United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-Q
Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies
811-6165
(Investment Company Act File Number)
Federated Municipal Securities Income Trust
___________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 08/31/17
Date of Reporting Period: Quarter ended 11/30/16
Item 1. Schedule of Investments
Principal Amount | Value | ||
MUNICIPAL BONDS—98.7% | |||
Alabama—1.6% | |||
$2,000,000 | Alabama State Port Authority, Docks Facilities Revenue Bonds (Series 2010), 6.00% (Original Issue Yield: 6.25%), 10/1/2040 | $$2,273,900 | |
1,500,000 | Huntsville, AL Special Care Facilities Financing Authority, Retirement Facilities Revenue Bonds (Series 2007), 5.50% (Redstone Village)/(Original Issue Yield: 5.60%), 1/1/2043 | 1,499,895 | |
500,000 | Huntsville, AL Special Care Facilities Financing Authority, Retirement Facilities Revenue Bonds (Series 2011A), 7.50% (Redstone Village)/(Original Issue Yield: 7.625%), 1/1/2047 | 541,280 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013-A), 5.50% (AGM INS)/(Original Issue Yield: 5.65%), 10/1/2053 | 2,228,680 | |
2,000,000 | Jefferson County, AL Sewer System, Senior Lien Sewer Revenue Current Interest Warrants (Series 2013A), 5.25% (AGM INS), 10/1/2048 | 2,218,040 | |
835,000 | Selma, AL IDB, Gulf Opportunity Zone Bonds (Series 2010A), 5.80% (International Paper Co.), 5/1/2034 | 927,652 | |
TOTAL | 9,689,447 | ||
Alaska—0.4% | |||
1,000,000 | 1,2 | Alaska Industrial Development and Export Authority, Community Provider Revenue Bonds (Series 2007C), 6.00% (Boys & Girls Home & Family Services, Inc.), 12/1/2036 | 109,820 |
2,000,000 | 3,4 | Koyukuk, AK, Revenue Bonds (Series 2011), 7.75% (Tanana Chiefs Conference Health Care)/(United States Treasury PRF 10/1/2019@100)/(Original Issue Yield: 8.125%), 10/1/2041 | 2,334,180 |
TOTAL | 2,444,000 | ||
Arizona—3.4% | |||
1,000,000 | 3,4 | Maricopa County, AZ IDA, Revenue Refunding Bonds, 5.00% (Paradise Schools), 7/1/2047 | 960,510 |
4,000,000 | Maricopa County, AZ Pollution Control Corp., PCR Refunding Bonds (Series 2003A), 6.25% (Public Service Co., NM), 1/1/2038 | 4,464,560 | |
1,500,000 | Maricopa County, AZ Pollution Control Corp., PCR Refunding Bonds (Series 2009A), 7.25% (El Paso Electric Co.), 2/1/2040 | 1,657,245 | |
1,500,000 | Phoenix, AZ IDA, Education Facility Revenue Bonds (Series 2014A), 5.00% (Great Heart Academies), 7/1/2044 | 1,547,700 | |
1,000,000 | Phoenix, AZ IDA, Education Facility Revenue Bonds (Series 2016A), 5.00% (Great Heart Academies), 7/1/2046 | 1,028,780 | |
1,385,000 | Pima County, AZ IDA, PCRBs (Series 2009A), 4.95% (Tucson Electric Power Co.), 10/1/2020 | 1,500,731 | |
3,570,000 | Salt River Project, AZ Agricultural Improvement & Power District, Revenue Refunding Bonds (Series 2015A), 5.00%, 12/1/2041 | 3,960,879 | |
4,955,000 | Salt Verde Financial Corp., AZ, Senior Gas Revenue Bonds (Series 2007), 5.00% (Citigroup, Inc. GTD), 12/1/2037 | 5,467,892 | |
430,000 | 3,4 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.00%, 7/15/2027 | 464,017 |
TOTAL | 21,052,314 | ||
California—8.8% | |||
2,000,000 | California PCFA, Solid Waste Disposal Revenue Refunding Bonds (Series 2015A-3), 4.30% (Waste Management, Inc.), 7/1/2040 | 1,994,940 | |
750,000 | 3,4 | California School Finance Authority, School Facility Revenue Bonds (Series 2014A), 5.125% (KIPP LA), 7/1/2044 | 784,718 |
565,000 | 3,4 | California School Finance Authority, School Facility Revenue Bonds (Series 2015A), 5.00% (KIPP LA), 7/1/2045 | 584,916 |
2,500,000 | California State, Various Purpose UT GO Bonds, 5.25%, 10/1/2029 | 2,738,650 | |
2,500,000 | California State, Various Purpose UT GO Bonds, 6.00% (Original Issue Yield: 6.10%), 4/1/2038 | 2,732,175 | |
1,045,000 | 3,4 | California Statewide CDA MFH, Revenue Bonds (Series 1999X), 6.65% (Magnolia City Lights Project), 7/1/2039 | 1,045,732 |
2,250,000 | 3,4 | California Statewide CDA, Revenue Bonds (Series 2016A), 5.25% (Loma Linda University Medical Center ), 12/1/2056 | 2,271,780 |
2,000,000 | Chula Vista, CA, COPs, 5.50% (United States Treasury PRF 3/1/2020@100)/(Original Issue Yield: 5.88%), 3/1/2033 | 2,245,320 | |
1,555,000 | Community Facilities District No. 2016 of the County of Orange, Special Tax Revenue Bonds (Series 2016A), 5.00% (CFD 2016-1 (Village of Esencia)), 8/15/2046 | 1,629,220 | |
500,000 | Corona-Norco USD Community Facilities District No. 98-1, CA, 2013 Special Tax Refunding Bonds, 5.00%, 9/1/2032 | 545,360 | |
3,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Revenue Refunding Bonds (Series 2013A), 6.00% (Original Issue Yield: 6.40%), 1/15/2053 | 3,355,830 | |
500,000 | Golden State Tobacco Securitization Corp., CA, Enhanced Tobacco Settlement Asset-Backed Bonds (Series 2013A), 5.00% (California State), 6/1/2029 | 559,910 | |
2,000,000 | Golden State Tobacco Securitization Corp., CA, Enhanced Tobacco Settlement Asset-Backed Bonds (Series 2015A), 5.00% (California State), 6/1/2045 | 2,165,440 | |
6,530,000 | Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2007A-1), 5.75%, 6/1/2047 | 5,934,790 | |
1,000,000 | Irvine, CA Community Facilities District No. 2013-3, Special Tax Bonds (Series 2014), 5.00% (Great Park Improvement Area No. 1), 9/1/2049 | 1,037,730 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$1,300,000 | Irvine, CA Community Facilities District No. 2013-3, Special Tax Bonds (Series 2016), 4.00% (Great Park Improvement Area No. 4), 9/1/2049 | $1,191,424 | |
95,000 | Irvine, CA, LO Improvement Bonds, 5.00% (Irvine, CA Reassessment District No. 13-1), 9/2/2028 | 104,662 | |
365,000 | Irvine, CA, LO Improvement Bonds, 5.00% (Irvine, CA Reassessment District No. 13-1), 9/2/2029 | 397,208 | |
180,000 | Irvine, CA, LO Improvement Bonds, 5.00% (Irvine, CA Reassessment District No. 13-1), 9/2/2030 | 194,756 | |
1,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Water System Revenue Bonds (Series 2016A), 5.00%, 7/1/2046 | 1,113,390 | |
1,000,000 | Los Angeles, CA Harbor Department, Revenue Refunding Bonds (Series 2014A), 5.00%, 8/1/2044 | 1,079,830 | |
2,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), 7.00% (Citigroup, Inc. GTD), 11/1/2034 | 3,285,100 | |
1,000,000 | Palomar Health, CA Revenue, (Series 2016), 5.00%, 11/1/2039 | 1,054,030 | |
495,000 | Poway, CA USDT, Special Tax Bonds (Series 2012), 5.00% (Community Facilities District No. 6 (4S Ranch)), 9/1/2033 | 533,897 | |
2,000,000 | Riverside County, CA Redevelopment Agency, Tax Allocation Bonds (Series 2010D), 6.00% (Desert Communities Redevelopment Project Area)/(Original Issue Yield: 6.02%), 10/1/2037 | 2,262,880 | |
1,500,000 | Riverside County, CA Redevelopment Agency, Tax Allocation Bonds (Series 2010E), 6.50% (Interstate 215 Corridor Redevelopment Project Area)/(Original Issue Yield: 6.53%), 10/1/2040 | 1,717,965 | |
349,000 | 1 | San Bernardino County, CA Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & Pacific Palms), 4/15/2042 | 162,980 |
1,250,000 | San Buenaventura, CA, Revenue Bonds (Series 2011), 8.00% (Community Memorial Health System), 12/1/2031 | 1,499,112 | |
1,000,000 | San Francisco, CA City & County Redevelopment Finance Agency, Tax Allocation Bonds (Series 2011C), 6.75% (Mission Bay North Redevelopment)/(United States Treasury PRF 2/1/2021@100)/(Original Issue Yield: 6.86%), 8/1/2041 | 1,199,340 | |
1,280,000 | San Francisco, CA City & County Redevelopment Financing Agency, Tax Allocation Refunding Bonds (Series 2016A), 5.00% (Mission Bay North Redevelopment )/(National Public Finance Guarantee Corporation INS), 8/1/2041 | 1,411,981 | |
500,000 | San Francisco, CA City & County Redevelopment Financing Agency, Tax Allocation Refunding Bonds (Series 2016C), 5.00% (Mission Bay South Redevelopment)/(National Public Finance Guarantee Corporation INS), 8/1/2041 | 551,555 | |
2,000,000 | San Jose, CA Airport, Airport Revenue Bonds (Series 2011A-1), 6.25%, 3/1/2034 | 2,287,980 | |
1,250,000 | Santa Margarita, CA Water District Community Facilities District No. 2013-1, Special Tax Bonds (Series 2013), 5.625% (Original Issue Yield: 5.70%), 9/1/2043 | 1,363,163 | |
1,500,000 | University of California (The Regents of), General Revenue Bonds (Series 2016 AR), 5.00%, 5/15/2046 | 1,675,980 | |
1,000,000 | Western Riverside Water & Wastewater Financing Authority, CA, Local Agency Revenue Refunding Bonds (Series 2016A), 5.00%, 9/1/2044 | 1,062,590 | |
TOTAL | 53,776,334 | ||
Colorado—5.7% | |||
2,000,000 | Castle Oaks, CO Metropolitan District No. 3, LT GO Bonds (Series 2015), 6.25%, 12/1/2044 | 2,049,220 | |
825,000 | Castle Oaks, CO Metropolitan District No. 3, LT GO Completion Bonds (Series 2016), 5.50%, 12/1/2045 | 792,462 | |
2,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 5.625% (Original Issue Yield: 5.79%), 12/1/2038 | 2,201,920 | |
1,250,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2013A), 6.00%, 12/1/2038 | 1,410,325 | |
1,000,000 | Central Platte Valley, CO Metropolitan District, GO Refunding Bonds (Series 2014), 5.00%, 12/1/2043 | 1,013,560 | |
1,625,000 | Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Revenue Bonds (Series 2014), 5.50% (Skyview Academy), 7/1/2049 | 1,657,922 | |
1,000,000 | 3,4 | Colorado Educational & Cultural Facilities Authority, Charter School Refunding & Improvement Revenue Bonds (Series 2015), 5.00% (University Lab School)/(Original Issue Yield: 5.02%), 12/15/2045 | 955,760 |
765,000 | Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2007A), 5.75% (Northeast Academy Charter School)/(United States Treasury PRF 5/15/2017@100), 5/15/2037 | 781,991 | |
1,000,000 | Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2007A), 6.00% (Monument Academy Charter School)/(United States Treasury PRF 10/1/2017@100), 10/1/2037 | 1,042,160 | |
1,000,000 | 3,4 | Colorado Educational & Cultural Facilities Authority, School Improvement Revenue Bonds (Series 2016), 5.00% (Loveland Classical School), 7/1/2046 | 933,160 |
800,000 | Colorado Health Facilities Authority, Health & Residential Care Facilities Revenue Bonds (Series 2007), 5.30% (Volunteers of America Care Facilities), 7/1/2037 | 747,056 | |
1,100,000 | Colorado Health Facilities Authority, Revenue Bonds (Series 2010A), 6.25% (Total Long Term Care National Obligated Group)/(United States Treasury PRF 11/15/2020), 11/15/2040 | 1,284,712 | |
1,500,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds (Series 2016), 5.00% (Christian Living Communities), 1/1/2037 | 1,502,430 | |
2,000,000 | Colorado Springs Urban Renewal Authority, Tax Increment Revenue Bonds (Series 2007), 7.00% (University Village Colorado)/(United States Treasury PRF 12/1/2017@100), 12/1/2029 | 2,098,160 | |
1,500,000 | Copperleaf Metropolitan District No. 2, CO, LT GO Refunding Bonds (Series 2015), 5.75%, 12/1/2045 | 1,522,065 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$500,000 | Denver, CO Convention Center Hotel Authority, Senior Revenue Refunding Bonds (Series 2016), 5.00%, 12/1/2040 | $522,005 | |
435,000 | Eagle County, CO Air Terminal Corp., Airport Terminal Project Revenue Improvement Bonds (Series 2006B), 5.25%, 5/1/2020 | 435,718 | |
750,000 | Eagle County, CO Air Terminal Corp., Revenue Refunding Bonds (Series 2011A), 6.00%, 5/1/2027 | 801,225 | |
1,250,000 | Leyden Rock Metropolitan District No. 10, CO, LT GO Refunding & Improvement Bonds (Series 2016A), 5.00%, 12/1/2045 | 1,154,987 | |
1,500,000 | Park 70 Metropolitan District, CO, GO Refunding and Improvement Bonds (Series 2016), 5.00%, 12/1/2046 | 1,559,880 | |
2,000,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds (Series 2008), 6.25% (Bank of America Corp. GTD)/(Original Issue Yield: 6.63%), 11/15/2028 | 2,359,560 | |
1,500,000 | Sierra Ridge Metropolitan District No. 2, LT GO Bonds (Series 2016A), 5.50%, 12/1/2046 | 1,499,565 | |
2,000,000 | STC Metropolitan District No. 2, CO, LT GO Senior Bonds (Series 2015A), 6.00% (Original Issue Yield: 6.25%), 12/1/2038 | 1,924,020 | |
1,500,000 | Sterling Ranch Community Authority Board, CO, LT Supported Revenue Senior Bonds (Series 2015A), 5.75% (Sterling Ranch Metropolitan District No. 2, CO)/(Original Issue Yield: 5.83%), 12/1/2045 | 1,407,735 | |
1,030,000 | Tallyn's Reach Metropolitan District No. 3, CO, LT GO Refunding & Improvement Bonds (Series 2013), 5.125%, 11/1/2038 | 1,057,779 | |
2,000,000 | Three Springs Metropolitan District No. 3, CO, Property Tax Supported Revenue Bonds (Series 2010), 7.75%, 12/1/2039 | 2,084,020 | |
TOTAL | 34,799,397 | ||
Connecticut—0.5% | |||
1,000,000 | Connecticut Development Authority, Airport Facility Revenue Bonds, 7.95% (Bombardier, Inc.), 4/1/2026 | 952,290 | |
1,835,000 | 3,4 | Mohegan Tribe of Indians of Connecticut Gaming Authority, Priority Distribution Payment Refunding Bonds (Series 2015C), 6.25% (Original Issue Yield: 6.375%), 2/1/2030 | 1,816,485 |
TOTAL | 2,768,775 | ||
Delaware—0.6% | |||
1,350,000 | 3,4 | Delaware EDA, Charter School Revenue Bonds (Series 2016A), 5.00% (ASPIRA of Delaware Charter Operations, Inc.), 6/1/2051 | 1,288,210 |
1,905,000 | Delaware EDA, Gas Facilities Refunding Bonds, 5.40% (Delmarva Power and Light Co.), 2/1/2031 | 2,071,097 | |
TOTAL | 3,359,307 | ||
District of Columbia—2.0% | |||
1,000,000 | District of Columbia Revenue, Revenue Bonds (Series 2016A), 5.00% (Friendship Public Charter School, Inc.), 6/1/2046 | 1,035,970 | |
4,000,000 | District of Columbia Water & Sewer Authority, Green Revenue Bonds (Series 2015A), 5.00%, 10/1/2045 | 4,423,640 | |
3,000,000 | District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien Revenue Refunding Bonds (Series 2016A), 5.00%, 10/1/2039 | 3,350,550 | |
2,000,000 | District of Columbia, Revenue Bonds (Series 2012A), 5.00% (Friendship Public Charter School, Inc.), 6/1/2042 | 2,059,520 | |
1,030,000 | District of Columbia, Revenue Bonds (Series 2013A), 6.00% (KIPP DC), 7/1/2043 | 1,177,012 | |
TOTAL | 12,046,692 | ||
Florida—5.9% | |||
3,000,000 | Alachua County, FL, IDRBs (Series 2007A), 5.875% (North Florida Retirement Village, Inc.), 11/15/2042 | 3,041,160 | |
1,005,000 | Arborwood, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005A-2), 5.35%, 5/1/2036 | 926,721 | |
165,000 | Arborwood, FL Community Development District, Special Assessment Revenue Bonds (Series 2014A-1), 6.90% (Step Coupon 11/1/2016)/(Original Issue Yield: 6.90%), 5/1/2036 | 179,746 | |
104,232 | 1 | Capital Trust Agency, FL, Housing Revenue Notes, 5.95% (Atlantic Housing Foundation Properties), 1/15/2039 | 2,585 |
3,000,000 | 3,4 | Collier County, FL IDA, Continuing Care Community Revenue Bonds (Series 2013A), 8.25% (Arlington of Naples)/(Original Issue Yield: 8.375%), 5/15/2049 | 3,425,370 |
1,000,000 | Florida State Mid-Bay Authority, First Senior Lien Revenue Bonds (Series 2015A), 5.00%, 10/1/2040 | 1,072,230 | |
1,000,000 | Lakewood Ranch Stewardship District, FL, Special Assessment Revenue Bonds (Series 2015), 4.875% (Lakewood Centre North)/(Original Issue Yield: 4.96%), 5/1/2045 | 952,840 | |
1,500,000 | Lakewood Ranch Stewardship District, FL, Special Assessment Revenue Bonds (Series 2016), 5.125% (Villages of Lakewood Ranch South)/(Original Issue Yield: 5.16%), 5/1/2046 | 1,458,645 | |
2,000,000 | Lee County, FL IDA, Healthcare Facilities Revenue Refunding Bonds (Series 2012), 6.50% (Cypress Cove at Healthpark), 10/1/2047 | 2,160,140 | |
2,000,000 | Martin County, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2012), 5.50% (Martin Memorial Medical Center)/(Original Issue Yield: 5.53%), 11/15/2042 | 2,131,820 | |
2,000,000 | Martin County, FL IDA, Industrial Development Revenue Refunding Bonds (Series 2013), 4.20% (Indiantown Cogeneration, L.P.), 12/15/2025 | 2,041,620 | |
2,000,000 | 3,4 | Miami, FL, SO Non-Ad Valorem Revenue Refunding Bonds (Series 2012), 5.00%, 3/1/2030 | 2,165,900 |
1,000,000 | Miami-Dade County, FL Aviation, Aviation Revenue Refunding Bonds (Series 2014A), 5.00%, 10/1/2036 | 1,059,740 | |
4,000,000 | Miami-Dade County, FL Transit System Sales Surtax Revenue Bonds (Series 2012), 5.00%, 7/1/2042 | 4,264,040 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$745,000 | Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.00% (Original Issue Yield: 5.25%), 5/1/2037 | $$762,537 | |
1,000,000 | Palm Beach County, FL Health Facilities Authority, Revenue Bonds (Series 2014A), 7.50% (Sinai Residences of Boca Raton)/(Original Issue Yield: 7.625%), 6/1/2049 | 1,178,010 | |
1,810,000 | 3,4 | Palm Beach County, FL, Tax-Exempt Revenue Bonds (Series 2005A), 6.75% (G-Star School of the Arts for Motion Pictures and Broadcasting Charter School), 5/15/2035 | 1,809,801 |
1,405,000 | Pinellas County, FL Educational Facilities Authority, Revenue Bonds (Series 2011A), 7.125% (Pinellas Preparatory Academy), 9/15/2041 | 1,495,313 | |
145,000 | 1,2 | Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A-1), 7.375%, 5/1/2033 | 1 |
160,000 | Reunion East Community Development District, FL, Special Assessment Refunding Bonds (2015-1), 6.60%, 5/1/2033 | 156,435 | |
1,000,000 | South Lake County, FL Hospital District, Revenue Bonds (Series 2009A), 6.25% (South Lake Hospital, Inc.)/(Original Issue Yield: 6.30%), 4/1/2039 | 1,081,930 | |
10,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 1), 6.55%, 5/1/2027 | 10,029 |
1,260,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2006), 5.40%, 5/1/2037 | 1,226,522 | |
290,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), 6.10% (Step Coupon 11/1/2021@6.61%)/(Original Issue Yield: 6.93%), 5/1/2040 | 177,013 | |
175,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-2), 6.10% (Step Coupon 11/1/2024@6.61%)/(Original Issue Yield: 6.752%), 5/1/2040 | 90,008 | |
190,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.61%, 5/1/2040 | 2 |
155,000 | 1,2 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.55%, 5/1/2027 | 2 |
55,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-2), 0.00% (Step Coupon 5/1/2017@6.61%), 5/1/2039 | 43,691 | |
135,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-3), 0.00% (Step Coupon 5/1/2019@6.61%), 5/1/2040 | 80,054 | |
70,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4), 0.00% (Step Coupon 5/1/2022@6.61%), 5/1/2040 | 30,694 | |
200,000 | Tolomato Community Development District, FL, Special Assessment Revenue Refunding Bonds (Series A-1), 6.55% (Original Issue Yield: 6.60%), 5/1/2027 | 191,882 | |
945,000 | Verandah West, FL Community Development District, Capital Improvement Revenue Refunding Bonds (Series 2013), 5.00% (Original Issue Yield: 5.125%), 5/1/2033 | 947,174 | |
2,000,000 | Willow Walk, FL Community Development District, Special Assessment Bonds (Series 2015), 5.625%, 5/1/2045 | 1,930,940 | |
TOTAL | 36,094,595 | ||
Georgia—1.6% | |||
4,000,000 | Atlanta, GA Water & Wastewater, Revenue Bonds (Series 2009A), 6.25% (United States Treasury PRF 11/1/2019@100)/(Original Issue Yield: 6.38%), 11/1/2039 | 4,541,080 | |
4,000,000 | Atlanta, GA Water & Wastewater, Revenue Refunding Bonds (Series 2015), 5.00%, 11/1/2040 | 4,394,360 | |
1,000,000 | Medical Center Hospital Authority, GA, Revenue Refunding Bonds (Series 2007), 5.25% (Spring Harbor at Green Island), 7/1/2037 | 992,120 | |
TOTAL | 9,927,560 | ||
Guam—0.7% | |||
645,000 | Guam Government Business Privilege Tax, Business Privilege Tax Bonds (Series 2012B), 5.00%, 1/1/2037 | 668,388 | |
500,000 | Guam Government LO (Section 30), Bonds (Series 2009A), 5.75% (United States Treasury PRF 12/1/2019@100)/(Original Issue Yield: 6.00%), 12/1/2034 | 562,425 | |
1,000,000 | Guam Government LO (Section 30), Revenue Refunding Bonds (Series 2016A), 5.00%, 12/1/2046 | 1,074,940 | |
1,000,000 | Guam International Airport Authority, General Revenue Bonds (Series 2013C), 6.125% (AGM INS)/(Original Issue Yield: 6.23%), 10/1/2043 | 1,122,130 | |
500,000 | Guam Power Authority, Revenue Bonds (Series 2012A), 5.00%, 10/1/2034 | 519,435 | |
TOTAL | 3,947,318 | ||
Hawaii—0.8% | |||
3,660,000 | Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series 2009), 6.50% (Hawaiian Electric Co., Inc.), 7/1/2039 | 3,942,552 | |
1,000,000 | Hawaii State Department of Budget & Finance, Special Purpose Senior Living Revenue Bonds (Series A), 9.00% (15 Craigside)/(Original Issue Yield: 9.15%), 11/15/2044 | 1,169,270 | |
TOTAL | 5,111,822 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Idaho—0.4% | |||
$2,500,000 | Idaho Health Facilities Authority, Revenue Bonds (Series 2013A), 8.125% (Terraces of Boise)/(Original Issue Yield: 8.25%), 10/1/2049 | $2,668,000 | |
Illinois—6.9% | |||
500,000 | Chicago, IL Motor Fuel Tax, Motor Fuel Tax Revenue Refunding Bonds (Series 2013), 5.00% (AGM INS), 1/1/2033 | 532,795 | |
385,000 | Chicago, IL O'Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2016B), 5.00%, 1/1/2041 | 412,828 | |
1,750,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011A), 5.75% (Original Issue Yield: 5.94%), 1/1/2039 | 1,955,135 | |
2,500,000 | Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 2011C), 6.50% (United States Treasury PRF 1/1/2021@100), 1/1/2041 | 2,957,600 | |
1,000,000 | Chicago, IL Sales Tax, Revenue Refunding Bonds (Series 2002), 5.00%, 1/1/2032 | 1,021,970 | |
1,250,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Bonds (Series 2014), 5.00%, 11/1/2044 | 1,317,600 | |
1,500,000 | Chicago, IL, Project & Refunding UT GO Bonds (Series 2005D), 5.50% (Original Issue Yield: 5.81%), 1/1/2040 | 1,456,050 | |
2,000,000 | Chicago, IL, Refunding UT GO Bonds (Series 2015C), 5.00%, 1/1/2038 | 1,866,540 | |
3,000,000 | Chicago, IL, UT GO Bonds (Series 2009C), 5.00% (Original Issue Yield: 5.16%), 1/1/2034 | 2,816,070 | |
415,000 | DuPage County, IL, Special Tax Bonds (Series 2006), 5.625% (Naperville Campus LLC), 3/1/2036 | 402,392 | |
1,500,000 | Illinois Finance Authority, Charter School Refunding & Improvement Revenue Bonds (Series 2011A), 7.125% (Uno Charter School Network, Inc.), 10/1/2041 | 1,637,310 | |
1,250,000 | Illinois Finance Authority, Education Revenue Bonds (Series 2015), 5.00% (Noble Network of Charter Schools), 9/1/2032 | 1,290,438 | |
1,100,000 | Illinois Finance Authority, Educational Facility Revenue, Senior Revenue Bonds (Series 2014A), 6.125% (Rogers Park Montessori School Project), 2/1/2045 | 1,127,093 | |
900,000 | Illinois Finance Authority, MFH Revenue Bonds (Series 2007), 6.10% (Dekalb Supportive Living Facility), 12/1/2041 | 904,959 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2005A), 5.625% (Friendship Village of Schaumburg)/(Original Issue Yield: 5.70%), 2/15/2037 | 980,980 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2010), 7.25% (Friendship Village of Schaumburg)/(Original Issue Yield: 7.375%), 2/15/2045 | 1,045,640 | |
1,000,000 | Illinois Finance Authority, Revenue Bonds (Series 2015A), 5.00% (Rush University Medical Center Obligated Group), 11/15/2038 | 1,082,330 | |
2,250,000 | Illinois State, UT GO Bonds (Series 2006), 5.00%, 1/1/2027 | 2,250,472 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2013A), 5.00%, 4/1/2035 | 1,976,220 | |
1,000,000 | Illinois State, UT GO Bonds (Series February 2014), 5.00% (Original Issue Yield: 5.04%), 2/1/2039 | 977,650 | |
2,025,000 | Illinois State, UT GO Bonds (Series June 2013), 5.50% (Original Issue Yield: 5.65%), 7/1/2038 | 2,082,267 | |
2,000,000 | Illinois State, UT GO Bonds (Series May 2014), 5.00%, 5/1/2039 | 1,955,100 | |
1,410,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.00%, 8/1/2025 | 1,442,134 | |
2,000,000 | Metropolitan Pier & Exposition Authority, IL, McCormick Place Expansion Project Bonds (Series 2015A), 5.50%, 6/15/2053 | 2,142,400 | |
1,000,000 | Quad Cities, IL Regional EDA, MFH Revenue Bonds (Series 2006), 6.00% (Heritage Woods of Moline SLF), 12/1/2041 | 1,002,610 | |
1,600,000 | Railsplitter Tobacco Settlement Authority, IL, Tobacco Settlement Revenue Bonds (Series 2010), 6.00% (Original Issue Yield: 6.10%), 6/1/2028 | 1,819,600 | |
2,000,000 | Southwestern, IL Development Authority, Health Facility Revenue Bonds (Series 2013), 7.625% (Memorial Group, Inc.)/(Original Issue Yield: 7.95%), 11/1/2048 | 2,585,300 | |
1,400,000 | Will-Kankakee, IL Regional Development Authority, MFH Revenue Bonds (Series 2007), 7.00% (Senior Estates Supportive Living), 12/1/2042 | 1,443,274 | |
TOTAL | 42,484,757 | ||
Indiana—2.4% | |||
1,250,000 | Carmel, IN, Revenue Bonds (Series 2012A), 7.125% (Barrington of Carmel)/(Original Issue Yield: 7.20%), 11/15/2042 | 1,356,650 | |
1,000,000 | Carmel, IN, Revenue Bonds (Series 2012A), 7.125% (Barrington of Carmel)/(Original Issue Yield: 7.30%), 11/15/2047 | 1,082,680 | |
2,000,000 | Indiana Municipal Power Agency, Power Supply System Refunding Revenue Bonds (Series 2016C), 5.00%, 1/1/2037 | 2,181,180 | |
4,000,000 | Indiana State Finance Authority, Tax-Exempt Private Activity Bonds (Series 2013), 5.25% (Ohio River Bridges East End Crossing), 1/1/2051 | 4,123,440 | |
1,000,000 | Jasper County, IN, PCR Refunding Bonds (Series 2003), 5.70% (Northern Indiana Public Service Company)/(AMBAC Financial Group, Inc. INS), 7/1/2017 | 1,025,540 | |
2,000,000 | Rockport, IN, Revenue Refunding Bonds (Series 2012-A), 7.00% (AK Steel Corp.), 6/1/2028 | 1,909,920 | |
2,000,000 | Vigo County, IN Hospital Authority, Hospital Revenue Bond (Series 2007), 5.80% (Union Hospital)/(United States Treasury COL)/(Original Issue Yield: 5.82%), 9/1/2047 | 2,071,520 | |
1,000,000 | Whiting, IN Environmental Facilities, Revenue Bonds (Series 2016A), 5.00% TOBs (BP PLC), 3/1/2023 | 1,123,720 | |
TOTAL | 14,874,650 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—1.5% | |||
$3,000,000 | Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2013), 5.25% (Iowa Fertilizer Co.)/(Original Issue Yield: 5.30%), 12/1/2025 | $2,903,070 | |
1,000,000 | Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2013), 5.50% (Iowa Fertilizer Co.), 12/1/2022 | 985,270 | |
994,700 | Iowa Finance Authority, Senior Living Facility Revenue Refunding Bonds (Series 2014A), 2.70% (Deerfield Retirement Community, Inc.), 11/15/2046 | 944,965 | |
186,592 | 1 | Iowa Finance Authority, Senior Living Facility Revenue Refunding Bonds (Series 2014B), 2.00% (Deerfield Retirement Community, Inc.), 5/15/2056 | 1,956 |
3,750,000 | Tobacco Settlement Authority, IA, Tobacco Settlement Asset-Backed Bonds (Series 2005C), 5.50% (Original Issue Yield: 5.78%), 6/1/2042 | 3,472,200 | |
1,060,000 | Xenia Rural Water District, Water Revenue Refunding Capital Loan Notes (Series 2016), 5.00%, 12/1/2041 | 1,118,925 | |
TOTAL | 9,426,386 | ||
Kansas—0.8% | |||
2,000,000 | Kansas State Development Finance Authority, Revenue Bonds, 5.75% (Adventist Health System/Sunbelt Obligated Group)/(Original Issue Yield: 5.95%), 11/15/2038 | 2,202,260 | |
1,000,000 | Manhattan, KS IDRBs, Industrial Revenue Bonds (Series 2007), 5.50% (Farrar Corp. Project)/(Original Issue Yield: 5.55%), 8/1/2021 | 958,050 | |
2,015,000 | Norwich, KS, Industrial Revenue Bonds (Series 2006), 5.90% (Farrar Corp. Project), 8/1/2021 | 1,987,012 | |
10,000 | Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95% (GNMA Home Mortgage Program COL), 6/1/2029 | 10,420 | |
TOTAL | 5,157,742 | ||
Kentucky—0.7% | |||
3,000,000 | Kentucky EDFA , Revenue Bonds (Series 2016A), 5.00% (Miralea), 5/15/2046 | 2,690,070 | |
1,250,000 | Kentucky EDFA, Revenue Bonds (Series 2011A), 7.375% (Miralea)/(United States Treasury PRF 5/15/2021@100)/(Original Issue Yield: 7.40%), 5/15/2046 | 1,531,188 | |
TOTAL | 4,221,258 | ||
Louisiana—2.0% | |||
1,500,000 | Jefferson Parish, LA Hospital Service District No. 1, Hospital Revenue Refunding Bonds (Series 2011A), 6.00% (West Jefferson Medical Center)/(United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.05%), 1/1/2039 | 1,740,660 | |
1,000,000 | Louisiana Public Facilities Authority, Refunding Revenue Bonds (Series 2016), 5.00% (Ochsner Clinic Foundation), 5/15/2047 | 1,055,500 | |
1,000,000 | Louisiana Public Facilities Authority, Revenue Bonds (Series 2011), 6.50% (Ochsner Clinic Foundation)/(United States Treasury PRF 5/15/2021@100)/(Original Issue Yield: 6.65%), 5/15/2037 | 1,198,720 | |
2,000,000 | Louisiana State Citizens Property Insurance Corp., Assessment Revenue Bonds (Series 2006C), 6.125% (United States Treasury PRF 6/1/2018@100)/(Original Issue Yield: 6.33%), 6/1/2025 | 2,145,580 | |
2,000,000 | Louisiana State, UT GO Refunding Bonds (Series 2016-B), 5.00%, 8/1/2028 | 2,284,620 | |
2,000,000 | New Orleans, LA Aviation Board, General Airport Revenue Bonds (Series 2015B), 5.00%, 1/1/2045 | 2,105,860 | |
1,500,000 | Tobacco Settlement Financing Corp., LA, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2013A), 5.25%, 5/15/2035 | 1,612,125 | |
TOTAL | 12,143,065 | ||
Maine—0.4% | |||
1,335,000 | Maine Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2011), 7.50% (Maine General Medical Center), 7/1/2032 | 1,518,162 | |
1,000,000 | Maine Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2016A), 5.00% (Eastern Maine Healthcare Systems Obligated Group), 7/1/2046 | 995,360 | |
TOTAL | 2,513,522 | ||
Maryland—1.5% | |||
500,000 | Baltimore, MD, SO Refunding Bonds (Series 2016), 5.125% (Harbor Point)/(Original Issue Yield: 5.16%), 6/1/2043 | 483,475 | |
2,000,000 | Frederick County, MD, Tax Increment & Special Tax B LO Bonds (Series 2013B), 7.125% (Jefferson Technology Park)/(Original Issue Yield: 7.30%), 7/1/2043 | 2,177,180 | |
1,060,000 | Maryland State EDC, Port Facilities Revenue Refunding Bonds (Series 2010), 5.75% (CONSOL Energy, Inc.), 9/1/2025 | 1,044,948 | |
1,000,000 | Maryland State EDC, Private Activity Revenue Bonds (Series 2016D Green Bonds), 5.00% (Purple Line Transit Partners LLC), 3/31/2051 | 1,051,490 | |
2,385,000 | Maryland State EDC, Revenue Bonds (Series B), 5.75% (Ports America Chesapeake, Inc.)/(Original Issue Yield: 5.875%), 6/1/2035 | 2,568,621 | |
1,000,000 | Prince Georges County, MD Revenue Authority, SO Bonds (Series 2016), 5.00% (Suitland-Naylor Road Project), 7/1/2046 | 959,860 | |
1,000,000 | Westminster, MD, Revenue Bonds (Series 2014A), 6.25% (Lutheran Village at Miller's Grant, Inc.)/(Original Issue Yield: 6.30%), 7/1/2044 | 1,075,450 | |
TOTAL | 9,361,024 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Massachusetts—0.8% | |||
$2,500,000 | Commonwealth of Massachusetts, UT GO Bonds (Consolidated Loan of 2016 Series A), 5.00%, 3/1/2046 | $2,758,450 | |
2,000,000 | Massachusetts Development Finance Agency, Revenue Bonds (Series 2011I), 7.25% (Tufts Medical Center), 1/1/2032 | 2,332,060 | |
TOTAL | 5,090,510 | ||
Michigan—4.8% | |||
1,000,000 | Dearborn, MI EDC, Revenue Refunding Bonds, 7.125% (Henry Ford Village)/(Original Issue Yield: 7.25%), 11/15/2043 | 949,210 | |
1,000,000 | Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00% (Q-SBLF GTD), 5/1/2028 | 1,083,710 | |
1,000,000 | Detroit, MI City School District, School Building & Site Improvement Refunding Bonds (Series 2012A), 5.00% (Q-SBLF GTD), 5/1/2031 | 1,071,400 | |
1,500,000 | Detroit, MI Sewage Disposal System, Revenue Refunding Senior Lien Bonds (Series 2012A), 5.25% (Great Lakes, MI Sewage Disposal System)/(Original Issue Yield: 5.30%), 7/1/2039 | 1,613,175 | |
2,000,000 | Great Lakes, MI Water Authority, Water Supply System Revenue Second Lien Bonds (Series 2016B), 5.00%, 7/1/2046 | 2,108,960 | |
2,500,000 | Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 6.25% (Metropolitan Hospital), 7/1/2040 | 2,478,825 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue Refunding Bonds (Series 2016I), 5.00%, 10/15/2051 | 541,280 | |
2,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2044 | 2,098,980 | |
1,900,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 C-5), 5.00% (Great Lakes, MI Sewage Disposal System)/(National Public Finance Guarantee Corp. INS), 7/1/2020 | 2,084,509 | |
1,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 C-7), 5.00% (Great Lakes, MI Sewage Disposal System)/(National Public Finance Guarantee Corp. INS), 7/1/2032 | 1,089,420 | |
1,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 D-6), 5.00% (Great Lakes, MI Water Supply System)/(National Public Finance Guarantee Corp. INS), 7/1/2036 | 1,076,360 | |
4,000,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2016), 5.00% (Henry Ford Health System, MI), 11/15/2041 | 4,241,440 | |
5,000,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds (Series 2007A), 6.00% (Original Issue Yield: 6.25%), 6/1/2048 | 4,328,600 | |
1,500,000 | Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, Series 2005, 5.625%, 11/1/2035 | 1,015,275 | |
1,000,000 | Romeo, MI Community School District, 2016 School Building & Site UT GO Bonds (Series 1), 5.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2041 | 1,093,410 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2015), 5.00%, 4/1/2040 | 1,130,450 | |
1,000,000 | Warren, MI Consolidated School District, 2016 School Building & Site UT GO Bonds, 5.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2036 | 1,103,410 | |
TOTAL | 29,108,414 | ||
Minnesota—1.9% | |||
750,000 | Baytown Township, MN, Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.00% (St. Croix Preparatory Academy), 8/1/2041 | 603,375 | |
1,100,000 | Baytown Township, MN, Charter School Lease Revenue Refunding Bonds (Series 2016A), 4.25% (St. Croix Preparatory Academy), 8/1/2046 | 899,910 | |
2,000,000 | Duluth, MN EDA, Health Care Facilities Revenue Bonds (Series 2012), 6.00% (St. Luke's Hospital of Duluth Obligated Group), 6/15/2039 | 2,177,320 | |
1,700,000 | Forest Lake, MN, Charter School Lease Revenue Bonds (Series 2014A), 5.75% (Lakes International Language Academy), 8/1/2044 | 1,800,232 | |
2,000,000 | St. Cloud, MN Charter School, Lease Revenue Bonds (Series 2016A), 5.00% (Stride Academy), 4/1/2046 | 1,651,720 | |
2,000,000 | St. Paul and Ramsey County, MN Housing and Redevelopment Authority, Charter School Lease Revenue Bonds (Series 2015A), 5.375% (Twin Cities Academy), 7/1/2050 | 1,982,980 | |
500,000 | St. Paul, MN Housing & Redevelopment Authority, Tax Increment Revenue Refunding Bonds (Series 2012), 5.00% (Upper Landing Project), 9/1/2026 | 514,280 | |
930,000 | St. Paul, MN Housing & Redevelopment Authority, Tax Increment Revenue Refunding Bonds (Series 2012), 5.00% (Upper Landing Project), 3/1/2029 | 949,948 | |
325,000 | Winona, MN Port Authority, Lease Revenue Bonds (Series 2016A), 4.50% (Bluffview Montessori School Project), 6/1/2036 | 282,552 | |
750,000 | Winona, MN Port Authority, Lease Revenue Bonds (Series 2016A), 4.75% (Bluffview Montessori School Project), 6/1/2046 | 642,173 | |
TOTAL | 11,504,490 | ||
Mississippi—0.2% | |||
945,000 | Warren County, MS Gulf Opportunity Zone, Gulf Opportunity Zone Bonds (Series 2011A), 5.375% (International Paper Co.), 12/1/2035 | 1,040,152 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Missouri—0.9% | |||
$1,000,000 | Kirkwood, MO IDA, Retirement Community Revenue Bonds (Series 2010A), 8.25% (Aberdeen Heights Project)/(Original Issue Yield: 8.40%), 5/15/2039 | $1,112,510 | |
3,000,000 | Kirkwood, MO IDA, Retirement Community Revenue Bonds (Series 2010A), 8.25% (Aberdeen Heights Project)/(Original Issue Yield: 8.50%), 5/15/2045 | 3,330,450 | |
1,000,000 | St. Joseph, MO IDA, Healthcare Revenue Bonds, 7.00% (Living Community St. Joseph Project), 8/15/2032 | 1,000,390 | |
TOTAL | 5,443,350 | ||
Nebraska—0.4% | |||
2,500,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), 5.25% (Goldman Sachs Group, Inc. GTD), 9/1/2037 | 2,716,550 | |
Nevada—0.4% | |||
1,500,000 | Las Vegas, NV Redevelopment Agency, Tax Increment Revenue Refunding Bonds (Series 2016), 5.00%, 6/15/2045 | 1,604,475 | |
1,000,000 | Las Vegas, NV, Local Improvement Bonds (Series 2015), 5.00% (Summerlin Village 24 SID No. 812), 12/1/2035 | 985,650 | |
TOTAL | 2,590,125 | ||
New Jersey—2.6% | |||
1,000,000 | Essex County, NJ Improvement Authority, Solid Waste Disposal Revenue Bonds (Series 2015), 5.25% (Covanta Energy Corp.), 7/1/2045 | 983,230 | |
1,000,000 | New Jersey EDA, Energy Facility Revenue Bonds (Series 2012A), 5.125% (UMM Energy Partners LLC)/(Original Issue Yield: 5.19%), 6/15/2043 | 1,022,460 | |
650,000 | New Jersey EDA, Kapkowski Road Landfill Revenue Bonds, 6.50% (New Jersey Metromall Urban Renewal, Inc.)/(Original Issue Yield: 6.55%), 4/1/2018 | 674,648 | |
3,000,000 | New Jersey EDA, School Facilites Construction Revenue Refunding Bonds (Series 2013NN), 5.00% (New Jersey State), 3/1/2030 | 3,049,410 | |
3,255,000 | New Jersey EDA, School Facilities Construction Bonds (Series 2015WW), 5.25% (New Jersey State), 6/15/2040 | 3,286,150 | |
2,500,000 | New Jersey EDA, Special Facility Revenue Bonds (Series 1999), 5.25% (United Airlines, Inc.), 9/15/2029 | 2,645,175 | |
1,125,000 | New Jersey EDA, Special Facility Revenue Bonds (Series 2000B), 5.625% (United Airlines, Inc.), 11/15/2030 | 1,238,355 | |
1,500,000 | New Jersey EDA, Special Facility Revenue Bonds (Series 2003), 5.50% (United Airlines, Inc.), 6/1/2033 | 1,626,150 | |
1,200,000 | New Jersey State Transportation Trust Fund Authority, Transportation System Bonds (Series 2011A), 6.00% (New Jersey State), 6/15/2035 | 1,298,748 | |
TOTAL | 15,824,326 | ||
New Mexico—0.8% | |||
1,925,000 | Dona Ana County, NM, MFH Revenue Bonds (Series 2001A), 7.00% (Montana Meadows Apartments), 12/1/2030 | 1,926,540 | |
1,000,000 | New Mexico State Hospital Equipment Loan Council, Hospital Improvement and Revenue Refunding Bonds (Series 2012A), 5.50% (Gerald Champion Regional Medical Center)/(Original Issue Yield: 5.70%), 7/1/2042 | 1,050,380 | |
2,000,000 | 3,4 | Winrock Town Center, NM Tax Increment Development District 1, Senior Lien Gross Receipts Tax Increment Bonds (Series 2015), 6.00% (Original Issue Yield: 6.12%), 5/1/2040 | 2,041,240 |
TOTAL | 5,018,160 | ||
New York—7.9% | |||
1,495,000 | Brooklyn Arena Local Development Corp., NY, PILOTs Revenue Bonds (Series 2009), 6.375% (United States Treasury PRF 1/15/2020@100)/(Original Issue Yield: 6.476%), 7/15/2043 | 1,709,592 | |
1,000,000 | Brooklyn Arena Local Development Corporation, NY, PILOTs Revenue Refunding Bonds (Series 2016A), 5.00%, 7/15/2042 | 1,058,610 | |
1,000,000 | 3,4 | Build NYC Resource Corporation, Revenue Bonds (Series 2015), 5.50% (Albert Einstein School of Medicine, Inc.), 9/1/2045 | 1,049,470 |
5,000,000 | 5 | Glen Cove, NY Local Economic Assistance Corp., Capital Appreciation Revenue Bonds (Series 2016B) (Garvies Point Public Improvement Project)/(Original Issue Yield 6.00%), 0.00%, 1/1/2045 | 836,350 |
1,550,000 | Glen Cove, NY Local Economic Assistance Corp., Revenue Bonds (Series 2016A), 5.00% (Garvies Point Public Improvement Project)/(Original Issue Yield: 5.08%), 1/1/2056 | 1,430,573 | |
1,285,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 | 1,448,324 | |
2,000,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2014D-1), 5.00% (MTA Transportation Revenue), 11/15/2039 | 2,203,860 | |
5,405,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2015A), 5.00% (MTA Transportation Revenue), 11/15/2045 | 5,854,047 | |
1,500,000 | Nassau County, NY IDA, Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014A), 6.70% (Amsterdam at Harborside), 1/1/2049 | 1,482,330 | |
559,206 | Nassau County, NY IDA, Continuing Care Retirement Community Fixed Rate Revenue Bonds (Series 2014C), 2.00% (Amsterdam at Harborside), 1/1/2049 | 93,555 | |
2,500,000 | New York City, NY TFA, Building Aid Revenue Bonds (Fiscal 2015 Series S-1), 5.00%, 7/15/2043 | 2,748,250 | |
1,400,000 | New York City, NY TFA, Future Tax Secured Subordinate Bonds (Fiscal 2017 Subseries A-1), 4.00%, 5/1/2042 | 1,412,012 | |
5,000,000 | New York City, NY, LT GO Bonds (Series 2017 A-1), 4.00%, 8/1/2039 | 5,031,700 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,000,000 | New York Counties Tobacco Trust VI, Tobacco Settlement Pass-Through Bonds (Series 201A-2B), 5.00%, 6/1/2051 | $1,046,580 | |
2,000,000 | 3,4 | New York Liberty Development Corp., Revenue Bonds (Series 2014 Class 1), 5.00% (3 World Trade Center), 11/15/2044 | 2,026,020 |
1,000,000 | 3,4 | New York Liberty Development Corp., Revenue Bonds (Series 2014 Class 2), 5.375% (3 World Trade Center), 11/15/2040 | 1,032,830 |
3,000,000 | New York Transportation Development Corporation, Special Facilities Bonds (Series 2016A), 5.25% (Laguardia Airport Terminal B Redevelopment ), 1/1/2050 | 3,082,740 | |
2,900,000 | New York Transportation Development Corporation, Special Facility Revenue Refunding Bonds (Series 2016), 5.00% (American Airlines, Inc.), 8/1/2031 | 2,941,122 | |
1,120,000 | Newburgh, NY, UT GO Bonds (Series 2012A), 5.25% (Original Issue Yield: 5.40%), 6/15/2029 | 1,199,710 | |
1,185,000 | Newburgh, NY, UT GO Bonds (Series 2012A), 5.50%, 6/15/2030 | 1,278,651 | |
1,000,000 | Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue Refunding Bonds (Series 2012A), 5.25% (Covanta Energy Corp.), 11/1/2042 | 1,008,390 | |
1,000,000 | Onondaga, NY Civic Development Corp., Tax Exempt Revenue Bonds (Series 2014A), 5.125% (St. Joseph's Hospital Health Center)/(United States Treasury PRF 7/1/2019@100)/(Original Issue Yield: 5.375%), 7/1/2031 | 1,094,010 | |
2,500,000 | Port Authority of New York and New Jersey, Special Project Bonds (Series 8), 6.00% (JFK International Air Terminal LLC)/(Original Issue Yield: 6.15%), 12/1/2042 | 2,822,675 | |
4,700,000 | TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (Series 2006-1), 5.125% (Original Issue Yield: 5.35%), 6/1/2042 | 4,336,596 | |
TOTAL | 48,227,997 | ||
North Carolina—0.6% | |||
2,250,000 | North Carolina Department of Transportation, Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00% (I-77 HOT Lanes), 6/30/2054 | 2,342,610 | |
1,000,000 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds (Series 2011A), 7.75% (Whitestone Project)/(Original Issue Yield: 8.00%), 3/1/2041 | 1,107,500 | |
TOTAL | 3,450,110 | ||
Ohio—3.9% | |||
2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District, Hospital Facilities Revenue Bonds (Series 2012), 5.00% (Akron General Health System)/(United States Treasury PRF 1/1/2022@100), 1/1/2031 | 2,269,060 | |
1,000,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2015A), 5.00% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2039 | 1,074,340 | |
2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series 2007A-2), 5.875% (Original Issue Yield: 5.95%), 6/1/2030 | 1,684,860 | |
3,655,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.50%, 6/1/2047 | 3,283,506 | |
1,500,000 | Hamilton County, OH, Healthcare Revenue Bonds (Series 2011A), 6.625% (Life Enriching Communities)/(United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.75%), 1/1/2046 | 1,779,945 | |
2,000,000 | Muskingum County, OH, Hospital Facilities Revenue Bonds (Series 2013), 5.00% (Genesis Healthcare Corp.)/(Original Issue Yield: 5.08%), 2/15/2044 | 2,062,360 | |
4,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.00%, 11/15/2044 | 4,442,520 | |
2,910,000 | Ohio State Air Quality Development Authority, Revenue Bonds (Series 2009A), 5.70% (FirstEnergy Solutions Corp.), 8/1/2020 | 1,393,162 | |
2,355,000 | Ohio State Higher Educational Facility Commission, Hospital Facilities Revenue Bonds (Series 2010), 5.75% (Summa Health System)/(Original Issue Yield: 5.92%), 11/15/2040 | 2,528,516 | |
1,125,000 | Ohio State Hospital Revenue, Hospital Revenue Bonds (Series 2016A), 5.00% (University Hospitals Health System, Inc.), 1/15/2041 | 1,189,958 | |
1,000,000 | Ohio State Treasurer Private Activity, Revenue Bonds (Series 2015), 5.00% (Portsmouth Gateway Group LLC), 6/30/2053 | 1,038,890 | |
802,477 | 1,3 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 | 8 |
110,159 | 1,3 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2012D), 10.82% (Apex Environmental LLC), 8/1/2034 | 1 |
750,000 | Southeastern Ohio Port Authority, OH, Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00% (Memorial Health System, OH)/(Original Issue Yield: 6.02%), 12/1/2042 | 820,770 | |
TOTAL | 23,567,896 | ||
Oklahoma—1.4% | |||
1,000,000 | Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.00% (Concordia Life Care Community)/(Original Issue Yield: 6.15%), 11/15/2038 | 958,810 | |
920,000 | Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.125% (Concordia Life Care Community), 11/15/2025 | 906,724 | |
2,000,000 | Tulsa, OK Industrial Authority, Senior Living Community Revenue Bonds (Series 2010A), 7.25% (Montereau, Inc.)/(Original Issue Yield: 7.50%), 11/1/2045 | 2,131,960 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Oklahoma—continued | |||
$3,000,000 | Tulsa, OK Municipal Airport Trust, Revenue Refunding Bonds (Series 2000B), 5.50% (American Airlines, Inc.), 6/1/2035 | $3,155,250 | |
1,500,000 | Tulsa, OK Municipal Airport Trust, Revenue Refunding Bonds (Series 2015), 5.00% TOBs (American Airlines, Inc.), Mandatory Tender 6/1/2025 | 1,618,320 | |
TOTAL | 8,771,064 | ||
Oregon—0.3% | |||
1,000,000 | 3,4 | Cow Creek Band of Umpqua Tribe of Indians, Tax-Exempt Tax Revenue Bonds (Series 2006C), 5.625%, 10/1/2026 | 1,001,330 |
250,000 | Yamhill County, OR Hospital Authority, (Friendsview Retirement Community), Revenue Refunding Bonds (Series 2016A), 5.00%, 11/15/2036 | 255,168 | |
550,000 | Yamhill County, OR Hospital Authority, Revenue Refunding Bonds (Series 2016A), 5.00% (Friendsview Retirement Community), 11/15/2051 | 528,077 | |
TOTAL | 1,784,575 | ||
Pennsylvania—4.7% | |||
1,715,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 | 1,961,737 | |
3,715,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2042 | 3,824,927 | |
2,000,000 | Bucks County, PA IDA, (Series 2016A), 5.125% (School Lane Charter School), 3/15/2046 | 2,003,160 | |
500,000 | Butler County, PA Hospital Authority, Hospital Revenue Bonds (Series 2015A), 5.00% (Butler Health System), 7/1/2035 | 533,770 | |
1,500,000 | Chester County, PA IDA, Revenue Bonds (Series 2007A), 6.375% (Avon Grove Charter School)/(Original Issue Yield: 6.45%), 12/15/2037 | 1,540,305 | |
2,000,000 | Chester County, PA IDA, Revenue Bonds (Series 2012A), 5.375% (Collegium Charter School)/(Original Issue Yield: 5.50%), 10/15/2042 | 1,950,760 | |
1,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00% (Original Issue Yield: 5.05%), 12/1/2042 | 1,067,190 | |
3,000,000 | Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25% (Original Issue Yield: 5.35%), 7/15/2031 | 3,069,690 | |
2,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Refunding Bonds (Series 2014), 5.50% (National Gypsum Co.), 11/1/2044 | 2,107,400 | |
1,250,000 | Pennsylvania EDFA, Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00% (Pennsylvania Rapid Bridge Replacement), 12/31/2038 | 1,286,400 | |
1,000,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2010), 6.375% (Global Leadership Academy Charter School), 11/15/2040 | 1,062,610 | |
1,205,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2012), 6.625% (New Foundations Charter School), 12/15/2041 | 1,304,689 | |
895,000 | Philadelphia, PA Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 5.625% (PresbyHomes Germantown/Morrisville), 7/1/2035 | 900,361 | |
1,665,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2012A), 5.625% (Temple University Health System Obligated Group)/(Original Issue Yield: 5.875%), 7/1/2042 | 1,776,089 | |
2,000,000 | Philadelphia, PA, GO Bonds (Series 2011), 6.50%, 8/1/2041 | 2,290,520 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25% (Original Issue Yield: 5.27%), 12/1/2036 | 1,677,375 | |
555,000 | Washington County, PA Redevelopment Authority, Redevelopment Bonds (Series 2006A), 5.45% (Victory Centre Project-Tanger Outlet Development), 7/1/2035 | 554,262 | |
TOTAL | 28,911,245 | ||
Puerto Rico—0.9% | |||
995,000 | Puerto Rico Electric Power Authority, 5.05% (Original Issue Yield: 5.08%), 7/1/2042 | 644,810 | |
195,000 | Puerto Rico Electric Power Authority, 7.00% (Original Issue Yield: 7.07%), 7/1/2040 | 126,791 | |
4,000,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2010XX), 5.25% (Original Issue Yield: 5.40%), 7/1/2040 | 2,592,600 | |
310,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00%, 7/1/2033 | 201,636 | |
2,500,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds (Series 2013A), 7.00% (Original Issue Yield: 7.12%), 7/1/2043 | 1,625,400 | |
TOTAL | 5,191,237 | ||
Rhode Island—0.7% | |||
500,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016), 5.00% (Lifespan Obligated Group), 5/15/2039 | 528,945 | |
1,375,000 | Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Refunding Bonds (Series 2016B), 5.00% (Care New England), 9/1/2036 | 1,385,450 | |
2,730,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.00%, 6/1/2050 | 2,622,902 | |
TOTAL | 4,537,297 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
South Carolina—0.3% | |||
$2,000,000 | South Carolina Jobs-EDA, Refunding & Improvement Revenue Bonds (Series 2009), 5.75% (Palmetto Health Alliance)/(Original Issue Yield: 5.90%), 8/1/2039 | $2,102,680 | |
South Dakota—0.1% | |||
800,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.00%, 6/1/2025 | 877,752 | |
Tennessee—1.2% | |||
1,200,000 | Blount County, TN Health and Educational Facilities Board, Revenue Refunding and Improvement Bonds (Series 2016A), 5.00% (Asbury, Inc.), 1/1/2047 | 1,204,668 | |
1,000,000 | Johnson City, TN Health & Education Facilities Board, Hospital Refunding Bonds (Series 2010A), 5.625% (Mountain States Health Alliance)/(Original Issue Yield: 5.90%), 7/1/2030 | 1,086,460 | |
1,500,000 | Johnson City, TN Health & Education Facilities Board, Hospital Revenue Bonds (Series 2010), 6.50% (Mountain States Health Alliance), 7/1/2038 | 1,659,960 | |
2,725,000 | Tennessee Energy Acquisition Corp., Gas Revenue Bonds (Series 2006A), 5.25% (Goldman Sachs Group, Inc. GTD), 9/1/2023 | 3,077,588 | |
TOTAL | 7,028,676 | ||
Texas—10.5% | |||
1,100,000 | Arlington, TX Higher Education Finance Corp., Revenue Bonds (Series 2016A), 5.00% (Uplift Education), 12/1/2046 | 1,132,296 | |
500,000 | Austin, TX Airport System, Airport System Revenue Bonds (Series 2014), 5.00%, 11/15/2044 | 528,895 | |
1,000,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2006B), 5.75%, 1/1/2024 | 1,001,130 | |
1,000,000 | Austin, TX Convention Center Enterprises, Inc., Convention Center Hotel Second Tier Revenue Refunding Bonds (Series 2006B), 5.75%, 1/1/2034 | 984,040 | |
755,000 | Bexar County, HFDC, Revenue Bonds (Series 2010), 6.20% (Army Retirement Residence Foundation)/(United States Treasury PRF 7/1/2020@100), 7/1/2045 | 872,418 | |
1,000,000 | Board of Managers, Joint Guadalupe County-City of Seguin, TX, Hospital Mortgage Revenue Refunding & Improvement Bonds (Series 2015), 5.00% (Original Issue Yield: 5.08%), 12/1/2045 | 1,000,360 | |
2,000,000 | Cass County, TX IDC, Environmental Improvement Revenue Bonds (Series 2009A), 9.50% (International Paper Co.), 3/1/2033 | 2,308,120 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.00% (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.13%), 1/1/2041 | 1,160,440 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds (Series 2011), 6.25% (United States Treasury PRF 1/1/2021@100)/(Original Issue Yield: 6.30%), 1/1/2046 | 1,170,220 | |
1,000,000 | Central Texas Regional Mobility Authority, Senior Lien Revenue Refunding Bonds (Series 2016), 5.00%, 1/1/2046 | 1,056,780 | |
2,000,000 | Clifton Higher Education Finance Corp., TX, 6.00% (Idea Public Schools), 8/15/2043 | 2,282,400 | |
750,000 | Clifton Higher Education Finance Corp., TX, Education Revenue Bonds (Series 2011), 5.75% (Idea Public Schools)/(Original Issue Yield: 6.00%), 8/15/2041 | 809,445 | |
500,000 | Clifton Higher Education Finance Corp., TX, Education Revenue Bonds (Series 2012), 5.00% (Idea Public Schools), 8/15/2042 | 514,205 | |
1,000,000 | Clifton Higher Education Finance Corp., TX, Revenue Bonds (Series 2014), 5.00% (Idea Public Schools)/(PSFG GTD), 8/15/2039 | 1,107,650 | |
2,000,000 | Clifton Higher Education Finance Corp., TX, Revenue Bonds (Series 2015A), 5.00% (Uplift Education), 12/1/2050 | 2,037,440 | |
1,500,000 | Decatur, TX Hospital Authority, Hospital Revenue Bonds (Series 2014A), 5.25% (Wise Regional Health System)/(Original Issue Yield: 5.30%), 9/1/2044 | 1,556,925 | |
515,000 | Decatur, TX Hospital Authority, Revenue Bonds, 6.375% (Wise Regional Health System), 9/1/2042 | 576,053 | |
2,775,000 | Grand Parkway Transportation Corp., TX, Subordinate Tier Toll Revenue Bonds (Series 2013B TELA Supported), 5.25%, 10/1/2051 | 3,141,716 | |
1,500,000 | Houston, TX Airport System, Special Facilities Revenue & Refunding Bonds (Series 2011), 6.625% (United Airlines, Inc.)/(Original Issue Yield: 6.875%), 7/15/2038 | 1,677,765 | |
2,000,000 | Houston, TX Airport System, Special Facilities Revenue Bonds (Series 2015B-1), 5.00% (United Airlines, Inc.), 7/15/2035 | 2,092,720 | |
500,000 | Houston, TX Airport System, Special Facilities Revenue Refunding Bonds (Series 2014), 4.75% (United Airlines, Inc.)/(Original Issue Yield: 4.90%), 7/1/2024 | 535,770 | |
1,000,000 | Houston, TX Airport System, Special Facilities Revenue Refunding Bonds (Series 2014), 5.00% (United Airlines, Inc.)/(Original Issue Yield: 5.15%), 7/1/2029 | 1,055,670 | |
1,000,000 | Houston, TX Airport System, Subordinate Lien Revenue Refunding Bonds (Series 2012A), 5.00%, 7/1/2032 | 1,061,920 | |
2,000,000 | Houston, TX Combined Utility System, First Lien Revenue & Refunding Bonds (Series 2016B), 5.00%, 11/15/2036 | 2,253,960 | |
535,000 | Houston, TX Higher Education Finance Corp., Education Revenue Bonds (Series 2011A), 6.875% (Cosmos Foundation, Inc.)/(United States Treasury PRF 5/15/2021@100), 5/15/2041 | 649,864 | |
2,000,000 | Lavernia, TX Higher Education Finance Corp., Education Revenue Bonds (Series 2015A), 5.50% (Meridian World School), 8/15/2045 | 2,036,260 | |
2,000,000 | Lufkin, TX HFDC, Revenue Refunding and Improvement Bonds (Series 2009), 6.25% (Memorial Health System of East Texas)/(United States Treasury PRF 2/15/2019@100)/(Original Issue Yield: 6.50%), 2/15/2037 | 2,209,360 | |
1,000,000 | Matagorda County, TX Navigation District No. 1, PCR Refunding Bonds (Series 2001A), 6.30% (AEP Texas Central Co.), 11/1/2029 | 1,094,440 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$1,000,000 | New Hope Cultural Education Facilities Finance Corporation, Retirement Facilities Revenue Bonds (Series 2016A), 5.50% (MRC Langford)/(Original Issue Yield: 5.53%), 11/15/2052 | $891,790 | |
700,000 | New Hope Cultural Education Facilities Finance Corporation, Retirement Facility Revenue Bonds (Series 2016), 5.00% (MRC Crestview), 11/15/2046 | 663,607 | |
1,500,000 | North Texas Tollway Authority, Special Projects System Revenue Bonds (Series 2011), 6.00% (North Texas Toll Authority Special Projects System), 9/1/2041 | 1,742,835 | |
1,500,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.00%, 1/1/2026 | 1,717,995 | |
600,000 | North Texas Tollway Authority, System First Tier Revenue Refunding Bonds (Series 2016A), 5.00%, 1/1/2039 | 661,164 | |
2,000,000 | North Texas Tollway Authority, System Second Tier Revenue Refunding Bonds (Series 2014B), 5.00%, 1/1/2031 | 2,235,980 | |
2,000,000 | Red River, TX HFDC, Retirement Facility Revenue Bonds (Series 2014A), 8.00% (MRC The Crossings), 11/15/2049 | 2,279,420 | |
1,000,000 | San Juan Higher Education Finance Authority, TX, Education Revenue Bonds (Series 2010A), 6.70% (Idea Public Schools)/(United States Treasury PRF 8/15/2020@100), 8/15/2040 | 1,171,550 | |
1,000,000 | Tarrant County, TX Cultural Education Facilities Finance Corp., Hospital Revenue Bonds (Series 2016A), 5.00% (Baylor Scott & White Health Care System), 11/15/2045 | 1,093,750 | |
1,500,000 | Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facility Revenue Bonds (Series 2015A Fixed Rate Bonds), 5.50% (Buckingham Senior Living Community), 11/15/2045 | 1,567,905 | |
2,000,000 | Texas Private Activity Bonds Surface Transportation Corporation, Senior Lien Revenue Bonds (Series 2016), 5.00% (Blueridge Transportation Group, LLC SH 288 Toll Lanes), 12/31/2055 | 2,032,480 | |
2,000,000 | Texas State Public Finance Authority Charter School Finance Corp., Education Revenue Bonds (Series 2010A), 6.20% (Cosmos Foundation, Inc.)/(United States Treasury PRF 2/15/2020@100), 2/15/2040 | 2,281,160 | |
2,000,000 | Texas State Transportation Commission, Highway Improvement UT GO Bonds (Series 2016), 5.00% (Texas State), 4/1/2046 | 2,228,640 | |
2,680,000 | Texas State Transportation Commission, Second Tier Revenue Refunding Bonds (Series 2015-C), 5.00% (Central Texas Turnpike System), 8/15/2042 | 2,885,583 | |
2,500,000 | Travis County, TX HFDC, First Mortgage Revenue Refunding Bonds (Series 2012A), 7.125% (Longhorn Village)/(Original Issue Yield: 7.40%), 1/1/2046 | 2,735,000 | |
TOTAL | 64,097,121 | ||
Utah—0.2% | |||
1,315,000 | 3,4 | Utah State Charter School Finance Authority, Charter School Revenue Bonds (Series 2007A), 6.00% (Channing Hall), 7/15/2037 | 1,332,121 |
Virginia—1.6% | |||
1,800,000 | Chesapeake Bay Bridge & Tunnel District, VA, First Tier General Resolution Revenue Bonds (Series 2016), 5.00%, 7/1/2051 | 1,914,048 | |
1,500,000 | Chesterfield County, VA EDA, PCR Refunding Bonds (Series 2009A), 5.00% (Virginia Electric & Power Co.), 5/1/2023 | 1,619,550 | |
1,500,000 | 3,4 | Embrey Mill CDA, VA, Special Assessment Revenue Bonds (Series 2015), 5.60%, 3/1/2045 | 1,435,350 |
1,380,000 | Mosaic District CDA, VA, Revenue Bonds (Series 2011A), 6.875% (Original Issue Yield: 6.93%), 3/1/2036 | 1,526,252 | |
4,250,000 | Tobacco Settlement Financing Corp., VA, Tobacco Settlement Asset-Backed Bonds (Series 2007B-1), 5.00% (Original Issue Yield: 5.12%), 6/1/2047 | 3,431,875 | |
TOTAL | 9,927,075 | ||
Washington—1.4% | |||
1,000,000 | Port of Seattle, WA IDC, Special Facilities Revenue Refunding Bonds (Series 2012), 5.00% (Delta Air Lines, Inc.)/(Original Issue Yield: 5.31%), 4/1/2030 | 1,033,640 | |
925,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.25%, 6/1/2031 | 992,756 | |
1,500,000 | 3,4 | Washington State Health Care Facilities Authority, Revenue Bonds (Series 2007A), 6.25% (Virginia Mason Medical Center)/(Original Issue Yield: 6.375%), 8/15/2042 | 1,540,140 |
2,500,000 | 3,4 | Washington State Housing Finance Commission, Nonprofit Housing Revenue & Revenue Refunding Bonds (Series 2014A), 7.50% (Rockwood Retirement Communities), 1/1/2049 | 2,842,325 |
1,000,000 | 3,4 | Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds (Series 2015A), 7.00% (Heron's Key Senior Living), 7/1/2045 | 1,020,250 |
1,000,000 | 3,4 | Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds (Series 2015A), 7.00% (Heron's Key Senior Living)/(Original Issue Yield: 7.05%), 7/1/2050 | 1,013,740 |
TOTAL | 8,442,851 | ||
Wisconsin—1.6% | |||
1,000,000 | Public Finance Authority, WI, Exempt Facilities Refunding Revenue Bonds (Series 2016), 4.00% (National Gypsum Co.), 8/1/2035 | 926,970 | |
5,335,000 | Wisconsin State General Fund Appropriation, Revenue Bonds (Series 2009A), 5.75% (Wisconsin State)/(Original Issue Yield: 5.95%), 5/1/2033 | 5,774,444 | |
800,000 | Wisconsin State HEFA, Revenue Refunding Bonds (Series 2015), 5.00% (ProHealth Care, Inc.), 8/15/2039 | 862,472 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Wisconsin—continued | |||
$2,000,000 | 3,4 | Wisconsin State Public Finance Authority, Revenue Refunding Bonds (Series 2016C), 4.30% (Celanese US Holdings LLC), 11/1/2030 | $1,945,780 |
TOTAL | 9,509,666 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $594,016,187) | 603,963,405 | ||
CORPORATE BONDS—0.1% | |||
Multi State—0.1% | |||
4,000,000 | 1,3 | Non-Profit Preferred Funding Trust I, Partnership, 9/15/2037 (IDENTIFIED COST $3,989,000) | 349,760 |
TOTAL (IDENTIFIED COST $3,989,000) | 349,760 | ||
SHORT-TERM MUNICIPALS—0.6%6 | |||
Florida—0.1% | |||
900,000 | Martin County, FL PCRBs, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.60%, 12/1/2016 | 900,000 | |
Pennsylvania—0.1% | |||
700,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-A) Daily VRDNs (Children's Hospital of Philadelphia)/(Wells Fargo Bank, N.A. LIQ), 0.53%, 12/1/2016 | 700,000 | |
Texas—0.4% | |||
1,400,000 | Harris County, TX Education Facilities Finance Corp., (Series 2008C-2) Daily VRDNs (Methodist Hospital, Harris County, TX), 0.55%, 12/1/2016 | 1,400,000 | |
800,000 | Port Arthur Navigation District, TX IDC, (Series 2006) Daily VRDNs (Air Products LP) , (Air Products & Chemicals, Inc. GTD), 0.58%, 12/1/2016 | 800,000 | |
TOTAL | 2,200,000 | ||
TOTAL SHORT-TERM MUNICIPALS—0.6% (IDENTIFIED COST $3,800,000) | 3,800,000 | ||
TOTAL INVESTMENTS—99.4% (IDENTIFIED COST $601,805,187)7 | 608,113,165 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%8 | 3,717,128 | ||
TOTAL NET ASSETS—100% | $611,830,293 |
1 | Non-income-producing security. |
2 | Security in default. |
3 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2016, these restricted securities amounted to $39,470,904, which represented 6.5% of total net assets. Additional information on restricted securities, excluding securities purchases under Rule 144A that have been deemed liquid by the Fund's Board of Trustees (the “Trustees”), if applicable, held at November 30, 2016 is as follows: |
Security | Acquisition Date | Cost | Market Value |
Non-Profit Preferred Funding Trust I, Partnership, 9/15/2037 | 10/26/2006 - 2/16/2007 | $3,989,000 | $297,760 |
Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 8/1/2034 | 12/23/2004 | $797,831 | $8 |
Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2012D), 8/1/2034 | 8/1/2014 - 8/1/2015 | $110,159 | $1 |
4 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At November 30, 2016, these liquid restricted securities amounted to $39,121,135, which represented 6.4% of total net assets. |
5 | Zero coupon bond. |
6 | Current rate and next reset date shown for Variable Rate Demand Notes. |
7 | At November 30, 2016, the cost of investments for federal tax purposes was $601,290,094. The net unrealized appreciation of investments for federal tax purposes was $6,823,071. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $29,015,529 and net unrealized depreciation from investments for those securities having an excess of cost over value of $22,192,458. |
8 | Assets, other than investments in securities, less liabilities. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. | ■ |
Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. | ■ |
Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. | ■ |
For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. | ■ |
AGM | —Assured Guaranty Municipal Corp. |
AMBAC | —American Municipal Bond Assurance Corporation |
CDA | —Community Development Authority |
COL | —Collateralized |
COPs | —Certificates of Participation |
EDA | —Economic Development Authority |
EDC | —Economic Development Corporation |
EDFA | —Economic Development Finance Authority |
GNMA | —Government National Mortgage Association |
GO | —General Obligation |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDC | —Industrial Development Corporation |
IDRBs | —Industrial Development Revenue Bonds |
INS | —Insured |
LIQ | —Liquidity Agreement |
LO | —Limited Obligation |
LT | —Limited Tax |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
PCR | —Pollution Control Revenue |
PCRBs | —Pollution Control Revenue Bonds |
PILOTs | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
PSFG | —Public School Fund Guarantee |
Q-SBLF | —Qualified School Bond Loan Fund |
SFM | —Single Family Mortgage |
SID | —Special Improvement District |
SO | —Special Obligation |
TELA | —Toll Equity Loan Agreement |
TFA | —Transitional Finance Authority |
TOBs | —Tender Option Bonds |
USDT | —Unified School District |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Principal Amount | Value | ||
MUNICIPAL BONDS—96.2% | |||
Michigan—96.2% | |||
$850,000 | Ann Arbor, MI Public School District, School Building & Site UT GO Bonds (Series 2015), 5.00%, 5/1/2025 | $988,720 | |
955,000 | Ann Arbor, MI, Court and Police Facilities LT GO Capital Improvement Bonds, 4.75%, 5/1/2025 | 995,941 | |
500,000 | Bay City, MI School District, Refunding UT GO Bonds (Series 2014), 5.00% (Q-SBLF GTD), 11/1/2023 | 574,905 | |
1,000,000 | Berkley, MI School District, School Building & Site UT GO Bonds (Series 2015), 5.00% (Q-SBLF GTD), 5/1/2030 | 1,117,040 | |
410,000 | Birmingham, MI Public Schools, School Building & Site UT GO Bonds (Series 2015), 5.00%, 5/1/2027 | 476,789 | |
1,690,000 | Bishop, MI International Airport Authority, Refunding LT GO (Series 2010A), 4.50% (AGM INS), 12/1/2023 | 1,828,022 | |
710,000 | Caledonia, MI Community Schools, School Building & Site UT GO Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2023 | 810,898 | |
750,000 | Canton Charter Township, MI, 2016 LT GO Capital Improvement & Refunding Bonds, 5.00%, 4/1/2026 | 857,985 | |
1,000,000 | Central Michigan University Board of Trustees, General Revenue Refunding Bonds (Series 2009), 5.00%, 10/1/2023 | 1,077,910 | |
1,000,000 | Chippewa Valley, MI Schools, Refunding UT GO Bonds (Series 2013), 5.00% (Q-SBLF GTD), 5/1/2024 | 1,133,880 | |
2,000,000 | Dearborn, MI School District, UT GO School Building & Site Bonds (Series 2014A), 5.00% (Q-SBLF GTD), 5/1/2025 | 2,270,100 | |
1,000,000 | Detroit/Wayne County, MI Stadium Authority, Building Authority Stadium LT GO Refunding Bonds (Series 2012), 5.00% (Wayne County, MI)/(AGM INS), 10/1/2021 | 1,086,550 | |
1,000,000 | Eastern Michigan University Board of Regents, General Revenue Bonds (Series 2009C), 5.00% (Assured Guaranty Corp. INS), 2/15/2023 | 1,056,560 | |
1,000,000 | Ferris State University, MI, General Revenue Bonds (Series 2009), 5.00% (United States Treasury PRF 10/1/2018@100), 10/1/2020 | 1,068,690 | |
1,000,000 | Genesee, MI Water Supply System, Revenue Refunding Bonds (Series 2014), 5.00% (Build America Mutual Assurance INS), 11/1/2025 | 1,133,420 | |
620,000 | Grand Rapids, MI Public Schools, School Building & Site & Refunding UT GO Bonds (Series 2016), 5.00% (AGM INS), 5/1/2027 | 720,353 | |
500,000 | Grand Rapids, MI Sanitary Sewer System Revenue Improvement and Refunding Bonds (Series 2014), 5.00%, 1/1/2022 | 569,075 | |
1,000,000 | Grand Rapids, MI Sanitary Sewer System, Revenue Refunding Bonds (Series 2013), 5.00%, 1/1/2024 | 1,147,000 | |
300,000 | Grand Rapids, MI, LT GO Refunding Bonds (Series 2016), 5.00%, 10/1/2025 | 351,336 | |
705,000 | Grand Valley State University Board of Trustees, MI, General Revenue Bonds (Series 2015A), 5.00%, 12/1/2026 | 800,915 | |
1,500,000 | Holland, MI Electric Utility System, Revenue Bonds (Series 2014A), 4.00%, 7/1/2022 | 1,621,590 | |
2,000,000 | Holland, MI School District, UT GO Bonds, 5.00% (AGM INS), 5/1/2025 | 2,275,720 | |
1,030,000 | Holly Area School District, MI, UT GO Refunding Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2024 | 1,187,312 | |
2,000,000 | Jackson County, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2006C), 5.00% (Allegiance Health)/(United States Treasury PRF 6/1/2020@100), 6/1/2026 | 2,223,260 | |
2,130,000 | Kalamazoo, MI Hospital Finance Authority, Hospital Revenue Bonds (Series 2006), 5.00% (Bronson Methodist Hospital)/ (AGM INS), 5/15/2019 | 2,295,352 | |
2,000,000 | Kalamazoo, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2016), 5.00% (Bronson Methodist Hospital), 5/15/2029 | 2,193,360 | |
1,000,000 | Kalamazoo, MI Regional Educational Services Agency, UT GO School Building and Site Bonds, 5.00%, 5/1/2019 | 1,047,660 | |
1,750,000 | Kent County, MI, LT GO Bonds (Series 2009), 5.00%, 1/1/2025 | 1,863,015 | |
335,000 | Kent County, MI, LT GO Capital Improvement Bonds (Series 2016), 5.00%, 6/1/2027 | 393,169 | |
1,500,000 | Kent Hospital Finance Authority, MI, Revenue Refunding Bonds (Series 2011A), 5.00% (Spectrum Health), 11/15/2022 | 1,697,865 | |
1,010,000 | Lake Superior State University, MI, General Revenue Refunding Bonds (Series 2012), 4.00% (AGM INS), 11/15/2020 | 1,068,711 | |
1,000,000 | Lakeview, MI Public School District, UT GO Bonds (Series 2016), 5.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2026 | 1,161,570 | |
1,900,000 | Lansing, MI Board of Water & Light, Utility System Revenue Bonds (Series 2011A), 5.00%, 7/1/2024 | 2,137,481 | |
1,550,000 | Marquette, MI Board of Light and Power, Electric Utility System Revenue & Refunding Bonds (Series 2016A), 5.00%, 7/1/2027 | 1,790,514 | |
1,525,000 | Michigan Municipal Bond Authority, Revenue Bonds, 5.00% (Clean Water Revolving Fund), 10/1/2017 | 1,576,881 | |
1,000,000 | Michigan Public Power Agency, Combustion Turbine No. 1 Project Revenue Refunding Bonds (Series 2011A), 5.00% (AGM INS), 1/1/2022 | 1,092,450 | |
500,000 | Michigan State Building Authority, Facilities Program Revenue & Refunding Bonds (Series 2013I-A), 5.00%, 10/15/2022 | 572,520 | |
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Bonds (Series 2009II), 5.00% (Assured Guaranty Corp. INS), 10/15/2022 | 1,088,850 | |
1,000,000 | Michigan State Building Authority, Facilities Program Revenue Refunding Bonds (Series 2016I), 5.00%, 4/15/2026 | 1,160,960 | |
1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2009I), 5.25% (Assured Guaranty Corp. INS), 10/15/2024 | 1,094,640 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$1,000,000 | Michigan State Building Authority, Revenue Refunding Bonds (Series 2015I), 5.00%, 4/15/2027 | $1,144,970 | |
2,000,000 | Michigan State Comprehensive Transportation Fund, Refunding Bonds (Series 2009), 5.25%, 5/15/2019 | 2,162,200 | |
1,000,000 | Michigan State Comprehensive Transportation Fund, Revenue Refunding Bonds (Series 2015), 5.00%, 11/15/2026 | 1,159,160 | |
1,500,000 | Michigan State Department of Transportation, Grant Anticipation Refunding Bonds (Series 2016), 5.00%, 3/15/2026 | 1,735,305 | |
1,200,000 | Michigan State Finance Authority Revenue, Hospital Revenue & Refunding Bonds (Series 2015), 5.00% (Sparrow Obligated Group, MI), 11/15/2022 | 1,383,144 | |
1,000,000 | Michigan State Finance Authority Revenue, Hospital Revenue & Refunding Bonds (Series 2015MI), 5.50% (Trinity Healthcare Credit Group), 12/1/2026 | 1,193,570 | |
250,000 | Michigan State Finance Authority Revenue, Hospital Revenue Refunding Bonds (Series 2014), 5.00% (MidMichigan Obligated Group), 6/1/2026 | 283,955 | |
1,500,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014B), 5.00% (Public Lighting Authority), 7/1/2022 | 1,666,260 | |
1,000,000 | Michigan State Finance Authority Revenue, Local Government Loan Program Revenue Bonds (Series 2014H-1), 5.00% (Detroit, MI Regional Convention Facility Authority), 10/1/2020 | 1,078,400 | |
1,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 C-5), 5.00% (Great Lakes, MI Sewage Disposal System)/(National Public Finance Guarantee Corporation INS), 7/1/2019 | 1,077,850 | |
2,500,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 D-2), 5.00% (Great Lakes, MI Water Authority)/(Assured Guaranty Municipal Corp. INS), 7/1/2024 | 2,869,850 | |
2,000,000 | Michigan State Finance Authority Revenue, Senior Lien Revenue Bonds (Series 2014 D-2), 5.00% (Great Lakes, MI Water Authority)/(Assured Guaranty Municipal Corp. INS), 7/1/2025 | 2,277,580 | |
1,500,000 | Michigan State Finance Authority, Revenue Bonds (Series 2012B), 5.00% (Michigan Finance Authority Unemployment Obligation Assessment), 1/1/2021 | 1,627,080 | |
1,000,000 | Michigan State Finance Authority, State Revolving Fund Revenue Bonds (Series 2012), 5.00% (Clean Water Revolving Fund), 10/1/2025 | 1,141,210 | |
1,000,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, 5.00% (McLaren Health Care Corp.), 5/15/2023 | 1,146,040 | |
500,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2016), 5.00% (Henry Ford Health System, MI), 11/15/2028 | 558,975 | |
2,000,000 | Michigan State Hospital Finance Authority, Revenue Bonds (Series 2010B), 5.00% (Ascension Health Alliance Senior Credit Group), 11/15/2024 | 2,167,000 | |
500,000 | Michigan State Trunk Line, Fund Bonds (Series 2011), 5.00%, 11/15/2022 | 569,835 | |
500,000 | Michigan State Trunk Line, Fund Bonds (Series 2011), 5.00%, 11/15/2023 | 562,515 | |
1,000,000 | Michigan State Trunk Line, Refunding Bonds (Series 2014), 5.00%, 11/15/2018 | 1,072,570 | |
2,600,000 | Michigan State Trunk Line, Revenue Refunding Bonds (Series 2009), 5.00%, 11/1/2020 | 2,852,148 | |
1,000,000 | Michigan State University Board of Trustees, General Revenue Bonds (Series 2015A), 5.00% (Michigan State University), 8/15/2028 | 1,153,600 | |
1,000,000 | Michigan State, UT GO Environmental Program Bonds (Series 2016A), 5.00%, 12/1/2023 | 1,172,000 | |
1,000,000 | Michigan State, UT GO Environmental Program Refunding Bonds (Series 2016B), 5.00%, 11/1/2024 | 1,179,490 | |
1,000,000 | Michigan Strategic Fund, LO Revenue Refunding Bonds, 7.00% (Detroit Edison Co.)/(AMBAC Financial Group, Inc. INS), 5/1/2021 | 1,191,930 | |
1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2011), 5.25% (Michigan State), 10/15/2022 | 1,149,140 | |
1,000,000 | Michigan Strategic Fund, LT Obligation Revenue Bonds (Series 2015), 5.00% (Michigan State), 3/1/2023 | 1,133,250 | |
1,000,000 | Michigan Technological University Board of Control, General Revenue & Revenue Refunding Bonds (Series 2008), 5.25% (United States Treasury COL)/(Assured Guaranty Corp. INS), 10/1/2018 | 1,073,790 | |
500,000 | Northview, MI Public School District, Refunding UT GO Bonds, 5.00% (Q-SBLF GTD)/(AGM INS), 5/1/2019 | 524,120 | |
1,000,000 | Oakland County, MI EDC, Revenue Refunding Bonds, 4.00% (Cranbrook Educational Community), 11/1/2021 | 1,012,070 | |
1,855,000 | Orchard View, MI Schools, UT GO Bonds, 4.00% (Q-SBLF GTD)/(AGM INS), 5/1/2022 | 1,970,474 | |
1,000,000 | Portage, MI Public Schools, UT GO School Building & Site & Refunding Bonds (Series 2016), 5.00%, 11/1/2027 | 1,150,760 | |
1,425,000 | Rockford, MI Public Schools, School Building & Site UT GO Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2025 | 1,615,679 | |
1,000,000 | Roseville, MI Community Schools, UT GO Refunding Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2024 | 1,152,730 | |
2,000,000 | Royal Oak, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2014D), 5.00% (Beaumont Health Credit Group), 9/1/2023 | 2,308,820 | |
1,670,000 | Saginaw County, MI Water Supply System, Revenue Bonds (Series 2011A), 4.75% (AGM INS), 7/1/2025 | 1,795,651 | |
1,085,000 | Southfield, MI Library Building Authority, Refunding LT GO Bonds, 5.00%, 5/1/2026 | 1,227,005 | |
1,000,000 | Thornapple Kellogg, MI School District, Refunding UT GO Bonds (Series 2014), 5.00% (Q-SBLF GTD), 5/1/2025 | 1,148,630 | |
1,000,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2010C), 4.00%, 4/1/2022 | 1,064,300 | |
2,000,000 | 1 | University of Michigan (The Regents of), General Revenue Bonds (Series 2012E), 0.98%, 4/2/2018 | 1,991,380 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$250,000 | University of Michigan (The Regents of), General Revenue Bonds (Series 2014A), 5.00%, 4/1/2024 | $295,090 | |
500,000 | Utica, MI Community Schools, School Building and Site Refunding UT GO Bonds, 5.00% (Q-SBLF GTD)/(National Public Finance Guarantee Corp. INS), 5/1/2017 | 508,430 | |
500,000 | Utica, MI Community Schools, School Building and Site Refunding UT GO Bonds (Series 2015), 5.00% (Q-SBLF GTD), 5/1/2029 | 562,945 | |
1,000,000 | Wayland, MI University School District, UT GO Refunding Bonds (Series 2016A), 5.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2028 | 1,146,830 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2010C), 5.00%, 12/1/2021 | 2,180,160 | |
2,000,000 | Wayne County, MI Airport Authority, Airport Revenue Refunding Bonds (Series 2011A-B), 5.00%, 12/1/2021 | 2,212,000 | |
1,400,000 | Wayne County, MI Airport Authority, Junior Lien Revenue Bonds, 5.00% (National Re Holdings Corp. INS), 12/1/2023 | 1,450,946 | |
1,000,000 | Wayne State University, MI, General Revenue Refunding Bonds (Series 2008), 5.00% (AGM INS), 11/15/2019 | 1,069,370 | |
500,000 | Western Townships MI, Utilities Authority, Sewage Disposal System Refunding LT GO Bonds (Series 2012), 5.00%, 1/1/2023 | 567,135 | |
1,000,000 | Ypsilanti, MI School District, UT GO Bonds, 5.00% (United States Treasury PRF 5/1/2017@100), 5/1/2023 | 1,017,300 | |
1,000,000 | Ypsilanti, MI School District, UT GO Bonds (Series 2016A), 5.00% (Michigan School Bond Qualification and Loan Program GTD), 5/1/2026 | 1,132,620 | |
TOTAL | 116,496,231 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $114,549,523) | 116,496,231 | ||
SHORT-TERM MUNICIPALS—3.3%2 | |||
Michigan—3.3% | |||
700,000 | Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.60%, 12/7/2016 | 700,000 | |
3,300,000 | Michigan Higher Education Facilities Authority, (Series 2006) Weekly VRDNs (Albion College)/(JPMorgan Chase Bank, N.A. LOC), 0.56%, 12/7/2016 | 3,300,000 | |
TOTAL SHORT-TERM MUNICIPALS—3.3% (IDENTIFIED COST $4,000,000) | 4,000,000 | ||
TOTAL MUNICIPAL INVESTMENTS—99.5% (IDENTIFIED COST $118,549,523)3 | 120,496,231 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%4 | 578,529 | ||
TOTAL NET ASSETS—100% | $121,074,760 |
1 | Floating rate note with current rate and current maturity or next reset date shown. |
2 | Current rate and next reset date shown for Variable Rate Demand Notes. |
3 | At November 30, 2016, the cost of investments for federal tax purposes was $118,549,523. The net unrealized appreciation of investments for federal tax purposes was $1,946,708. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $3,269,473 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,322,765. |
4 | Assets, other than investments in securities, less liabilities. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”). |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
AGM | —Assured Guaranty Municipal Corp. |
AMBAC | —American Municipal Bond Assurance Corporation |
COL | —Collateralized |
EDC | —Economic Development Corporation |
GO | —General Obligation |
GTD | —Guaranteed |
INS | —Insured |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
Q-SBLF | —Qualified School Bond Loan Fund |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Principal Amount | Value | ||
MUNICIPAL BONDS—93.5% | |||
Guam—1.1% | |||
$300,000 | Guam Power Authority, Revenue Bonds (Series 2014A), 5.00%, 10/1/2031 | $318,750 | |
New York—92.4% | |||
480,000 | Brooklyn Arena Local Development Corp., NY, PILOT Revenue Bonds (Series 2009), 6.375% (United States Treasury PRF 1/15/2020@100)/(Original Issue Yield: 6.476%), 7/15/2043 | 548,899 | |
200,000 | Build NYC Resource Corp., Revenue Refunding Bonds (Series 2014), 5.00% (New York Methodist Hospital), 7/1/2028 | 222,578 | |
250,000 | Cattaraugus County, NY Capital Resource Corp., Revenue Bonds, 5.00% (St. Bonaventure University), 5/1/2044 | 255,113 | |
200,000 | Chautauqua, NY Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds (Series 2014), 5.00%, 6/1/2034 | 207,856 | |
300,000 | Dutchess County, NY Local Development Corp., Revenue Bonds (Series 2014A), 5.00% (Health Quest Systems, Inc. Obligated Group), 7/1/2034 | 327,864 | |
300,000 | Dutchess County, NY Local Development Corp., Revenue Bonds (Series 2015A), 5.00% (Marist College), 7/1/2040 | 330,543 | |
300,000 | Erie County, NY IDA, School Facility Refunding Revenue Bonds, 5.00% (Buffalo, NY City School District), 5/1/2031 | 343,383 | |
200,000 | Hempstead, NY Local Development Corp., Revenue Refunding Bonds (Series 2014), 5.00% (Adelphi University), 10/1/2034 | 218,248 | |
215,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.75%, 2/15/2047 | 242,327 | |
500,000 | Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2014A), 5.00%, 9/1/2044 | 546,605 | |
300,000 | Madison County, NY Capital Resource Corp., Tax-Exempt Revenue Bonds (Series 2015B), 5.00% (Colgate University), 7/1/2040 | 335,712 | |
300,000 | 1 | Metropolitan Transportation Authority, NY, (MTA Dedicated Tax Fund), Dedicated Tax Fund Refunding Bonds (Series 2008B-3a) (Floating Rate Tender Notes), 0.92%, 11/1/2018 | 300,066 |
500,000 | Metropolitan Transportation Authority, NY, Dedicated Tax Fund Bonds (Series 2009B), 5.00% (MTA Dedicated Tax Fund)/(Original Issue Yield: 5.10%), 11/15/2034 | 542,915 | |
500,000 | Metropolitan Transportation Authority, NY, Revenue Bonds (Series 2012E), 5.00% (MTA Transportation Revenue), 11/15/2025 | 569,535 | |
475,000 | Monroe County, NY IDC, Revenue Bonds (Series 2011A), 5.00% (University of Rochester, NY), 7/1/2041 | 519,047 | |
200,000 | Monroe County, NY IDC, Tax-Exempt Revenue Bonds (Series 2015), 5.00% (Highland Hospital of Rochester), 7/1/2033 | 219,124 | |
100,000 | Nassau County, NY Local Economic Assistance Corp., Revenue Bonds (Series 2014), 5.00% (Catholic Health Services of Long Island Obligated Group), 7/1/2034 | 106,552 | |
200,000 | Nassau County, NY Tobacco Settlement Corp., Tobacco Settlement Asset-Backed Bonds (Series 2006A-3), 5.125% (Original Issue Yield: 5.31%), 6/1/2046 | 180,202 | |
500,000 | New York City Liberty Development Corp., Revenue Bonds (Series 2005), 5.25% (Goldman Sachs Group, Inc.), 10/1/2035 | 583,575 | |
500,000 | New York City Trust For Cultural Resources, Revenue Refunding Bonds (Series 2008A), 5.00% (Museum of Modern Art)/(United States Treasury PRF 10/1/2018@100), 4/1/2028 | 534,630 | |
500,000 | New York City Trust For Cultural Resources, Revenue Refunding Bonds (Series 2008A), 5.00% (Museum of Modern Art)/(United States Treasury PRF 10/1/2018@100), 4/1/2031 | 534,630 | |
300,000 | New York City, NY Municipal Water Finance Authority, Water & Sewer System Second General Resolution Revenue Bonds (Fiscal 2016 Subseries CC-1), 4.00%, 6/15/2038 | 302,718 | |
500,000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Revenue Bonds (Series 2008AA), 5.00% (United States Treasury PRF 6/15/2018@100), 6/15/2022 | 529,400 | |
100,000 | New York City, NY TFA , Future Tax Secured Subordinate Bonds (Fiscal 2017 Subseries A-1), 4.00%, 5/1/2042 | 100,858 | |
455,000 | New York City, NY TFA, Future Tax Secured Subordinate Bonds (Series 2011C), 5.50%, 11/1/2035 | 514,337 | |
200,000 | 1 | New York City, NY, UT GO Bonds (Fiscal 1995 Series F Subseries F-4), 1.25%, 2/15/2020 | 199,680 |
300,000 | New York City, NY, UT GO Bonds (Fiscal 2016 Series E), 5.00%, 8/1/2032 | 340,584 | |
55,000 | New York City, NY, UT GO Bonds (Series 2008 E-1), 6.25% (Original Issue Yield: 6.40%), 10/15/2028 | 59,960 | |
400,000 | New York City, NY, UT GO Bonds (Series 2012B), 5.00%, 8/1/2027 | 453,144 | |
180,000 | New York Convention Center Development Corp., Revenue Refunding Bonds (Hotel Unit Fee Secured) (Series 2015), 5.00%, 11/15/2040 | 197,701 | |
400,000 | New York Liberty Development Corp., Revenue Refunding Bonds (Series 2012 Class 3), 5.00% (7 World Trade Center LLC), 3/15/2044 | 433,760 | |
500,000 | New York State Dormitory Authority, General Purpose Revenue Bonds (Series 2011C), 5.00% (New York State Personal Income Tax Revenue Bond Fund), 3/15/2026 | 556,325 | |
500,000 | New York State Dormitory Authority, Revenue Bonds (Series 1998), 5.50% (Memorial Sloan-Kettering Cancer Center)/(National Public Finance Guarantee Corp. INS), 7/1/2023 | 588,075 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$520,000 | New York State Dormitory Authority, Revenue Bonds (Series 2008C), 5.00% (New York State Personal Income Tax Revenue Bond Fund)/(United States Treasury PRF 3/15/2018@100), 3/15/2026 | $546,135 | |
10,000 | New York State Dormitory Authority, Revenue Bonds (Series 2009C), 5.00% (School District Financing Program)/(Assured Guaranty Corp. INS), 10/1/2023 | 10,822 | |
500,000 | New York State Dormitory Authority, Revenue Bonds (Series 2010A), 5.00% (Cornell University), 7/1/2035 | 549,920 | |
350,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012), 5.00% (Miriam Osborn Memorial Home Association), 7/1/2042 | 360,328 | |
400,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012), 5.00% (Rochester, NY Institute of Technology), 7/1/2038 | 439,128 | |
100,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012A), 5.00% (Catholic Health System Obligated Group), 7/1/2032 | 106,555 | |
250,000 | New York State Dormitory Authority, Revenue Bonds (Series 2012B), 5.00% (St. John's University), 7/1/2030 | 279,970 | |
200,000 | New York State Dormitory Authority, Revenue Bonds (Series 2013A), 5.00% (New York University), 7/1/2037 | 222,224 | |
400,000 | New York State Dormitory Authority, Revenue Bonds (Series 2014), 5.00% (Fordham University), 7/1/2030 | 443,312 | |
200,000 | 2,3 | New York State Dormitory Authority, Revenue Bonds (Series 2015), 5.00% (Orange Regional Medical Center), 12/1/2040 | 210,756 |
300,000 | New York State Dormitory Authority, Revenue Bonds (Series 2015A), 5.00% (Barnard College), 7/1/2035 | 327,993 | |
300,000 | New York State Dormitory Authority, Revenue Bonds (Series 2015A), 5.00% (North Shore-Long Island Jewish Obligated Group), 5/1/2036 | 328,212 | |
300,000 | New York State Dormitory Authority, Revenue Bonds (Series 2015A), 5.00% (The New School), 7/1/2040 | 327,303 | |
300,000 | New York State Dormitory Authority, Revenue Bonds (Series 2015B), 5.00% (State University of New York Educational Facilities), 7/1/2040 | 333,114 | |
300,000 | New York State Environmental Facilities Corp., Clean Water & Drinking Water Revolving Funds Revenue Bonds (Series 2008A), 5.00%, 6/15/2029 | 316,092 | |
500,000 | New York State Local Government Assistance Corp., Senior Lien Revenue Refunding Bonds (Series 2008 A-5/6), 5.00%, 4/1/2020 | 540,255 | |
500,000 | New York State Local Government Assistance Corp., Subordinate Lien Revenue Refunding Bonds (Series 2010A), 5.00%, 4/1/2023 | 552,595 | |
220,000 | New York State Thruway Authority, General Revenue Bonds (Series 2012I), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2028 | 246,110 | |
500,000 | New York State Thruway Authority, General Revenue Bonds (Series 2014J), 5.00% (New York State Thruway Authority - General Revenue), 1/1/2027 | 571,280 | |
200,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations (Series 2016A), 5.25% (New York State Thruway Authority - General Revenue ), 1/1/2056 | 221,596 | |
210,000 | New York State Urban Development Corp., Revenue Refunding Bonds (Series 1995), 5.70% (New York State)/(Original Issue Yield: 5.94%), 4/1/2020 | 226,304 | |
500,000 | New York State, UT GO Bonds (Series 2009A), 5.00% (Original Issue Yield: 5.24%), 2/15/2039 | 533,100 | |
500,000 | New York State, UT GO Bonds (Series 2011A), 5.00%, 2/15/2020 | 553,780 | |
100,000 | New York Transportation Development Corp., Special Facility Revenue Refunding Bonds (Series 2016), 5.00% (American Airlines, Inc.), 8/1/2031 | 101,418 | |
300,000 | New York Transportation Development Corp., Special Facilities Bonds (Series 2016A), 4.00% (Laguardia Airport Terminal B Redevelopment ), 7/1/2046 | 268,197 | |
335,000 | Niagara Area Development Corp., NY, Solid Waste Disposal Facility Revenue Refunding Bonds (Series 2012B), 4.00% (Covanta Energy Corp.), 11/1/2024 | 336,025 | |
500,000 | Niagara Area Development Corp., NY, Tax Exempt Revenue Bonds (Series 2012A), 5.00% (Niagara University), 5/1/2030 | 542,630 | |
200,000 | Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds (Series 2014), 5.25%, 5/15/2040 | 215,848 | |
250,000 | Onondaga, NY Civic Development Corp., Tax Exempt Revenue Bonds (Series 2014A), 5.125% (St. Joseph's Hospital Health Center)/(United States Treasury PRF 7/1/2019@100)/(Original Issue Yield: 5.375%), 7/1/2031 | 273,502 | |
200,000 | Oyster Bay, NY, Public Improvement Refunding Bonds (Series 2014A), 5.00%, 1/15/2019 | 213,430 | |
500,000 | Port Authority of New York and New Jersey, Revenue Bonds (194th Series ), 5.00%, 10/15/2041 | 554,360 | |
350,000 | Suffolk County, NY Water Authority, Revenue Bonds (Series 2015A), 5.00%, 6/1/2037 | 393,526 | |
450,000 | Syracuse, NY IDA, School Facility Revenue Bonds (Series 2008A), 5.00% (Syracuse CSD, NY)/(AGM INS), 5/1/2028 | 469,998 | |
300,000 | Tompkins County, NY Development Corp., Continuing Care Retirement Community Revenue Bonds (Series 2014A), 5.00% (Kendal at Ithaca, Inc.), 7/1/2044 | 312,867 | |
200,000 | Tompkins County, NY Development Corp., Tax-Exempt Revenue Refunding Bonds (Series 2015), 5.00% (Ithaca College), 7/1/2038 | 216,066 | |
500,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2008A), 5.00% (Original Issue Yield: 5.10%), 11/15/2037 | 522,965 | |
290,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2009A-2), 5.00%, 11/15/2023 | 309,952 | |
170,000 | Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2009A-2), 5.00% (United States Treasury PRF 11/15/2018@100), 11/15/2023 | 182,577 | |
300,000 | Troy, NY Capital Resource Corp., Revenue Bonds (Series 2015), 5.00% (Rensselaer Polytechnic Institute), 8/1/2032 | 331,059 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$400,000 | TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (Series 2006-1), 5.125% (Original Issue Yield: 5.35%), 6/1/2042 | $369,072 | |
200,000 | Utility Debt Securitization Authority, NY, Restructuring Bonds (Series 2016A), 5.00% (Long Island Power Authority, NY), 12/15/2034 | 229,574 | |
TOTAL | 26,035,896 | ||
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $25,613,317) | 26,354,646 | ||
SHORT-TERM MUNICIPALS—5.5%4 | |||
New York—5.5% | |||
900,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.58%, 12/1/2016 | 900,000 | |
150,000 | New York City, NY, (Series 2013D-3) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.57%, 12/1/2016 | 150,000 | |
400,000 | New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs (Barclays Bank PLC LIQ), 0.57%, 12/1/2016 | 400,000 | |
100,000 | New York State HFA, (2013 Series A) Daily VRDNs (160 Madison Avenue), (PNC Bank, N.A. LOC), 0.61%, 12/1/2016 | 100,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $1,550,000) | 1,550,000 | ||
TOTAL MUNICIPAL INVESTMENTS—99.0% (IDENTIFIED COST $27,163,317)5 | 27,904,646 | ||
OTHER ASSETS AND LIABILITIES - NET—1.0%6 | 277,487 | ||
TOTAL NET ASSETS—100% | $28,182,133 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
7U.S Treasury Notes 10-Year, Short Futures | 4 | $498,063 | March 2017 | $2,054 |
1 | Floating rate note with current rate and current maturity or next reset date shown. |
2 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2016, these restricted securities amounted to $210,756, which represented 0.7% of total net assets. |
3 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At November 30, 2016, these liquid restricted securities amounted to $210,756, which represented 0.7% of total net assets. |
4 | Current rate and next reset date shown for Variable Rate Demand Notes. |
5 | At November 30, 2016, the cost of investments for federal tax purposes was $27,142,014. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation resulting from futures contracts was $762,632. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,054,682 and net unrealized depreciation from investments for those securities having an excess of cost over value of $292,050. |
6 | Assets, other than investments in securities, less liabilities. |
7 | Non-income producing security. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $26,354,646 | $— | $26,354,646 |
Short-Term Municipals | — | 1,550,000 | — | 1,550,000 |
TOTAL SECURITIES | $— | $27,904,646 | $— | $27,904,646 |
Other Financial Instruments: * | ||||
Assets | $2,054 | $— | $— | $2,054 |
Liabilities | — | — | — | — |
TOTAL OTHER FINANCIAL INSTRUMENTS | $2,054 | $— | $— | $2,054 |
* | Other financial instruments include futures contracts. |
AGM | —Assured Guaranty Municipal Corp. |
CSD | —Central School District |
GO | —General Obligation |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
IDC | —Industrial Development Corporation |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
TFA | —Transitional Finance Authority |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Principal Amount | Value | ||
MUNICIPAL BONDS—97.1% | |||
Guam—1.0% | |||
$1,000,000 | Guam Government Business Privilege Tax, Business Privilege Tax Bonds (Series 2012B), 5.00%, 1/1/2037 | $1,036,260 | |
560,000 | Guam Government LO (Section 30), Bonds (Series 2009A), 5.625% (United States Treasury PRF 12/1/2019@100)/(Original Issue Yield: 5.875%), 12/1/2029 | 627,866 | |
TOTAL | 1,664,126 | ||
Ohio—96.0% | |||
2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District, Hospital Facilities Revenue Bonds (Series 2012), 5.00% (Akron General Health System)/(United States Treasury PRF 1/1/2022@100), 1/1/2031 | 2,269,060 | |
2,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District, Hospital Improvement & Refunding Revenue Bonds (Series 2012), 5.00% (Children's Hospital Medical Center, Akron), 11/15/2032 | 2,157,140 | |
1,000,000 | Akron, OH, Income Tax Revenue Refunding Bonds (Series 2012A), 5.00% (Akron, OH Community Learning Centers), 12/1/2031 | 1,115,800 | |
2,000,000 | Akron, OH, Income Tax Revenue Refunding Bonds (Series 2012A), 5.00% (Akron, OH Community Learning Centers), 12/1/2033 | 2,220,800 | |
500,000 | Akron, OH, Revenue Refunding Bonds (Series A), 5.00% (Akron, OH Community Learning Centers), 12/1/2023 | 569,285 | |
2,000,000 | Allen County, OH, Hospital Facilities Revenue Bonds (Series 2010B), 5.25% (Mercy Health), 9/1/2027 | 2,205,840 | |
1,000,000 | Allen County, OH, Hospital Facilities Revenue Refunding Bonds, 5.00% (Mercy Health), 11/1/2043 | 1,072,180 | |
115,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2008A), 5.25% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2028 | 119,669 | |
1,885,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2008A), 5.25% (American Municipal Power, Prairie State Energy Campus Project)/(United States Treasury PRF 2/15/2018@100), 2/15/2028 | 1,979,193 | |
2,250,000 | American Municipal Power-Ohio, Inc., Revenue Bonds (Series 2015A), 5.00% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2029 | 2,492,550 | |
1,000,000 | American Municipal Power-Ohio, Inc., Revenue Refunding Bonds (Series 2015A), 5.00% (American Municipal Power, Prairie State Energy Campus Project), 2/15/2042 | 1,072,380 | |
2,000,000 | Bowling Green State University, OH, General Receipts Bonds (Series 2016A), 5.00%, 6/1/2044 | 2,170,420 | |
2,000,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Bonds (Series A-2), 6.50%, 6/1/2047 | 1,796,720 | |
2,000,000 | Butler County, OH Hospital Facilities Authority, Revenue Bonds (Series 2016), 5.00% (UC Health ), 11/15/2045 | 2,137,480 | |
1,000,000 | Centerville, OH, Health Care Fixed Rate Revenue Bonds (Series 2007A), 6.00% (Bethany Lutheran Village), 11/1/2038 | 1,005,690 | |
1,000,000 | Cincinnati City School District, OH, UT GO Bonds, 5.00% (National Public Finance Guarantee Corp. INS), 12/1/2017 | 1,038,750 | |
3,000,000 | Cincinnati, OH Water System, Revenue Bonds (Series 2015A), 5.00%, 12/1/2040 | 3,349,860 | |
2,000,000 | Cincinnati, OH, UT Various Purpose GO Improvement & Refunding Bonds (Series 2014A), 5.00%, 12/1/2032 | 2,211,120 | |
2,105,000 | Cleveland Heights & University Heights, OH City School District, School Improvement UT GO Bonds (Series 2014), 5.00%, 12/1/2051 | 2,291,756 | |
1,500,000 | Cleveland State University, OH, General Receipts Bonds (Series 2012), 5.00%, 6/1/2037 | 1,633,515 | |
2,200,000 | Cleveland, OH Airport System, Revenue Bonds, 5.00% (United States Treasury PRF 1/1/2017@100), 1/1/2022 | 2,207,964 | |
1,980,000 | Cleveland, OH Airport System, Revenue Bonds (Series 2006A), 5.25% (Assured Guaranty Corp. INS), 1/1/2018 | 2,059,893 | |
365,000 | Cleveland, OH Airport System, Revenue Bonds (Series 2009C), 5.00% (Assured Guaranty Corp. INS), 1/1/2023 | 386,564 | |
1,000,000 | Cleveland, OH Municipal School District, School Improvement UT GO Bonds (Series 2015A), 5.00% (Ohio School District Credit Enhancement GTD), 12/1/2033 | 1,098,150 | |
1,550,000 | Cleveland, OH Public Power System, Revenue Bonds (Series 2008B-1), 5.00%, 11/15/2038 | 1,615,487 | |
2,685,000 | Cleveland, OH Public Power System, Revenue Refunding Bonds (Series 2010), 5.00%, 11/15/2017 | 2,779,566 | |
1,000,000 | Cleveland, OH Water, Senior Lien Revenue Bonds (Series 2012X), 5.00%, 1/1/2042 | 1,105,590 | |
245,000 | Cleveland, OH Water, Water Revenue Bonds (Series 2007P), 5.00%, 1/1/2026 | 254,337 | |
2,000,000 | Cleveland, OH, LT GO Bonds, 5.50% (AGM INS), 10/1/2019 | 2,211,860 | |
3,000,000 | Cleveland-Cuyahoga County, OH Port Authority, Revenue Bonds (Series 2014), 5.00% (Euclid Avenue Development Corp.), 8/1/2039 | 3,210,630 | |
1,000,000 | Columbus, OH City School District, School Facilities Construction & Improvement UT GO Bonds (Series 2009), 5.00% (United States Treasury PRF 6/1/2019@100), 12/1/2027 | 1,086,210 | |
1,000,000 | Columbus, OH Sewer System, Revenue Refunding Bonds (Series 2014), 5.00%, 6/1/2031 | 1,142,880 | |
500,000 | Columbus, OH, UT GO Refunding Bonds (Series 1), 5.00% (United States Treasury PRF 7/1/2023@100), 7/1/2028 | 587,575 | |
1,500,000 | Columbus, OH, Various Purpose LT GO Bonds (Series 2013B), 5.00% (United States Treasury PRF 8/15/2023@100), 8/15/2028 | 1,766,115 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,340,000 | Cuyahoga County, OH Sales Tax, Various Purpose Sales Tax Revenue Bonds (Series 2014), 5.00%, 12/1/2034 | $1,512,136 | |
1,000,000 | Cuyahoga County, OH, LT GO Convention Hotel Project, 5.00%, 12/1/2036 | 1,096,150 | |
220,000 | Cuyahoga, OH CCD, General Receipts Revenue Bonds (Series 2012D), 5.00%, 8/1/2026 | 249,355 | |
1,335,000 | Dayton, OH Airport, Airport Revenue Refunding Bonds (Series 2014A), 5.00% (James M. Cox Dayton International Airport)/(AGM INS), 12/1/2026 | 1,448,168 | |
2,000,000 | Fairfield County, OH, LT GO Bonds (Series 2015), 4.00%, 12/1/2040 | 1,969,640 | |
2,000,000 | Franklin County, OH Convention Facilities Authority, Tax & Lease Revenue Anticipation & Refunding Bonds (Series 2014), 5.00%, 12/1/2035 | 2,237,420 | |
2,400,000 | Franklin County, OH Health Care Facilities, Improvement Revenue Bonds (Series 2010A), 5.625% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 5.75%), 7/1/2026 | 2,568,336 | |
1,000,000 | Franklin County, OH Health Care Facilities, Refunding & Improvement Bonds (Series 2014), 5.00% (Friendship Village of Dublin, OH, Inc.), 11/15/2044 | 1,054,320 | |
1,000,000 | Franklin County, OH Hospital Facility Authority, Hospital Facilities Revenue Bonds (Series 2015), 5.00% (OhioHealth Corp,), 5/15/2040 | 1,090,630 | |
1,535,000 | Franklin County, OH Hospital Facility Authority, Hospital Improvement Revenue Bonds (Series 2009), 5.00% (Nationwide Children's Hospital)/(United States Treasury PRF 11/1/2019@100)/(Original Issue Yield: 5.11%), 11/1/2034 | 1,688,960 | |
2,165,000 | Franklin County, OH, Various Purpose LT GO Bonds, 5.00% (United States Treasury PRF 12/1/2017@100), 12/1/2031 | 2,253,852 | |
2,000,000 | Hamilton County, OH Convention Facilities Authority, Convention Facilities Authority Revenue & Refunding Bonds (Series 2014), 5.00%, 12/1/2032 | 2,181,000 | |
2,850,000 | Hamilton County, OH Sales Tax, Revenue Refunding Bonds (Series 2011A), 5.00%, 12/1/2032 | 3,129,642 | |
500,000 | Hamilton County, OH, Healthcare Improvement and Revenue Refunding Bonds (Series 2016), 5.00% (Life Enriching Communities), 1/1/2051 | 503,975 | |
280,000 | Hamilton, OH, LT GO Various Purpose Bonds, 5.00% (Assured Guaranty Corp. INS), 11/1/2021 | 305,743 | |
1,555,000 | JobsOhio Beverage System, OH, Statewide Senior Lien Liquor Profits Tax-Exempt Revenue Bonds (Series 2013A), 5.00%, 1/1/2038 | 1,696,956 | |
165,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00% (Assured Guaranty Corp. INS), 5/1/2028 | 176,794 | |
545,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00% (Assured Guaranty Corp. INS)/(United States Treasury PRF 5/1/2019@100), 5/1/2023 | 590,605 | |
70,000 | Kent State University, OH, General Receipts Bonds (Series 2009B), 5.00% (Assured Guaranty Corp. LOC), 5/1/2023 | 75,348 | |
1,835,000 | Kent State University, OH, General Receipts Revenue Bonds (Series 2009B), 5.00% (Assured Guaranty Corp. INS)/(United States Treasury PRF 5/1/2019@100), 5/1/2028 | 1,988,553 | |
1,860,000 | Kettering, OH City School District, UT GO Bonds, 4.75% (United States Treasury PRF 6/1/2017@100), 12/1/2020 | 1,892,755 | |
400,000 | Kettering, OH City School District, UT GO School Improvement Refunding Bonds, 4.75% (United States Treasury PRF 6/1/2017@100), 12/1/2022 | 406,912 | |
1,000,000 | Lorain County, OH, Hospital Revenue Bonds (Series 2006H), 5.00% (Mercy Health)/(Assured Guaranty Corp. INS), 2/1/2024 | 1,042,960 | |
2,000,000 | Lucas County, OH, Hospital Revenue Bonds (Series 2011A), 6.50% (ProMedica Healthcare Obligated Group), 11/15/2037 | 2,355,540 | |
1,090,000 | Marysville, OH Wastewater Treatment System, Revenue Bonds, 4.75% (United States Treasury PRF 12/1/2016@100)/(Original Issue Yield: 4.80%), 12/1/2046 | 1,090,120 | |
1,000,000 | Marysville, OH Wastewater Treatment System, Revenue Refunding Bonds (Series 2016), 4.00% (Build America Mutual Assurance INS), 12/1/2046 | 986,230 | |
2,000,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.00%, 9/1/2031 | 2,212,580 | |
500,000 | Miami University, OH, General Receipts Revenue & Refunding Bonds (Series 2011), 5.00%, 9/1/2036 | 551,735 | |
1,600,000 | Miamisburg, OH City School District, School Facilities Construction & Improvement UT GO Bonds, 5.00% (United States Treasury PRF 12/1/2018@100), 12/1/2024 | 1,720,240 | |
500,000 | Middletown, OH, LT GO Refunding and Improvement Bonds, 5.00% (AGM INS), 12/1/2021 | 525,860 | |
1,000,000 | Montgomery County, OH, Revenue Bonds (Series 2008D), 6.125% (Catholic Health Initiatives)/(Original Issue Yield: 6.30%), 10/1/2028 | 1,075,480 | |
1,000,000 | Muskingum County, OH, Hospital Facilities Revenue Bonds (Series 2013), 5.00% (Genesis Healthcare Corp.)/(Original Issue Yield: 5.08%), 2/15/2044 | 1,031,180 | |
1,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue & Refunding Bonds (Series 2014), 5.00%, 11/15/2049 | 1,098,850 | |
2,000,000 | Northeast OH Regional Sewer District, Wastewater Improvement Revenue Bonds (Series 2013), 5.00%, 11/15/2038 | 2,208,520 | |
155,000 | Ohio HFA SFM, Revenue Bond (Series 1), 3.25%, 5/1/2020 | 152,160 | |
2,000,000 | Ohio State Air Quality Development Authority, Air Quality Revenue Refunding Bonds (Series 2009B), 5.80% (Columbus Southern Power Company), 12/1/2038 | 2,166,740 | |
1,150,000 | Ohio State Air Quality Development Authority, Environmental Improvement Revenue Bonds (Series 2010), 5.00% (Buckeye Power, Inc.), 12/1/2021 | 1,275,948 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$400,000 | Ohio State Building Authority, Administration Building Fund Revenue Bonds (Series 2009A), 5.00% (United States Treasury PRF 4/1/2019@100), 10/1/2023 | $432,832 | |
2,000,000 | Ohio State Capital Facilities, Parks and Recreation Improvement Fund Projects (Series 2016C), 5.00% (Ohio State), 12/1/2031 | 2,295,000 | |
2,000,000 | Ohio State Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds (Series 2015), 5.00% (Kenyon College, OH), 7/1/2041 | 2,159,140 | |
1,875,000 | Ohio State Higher Educational Facility Commission, Hospital Revenue Bonds (Series 2007A), 5.25% (University Hospitals Health System, Inc.)/(United States Treasury PRF 1/15/2017@100), 1/15/2046 | 1,885,425 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2011A), 5.375% (University of Dayton)/(Original Issue Yield: 5.48%), 12/1/2030 | 1,106,210 | |
1,830,000 | Ohio State Higher Educational Facility Commission, Revenue Bonds (Series 2013), 5.00% (University of Dayton), 12/1/2031 | 2,020,174 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2008C), 5.00% (Case Western Reserve University, OH)/(United States Treasury PRF 12/1/2017@100), 12/1/2029 | 1,032,520 | |
1,000,000 | Ohio State Higher Educational Facility Commission, Revenue Refunding Bonds (Series 2016), 5.00% (Case Western Reserve University, OH), 12/1/2040 | 1,088,660 | |
2,000,000 | Ohio State Hospital Revenue, Hospital Revenue Bonds (Series 2016A), 5.00% (University Hospitals Health System, Inc.), 1/15/2046 | 2,107,740 | |
3,325,000 | Ohio State Treasurer Private Activity, Revenue Bonds (Series 2015), 5.00% (Portsmouth Gateway Group LLC), 12/31/2039 | 3,497,767 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Revenue Refunding Bonds (Series 2010A), 5.00%, 2/15/2031 | 1,085,400 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.00% (Original Issue Yield: 5.05%), 2/15/2048 | 1,074,700 | |
1,000,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Revenue Refunding Bonds (Series 1998A), 5.50% (National Re Holdings Corp. INS), 2/15/2024 | 1,183,250 | |
1,810,000 | Ohio State University, General Receipts Bonds (Series 2008A), 5.00%, 12/1/2027 | 1,936,881 | |
190,000 | Ohio State University, General Receipts Bonds (Series 2008A), 5.00% (United States Treasury PRF 12/1/2018@100), 12/1/2027 | 204,279 | |
1,000,000 | Ohio State University, Special Purpose General Receipts Bonds (Series 2013A), 5.00%, 6/1/2038 | 1,098,150 | |
1,000,000 | Ohio State Water Development Authority, Drinking Water Assistance Fund Revenue Refunding Bonds (Series 2008), 5.00% (United States Treasury PRF 6/1/2018@100), 12/1/2021 | 1,057,450 | |
1,000,000 | Ohio State Water Development Authority, Revenue Refunding Bonds (Series 2008), 5.00% (United States Treasury PRF 6/1/2018@100), 6/1/2028 | 1,057,450 | |
1,000,000 | Ohio State Water Development Authority, Water Development Revenue Bonds (Fresh Water Series 2016B), 5.00%, 6/1/2037 | 1,142,910 | |
3,000,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds (Series 2016A), 5.00%, 2/1/2030 | 3,410,730 | |
1,500,000 | Ohio State, Common Schools UT GO Bonds (Series 2011B), 5.00%, 9/15/2024 | 1,685,325 | |
4,000,000 | Ohio State, Higher Education UT GO Bonds (Series 2015C), 5.00%, 11/1/2033 | 4,505,600 | |
1,500,000 | Ohio State, Hospital Revenue Bonds, 5.00% (Cleveland Clinic), 1/1/2031 | 1,664,400 | |
1,200,000 | Ohio State, Hospital Revenue Refunding Bonds (Series 2008A), 5.25% (Cleveland Clinic)/(Original Issue Yield: 5.37%), 1/1/2033 | 1,243,920 | |
1,000,000 | Ohio State, Major New State Infrastructure Project Revenue Bonds (Series 2008-1), 5.75% (United States Treasury PRF 6/15/2018@100), 6/15/2019 | 1,070,230 | |
2,000,000 | Ohio University, General Receipts Bonds (Series 2013), 5.00%, 12/1/2043 | 2,174,700 | |
267,492 | 1,2 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 | 3 |
36,720 | 1,2 | Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2012D), 10.82% (Apex Environmental LLC), 8/1/2034 | 0 |
470,000 | River Valley, OH Local School District, UT GO School Facilities Bonds, 5.25% (School District Credit Program GTD), 11/1/2023 | 550,069 | |
700,000 | South Euclid, OH, LT GO Real Estate Acquisition and Urban Development Bonds, 5.00%, 6/1/2032 | 779,163 | |
1,250,000 | Southeastern Ohio Port Authority, OH, Hospital Facilities Revenue Refunding & Improvement Bonds (Series 2012), 6.00% (Memorial Health System, OH)/(Original Issue Yield: 6.02%), 12/1/2042 | 1,367,950 | |
500,000 | Switzerland, OH Local School District, UT GO School Improvement Refunding Bonds, 5.00% (School District Credit Program GTD), 12/1/2027 | 556,650 | |
1,000,000 | Toledo, OH Water System, Revenue Improvement and Refunding Bonds (Series 2013), 5.00%, 11/15/2032 | 1,111,040 | |
1,500,000 | Toledo-Lucas County, OH Port Authority, Revenue Bonds, 6.45% (CSX Corp.), 12/15/2021 | 1,781,550 | |
2,000,000 | University of Akron, OH, General Receipts Bonds (Series 2008B), 5.25% (United States Treasury PRF 1/1/2018@100), 1/1/2027 | 2,090,460 | |
1,020,000 | University of Akron, OH, General Receipts Bonds (Series 2015A), 5.00%, 1/1/2030 | 1,130,701 | |
1,000,000 | University of Akron, OH, General Receipts Bonds (Series 2016A), 5.00%, 1/1/2036 | 1,090,590 | |
1,000,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2014C), 5.00%, 6/1/2041 | 1,103,910 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$1,000,000 | 3 | University of Cincinnati, OH, General Receipts Floating Rate Notes (Series 2015A), 0.854%, 6/1/2018 | $996,330 |
TOTAL | 161,812,681 | ||
Puerto Rico—0.1% | |||
1,000,000 | Puerto Rico Government Development Bank (GDB), Senior Notes (Series 2006B), 5.00%, 12/1/2017 | 237,750 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $161,970,666) | 163,714,557 | ||
SHORT-TERM MUNICIPALS—1.4%4 | |||
Ohio—1.4% | |||
2,150,000 | Allen County, OH, (Series 2010C) Daily VRDNs (Mercy Health)/(MUFG Union Bank, N.A. LOC), 0.60%, 12/1/2016 | 2,150,000 | |
100,000 | Alliance, OH, (Series 2003) Daily VRDNs (Alliance Community Hospital) , (JPMorgan Chase Bank, N.A. LOC), 0.59%, 12/1/2016 | 100,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,250,000) | 2,250,000 | ||
TOTAL MUNICIPAL INVESTMENTS—98.5% (IDENTIFIED COST $164,220,666)5 | 165,964,557 | ||
OTHER ASSETS AND LIABILITIES - NET—1.5%6 | 2,589,654 | ||
TOTAL NET ASSETS—100% | $168,554,211 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
2U.S.Treasury Notes, 10-Year, Short Futures | 20 | $2,490,313 | March 2017 | $10,268 |
1 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2016, these restricted securities amounted to $3, which represented 0.0% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Fund's Board of Trustees (the “Trustees”), if applicable, held at November 30, 2016, is as follows: |
Acquisition Date | Cost | Market Value | |
Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 | 12/23/2004 | $266,671 | $3 |
Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2012D), 10.82% (Apex Environmental LLC), 8/1/2034 | 2/1/2014 - 8/1/2015 | $36,720 | $0 |
2 | Non-income-producing security. |
3 | Floating rate note with current rate and current maturity or next reset date shown. |
4 | Current rate and next reset date shown for Variable Rate Demand Notes. |
5 | At November 30, 2016, the cost of investments for federal tax purposes was $164,021,709. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation resulting from futures contracts was $1,942,848. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $5,013,222 and net unrealized depreciation from investments for those securities having an excess of cost over value of $3,070,374. |
6 | Assets, other than investments in securities, less liabilities. |
■ | Fixed-income securities acquired are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Valuation Inputs | ||||
Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $163,714,557 | $— | $163,714,557 |
Short-Term Municipals | — | 2,250,000 | — | 2,250,000 |
TOTAL SECURITIES | $— | $165,964,557 | $— | $165,964,557 |
Other Financial Instruments:1 | ||||
Assets | $10,268 | $— | $— | $10,268 |
Liabilities | — | — | — | — |
OTHER FINANCIAL INSTRUMENTS | $10,268 | $— | $— | $10,268 |
1 | Other financial instruments include futures contracts. |
AGM | —Assured Guaranty Municipal Corp. |
CCD | —Community College District |
GO | —General Obligation |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
INS | —Insured |
LO | —Limited Obligation |
LOC | —Letter of Credit |
LT | —Limited Tax |
PRF | —Pre-refunded |
SFM | —Single Family Mortgage |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Principal Amount | Value | ||
MUNICIPAL BONDS—96.6% | |||
Pennsylvania—96.6% | |||
$1,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 12/1/2040 | $1,082,051 | |
2,000,000 | Allegheny County Sanitation Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 12/1/2045 | 2,154,660 | |
1,450,000 | Allegheny County, PA Airport Authority, Airport Revenue Bonds (Series 2012A-1), 5.00% (Pittsburgh International Airport), 1/1/2023 | 1,595,160 | |
1,550,000 | Allegheny County, PA Airport Authority, Airport Revenue Bonds (Series 2012A-1), 5.00% (Pittsburgh International Airport), 1/1/2024 | 1,691,360 | |
3,555,000 | Allegheny County, PA HDA, Hospital Revenue Bonds (Series 2008A), 5.00% (UPMC Health System), 6/15/2018 | 3,759,484 | |
370,000 | Allegheny County, PA IDA, Lease Revenue Bonds (Series 2006), 5.125% (Residential Resources Inc. Project), 9/1/2031 | 370,070 | |
2,000,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.00% (Original Issue Yield: 5.20%), 3/1/2026 | 2,217,700 | |
1,715,000 | Allegheny County, PA Port Authority, Special Revenue Transportation Refunding Bonds (Series 2011), 5.75%, 3/1/2029 | 1,961,737 | |
2,000,000 | Allegheny County, PA, UT GO Refunding Bonds (Series C-76), 5.00%, 11/1/2041 | 2,182,920 | |
2,250,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.00%, 5/1/2035 | 2,330,843 | |
3,000,000 | Berks County, PA Municipal Authority, Revenue Bonds (Series 2012A), 5.00% (Reading Hospital & Medical Center), 11/1/2044 | 3,183,780 | |
2,000,000 | Bethlehem, PA Authority, GTD Water Revenue Bonds (Series 2014), 5.00% (Bethlehem, PA)/(Build America Mutual Assurance INS), 11/15/2030 | 2,213,280 | |
1,360,000 | Bethlehem, PA Authority, GTD Water Revenue Bonds (Series 2014), 5.00% (Bethlehem, PA)/(Build America Mutual Assurance INS), 11/15/2031 | 1,500,352 | |
1,000,000 | Canonsburg-Houston Joint Authority, PA, Sewer Revenue Bonds (Series 2015A), 5.00%, 12/1/2040 | 1,085,210 | |
2,000,000 | Central Dauphin, PA School District, LT GO Bonds (Series 2016), 4.00% (State Aid Withholding GTD), 2/1/2029 | 2,084,120 | |
500,000 | Centre County, PA Hospital Authority, Hospital Revenue Bonds (Series 2016A), 5.00% (Mount Nittany Medical Center), 11/15/2046 | 540,060 | |
1,000,000 | Chartiers Valley, PA School District, UT GO Bonds (Series 2015B), 5.00% (State Aid Withholding GTD), 10/15/2040 | 1,091,340 | |
2,530,000 | Cheltenham Twp, PA School District, LT GO Bonds (Series 2014), 5.00% (State Aid Withholding GTD), 2/15/2040 | 2,718,080 | |
1,900,000 | Chester, PA Water Authority, Water Revenue Bonds (Series 2014), 5.00%, 12/1/2039 | 2,101,609 | |
2,000,000 | Clairton Municipal Authority, PA, Sewer Revenue Bonds (Series 2012B), 5.00%, 12/1/2037 | 2,137,700 | |
1,500,000 | Clarion County, PA IDA, Water Facility Revenue Refunding Bonds (Series 2009), 5.50% (Pennsylvania American Water Co.), 12/1/2039 | 1,593,600 | |
2,000,000 | Commonwealth Financing Authority of PA, Revenue Bonds (Series 2013B), 5.00% (Commonwealth of Pennsylvania), 6/1/2036 | 2,153,120 | |
2,000,000 | Commonwealth of Pennsylvania, UT GO Bonds (First Series 2011), 5.00%, 11/15/2030 | 2,208,700 | |
2,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2007A), 5.00% (Diakon Lutheran Social Ministries)/(United States Treasury PRF 1/1/2017@100), 1/1/2036 | 2,006,980 | |
905,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2015), 5.00% (Diakon Lutheran Social Ministries), 1/1/2038 | 954,811 | |
1,000,000 | Cumberland County, PA Municipal Authority, Revenue Bonds (Series 2016), 5.00% (Dickinson College), 5/1/2030 | 1,123,720 | |
1,000,000 | Cumberland County, PA Municipal Authority, Revenue Refunding Bonds (Series 2012), 5.25% (Asbury Pennsylvania Obligated Group), 1/1/2041 | 1,023,670 | |
2,500,000 | Dauphin County, PA General Authority, Health System Revenue Bonds (Series 2012A), 5.00% (Pinnacle Health System), 6/1/2042 | 2,670,725 | |
1,000,000 | Delaware County, PA Authority, Revenue Bonds (Series 2015), 5.00% (Villanova University), 8/1/2045 | 1,081,730 | |
1,000,000 | Delaware County, PA IDA, Solid Waste Disposal Revenue Bonds (Series 2015), 5.00% (Covanta Energy Corp.), 7/1/2043 | 990,370 | |
1,250,000 | Delaware County, PA Regional Water Quality Control Authority, Sewer Revenue Bonds (Series 2015), 5.00%, 5/1/2040 | 1,360,000 | |
2,350,000 | Delaware River Port Authority, Revenue Bonds (Series 2010D), 5.00%, 1/1/2028 | 2,554,050 | |
750,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2029 | 830,993 | |
250,000 | East Hempfield Township, PA IDA, Revenue & Revenue Refunding Bonds (Series 2016), 5.00% (Willow Valley Retirement Communities), 12/1/2039 | 266,215 | |
1,000,000 | Erie, PA Higher Education Building Authority, Revenue Bonds (Series 2007 GG3), 5.00% (Gannon University)/(Assured Guaranty Corp. INS)/(United States Treasury PRF 5/1/2017@100), 5/1/2032 | 1,017,200 | |
1,105,000 | Erie, PA Water Authority, Revenue Refunding Bonds (Series 2014), 5.00% (AGM INS), 12/1/2034 | 1,216,583 | |
1,000,000 | Erie, PA Water Authority, Water Revenue Bonds (Series 2016), 5.00%, 12/1/2043 | 1,086,930 | |
1,000,000 | Fulton County, PA IDA, Hospital Revenue Bonds (Series 2016), 5.00% (Fulton County Medical Center), 7/1/2040 | 1,003,740 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,250,000 | Geisinger Authority, PA Health System, Health System Revenue Bonds (Series 2009A), 5.25% (Geisinger Health System), 6/1/2039 | $2,392,447 | |
2,260,000 | Geisinger Authority, PA Health System, Revenue Bonds (Series 2014A), 5.00% (Geisinger Health System), 6/1/2041 | 2,443,263 | |
2,000,000 | Harrisburg, PA Authority, Water Revenue Refunding Bonds (Series 2008), 5.25% (Original Issue Yield: 5.35%), 7/15/2031 | 2,046,460 | |
785,000 | Lancaster County, PA Hospital Authority, Health Center Revenue Bonds (Series 2015), 5.00% (Masonic Villages), 11/1/2035 | 853,491 | |
1,000,000 | Lancaster County, PA Hospital Authority, Health Center Revenue Refunding Bonds (Series 2015A), 5.00% (Landis Homes Retirement Community)/(Original Issue Yield: 5.03%), 7/1/2045 | 1,039,580 | |
1,215,000 | Lancaster County, PA Hospital Authority, Health System Revenue Bonds (Series 2012B), 5.00% (Lancaster General Hospital)/(United States Treasury PRF 1/1/2022@100), 7/1/2042 | 1,393,581 | |
1,000,000 | Lancaster County, PA Solid Waste Management Authority, GTD Authority Bonds (Series 2013B), 5.00% (Dauphin County, PA GTD), 12/15/2033 | 1,097,460 | |
2,250,000 | Lycoming County PA Authority, College Revenue Bonds (Series 2008), 5.50% (Pennsylvania College of Technology)/(United States Treasury PRF 4/1/2018@100), 10/1/2032 | 2,379,982 | |
2,200,000 | Lycoming County PA Authority, Revenue Bonds (Series A), 5.75% (Susquehanna Health System)/(Original Issue Yield: 5.90%), 7/1/2039 | 2,387,154 | |
1,100,000 | Montgomery County, PA IDA, Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00% (ACTS Retirement Life Communities, Inc.), 11/15/2028 | 1,194,347 | |
400,000 | Montgomery County, PA IDA, Retirement Communities Revenue Refunding Bonds (Series 2012), 5.00% (ACTS Retirement Life Communities, Inc.), 11/15/2029 | 432,592 | |
1,000,000 | Montgomery County, PA IDA, Revenue Bonds (Series 2016), 5.00% (Foulkeways at Gwynedd), 12/1/2046 | 1,033,620 | |
1,000,000 | New Wilmington, PA Municipal Authority, Revenue Bonds (Series 2007GG4), 5.125% (Westminster College)/(Assured Guaranty Corp. INS), 5/1/2033 | 1,010,640 | |
1,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2012A), 5.00% (Amtrak), 11/1/2041 | 1,043,640 | |
1,000,000 | Pennsylvania EDFA, Exempt Facilities Revenue Refunding Bonds (Series 2014), 5.50% (National Gypsum Co.), 11/1/2044 | 1,053,700 | |
2,000,000 | Pennsylvania EDFA, Junior GTD Parking Revenue Bonds (Series 2013B-1), 6.00% (Dauphin County, PA GTD), 7/1/2053 | 2,316,600 | |
700,000 | Pennsylvania EDFA, Revenue Bonds (Series 1998A), 5.25% (Northwestern Human Services, Inc.)/(Original Issue Yield: 5.668%), 6/1/2028 | 700,308 | |
1,500,000 | Pennsylvania EDFA, Revenue Bonds (Series 2014A), 5.00% (UPMC Health System), 2/1/2045 | 1,614,570 | |
1,000,000 | Pennsylvania EDFA, Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00% (Pennsylvania Rapid Bridge Replacement), 12/31/2038 | 1,029,120 | |
2,000,000 | Pennsylvania EDFA, Tax-Exempt Private Activity Revenue Bonds (Series 2015), 5.00% (Pennsylvania Rapid Bridge Replacement), 6/30/2042 | 2,045,780 | |
2,000,000 | Pennsylvania EDFA, Water Facilities Revenue Bonds (Series 2009), 6.20% (Pennsylvania American Water Co.), 4/1/2039 | 2,177,560 | |
2,000,000 | Pennsylvania EDFA, Water Facilities Revenue Bonds (Series 2009B), 5.00% (Aqua Pennsylvania, Inc.), 11/15/2040 | 2,145,400 | |
1,500,000 | Pennsylvania Intergovernmental Cooperation Authority, Special Tax Revenue Refunding Bonds (Series 2009), 5.00%, 6/15/2022 | 1,617,030 | |
1,000,000 | Pennsylvania Intergovernmental Cooperation Authority, Special Tax Revenue Refunding Bonds (Series 2010), 5.00%, 6/15/2018 | 1,057,620 | |
1,020,000 | Pennsylvania State Higher Education Facilities Authority, 5.125% (Gwynedd-Mercy College)/(Assured Guaranty Corp. INS), 5/1/2032 | 1,033,056 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, College Revenue Bonds (Series 2007), 5.00% (Bryn Mawr College)/(AMBAC Financial Group, Inc. INS), 12/1/2037 | 1,016,650 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Fixed Rate Revenue Bonds (Series 2015A), 5.25% (Thomas Jefferson University), 9/1/2050 | 1,082,680 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (First Series of 2012), 5.00% (Temple University), 4/1/2035 | 2,172,160 | |
1,500,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2009), 5.00% (Carnegie Mellon University), 8/1/2021 | 1,609,860 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2009A), 5.25% (University of Pennsylvania Health System)/(United States Treasury PRF 8/15/2019@100), 8/15/2022 | 1,101,110 | |
2,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 200B), 5.50% (University of Pennsylvania Health System)/(United States Treasury COL)/(Original Issue Yield: 5.65%), 8/15/2018 | 2,143,380 | |
1,100,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2010), 5.00% (Thomas Jefferson University), 3/1/2040 | 1,159,114 | |
1,500,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2012A), 5.00% (University of Pennsylvania Health System), 8/15/2042 | 1,607,415 | |
1,630,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2015), 5.00% (University of the Sciences in Philadelphia), 11/1/2036 | 1,760,107 | |
1,000,000 | Pennsylvania State Higher Education Facilities Authority, Revenue Refunding Bonds (Series 2015A), 5.00% (University of Pennsylvania), 10/1/2036 | 1,126,880 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$2,000,000 | Pennsylvania State Higher Education Facilities Authority, Student Housing Revenue Bonds, 5.125% (Foundation for Indiana University of Pennsylvania)/(Syncora Guarantee, Inc. INS), 7/1/2039 | $2,001,460 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2011E), 5.00%, 12/1/2030 | 1,101,220 | |
2,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2009B), 5.125% (Original Issue Yield: 5.30%), 12/1/2040 | 2,143,520 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Sub-Series B-1 of 2015), 5.00%, 12/1/2045 | 1,056,390 | |
5,500,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Refunding Bonds (Second Series of 2016), 5.00%, 6/1/2039 | 5,828,570 | |
2,000,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Subordinate Lien Revenue Bonds (SIFMA Index Bonds) (Series 2015A-2), 1.35%, 12/1/2018 | 1,999,820 |
1,430,000 | 1 | Pennsylvania State Turnpike Commission, Variable Rate Turnpike Revenue Bonds (Series 2013B), 1.82%, 12/1/2020 | 1,444,028 |
2,440,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 5.50% (Original Issue Yield: 5.55%), 12/1/2041 | 2,681,902 | |
2,000,000 | Pennsylvania State Turnpike Commission-Motor License Fund Enhanced, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds (Series 2011A), 6.00% (United States Treasury PRF 12/1/2020@100), 12/1/2036 | 2,331,000 | |
750,000 | Pennsylvania State University, Revenue Bonds (Series A of 2016), 5.00%, 9/1/2041 | 838,290 | |
2,000,000 | Philadelphia, PA Airport System, Airport Revenue Refunding Bonds (Series 2010D), 5.25%, 6/15/2028 | 2,151,680 | |
1,210,000 | Philadelphia, PA Authority for Industrial Development, Revenue Bonds (Series 2012), 6.625% (New Foundations Charter School), 12/15/2041 | 1,310,103 | |
1,575,000 | Philadelphia, PA Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 5.625% (PresbyHomes Germantown/Morrisville), 7/1/2035 | 1,584,434 | |
2,350,000 | Philadelphia, PA Gas Works, Revenue Bonds (Seventh Series 1998 General Ordinance), 5.00% (United States Treasury PRF 10/1/2017@100), 10/1/2037 | 2,430,652 | |
2,000,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2011D), 5.00% (Children's Hospital of Philadelphia), 7/1/2028 | 2,215,800 | |
1,670,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2012A), 5.625% (Temple University Health System Obligated Group)/(Original Issue Yield: 5.875%), 7/1/2042 | 1,781,422 | |
1,040,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, Hospital Revenue Bonds (Series 2014A), 5.00% (Children's Hospital of Philadelphia), 7/1/2042 | 1,156,293 | |
5,000 | Philadelphia, PA School District, LT GO Bonds (Series 2008E), 6.00% (United States Treasury PRF 9/1/2018@100), 9/1/2038 | 5,410 | |
40,000 | Philadelphia, PA School District, LT GO Bonds (Series 2008E), 6.00% (United States Treasury PRF 9/1/2018@100)/(Original Issue Yield: 6.30%), 9/1/2038 | 43,278 | |
5,000 | Philadelphia, PA School District, LT GO Bonds (Series 2008E), 6.00% (United States Treasury PRF 9/1/2018@100)/(Original Issue Yield: 6.30%), 9/1/2038 | 5,410 | |
2,000,000 | Philadelphia, PA Water & Wastewater System, Revenue Refunding Bonds (Series 2012), 5.00%, 11/1/2028 | 2,238,620 | |
750,000 | Philadelphia, PA Water & Wastewater System, Water and Wastewater Revenue Bonds (Series 2009A), 5.25% (United States Treasury PRF 1/1/2019@100)/(Original Issue Yield: 5.33%), 1/1/2036 | 809,963 | |
1,000,000 | Pittsburgh, PA Public Parking Authority, Parking System Revenue Refunding Bonds (Series 2015A), 5.00%, 12/1/2025 | 1,145,010 | |
1,035,000 | Pittsburgh, PA Urban Redevelopment Authority, Tax Allocation, 4.50% (Center Triangle), 5/1/2019 | 1,063,142 | |
2,000,000 | Pittsburgh, PA Water & Sewer Authority, Water and Sewer System Revenue Bonds (Series 2008 D-1), 5.00% (AGM INS), 9/1/2025 | 2,113,920 | |
3,000,000 | Pittsburgh, PA, UT GO Bonds (Series 2012B), 5.00%, 9/1/2026 | 3,356,190 | |
1,075,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.00% (Original Issue Yield: 5.08%), 12/1/2031 | 1,186,972 | |
1,500,000 | Reading Area Water Authority, PA, Water Revenue Bonds (Series 2011), 5.25% (Original Issue Yield: 5.27%), 12/1/2036 | 1,677,375 | |
1,000,000 | South Fork Municipal Authority, PA, Hospital Revenue Bonds (Series 2010), 5.50% (Conemaugh Valley Memorial Hospital)/(United States Treasury PRF 7/1/2020@100)/(Original Issue Yield: 5.72%), 7/1/2029 | 1,131,270 | |
1,140,000 | Southcentral PA, General Authority, Revenue Bonds (Series 2014A), 5.00% (Wellspan Health Obligated Group), 6/1/2026 | 1,298,471 | |
1,000,000 | Southeastern, PA Transportation Authority, Capital Grant Receipts Bonds (Series 2011), 5.00%, 6/1/2028 | 1,097,100 | |
1,000,000 | Southeastern, PA Transportation Authority, Revenue Refunding Bonds (Series 2010), 5.00%, 3/1/2018 | 1,045,560 | |
2,000,000 | St. Mary Hospital Authority, PA, Health System Revenue Bonds (Series 2012A), 5.00% (Trinity Healthcare Credit Group), 11/15/2026 | 2,178,520 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority, University Revenue Bonds (Series 2012A), 5.00% (Bucknell University), 4/1/2042 | 1,109,360 | |
1,000,000 | Union County, PA Higher Educational Facilities Financing Authority, University Revenue Bonds (Series 2015B), 5.00% (Bucknell University), 4/1/2032 | 1,129,190 | |
3,000,000 | West View, PA Municipal Authority Water Revenue, Revenue Bonds (Series 2014), 5.00%, 11/15/2039 | 3,332,190 | |
1,685,000 | Wilkes-Barre, PA Finance Authority, Revenue Bonds (Series 2015A), 5.00% (University of Scranton), 11/1/2033 | 1,835,369 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$825,000 | Wilkes-Barre, PA Finance Authority, Revenue Bonds (Series 2015A), 5.00% (University of Scranton), 11/1/2034 | $894,729 | |
2,895,000 | York County, PA, UT GO Bonds (Series 2013), 5.00%, 6/1/2037 | 3,202,333 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $178,333,943) | 181,418,976 | ||
SHORT-TERM MUNICIPALS—1.9%2 | |||
Pennsylvania—1.9% | |||
3,500,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-A) Daily VRDNs (Children's Hospital of Philadelphia)/(Wells Fargo Bank, N.A. LIQ), 0.53%, 12/1/2016 | 3,500,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $3,500,000) | 3,500,000 | ||
TOTAL MUNICIPAL INVESTMENTS—98.5% (IDENTIFIED COST $181,833,943)3 | 184,918,976 | ||
OTHER ASSETS AND LIABILITIES - NET—1.5%4 | 2,788,247 | ||
TOTAL NET ASSETS—100% | $187,707,223 |
Description | Number of Contracts | Notional Value | Expiration Date | Unrealized Appreciation |
5United States Treasury Notes, 10-Year Short Futures | 35 | $4,358,047 | March 2017 | $17,968 |
1 | Floating rate note with current rate and current maturity or next reset date shown. |
2 | Current rate and next reset date shown for Variable Rate Demand Notes. |
3 | At November 30, 2016, the cost of investments for federal tax purposes was $181,820,296. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation/depreciation resulting from futures contracts was $3,098,680. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $5,301,515 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,202,835. |
4 | Assets, other than investments in securities, less liabilities. |
5 | Non-income-producing security. |
■ | Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Board of Trustees (the “Trustees”). |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $181,418,976 | $— | $181,418,976 |
Short-Term Municipals | — | 3,500,000 | — | 3,500,000 |
TOTAL SECURITIES | $— | $184,918,976 | $— | $184,918,976 |
Other Financial Instruments:* | ||||
Assets | $17,968 | $— | $— | $17,968 |
Liabilities | — | — | — | — |
OTHER FINANCIAL INSTRUMENTS | $17,968 | $— | $— | $17,968 |
* | Other financial instruments include futures contracts. |
AGM | —Assured Guaranty Municipal Corp. |
AMBAC | —American Municipal Bond Assurance Corporation |
COL | —Collateralized |
EDFA | —Economic Development Finance Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HDA | —Hospital Development Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LT | —Limited Tax |
PRF | —Pre-refunded |
SIFMA | —Securities Industry and Financial Markets Association |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Item 2. Controls and Procedures
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits
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 Federated Municipal Securities Income Trust
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 25, 2017
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 /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date January 25, 2017
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date January 25, 2017
N-Q Item 3- Exhibits: Certifications
I, J. Christopher Donahue, certify that:
Date: January 25, 2017
/S/ J. Christopher Donahue
J. Christopher Donahue
President - Principal Executive Officer
N-Q Item 3- Exhibits: Certifications
I, Lori A. Hensler, certify that:
Date: January 25, 2017
/S/ Lori A. Hensler
Lori A. Hensler
Treasurer - Principal Financial Officer