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 | 8/25 at 100.00 | BBB+ | 1,519,686 | ||
750 | La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp Inc., Series 2009A, 6.000%, 8/15/29 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB (5) | 800,580 | ||
1,000 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/32 (Alternative Minimum Tax) | 11/25 at 100.00 | A1 | 1,132,130 | ||
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2015: | ||||||
500 | 5.000%, 1/01/24 | No Opt. Call | A | 567,430 | ||
300 | 5.000%, 1/01/25 | 1/24 at 100.00 | A | 337,824 | ||
1,150 | Montgomery Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2015, 4.000%, 2/15/30 | 2/25 at 100.00 | AAA | 1,245,979 | ||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A: | ||||||
1,500 | 5.000%, 7/01/23 | No Opt. Call | B1 | 1,260,000 | ||
750 | 5.000%, 7/01/30 | 7/25 at 100.00 | B1 | 627,870 | ||
2,000 | 5.000%, 7/01/35 | 7/25 at 100.00 | B1 | 1,672,820 | ||
1,000 | 5.000%, 7/01/47 | 7/25 at 100.00 | B1 | 835,350 | ||
2,895 | North East Regional Mobility Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 1/01/29 | 1/26 at 100.00 | BBB | 3,293,555 | ||
2,950 | North East Regional Mobility Authority, Texas, Revenue Bonds, Subordinate Lien Series 2016B, 5.000%, 1/01/36 | 1/26 at 100.00 | BBB- | 3,253,496 | ||
1,000 | North Texas Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2012A, 5.125%, 12/01/42 | 6/22 at 100.00 | BBB- | 1,053,620 | ||
3,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 | 1/25 at 100.00 | A | 3,678,450 | ||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A: | ||||||
2,000 | 5.000%, 1/01/36 | 1/27 at 100.00 | A1 | 2,287,220 | ||
4,295 | 5.000%, 1/01/43 | 1/28 at 100.00 | A1 | 4,919,708 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Texas (continued) | ||||||
$ 2,500 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 4.000%, 1/01/38 | 1/25 at 100.00 | A2 | $2,587,000 | ||
1,490 | San Jacinto River Authority, Texas, Special Project Revenue Bonds, Woodlands Water Supply System Project, Refunding Series 2014, 5.000%, 10/01/29 – BAM Insured | 10/23 at 100.00 | AA | 1,698,198 | ||
890 | Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University Project, Refunding Series 2017, 5.000%, 10/01/39 | 10/27 at 100.00 | AA- | 1,025,422 | ||
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013: | ||||||
335 | 7.000%, 12/31/38 (Alternative Minimum Tax) | 9/23 at 100.00 | Baa3 | 396,007 | ||
455 | 6.750%, 6/30/43 (Alternative Minimum Tax) | 9/23 at 100.00 | Baa3 | 530,362 | ||
230 | Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 | 4/18 at 100.00 | BB | 230,768 | ||
1,200 | Texas State, General Obligation Bonds, College Student Loan Series 2014, 6.000%, 8/01/25 (Alternative Minimum Tax) | 8/24 at 100.00 | AAA | 1,477,932 | ||
2,000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014A, 5.000%, 10/01/26 | 10/24 at 100.00 | AAA | 2,343,940 | ||
3,000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2015B, 5.000%, 10/01/36 | 10/25 at 100.00 | AAA | 3,481,440 | ||
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C: | ||||||
500 | 5.000%, 8/15/24 | No Opt. Call | BBB+ | 584,130 | ||
1,140 | 5.000%, 8/15/29 | 8/24 at 100.00 | BBB+ | 1,291,027 | ||
1,000 | Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (5) | 1,110,210 | ||
2,000 | University of Houston, Texas, Consolidated Revenue Bonds, Refunding Series 2017C, 5.000%, 2/15/29 | 2/26 at 100.00 | AA | 2,331,860 | ||
1,000 | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 4.700%, 9/01/20 | 9/19 at 100.00 | BBB | 1,038,130 | ||
1,645 | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2017A, 5.000%, 9/01/39 | 9/26 at 100.00 | BBB | 1,829,635 | ||
800 | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015C, 6.500%, 8/15/28 | 8/24 at 100.00 | Aaa | 1,015,600 | ||
75,110 | Total Texas | 82,782,038 | ||||
Utah – 1.0% | ||||||
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A: | ||||||
1,875 | 5.000%, 7/01/34 (Alternative Minimum Tax) | 7/27 at 100.00 | A+ | 2,149,050 | ||
2,280 | 5.000%, 7/01/35 (Alternative Minimum Tax) | 7/27 at 100.00 | A+ | 2,607,271 | ||
Utah Infrastructure Agency, Telecommunications and Franchise Tax Revenue, Series 2011A: | ||||||
500 | 5.250%, 10/15/33 (Pre-refunded 10/15/21) – AGM Insured | 10/21 at 100.00 | AA (5) | 563,230 | ||
520 | 5.400%, 10/15/36 (Pre-refunded 10/15/21) – AGM Insured | 10/21 at 100.00 | AA (5) | 588,547 | ||
280 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 5.750%, 7/15/20 | No Opt. Call | BBB- | 294,610 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utah (continued) | ||||||
$ 1,550 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30 | 7/20 at 100.00 | BB | $1,614,480 | ||
750 | Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 2017-XF2451, 144A, 14.690%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured (IF) (4) | 6/18 at 100.00 | AAA | 790,718 | ||
7,755 | Total Utah | 8,607,906 | ||||
Vermont – 0.4% | ||||||
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Green Series 2016B: | ||||||
1,270 | 5.000%, 12/01/37 | 6/26 at 100.00 | A | 1,428,052 | ||
1,500 | 5.000%, 12/01/38 | 6/26 at 100.00 | A | 1,682,025 | ||
2,770 | Total Vermont | 3,110,077 | ||||
Virginia – 1.6% | ||||||
1,065 | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/41 – AGM Insured | 7/26 at 100.00 | AA | 1,206,240 | ||
1,590 | Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.000%, 3/01/19 | No Opt. Call | N/R | 1,606,075 | ||
Fredericksburg Economic Development Authority, Virginia, Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2014: | ||||||
600 | 5.000%, 6/15/31 | 6/24 at 100.00 | A- | 668,346 | ||
1,400 | 5.000%, 6/15/33 | 6/24 at 100.00 | A- | 1,551,774 | ||
2,000 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/31 (Alternative Minimum Tax) | 10/22 at 100.00 | AA- | 2,225,280 | ||
1,900 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2008A, 5.375%, 10/01/28 (Alternative Minimum Tax) | 10/18 at 100.00 | AA- | 1,945,980 | ||
475 | Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016, 5.000%, 6/15/27 | 6/26 at 100.00 | A- | 544,835 | ||
815 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.750%, 1/01/34 | No Opt. Call | AA | 1,071,195 | ||
1,750 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/47 (Alternative Minimum Tax) | 6/27 at 100.00 | BBB | 1,948,485 | ||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | ||||||
40 | 4.750%, 1/01/25 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 43,826 | ||
1,400 | 5.000%, 1/01/27 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,547,224 | ||
13,035 | Total Virginia | 14,359,260 | ||||
Washington – 2.4% | ||||||
3,000 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/35 (UB) | 11/26 at 100.00 | AAA | 3,503,730 | ||
1,700 | Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011A, 5.500%, 7/01/24 (Alternative Minimum Tax) | 7/21 at 100.00 | AA+ | 1,894,769 | ||
2,500 | Chelan County Public Utility District 1, Washington, Consolidated System Revenue Bonds Series 2011B, 5.500%, 7/01/26 (Alternative Minimum Tax) | 7/21 at 100.00 | AA+ | 2,775,950 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Washington (continued) | ||||||
$ 100 | Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.625%, 1/01/28 | 5/18 at 100.00 | N/R | $101,049 | ||
2,000 | King County, Washington, Sewer Revenue Bonds, Refunding & Improvement Series 2016B, 5.000%, 7/01/39 | 7/23 at 100.00 | AA+ | 2,265,740 | ||
2,000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/29 (Alternative Minimum Tax) | 10/24 at 100.00 | AA- | 2,281,380 | ||
1,000 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 1,097,970 | ||
1,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2015B, 5.000%, 10/01/38 (UB) | 4/25 at 100.00 | Aa2 | 1,126,190 | ||
2,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2017A, 5.000%, 10/01/47 (UB) (4) | 10/27 at 100.00 | Aa2 | 2,277,480 | ||
2,745 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 5.000%, 8/15/35 | 8/27 at 100.00 | BBB | 3,076,376 | ||
1,000 | Washington State, General Obligation Bonds, Refunding Various Purpose Series R-2015C, 5.000%, 7/01/27 | 1/25 at 100.00 | AA+ | 1,165,400 | ||
19,045 | Total Washington | 21,566,034 | ||||
West Virginia – 0.8% | ||||||
1,150 | West Virginia Higher Education Policy Commission, Revenue Bonds, Higher Education Facilities, Series 2012A, 5.000%, 4/01/29 | 4/22 at 100.00 | Aa3 | 1,270,658 | ||
500 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2016A, 4.000%, 6/01/35 | 6/26 at 100.00 | A | 513,175 | ||
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A: | ||||||
1,800 | 5.000%, 6/01/35 | 6/27 at 100.00 | A | 2,010,528 | ||
2,000 | 5.000%, 6/01/36 | 6/27 at 100.00 | A | 2,228,860 | ||
1,250 | West Virginia Water Development Authority, Infrastructure Excess Lottery Revenue Bonds, Chesapeake Bay/Greenbrier River Projects, Series 2014A, 5.000%, 7/01/34 | 7/24 at 100.00 | AAA | 1,437,300 | ||
6,700 | Total West Virginia | 7,460,521 | ||||
Wisconsin – 2.7% | ||||||
235 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A, 5.500%, 10/01/22 | No Opt. Call | BB+ | 251,499 | ||
2,660 | Public Finance Authority of Wisconsin, Revenue Bonds, Denver international Airport Great Hall Project, Series 2017, 5.000%, 9/30/49 (Alternative Minimum Tax) | 9/27 at 100.00 | BBB | 2,938,608 | ||
1,445 | Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | BBB | 1,531,772 | ||
1,775 | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A, 144A, 5.000%, 6/15/38 | 6/26 at 100.00 | N/R | 1,852,585 | ||
485 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 2015-XF0127, 144A, 14.055%, 4/01/38 (IF) (4) | 4/23 at 100.00 | AA- | 693,186 | ||
500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust 2015-XF2044, 144A, 14.669%, 11/15/33 (IF) (4) | 11/19 at 100.00 | AA+ | 594,975 | ||
440 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children's Hospital of Wisconsin Inc., Tender Option Bond Trust 2016-XL0008, 144A, 16.119%, 8/15/37 (Pre-refunded 2/15/20) (IF) (4) | 2/20 at 100.00 | AA (5) | 569,985 |
Portfolio of Investments | January 31, 2018 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Wisconsin (continued) | ||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A: | ||||||
$ 1,840 | 5.000%, 9/01/28 | 9/27 at 100.00 | BBB+ | $2,080,562 | ||
700 | 5.000%, 9/01/29 | 9/27 at 100.00 | BBB+ | 786,646 | ||
5,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health, Inc. Obligated Group, Series 2017A, 5.000%, 4/01/35 | 4/27 at 100.00 | AA- | 5,736,450 | ||
2,410 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/34 | 2/26 at 100.00 | A- | 2,666,617 | ||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mile Bluff Medical Center, Inc., Series 2014, 5.125%, 5/01/29 | 5/24 at 100.00 | N/R | 1,022,700 | ||
1,505 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/30 | 8/25 at 100.00 | A- | 1,698,739 | ||
335 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/25 | 5/24 at 100.00 | BBB+ | 372,490 | ||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||
905 | 6.000%, 5/01/27 | 5/19 at 100.00 | Aa2 | 955,454 | ||
95 | 6.000%, 5/01/27(Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 100,382 | ||
10 | 6.000%, 5/01/33(Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 10,566 | ||
21,340 | Total Wisconsin | 23,863,216 | ||||
Wyoming – 0.5% | ||||||
1,000 | Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.000%, 9/15/26 (Pre-refunded 3/15/21) | 3/21 at 100.00 | A3 (5) | 1,130,730 | ||
2,000 | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 6.375%, 6/01/26 | 6/21 at 100.00 | BBB | 2,183,120 | ||
1,000 | Wyoming Municipal Power Agency, Power Supply System Revenue Bonds, Refunding Series 2017A, 5.000%, 1/01/34 – BAM Insured | 1/27 at 100.00 | AA | 1,135,290 | ||
4,000 | Total Wyoming | 4,449,140 | ||||
$ 776,897 | Total Long-Term Investments (cost $847,568,900) | 861,878,156 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.1% | ||||||
MUNICIPAL BONDS – 0.1% | ||||||
California – 0.1% | ||||||
$ 450 | California State, General Obligation Bonds, Variable Rate Demand Obligations, Refunding Various Purpose Series 2012B, 2.060%, 5/01/18 (SIFMA reference rate + 0.900% spread) (8) | 3/18 at 100.00 | AA- | 450,094 | ||
$ 450 | Total Short-Term Investments (cost $450,000) | 450,094 | ||||
Total Investments (cost $848,018,900) – 97.4% | 862,328,250 | |||||
Floating Rate Obligations – (5.5)% | (48,465,000) | |||||
Other Assets Less Liabilities – 8.1% | 71,897,000 | |||||
Net Assets – 100% | $885,760,250 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(6) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. | |
(7) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. | |
(8) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
ETM | Escrowed to maturity. | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
SIFMA | Securities Industry and Financial Market Association | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives,Inverse Floating Rate Securities for more information. |
Assets | |
Long-term investments, at value (cost $847,568,900) | $861,878,156 |
Short-term investments, at value (cost $450,000) | 450,094 |
Cash | 46,593,723 |
Receivable for: | |
Interest | 8,627,834 |
Investments sold | 17,662,431 |
Reimbursement from Adviser | 88,306 |
Shares sold | 5,533,166 |
Other assets | 60,749 |
Total assets | 940,894,459 |
Liabilities | |
Floating rate obligations | 48,465,000 |
Payable for: | |
Dividends | 1,093,351 |
Investments purchased | 3,495,897 |
Shares redeemed | 1,862,587 |
Accrued expenses: | |
Trustees fees | 27,724 |
Other | 189,650 |
Total liabilities | 55,134,209 |
Net assets | $885,760,250 |
Shares outstanding | 80,549,906 |
Net assets value ("NAV") per share | $ 11.00 |
Net assets consist of: | |
Capital paid-in | $873,422,814 |
Undistributed (Over-distribution of) net investment income | 1,251,642 |
Accumulated net realized gain (loss) | (3,223,556) |
Net unrealized appreciation (depreciation) | 14,309,350 |
Net assets | $885,760,250 |
Authorized Shares | Unlimited |
Par Value per share | $ 0.01 |
Investment Income | $ 14,726,514 |
Expenses | |
Shareholder servicing agent fees | 77,589 |
Interest expense | 352,358 |
Custodian fees | 61,686 |
Trustees fees | 13,856 |
Professional fees | 37,442 |
Shareholder reporting expenses | 24,069 |
Federal and state registration fees | 60,272 |
Other | 17,171 |
Total expenses before fee waiver/expense reimbursement | 644,443 |
Fee waiver/expense reimbursement | (292,085) |
Net expenses | 352,358 |
Net investment income (loss) | 14,374,156 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | (248,566) |
Change in net unrealized appreciation (depreciation) of investments | (10,286,059) |
Net realized and unrealized gain (loss) | (10,534,625) |
Net increase (decrease) in net assets from operations | $ 3,839,531 |
Six
Months Ended 1/31/18 |
Year
Ended 7/31/17 | |
Operations | ||
Net investment income (loss) | $ 14,374,156 | $ 23,527,694 |
Net realized gain (loss) from investments | (248,566) | (1,609,913) |
Change in net unrealized appreciation (depreciation) of investments | (10,286,059) | (15,206,405) |
Net increase (decrease) in net assets from operations | 3,839,531 | 6,711,376 |
Distributions to Shareholders | ||
From net investment income | (14,178,567) | (22,472,188) |
Decrease in net assets from distributions to shareholders | (14,178,567) | (22,472,188) |
Fund Share Transactions | ||
Proceeds from sale of shares | 165,981,729 | 411,253,021 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 8,021,831 | 12,164,287 |
174,003,560 | 423,417,308 | |
Cost of shares redeemed | (64,113,884) | (183,498,842) |
Net increase (decrease) in net assets from Fund share transactions | 109,889,676 | 239,918,466 |
Net increase (decrease) in net assets | 99,550,640 | 224,157,654 |
Net assets at the beginning of period | 786,209,610 | 562,051,956 |
Net assets at the end of period | $885,760,250 | $ 786,209,610 |
Undistributed (Over-distribution of) net investment income at the end of period | $ 1,251,642 | $ 1,056,053 |
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) 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 | |
Class I (11/06) | |||||||||
2018(f) | $11.12 | $0.19 | $(0.12) | $ 0.07 | $(0.19) | $ — | $(0.19) | $11.00 | |
2017 | 11.46 | 0.38 | (0.35) | 0.03 | (0.37) | — | (0.37) | 11.12 | |
2016 | 10.85 | 0.43 | 0.60 | 1.03 | (0.42) | — | (0.42) | 11.46 | |
2015 | 10.67 | 0.45 | 0.18 | 0.63 | (0.45) | — | (0.45) | 10.85 | |
2014 | 10.13 | 0.45 | 0.61 | 1.06 | (0.46) | (0.06) | (0.52) | 10.67 | |
2013 | 11.13 | 0.46 | (0.82) | (0.36) | (0.47) | (0.17) | (0.64) | 10.13 |
Ratios/Supplemental Data | |||||||||
Ratios
to Average Net Assets Before Waiver/Reimbursement |
Ratios
to Average Net Assets After Waiver/Reimbursement(c) |
||||||||
Total
Return(b) |
Ending
Net Assets (000) |
Expenses
Including Interest(d) |
Expenses
Excluding Interest |
Net
Investment Income (Loss) |
Expenses
Including Interest(d) |
Expenses
Excluding Interest |
Net
Investment Income (Loss) |
Portfolio
Turnover Rate(e) | |
0.61% | $885,760 | 0.15%** | 0.07%** | 3.32%** | 0.08%** | —%** | 3.39%** | 15% | |
0.34 | 786,210 | 0.11 | 0.06 | 3.43 | 0.05 | — | 3.49 | 11 | |
9.67 | 562,052 | 0.10 | 0.08 | 3.78 | 0.02 | — | 3.86 | 9 | |
5.96 | 398,036 | 0.09 | 0.08 | 4.04 | 0.01 | — | 4.12 | 21 | |
10.85 | 330,006 | 0.09 | 0.09 | 4.30 | —* | — | 4.39 | 27 | |
(3.54) | 303,672 | 0.09 | 0.09 | 4.08 | —* | —* | 4.17 | 25 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. See Note 7 - Management Fees for more information. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
(e) | 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. |
(f) | For the six months ended January 31, 2018. |
* | Rounds to less than 0.01%. |
** | Annualized. |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $861,878,156 | $ — | $861,878,156 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 450,094 | — | 450,094 |
Total | $ — | $862,328,250 | $ — | $862,328,250 |
* | Refer to the Fund's Portfolio of Investments for state classifications. |
(i) | If available, fair value
determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
Floating Rate Obligations Outstanding | |
Floating rate obligations: self-deposited Inverse Floaters | $48,465,000 |
Floating rate obligations: externally-deposited Inverse Floaters | 25,315,000 |
Total | $73,780,000 |
Self-Deposited Inverse Floaters | |
Average floating rate obligations outstanding | $43,245,462 |
Average annual interest rate and fees | 1.62% |
Floating Rate Obligations - Recourse Trusts | |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $41,495,000 |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 18,405,000 |
Total | $59,900,000 |
Six
Months Ended 1/31/18 |
Year
Ended 7/31/17 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | 14,881,316 | 165,981,729 | 37,431,463 | 411,253,021 | |
Shares issued to shareholders due to reinvestment of distributions | 721,339 | 8,021,831 | 1,105,124 | 12,164,287 | |
Shares redeemed | (5,748,106) | (64,113,884) | (16,896,861) | (183,498,842) | |
Net increase (decrease) | 9,854,549 | $109,889,676 | 21,639,726 | $ 239,918,466 |
Tax cost of investments | $799,502,256 |
Gross unrealized: | |
Appreciation | $ 19,896,481 |
Depreciation | (5,537,001) |
Net unrealized appreciation (depreciation) of investments | $ 14,359,480 |
Capital paid-in | $ — |
Undistributed (Over-distribution of) net investment income | (12,509) |
Accumulated net realized gain (loss) | 12,509 |
Undistributed net tax-exempt income1 | $3,128,274 |
Undistributed net ordinary income2 | 23,911 |
Undistributed net long-term capital gains | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period July 1, 2017 through July 31, 2017, and paid on August 1, 2017. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Distributions from net tax-exempt income | $21,863,073 |
Distributions from net ordinary income | — |
Distributions from net long-term capital gains | — |
Capital losses to be carried forward - not subject to expiration | $2,974,990 |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed filed for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Managed Accounts Portfolios Trust
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: April 5, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Greg A. Bottjer | ||||
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
Date: April 5, 2018
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: April 5, 2018
EX-99.CERT
CERTIFICATIONS
I, Greg A. Bottjer, certify that:
1. | I have reviewed this report on Form N-CSR of Nuveen Managed Accounts Portfolios Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: April 5, 2018
/S/ GREG A. BOTTJER |
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
I, Stephen D. Foy, certify that:
1. | I have reviewed this report on Form N-CSR of Nuveen Managed Accounts Portfolios Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: April 5, 2018
/S/ STEPHEN D. FOY |
Stephen D. Foy Vice President and Controller (principal financial officer) |
EX-99.906CERT
Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officers knowledge and belief.
The undersigned officers of Nuveen Managed Accounts Portfolios Trust (the Registrant), certify that, to the best of each such officers knowledge and belief:
1. | The Form N-CSR of the Registrant for the period ended January 31, 2018 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: April 5, 2018
/S/ GREG A. BOTTJER |
Greg A. Bottjer Chief Administrative Officer (principal executive officer) |
/S/ STEPHEN D. FOY |
Stephen D. Foy Vice President and Controller (principal financial officer) |