UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07943
Nuveen Multistate Trust III
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrants telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: May 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Fund Name | Class A | Class C | Class C2 | Class I | |
Nuveen Georgia Municipal Bond Fund | FGATX | FGCCX | FGACX | FGARX | |
Nuveen Louisiana Municipal Bond Fund | FTLAX | FAFLX | FTLCX | FTLRX | |
Nuveen North Carolina Municipal Bond Fund | FLNCX | FDCCX | FCNCX | FCNRX |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | 10-Year | Expense
Ratios | |
Class A Shares at NAV | 3/27/86 | 5.01% | 2.77% | 4.00% | 0.83% |
Class A Shares at maximum Offering Price | 3/27/86 | 0.59% | 1.89% | 3.55% | — |
S&P Municipal Bond Index | — | 4.70% | 3.48% | 4.35% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 4.25% | 2.65% | 3.56% | — |
Class C2 Shares | 1/04/94 | 4.46% | 2.22% | 3.54% | 1.38% |
Class I Shares | 2/14/97 | 5.23% | 2.97% | 4.20% | 0.63% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | Since
Inception |
Expense
Ratios | |
Class C Shares | 2/10/14 | 4.18% | 1.95% | 2.71% | 1.63% |
Effective Leverage Ratio | 2.53% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | 10-Year | Expense
Ratios | |
Class A Shares at NAV | 9/12/89 | 7.08% | 3.25% | 4.63% | 0.82% |
Class A Shares at maximum Offering Price | 9/12/89 | 2.58% | 2.37% | 4.18% | — |
S&P Municipal Bond Index | — | 4.70% | 3.48% | 4.35% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 4.25% | 2.65% | 3.56% | — |
Class C2 Shares | 2/02/94 | 6.40% | 2.66% | 4.17% | 1.37% |
Class I Shares | 2/25/97 | 7.29% | 3.46% | 4.83% | 0.62% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | Since
Inception |
Expense
Ratios | |
Class C Shares | 2/10/14 | 6.25% | 2.43% | 3.60% | 1.62% |
Effective Leverage Ratio | 0.00% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | 10-Year | Expense
Ratios | |
Class A Shares at NAV | 3/27/86 | 4.36% | 2.90% | 4.03% | 0.80% |
Class A Shares at maximum Offering Price | 3/27/86 | (0.04)% | 2.03% | 3.58% | — |
S&P Municipal Bond Index | — | 4.70% | 3.48% | 4.35% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 4.25% | 2.65% | 3.56% | — |
Class C2 Shares | 10/04/93 | 3.69% | 2.33% | 3.57% | 1.35% |
Class I Shares | 2/05/97 | 4.56% | 3.11% | 4.23% | 0.60% |
Total Returns as of May 31, 2021* | |||||
Average Annual | |||||
Inception
Date |
1-Year | 5-Year | Since
Inception |
Expense
Ratios | |
Class C Shares | 2/10/14 | 3.53% | 2.10% | 2.93% | 1.60% |
Effective Leverage Ratio | 1.17% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.84% | 1.13% | 1.40% | 2.14% |
SEC 30-Day Yield | 0.47% | (0.30)% | (0.13)% | 0.69% |
Taxable-Equivalent Yield(46.6%)2 | 0.88% | (0.56)% | (0.24)% | 1.29% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.32% | 1.61% | 1.87% | 2.62% |
SEC 30-Day Yield | 0.90% | 0.15% | 0.45% | 1.13% |
Taxable-Equivalent Yield(44.4%)2 | 1.61% | 0.27% | 0.80% | 2.02% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.66% | 0.95% | 1.16% | 1.94% |
SEC 30-Day Yield | 0.59% | (0.16)% | 0.15% | 0.82% |
Taxable-Equivalent Yield(46.1%)2 | 1.09% | (0.30)% | 0.28% | 1.52% |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,013.09 | $1,009.06 | $1,010.42 | $1,014.21 |
Expenses Incurred During the Period | $ 4.12 | $ 8.11 | $ 6.87 | $ 3.11 |
Hypothetical
Performance (5% annualized return before expenses) |
||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.84 | $1,016.85 | $1,018.10 | $1,021.84 |
Expenses Incurred During the Period | $ 4.13 | $ 8.15 | $ 6.89 | $ 3.13 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,033.23 | $1,028.28 | $1,028.62 | $1,033.33 |
Expenses Incurred During the Period | $ 4.06 | $ 8.14 | $ 6.88 | $ 3.04 |
Hypothetical
Performance (5% annualized return before expenses) |
||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.94 | $1,016.90 | $1,018.15 | $1,021.94 |
Expenses Incurred During the Period | $ 4.03 | $ 8.10 | $ 6.84 | $ 3.02 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,014.44 | $1,010.42 | $1,010.70 | $1,015.45 |
Expenses Incurred During the Period | $ 3.92 | $ 7.82 | $ 6.57 | $ 2.81 |
Hypothetical
Performance (5% annualized return before expenses) |
||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.04 | $1,017.15 | $1,018.40 | $1,022.14 |
Expenses Incurred During the Period | $ 3.93 | $ 7.85 | $ 6.59 | $ 2.82 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.1% | ||||||
MUNICIPAL BONDS – 98.1% | ||||||
Education and Civic Organizations – 11.8% | ||||||
$ 1,000 | Fulton County Development Authority, Georgia, General Revenue Bonds, Spelman College, Refunding Series 2015, 5.000%, 6/01/32 | 6/25 at 100.00 | A1 | $1,157,630 | ||
2,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Refunding Series 2015A, 5.000%, 3/15/36 | 3/26 at 100.00 | A2 | 2,325,600 | ||
2,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc Project, Series 2019A, 5.000%, 3/15/44 | 3/29 at 100.00 | A2 | 2,414,140 | ||
2,750 | Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/40 | 7/27 at 100.00 | A+ | 3,306,572 | ||
3,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Green Series 2019B, 5.000%, 9/01/48 | 9/29 at 100.00 | AA | 3,773,160 | ||
4,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 | 10/26 at 100.00 | AA | 4,827,680 | ||
1,500 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2019A, 5.000%, 9/01/39 | 9/29 at 100.00 | AA | 1,915,995 | ||
75 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27 | 10/22 at 100.00 | Baa1 | 78,719 | ||
3,400 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32 | 10/21 at 100.00 | Baa1 | 3,437,570 | ||
605 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012B, 5.000%, 10/01/24 | No Opt. Call | Baa1 | 680,365 | ||
2,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44 | 4/24 at 100.00 | A+ | 2,194,760 | ||
22,330 | Total Education and Civic Organizations | 26,112,191 | ||||
Health Care – 10.2% | ||||||
3,270 | Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998, 5.375%, 12/01/28 (4), (5) | 6/21 at 100.00 | N/R | 269,121 | ||
Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc Project, Series 2019A: | ||||||
2,590 | 4.000%, 7/01/44 | 7/29 at 100.00 | AA+ | 3,048,327 | ||
3,000 | 4.000%, 7/01/49 | 7/29 at 100.00 | AA+ | 3,496,710 | ||
715 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2020A, 5.000%, 4/01/50 | 4/30 at 100.00 | A | 893,621 | ||
2,355 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | AA- | 2,769,786 | ||
2,500 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc Project, Series 2019A, 4.000%, 7/01/49 | 7/29 at 100.00 | AA- | 2,907,800 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2017B: | ||||||
$ 2,000 | 5.500%, 2/15/42 | 2/27 at 100.00 | AA | $2,441,560 | ||
3,000 | 5.250%, 2/15/45 | 2/27 at 100.00 | AA | 3,614,100 | ||
2,500 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2020A, 4.000%, 2/15/39 | 2/30 at 100.00 | A | 2,968,100 | ||
21,930 | Total Health Care | 22,409,125 | ||||
Industrials – 2.0% | ||||||
Geo L Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds, First Tier Series 2021A: | ||||||
2,500 | 4.000%, 1/01/36 | 1/31 at 100.00 | BBB- | 3,002,150 | ||
1,200 | 4.000%, 1/01/54 | 1/31 at 100.00 | BBB- | 1,401,240 | ||
3,700 | Total Industrials | 4,403,390 | ||||
Tax Obligation/General – 13.2% | ||||||
500 | Bleckley County School District, Georgia, General Obligation Bonds, Series 2020, 5.000%, 10/01/42 | 10/30 at 100.00 | Aa1 | 650,265 | ||
450 | Bryan County School District, Georgia, General Obligation Bonds, Series 2021, 5.000%, 8/01/25 | No Opt. Call | AA+ | 535,239 | ||
880 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc Project, Series 2020, 4.000%, 7/01/50 | 7/30 at 100.00 | AA | 1,038,664 | ||
2,000 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc Project, Series 2015, 5.000%, 7/01/41 | 7/25 at 100.00 | AA | 2,332,280 | ||
265 | Carroll County, Georgia, General Obligation Bonds, Sales Tax Series 2021, 5.000%, 6/01/27 | No Opt. Call | AA | 332,506 | ||
2,000 | Carrollton Independent School System, Carroll County, Georgia, General Obligation Bonds, Series 2015, 5.000%, 4/01/32 | 4/26 at 100.00 | AA+ | 2,406,340 | ||
825 | Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/28 | 2/27 at 100.00 | AA+ | 1,019,552 | ||
1,100 | East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017, 5.000%, 2/01/34 – AGM Insured | 2/27 at 100.00 | AA | 1,336,940 | ||
1,980 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 | 2/25 at 100.00 | AA | 2,272,426 | ||
Gainesville School District, Georgia, General Obligation Sales Tax Bonds, Series 2020: | ||||||
1,000 | 4.000%, 11/01/41 | 11/30 at 100.00 | AA+ | 1,210,810 | ||
1,500 | 4.000%, 11/01/42 | 11/30 at 100.00 | AA+ | 1,808,595 | ||
2,000 | Gwinnett County School District, Georgia, General Obligation Bonds, Series 2019, 5.000%, 2/01/41 | 2/29 at 100.00 | AAA | 2,550,760 | ||
240 | Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 5.000%, 3/01/32 | 3/29 at 100.00 | AA+ | 310,970 | ||
1,360 | Lawrenceville Building Authority, Georgia, Revenue Bonds, Lawrenceville Performing Arts Complex Project, Series 2019A, 4.000%, 10/01/32 | 10/28 at 100.00 | AA | 1,639,739 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Lumpkin County School District, Georgia, General Obligation Bonds, Series 2020: | ||||||
$ 505 | 4.000%, 12/01/35 | 12/30 at 100.00 | Aa1 | $623,700 | ||
300 | 4.000%, 12/01/36 | 12/30 at 100.00 | Aa1 | 369,357 | ||
1,000 | Oconee County School District, Georgia, General Obligation Bonds, Series 2021, 5.000%, 3/01/30 (WI/DD, Settling 6/09/2021) | No Opt. Call | AA+ | 1,332,220 | ||
1,000 | Sumter County School District, Georgia, General Obligation Bonds, Series 2018, 5.500%, 10/01/27 | No Opt. Call | Aa1 | 1,298,830 | ||
500 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2019A, 5.000%, 10/01/35 | 10/29 at 100.00 | Aa2 | 641,155 | ||
2,000 | Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/37 | 2/26 at 100.00 | Aa1 | 2,390,060 | ||
Warner Robins Public Facilities Authority, Georgia, Revenue Bonds, Warner Robins Projects, Series 2018: | ||||||
1,090 | 5.000%, 7/01/31 | 7/28 at 100.00 | Aa2 | 1,387,766 | ||
1,195 | 5.000%, 7/01/32 | 7/28 at 100.00 | Aa2 | 1,517,805 | ||
23,690 | Total Tax Obligation/General | 29,005,979 | ||||
Tax Obligation/Limited – 12.8% | ||||||
Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017: | ||||||
1,000 | 5.000%, 12/01/31 | 12/27 at 100.00 | AA+ | 1,253,830 | ||
1,000 | 5.000%, 12/01/32 | 12/27 at 100.00 | AA+ | 1,254,480 | ||
1,075 | 5.000%, 12/01/33 | 12/27 at 100.00 | AA+ | 1,346,889 | ||
1,500 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Second Lien Series 2015B, 5.000%, 7/01/44 | 7/25 at 100.00 | A | 1,702,470 | ||
2,500 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 | 7/25 at 100.00 | A+ | 2,877,025 | ||
425 | Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24 | No Opt. Call | A3 | 484,921 | ||
1,055 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D, 5.000%, 1/01/30 | 1/27 at 100.00 | A2 | 1,271,750 | ||
595 | Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/34 | 7/23 at 100.00 | A- | 649,901 | ||
205 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993, 5.625%, 10/01/26 – NPFG Insured | No Opt. Call | Baa2 | 231,361 | ||
175 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured | No Opt. Call | AA- | 198,466 | ||
1,120 | Downtown Savannah Authority, Georgia, Revenue Bonds, Chatham County Judical Complex Project, Series 2020, 5.000%, 6/01/30 | 6/26 at 100.00 | AA+ | 1,353,016 | ||
2,260 | Downtown Smyrna Development Authority, Georgia, General Obligation Bonds, Series 2005, 5.250%, 2/01/28 | No Opt. Call | AAA | 2,661,444 | ||
280 | East Point, Georgia, Tax Allocation Revenue Bonds, Camp Creek Tad Project, Series 2015, 5.000%, 8/01/21 | No Opt. Call | BBB+ | 282,058 | ||
1,671 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured | No Opt. Call | Baa2 | 1,877,820 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Jefferson Public Building Authority, Georgia, Revenue Bonds, Jackson County Project, Series 2021: | ||||||
$ 340 | 4.000%, 3/01/26 | No Opt. Call | Aa2 | $395,603 | ||
610 | 4.000%, 3/01/27 | No Opt. Call | Aa2 | 725,784 | ||
655 | 4.000%, 3/01/28 | No Opt. Call | Aa2 | 794,292 | ||
2,000 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015A, 5.000%, 7/01/42 | 7/25 at 100.00 | AA+ | 2,347,620 | ||
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B: | ||||||
2,000 | 5.000%, 7/01/41 | 7/26 at 100.00 | AA+ | 2,418,620 | ||
2,000 | 5.000%, 7/01/42 | 7/26 at 100.00 | AA+ | 2,419,120 | ||
1,585 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 1,744,736 | ||
24,051 | Total Tax Obligation/Limited | 28,291,206 | ||||
Transportation – 4.5% | ||||||
2,000 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 | 1/22 at 100.00 | Aa3 | 2,055,260 | ||
2,000 | Atlanta, Georgia, Airport General Revenue Bonds, Series 2019B, 4.000%, 7/01/49 (AMT) | 7/29 at 100.00 | Aa3 | 2,298,680 | ||
Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||
2,425 | 5.000%, 1/01/32 | 1/24 at 100.00 | Aa3 | 2,705,281 | ||
2,000 | 5.000%, 1/01/33 | 1/24 at 100.00 | Aa3 | 2,231,160 | ||
Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A: | ||||||
160 | 5.000%, 1/01/32 | 1/25 at 100.00 | Baa2 | 174,741 | ||
170 | 5.000%, 1/01/33 | 1/25 at 100.00 | Baa2 | 185,409 | ||
100 | 5.000%, 1/01/34 | 1/25 at 100.00 | Baa2 | 108,915 | ||
150 | 5.000%, 1/01/35 | 1/25 at 100.00 | Baa2 | 163,214 | ||
9,005 | Total Transportation | 9,922,660 | ||||
U.S. Guaranteed – 7.9% (6) | ||||||
1,430 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Tender Option Trust 2015-XF0234, 22.619%, 3/01/23 (Pre-refunded 5/01/25), 144A (IF) (7) | 5/25 at 0.00 | Aa2 | 2,715,127 | ||
1,000 | Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%, 1/01/31 (Pre-refunded 1/01/22) | 1/22 at 100.00 | N/R | 1,028,070 | ||
1,400 | Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA | 1,440,124 | ||
500 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 (Pre-refunded 5/01/24) | 5/24 at 100.00 | AA+ | 569,380 | ||
1,375 | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) | 5/22 at 100.00 | AA+ | 1,436,916 | ||
1,380 | Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37 (Pre-refunded 11/15/22) | 11/22 at 100.00 | AA- | 1,477,290 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (6) (continued) | ||||||
$ 1,000 | Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24) | 2/24 at 100.00 | Aa3 | $1,127,170 | ||
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: | ||||||
101 | 5.500%, 7/15/23 (Pre-refunded 7/15/21) | 7/21 at 100.00 | N/R | 102,067 | ||
374 | 5.500%, 7/15/30 (Pre-refunded 7/15/21) | 7/21 at 100.00 | N/R | 376,035 | ||
410 | 5.500%, 1/15/36 (Pre-refunded 7/15/21) | 7/21 at 100.00 | N/R | 412,696 | ||
4,000 | Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47 (Pre-refunded 5/01/26) | 5/26 at 100.00 | Aaa | 4,870,440 | ||
810 | Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 (Pre-refunded 12/01/22) | 12/22 at 100.00 | Aa2 | 869,487 | ||
1,000 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) | 10/21 at 100.00 | Aa2 | 1,016,320 | ||
14,780 | Total U.S. Guaranteed | 17,441,122 | ||||
Utilities – 35.7% | ||||||
500 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 | 5/25 at 100.00 | Aa2 | 582,315 | ||
1,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A, 5.000%, 11/01/37 | 11/27 at 100.00 | Aa2 | 1,246,070 | ||
1,635 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 5.000%, 11/01/47 | 11/27 at 100.00 | Aa2 | 2,036,425 | ||
1,370 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured | No Opt. Call | Aa2 | 1,438,569 | ||
2,635 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52 | 5/31 at 100.00 | AA- | 2,657,397 | ||
1,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | 2/28 at 100.00 | BBB+ | 1,402,738 | ||
2,010 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | 2/28 at 100.00 | BBB+ | 2,255,602 | ||
2,000 | Cartersville, Georgia, Water and Sewer Revenue Bonds, Series 2018, 5.000%, 6/01/48 | 6/28 at 100.00 | AA- | 2,525,360 | ||
1,900 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/31 | 3/27 at 100.00 | A2 | 2,308,443 | ||
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020: | ||||||
500 | 5.000%, 3/01/30 | No Opt. Call | A2 | 654,750 | ||
1,000 | 4.000%, 3/01/34 | 3/30 at 100.00 | A2 | 1,203,900 | ||
1,250 | 4.000%, 3/01/35 | 3/30 at 100.00 | A2 | 1,501,863 | ||
1,000 | 4.000%, 3/01/40 | 3/30 at 100.00 | A2 | 1,178,590 | ||
3,410 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.250%, 10/01/32 – AGM Insured | 10/26 at 100.00 | AA | 4,225,570 | ||
2,500 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41 | 10/21 at 100.00 | Aa3 | 2,540,475 | ||
Etowah Water and Sewer Authority, Georgia, Revenue Bonds, Series 2019: | ||||||
605 | 5.000%, 3/01/31 – BAM Insured | 3/29 at 100.00 | AA | 773,232 | ||
2,000 | 5.000%, 3/01/32 – BAM Insured | 3/29 at 100.00 | AA | 2,548,680 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 1,000 | Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33 | 1/23 at 100.00 | AA | $1,072,310 | ||
2,000 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43 | 1/23 at 100.00 | A1 | 2,127,800 | ||
1,500 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 2019A, 5.000%, 1/01/56 | 7/28 at 100.00 | A | 1,806,465 | ||
3,000 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2019B, 5.000%, 1/01/48 | 7/28 at 100.00 | BBB+ | 3,614,310 | ||
1,200 | Griffin, Georgia, Combined Public Utility Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/28 – AGM Insured | 1/23 at 100.00 | AA | 1,287,708 | ||
550 | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2021, 5.000%, 2/01/25 | No Opt. Call | Aa2 | 642,202 | ||
2,000 | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2012, 5.000%, 2/01/29 | 2/22 at 100.00 | Aa2 | 2,061,960 | ||
320 | Macon Water Authority, Georgia, Water and Sewer Revenue Bonds, Series 2020B, 4.000%, 10/01/39 | 10/30 at 100.00 | Aa1 | 389,853 | ||
2,315 | Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 | No Opt. Call | A+ | 2,400,099 | ||
Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A: | ||||||
360 | 5.500%, 9/15/23 | No Opt. Call | A+ | 401,594 | ||
2,630 | 5.500%, 9/15/27 | No Opt. Call | A+ | 3,320,796 | ||
2,750 | Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 5.000%, 5/15/49 | No Opt. Call | A3 | 4,147,110 | ||
1,525 | Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 8/01/49 (Mandatory Put 12/02/24) | 9/24 at 100.43 | Aa1 | 1,704,111 | ||
2,000 | Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23) | 6/23 at 100.40 | Aa2 | 2,156,000 | ||
1,000 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company - Scherer Plant, First Series 1995, 2.250%, 7/01/25 | 6/24 at 100.00 | A- | 1,029,380 | ||
3,325 | Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/45 – AGM Insured | 12/30 at 100.00 | AA | 3,945,611 | ||
2,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A, 5.000%, 1/01/49 | 7/28 at 100.00 | A | 2,414,620 | ||
3,500 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32 | No Opt. Call | A2 | 2,689,855 | ||
2,435 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A, 5.000%, 1/01/45 | 1/31 at 100.00 | A2 | 3,084,122 | ||
500 | Rockdale County, Georgia, Water and Sewerage Revenue Bonds, Series 2020, 5.000%, 7/01/31 | 7/30 at 100.00 | Aa2 | 668,345 | ||
1,500 | Sinclair Water Authority, Georgia, Revenue Bonds, Refunding Series 2019, 4.000%, 4/01/44 | 4/29 at 100.00 | AA | 1,737,165 | ||
1,000 | South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/31 | 1/24 at 100.00 | AA | 1,114,510 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Walton-Hard Labor Creek Reservoir Project, Refunding Series 2016A: | ||||||
$ 540 | 5.000%, 2/01/36 | 2/26 at 100.00 | Aa2 | $642,519 | ||
800 | 5.000%, 2/01/37 | 2/26 at 100.00 | Aa2 | 951,912 | ||
2,000 | Warner Robins, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 2020, 4.000%, 7/01/50 | 7/30 at 100.00 | Aa3 | 2,342,340 | ||
68,315 | Total Utilities | 78,832,676 | ||||
$ 187,801 | Total Long-Term Investments (cost $204,647,118) | 216,418,349 |
Principal Amount (000) | Description (1) | Optional
Call Provisions (2) |
Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.2% | ||||||
MUNICIPAL BONDS – 0.2% | ||||||
Health Care – 0.2% | ||||||
$ 302 | Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Variable Rate Demand Obligations, Series 2016, 6.500%, 10/01/21 (4), (5) | No Opt. Call | N/R | $ 324,890 | ||
$ 302 | Total Short-Term Investments (cost $301,472) | 324,890 | ||||
Total Investments (cost $204,948,590) – 98.3% | 216,743,239 | |||||
Other Assets Less Liabilities – 1.7% | 3,809,448 | |||||
Net Assets – 100% | $ 220,552,687 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(7) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 93.8% | ||||||
MUNICIPAL BONDS – 92.3% | ||||||
Consumer Discretionary – 0.2% | ||||||
$ 435 | International Falls, Minnesota, Pollution Control Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1997, 5.650%, 12/01/22 | 6/21 at 100.00 | N/R | $ 435,596 | ||
Consumer Staples – 4.9% | ||||||
5,320 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 5,590,522 | ||
500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 | 6/22 at 100.00 | B- | 521,205 | ||
665 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/21 at 100.00 | N/R | 665,279 | ||
315 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 336,190 | ||
2,665 | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A, 5.250%, 5/15/35 | 5/23 at 100.00 | A- | 2,887,261 | ||
200 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 235,140 | ||
1,160 | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 1,267,822 | ||
10,825 | Total Consumer Staples | 11,503,419 | ||||
Education and Civic Organizations – 17.3% | ||||||
1,000 | Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State Univeristy Student Housing-Cowboy Facilities, Inc Project, Refunding Series 2011, 5.000%, 5/01/29 – AGM Insured | 5/22 at 100.00 | A2 | 1,041,260 | ||
1,025 | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A, 5.500%, 6/15/38, 144A | 6/28 at 100.00 | N/R | 1,173,851 | ||
815 | Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc Project, Refunding Series 2012, 5.000%, 10/01/27 – AGM Insured | 10/22 at 100.00 | AA | 865,359 | ||
3,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2018, 5.000%, 10/01/48 – AGM Insured | 10/27 at 100.00 | AA | 3,634,500 | ||
1,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative Student Facilities, 5.000%, 10/01/34 – AGM Insured | 10/25 at 100.00 | AA | 1,178,370 | ||
2,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing/Innovative Student Facilities Inc Project, Refunding Series, 5.000%, 7/01/33 | 7/23 at 100.00 | A3 | 2,159,260 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 1,220 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, McNeese State University Student Parking - Cowboy Faciliites, Inc Project, Series 2011, 4.875%, 3/01/42 – AGM Insured | 3/22 at 100.00 | A2 | $1,257,478 | ||
2,385 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Nicholls State University Student Recreation Center/NSU Facilities Corporation Project, Refunding, 4.000%, 10/01/38 | 10/30 at 100.00 | BBB | 2,640,052 | ||
2,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Ragin' Cajun Facilities Inc- Student Housing & Parking Project, Series 2017, 5.000%, 10/01/39 – AGM Insured | 10/27 at 100.00 | AA | 2,466,640 | ||
1,500 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana University student Housing/University Facilities Project, Series 2017, 5.000%, 8/01/42 – AGM Insured | 8/27 at 100.00 | AA | 1,812,240 | ||
1,300 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lake Charles College Prep Project, Series 2019A, 5.000%, 6/01/39, 144A | 6/27 at 100.00 | N/R | 1,379,378 | ||
220 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Tulane University, Refunding Series 2017A, 5.000%, 12/15/30 | 12/27 at 100.00 | A | 274,542 | ||
2,000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Tulane University, Refunding Series 2020A, 4.000%, 4/01/40 | 4/30 at 100.00 | A | 2,333,320 | ||
1,680 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Young Audiences Charter School, Series 2019A, 5.000%, 4/01/39, 144A | 4/27 at 100.00 | N/R | 1,765,613 | ||
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase II Project, Series 2017: | ||||||
200 | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 237,970 | ||
1,500 | 5.000%, 7/01/47 | 7/27 at 100.00 | A | 1,774,305 | ||
2,595 | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University GreenHouse District Phase III Project, Series 2019A, 5.000%, 7/01/59 | 7/29 at 100.00 | A | 3,188,269 | ||
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University Nicolson Gateway Project, Series 2016A: | ||||||
1,500 | 5.000%, 7/01/46 | 7/26 at 100.00 | A | 1,732,020 | ||
1,910 | 5.000%, 7/01/56 | 7/26 at 100.00 | A | 2,195,430 | ||
1,000 | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Refunding Series 2017, 5.000%, 7/01/37 (4) | 7/27 at 100.00 | Caa1 | 950,000 | ||
1,035 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 8.000%, 12/15/41 | 12/21 at 100.00 | N/R | 1,060,554 | ||
3,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | Baa1 | 3,018,600 | ||
1,500 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43 | 12/23 at 100.00 | N/R | 1,594,170 | ||
800 | Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc- Student Housing Project, Refunding Series 2014, 5.000%, 9/01/31 – AGM Insured | 9/24 at 100.00 | AA | 902,224 | ||
36,185 | Total Education and Civic Organizations | 40,635,405 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Energy – 0.6% | ||||||
$ 1,210 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | No Opt. Call | BBB | $1,253,257 | ||
175 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23) | No Opt. Call | BBB- | 178,936 | ||
1,385 | Total Energy | 1,432,193 | ||||
Health Care – 11.1% | ||||||
Calcasieu Parish Memorial Hospital Service District, Louisiana, Revenue Bonds, Lake Charles Memorial Hospital, Refunding Series 2019: | ||||||
715 | 5.000%, 12/01/34 | 12/29 at 100.00 | BB+ | 794,108 | ||
2,750 | 5.000%, 12/01/39 | 12/29 at 100.00 | BB+ | 2,998,242 | ||
390 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/39 | 8/29 at 100.00 | BBB+ | 487,309 | ||
505 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | AA+ | 611,641 | ||
3,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, 5.000%, 10/01/41 | 10/27 at 100.00 | A | 3,618,150 | ||
2,000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Christus Health, Refunding Series 2019A, 5.000%, 7/01/48 | 1/29 at 100.00 | A+ | 2,438,580 | ||
1,610 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46 | 5/27 at 100.00 | A | 1,927,234 | ||
1,515 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 | No Opt. Call | A2 | 1,681,605 | ||
1,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2017A, 5.000%, 7/01/47 | 7/27 at 100.00 | A | 1,200,110 | ||
3,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2015A-1 Fixed Rate Mode, 5.000%, 6/01/45 | 6/28 at 100.00 | A+ | 3,602,070 | ||
300 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children's Medical Center Hospital, Series 2020A, 4.000%, 6/01/50 | 6/30 at 100.00 | A+ | 343,485 | ||
200 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47 | 5/25 at 100.00 | A | 227,636 | ||
Saint Tammany Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, St Tammany Parish Hospital Project, Refunding Series 2018A: | ||||||
1,715 | 5.000%, 7/01/36 | 7/28 at 100.00 | A+ | 2,109,519 | ||
1,400 | 5.000%, 7/01/37 | 7/28 at 100.00 | A+ | 1,717,926 | ||
1,000 | 4.000%, 7/01/43 | 7/28 at 100.00 | A+ | 1,132,710 | ||
1,085 | Terrebonne Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, Terrebonne General Medical Center, Refunding Series 2013, 4.000%, 4/01/33 | 4/23 at 100.00 | A | 1,126,653 | ||
22,185 | Total Health Care | 26,016,978 | ||||
Housing/Multifamily – 1.3% | ||||||
1,870 | Louisiana Housing Finance Agency, Multifamily Housing Revenue Bonds, Mallard Crossings Apartments, Series 2011, 4.750%, 10/01/29 | 10/21 at 100.00 | AA+ | 1,888,868 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
$ 1,000 | Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Provident Group - HSC Properties Inc - LSU Health Foundation, New Orleans Project, Senior Lien Series 2020A-1, 5.500%, 1/01/50, 144A | 1/30 at 100.00 | N/R | $ 1,149,500 | ||
2,870 | Total Housing/Multifamily | 3,038,368 | ||||
Housing/Single Family – 1.0% | ||||||
2,100 | Louisiana Housing Corporation Single Family Mortgage Revenue Bonds, Home Ownership Series 2020B, 3.500%, 6/01/50 | 6/29 at 101.21 | Aaa | 2,327,871 | ||
Industrials – 3.2% | ||||||
835 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, Series 2012, 4.750%, 8/01/42 | 8/22 at 100.00 | BBB- | 862,238 | ||
1,000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 | 12/23 at 100.00 | BB- | 1,095,190 | ||
40 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) | 12/22 at 103.00 | BB- | 43,411 | ||
250 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Cameron Parish GOMESA Project, Green Series 2018, 5.650%, 11/01/37, 144A | 11/28 at 100.00 | N/R | 295,377 | ||
285 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A | 11/29 at 100.00 | N/R | 302,342 | ||
100 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint John the Baptist Parish GOMESA Project, Series 2019, 3.900%, 11/01/44, 144A | 11/29 at 100.00 | N/R | 105,352 | ||
110 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Martin Parish GOMESA Project, Series 2019, 4.400%, 11/01/44, 144A | 11/28 at 100.00 | N/R | 119,252 | ||
2,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Saint Tammany Parish GOMESA Project, Series 2020, 3.875%, 11/01/45, 144A | 11/29 at 100.00 | N/R | 2,101,100 | ||
Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Terrebonne Parish GOMESA Project, Series 2018: | ||||||
100 | 5.375%, 11/01/38, 144A | 11/28 at 100.00 | N/R | 116,040 | ||
100 | 5.500%, 11/01/39, 144A | 11/28 at 100.00 | N/R | 113,059 | ||
1,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Lousiana Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4) | No Opt. Call | N/R | 10 | ||
200 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | 11/24 at 100.00 | N/R | 221,330 | ||
300 | Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 | 11/21 at 100.00 | B | 305,901 | ||
1,000 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010A, 6.350%, 10/01/40, 144A | 6/30 at 100.00 | BB- | 1,303,780 | ||
205 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010B, 6.100%, 12/01/40 (Mandatory Put 3/01/30), 144A | No Opt. Call | BB- | 263,179 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Industrials (continued) | ||||||
$ 250 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A | 10/22 at 100.00 | BBB- | $ 255,963 | ||
7,775 | Total Industrials | 7,503,524 | ||||
Long-Term Care – 1.3% | ||||||
2,800 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, The Glen Retirement System Project, Series 2019A, 5.000%, 1/01/49 | 1/26 at 103.00 | N/R | 2,714,320 | ||
400 | Saint Tammany Public Trust Financing Authority, Louisiana, Revenue Bonds, Christwood Project, Refunding Series 2015, 5.250%, 11/15/37 | 11/24 at 100.00 | N/R | 432,032 | ||
3,200 | Total Long-Term Care | 3,146,352 | ||||
Materials – 1.2% | ||||||
2,570 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 | 11/27 at 100.00 | Baa2 | 2,859,870 | ||
Tax Obligation/General – 3.6% | ||||||
Calcasieu Parish School District 23, Louisiana, General Obligation Bonds, Public School Improvement Series 2019: | ||||||
1,055 | 4.000%, 9/01/37 – BAM Insured | 9/29 at 100.00 | AA | 1,240,912 | ||
1,600 | 4.000%, 9/01/38 – BAM Insured | 9/29 at 100.00 | AA | 1,870,912 | ||
Cameron Parish School District 15, Louisiana, General Obligtion Bonds, Series 2021: | ||||||
265 | 4.000%, 10/01/37 | 10/30 at 100.00 | BBB | 289,051 | ||
350 | 4.000%, 10/01/39 | 10/30 at 100.00 | BBB | 379,901 | ||
425 | 4.000%, 10/01/40 | 10/30 at 100.00 | BBB | 459,969 | ||
735 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 1998, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | AA | 754,375 | ||
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2015: | ||||||
125 | 5.000%, 12/01/27 | 12/25 at 100.00 | AA- | 149,119 | ||
525 | 5.000%, 12/01/29 | 12/25 at 100.00 | AA- | 624,897 | ||
350 | New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | A2 | 359,226 | ||
2,220 | Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2012A, 5.000%, 7/01/35 – AGM Insured | 7/22 at 100.00 | AA | 2,297,522 | ||
7,650 | Total Tax Obligation/General | 8,425,884 | ||||
Tax Obligation/Limited – 18.1% | ||||||
1,260 | Broussard, Louisiana, Sales & Use Tax Revenue Bonds, Recreational Facility Series 2012, 5.000%, 5/01/32 | 5/22 at 100.00 | A- | 1,313,210 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
130 | 5.000%, 11/15/33 | 11/25 at 100.00 | BB | 148,311 | ||
1,040 | 5.000%, 11/15/34 | 11/25 at 100.00 | BB | 1,184,966 | ||
1,000 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,133,180 | ||
170 | 4.000%, 11/15/39 | 11/25 at 100.00 | BB | 183,671 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||
$ 1,250 | 5.000%, 1/01/26 | 1/22 at 100.00 | BB | $1,284,337 | ||
1,000 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 1,028,200 | ||
30 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | BB | 30,824 | ||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||
1,000 | 5.000%, 12/01/26 | No Opt. Call | BB | 1,200,230 | ||
1,000 | 5.000%, 12/01/34 | 12/26 at 100.00 | BB | 1,165,380 | ||
3,000 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | AA | 3,732,660 | ||
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2019B: | ||||||
2,000 | 4.000%, 12/01/38 – AGM Insured | 12/29 at 100.00 | AA | 2,411,440 | ||
5,000 | 4.000%, 12/01/42 – AGM Insured | 12/29 at 100.00 | AA | 5,978,100 | ||
505 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/26 | No Opt. Call | A1 | 603,904 | ||
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, LCTCS Act 360 Project, Series 2014: | ||||||
2,000 | 5.000%, 10/01/35 | 10/24 at 100.00 | A+ | 2,272,820 | ||
2,000 | 5.000%, 10/01/37 | 10/24 at 100.00 | A+ | 2,267,500 | ||
3,000 | 5.000%, 10/01/39 | 10/24 at 100.00 | A+ | 3,394,650 | ||
1,435 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Bossier City Projects, Series 2015, 5.000%, 6/01/30 | 6/25 at 100.00 | AA | 1,683,370 | ||
500 | Louisiana Stadium and Exposition District, Revenue Bonds, Bond Anticipation Notes Series 2020, 5.000%, 7/03/23 | 1/23 at 100.00 | AA- | 535,660 | ||
675 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 | 7/23 at 100.00 | AA- | 737,843 | ||
Louisiana State Correctional Facilities Corporation, Lease Revenue Bonds, Office of Juvenile Justice Project, Series 2021: | ||||||
1,435 | 4.000%, 10/01/38 | 10/30 at 100.00 | A+ | 1,720,594 | ||
1,490 | 4.000%, 10/01/39 | 10/30 at 100.00 | A+ | 1,782,278 | ||
365 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 5.000%, 12/01/27, 144A | No Opt. Call | N/R | 393,273 | ||
1,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/36 – AGC Insured | No Opt. Call | AA | 1,090,450 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
2,720 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 2,144,285 | ||
344 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 111,996 | ||
Saint Charles Parish School Board, Louisiana, Sales & Use Tax Bonds, Series 2019: | ||||||
750 | 4.000%, 8/01/37 | 8/29 at 100.00 | AA | 925,432 | ||
680 | 4.000%, 8/01/39 | 8/29 at 100.00 | AA | 819,318 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,000 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 | 11/26 at 100.00 | N/R | $1,025,310 | ||
110 | West Trace Community Development District, Westlake, Louisiana, Special Assessment Revenue Bonds, Series 2018, 6.875%, 12/01/46 | No Opt. Call | N/R | 117,189 | ||
37,889 | Total Tax Obligation/Limited | 42,420,381 | ||||
Transportation – 10.3% | ||||||
1,475 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | 7/23 at 100.00 | N/R | 1,567,556 | ||
785 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 | 12/24 at 100.00 | BBB | 902,852 | ||
805 | Greater New Orleans Expressway Commission, Louisiana, Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/23 – AGM Insured | No Opt. Call | AA | 892,431 | ||
1,000 | Greater New Orleans Expressway Commission, Louisiana, Toll Revenue Bonds, Subordinate Lien Series 2017, 5.000%, 11/01/47 – AGM Insured | 11/25 at 100.00 | AA | 1,165,520 | ||
500 | Guam International Airport Authority, Revenue Bonds, Series 2019A, 5.000%, 10/01/22 (AMT) | No Opt. Call | Baa2 | 525,695 | ||
1,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (AMT) | 7/25 at 100.00 | B | 1,124,280 | ||
2,000 | Lake Charles Harbor and Terminal District, Louisiana, Revenue Bonds, Series 2013B, 5.000%, 1/01/34 (AMT) | 1/24 at 100.00 | AA | 2,199,680 | ||
1,405 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A | 7/23 at 100.00 | N/R | 1,510,192 | ||
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, Gilf Opportunity Zone Project, Refunding Series 2019: | ||||||
200 | 4.000%, 1/01/37 | 1/29 at 100.00 | A2 | 233,420 | ||
1,000 | 4.000%, 1/01/38 | 1/29 at 100.00 | A2 | 1,164,380 | ||
1,015 | 4.000%, 1/01/39 | 1/29 at 100.00 | A2 | 1,179,268 | ||
2,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/35 (AMT) | 1/25 at 100.00 | A2 | 2,265,800 | ||
New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities Corporation Consolidated Garage System, Series 2018A: | ||||||
1,300 | 5.000%, 10/01/43 – AGM Insured | 10/28 at 100.00 | AA | 1,594,567 | ||
2,000 | 5.000%, 10/01/48 – AGM Insured | 10/28 at 100.00 | AA | 2,422,860 | ||
840 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 950,536 | ||
2,750 | Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2018B, 5.000%, 4/01/45 – AGM Insured (AMT) | 4/28 at 100.00 | AA | 3,263,453 | ||
1,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT) | 6/27 at 100.00 | BBB | 1,200,000 | ||
21,075 | Total Transportation | 24,162,490 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed – 8.1% (5) | ||||||
$ 1,000 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 (Pre-refunded 2/01/25) | 2/25 at 100.00 | AA- | $1,169,920 | ||
1,980 | Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 1,989,940 | ||
1,000 | Kenner Consolidated Sewer District, Louisiana, Sewer Revenue Bonds, Series 2011, 5.000%, 11/01/36 (Pre-refunded 11/01/21) – AGM Insured | 11/21 at 100.00 | AA | 1,020,220 | ||
900 | Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Bossier Parish Public Improvement Projects, Series 2012, 5.000%, 3/01/42 (Pre-refunded 3/01/22) | 3/22 at 100.00 | Aa3 | 933,138 | ||
1,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation Project, Refunding Series 2011, 5.000%, 12/01/26 (Pre-refunded 12/01/21) – AGM Insured | 12/21 at 100.00 | AA | 1,024,550 | ||
1,500 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/39 (Pre-refunded 2/01/24) | 2/24 at 100.00 | A+ | 1,690,755 | ||
1,575 | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/41 (Pre-refunded 11/01/25) | 11/25 at 100.00 | N/R | 1,891,654 | ||
25 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 (ETM) | No Opt. Call | A2 | 30,362 | ||
1,500 | Louisiana State, Highway Improvement Revenue Bonds, Series 2014A, 5.000%, 6/15/34 (Pre-refunded 6/15/24) | 6/24 at 100.00 | AA | 1,713,885 | ||
1,500 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 (Pre-refunded 6/01/24) | 6/24 at 100.00 | A | 1,677,600 | ||
1,315 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2015, 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | A | 1,544,323 | ||
200 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/34 (Pre-refunded 12/01/24) | 12/24 at 100.00 | A- | 231,540 | ||
Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B: | ||||||
1,245 | 5.000%, 4/01/31 (Pre-refunded 4/01/23) (AMT) | 4/23 at 100.00 | A | 1,349,094 | ||
500 | 5.000%, 4/01/32 (Pre-refunded 4/01/23) (AMT) | 4/23 at 100.00 | A | 541,805 | ||
500 | Shreveport, Louisiana, General Obligation Bonds, Series 2011, 5.000%, 8/01/31 (Pre-refunded 8/01/21) | 8/21 at 100.00 | BBB+ | 504,000 | ||
1,500 | Terrebonne Parish Waterworks District 1, Louisiana, Water Revenue Bonds, Series 2012A, 5.000%, 11/01/37 (Pre-refunded 11/01/22) | 11/22 at 100.00 | AA- | 1,601,820 | ||
17,240 | Total U.S. Guaranteed | 18,914,606 | ||||
Utilities – 10.1% | ||||||
1,665 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, 4.000%, 2/01/45 | 2/29 at 100.00 | AA- | 1,961,270 | ||
2,000 | Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | BBB | 2,326,200 | ||
1,500 | Louisiana Energy and Power Authority, Power Project Revenue Bonds, LEPA Unit 1, Series 2013A, 5.250%, 6/01/38 – AGM Insured | 6/23 at 100.00 | AA | 1,643,160 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 2,200 | Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Entergy Lousiana, LLC Project, Refunding Series 2021B, 2.500%, 4/01/36 | 4/26 at 100.00 | A | $2,242,570 | ||
4,750 | Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38 | 5/23 at 100.00 | A3 | 4,970,542 | ||
1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2020B, 4.000%, 6/01/50 | 6/30 at 100.00 | A | 1,149,350 | ||
2,130 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/21 (4) | No Opt. Call | N/R | 2,663 | ||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (4) | No Opt. Call | N/R | 1,250 | ||
1,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) | No Opt. Call | N/R | 1,028,500 | ||
310 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (4) | No Opt. Call | N/R | 388 | ||
1,500 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 1,587,540 | ||
365 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior Lien Series 2019B, 4.000%, 12/01/49 – AGM Insured | 12/28 at 100.00 | AA | 412,428 | ||
1,500 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2020B, 3.000%, 12/01/50 | 12/30 at 100.00 | A- | 1,593,060 | ||
1,500 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series 2003A Refunding, 5.000%, 12/01/32 – BAM Insured | 12/28 at 100.00 | AA | 1,917,195 | ||
2,000 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series 2016B, 5.000%, 12/01/41 – BAM Insured | 12/26 at 100.00 | AA | 2,402,680 | ||
500 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31 | 6/21 at 100.00 | CCC | 474,150 | ||
24,920 | Total Utilities | 23,712,946 | ||||
$ 198,304 | Total Municipal Bonds (cost $203,781,757) | 216,535,883 |
Shares | Description (1) | Value | ||||
COMMON STOCKS – 1.5% | ||||||
Electric Utilities – 1.5% | ||||||
111,006 | Energy Harbor Corp, (6), (7), (8) | $ 3,533,654 | ||||
Total Common Stocks (cost $2,755,685) | 3,533,654 | |||||
Total Long-Term Investments (cost $206,537,442) | 220,069,537 |
Principal Amount (000) | Description (1) | Optional
Call Provisions (2) |
Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.1% | ||||||
MUNICIPAL BONDS – 0.1% | ||||||
Tax Obligation/Limited – 0.1% | ||||||
$ 300 | Louisiana Public Facilities Authority, Equipment and Capital Facilities Loan Program Revenue Bonds, Variable Rate Demand Obligations, Series 2004, 0.290%, 7/01/21 | 6/21 at 100.00 | VMIG-1 | $ 300,000 | ||
$ 300 | Total Short-Term Investments (cost $300,000) | 300,000 | ||||
Total Investments (cost $206,837,442) – 93.9% | 220,369,537 | |||||
Other Assets Less Liabilities – 6.1% | 14,401,809 | |||||
Net Assets – 100% | $ 234,771,346 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(6) | Common Stock received as part of the bankruptcy settlement during February 2020 for Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A; Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A; and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A. | |
(7) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
(8) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 99.2% | ||||||
MUNICIPAL BONDS – 99.2% | ||||||
Education and Civic Organizations – 14.4% | ||||||
$ 1,995 | Appalachian State University, North Carolina, General Revenue Bonds, Millennial Campus End Zone Project, Series 2018, 5.000%, 5/01/44 | 5/28 at 100.00 | A1 | $2,470,189 | ||
2,000 | Appalachian State University, North Carolina, General Revenue Bonds, Series 2019, 4.000%, 10/01/48 | 10/29 at 100.00 | Aa3 | 2,321,040 | ||
1,000 | Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013, 5.000%, 4/01/33 | 4/22 at 100.00 | A3 | 1,028,200 | ||
2,000 | East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29 | 4/26 at 100.00 | AA- | 2,395,480 | ||
Elizabeth City State University, North Carolina, General Revenue Bonds, Series 2019: | ||||||
620 | 5.000%, 4/01/26 – AGM Insured | No Opt. Call | AA | 743,225 | ||
645 | 5.000%, 4/01/27 – AGM Insured | No Opt. Call | AA | 794,408 | ||
425 | 5.000%, 4/01/28 – AGM Insured | No Opt. Call | AA | 531,216 | ||
465 | 5.000%, 4/01/29 – AGM Insured | No Opt. Call | AA | 590,722 | ||
745 | 5.000%, 4/01/30 – AGM Insured | 4/29 at 100.00 | AA | 939,326 | ||
1,500 | 5.000%, 4/01/40 – AGM Insured | 4/29 at 100.00 | AA | 1,837,140 | ||
4,500 | North Carolina Agricultural & Technical State University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/40 | 10/25 at 100.00 | AA- | 5,310,675 | ||
2,000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014, 5.000%, 3/01/45 | 3/22 at 100.00 | AA+ | 2,065,740 | ||
1,000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University, Series 2013A, 5.000%, 4/01/28 | 4/23 at 100.00 | A- | 1,073,870 | ||
North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2016: | ||||||
800 | 4.000%, 6/01/33 | 6/26 at 100.00 | BBB+ | 884,832 | ||
685 | 4.000%, 6/01/34 | 6/26 at 100.00 | BBB+ | 756,254 | ||
5,000 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Refunding Series 2018, 5.000%, 6/01/38 | 6/26 at 100.00 | BBB+ | 5,767,950 | ||
7,500 | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2018, 5.000%, 1/01/48 | 1/28 at 100.00 | AA | 9,104,550 | ||
North Carolina Central University, General Revenue Bonds, Refunding Series 2016: | ||||||
3,140 | 5.000%, 10/01/26 | 4/26 at 100.00 | A3 | 3,712,328 | ||
3,215 | 5.000%, 10/01/27 | 4/26 at 100.00 | A3 | 3,793,186 | ||
1,035 | North Carolina Central University, General Revenue Bonds, Series 2019, 5.000%, 4/01/38 | 4/29 at 100.00 | A3 | 1,271,694 | ||
1,745 | North Carolina State University at Raleigh, General Revenue Bonds, Series 2020A, 5.000%, 10/01/31 | 4/30 at 100.00 | Aa1 | 2,318,896 | ||
5,000 | University of North Carolina, Asheville, General Revenue Bonds, Refunding Series 2017, 5.000%, 6/01/42 | 6/26 at 100.00 | A1 | 5,982,750 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
University of North Carolina, Asheville, General Revenue Bonds, Refunding Series 2019: | ||||||
$ 1,025 | 5.000%, 6/01/30 | 6/29 at 100.00 | A1 | $1,323,849 | ||
1,000 | 5.000%, 6/01/31 | 6/29 at 100.00 | A1 | 1,285,300 | ||
1,125 | 5.000%, 6/01/32 | 6/29 at 100.00 | A1 | 1,442,160 | ||
1,180 | 5.000%, 6/01/33 | 6/29 at 100.00 | A1 | 1,508,205 | ||
1,240 | 5.000%, 6/01/34 | 6/29 at 100.00 | A1 | 1,580,578 | ||
4,590 | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45 | 4/25 at 100.00 | Aa3 | 5,279,005 | ||
230 | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/31 | 10/27 at 100.00 | Aa3 | 286,389 | ||
University of North Carolina, Charlotte, General Revenue Bonds, Series 2017: | ||||||
7,515 | 5.000%, 10/01/42 | 10/27 at 100.00 | Aa3 | 9,209,106 | ||
1,250 | 5.000%, 10/01/47 | 10/27 at 100.00 | Aa3 | 1,528,238 | ||
4,415 | University of North Carolina, Charlotte, General Revenue Bonds, Series 2020A, 4.000%, 10/01/45 | 10/29 at 100.00 | Aa3 | 5,194,689 | ||
University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017: | ||||||
1,000 | 5.000%, 4/01/30 | 4/28 at 100.00 | Aa3 | 1,255,020 | ||
835 | 5.000%, 4/01/31 | 4/28 at 100.00 | Aa3 | 1,044,877 | ||
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014: | ||||||
1,085 | 5.000%, 4/01/32 | 4/24 at 100.00 | Aa3 | 1,216,697 | ||
2,070 | 5.000%, 4/01/39 | 4/24 at 100.00 | Aa3 | 2,311,962 | ||
6,000 | University of North Carolina, Greensboro, General Revenue Bonds, Series 2018, 5.000%, 4/01/43 | 4/28 at 100.00 | Aa3 | 7,334,580 | ||
University of North Carolina, Wilmington, General Revenue Bonds, Refunding Series 2019B: | ||||||
1,000 | 5.000%, 10/01/34 | 10/29 at 100.00 | Aa3 | 1,295,720 | ||
1,275 | 5.000%, 10/01/35 | 10/29 at 100.00 | Aa3 | 1,648,868 | ||
595 | 4.000%, 10/01/36 | 10/29 at 100.00 | Aa3 | 715,404 | ||
2,045 | 4.000%, 10/01/37 | 10/29 at 100.00 | Aa3 | 2,452,200 | ||
4,500 | Western Carolina University, North Carolina, General Revenue Bonds, Series 2018, 5.000%, 10/01/43 | 4/28 at 100.00 | Aa3 | 5,467,005 | ||
2,910 | Western Carolina University, North Carolina, General Revenue Bonds, Series 2020B, 4.000%, 4/01/45 | 4/30 at 100.00 | Aa3 | 3,426,380 | ||
93,900 | Total Education and Civic Organizations | 112,499,903 | ||||
Health Care – 12.1% | ||||||
1,615 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/31 | 1/22 at 100.00 | AA- | 1,657,184 | ||
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2016A: | ||||||
2,000 | 5.000%, 1/15/25 | No Opt. Call | AA- | 2,330,900 | ||
3,000 | 5.000%, 1/15/36 | 1/26 at 100.00 | AA- | 3,522,750 | ||
1,685 | 5.000%, 1/15/40 | 1/26 at 100.00 | AA- | 1,960,127 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 10,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Variable Rate Demand Series 2021D, 5.000%, 1/15/49 (Mandatory Put 12/01/31) | No Opt. Call | AA- | $13,689,400 | ||
1,000 | Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 4.250%, 11/01/32 | 5/22 at 100.00 | BBB | 1,018,810 | ||
7,480 | North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2020A, 4.000%, 7/01/49 | 1/30 at 100.00 | AA- | 8,521,216 | ||
555 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Refunding Series 2016A, 5.000%, 6/01/28 | No Opt. Call | AA | 710,250 | ||
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Obligated Group, Series 2019A: | ||||||
14,905 | 4.000%, 11/01/49 | 11/29 at 100.00 | AA- | 17,334,217 | ||
5,000 | 4.000%, 11/01/52 | 11/29 at 100.00 | AA- | 5,762,350 | ||
2,950 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2015A, 5.000%, 7/01/44 | 7/25 at 100.00 | AA- | 3,420,791 | ||
5,860 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/40 | 6/25 at 100.00 | A+ | 6,803,694 | ||
2,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 | 12/22 at 100.00 | AA- | 2,115,980 | ||
5,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/27 | 10/22 at 100.00 | A+ | 5,292,600 | ||
North Carolina Medical Care Commission, Health Care Facilities Revenues Bonds, Wake Forest Baptist Obligated Group, Series 2019A: | ||||||
1,000 | 5.000%, 12/01/31 | 12/28 at 100.00 | AA- | 1,256,130 | ||
1,000 | 5.000%, 12/01/33 | 12/28 at 100.00 | AA- | 1,249,450 | ||
1,280 | North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Scotland Memorial Hospital, Series 1999, 5.500%, 10/01/29 – RAAI Insured | 6/21 at 100.00 | AA | 1,284,122 | ||
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health A/K/A Gaston Health, Series 2021A: | ||||||
760 | 5.000%, 2/01/28 | No Opt. Call | AA- | 963,315 | ||
330 | 5.000%, 2/01/51(Mandatory Put 2/01/26) | 2/26 at 100.00 | AA- | 397,356 | ||
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012: | ||||||
865 | 5.000%, 6/01/25 | 6/22 at 100.00 | BBB+ | 900,923 | ||
2,000 | 5.000%, 6/01/32 | 6/22 at 100.00 | BBB+ | 2,065,980 | ||
University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019: | ||||||
4,010 | 5.000%, 2/01/45 | No Opt. Call | AA | 6,014,800 | ||
4,060 | 5.000%, 2/01/49 | No Opt. Call | AA | 6,269,330 | ||
78,355 | Total Health Care | 94,541,675 | ||||
Housing/Single Family – 1.0% | ||||||
6,955 | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 2020-44, 4.000%, 7/01/50 | 7/29 at 100.00 | AA+ | 7,814,221 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care – 1.1% | ||||||
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2021A: | ||||||
$ 280 | 4.000%, 3/01/29 (WI/DD, Settling 6/10/21) | 3/28 at 103.00 | N/R | $314,980 | ||
285 | 4.000%, 3/01/30 (WI/DD, Settling 6/10/21) | 3/28 at 103.00 | N/R | 320,628 | ||
295 | 4.000%, 3/01/31 (WI/DD, Settling 6/10/21) | 3/28 at 103.00 | N/R | 329,713 | ||
1,500 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Sharon Towers, Series 2019A, 5.000%, 7/01/49 | 7/26 at 103.00 | N/R | 1,671,465 | ||
950 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc, Series 2021, 4.000%, 9/01/46 (WI/DD, Settling 6/03/21) | 9/28 at 103.00 | BBB | 1,095,179 | ||
2,735 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2013A, 5.000%, 10/01/33 | 10/23 at 100.00 | N/R | 2,907,961 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, United Methodist Retirement Homes, Refunding Series 2016A: | ||||||
550 | 5.000%, 10/01/30 | 10/26 at 100.00 | BBB | 649,489 | ||
225 | 5.000%, 10/01/31 | 10/26 at 100.00 | BBB | 264,562 | ||
725 | North Carolina Medical Care Commission, Revenue Bonds, First Mortgage Galloway Ridge Project, Refunding Series 2019A, 5.000%, 1/01/39 | 1/27 at 103.00 | N/R | 818,605 | ||
7,545 | Total Long-Term Care | 8,372,582 | ||||
Materials – 0.2% | ||||||
1,775 | Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Recovery Zone Facility Bonds, International Paper Company Project, Refunding Series 2020A, 1.375%, 5/01/34 (Mandatory Put 6/16/25) | No Opt. Call | BBB | 1,829,084 | ||
Tax Obligation/General – 13.1% | ||||||
Asheville, North Carolina, General Obligation Bonds, Refunding Series 2020A: | ||||||
1,040 | 2.000%, 6/01/37 | 6/30 at 100.00 | AAA | 1,057,846 | ||
1,040 | 2.000%, 6/01/40 | 6/30 at 100.00 | AAA | 1,047,592 | ||
Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A: | ||||||
1,000 | 5.000%, 7/01/28 | 7/26 at 100.00 | AAA | 1,217,020 | ||
1,250 | 5.000%, 7/01/30 | 7/26 at 100.00 | AAA | 1,516,037 | ||
2,000 | Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2019A, 5.000%, 6/01/34 | 6/29 at 100.00 | AAA | 2,602,100 | ||
Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016: | ||||||
300 | 5.000%, 6/01/25 | No Opt. Call | Aa1 | 354,276 | ||
1,150 | 5.000%, 6/01/26 | No Opt. Call | Aa1 | 1,402,862 | ||
1,000 | 5.000%, 6/01/28 | 6/26 at 100.00 | Aa2 | 1,205,860 | ||
1,795 | 5.000%, 6/01/30 | 6/26 at 100.00 | Aa2 | 2,154,772 | ||
Durham, North Carolina, General Obligation Bonds, Refunding Series 2021: | ||||||
575 | 5.000%, 6/01/28 | No Opt. Call | AAA | 743,073 | ||
750 | 5.000%, 6/01/31 | No Opt. Call | AAA | 1,033,762 | ||
1,500 | Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30 | 6/21 at 100.00 | AA+ | 1,505,130 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 5,300 | Forsyth County, North Carolina, General Obligation Bonds, Public Improvement Series 2021B, 4.000%, 3/01/32 | 3/31 at 100.00 | AAA | $6,722,308 | ||
2,190 | Greensboro, North Carolina, General Obligation Bonds, Refunding Series 2020C, 4.000%, 2/01/26 | No Opt. Call | AAA | 2,548,415 | ||
1,000 | Guilford County, North Carolina, General Obligation Bonds, Public Improvement Series 2017B, 5.000%, 5/01/26 | No Opt. Call | AAA | 1,220,540 | ||
2,285 | Guilford County, North Carolina, General Obligation Bonds, Refunding Series 2017, 5.000%, 3/01/27 | No Opt. Call | AAA | 2,859,198 | ||
2,000 | Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2013A, 5.000%, 12/01/26 | No Opt. Call | AAA | 2,485,840 | ||
New Hanover County, North Carolina, General Obligation Bonds, Refunding Series 2021A: | ||||||
2,715 | 4.000%, 8/01/27 | No Opt. Call | AAA | 3,272,634 | ||
1,165 | 4.000%, 8/01/28 | No Opt. Call | AAA | 1,431,296 | ||
760 | 4.000%, 8/01/29 | No Opt. Call | AAA | 948,556 | ||
600 | 4.000%, 8/01/30 | No Opt. Call | AAA | 759,000 | ||
North Carolina State, General Obligation Bonds, Connect NC Public Improvement Series 2019B: | ||||||
670 | 5.000%, 6/01/28 | No Opt. Call | AAA | 864,253 | ||
5,000 | 5.000%, 6/01/29 | No Opt. Call | AAA | 6,596,700 | ||
3,000 | 5.000%, 6/01/30 | 6/29 at 100.00 | AAA | 3,928,050 | ||
5,000 | North Carolina State, General Obligation Bonds, Connect NC Public Improvement Series 2020A, 5.000%, 6/01/29 | No Opt. Call | AAA | 6,596,700 | ||
4,000 | North Carolina State, General Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/23 | No Opt. Call | AAA | 4,388,800 | ||
11,570 | North Carolina State, General Obligation Bonds, Series 2015A, 5.000%, 6/01/24 (UB) (4) | No Opt. Call | AAA | 13,216,874 | ||
Pender County, North Carolina, Limited General Obligation Bonds, Series 2020A: | ||||||
555 | 3.000%, 6/01/40 | 6/30 at 100.00 | Aa3 | 610,028 | ||
500 | 3.000%, 6/01/45 | 6/30 at 100.00 | Aa3 | 540,515 | ||
2,000 | Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 | No Opt. Call | AAA | 2,466,240 | ||
1,260 | Sampson County Water & Sewer District II, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/40 | 6/25 at 100.00 | A1 | 1,469,941 | ||
4,740 | Wake County, North Carolina, General Obligation Bonds, Public Improvement Series 2021, 5.000%, 4/01/31 | No Opt. Call | AAA | 6,504,844 | ||
500 | Wake County, North Carolina, Limited Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/35 | 12/26 at 100.00 | AA+ | 611,390 | ||
Wake County, North Carolina, Limited Obligation Bonds, Series 2018A: | ||||||
2,000 | 5.000%, 8/01/32 | 8/28 at 100.00 | AA+ | 2,544,220 | ||
2,045 | 5.000%, 8/01/36 | 8/28 at 100.00 | AA+ | 2,586,618 | ||
2,000 | Wake County, North Carolina, Limited Obligation Bonds, Series 2019, 5.000%, 9/01/36 | 9/29 at 100.00 | AA+ | 2,578,220 | ||
3,500 | Wake County, North Carolina, Limited Obligation Bonds, Series 2021, 4.000%, 3/01/33 | 3/31 at 100.00 | AA+ | 4,408,985 | ||
2,060 | Wilmington, North Carolina, General Obligation Bonds, Series 2021A, 5.000%, 5/01/31 | No Opt. Call | AAA | 2,829,678 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Winston-Salem, North Carolina, General Obligation Bonds, Refunding Series 2020D: | ||||||
$ 150 | 5.000%, 6/01/26 | No Opt. Call | AAA | $183,563 | ||
200 | 5.000%, 6/01/27 | No Opt. Call | AAA | 252,022 | ||
175 | 5.000%, 6/01/28 | No Opt. Call | AAA | 226,153 | ||
250 | 5.000%, 6/01/29 | No Opt. Call | AAA | 330,515 | ||
290 | 5.000%, 6/01/31 | No Opt. Call | AAA | 400,052 | ||
82,880 | Total Tax Obligation/General | 102,222,478 | ||||
Tax Obligation/Limited – 23.3% | ||||||
Asheville, North Carolina, Special Obligation Bonds, Series 2021: | ||||||
830 | 5.000%, 4/01/27 | No Opt. Call | AA | 1,036,703 | ||
1,530 | 5.000%, 4/01/29 | No Opt. Call | AA | 2,001,944 | ||
650 | 5.000%, 4/01/30 | No Opt. Call | AA | 867,776 | ||
655 | 5.000%, 4/01/31 | No Opt. Call | AA | 893,020 | ||
Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2015: | ||||||
1,250 | 5.000%, 6/01/33 | 6/25 at 100.00 | AA+ | 1,466,188 | ||
1,375 | 5.000%, 6/01/35 | 6/25 at 100.00 | AA+ | 1,609,094 | ||
Burke County, North Carolina, Limited Obligation Bonds, Series 2018: | ||||||
400 | 5.000%, 4/01/29 | 4/27 at 100.00 | Aa3 | 492,952 | ||
100 | 5.000%, 4/01/31 | 4/27 at 100.00 | Aa3 | 122,654 | ||
Charlotte, North Carolina, Certificates of Participation, Convention Facilities Project, Series 2019A: | ||||||
1,010 | 5.000%, 6/01/40 | 6/29 at 100.00 | AA+ | 1,286,700 | ||
3,500 | 5.000%, 6/01/44 | 6/29 at 100.00 | AA+ | 4,447,485 | ||
Charlotte, North Carolina, Certificates of Participation, Refunding Cultural Arts Facilities Series 2019B: | ||||||
4,080 | 5.000%, 6/01/35 | 6/29 at 100.00 | AA+ | 5,238,924 | ||
1,930 | 5.000%, 6/01/37 | 6/29 at 100.00 | AA+ | 2,465,228 | ||
2,450 | 4.000%, 6/01/38 | 6/29 at 100.00 | AA+ | 2,933,507 | ||
2,505 | Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39 | 12/24 at 100.00 | AAA | 2,890,970 | ||
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2020: | ||||||
645 | 5.000%, 12/01/28 | No Opt. Call | AAA | 844,479 | ||
710 | 5.000%, 12/01/30 | No Opt. Call | AAA | 968,930 | ||
520 | 5.000%, 12/01/31 | 12/30 at 100.00 | AAA | 706,846 | ||
800 | 5.000%, 12/01/32 | 12/30 at 100.00 | AAA | 1,083,064 | ||
625 | 4.000%, 12/01/34 | 12/30 at 100.00 | AAA | 785,181 | ||
Cumberland County, North Carolina, Limited Obligation Bonds, Series 2021: | ||||||
500 | 4.000%, 11/01/28 | No Opt. Call | AA | 614,540 | ||
500 | 4.000%, 11/01/30 | No Opt. Call | AA | 632,090 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Dare County, North Carolina, Limited Obligation Bonds, Series 2021A: | ||||||
$ 500 | 4.000%, 6/01/22 | No Opt. Call | AA | $519,410 | ||
500 | 4.000%, 6/01/24 | No Opt. Call | AA | 555,450 | ||
500 | 4.000%, 6/01/27 | No Opt. Call | AA | 598,020 | ||
500 | 4.000%, 6/01/29 | No Opt. Call | AA | 618,930 | ||
Davidson County, North Carolina, Limited Obligation Bonds, Series 2020: | ||||||
500 | 4.000%, 6/01/38 | 6/30 at 100.00 | Aa2 | 601,365 | ||
500 | 4.000%, 6/01/39 | 6/30 at 100.00 | Aa2 | 599,815 | ||
Duplin County, North Carolina, Limited Obligation Bonds, County Water Districts, Series 2016: | ||||||
1,475 | 5.000%, 4/01/32 | 4/26 at 100.00 | A+ | 1,724,142 | ||
1,000 | 5.000%, 4/01/34 | 4/26 at 100.00 | A+ | 1,164,670 | ||
1,265 | Durham Capital Financing Corporation, Durham County, North Carolina, Limited Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/30 | 12/26 at 100.00 | AA+ | 1,550,106 | ||
2,535 | Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series 2018A, 5.000%, 4/01/42 | 4/28 at 100.00 | AA+ | 3,178,865 | ||
Henderson County, North Carolina, Limited Obligation Bonds, Series 2021: | ||||||
430 | 4.000%, 6/01/25 | No Opt. Call | AA | 491,137 | ||
160 | 4.000%, 6/01/26 | No Opt. Call | AA | 187,474 | ||
265 | 4.000%, 6/01/28 | No Opt. Call | AA | 323,592 | ||
335 | 4.000%, 6/01/30 | No Opt. Call | AA | 420,928 | ||
200 | 4.000%, 6/01/32 | 6/31 at 100.00 | AA | 253,470 | ||
420 | 4.000%, 6/01/33 | 6/31 at 100.00 | AA | 530,330 | ||
341 | Hillsborough, North Carolina, Special Assessement Revenue Bonds, Series 2013, 7.750%, 2/01/24 | 2/23 at 100.00 | N/R | 353,603 | ||
Johnston County Finance Corporation, North Carolina, Limited Obligation Bonds, Series 2020A: | ||||||
1,145 | 5.000%, 4/01/31 | 4/30 at 100.00 | AA | 1,521,900 | ||
800 | 5.000%, 4/01/32 | 4/30 at 100.00 | AA | 1,057,632 | ||
555 | 5.000%, 4/01/33 | 4/30 at 100.00 | AA | 731,412 | ||
1,000 | 3.000%, 4/01/38 | 4/30 at 100.00 | AA | 1,118,420 | ||
Mooresville, North Carolina, Limited Obligation Bonds, Series 2020A: | ||||||
350 | 4.000%, 10/01/27 | No Opt. Call | AA | 421,383 | ||
300 | 4.000%, 10/01/28 | No Opt. Call | AA | 367,491 | ||
280 | 4.000%, 10/01/29 | No Opt. Call | AA | 348,328 | ||
220 | 4.000%, 10/01/30 | No Opt. Call | AA | 277,521 | ||
125 | 4.000%, 10/01/32 | 10/30 at 100.00 | AA | 156,126 | ||
150 | 4.000%, 10/01/33 | 10/30 at 100.00 | AA | 186,719 | ||
700 | 3.000%, 10/01/36 | 10/30 at 100.00 | AA | 790,706 | ||
Mooresville, North Carolina, Special Assessment Revenue Bonds, Series 2015: | ||||||
465 | 4.375%, 3/01/25, 144A | No Opt. Call | N/R | 477,913 | ||
1,600 | 5.375%, 3/01/40, 144A | 3/25 at 100.00 | N/R | 1,660,416 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 3,620 | New Hanover County, North Carolina, Limited Obligation Bonds, New Hanover County Financing Corporation, Series 2021, 5.000%, 8/01/29 | No Opt. Call | AA+ | $4,782,997 | ||
5,000 | North Carolina State, Limited Obligation Bonds, Refunding Series 2014C, 5.000%, 5/01/25 | 5/24 at 100.00 | AA+ | 5,682,900 | ||
North Carolina State, Limited Obligation Bonds, Refunding Series 2017B: | ||||||
12,690 | 5.000%, 5/01/29 | 5/27 at 100.00 | AA+ | 15,754,508 | ||
8,950 | 5.000%, 5/01/30 | 5/27 at 100.00 | AA+ | 11,063,632 | ||
North Carolina State, Limited Obligation Bonds, Series 2019A: | ||||||
2,500 | 5.000%, 5/01/31 | 5/29 at 100.00 | AA+ | 3,239,975 | ||
2,500 | 5.000%, 5/01/32 | 5/29 at 100.00 | AA+ | 3,233,350 | ||
North Carolina State, Limited Obligation Bonds, Series 2020B: | ||||||
7,600 | 5.000%, 5/01/28 | No Opt. Call | AA+ | 9,766,000 | ||
4,315 | 5.000%, 5/01/29 | No Opt. Call | AA+ | 5,663,567 | ||
4,125 | 5.000%, 5/01/30 | No Opt. Call | AA+ | 5,519,827 | ||
2,000 | 5.000%, 5/01/32 | 5/30 at 100.00 | AA+ | 2,655,200 | ||
5,775 | 4.000%, 5/01/35 | 5/30 at 100.00 | AA+ | 7,119,593 | ||
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011: | ||||||
1,810 | 5.000%, 7/01/29 | 7/21 at 100.00 | AA+ | 1,817,113 | ||
9,375 | 5.000%, 7/01/36 | 7/21 at 100.00 | AA+ | 9,411,844 | ||
500 | 5.000%, 7/01/41 | 7/21 at 100.00 | AA+ | 501,965 | ||
1,000 | Onslow County, North Carolina, Limited Obligation Bonds, Series 2016, 5.000%, 10/01/27 | 10/26 at 100.00 | Aa2 | 1,224,560 | ||
11,946 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 13,149,918 | ||
2,200 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2019A-2A, 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 2,472,140 | ||
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A: | ||||||
455 | 5.000%, 10/01/33 | 10/24 at 100.00 | AA+ | 522,954 | ||
750 | 5.000%, 10/01/34 | 10/24 at 100.00 | AA+ | 862,013 | ||
Raleigh, North Carolina, Limited Obligation Bonds, Series 2020A: | ||||||
795 | 2.000%, 6/01/36 | 6/30 at 100.00 | AA+ | 796,129 | ||
1,000 | 2.125%, 6/01/37 | 6/30 at 100.00 | AA+ | 1,008,380 | ||
1,000 | 2.125%, 6/01/38 | 6/30 at 100.00 | AA+ | 1,005,760 | ||
1,000 | 2.250%, 6/01/39 | 6/30 at 100.00 | AA+ | 1,015,700 | ||
1,000 | 2.250%, 6/01/40 | 6/30 at 100.00 | AA+ | 1,011,310 | ||
1,000 | Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/29 | 5/26 at 100.00 | AA+ | 1,197,720 | ||
2,950 | Sampson Area Development Corporation, Sampson County, North Carolina, Installment Payment Revenue Bonds, Refunding Series 2010, 5.250%, 6/01/24 – AGM Insured | No Opt. Call | AA | 3,229,630 | ||
2,445 | Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2015, 5.000%, 12/01/35 | 12/25 at 100.00 | A1 | 2,881,799 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017: | ||||||
$ 300 | 5.000%, 9/01/29 | 9/27 at 100.00 | A1 | $370,500 | ||
3,570 | 5.000%, 9/01/40 | 9/27 at 100.00 | A1 | 4,401,025 | ||
Scotland County, North Carolina, Limited Obligation Bonds, Series 2017: | ||||||
500 | 5.000%, 12/01/30 | 12/27 at 100.00 | A | 607,570 | ||
250 | 5.000%, 12/01/33 | 12/27 at 100.00 | A | 300,658 | ||
Scotland County, North Carolina, Limited Obligation Bonds, Series 2018: | ||||||
660 | 5.000%, 12/01/33 | 12/28 at 100.00 | A | 813,054 | ||
690 | 5.000%, 12/01/35 | 12/28 at 100.00 | A | 846,699 | ||
1,000 | Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2016, 5.000%, 6/01/30 | 6/26 at 100.00 | AA+ | 1,208,050 | ||
550 | Winston-Salem, North Carolina, Limited Obligation Bonds, Series 2020A, 5.000%, 6/01/25 | No Opt. Call | AA+ | 650,705 | ||
151,502 | Total Tax Obligation/Limited | 181,964,294 | ||||
Transportation – 15.7% | ||||||
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A: | ||||||
4,000 | 5.000%, 7/01/32 | 7/24 at 100.00 | Aa3 | 4,543,960 | ||
5,000 | 5.000%, 7/01/33 | 7/24 at 100.00 | Aa3 | 5,679,950 | ||
4,935 | 5.000%, 7/01/34 | 7/24 at 100.00 | Aa3 | 5,606,111 | ||
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A: | ||||||
1,925 | 5.000%, 7/01/42 | 7/27 at 100.00 | Aa3 | 2,387,866 | ||
6,610 | 5.000%, 7/01/47 | 7/27 at 100.00 | Aa3 | 8,174,917 | ||
3,500 | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2019A, 4.000%, 7/01/44 | 7/29 at 100.00 | Aa3 | 4,110,680 | ||
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015: | ||||||
1,500 | 5.000%, 12/31/37 (AMT) | 6/25 at 100.00 | BBB- | 1,674,030 | ||
11,170 | 5.000%, 6/30/54 (AMT) | 6/25 at 100.00 | BBB- | 12,297,500 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C: | ||||||
865 | 0.000%, 7/01/27 | 7/26 at 96.08 | BBB | 759,505 | ||
880 | 0.000%, 7/01/29 | 7/26 at 87.76 | BBB | 698,412 | ||
175 | 0.000%, 7/01/32 | 7/26 at 75.72 | BBB | 118,545 | ||
1,500 | 0.000%, 7/01/34 | 7/26 at 68.37 | BBB | 912,345 | ||
2,905 | 0.000%, 7/01/35 | 7/26 at 64.91 | BBB | 1,675,517 | ||
3,735 | 0.000%, 7/01/38 | 7/26 at 55.68 | BBB | 1,833,175 | ||
3,995 | 0.000%, 7/01/39 | 7/26 at 52.96 | BBB | 1,861,071 | ||
2,385 | 0.000%, 7/01/40 | 7/26 at 50.36 | BBB | 1,055,291 | ||
1,200 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47 | 7/26 at 100.00 | BBB | 1,373,712 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$ 15,500 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital Appreciation Series 2019, 0.000%, 1/01/47 | 1/30 at 58.00 | AA+ | $7,392,570 | ||
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017: | ||||||
1,000 | 5.000%, 1/01/31 – AGM Insured | 1/27 at 100.00 | AA | 1,209,560 | ||
1,415 | 5.000%, 1/01/39 – AGM Insured | 1/27 at 100.00 | AA | 1,700,646 | ||
4,625 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018A, 4.000%, 1/01/33 | 1/28 at 100.00 | AA+ | 5,472,439 | ||
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B: | ||||||
70 | 0.000%, 1/01/34 – AGC Insured | No Opt. Call | AA | 54,996 | ||
3,760 | 0.000%, 1/01/35 – AGC Insured | No Opt. Call | AA | 2,874,858 | ||
21,205 | 0.000%, 1/01/36 – AGC Insured | No Opt. Call | AA | 15,756,587 | ||
20,150 | 0.000%, 1/01/37 – AGC Insured | No Opt. Call | AA | 14,538,426 | ||
15,615 | 0.000%, 1/01/38 – AGC Insured | No Opt. Call | AA | 10,933,311 | ||
4,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2019, 5.000%, 1/01/49 – AGM Insured | 1/30 at 100.00 | AA | 5,034,760 | ||
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2015A: | ||||||
1,225 | 5.000%, 5/01/29 | 5/25 at 100.00 | Aa3 | 1,434,769 | ||
300 | 5.000%, 5/01/30 | 5/25 at 100.00 | Aa3 | 350,355 | ||
790 | Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2020A, 5.000%, 5/01/36 (AMT) | 5/30 at 100.00 | Aa3 | 1,017,639 | ||
145,935 | Total Transportation | 122,533,503 | ||||
U.S. Guaranteed – 8.0% (5) | ||||||
Asheville, North Carolina, Limited Obligation Bonds, Series 2012: | ||||||
300 | 5.000%, 4/01/30 (Pre-refunded 4/01/22) | 4/22 at 100.00 | AA+ | 312,276 | ||
350 | 5.000%, 4/01/32 (Pre-refunded 4/01/22) | 4/22 at 100.00 | AA+ | 364,322 | ||
1,465 | Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/28 (Pre-refunded 4/01/22) | 4/22 at 100.00 | AA- | 1,524,948 | ||
1,215 | Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2014A, 5.000%, 6/01/40 (Pre-refunded 6/01/24) | 6/24 at 100.00 | AA+ | 1,388,004 | ||
Cary, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017: | ||||||
400 | 4.000%, 12/01/38 (Pre-refunded 12/01/26) | 12/26 at 100.00 | AAA | 475,100 | ||
1,700 | 5.000%, 12/01/41 (Pre-refunded 12/01/26) | 12/26 at 100.00 | AAA | 2,111,162 | ||
Charlotte Housing Authority, North Carolina, Capital Fund Program Revenue Bonds, Strwan and Parktowne Rehabilitation Project, Series 2011: | ||||||
295 | 4.550%, 12/01/31 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R | 300,835 | ||
2,705 | 4.550%, 12/01/31 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R | 2,758,505 | ||
2,595 | East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA- | 2,885,744 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017: | ||||||
$ 2,895 | 5.000%, 10/01/35 (Pre-refunded 10/01/27) | 10/27 at 100.00 | N/R | $3,631,864 | ||
2,990 | 5.000%, 10/01/42 (Pre-refunded 10/01/27) | 10/27 at 100.00 | N/R | 3,751,045 | ||
960 | 5.000%, 10/01/47 (Pre-refunded 10/01/27) | 10/27 at 100.00 | N/R | 1,204,349 | ||
1,930 | North Carolina Agrigultural & Technical State University, General Revenue Bonds, Series 2013, 5.000%, 10/01/37 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A1 | 1,961,169 | ||
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A: | ||||||
5,000 | 5.000%, 10/01/41 (Pre-refunded 10/01/25) | 10/25 at 100.00 | AA+ | 5,986,400 | ||
9,420 | 5.000%, 10/01/55 (Pre-refunded 10/01/25) | 10/25 at 100.00 | AA+ | 11,278,378 | ||
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B: | ||||||
15 | 6.000%, 1/01/22 – FGIC Insured (ETM) | No Opt. Call | Baa2 | 15,515 | ||
520 | 6.000%, 1/01/22 – RAAI Insured (ETM) | No Opt. Call | AA | 537,862 | ||
310 | 6.000%, 1/01/26 (ETM) | No Opt. Call | N/R | 387,113 | ||
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear Valley Health System, Refunding Series 2012A: | ||||||
2,200 | 5.000%, 10/01/25 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A- | 2,343,594 | ||
2,300 | 5.000%, 10/01/26 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A- | 2,450,121 | ||
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A: | ||||||
750 | 5.000%, 6/01/32 (Pre-refunded 6/01/22) | 6/22 at 100.00 | Aa2 | 786,773 | ||
380 | 5.000%, 6/01/35 (Pre-refunded 6/01/22) | 6/22 at 100.00 | Aa2 | 398,631 | ||
3,000 | 5.000%, 6/01/42 (Pre-refunded 6/01/22) | 6/22 at 100.00 | Aa2 | 3,147,090 | ||
2,750 | North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42 (Pre-refunded 10/01/23) | 10/23 at 100.00 | Aa1 | 3,058,110 | ||
1,450 | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 3/01/30 (Pre-refunded 3/01/22) | 3/22 at 100.00 | AAA | 1,503,389 | ||
5,000 | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A, 5.000%, 3/01/31 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AAA | 5,427,550 | ||
1,975 | University of North Carolina, Charlotte, General Revenue Bonds, Series 2014, 5.000%, 4/01/31 (Pre-refunded 4/01/24) | 4/24 at 100.00 | Aa3 | 2,241,822 | ||
54,870 | Total U.S. Guaranteed | 62,231,671 | ||||
Utilities – 10.3% | ||||||
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2020: | ||||||
1,350 | 5.000%, 4/01/31 | 4/30 at 100.00 | AA- | 1,781,055 | ||
800 | 5.000%, 4/01/32 | 4/30 at 100.00 | AA- | 1,052,136 | ||
2,115 | Cape Fear Public Utility Authority, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2019A, 4.000%, 8/01/44 | 8/29 at 100.00 | AA+ | 2,510,145 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Cary, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2020B: | ||||||
$ 500 | 5.000%, 12/01/27 | No Opt. Call | AAA | $638,495 | ||
410 | 5.000%, 12/01/29 | No Opt. Call | AAA | 547,014 | ||
940 | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/32 | 7/25 at 100.00 | AAA | 1,105,073 | ||
500 | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2018, 5.000%, 7/01/44 | 7/28 at 100.00 | AAA | 630,475 | ||
1,000 | Concord, North Carolina, Utilities Systems Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/33 | 6/26 at 100.00 | AA+ | 1,201,890 | ||
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2017B: | ||||||
1,815 | 5.000%, 12/01/26 | No Opt. Call | AAA | 2,252,560 | ||
1,000 | 5.000%, 12/01/27 | No Opt. Call | AAA | 1,275,530 | ||
2,535 | 5.000%, 12/01/28 | 12/27 at 100.00 | AAA | 3,211,439 | ||
5,000 | Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, 4.000%, 6/01/47 | 6/27 at 100.00 | AAA | 5,779,950 | ||
4,500 | Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2020A, 4.000%, 6/01/45 | 6/30 at 100.00 | AAA | 5,397,075 | ||
Greenville Utilities Commission, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2021A: | ||||||
500 | 5.000%, 5/01/28 | No Opt. Call | Aa1 | 640,565 | ||
550 | 5.000%, 5/01/30 | No Opt. Call | Aa1 | 734,872 | ||
410 | 4.000%, 5/01/32 | 5/31 at 100.00 | Aa1 | 518,453 | ||
3,330 | Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 4.000%, 4/01/46 | 4/26 at 100.00 | Aa1 | 3,774,155 | ||
4,950 | Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2019, 5.000%, 8/01/44 | 8/29 at 100.00 | Aa1 | 6,305,161 | ||
1,000 | High Point, North Carolina, Combined Enterprise System Revenue Bonds, Series 2014, 5.000%, 11/01/39 | 11/24 at 100.00 | AAA | 1,147,170 | ||
600 | Jacksonville City, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2016, 5.250%, 5/01/29 | No Opt. Call | Aa3 | 796,260 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Lincoln County, North Carolina, Enterprise Systems Revenue Bonds, Series 2020: | ||||||
$ 485 | 5.000%, 8/01/28 | No Opt. Call | AA | $625,752 | ||
320 | 5.000%, 8/01/29 | No Opt. Call | AA | 420,160 | ||
400 | 5.000%, 8/01/30 | No Opt. Call | AA | 535,192 | ||
215 | 5.000%, 8/01/31 | 8/30 at 100.00 | AA | 286,623 | ||
255 | 3.000%, 8/01/32 | 8/30 at 100.00 | AA | 290,040 | ||
235 | 3.000%, 8/01/33 | 8/30 at 100.00 | AA | 265,503 | ||
175 | 3.000%, 8/01/34 | 8/30 at 100.00 | AA | 197,124 | ||
250 | 3.000%, 8/01/35 | 8/30 at 100.00 | AA | 281,040 | ||
390 | 3.000%, 8/01/36 | 8/30 at 100.00 | AA | 437,093 | ||
245 | 3.000%, 8/01/37 | 8/30 at 100.00 | AA | 273,726 | ||
480 | 3.000%, 8/01/39 | 8/30 at 100.00 | AA | 531,370 | ||
325 | 3.000%, 8/01/40 | 8/30 at 100.00 | AA | 357,604 | ||
1,750 | Metropolitan Sewerage District of Buncombe County, North Carolina, Sewerage System Revenue Bonds, Series 2014, 5.000%, 7/01/39 | 7/24 at 100.00 | Aaa | 1,990,870 | ||
1,430 | Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2017, 5.000%, 3/01/43 | 3/27 at 100.00 | A+ | 1,743,099 | ||
2,705 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/25 | No Opt. Call | A | 3,136,772 | ||
740 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/30 | 7/26 at 100.00 | A | 886,897 | ||
Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015: | ||||||
3,185 | 5.000%, 6/01/34 | 6/25 at 100.00 | AA | 3,702,913 | ||
3,345 | 5.000%, 6/01/35 | 6/25 at 100.00 | AA | 3,882,876 | ||
Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2017: | ||||||
1,215 | 5.000%, 6/01/27 | No Opt. Call | AA | 1,505,944 | ||
1,335 | 5.000%, 6/01/28 | 6/27 at 100.00 | AA | 1,639,794 | ||
1,000 | 5.000%, 6/01/33 | 6/27 at 100.00 | AA | 1,225,530 | ||
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016: | ||||||
600 | 5.000%, 12/01/25 | No Opt. Call | Aa3 | 719,550 | ||
940 | 5.000%, 12/01/28 | 12/26 at 100.00 | Aa3 | 1,148,511 | ||
2,805 | Sanford, North Carolina, Enterprise Systems Revenue Bonds, Refunding Series 2019, 4.000%, 6/01/45 | 6/29 at 100.00 | Aa3 | 3,248,919 | ||
Union County, North Carolina, Enterprise System Revenue Bonds, Series 2015: | ||||||
1,020 | 5.000%, 6/01/31 | 12/25 at 100.00 | AA+ | 1,214,269 | ||
500 | 5.000%, 6/01/32 | 12/25 at 100.00 | AA+ | 595,755 | ||
Union County, North Carolina, Enterprise System Revenue Bonds, Series 2017: | ||||||
400 | 5.000%, 6/01/24 | No Opt. Call | AA+ | 456,936 | ||
400 | 5.000%, 6/01/28 | 6/27 at 100.00 | AA+ | 499,496 | ||
1,400 | Union County, North Carolina, Enterprise System Revenue Bonds, Series 2019A, 4.000%, 6/01/44 | 6/29 at 100.00 | AA+ | 1,659,504 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2016A: | ||||||
$ 1,150 | 5.000%, 6/01/25 | No Opt. Call | AAA | $1,360,565 | ||
2,800 | 5.000%, 6/01/26 | No Opt. Call | AAA | 3,421,852 | ||
365 | 5.000%, 6/01/29 | 6/26 at 100.00 | AAA | 441,752 | ||
66,665 | Total Utilities | 80,282,504 | ||||
$ 690,382 | Total Long-Term Investments (cost $714,708,413) | 774,291,915 | ||||
Floating Rate Obligations – (1.2)% | (9,255,000) | |||||
Other Assets Less Liabilities – 2.0% | 15,424,082 | |||||
Net Assets – 100% | $ 780,460,997 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Georgia | Louisiana | North Carolina | |
Assets | |||
Long-term investments, at value (cost $204,647,118, $206,537,442 and $714,708,413, respectively) | $216,418,349 | $220,069,537 | $774,291,915 |
Short-term investments, at value (cost $301,472, $300,000 and $—, respectively) | 324,890 | 300,000 | — |
Cash | 2,603,347 | 11,589,832 | — |
Receivable for: | |||
Interest | 2,606,893 | 2,982,611 | 8,863,090 |
Investments sold | — | 180,000 | 12,600,865 |
Shares sold | 649,828 | 545,192 | 1,435,895 |
Other assets | 2,752 | 2,804 | 70,909 |
Total assets | 222,606,059 | 235,669,976 | 797,262,674 |
Liabilities | |||
Cash overdraft | — | — | 3,347,293 |
Floating rate obligations | — | — | 9,255,000 |
Payable for: | |||
Dividends | 64,605 | 83,095 | 260,649 |
Interest | — | — | 66,181 |
Investments purchased - when-issued/delayed-delivery settlement | 1,329,560 | — | 2,048,969 |
Shares redeemed | 385,658 | 542,089 | 1,040,118 |
Accrued expenses: | |||
Custodian fees | 44,803 | 50,721 | 92,156 |
Management fees | 92,503 | 98,390 | 317,034 |
Trustees fees | 3,251 | 3,444 | 76,663 |
12b-1 distribution and service fees | 29,989 | 39,044 | 59,155 |
Other | 103,003 | 81,847 | 238,459 |
Total liabilities | 2,053,372 | 898,630 | 16,801,677 |
Commitments and contingencies (as disclosed in Note 8) | |||
Net assets | $220,552,687 | $234,771,346 | $780,460,997 |
Class A Shares | |||
Net assets | $144,796,327 | $160,147,557 | $267,520,634 |
Shares outstanding | 12,910,819 | 13,761,357 | 23,461,147 |
Net asset value ("NAV") per share | $ 11.22 | $ 11.64 | $ 11.40 |
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ 11.71 | $ 12.15 | $ 11.90 |
Class C Shares | |||
Net assets | $ 6,343,395 | $ 13,801,036 | $ 15,194,046 |
Shares outstanding | 567,535 | 1,191,634 | 1,331,142 |
NAV and offering price per share | $ 11.18 | $ 11.58 | $ 11.41 |
Class C2 Shares | |||
Net assets | $ 522,045 | $ 662,926 | $ 1,412,651 |
Shares outstanding | 46,703 | 57,225 | 123,864 |
NAV and offering price per share | $ 11.18 | $ 11.58 | $ 11.40 |
Class I Shares | |||
Net assets | $ 68,890,920 | $ 60,159,827 | $496,333,666 |
Shares outstanding | 6,157,787 | 5,157,464 | 43,344,099 |
NAV and offering price per share | $ 11.19 | $ 11.66 | $ 11.45 |
Fund level net assets consist of: | |||
Capital paid-in | $211,074,971 | $224,469,703 | $730,435,026 |
Total distributable earnings | 9,477,716 | 10,301,643 | 50,025,971 |
Fund level net assets | $220,552,687 | $234,771,346 | $780,460,997 |
Authorized shares - per class | Unlimited | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Georgia | Louisiana | North Carolina | |
Investment Income | $5,865,310 | $ 7,424,718 | $19,373,865 |
Expenses | |||
Management fees | 980,589 | 1,062,183 | 3,424,015 |
12b-1 service fees - Class A Shares | 253,462 | 291,187 | 486,689 |
12b-1 distribution and service fees - Class C Shares | 65,191 | 138,734 | 162,412 |
12b-1 distribution and service fees - Class C2 Shares | 14,130 | 23,027 | 41,302 |
Shareholder servicing agent fees | 94,697 | 66,940 | 279,681 |
Interest expense | 4,491 | 4,279 | 88,144 |
Custodian fees | 39,545 | 45,970 | 82,814 |
Professional fees | 47,253 | 49,183 | 89,529 |
Trustees fees | 5,245 | 5,692 | 18,175 |
Shareholder reporting expenses | 24,883 | 24,423 | 46,204 |
Federal and state registration fees | 11,030 | 10,423 | 31,796 |
Other | 9,247 | 9,830 | 14,502 |
Total expenses | 1,549,763 | 1,731,871 | 4,765,263 |
Net investment income (loss) | 4,315,547 | 5,692,847 | 14,608,602 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from investments | (45,747) | 31,726 | 29,941 |
Change in net unrealized appreciation (depreciation) of investments | 4,968,738 | 8,729,387 | 15,734,777 |
Net realized and unrealized gain (loss) | 4,922,991 | 8,761,113 | 15,764,718 |
Net increase (decrease) in net assets from operations | $9,238,538 | $14,453,960 | $30,373,320 |
Georgia | Louisiana | ||||
Year
Ended 5/31/21 |
Year
Ended 5/31/20 |
Year
Ended 5/31/21 |
Year
Ended 5/31/20 | ||
Operations | |||||
Net investment income (loss) | $ 4,315,547 | $ 4,185,067 | $ 5,692,847 | $ 5,559,417 | |
Net realized gain (loss) from investments | (45,747) | (694,518) | 31,726 | (405,142) | |
Change in net unrealized appreciation (depreciation) of investments | 4,968,738 | 1,837,941 | 8,729,387 | (2,731,409) | |
Net increase (decrease) in net assets from operations | 9,238,538 | 5,328,490 | 14,453,960 | 2,422,866 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (2,748,479) | (2,531,151) | (3,944,489) | (3,866,556) | |
Class C Shares | (89,730) | (102,431) | (266,700) | (294,567) | |
Class C2 Shares | (32,014) | (98,282) | (68,450) | (177,195) | |
Class I Shares | (1,431,225) | (1,307,984) | (1,436,593) | (1,322,639) | |
Decrease in net assets from distributions to shareholders | (4,301,448) | (4,039,848) | (5,716,232) | (5,660,957) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 71,110,014 | 43,109,480 | 60,433,851 | 56,394,940 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,476,871 | 3,214,980 | 4,748,929 | 4,605,116 | |
74,586,885 | 46,324,460 | 65,182,780 | 61,000,056 | ||
Cost of shares redeemed | (29,995,797) | (37,406,254) | (36,620,398) | (27,597,491) | |
Net increase (decrease) in net assets from Fund share transactions | 44,591,088 | 8,918,206 | 28,562,382 | 33,402,565 | |
Net increase (decrease) in net assets | 49,528,178 | 10,206,848 | 37,300,110 | 30,164,474 | |
Net assets at the beginning of period | 171,024,509 | 160,817,661 | 197,471,236 | 167,306,762 | |
Net assets at the end of period | $220,552,687 | $171,024,509 | $234,771,346 | $197,471,236 |
North Carolina | ||
Year
Ended 5/31/21 |
Year
Ended 5/31/20 | |
Operations | ||
Net investment income (loss) | $ 14,608,602 | $ 13,973,947 |
Net realized gain (loss) from investments | 29,941 | (1,027,762) |
Change in net unrealized appreciation (depreciation) of investments | 15,734,777 | 7,625,959 |
Net increase (decrease) in net assets from operations | 30,373,320 | 20,572,144 |
Distributions to Shareholders | ||
Dividends: | ||
Class A Shares | (4,739,293) | (4,649,136) |
Class C Shares | (188,485) | (252,650) |
Class C2 Shares | (80,649) | (175,386) |
Class I Shares | (9,513,799) | (8,822,581) |
Decrease in net assets from distributions to shareholders | (14,522,226) | (13,899,753) |
Fund Share Transactions | ||
Proceeds from sale of shares | 241,767,303 | 176,906,484 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 11,208,233 | 10,455,848 |
252,975,536 | 187,362,332 | |
Cost of shares redeemed | (114,959,879) | (106,919,826) |
Net increase (decrease) in net assets from Fund share transactions | 138,015,657 | 80,442,506 |
Net increase (decrease) in net assets | 153,866,751 | 87,114,897 |
Net assets at the beginning of period | 626,594,246 | 539,479,349 |
Net assets at the end of period | $ 780,460,997 | $ 626,594,246 |
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning
NAV |
Net
Investment Income (Loss)(a) |
Net
Realized/ Unrealized Gain (Loss) |
Total | From
Net Investment Income |
From
Accumulated Net Realized Gains |
Total | Ending
NAV | |
Class A (03/86) | |||||||||
2021 | $10.92 | $0.24 | $ 0.30 | $ 0.54 | $(0.24) | $ — | $(0.24) | $11.22 | |
2020 | 10.81 | 0.27 | 0.10 | 0.37 | (0.26) | — | (0.26) | 10.92 | |
2019 | 10.53 | 0.28 | 0.29 | 0.57 | (0.29) | — | (0.29) | 10.81 | |
2018 | 10.79 | 0.31 | (0.24) | 0.07 | (0.33) | — | (0.33) | 10.53 | |
2017 | 11.21 | 0.35 | (0.40) | (0.05) | (0.37) | — | (0.37) | 10.79 | |
Class C (02/14) | |||||||||
2021 | 10.88 | 0.15 | 0.30 | 0.45 | (0.15) | — | (0.15) | 11.18 | |
2020 | 10.77 | 0.18 | 0.10 | 0.28 | (0.17) | — | (0.17) | 10.88 | |
2019 | 10.50 | 0.20 | 0.27 | 0.47 | (0.20) | — | (0.20) | 10.77 | |
2018 | 10.74 | 0.23 | (0.23) | — | (0.24) | — | (0.24) | 10.50 | |
2017 | 11.17 | 0.26 | (0.41) | (0.15) | (0.28) | — | (0.28) | 10.74 | |
Class C2 (01/94) | |||||||||
2021 | 10.88 | 0.19 | 0.29 | 0.48 | (0.18) | — | (0.18) | 11.18 | |
2020 | 10.77 | 0.20 | 0.11 | 0.31 | (0.20) | — | (0.20) | 10.88 | |
2019 | 10.50 | 0.22 | 0.28 | 0.50 | (0.23) | — | (0.23) | 10.77 | |
2018 | 10.75 | 0.25 | (0.23) | 0.02 | (0.27) | — | (0.27) | 10.50 | |
2017 | 11.17 | 0.29 | (0.41) | (0.12) | (0.30) | — | (0.30) | 10.75 | |
Class I (02/97) | |||||||||
2021 | 10.89 | 0.26 | 0.30 | 0.56 | (0.26) | — | (0.26) | 11.19 | |
2020 | 10.78 | 0.29 | 0.10 | 0.39 | (0.28) | — | (0.28) | 10.89 | |
2019 | 10.50 | 0.30 | 0.28 | 0.58 | (0.30) | — | (0.30) | 10.78 | |
2018 | 10.75 | 0.33 | (0.24) | 0.09 | (0.34) | — | (0.34) | 10.50 | |
2017 | 11.18 | 0.37 | (0.42) | (0.05) | (0.38) | — | (0.38) | 10.75 |
Ratios/Supplemental Data | |||||
Ratios
to Average Net Assets |
|||||
Total
Return(b) |
Ending
Net Assets (000) |
Expenses
Including Interest(c) |
Expenses
Excluding Interest |
Net
Investment Income (Loss) |
Portfolio
Turnover Rate(d) |
5.01% | $144,796 | 0.82% | 0.82% | 2.18% | 2% |
3.42 | 107,819 | 0.83 | 0.83 | 2.43 | 15 |
5.48 | 100,544 | 0.84 | 0.84 | 2.68 | 19 |
0.63 | 95,507 | 0.85 | 0.83 | 2.96 | 19 |
(0.57) | 94,199 | 0.84 | 0.82 | 3.23 | 20 |
4.18 | 6,343 | 1.62 | 1.62 | 1.39 | 2 |
2.59 | 6,851 | 1.63 | 1.63 | 1.63 | 15 |
4.54 | 6,347 | 1.64 | 1.64 | 1.88 | 19 |
(0.03) | 8,670 | 1.65 | 1.63 | 2.15 | 19 |
(1.39) | 9,558 | 1.64 | 1.62 | 2.43 | 20 |
4.46 | 522 | 1.37 | 1.37 | 1.71 | 2 |
2.87 | 4,256 | 1.38 | 1.38 | 1.88 | 15 |
4.80 | 6,658 | 1.39 | 1.39 | 2.13 | 19 |
0.16 | 15,932 | 1.40 | 1.38 | 2.40 | 19 |
(1.07) | 19,518 | 1.39 | 1.37 | 2.68 | 20 |
5.23 | 68,891 | 0.62 | 0.62 | 2.38 | 2 |
3.60 | 52,098 | 0.63 | 0.63 | 2.63 | 15 |
5.68 | 47,268 | 0.64 | 0.64 | 2.87 | 19 |
0.89 | 36,896 | 0.65 | 0.63 | 3.14 | 19 |
(0.41) | 48,488 | 0.64 | 0.62 | 3.43 | 20 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 9 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning
NAV |
Net
Investment Income (Loss)(a) |
Net
Realized/ Unrealized Gain (Loss) |
Total | From
Net Investment Income |
From
Accumulated Net Realized Gains |
Total | Ending
NAV | |
Class A (09/89) | |||||||||
2021 | $11.17 | $0.31 | $ 0.47 | $ 0.78 | $(0.31) | $ — | $(0.31) | $11.64 | |
2020 | 11.32 | 0.34 | (0.14) | 0.20 | (0.35) | — | (0.35) | 11.17 | |
2019 | 11.05 | 0.37 | 0.26 | 0.63 | (0.36) | — | (0.36) | 11.32 | |
2018 | 11.19 | 0.38 | (0.14) | 0.24 | (0.38) | — | (0.38) | 11.05 | |
2017 | 11.62 | 0.40 | (0.44) | (0.04) | (0.39) | — | (0.39) | 11.19 | |
Class C (02/14) | |||||||||
2021 | 11.11 | 0.22 | 0.47 | 0.69 | (0.22) | — | (0.22) | 11.58 | |
2020 | 11.26 | 0.25 | (0.15) | 0.10 | (0.25) | — | (0.25) | 11.11 | |
2019 | 11.00 | 0.28 | 0.25 | 0.53 | (0.27) | — | (0.27) | 11.26 | |
2018 | 11.13 | 0.29 | (0.13) | 0.16 | (0.29) | — | (0.29) | 11.00 | |
2017 | 11.56 | 0.31 | (0.44) | (0.13) | (0.30) | — | (0.30) | 11.13 | |
Class C2 (02/94) | |||||||||
2021 | 11.12 | 0.25 | 0.45 | 0.70 | (0.24) | — | (0.24) | 11.58 | |
2020 | 11.27 | 0.28 | (0.15) | 0.13 | (0.28) | — | (0.28) | 11.12 | |
2019 | 11.00 | 0.31 | 0.25 | 0.56 | (0.29) | — | (0.29) | 11.27 | |
2018 | 11.14 | 0.32 | (0.15) | 0.17 | (0.31) | — | (0.31) | 11.00 | |
2017 | 11.56 | 0.34 | (0.44) | (0.10) | (0.32) | — | (0.32) | 11.14 | |
Class I (02/97) | |||||||||
2021 | 11.19 | 0.33 | 0.47 | 0.80 | (0.33) | — | (0.33) | 11.66 | |
2020 | 11.34 | 0.36 | (0.14) | 0.22 | (0.37) | — | (0.37) | 11.19 | |
2019 | 11.08 | 0.40 | 0.24 | 0.64 | (0.38) | — | (0.38) | 11.34 | |
2018 | 11.22 | 0.41 | (0.15) | 0.26 | (0.40) | — | (0.40) | 11.08 | |
2017 | 11.64 | 0.43 | (0.44) | (0.01) | (0.41) | — | (0.41) | 11.22 |
Ratios/Supplemental Data | |||||
Ratios
to Average Net Assets |
|||||
Total
Return(b) |
Ending
Net Assets (000) |
Expenses
Including Interest(c) |
Expenses
Excluding Interest |
Net
Investment Income (Loss) |
Portfolio
Turnover Rate(d) |
7.08% | $160,148 | 0.80% | 0.80% | 2.70% | 8% |
1.73 | 135,199 | 0.82 | 0.81 | 3.00 | 8 |
5.81 | 110,922 | 0.85 | 0.84 | 3.39 | 14 |
2.16 | 100,312 | 0.85 | 0.84 | 3.45 | 20 |
(0.34) | 94,149 | 0.84 | 0.83 | 3.57 | 16 |
6.25 | 13,801 | 1.60 | 1.60 | 1.90 | 8 |
0.90 | 13,866 | 1.62 | 1.61 | 2.20 | 8 |
4.88 | 11,797 | 1.65 | 1.64 | 2.58 | 14 |
1.43 | 10,645 | 1.65 | 1.64 | 2.65 | 20 |
(1.14) | 9,482 | 1.64 | 1.63 | 2.77 | 16 |
6.40 | 663 | 1.35 | 1.35 | 2.20 | 8 |
1.15 | 5,224 | 1.37 | 1.36 | 2.46 | 8 |
5.20 | 9,066 | 1.40 | 1.39 | 2.84 | 14 |
1.56 | 14,831 | 1.40 | 1.39 | 2.90 | 20 |
(0.83) | 17,554 | 1.39 | 1.38 | 3.01 | 16 |
7.29 | 60,160 | 0.60 | 0.60 | 2.89 | 8 |
1.94 | 43,182 | 0.62 | 0.61 | 3.20 | 8 |
5.93 | 35,521 | 0.65 | 0.64 | 3.58 | 14 |
2.37 | 27,716 | 0.65 | 0.64 | 3.65 | 20 |
(0.04) | 22,901 | 0.65 | 0.64 | 3.79 | 16 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 9 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning
NAV |
Net
Investment Income (Loss)(a) |
Net
Realized/ Unrealized Gain (Loss) |
Total | From
Net Investment Income |
From
Accumulated Net Realized Gains |
Total | Ending
NAV | |
Class A (03/86) | |||||||||
2021 | $11.14 | $0.22 | $ 0.26 | $ 0.48 | $(0.22) | $ — | $(0.22) | $11.40 | |
2020 | 10.99 | 0.25 | 0.15 | 0.40 | (0.25) | — | (0.25) | 11.14 | |
2019 | 10.69 | 0.28 | 0.31 | 0.59 | (0.29) | — | (0.29) | 10.99 | |
2018 | 10.94 | 0.30 | (0.24) | 0.06 | (0.31) | — | (0.31) | 10.69 | |
2017 | 11.21 | 0.32 | (0.27) | 0.05 | (0.32) | — | (0.32) | 10.94 | |
Class C (02/14) | |||||||||
2021 | 11.15 | 0.13 | 0.26 | 0.39 | (0.13) | — | (0.13) | 11.41 | |
2020 | 11.00 | 0.16 | 0.15 | 0.31 | (0.16) | — | (0.16) | 11.15 | |
2019 | 10.69 | 0.19 | 0.32 | 0.51 | (0.20) | — | (0.20) | 11.00 | |
2018 | 10.94 | 0.21 | (0.24) | (0.03) | (0.22) | — | (0.22) | 10.69 | |
2017 | 11.20 | 0.23 | (0.26) | (0.03) | (0.23) | — | (0.23) | 10.94 | |
Class C2 (10/93) | |||||||||
2021 | 11.15 | 0.17 | 0.24 | 0.41 | (0.16) | — | (0.16) | 11.40 | |
2020 | 11.00 | 0.19 | 0.15 | 0.34 | (0.19) | — | (0.19) | 11.15 | |
2019 | 10.70 | 0.22 | 0.31 | 0.53 | (0.23) | — | (0.23) | 11.00 | |
2018 | 10.94 | 0.24 | (0.23) | 0.01 | (0.25) | — | (0.25) | 10.70 | |
2017 | 11.21 | 0.26 | (0.28) | (0.02) | (0.25) | — | (0.25) | 10.94 | |
Class I (02/97) | |||||||||
2021 | 11.19 | 0.25 | 0.26 | 0.51 | (0.25) | — | (0.25) | 11.45 | |
2020 | 11.04 | 0.28 | 0.15 | 0.43 | (0.28) | — | (0.28) | 11.19 | |
2019 | 10.74 | 0.30 | 0.31 | 0.61 | (0.31) | — | (0.31) | 11.04 | |
2018 | 10.98 | 0.32 | (0.23) | 0.09 | (0.33) | — | (0.33) | 10.74 | |
2017 | 11.26 | 0.34 | (0.28) | 0.06 | (0.34) | — | (0.34) | 10.98 |
Ratios/Supplemental Data | |||||
Ratios
to Average Net Assets |
|||||
Total
Return(b) |
Ending
Net Assets (000) |
Expenses
Including Interest(c) |
Expenses
Excluding Interest |
Net
Investment Income (Loss) |
Portfolio
Turnover Rate(d) |
4.36% | $267,521 | 0.77% | 0.76% | 1.96% | 10% |
3.68 | 212,327 | 0.80 | 0.77 | 2.28 | 7 |
5.59 | 189,556 | 0.82 | 0.78 | 2.59 | 24 |
0.55 | 174,257 | 0.81 | 0.78 | 2.77 | 19 |
0.43 | 166,079 | 0.79 | 0.77 | 2.88 | 15 |
3.53 | 15,194 | 1.57 | 1.56 | 1.18 | 10 |
2.85 | 17,209 | 1.60 | 1.57 | 1.48 | 7 |
4.80 | 17,622 | 1.62 | 1.58 | 1.79 | 24 |
(0.28) | 19,364 | 1.61 | 1.58 | 1.97 | 19 |
(0.30) | 20,612 | 1.59 | 1.57 | 2.09 | 15 |
3.69 | 1,413 | 1.32 | 1.31 | 1.47 | 10 |
3.12 | 8,463 | 1.35 | 1.32 | 1.73 | 7 |
5.00 | 12,229 | 1.37 | 1.33 | 2.02 | 24 |
0.09 | 23,548 | 1.36 | 1.33 | 2.22 | 19 |
(0.15) | 28,499 | 1.34 | 1.32 | 2.34 | 15 |
4.56 | 496,334 | 0.57 | 0.56 | 2.16 | 10 |
3.89 | 388,595 | 0.60 | 0.57 | 2.48 | 7 |
5.77 | 320,072 | 0.62 | 0.58 | 2.80 | 24 |
0.87 | 291,153 | 0.61 | 0.58 | 2.97 | 19 |
0.55 | 287,086 | 0.59 | 0.57 | 3.09 | 15 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 9 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Georgia | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $216,149,228 | $269,121** | $216,418,349 |
Short-Term Investments*: | ||||
Municipal Bonds | — | — | 324,890** | 324,890 |
Total | $ — | $216,149,228 | $594,011 | $216,743,239 |
Louisiana | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $216,535,883 | $ — | $216,535,883 |
Common Stocks | — | 3,533,654*** | — | 3,533,654 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 300,000 | — | 300,000 |
Total | $ — | $220,369,537 | $ — | $220,369,537 |
North Carolina | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $774,291,915 | $ — | $774,291,915 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 3. |
*** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Floating Rate Obligations Outstanding | Georgia | Louisiana | North Carolina |
Floating rate obligations: self-deposited Inverse Floaters | $ — | $ — | $9,255,000 |
Floating rate obligations: externally-deposited Inverse Floaters | 5,720,000 | — | — |
Total | $5,720,000 | $ — | $9,255,000 |
Self-Deposited Inverse Floaters | Georgia | Louisiana | North Carolina |
Average floating rate obligations outstanding | $ — | $ — | $9,255,000 |
Average annual interest rate and fees | —% | —% | 0.72% |
Floating Rate Obligations - Recourse Trusts | Georgia | Louisiana | North Carolina |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $ — | $ — | $9,255,000 |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 5,720,000 | — | — |
Total | $5,720,000 | $ — | $9,255,000 |
Georgia | Louisiana | North Carolina | |
Purchases | $50,876,399 | $39,154,913 | $224,738,755 |
Sales and maturities | 3,111,830 | 16,372,533 | 72,853,350 |
Year
Ended 5/31/21 |
Year
Ended 5/31/20 | ||||
Georgia | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 4,337,863 | $ 48,259,947 | 2,405,598 | $ 26,305,397 | |
Class A – automatic conversion of Class C2 Shares | 8,409 | 93,397 | 1,199 | 13,236 | |
Class C | 90,562 | 1,003,981 | 108,422 | 1,181,581 | |
Class C2 | 1,557 | 17,070 | 2,137 | 23,380 | |
Class I | 1,955,998 | 21,735,619 | 1,426,613 | 15,585,886 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 203,627 | 2,266,138 | 185,744 | 2,038,891 | |
Class C | 7,217 | 80,029 | 8,290 | 90,656 | |
Class C2 | 2,470 | 27,345 | 5,923 | 64,799 | |
Class I | 99,354 | 1,103,359 | 93,224 | 1,020,634 | |
6,707,057 | 74,586,885 | 4,237,150 | 46,324,460 | ||
Shares redeemed: | |||||
Class A | (1,512,870) | (16,811,764) | (2,018,458) | (21,935,043) | |
Class C | (159,840) | (1,769,961) | (76,196) | (830,756) | |
Class C2 | (340,116) | (3,761,151) | (233,711) | (2,557,408) | |
Class C2 – automatic conversion to Class A Shares | (8,433) | (93,397) | (1,203) | (13,236) | |
Class I | (680,352) | (7,559,524) | (1,121,069) | (12,069,811) | |
(2,701,611) | (29,995,797) | (3,450,637) | (37,406,254) | ||
Net increase (decrease) | 4,005,446 | $ 44,591,088 | 786,513 | $ 8,918,206 |
Year
Ended 5/31/21 |
Year
Ended 5/31/20 | ||||
Louisiana | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,054,961 | $ 34,942,186 | 3,118,151 | $ 35,466,121 | |
Class A – automatic conversion of Class C2 Shares | 1,937 | 22,270 | — | — | |
Class C | 211,714 | 2,402,302 | 320,409 | 3,625,154 | |
Class C2 | 815 | 9,161 | 20,730 | 233,710 | |
Class I | 2,007,775 | 23,057,932 | 1,489,933 | 17,069,955 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 285,745 | 3,260,370 | 274,312 | 3,111,409 | |
Class C | 20,910 | 237,299 | 22,028 | 248,601 | |
Class C2 | 5,682 | 64,303 | 12,469 | 141,101 | |
Class I | 103,741 | 1,186,957 | 97,119 | 1,104,005 | |
5,693,280 | 65,182,780 | 5,355,151 | 61,000,056 | ||
Shares redeemed: | |||||
Class A | (1,689,664) | (19,281,624) | (1,085,074) | (12,195,312) | |
Class C | (288,771) | (3,277,542) | (142,268) | (1,591,449) | |
Class C2 | (416,914) | (4,730,303) | (367,889) | (4,177,353) | |
Class C2 – automatic conversion to Class A Shares | (1,945) | (22,270) | — | — | |
Class I | (812,457) | (9,308,659) | (859,850) | (9,633,377) | |
(3,209,751) | (36,620,398) | (2,455,081) | (27,597,491) | ||
Net increase (decrease) | 2,483,529 | $ 28,562,382 | 2,900,070 | $ 33,402,565 |
Year
Ended 5/31/21 |
Year
Ended 5/31/20 | ||||
North Carolina | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 8,197,928 | $ 92,767,106 | 4,867,109 | $ 53,975,989 | |
Class A – automatic conversion of Class C2 Shares | 146,386 | 1,652,976 | 23,866 | 268,495 | |
Class C | 159,673 | 1,812,965 | 242,460 | 2,684,208 | |
Class C2 | 124 | 1,383 | 13,786 | 152,733 | |
Class I | 12,817,328 | 145,532,873 | 10,756,385 | 119,825,059 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 375,931 | 4,249,448 | 370,974 | 4,131,468 | |
Class C | 14,266 | 161,364 | 19,101 | 212,870 | |
Class C2 | 6,572 | 74,219 | 12,908 | 143,845 | |
Class I | 592,245 | 6,723,202 | 533,646 | 5,967,665 | |
22,310,453 | 252,975,536 | 16,840,235 | 187,362,332 | ||
Shares redeemed: | |||||
Class A | (4,318,255) | (48,784,959) | (3,444,788) | (37,931,087) | |
Class C | (386,122) | (4,376,531) | (320,205) | (3,569,383) | |
Class C2 | (495,848) | (5,595,156) | (355,289) | (3,959,958) | |
Class C2 – automatic conversion to Class A Shares | (146,299) | (1,652,976) | (23,853) | (268,495) | |
Class I | (4,799,245) | (54,550,257) | (5,545,685) | (61,190,903) | |
(10,145,769) | (114,959,879) | (9,689,820) | (106,919,826) | ||
Net increase (decrease) | 12,164,684 | $ 138,015,657 | 7,150,415 | $ 80,442,506 |
Georgia | Louisiana | North Carolina | |
Tax cost of investments | $204,888,367 | $206,571,066 | $705,449,157 |
Gross unrealized: | |||
Appreciation | $ 14,843,368 | $ 14,861,450 | $ 60,921,618 |
Depreciation | (2,988,496) | (1,062,979) | (1,333,843) |
Net unrealized appreciation (depreciation) of investments | $ 11,854,872 | $ 13,798,471 | $ 59,587,775 |
Georgia | Louisiana | North Carolina | |
Undistributed net tax-exempt income1 | $183,779 | $183,738 | $349,423 |
Undistributed net ordinary income2 | 832 | 141 | 5,158 |
Undistributed net long-term capital gains | — | — | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2021 through May 31, 2021, and paid on June 1, 2021. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2021 | Georgia | Louisiana | North Carolina |
Distributions from net tax-exempt income3 | $4,300,075 | $5,711,292 | $14,507,441 |
Distributions from net ordinary income2 | 1,373 | 4,940 | 14,785 |
Distributions from net long-term capital gains | — | — | — |
2020 | Georgia | Louisiana | North Carolina |
Distributions from net tax-exempt income | $4,039,285 | $5,655,919 | $13,899,753 |
Distributions from net ordinary income2 | 563 | 5,038 | — |
Distributions from net long-term capital gains | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2021, as Exempt Interest Dividends. |
Georgia | Louisiana | North Carolina | |
Not subject to expiration: | |||
Short-term | $1,857,381 | $3,027,935 | $5,968,444 |
Long-term | 346,040 | 182,926 | 2,752,872 |
Total | $2,203,421 | $3,210,861 | $8,721,316 |
Louisiana | North Carolina | |
Utilized capital loss carryforwards | $31,726 | $39,227 |
Average Daily Net Assets | Georgia | Louisiana | North Carolina |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 |
For net assets over $10 billion | 0.2375 | 0.2375 | 0.2375 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Georgia | Louisiana | North Carolina | |
Sales charges collected (Unaudited) | $280,669 | $342,206 | $418,587 |
Paid to financial intermediaries (Unaudited) | 264,042 | 326,931 | 404,995 |
Georgia | Louisiana | North Carolina | |
Commission advances (Unaudited) | $148,565 | $216,301 | $261,108 |
Georgia | Louisiana | North Carolina | |
12b-1 fees retained (Unaudited) | $10,261 | $30,599 | $24,062 |
Georgia | Louisiana | North Carolina | |
CDSC retained (Unaudited) | $254 | $28,267 | $4,171 |
North Carolina | |
Maximum outstanding balance | $11,800,000 |
North Carolina | |
Utilization period (days outstanding) | 9 |
Average daily balance outstanding | $11,444,444 |
Average annual interest rate | 1.36% |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds; |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds; |
• | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
• | Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
• | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence
J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 |
Chair
and Trustee |
2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 143 |
Jack
B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College and the Iowa College Foundation; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 143 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
William
C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 143 |
Amy
B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) (since 2020). | 143 |
Joanne
T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses)(2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 143 |
Albin
F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 143 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
John
K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 143 |
Judith
M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states' Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 143 |
Carole
E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 143 |
Matthew
Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 143 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed (1) |
Principal
Occupation(s) Including other Directorships During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee |
Margaret
L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 143 |
Robert
L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 |
Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 143 |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Officers of the Funds: | ||||
Christopher
E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 |
Chief
Administrative Officer |
2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark
J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 |
Vice
President and Secretary |
2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |
Diana
R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (2012-2017). | |
Nathaniel
T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Treasurer |
2016 | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Tina
M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |
Brian
J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Jacques
M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). | |
Kevin
J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon
Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice
President and Assistant Secretary |
2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann
D. Morgan 1969 730 Third Avenue New York, NY 10017 |
Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen, LLC (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher
M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |
William
A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E.
Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
Vice
President and Controller |
2019 | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name,
Year of Birth & Address |
Position(s)
Held with the Funds |
Year
First Elected or Appointed(2) |
Principal
Occupation(s) During Past 5 Years |
|
Mark
L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Assistant Secretary |
2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford
R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 |
Vice
President and Chief Compliance Officer |
1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrants Board of Directors or Trustees (Board) determined that the registrant has at least one audit committee financial expert (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrants audit committee financial experts are Carole E. Stone, Jack B. Evans, William C. Hunter and Albin F. Moschner, who are independent for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the States operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the States bond-related disclosure documents and certifying that they fairly presented the States financial position; reviewing audits of various State and local agencies and programs; and coordinating the States system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stones position on the boards of these entities and as a member of both CBOE Holdings Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (SCI). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the CFO) and actively supervised the CFOs preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCIs financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunters responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PriceWaterHouseCoopers LLP, the Funds auditor, billed to the Funds during the Funds last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PriceWaterHouseCoopers LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the pre-approval exception). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committees attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended May 31, 2021 |
Audit Fees Billed to Funds 1 |
Audit-Related Fees Billed to Funds 2 |
Tax Fees Billed to Funds 3 |
All Other Fees Billed to Funds 4 |
||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
31,020 | 0 | 0 | 0 | ||||||||||||
Nuveen Louisiana Municipal Bond Fund |
31,055 | 0 | 42 | 0 | ||||||||||||
Nuveen North Carolina Municipal Bond Fund |
32,680 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 94,755 | $ | 0 | $ | 42 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
to Funds | Billed to Funds | Billed to Funds | Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Louisiana Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen North Carolina Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Audit Fees Billed | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
May 30, 2020 |
to Funds 1 | Billed to Funds 2 | Billed to Funds 3 | Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
30,350 | 0 | 0 | 0 | ||||||||||||
Nuveen Louisiana Municipal Bond Fund |
30,425 | 0 | 0 | 0 | ||||||||||||
Nuveen North Carolina Municipal Bond Fund |
31,880 | 0 | 3,150 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 92,655 | $ | 0 | $ | 3,150 | $ | 0 |
1 | Audit Fees are the aggregate fees billed for professional services for the audit of the Funds annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | Audit-Related Fees are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under Audit Fees. These fees include offerings related to the Funds common shares and leverage. |
3 | Tax Fees are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | All Other Fees are the aggregate fees billed for products and services other than Audit Fees, Audit-Related Fees and Tax Fees. These fees represent all Agreed-Upon Procedures engagements pertaining to the Funds use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed | Audit-Related Fees | Tax Fees | All Other Fees | |||||||||||||
to Funds | Billed to Funds | Billed to Funds | Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Louisiana Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen North Carolina Municipal Bond Fund |
0 | % | 0 | % | 0 | % | 0 | % |
Audit-Related Fees | Tax Fees Billed to | All Other Fees | ||||||||||
Billed to Adviser and | Adviser and | Billed to Adviser | ||||||||||
Fiscal Year Ended May 31, 2021 |
Affiliated Fund Service Providers |
Affiliated Fund Service Providers |
and Affiliated Fund Service Providers |
|||||||||
Nuveen MultiState Trust III |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees | Tax Fees Billed to | All Other Fees | ||||||||||
Billed to Adviser and | Adviser and | Billed to Adviser | ||||||||||
Affiliated Fund | Affiliated Fund | and Affiliated Fund | ||||||||||
Service Providers | Service Providers | Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Audit-Related Fees | Tax Fees Billed to | All Other Fees | ||||||||||
Billed to Adviser and | Adviser and | Billed to Adviser | ||||||||||
Fiscal Year Ended May 30, 2020 |
Affiliated Fund Service Providers |
Affiliated Fund Service Providers |
and Affiliated Fund Service Providers |
|||||||||
Nuveen MultiState Trust III |
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees | Tax Fees Billed to | All Other Fees | ||||||||||
Billed to Adviser and | Adviser and | Billed to Adviser | ||||||||||
Affiliated Fund | Affiliated Fund | and Affiliated Fund | ||||||||||
Service Providers | Service Providers | Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended May 31, 2021 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Louisiana Municipal Bond Fund |
42 | 0 | 0 | 42 | ||||||||||||
Nuveen North Carolina Municipal Bond Fund |
0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 42 | $ | 0 | $ | 0 | $ | 42 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountants engagement to audit the registrants financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountants full-time, permanent employees.
Fiscal Year Ended May 30, 2020 |
Total Non-Audit Fees Billed to Trust |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Georgia Municipal Bond Fund |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen Louisiana Municipal Bond Fund |
0 | 0 | 0 | 0 | ||||||||||||
Nuveen North Carolina Municipal Bond Fund |
3,150 | 0 | 0 | 3,150 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,150 | $ | 0 | $ | 0 | $ | 3,150 |
Non-Audit Fees billed to Fund for both fiscal year ends represent Tax Fees and All Other Fees billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds independent accountant and (ii) all audit and non-audit services to be performed by the Funds independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrants Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the Exchange Act) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust III
By (Signature and Title) | /s/ Mark J. Czarniecki | |
Mark J. Czarniecki | ||
Vice President and Secretary |
Date: August 5, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: August 5, 2021
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: August 5, 2021