UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: June 30
Registrant is making a filing for 13 of its series:
Allspring Alternative Risk Premia Fund, Allspring California Limited-Term Tax-Free Fund, Allspring California Tax-Free Fund, Allspring High Yield Municipal Bond Fund, Allspring Intermediate Tax/AMT-Free Fund, Allspring Minnesota Tax-Free Fund, Allspring Municipal Bond Fund, Allspring Municipal Sustainability Fund, Allspring Pennsylvania Tax-Free Fund, Allspring Short-Term Municipal Bond Fund, Allspring Strategic Municipal Bond Fund, Allspring Ultra Short-Term Municipal Income Fund and Allspring Wisconsin Tax-Free Fund.
Date of reporting period: December 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
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Limited-Term Tax-Free Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Kim Nakahara, Brandon Pae, Adrian Van Poppel |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SFCIX) | 11-18-1992 | -1.86 | 1.24 | 1.55 | 0.14 | 1.65 | 1.76 | 0.85 | 0.80 | ||
Class C (SFCCX) | 8-30-2002 | -1.61 | 0.91 | 1.00 | -0.61 | 0.91 | 1.00 | 1.60 | 1.55 | ||
Administrator Class (SCTIX) | 9-6-1996 | – | – | – | 0.41 | 1.88 | 1.96 | 0.79 | 0.60 | ||
Institutional Class (SFCNX)3 | 10-31-2014 | – | – | – | 0.51 | 1.98 | 2.03 | 0.52 | 0.50 | ||
Bloomberg California Municipal Blend 1-5 Year Index4 | – | – | – | – | 0.05 | 1.97 | 1.65 | – | – | ||
Bloomberg Municipal 1-5 Year Index5 | – | – | – | – | 0.35 | 2.23 | 1.74 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.80% for Class A, 1.55% for Class C, 0.60% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg California Municipal Blend 1-5 Year Index is the 1-5 Year component of the Bloomberg California Municipal Bond Index. You cannot invest directly in an index. |
5 | The Bloomberg Municipal 1–5 Year Index is the 1–5 Year component of the Bloomberg Municipal Bond Index. The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
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1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 997.44 | $4.03 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class C | ||||
Actual | $1,000.00 | $ 993.66 | $7.79 | 1.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.39 | $7.88 | 1.55% |
Administrator Class | ||||
Actual | $1,000.00 | $ 998.30 | $3.02 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $ 999.75 | $2.52 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.18% | |||||
California: 0.18% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (10 shares) 0.30% 144Aø | $ 1,000,000 | $ 1,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $1,000,000) | 1,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 96.42% | |||||
California: 90.65% | |||||
Airport revenue: 7.94% | |||||
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00% | 12-31-2023 | 1,100,000 | 1,196,966 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 6-30-2024 | 1,115,000 | 1,233,484 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 12-31-2024 | 750,000 | 844,631 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 6-30-2027 | 450,000 | 541,621 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 6-30-2028 | 390,000 | 477,442 | |
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A | 5.00 | 12-31-2029 | 280,000 | 338,104 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2024 | 5,000,000 | 5,524,831 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2025 | 6,000,000 | 6,873,733 | |
Los Angeles CA Department of Airports AMT Series B | 5.00 | 5-15-2026 | 2,500,000 | 2,958,022 | |
Los Angeles CA Department of Airports AMT Subordinate Bond Series C | 5.00 | 5-15-2024 | 4,315,000 | 4,762,545 | |
Palm Springs CA Airport Passenger Facility Charge Revenue Palm Springs International Airport (BAM Insured) | 5.00 | 6-1-2027 | 1,205,000 | 1,371,612 | |
Port of Oakland Revenue Refunding Bond Series 11 | 5.00 | 11-1-2023 | 70,000 | 75,911 | |
Port of Oakland Revenue Refunding Bond Series 11 | 5.00 | 11-1-2023 | 130,000 | 141,127 | |
Port of Oakland Revenue Refunding Bond AMT Senior Lien Series P | 5.00 | 5-1-2026 | 1,000,000 | 1,015,535 | |
Sacramento CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2022 | 2,590,000 | 2,649,961 | |
Sacramento CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2023 | 2,585,000 | 2,760,348 | |
Sacramento CA Airport System Subordinate Refunding Bond AMT Series F | 5.00 | 7-1-2024 | 1,760,000 | 1,951,858 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2027 | 750,000 | 909,898 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2028 | 1,000,000 | 1,238,311 | |
San Diego County CA Regional Airport Authority Airport Revenue Refunding Bond AMT Subordinated Series C | 5.00 | 7-1-2029 | 1,000,000 | 1,262,247 | |
San Francisco CA City & County Refunding Bond AMT Second Series A | 5.00 | 5-1-2025 | 740,000 | 751,348 | |
San Francisco CA City & County Refunding Bond AMT Second Series A | 5.00 | 5-1-2030 | 3,850,000 | 3,907,890 | |
San Francisco CA City & County Refunding Bond AMT Second Series A | 5.50 | 5-1-2028 | 250,000 | 266,442 | |
43,053,867 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 5.95% | |||||
California CDA Bond California Baptist University Series A 144A | 3.00% | 11-1-2022 | $ 435,000 | $ 443,250 | |
California CDA Revenue Bond California Baptist University Series A | 5.13 | 11-1-2023 | 290,000 | 306,868 | |
California Educational Facilities Authority Revenue Loma Linda University Series A | 5.00 | 4-1-2024 | 550,000 | 605,419 | |
California Educational Facilities Authority Revenue Loma Linda University Series A | 5.00 | 4-1-2026 | 325,000 | 383,401 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 6.00 | 8-1-2023 | 305,000 | 322,833 | |
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Project Series A 144A | 3.88 | 7-1-2028 | 1,535,000 | 1,658,036 | |
California Municipal Finance Authority Revenue Institute Arts | 4.00 | 10-1-2033 | 250,000 | 300,256 | |
California Municipal Finance Authority Revenue Institute Arts | 4.00 | 10-1-2035 | 350,000 | 416,844 | |
California Municipal Finance Authority Revenue Refunding Bond Biola University | 5.00 | 10-1-2027 | 790,000 | 959,844 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2022 | 250,000 | 258,557 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2023 | 225,000 | 242,274 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2024 | 275,000 | 306,991 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2025 | 275,000 | 317,058 | |
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University | 5.00 | 10-1-2026 | 300,000 | 356,224 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2024 | 600,000 | 675,374 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2025 | 600,000 | 698,982 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2026 | 625,000 | 750,389 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2027 | 650,000 | 800,751 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2028 | 700,000 | 881,618 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2029 | 470,000 | 603,813 | |
California Municipal Finance Authority Revenue Refunding Bond University of the Pacific Series A | 5.00 | 11-1-2030 | 500,000 | 653,866 | |
California School Finance Authority Bright Star School Obligation Group 144A | 5.00 | 6-1-2027 | 1,415,000 | 1,546,942 | |
California School Finance Authority Charter School Revenue Aspire Public Schools Issue Number 5 Series 144A | 2.13 | 8-1-2031 | 500,000 | 502,751 | |
California School Finance Authority Charter School Revenue Classical Academies Vista Project 144A | 3.00 | 10-1-2031 | 375,000 | 404,224 | |
California School Finance Authority Charter School Revenue Santa Clarita Valley International School Project 144A | 4.00 | 6-1-2031 | 260,000 | 286,372 | |
California School Finance Authority Classical Academies Project Series A 144A | 3.25 | 10-1-2022 | 670,000 | 679,337 | |
California School Finance Authority Coastal Academy Project Series A 144A | 5.00 | 10-1-2022 | 75,000 | 77,123 | |
California School Finance Authority Rocketship Education Series A 144A | 5.00 | 6-1-2026 | 500,000 | 541,505 | |
California School Finance Authority School Facility Revenue Granada Hills Charter 144A | 4.00 | 7-1-2029 | 350,000 | 396,730 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
California University Revenue Systemwide Series B2 øø | 0.55% | 11-1-2049 | $ 4,000,000 | $ 3,953,232 | |
Fullerton CA PFA Revenue Refunding Bond Marshall B Ketchum University | 4.00 | 2-1-2029 | 360,000 | 429,339 | |
Fullerton CA PFA Revenue Refunding Bond Marshall B Ketchum University | 4.00 | 2-1-2031 | 415,000 | 498,746 | |
Fullerton CA PFA Revenue Refunding Bond Marshall B Ketchum University | 4.00 | 2-1-2033 | 325,000 | 385,171 | |
University of California Series AK | 5.00 | 5-15-2048 | 10,000,000 | 10,645,261 | |
32,289,381 | |||||
GO revenue: 20.69% | |||||
Bassett Unified School District Refunding Bond Series B (BAM Insured) | 5.00 | 8-1-2023 | 725,000 | 776,193 | |
California Refunding Bond Various Purpose | 5.00 | 11-1-2022 | 2,500,000 | 2,600,376 | |
California Refunding Bond Various Purpose | 5.00 | 10-1-2023 | 8,400,000 | 9,089,322 | |
California Refunding Bond Various Purpose | 5.00 | 8-1-2025 | 3,500,000 | 4,059,885 | |
California Refunding Bond Various Purpose | 5.00 | 9-1-2031 | 1,500,000 | 2,039,754 | |
California Refunding Bond Various Purpose Bidding Group C (BAM Insured) | 5.00 | 9-1-2027 | 8,500,000 | 10,211,522 | |
California Series B | 5.00 | 9-1-2023 | 10,730,000 | 11,570,406 | |
California Series E (SIFMA Municipal Swap +0.43%) ± | 0.53 | 12-1-2029 | 3,050,000 | 3,055,186 | |
California Various Purpose | 4.00 | 10-1-2033 | 7,000,000 | 8,684,716 | |
California Various Purpose | 5.25 | 10-1-2022 | 2,750,000 | 2,854,476 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2031 | 300,000 | 345,918 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2032 | 350,000 | 400,060 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2034 | 300,000 | 338,623 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2035 | 250,000 | 280,966 | |
Carlsbad CA Unified School District Election 2018 Series B | 3.00 | 8-1-2036 | 350,000 | 391,495 | |
Central California Unified School District Refunding Bond (AGM Insured) | 5.00 | 7-1-2022 | 750,000 | 768,005 | |
Coachella Valley Unified School District (BAM Insured) | 4.00 | 8-1-2022 | 1,000,000 | 1,021,410 | |
Dixon CA Unified School District (AGM Insured) | 5.00 | 8-1-2022 | 1,285,000 | 1,321,027 | |
El Monte CA City School District CAB BAN ¤ | 0.00 | 4-1-2023 | 2,000,000 | 1,989,061 | |
Hayward CA Unified School District Certificate of Participation (AGM Insured) | 5.00 | 8-1-2022 | 500,000 | 513,989 | |
Hayward CA Unified School District Certificate of Participation (AGM Insured) | 5.00 | 8-1-2023 | 805,000 | 863,567 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 4.00 | 8-1-2022 | 200,000 | 204,352 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2023 | 195,000 | 209,219 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2024 | 150,000 | 167,315 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2025 | 170,000 | 196,408 | |
Inglewood CA Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2026 | 235,000 | 279,951 | |
Kern Community College District CAB BAN ¤ | 0.00 | 8-1-2023 | 2,000,000 | 1,987,979 | |
Local Public Schools Funding Bond Authority School Facilities Improvement District # 2016-1 CA 2020 Election Series B (AGM Insured) | 3.00 | 8-1-2035 | 520,000 | 566,324 | |
Local Public Schools Funding Bond Authority School Facilities Improvement District #2016-1 CA 2020 Election Series B (AGM Insured) | 3.00 | 8-1-2033 | 225,000 | 248,191 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Local Public Schools Funding Bond Authority School Facilities Improvement District #2016-1 CA 2020 Election Series B (AGM Insured) | 3.00% | 8-1-2034 | $ 375,000 | $ 410,682 | |
Long Beach CA Harbor Revenue AMT Series C | 5.00 | 5-15-2027 | 500,000 | 571,371 | |
Los Angeles CA Unified School District Refunding Bond Series D | 5.00 | 7-1-2023 | 6,180,000 | 6,618,437 | |
Los Angeles CA Unified School District Series C | 4.00 | 7-1-2032 | 1,000,000 | 1,228,449 | |
Mount San Antonio Community College District CAB ¤ | 0.00 | 4-1-2022 | 10,000,000 | 9,995,775 | |
Mountain Diablo Unified School District Refunding Bond Series B %% | 4.00 | 8-1-2034 | 2,750,000 | 3,323,075 | |
Oak Valley Hospital District Refunding Bond Los Angeles County CA RDA | 5.00 | 7-1-2022 | 750,000 | 767,363 | |
Oak Valley Hospital District Refunding Bond Los Angeles County CA RDA | 5.00 | 7-1-2023 | 755,000 | 806,800 | |
Oakland CA Unified School District Alameda County Election of 2012 Series A | 5.00 | 8-1-2022 | 750,000 | 770,983 | |
Oakland CA Unified School District Alameda County Election of 2012 Series A | 5.00 | 8-1-2024 | 600,000 | 670,574 | |
Oakland CA Unified School District Refunding Bond | 5.00 | 8-1-2025 | 1,540,000 | 1,782,782 | |
Oakland CA Unified School District Refunding Bond Measure B Series B | 5.00 | 8-1-2026 | 500,000 | 596,885 | |
Oakland CA Unified School District Refunding Bond Measure J Series C | 5.00 | 8-1-2025 | 795,000 | 920,332 | |
Palomar CA Pomerado Health CAB Electric Series A (NPFGC Insured) ¤ | 0.00 | 8-1-2025 | 1,000,000 | 958,086 | |
Pittsburg CA Unified School District (AGM Insured) | 4.00 | 8-1-2031 | 150,000 | 180,866 | |
Pittsburg CA Unified School District (AGM Insured) | 4.00 | 8-1-2032 | 250,000 | 300,366 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series E | 5.00 | 8-1-2029 | 1,500,000 | 1,814,377 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) | 4.00 | 8-1-2030 | 150,000 | 183,714 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) | 4.00 | 8-1-2031 | 200,000 | 242,867 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) | 4.00 | 8-1-2032 | 200,000 | 242,261 | |
Sacramento CA City Unified School District Election 2012 Measure Q Series G (AGM Insured) | 4.00 | 8-1-2033 | 200,000 | 241,655 | |
Sacramento CA City Unified School Refunding Bond | 5.00 | 7-1-2022 | 485,000 | 496,106 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 1.25 | 8-1-2029 | 435,000 | 433,052 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 4.00 | 8-1-2029 | 1,000,000 | 1,212,455 | |
San Bernardino CA City Unified School District Refunding Bond Series A (AGM Insured) | 4.00 | 8-1-2031 | 875,000 | 1,071,269 | |
San Gorgonio Memorial Healthcare District Refunding Bond | 4.00 | 8-1-2027 | 1,090,000 | 1,214,732 | |
San Gorgonio Memorial Healthcare District Refunding Bond | 4.00 | 8-1-2030 | 580,000 | 659,226 | |
San Gorgonio Memorial Healthcare District Refunding Bond | 5.00 | 8-1-2022 | 500,000 | 511,257 | |
San Gorgonio Memorial Healthcare District Refunding Bond | 5.00 | 8-1-2023 | 1,000,000 | 1,058,891 | |
Sierra Kings Health Care District Refunding Bond | 4.00 | 8-1-2022 | 425,000 | 433,378 | |
Sierra Kings Health Care District Refunding Bond | 4.00 | 8-1-2023 | 405,000 | 426,138 | |
Sierra Kings Health Care District Refunding Bond | 4.00 | 8-1-2024 | 420,000 | 454,032 | |
Vacaville CA Unified School District Series C (BAM Insured) | 5.00 | 8-1-2022 | 675,000 | 693,925 | |
Vallejo CA Unified School District Refunding Bond Series A (NPFGC Insured) | 5.90 | 2-1-2022 | 3,905,000 | 3,919,803 | |
112,247,660 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 12.04% | |||||
Association of Bay Area Governments California Finance Authority For Nonprofit Various Sharp Healthcare Series C (Citibank NA LOC) ø | 0.09% | 8-1-2035 | $ 5,890,000 | $ 5,890,000 | |
California CDA Adventist Health Systems West Series A | 5.00 | 3-1-2024 | 800,000 | 879,762 | |
California CDA Emanate Health Series A | 5.00 | 4-1-2028 | 755,000 | 937,767 | |
California CDA Emanate Health Series A | 5.00 | 4-1-2029 | 795,000 | 1,009,270 | |
California CDA Emanate Health Series A | 5.00 | 4-1-2031 | 1,465,000 | 1,887,232 | |
California CDA Health Facilities Catholic Series F (AGM Insured) € | 0.29 | 7-1-2040 | 1,000,000 | 1,000,000 | |
California CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured) | 5.00 | 10-1-2022 | 395,000 | 408,581 | |
California CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured) | 5.00 | 10-1-2023 | 500,000 | 538,387 | |
California CDA Huntington Memorial Hospital | 5.00 | 7-1-2025 | 500,000 | 575,110 | |
California CDA Huntington Memorial Hospital | 5.00 | 7-1-2026 | 500,000 | 593,178 | |
California CDA Kaiser Permanente Series L | 5.00 | 4-1-2038 | 2,500,000 | 3,242,096 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2026 | 250,000 | 298,619 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2027 | 300,000 | 358,509 | |
California CDA Loma Linda University Medical Center Series A 144A | 5.00 | 12-1-2028 | 250,000 | 308,618 | |
California CDA Viamonte Senior Living Project Series B | 3.00 | 7-1-2025 | 935,000 | 936,711 | |
California HFFA Common Spirit Health Series A | 5.00 | 4-1-2032 | 1,500,000 | 1,946,024 | |
California HFFA El Camino Hospital | 5.00 | 2-1-2025 | 1,000,000 | 1,136,885 | |
California HFFA Health Kaiser Permanente Series c | 5.00 | 6-1-2041 | 1,930,000 | 2,502,898 | |
California HFFA Health Series A | 5.00 | 6-1-2031 | 3,990,000 | 5,196,273 | |
California HFFA Memorial Health Services Series A | 5.00 | 10-1-2023 | 2,475,000 | 2,561,412 | |
California HFFA On Lok Senior Health Services Social | 3.00 | 8-1-2022 | 325,000 | 329,619 | |
California HFFA On Lok Senior Health Services Social | 3.00 | 8-1-2025 | 475,000 | 511,907 | |
California HFFA On Lok Senior Health Services Social | 3.00 | 8-1-2028 | 400,000 | 444,992 | |
California HFFA On Lok Senior Health Services Social | 3.00 | 8-1-2030 | 210,000 | 237,420 | |
California HFFA Sutter Health Series A ## | 5.00 | 11-15-2023 | 2,500,000 | 2,716,314 | |
California Municipal Finance Authority Community Medical Centers Series A | 5.00 | 2-1-2023 | 735,000 | 772,360 | |
California Municipal Finance Authority Community Medical Centers Series A | 5.00 | 2-1-2024 | 500,000 | 547,793 | |
California Municipal Finance Authority Open Door Community Health | 4.00 | 9-15-2030 | 790,000 | 968,572 | |
California Municipal Finance Authority Open Door Community Health | 4.00 | 9-15-2033 | 890,000 | 1,092,335 | |
California Municipal Finance Authority Revenue Community Medical Centers Series A | 5.00 | 2-1-2025 | 1,000,000 | 1,138,532 | |
California Municipal Finance Authority Revenue Refunding Bond Channing House Project Series A | 5.00 | 5-15-2023 | 925,000 | 982,848 | |
California Municipal Finance Authority Revenue Refunding Bond Community Medical Centers Series A | 5.00 | 2-1-2022 | 1,000,000 | 1,003,595 | |
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A | 5.00 | 7-1-2029 | 400,000 | 482,841 | |
California Municipal Finance Authority Revenue Refunding Bond Paradise Valley Estates Project Series B1 | 2.25 | 7-1-2025 | 2,200,000 | 2,201,778 | |
California Municipal Finance Authority Revenue Refunding Bond Paradise Valley Estates Project Series B2 | 2.00 | 7-1-2024 | 840,000 | 840,578 | |
California Municipal Finance Authority Revenue Refunding Bond Series A 144A | 5.00 | 11-1-2029 | 1,170,000 | 1,334,134 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
California Municipal Finance Authority Revenue Refunding Bonds Eisenhower Medical Center Series A | 5.00% | 7-1-2027 | $ 1,650,000 | $ 2,007,686 | |
California PFA Revenue Bond Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2028 | 360,000 | 424,780 | |
California PFA Revenue Bond Henry Mayo Newhall Hospital Series B | 4.00 | 10-15-2051 | 690,000 | 834,296 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Projext Series B2 144A | 2.38 | 11-15-2028 | 1,000,000 | 1,010,134 | |
California Statewide CDA Revenue Kaiser Permanente Series C1 | 5.00 | 4-1-2046 | 3,290,000 | 4,266,598 | |
California Statewide CDA Revenue Kaiser Permanente Series D | 5.00 | 5-1-2033 | 2,000,000 | 2,593,676 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2022 | 375,000 | 388,845 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2023 | 300,000 | 323,727 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2024 | 300,000 | 335,707 | |
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated | 5.00 | 11-1-2025 | 330,000 | 381,591 | |
Sierra View Local Health Care District Revenue Refunding Bond | 4.00 | 7-1-2023 | 500,000 | 524,802 | |
Sierra View Local Health Care District Revenue Refunding Bond | 4.00 | 7-1-2025 | 580,000 | 642,462 | |
Sierra View Local Health Care District Revenue Refunding Bond | 5.00 | 7-1-2027 | 630,000 | 760,943 | |
Sierra View Local Health Care District Revenue Refunding Bond | 5.00 | 7-1-2029 | 630,000 | 795,215 | |
Washington Township Health Care District Refunding Bond Series A | 4.00 | 7-1-2033 | 275,000 | 319,842 | |
Washington Township Health Care District Refunding Bond Series A | 5.00 | 7-1-2023 | 600,000 | 639,769 | |
Washington Township Health Care District Refunding Bond Series A | 5.00 | 7-1-2029 | 350,000 | 444,933 | |
Washington Township Health Care District Refunding Bond Series A | 5.00 | 7-1-2030 | 300,000 | 389,132 | |
Washington Township Health Care District Refunding Bond Series A | 5.00 | 7-1-2031 | 325,000 | 403,335 | |
65,300,423 | |||||
Housing revenue: 6.76% | |||||
California CDA Lancer Educational Student Housing Project Series A 144A | 3.00 | 6-1-2029 | 750,000 | 792,201 | |
California CDA Uptown Newport Apartments Series 2017 AA & BB (East West Bank LOC) ø | 0.14 | 3-1-2057 | 2,020,000 | 2,020,000 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2029 | 200,000 | 249,620 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2030 | 325,000 | 413,208 | |
California HFA Municipal Certificate of Participation Series 2 Class A (FHLMC Insured) | 3.75 | 3-25-2035 | 5,234,472 | 6,180,505 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 5,067,938 | 5,837,279 | |
California HFA Municipal Certificates Series 2021-1 Class A | 3.50 | 11-20-2035 | 2,967,804 | 3,385,378 | |
California Independent Cities Finance Authority Mobile Home Park Revenue Refunding Bond Union City Tropics | 4.25 | 5-15-2024 | 745,000 | 807,151 | |
California Municipal Finance Authority Peppertree Senior Apartments Series A (FHLMC Insured, FHLMC LIQ) | 2.80 | 6-1-2023 | 2,500,000 | 2,587,670 | |
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project | 5.00 | 5-15-2024 | 1,200,000 | 1,313,621 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
California Municipal Finance Authority Student Housing Davis I LLC West Village Student Housing Project | 5.00% | 5-15-2025 | $ 3,435,000 | $ 3,884,695 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 4.00 | 5-15-2032 | 700,000 | 843,313 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2029 | 400,000 | 505,561 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2030 | 450,000 | 579,275 | |
California Municipal Finance Authority Student Housing Revenue Green Bond Orchard Park Student Housing Project (BAM Insured) | 5.00 | 5-15-2031 | 400,000 | 524,483 | |
FHLMC Multifamily Certificates Series M 057 Class A | 2.40 | 10-15-2029 | 5,985,000 | 6,305,857 | |
Sacramento CA Housing Authority Multifamily Housing Revenue (FNMA Insured, FNMA LIQ) ø | 0.07 | 7-15-2029 | 435,000 | 435,000 | |
36,664,817 | |||||
Industrial development revenue: 0.62% | |||||
San Francisco CA City & County Airports Commission International Airport Revenue AMT Special Facilities Lease SFO Fuel Company Series 2019A | 5.00 | 1-1-2025 | 3,000,000 | 3,387,076 | |
Miscellaneous revenue: 14.12% | |||||
California CDA Community Infrastructure Program Revenue Series | 4.00 | 9-2-2028 | 260,000 | 295,332 | |
California CDA Community Infrastructure Program Revenue Series A | 4.00 | 9-2-2027 | 390,000 | 438,150 | |
California CDA Monterey County Savers Bond Program (BAM Insured) | 5.00 | 8-1-2027 | 2,185,000 | 2,617,115 | |
California CDA Refunding Bond (AGM Insured) | 5.00 | 11-15-2022 | 200,000 | 208,428 | |
California HFA Revenue Bonds (San Francisco Supportive Housing -833 Bryant Apartments) 2020 Issue N- Social Bonds | 5.00 | 4-1-2029 | 630,000 | 793,804 | |
California HFA Revenue Bonds (San Francisco Supportive Housing -833 Bryant Apartments) 2020 Issue N- Social Bonds | 5.00 | 4-1-2031 | 730,000 | 949,661 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 4.00 | 11-1-2031 | 175,000 | 211,171 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 5.00 | 11-1-2026 | 275,000 | 325,581 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 5.00 | 11-1-2027 | 290,000 | 350,843 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 5.00 | 11-1-2028 | 200,000 | 246,407 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 5.00 | 11-1-2029 | 210,000 | 263,366 | |
California Municipal Finance Authority Revenue Refunding Bond Southwestern Law School | 5.00 | 11-1-2030 | 220,000 | 280,541 | |
California Public Works Board Department of Corrections & Rehabilitation Series C | 5.00 | 10-1-2022 | 1,500,000 | 1,553,405 | |
California Public Works Board Judicial Council Projects Series B | 5.00 | 10-1-2022 | 500,000 | 517,802 | |
California Public Works Board Lease Revenue Refunding Bond Various Capital Project Series C %% | 5.00 | 8-1-2025 | 2,530,000 | 2,823,758 | |
California Refunding Bond Various Purpose | 5.00 | 9-1-2022 | 2,240,000 | 2,311,955 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Compton CA PFA Refunding Bond 144A | 4.00% | 9-1-2022 | $ 530,000 | $ 539,554 | |
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2027 | 2,000,000 | 2,120,104 | |
Desert Sands Unified School District Certificate of Participation (BAM Insured) | 5.00 | 3-1-2024 | 1,500,000 | 1,647,845 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2026 | 140,000 | 159,274 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2027 | 365,000 | 421,255 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2028 | 255,000 | 298,547 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2029 | 265,000 | 314,508 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2030 | 275,000 | 329,331 | |
El Centro CA Financing Authority Lease Revenue Refunding Bond Transportation Improvements Series B | 4.00 | 10-1-2031 | 285,000 | 344,972 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2028 | 500,000 | 576,834 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2030 | 550,000 | 649,747 | |
Inglewood CA Unified School District School Facilities Authority (AGM Insured) | 5.25 | 10-15-2023 | 8,670,000 | 9,168,898 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 | 5.00 | 9-2-2023 | 800,000 | 861,779 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 | 5.00 | 9-2-2024 | 850,000 | 952,399 | |
Irvine CA Limited Obligation Improvement Reassessment District | 4.00 | 9-2-2029 | 1,220,000 | 1,467,114 | |
Irvine CA Limited Obligation Improvement Reassessment District (BAM Insured) | 4.00 | 9-2-2032 | 1,000,000 | 1,241,193 | |
Irvine CA Limited Obligation Improvement Reassessment District (BAM Insured) | 4.00 | 9-2-2033 | 270,000 | 334,480 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2029 | 485,000 | 560,989 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2030 | 505,000 | 590,008 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2031 | 525,000 | 620,066 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2032 | 550,000 | 645,595 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2033 | 570,000 | 666,159 | |
Lassen Municipal Utility District Certificate of Participation | 4.00 | 5-1-2034 | 595,000 | 694,610 | |
Lodi CA PFA Electric Refunding Bond (AGM Insured) | 5.00 | 9-1-2024 | 1,100,000 | 1,229,596 | |
Los Angeles CA Public Works Series D | 5.00 | 12-1-2027 | 1,605,000 | 1,874,877 | |
Los Angeles CA Unified School District Certificate of Participation Headquarters Building Projects Series B | 5.00 | 10-1-2025 | 1,875,000 | 1,938,321 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2029 | 520,000 | 657,483 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2030 | 710,000 | 890,208 | |
Mountain HFA California Utility System Revenue Refunding Bond Series A | 5.00 | 12-1-2031 | 745,000 | 928,720 | |
Orange County CA Transportation Authority Revenue BAN I 405 Improvement project | 5.00 | 10-15-2024 | 5,000,000 | 5,632,797 | |
Sacramento CA City Financing Refunding Bond Master Lease Program Facilities (BAM Insured) | 5.00 | 12-1-2022 | 800,000 | 835,170 | |
Sacramento CA City Schools Joint Powers Financing Authority Series A (BAM Insured) | 5.00 | 3-1-2022 | 775,000 | 780,976 | |
Sacramento CA City Schools Joint Powers Financing Authority Series A (BAM Insured) | 5.00 | 3-1-2023 | 815,000 | 857,966 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Sacramento CA Suburban Water District Adjusted Refunding Bond Series A (Sumitomo Mitsui Banking Corporation LOC) ø | 0.09% | 11-1-2034 | $ 4,050,000 | $ 4,050,000 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2025 | 250,000 | 289,036 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2027 | 350,000 | 428,083 | |
San Joaquin CA Area Flood Control Agency Smith Canal Area Assessment District Assessment Revenue (AGM Insured) | 5.00 | 10-1-2029 | 380,000 | 486,094 | |
Santa Barbara County CA Solid Waste System Revenue Certificate of Participation AMT Series B | 5.00 | 12-1-2029 | 600,000 | 745,354 | |
Santa Clara County CA Financing Capital Projects Series A | 4.00 | 2-1-2024 | 6,000,000 | 6,016,893 | |
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured) | 5.00 | 8-1-2022 | 165,000 | 169,470 | |
Sutter Butte Flood Control Agency Assessment (BAM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,385,274 | |
Sutter Butte Flood Control Agency Assessment (BAM Insured) | 5.00 | 10-1-2024 | 715,000 | 804,426 | |
Sutter Butte Flood Control Agency Assessment (BAM Insured) | 5.00 | 10-1-2025 | 1,575,000 | 1,833,617 | |
Turlock CA PFA Water Revenue BAN | 4.00 | 3-1-2027 | 5,000,000 | 5,014,658 | |
Visalia CA Certificate of Participation (AGM Insured) | 5.00 | 12-1-2022 | 335,000 | 348,754 | |
76,590,353 | |||||
Tax revenue: 13.55% | |||||
California Community Facilities District #2015-01 | 5.00 | 9-1-2027 | 395,000 | 442,706 | |
Carson CA RDA Project Area #1 Series A (AGM Insured) | 5.00 | 10-1-2022 | 600,000 | 621,087 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A | 5.00 | 8-1-2022 | 2,550,000 | 2,613,086 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A | 5.00 | 8-1-2023 | 1,735,000 | 1,865,516 | |
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A (AGM Insured) | 5.00 | 8-1-2024 | 1,770,000 | 1,968,041 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2027 | 580,000 | 664,915 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2029 | 500,000 | 587,532 | |
Cathedral City CA RDA Successor Agency Tax Allocation Revenue Refunding Bond Subordinated Merged Redevelopment Project Area (BAM Insured) | 4.00 | 8-1-2031 | 600,000 | 710,461 | |
Chino CA PFA Local Agency Series A (AGM Insured) | 5.00 | 9-1-2022 | 1,830,000 | 1,887,173 | |
Chino CA PFA Local Agency Series A (AGM Insured) | 5.00 | 9-1-2024 | 660,000 | 734,598 | |
Commerce CA Successor Agency to the Community Development Commission Refunding Bond Series A (AGM Insured) | 5.00 | 8-1-2023 | 600,000 | 642,371 | |
Dinuba CA RDA Successor Agency to Merged City Project #2 (BAM Insured) | 5.00 | 9-1-2022 | 250,000 | 257,675 | |
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond | 5.00 | 8-1-2022 | 2,395,000 | 2,457,207 | |
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond | 5.00 | 8-1-2023 | 1,025,000 | 1,100,416 | |
Fontana CA Special Tax Community Facilities District #90 Summit | 3.00 | 9-1-2025 | 110,000 | 116,698 | |
Fontana CA Special Tax Community Facilities District #90 Summit | 4.00 | 9-1-2026 | 110,000 | 122,646 | |
Fontana CA Special Tax Community Facilities District #90 Summit | 4.00 | 9-1-2027 | 125,000 | 141,151 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Fontana CA Special Tax Community Facilities District #90 Summit | 4.00% | 9-1-2028 | $ 255,000 | $ 291,540 | |
Fontana CA Special Tax Community Facilities District #90 Summit | 4.00 | 9-1-2030 | 140,000 | 162,429 | |
Fontana CA Special Tax Community Facilities District #90 Summit | 4.00 | 9-1-2032 | 300,000 | 346,317 | |
Fremont CA Community Facilities District | 5.00 | 9-1-2024 | 1,000,000 | 1,108,546 | |
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (BAM Insured) | 5.00 | 10-1-2022 | 3,015,000 | 3,117,740 | |
Hollister CA RDA Refunding Bond Hollister Community Development Project (BAM Insured) | 5.00 | 10-1-2026 | 700,000 | 785,083 | |
Inglewood CA Redevelopment Refunding Bond Subordinate Lien Merged Redevelopment Project (BAM Insured) | 5.00 | 5-1-2025 | 1,000,000 | 1,145,534 | |
Irwindale CA CDA City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2022 | 365,000 | 374,270 | |
Irwindale CA CDA City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2023 | 375,000 | 401,847 | |
La Quinta CA RDA Project Areas #1 & 2 Series A | 5.00 | 9-1-2022 | 615,000 | 634,464 | |
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2024 | 870,000 | 969,477 | |
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2029 | 400,000 | 472,509 | |
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project | 4.00 | 9-1-2024 | 600,000 | 654,205 | |
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project | 5.00 | 9-1-2025 | 550,000 | 635,913 | |
Menifee CA Union School District Public Series A | 4.00 | 9-1-2022 | 540,000 | 550,680 | |
Oakdale CA Successor Agency to Oakdale Community RDA Series A (AGM Insured) | 5.00 | 6-1-2027 | 350,000 | 418,784 | |
Orange County CA Community Facilities #2015-1 Esencia Village Series A | 5.00 | 8-15-2023 | 365,000 | 390,581 | |
Orange County CA Community Facilities #2015-1 Esencia Village Series A | 5.00 | 8-15-2025 | 325,000 | 371,578 | |
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured) | 5.00 | 8-1-2022 | 1,305,000 | 1,339,740 | |
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured) | 5.00 | 8-1-2023 | 780,000 | 835,978 | |
Poway CA Unified School District PFA Series B (BAM Insured) | 5.00 | 9-1-2024 | 1,115,000 | 1,251,727 | |
Poway CA Unified School District PFA Series B (BAM Insured) | 5.00 | 9-1-2025 | 775,000 | 902,485 | |
Rialto CA RDA Successor Agency to Merged Project Area | 5.00 | 9-1-2022 | 475,000 | 489,037 | |
River Islands PFA Special Tax Communities Facilities District #2021-1 | 4.00 | 9-1-2030 | 200,000 | 217,090 | |
River Islands PFA Special Tax Communities Facilities District #2021-1 | 4.00 | 9-1-2031 | 500,000 | 541,275 | |
Riverside CA PFA Local Measure Certificate of Participation Riverside Pavement Rehabilitation Project (AGM Insured) | 5.00 | 6-1-2023 | 845,000 | 901,730 | |
Roseville CA Finance Authority Special Refunding Bond Series A | 5.00 | 9-1-2023 | 400,000 | 431,399 | |
Roseville CA Finance Authority Special Refunding Bond Series A | 5.00 | 9-1-2029 | 300,000 | 367,480 | |
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community | 5.00 | 9-1-2024 | 1,905,000 | 2,111,781 | |
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community | 5.00 | 9-1-2029 | 1,595,000 | 1,901,356 | |
Sacramento CA Transient Occupancy Tax Revenue Convention Center Complex Senior | 5.00 | 6-1-2027 | 575,000 | 689,092 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
San Francisco CA City & County Community Facilities District #2016-1 Improvement Area #1 Special Tax Treasure Island | 4.00% | 9-1-2032 | $ 350,000 | $ 397,645 | |
San Francisco CA City & County Community Facilities District #2016-1 Improvement Area #1 Special Tax Treasure Island | 4.00 | 9-1-2033 | 865,000 | 982,083 | |
San Francisco CA City & County Community Facilities District #2016-1 Improvement Area #1 Special Tax Treasure Island | 4.00 | 9-1-2034 | 700,000 | 794,497 | |
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A | 5.00 | 8-1-2025 | 1,600,000 | 1,639,484 | |
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A | 5.00 | 8-1-2022 | 375,000 | 384,917 | |
San Jose CA Convention Center Expansion & Renovation Project | 5.25 | 5-1-2023 | 1,465,000 | 1,469,966 | |
San Marcos CA Unified School District Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2022 | 250,000 | 258,014 | |
San Pablo CA RDA Series B (AGM Insured) | 5.00 | 6-15-2022 | 1,865,000 | 1,903,430 | |
San Pablo CA RDA Series B (AGM Insured) | 5.00 | 6-15-2023 | 1,945,000 | 2,071,113 | |
Santaluz Community Facilities District #2 CA Special Tax Refunding Bond Improvement Area #1 | 4.00 | 9-1-2029 | 685,000 | 830,985 | |
Santaluz Community Facilities District #2 CA Special Tax Refunding Bond Improvement Area #1 | 4.00 | 9-1-2030 | 435,000 | 536,241 | |
Stockton CA RDA Refunding Bond Series A (AGM Insured) | 5.00 | 9-1-2025 | 1,675,000 | 1,940,599 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 4.50 | 9-1-2025 | 160,000 | 175,671 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2022 | 300,000 | 309,190 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2023 | 265,000 | 284,515 | |
Successor Agency to the Richmond CA Community RDA Series A (BAM Insured) | 5.00 | 9-1-2025 | 150,000 | 166,704 | |
Successor Agency to the Riverside County CA RDA Desert Communities Project Series D | 5.00 | 10-1-2022 | 445,000 | 460,130 | |
Successor Agency to the Riverside County CA RDA Desert Communities Project Series D | 5.00 | 10-1-2023 | 470,000 | 506,511 | |
Successor Agency to the Riverside County CA RDA Project Area #1 Series A | 5.00 | 10-1-2022 | 240,000 | 248,160 | |
Successor Agency to the Riverside County CA RDA Project Area #1 Series A | 5.00 | 10-1-2023 | 460,000 | 495,734 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2022 | 180,000 | 183,813 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2024 | 135,000 | 145,447 | |
Tracy CA Community Facilities District | 4.00 | 9-1-2025 | 155,000 | 170,544 | |
Tracy CA Community Facilities District | 5.00 | 9-1-2028 | 425,000 | 490,598 | |
Transbay Joint Powers Authority Green Subordinated Bond Tax Allocation Bond Series B | 2.40 | 10-1-2049 | 1,095,000 | 1,095,687 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2029 | 500,000 | 641,726 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2030 | 500,000 | 645,851 | |
Transbay Joint Powers Authority Green Tax Allocation Bond Senior Series A | 5.00 | 10-1-2031 | 400,000 | 514,864 | |
Tustin CA Community Facilities District #6-1 Legacy Columbus Villages Series A | 5.00 | 9-1-2025 | 1,000,000 | 1,160,934 | |
Upland CA Successor Agency to Merged Project Tax Allocation Bond (AGM Insured) | 5.00 | 9-1-2023 | 1,000,000 | 1,075,371 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Vacaville CA RDA Tax Allocation Subordinate Refunding Bond Redevelopment Projects | 5.00% | 9-1-2022 | $ 1,050,000 | $ 1,080,534 | |
Val Verde Unified School District (BAM Insured) | 5.00 | 10-1-2022 | 665,000 | 687,661 | |
Western Placer Unified School District Special Tax BAN Community Facilities | 2.00 | 6-1-2025 | 2,000,000 | 2,039,957 | |
Western Placer Unified School District Special Tax BAN Community Facilities | 2.00 | 6-1-2025 | 5,000,000 | 5,091,978 | |
Yuba City CA RDA Refunding Bond (AGM Insured) | 5.00 | 9-1-2025 | 750,000 | 866,269 | |
73,491,769 | |||||
Tobacco revenue: 1.61% | |||||
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2030 | 450,000 | 586,619 | |
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2031 | 550,000 | 712,128 | |
California County Tobacco Securitization Agency Settlement Senior Refunding Bond Series A | 5.00 | 6-1-2032 | 300,000 | 386,892 | |
California County Tobacco Securitization Agency Settlement Subordinate Refunding Bond Series B1 | 1.75 | 6-1-2030 | 110,000 | 110,479 | |
California County Tobacco Securitization Agency Tobacco Settlement Bonds (Sonoma County Securitization Corporation) Series 2020A | 5.00 | 6-1-2029 | 950,000 | 1,215,501 | |
California County Tobacco Securitization Agency Tobacco Settlement Bonds (Sonoma County Securitization Corporation) Series 2020A | 5.00 | 6-1-2030 | 200,000 | 261,092 | |
California County Tobacco Securitization Agency Tobacco Settlement Bonds (Sonoma County Securitization Corporation) Series 2020A | 5.00 | 6-1-2031 | 225,000 | 295,490 | |
California County Tobacco Securitization Agency Tobacco Settlement Bonds (Sonoma County Securitization Corporation) Series 2020A | 5.00 | 6-1-2032 | 250,000 | 326,448 | |
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-1 | 5.00 | 6-1-2026 | 3,000,000 | 3,580,391 | |
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-1 | 5.00 | 6-1-2028 | 1,000,000 | 1,229,026 | |
8,704,066 | |||||
Transportation revenue: 1.02% | |||||
Bay Area Toll Authority Toll Bridge Revenue Sanitary Francisco Bay Area Series E (SIFMA Municipal Swap +0.41%) ± | 0.52 | 4-1-2056 | 1,500,000 | 1,499,987 | |
Sacramento CA Regional Transit District Revenue Refunding Bond Series A | 5.00 | 3-1-2030 | 400,000 | 520,664 | |
Sacramento CA Regional Transit District Revenue Refunding Bond Series A | 5.00 | 3-1-2031 | 410,000 | 544,445 | |
Sacramento CA Regional Transit District Revenue Refunding Bond Series A | 5.00 | 3-1-2033 | 1,425,000 | 1,876,893 | |
San Joaquin CA Transportation Corridor Agency Toll Road Revenue Refunding Bond Senior Lien Series A | 5.00 | 1-15-2030 | 865,000 | 1,111,244 | |
5,553,233 | |||||
Utilities revenue: 2.21% | |||||
California CDA PCR Refunding Bond Southern CA Edison Company Series A | 1.75 | 9-1-2029 | 1,500,000 | 1,506,180 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series 2021A | 4.00% | 10-1-2052 | $ 3,650,000 | $ 4,213,406 | |
California Community Choice Financing Authority Clean Energy Project Revenue SIFMA Index Series B 2 Green Buildings (SIFMA Municipal Swap +0.45%) ± | 0.55 | 2-1-2052 | 6,300,000 | 6,237,634 | |
11,957,220 | |||||
Water & sewer revenue: 4.14% | |||||
Florin Resource Conservation District Series A (NPFGC Insured) | 5.00 | 9-1-2022 | 1,250,000 | 1,288,461 | |
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2 (Sumitomo Mitsui Banking Corporation LOC) ø | 0.11 | 7-1-2035 | 4,800,000 | 4,800,000 | |
Lower Tule River Irrigation District California Revenue Refunding Bond Series A | 5.00 | 8-1-2027 | 680,000 | 827,077 | |
Lower Tule River Irrigation District California Revenue Refunding Bond Series A | 5.00 | 8-1-2031 | 700,000 | 904,579 | |
Middle Fork Project Finance Authority Revenue Refunding Bond | 5.00 | 4-1-2029 | 3,525,000 | 4,419,326 | |
San Francisco CA City & County Public Utilities Commission Series C Green Bond | 2.13 | 10-1-2048 | 10,000,000 | 10,226,977 | |
22,466,420 | |||||
491,706,285 | |||||
Guam: 1.00% | |||||
Airport revenue: 0.26% | |||||
Guam Port Authority AMT Series B | 5.00 | 7-1-2023 | 540,000 | 570,635 | |
Guam Port Authority AMT Series B | 5.00 | 7-1-2024 | 750,000 | 818,659 | |
1,389,294 | |||||
Miscellaneous revenue: 0.74% | |||||
Guam Education Financing Foundation Certificate of Participation Refunding Bond Series A | 5.00 | 10-1-2023 | 3,840,000 | 4,039,921 | |
5,429,215 | |||||
Illinois: 2.55% | |||||
Miscellaneous revenue: 2.09% | |||||
Illinois Refunding Bond | 5.00 | 2-1-2025 | 10,000,000 | 11,303,092 | |
Tax revenue: 0.46% | |||||
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2025 | 650,000 | 753,297 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2026 | 1,500,000 | 1,747,925 | |
2,501,222 | |||||
13,804,314 | |||||
Louisiana: 0.19% | |||||
Industrial development revenue: 0.19% | |||||
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø | 0.17 | 11-1-2040 | 1,000,000 | 1,000,000 |
Interest rate | Maturity date | Principal | Value | ||
New Jersey: 0.22% | |||||
Tax revenue: 0.22% | |||||
New Jersey COVID-19 Emergency Series A | 5.00% | 6-1-2027 | $ 1,000,000 | $ 1,215,377 | |
New York: 1.21% | |||||
Airport revenue: 0.09% | |||||
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2032 | 400,000 | 508,777 | |
Industrial development revenue: 1.12% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 1-1-2029 | 5,000,000 | 6,072,853 | |
6,581,630 | |||||
Texas: 0.60% | |||||
Industrial development revenue: 0.60% | |||||
Houston TX Airport System AMT Revenue Refunding Bond United Airlines Incorporated Terminal E Project | 5.00 | 7-1-2029 | 3,000,000 | 3,253,354 | |
Total Municipal obligations (Cost $508,533,313) | 522,990,175 |
Yield | Shares | ||||
Short-term investments: 3.43% | |||||
Investment companies: 3.43% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 18,564,615 | 18,575,754 | ||
Total Short-term investments (Cost $18,574,117) | 18,575,754 | ||||
Total investments in securities (Cost $528,107,430) | 100.03% | 542,565,929 | |||
Other assets and liabilities, net | (0.03) | (161,037) | |||
Total net assets | 100.00% | $542,404,892 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $19,381,265 | $135,524,194 | $(136,337,331) | $6,006 | $1,620 | $18,575,754 | 18,564,615 | $1,272 |
Assets | |
Investments in unaffiliated securities, at value (cost $509,533,313) | $ 523,990,175 |
Investments in affiliated securities, at value (cost $18,574,117) | 18,575,754 |
Receivable for interest | 5,477,486 |
Receivable for Fund shares sold | 1,586,287 |
Prepaid expenses and other assets | 33,197 |
Total assets | 549,662,899 |
Liabilities | |
Payable for when-issued transactions | 6,129,497 |
Payable for Fund shares redeemed | 570,703 |
Dividends payable | 262,156 |
Management fee payable | 176,427 |
Administration fees payable | 47,104 |
Distribution fee payable | 3,192 |
Trustees’ fees and expenses payable | 745 |
Accrued expenses and other liabilities | 68,183 |
Total liabilities | 7,258,007 |
Total net assets | $542,404,892 |
Net assets consist of | |
Paid-in capital | $ 537,196,169 |
Total distributable earnings | 5,208,723 |
Total net assets | $542,404,892 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 98,483,617 |
Shares outstanding – Class A1 | 9,235,047 |
Net asset value per share – Class A | $10.66 |
Maximum offering price per share – Class A2 | $10.88 |
Net assets – Class C | $ 4,763,855 |
Shares outstanding – Class C1 | 446,830 |
Net asset value per share – Class C | $10.66 |
Net assets – Administrator Class | $ 31,335,728 |
Shares outstanding – Administrator Class1 | 2,983,871 |
Net asset value per share – Administrator Class | $10.50 |
Net assets – Institutional Class | $ 407,821,692 |
Shares outstanding – Institutional Class1 | 38,856,092 |
Net asset value per share – Institutional Class | $10.50 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 5,920,428 |
Income from affiliated securities | 1,272 |
Total investment income | 5,921,700 |
Expenses | |
Management fee | 1,101,574 |
Administration fees | |
Class A | 86,482 |
Class C | 4,077 |
Administrator Class | 16,421 |
Institutional Class | 162,997 |
Shareholder servicing fees | |
Class A | 135,128 |
Class C | 6,328 |
Administrator Class | 40,930 |
Distribution fee | |
Class C | 18,985 |
Custody and accounting fees | 12,964 |
Professional fees | 33,717 |
Registration fees | 31,428 |
Shareholder report expenses | 18,191 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 9,536 |
Total expenses | 1,688,579 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (69,853) |
Class A | (13,545) |
Class C | (546) |
Administrator Class | (15,529) |
Net expenses | 1,589,106 |
Net investment income | 4,332,594 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (248,420) |
Affiliated securities | 6,006 |
Net realized losses on investments | (242,414) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,865,487) |
Affiliated securities | 1,620 |
Net change in unrealized gains (losses) on investments | (4,863,867) |
Net realized and unrealized gains (losses) on investments | (5,106,281) |
Net decrease in net assets resulting from operations | $ (773,687) |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 4,332,594 | $ 9,419,849 | ||
Net realized gains (losses) on investments | (242,414) | 302,293 | ||
Net change in unrealized gains (losses) on investments | (4,863,867) | 2,444,105 | ||
Net increase (decrease) in net assets resulting from operations | (773,687) | 12,166,247 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (724,822) | (1,618,458) | ||
Class C | (15,011) | (60,821) | ||
Administrator Class | (253,142) | (574,907) | ||
Institutional Class | (3,342,535) | (7,172,560) | ||
Total distributions to shareholders | (4,335,510) | (9,426,746) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 874,191 | 9,407,417 | 1,821,487 | 19,591,892 |
Class C | 8,443 | 90,425 | 7,218 | 77,788 |
Administrator Class | 160,039 | 1,694,285 | 174,034 | 1,843,917 |
Institutional Class | 8,465,791 | 89,157,076 | 16,339,501 | 173,081,922 |
100,349,203 | 194,595,519 | |||
Reinvestment of distributions | ||||
Class A | 61,337 | 656,642 | 139,511 | 1,501,487 |
Class C | 1,355 | 14,508 | 5,478 | 58,942 |
Administrator Class | 23,754 | 250,449 | 54,215 | 574,491 |
Institutional Class | 194,082 | 2,044,915 | 398,495 | 4,220,626 |
2,966,514 | 6,355,546 | |||
Payment for shares redeemed | ||||
Class A | (1,605,037) | (17,161,724) | (2,159,775) | (23,256,332) |
Class C | (70,800) | (760,091) | (623,921) | (6,706,947) |
Administrator Class | (246,792) | (2,603,119) | (651,239) | (6,902,732) |
Institutional Class | (7,234,196) | (76,131,435) | (15,425,954) | (163,379,634) |
(96,656,369) | (200,245,645) | |||
Net increase in net assets resulting from capital share transactions | 6,659,348 | 705,420 | ||
Total increase in net assets | 1,550,151 | 3,444,921 | ||
Net assets | ||||
Beginning of period | 540,854,741 | 537,409,820 | ||
End of period | $542,404,892 | $ 540,854,741 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 | $11.04 |
Net investment income | 0.07 1 | 0.16 | 0.19 | 0.20 | 0.19 | 0.18 |
Net realized and unrealized gains (losses) on investments | (0.10) | 0.05 | (0.05) | 0.15 | (0.18) | (0.25) |
Total from investment operations | (0.03) | 0.21 | 0.14 | 0.35 | 0.01 | (0.07) |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.16) | (0.19) | (0.20) | (0.19) | (0.18) |
Net asset value, end of period | $10.66 | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 |
Total return2 | (0.26)% | 1.99% | 1.30% | 3.33% | 0.05% | (0.64)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.84% | 0.83% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income | 1.34% | 1.51% | 1.76% | 1.87% | 1.73% | 1.65% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $98,484 | $106,602 | $108,189 | $101,765 | $119,657 | $148,933 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 | $11.04 |
Net investment income | 0.04 | 0.08 1 | 0.11 1 | 0.12 | 0.11 | 0.10 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.05 | (0.05) | 0.15 | (0.18) | (0.25) |
Total from investment operations | (0.07) | 0.13 | 0.06 | 0.27 | (0.07) | (0.15) |
Distributions to shareholders from | ||||||
Net investment income | (0.03) | (0.08) | (0.11) | (0.12) | (0.11) | (0.10) |
Net asset value, end of period | $10.66 | $10.76 | $10.71 | $10.76 | $10.61 | $10.79 |
Total return2 | (0.63)% | 1.23% | 0.54% | 2.56% | (0.70)% | (1.38)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.59% | 1.59% | 1.60% | 1.60% | 1.59% | 1.58% |
Net expenses | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Net investment income | 0.59% | 0.75% | 1.01% | 1.12% | 0.98% | 0.90% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $4,764 | $5,464 | $11,981 | $19,929 | $26,868 | $34,113 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.60 | $10.55 | $10.60 | $10.45 | $10.63 | $10.87 |
Net investment income | 0.08 | 0.18 1 | 0.21 1 | 0.22 | 0.20 1 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.10) | 0.05 | (0.05) | 0.15 | (0.18) | (0.24) |
Total from investment operations | (0.02) | 0.23 | 0.16 | 0.37 | 0.02 | (0.04) |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.18) | (0.21) | (0.22) | (0.20) | (0.20) |
Net asset value, end of period | $10.50 | $10.60 | $10.55 | $10.60 | $10.45 | $10.63 |
Total return2 | (0.17)% | 2.21% | 1.50% | 3.56% | 0.23% | (0.38)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.79% | 0.78% | 0.79% | 0.78% | 0.77% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 1.54% | 1.71% | 1.95% | 2.07% | 1.93% | 1.84% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $31,336 | $32,294 | $36,591 | $108,484 | $133,581 | $162,747 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.59 | $10.54 | $10.59 | $10.44 | $10.62 | $10.86 |
Net investment income | 0.09 | 0.19 | 0.22 | 0.23 | 0.21 | 0.21 |
Net realized and unrealized gains (losses) on investments | (0.09) | 0.05 | (0.05) | 0.15 | (0.18) | (0.24) |
Total from investment operations | 0.00 | 0.24 | 0.17 | 0.38 | 0.03 | (0.03) |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.19) | (0.22) | (0.23) | (0.21) | (0.21) |
Net asset value, end of period | $10.50 | $10.59 | $10.54 | $10.59 | $10.44 | $10.62 |
Total return1 | (0.03)% | 2.31% | 1.60% | 3.66% | 0.33% | (0.28)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.51% | 0.50% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 1.64% | 1.81% | 2.06% | 2.17% | 2.03% | 1.95% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 18% | 27% | 11% | 45% | 21% |
Net assets, end of period (000s omitted) | $407,822 | $396,495 | $380,649 | $322,273 | $325,973 | $370,824 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $15,977,835 |
Gross unrealized losses | (1,519,336) |
Net unrealized gains | $14,458,499 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 1,000,000 | $0 | $ 1,000,000 |
Municipal obligations | 0 | 522,990,175 | 0 | 522,990,175 |
Short-term investments | ||||
Investment companies | 18,575,754 | 0 | 0 | 18,575,754 |
Total assets | $18,575,754 | $523,990,175 | $0 | $542,565,929 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.80% |
Class C | 1.55 |
Administrator Class | 0.60 |
Institutional Class | 0.50 |
Shares voted “For” | 28,867,678 |
Shares voted “Against” | 205,903 |
Shares voted “Abstain” | 378,273 |
Shares voted “For” | 28,766,572 |
Shares voted “Against” | 238,739 |
Shares voted “Abstain” | 446,543 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g245907img9c1f47821.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA248/SAR248 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g245136img82cd38201.jpg)
California Tax-Free Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax and California individual income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Kim Nakahara, Brandon Pae, Adrian Van Poppel |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SCTAX) | 10-6-1988 | -2.92 | 2.68 | 3.61 | 1.65 | 3.63 | 4.09 | 0.81 | 0.75 | ||
Class C (SCTCX) | 7-1-1993 | -0.10 | 2.86 | 3.31 | 0.90 | 2.86 | 3.31 | 1.56 | 1.50 | ||
Administrator Class (SGCAX) | 12-15-1997 | – | – | – | 1.93 | 3.86 | 4.30 | 0.75 | 0.55 | ||
Institutional Class (SGTIX)3 | 10-31-2014 | – | – | – | 2.01 | 3.93 | 4.35 | 0.48 | 0.48 | ||
Bloomberg California Municipal Bond Index4 | – | – | – | – | 1.22 | 4.12 | 3.98 | – | – | ||
Bloomberg Municipal Bond Index5 | – | – | – | – | 1.52 | 4.17 | 3.72 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.55% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg California Municipal Bond Index is the California component of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |
5 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
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1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g245136imga711bb5d5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,003.20 | $3.79 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $ 999.58 | $7.56 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.64 | $7.63 | 1.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,004.23 | $2.78 | 0.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | $2.80 | 0.55% |
Institutional Class | ||||
Actual | $1,000.00 | $1,004.59 | $2.43 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.38% | |||||
California: 0.38% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (50 shares) 0.30% 144Aø | $ 5,000,000 | $ 5,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $5,000,000) | 5,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 97.59% | |||||
California: 95.55% | |||||
Airport revenue: 6.42% | |||||
California Municipal Finance Authority AMT Senior Lien Linxs Apartment Project Series A | 5.00% | 12-31-2043 | 5,730,000 | 6,808,440 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Los Angeles International Airport | 5.00 | 5-15-2044 | 2,880,000 | 3,491,451 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Series A | 4.00 | 5-15-2044 | 3,500,000 | 3,990,069 | |
Los Angeles CA Department of Airports AMT Subordinated Bond Series A | 5.00 | 5-15-2047 | 5,000,000 | 5,957,611 | |
Los Angeles CA Department of Airports Revenue AMT Senior Los Angeles International Airport | 4.00 | 5-15-2050 | 17,040,000 | 19,698,669 | |
Ontario CA International Airport Authority Revenue Series A (AGM Insured) | 4.00 | 5-15-2051 | 2,500,000 | 2,934,430 | |
Sacramento County CA Airport System Refunding Bond AMT Senior Series C | 5.00 | 7-1-2037 | 7,300,000 | 8,912,476 | |
Sacramento County CA Airport System Refunding Bond AMT Senior Series C | 5.00 | 7-1-2038 | 3,000,000 | 3,661,952 | |
San Diego County CA Regional Airport Authority Revenue Refunding Subordinated Bond Series A | 5.00 | 7-1-2044 | 3,045,000 | 3,773,087 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series A | 5.00 | 5-1-2047 | 7,715,000 | 9,147,270 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series E | 5.00 | 5-1-2050 | 8,040,000 | 9,836,666 | |
San Jose CA Airport AMT Refunding Bond Series A | 5.00 | 3-1-2047 | 4,000,000 | 4,704,885 | |
San Jose CA Airport Refunding Bond Series B | 5.00 | 3-1-2042 | 1,750,000 | 2,093,363 | |
85,010,369 | |||||
Education revenue: 7.39% | |||||
California CDA Refunding Bond California Baptist University Series A 144A | 5.00 | 11-1-2032 | 1,135,000 | 1,350,876 | |
California CDA Refunding Bond California Baptist University Series A 144A | 5.00 | 11-1-2041 | 2,875,000 | 3,357,275 | |
California Educational Facilities Authority Loma Linda University Series A | 5.00 | 4-1-2042 | 2,645,000 | 3,102,791 | |
California Educational Facilities Authority Stanford University Series V-2 | 5.00 | 4-1-2051 | 4,000,000 | 6,501,486 | |
California Financial Authority Charter School Palmdale Aerospace Academy Project 144A | 5.00 | 7-1-2046 | 1,670,000 | 1,864,397 | |
California Municipal Finance Authority California Baptist University Series A 144A | 5.00 | 11-1-2025 | 850,000 | 936,664 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 6.75 | 8-1-2033 | 1,525,000 | 1,678,078 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13% | 8-1-2043 | $ 1,000,000 | $ 1,105,759 | |
California Municipal Finance Authority Charter School Palmdale Aerospace Academy Project 144A | 5.00 | 7-1-2041 | 1,250,000 | 1,402,893 | |
California Municipal Finance Authority Education Revenue Bond Stream Charter School Project Series A 144A | 5.00 | 6-15-2051 | 1,265,000 | 1,384,305 | |
California Municipal Finance Authority Education Revenue Literacy First Charter Schools | 5.00 | 12-1-2039 | 1,390,000 | 1,687,379 | |
California Municipal Finance Authority Education Revenue Stream Charter School Project 144A | 5.00 | 6-15-2041 | 925,000 | 1,026,407 | |
California Municipal Finance Authority Refunding Bond Biola University Incorporated | 5.00 | 10-1-2035 | 600,000 | 711,386 | |
California Municipal Finance Authority Revenue | 4.00 | 10-1-2046 | 965,000 | 1,126,302 | |
California Municipal Finance Authority Revenue | 4.00 | 10-1-2051 | 1,150,000 | 1,336,895 | |
California Municipal Finance Authority Revenue Refunding Bond University Pacific Series A | 4.00 | 11-1-2042 | 1,600,000 | 1,901,556 | |
California School Finance Authority Bright Star Schools Obligation Group 144A | 5.00 | 6-1-2047 | 1,000,000 | 1,143,113 | |
California School Finance Authority Bright Star Schools Obligation Group 144A | 5.00 | 6-1-2054 | 1,000,000 | 1,138,733 | |
California School Finance Authority Charter School Revenue Aspire Public Schools Series 2021A 144A | 4.00 | 8-1-2051 | 775,000 | 856,477 | |
California School Finance Authority Charter School Revenue Aspire Public Schools 144A | 5.00 | 8-1-2050 | 3,540,000 | 4,175,088 | |
California School Finance Authority Charter School Revenue Girls Athletic Leadership Schools 144A | 4.00 | 6-1-2051 | 905,000 | 926,378 | |
California School Finance Authority Charter School Revenue Lifeline Education Charter School Project 144A | 5.00 | 7-1-2045 | 800,000 | 915,550 | |
California School Finance Authority Classical Academies Vista Project 144A | 4.00 | 10-1-2046 | 1,250,000 | 1,394,437 | |
California School Finance Authority Green Dot Public Schools Projects 144A | 4.00 | 8-1-2025 | 475,000 | 516,660 | |
California School Finance Authority Green Dot Public Schools Projects 144A | 5.00 | 8-1-2035 | 2,525,000 | 2,812,837 | |
California School Finance Authority KIPP Louisiana School Projects Series A 144A | 5.00 | 7-1-2035 | 1,000,000 | 1,123,417 | |
California School Finance Authority Rocketship Education Series A 144A | 5.00 | 6-1-2036 | 945,000 | 1,030,760 | |
California School Finance Authority Rocketship Education Series A 144A | 5.00 | 6-1-2046 | 2,100,000 | 2,269,744 | |
California School Finance Authority Santa Clarita Valley International School Project 144A | 4.00 | 6-1-2041 | 500,000 | 538,967 | |
California School Finance Authority Santa Clarita Valley International School Project 144A | 4.00 | 6-1-2051 | 650,000 | 691,231 | |
California School Finance Authority School Facilities Revenue Granada Hills Charter 144A | 4.00 | 7-1-2048 | 680,000 | 752,677 | |
California University Systemwide Refunding Bond Series A | 4.00 | 11-1-2038 | 8,000,000 | 9,002,884 | |
California University Systemwide Refunding Bond Series A | 5.00 | 11-1-2045 | 6,400,000 | 7,483,086 | |
Fullerton CA PFA Refunding Bond | 4.00 | 2-1-2051 | 2,500,000 | 2,875,218 | |
University of California Series AI | 5.00 | 5-15-2038 | 2,000,000 | 2,121,393 | |
University of California Series K | 4.00 | 5-15-2046 | 5,295,000 | 5,899,805 | |
University of California Series M | 4.00 | 5-15-2047 | 11,155,000 | 12,653,226 | |
University of California Series Q | 4.00 | 5-15-2051 | 6,000,000 | 7,115,943 | |
97,912,073 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 26.05% | |||||
Alvord CA Unified School District Election of 2012 Series A (AGM Insured) | 5.25% | 8-1-2037 | $ 1,620,000 | $ 1,748,336 | |
Bassett CA Unified School District Refunding Bond Series B (BAM Insured) | 5.00 | 8-1-2027 | 1,050,000 | 1,209,075 | |
Beaumont CA Unified School District Election of 2008 Series D (BAM Insured) | 5.25 | 8-1-2044 | 2,000,000 | 2,457,847 | |
Buena Park CA School District Election of 2014 | 4.00 | 8-1-2048 | 2,750,000 | 3,252,619 | |
California Various Purposes | 3.00 | 12-1-2046 | 2,135,000 | 2,306,787 | |
California Various Purposes | 3.00 | 12-1-2049 | 1,500,000 | 1,618,574 | |
California Various Purposes | 4.00 | 10-1-2041 | 4,000,000 | 4,834,381 | |
California Various Purposes | 4.00 | 3-1-2050 | 6,000,000 | 7,043,293 | |
California Various Purposes | 5.00 | 9-1-2032 | 5,100,000 | 5,480,860 | |
California Various Purposes (BAM Insured) | 5.00 | 9-1-2035 | 35,000,000 | 41,621,346 | |
California Various Purposes | 5.00 | 2-1-2038 | 5,000,000 | 5,242,475 | |
California Various Purposes | 5.00 | 10-1-2039 | 5,000,000 | 5,850,445 | |
California Various Purposes | 5.00 | 9-1-2041 | 5,000,000 | 6,622,547 | |
California Various Purposes | 5.00 | 8-1-2046 | 10,000,000 | 11,774,528 | |
California Various Purposes | 5.00 | 4-1-2049 | 2,500,000 | 3,126,375 | |
California Various Purposes | 5.25 | 4-1-2035 | 12,640,000 | 12,792,227 | |
Centinela Valley CA Union High School District Election of 2008 Series B | 6.00 | 8-1-2036 | 2,500,000 | 2,721,525 | |
Centinela Valley CA Union High School District Election of 2008 Series C | 5.00 | 8-1-2035 | 2,000,000 | 2,237,440 | |
Cerritos CA Community College CAB Election of 2004 ¤ | 0.00 | 8-1-2029 | 1,750,000 | 1,564,784 | |
Cerritos CA Community College CAB Election of 2004 ¤ | 0.00 | 8-1-2033 | 1,500,000 | 1,217,287 | |
College of the Sequoias Tulare Area Improvement District #3 California CAB Election of 2008 Series A (AGC Insured) ¤ | 0.00 | 8-1-2024 | 1,000,000 | 981,825 | |
Compton CA Community College CAB Election of 2002 Series C ¤ | 0.00 | 8-1-2035 | 3,445,000 | 2,608,479 | |
Contra Costa County CA Community College District Election of 2006 | 5.00 | 8-1-2038 | 3,250,000 | 3,493,945 | |
Delano CA Union High School Election of 2010 Series B (AGM Insured) | 5.75 | 8-1-2035 | 4,510,000 | 4,529,130 | |
Escondido CA Union High School CAB Election of 2008 Series A (AGC Insured) ¤ | 0.00 | 8-1-2027 | 8,385,000 | 7,878,281 | |
Escondido CA Union School District | 4.00 | 8-1-2043 | 2,150,000 | 2,442,220 | |
Eureka CA City Schools Election of 2014 (BAM Insured) | 4.00 | 8-1-2049 | 3,750,000 | 4,305,603 | |
Garden Grove CA Unified School District Election of 2010 Series C | 5.25 | 8-1-2037 | 2,000,000 | 2,157,977 | |
Hayward CA Unified School District Refunding Bond | 5.00 | 8-1-2038 | 6,000,000 | 6,712,321 | |
Inglewood CA Unified School District Election of 2012 GO Bond Series B (BAM Insured) | 5.00 | 8-1-2036 | 200,000 | 235,982 | |
Inglewood CA Unified School District Election of 2012 GO Bond Series B (BAM Insured) | 5.00 | 8-1-2038 | 500,000 | 588,972 | |
Lancaster CA School District Election of 2012 Series D (BAM Insured) | 4.00 | 8-1-2045 | 5,970,000 | 6,839,648 | |
Lancaster CA School District Election of 2012 Series D (BAM Insured) | 4.00 | 8-1-2047 | 4,305,000 | 4,923,522 | |
Long Beach CA Unified School District CAB Election of 2008 Series B ¤ | 0.00 | 8-1-2035 | 2,000,000 | 1,543,123 | |
Long Beach CA Unified School District Election of 2008 Series F | 3.00 | 8-1-2047 | 15,000,000 | 15,916,520 | |
Long Beach CA Unified School District Unrefunded Bond Election of 2008 Series A | 5.50 | 8-1-2026 | 95,000 | 95,384 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Los Angeles CA Community College District Refunding Bond | 4.00% | 8-1-2038 | $10,000,000 | $ 11,449,792 | |
Los Angeles CA Unified School District Series C | 4.00 | 7-1-2044 | 3,480,000 | 4,116,312 | |
Lynwood CA Unified School District Election of 2012 Series A (AGM Insured) | 5.00 | 8-1-2033 | 5,000 | ���5,364 | |
Merced CA City School District Election of 2014 | 5.00 | 8-1-2045 | 1,000,000 | 1,142,348 | |
Merced CA Union High School District CAB Series C ¤ | 0.00 | 8-1-2032 | 3,380,000 | 2,799,844 | |
Mount San Antonio CA Community College District CAB Election of 2008 Series A ¤ | 0.00 | 8-1-2024 | 1,610,000 | 1,584,801 | |
New Haven CA Unified School District Election of 2014 Series C | 3.00 | 8-1-2049 | 2,750,000 | 2,917,645 | |
Norwalk-La Mirada CA Unified School District CAB Election of 2002 Series D (AGM Insured) ¤ | 0.00 | 8-1-2023 | 1,500,000 | 1,490,282 | |
Oakland CA Unified School District Alameda (BAM Insured) | 4.00 | 8-1-2046 | 7,000,000 | 8,288,764 | |
Oakland CA Unified School District Alameda | 5.00 | 8-1-2029 | 10,125,000 | 12,026,530 | |
Oakland CA Unified School District Election of 2012 | 5.50 | 8-1-2023 | 485,000 | 513,399 | |
Oakland CA Unified School District Election of 2012 Series A | 5.00 | 8-1-2040 | 3,600,000 | 4,178,666 | |
Oxnard CA School District Election of 2012 Series D (AGM Insured) | 5.00 | 8-1-2034 | 1,695,000 | 1,969,029 | |
Pajaro Valley CA Unified School District Election of 2012 Series A | 5.00 | 8-1-2038 | 1,700,000 | 1,827,602 | |
Paramount CA Unified School District CAB Election of 2006 ¤ | 0.00 | 8-1-2033 | 2,500,000 | 2,024,162 | |
Piedmont CA Unified School District Election of 2016 | 3.00 | 8-1-2049 | 10,325,000 | 11,043,146 | |
Pomona CA Unified School District Series A (NPFGC Insured) | 6.55 | 8-1-2029 | 1,480,000 | 1,815,994 | |
Poway CA Unified School District CAB Election of 2008 Improvement District 07-1-A ¤ | 0.00 | 8-1-2024 | 1,800,000 | 1,771,827 | |
Rialto CA Unified School District CAB Election of 2010 Series A (AGM Insured) ¤ | 0.00 | 8-1-2026 | 3,320,000 | 3,174,785 | |
Sacramento CA Unified School District Election of 2012 Series A (BAM Insured) | 5.25 | 8-1-2033 | 1,000,000 | 1,073,056 | |
Sacramento CA Unified School District Election of 2012 Series C (AGM Insured) | 5.00 | 8-1-2033 | 2,735,000 | 3,138,779 | |
San Bernardino County CA Community Election of 2008 Series D | 5.00 | 8-1-2045 | 2,000,000 | 2,327,215 | |
San Bernardino County CA Unified School District Election of 2012 Series C (AGM Insured) | 5.00 | 8-1-2040 | 8,000,000 | 9,138,782 | |
San Diego CA Community College Election of 2002 | 5.00 | 8-1-2031 | 4,000,000 | 4,300,240 | |
San Diego CA Unified School District | 4.00 | 7-1-2047 | 2,025,000 | 2,326,350 | |
San Francisco CA Community College District Election of 2020 Series A | 4.00 | 6-15-2045 | 3,400,000 | 3,942,498 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.00 | 8-1-2032 | 1,750,000 | 1,877,052 | |
San Gorgonio CA Memorial Healthcare Refunding Bond | 5.50 | 8-1-2028 | 2,525,000 | 2,758,693 | |
San Joaquin CA Delta Community College District Election of 2004 Series C | 5.00 | 8-1-2033 | 3,195,000 | 3,574,311 | |
San Joaquin CA Delta Community College District Election of 2004 Series C | 5.00 | 8-1-2034 | 3,315,000 | 3,708,557 | |
San Jose CA Unified School District Santa Clara County | 4.00 | 8-1-2042 | 4,000,000 | 4,754,787 | |
San Rafael CA City High School District CAB Election of 2002 Series B (NPFGC Insured) ¤ | 0.00 | 8-1-2023 | 1,260,000 | 1,251,836 | |
San Rafael CA City High School District Election of 2015 Series C | 4.00 | 8-1-2043 | 1,500,000 | 1,761,345 | |
Sanger CA Unified School District Refunding Bond (NPFGC Insured) | 5.60 | 8-1-2023 | 105,000 | 108,430 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Santa Ana CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤ | 0.00% | 8-1-2038 | $15,000,000 | $ 10,542,617 | |
Santa Rosa CA High School District Prerefunded Bond | 5.00 | 8-1-2024 | 750,000 | 770,894 | |
Santa Rosa CA High School District Unrefunded Bond | 5.00 | 8-1-2024 | 255,000 | 262,104 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2028 | 1,000,000 | 1,128,651 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2032 | 1,500,000 | 1,679,910 | |
Sierra Kings CA Health Care District | 5.00 | 8-1-2037 | 1,750,000 | 1,951,695 | |
Simi Valley CA Unified School District | 4.00 | 8-1-2048 | 3,250,000 | 3,740,644 | |
Sonoma Valley CA Unified School District CAB Election of 2010 Series A ¤ | 0.00 | 8-1-2027 | 1,020,000 | 954,649 | |
Stockton CA Unified School District Election of 2012 Series A (AGM Insured) | 5.00 | 8-1-2038 | 1,025,000 | 1,138,848 | |
Tulare CA Local Health Care District Refunding Bond (BAM Insured) | 4.00 | 8-1-2039 | 1,850,000 | 2,202,002 | |
Washington Township CA Health Care District Election of 2004 Series B | 5.50 | 8-1-2038 | 1,500,000 | 1,680,396 | |
West Contra Costa CA Unified School District Election of 2005 Series B | 6.00 | 8-1-2027 | 1,080,000 | 1,381,452 | |
West Contra Costa CA Unified School District Election of 2010 Series F (AGM Insured) | 4.00 | 8-1-2049 | 1,265,000 | 1,491,198 | |
West Contra Costa CA Unified School District Election of 2012 Series E (AGM Insured) | 4.00 | 8-1-2049 | 2,060,000 | 2,428,354 | |
Whittier CA Union High School District Election of 2020 Series A | 3.00 | 8-1-2046 | 2,000,000 | 2,141,532 | |
Wiseburn CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2027 | 1,525,000 | 1,430,461 | |
345,083,313 | |||||
Health revenue: 16.73% | |||||
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured Revenue Bond O'Connor Woods Series 2013 | 5.00 | 1-1-2043 | 5,000,000 | 5,284,881 | |
Association of Bay Area Governments California Finance Authority for Nonprofit Corporation Insured Senior Living Revenue Bond Odd Fellows Home of California Series 2012 A | 5.00 | 4-1-2042 | 1,100,000 | 1,162,476 | |
California CDA Revenue San Francisco Campus For Jewish Living Project Series 2021 | 4.00 | 11-1-2051 | 3,425,000 | 4,033,358 | |
California CDA Adventist Health System Series A | 5.00 | 3-1-2045 | 2,500,000 | 2,893,640 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2033 | 1,650,000 | 1,923,815 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2035 | 1,000,000 | 1,164,319 | |
California CDA Enloe Medical Center | 5.00 | 8-15-2038 | 2,000,000 | 2,322,607 | |
California CDA Kaiser Permanente Series L | 5.00 | 4-1-2038 | 2,500,000 | 3,242,096 | |
California CDA Loma Linda University Medical Center Refunding Bond Series A | 5.25 | 12-1-2044 | 5,150,000 | 5,791,551 | |
California CDA Redwoods Projects | 5.13 | 11-15-2035 | 1,500,000 | 1,624,309 | |
California CDA Revenue Emanate Heath Series A | 3.00 | 4-1-2050 | 2,000,000 | 2,111,074 | |
California CDA Revenue Emanate Heath Series A | 4.00 | 4-1-2045 | 4,000,000 | 4,633,749 | |
California CDA Revenue Refunding Bond Adventist Health System West Series A | 5.00 | 3-1-2048 | 5,000,000 | 6,044,367 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2036 | 700,000 | 832,080 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2037 | 500,000 | 593,405 | |
California Communities Marin General Hospital Series A | 5.00 | 8-1-2038 | 450,000 | 533,397 | |
California Health Facilities Financing Kaiser Permanente Subordinated Bond Series A-2 | 5.00 | 11-1-2047 | 3,000,000 | 4,568,752 | |
California HFFA | 4.00 | 11-15-2048 | 5,000,000 | 5,680,190 | |
California HFFA | 4.00 | 11-1-2051 | 3,000,000 | 3,427,679 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
California HFFA | 5.00% | 11-15-2046 | $ 2,040,000 | $ 2,475,582 | |
California HFFA | 5.00 | 11-15-2046 | 2,960,000 | 3,501,833 | |
California HFFA City of Hope | 5.00 | 11-15-2049 | 8,000,000 | 9,447,770 | |
California HFFA El Camino Hospital | 5.00 | 2-1-2035 | 3,000,000 | 3,623,527 | |
California HFFA LA Biomedical Research Institute at Harbor-UCLA Medical Center | 5.00 | 9-1-2048 | 6,095,000 | 7,303,881 | |
California HFFA Lucile Salter Packard Children's Hospital %% | 4.00 | 5-15-2046 | 5,000,000 | 5,828,462 | |
California HFFA Lucile Salter Packard Children's Hospital %% | 4.00 | 5-15-2051 | 5,000,000 | 5,798,906 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2030 | 1,830,000 | 2,080,959 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2035 | 1,000,000 | 1,135,879 | |
California HFFA Nevada Methodist Homes | 5.00 | 7-1-2045 | 4,500,000 | 5,105,738 | |
California HFFA Refunding Bond Cedars-Sinai Medical Center Series B | 4.00 | 8-15-2039 | 10,500,000 | 11,838,408 | |
California HFFA Refunding Bond Children's Hospital Series A | 5.00 | 8-15-2047 | 10,050,000 | 11,899,781 | |
California HFFA Revenue Bond Cedars-Sinai Health System Series 2021A | 4.00 | 8-15-2048 | 3,000,000 | 3,547,437 | |
California HFFA Senior Health Services | 5.00 | 8-1-2040 | 700,000 | 869,276 | |
California HFFA Senior Health Services | 5.00 | 8-1-2050 | 1,000,000 | 1,223,180 | |
California HFFA Series A | 4.00 | 11-1-2040 | 1,375,000 | 1,613,823 | |
California HFFA Series A | 4.00 | 4-1-2045 | 5,500,000 | 6,380,500 | |
California HFFA Stanford Health Care Series A | 4.00 | 8-15-2050 | 11,000,000 | 12,877,423 | |
California Municipal Finance Authority Refunding Bond Channing House Project Series A | 5.00 | 5-15-2034 | 1,000,000 | 1,215,263 | |
California Municipal Finance Authority Refunding Bond Community Medical Centers Series A | 5.00 | 2-1-2047 | 6,625,000 | 7,867,176 | |
California Municipal Finance Authority Refunding Bond Eisenhower Medical Center Series A | 5.00 | 7-1-2047 | 1,400,000 | 1,660,432 | |
California Municipal Finance Authority Revenue | 4.00 | 12-1-2039 | 1,240,000 | 1,483,329 | |
California Municipal Finance Authority Revenue | 4.00 | 9-15-2046 | 3,300,000 | 3,924,250 | |
California Municipal Finance Authority Revenue | 4.00 | 10-1-2046 | 2,000,000 | 2,318,078 | |
California Municipal Finance Authority Revenue | 4.00 | 12-1-2049 | 2,915,000 | 3,428,674 | |
California Municipal Finance Authority Revenue | 4.00 | 9-15-2051 | 3,885,000 | 4,589,448 | |
California Municipal Finance Authority Revenue | 5.00 | 7-1-2039 | 1,000,000 | 1,239,551 | |
California Municipal Finance Authority Revenue | 5.00 | 7-1-2049 | 2,650,000 | 3,230,305 | |
California Municipal Finance Authority Revenue Community Health System Series 2021A | 4.00 | 2-1-2051 | 1,500,000 | 1,757,638 | |
California PFA Refunding Bond Henry Mayo Newhall Hospital | 5.00 | 10-15-2037 | 500,000 | 584,321 | |
California PFA Refunding Bond Henry Mayo Newhall Hospital | 5.00 | 10-15-2047 | 5,365,000 | 6,189,822 | |
California PFA Senior Living Enso Village Project Series A 144A | 5.00 | 11-15-2051 | 1,255,000 | 1,437,089 | |
California PFA Senior Living Enso Village Project Series A 144A | 5.00 | 11-15-2056 | 1,235,000 | 1,410,459 | |
Palomar Health Refunding Bond | 5.00 | 11-1-2042 | 4,000,000 | 4,741,470 | |
University of California Regents Medical Center Prerefunded Bond Series J | 5.25 | 5-15-2038 | 7,790,000 | 8,320,816 | |
University of California Regents Medical Center Series J | 5.00 | 5-15-2033 | 2,265,000 | 2,411,633 | |
University of California Regents Medical Center Series L | 4.00 | 5-15-2044 | 4,065,000 | 4,532,697 | |
University of California Regents Medical Center Unrefunded Bond Series J | 5.25 | 5-15-2038 | 2,210,000 | 2,353,832 | |
Washington Township CA Health Care District Series A | 5.00 | 7-1-2026 | 1,190,000 | 1,361,280 | |
Washington Township CA Health Care District Series A | 5.00 | 7-1-2042 | 1,000,000 | 1,175,252 | |
221,652,925 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 6.91% | |||||
California CDA Poway Retirement Housing Foundation Housing Incorporated Series A | 5.25% | 11-15-2035 | $ 1,500,000 | $ 1,627,778 | |
California Community Housing Agency Essential Housing Revenue Creekwood Series A 144A | 4.00 | 2-1-2056 | 3,000,000 | 3,021,318 | |
California Community Housing Agency Essential Housing Revenue Junior Fountains at Emerald Park Series 144A | 4.00 | 8-1-2046 | 1,750,000 | 1,709,752 | |
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 3,000,000 | 3,205,191 | |
California Community Housing Agency Workforce Apartments Series A 144A | 5.00 | 4-1-2049 | 3,000,000 | 3,184,885 | |
California Enterprise Development Authority Student Housing Revenue Provident Group | 5.00 | 8-1-2050 | 565,000 | 682,119 | |
California HFA Municipal Social Certificate Series 2021-3 Class A | 3.25 | 11-20-2036 | 4,993,800 | 5,656,932 | |
California HFA Municipal Certificate of Participation Series 2 Class A (FHLMC Insured) | 3.75 | 3-25-2035 | 12,712,288 | 15,009,797 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 8,357,737 | 9,626,488 | |
California Municipal Finance Authority Mobile Home Park Revenue Caritas Projects Series 2021B | 4.00 | 8-15-2051 | 870,000 | 913,972 | |
California Municipal Finance Authority Mobile Senior Caritas Projects Series A | 5.00 | 8-15-2029 | 500,000 | 593,971 | |
California Municipal Finance Authority Special Finance Agency Essential Housing Revenue Bond Series 2021A-2 Junior Bonds Latitude33 144A | 4.00 | 12-1-2045 | 1,500,000 | 1,463,819 | |
California Municipal Finance Authority Special Finance Agency XII California Essential Housing Revenue Bond Allure Apartments Series A-2 Junior Bonds 144A%% | 4.38 | 8-1-2049 | 1,800,000 | 1,710,102 | |
California Municipal Finance Authority Student Housing Revenue Bond CHF Riverside I LLC - University of California Riverside North District Phase 1 Student Housing Project | 5.00 | 5-15-2029 | 625,000 | 780,910 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2033 | 600,000 | 720,833 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2034 | 700,000 | 838,678 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2035 | 700,000 | 836,403 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2036 | 600,000 | 715,216 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2037 | 700,000 | 832,454 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2038 | 750,000 | 889,542 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2039 | 550,000 | 650,977 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2041 | 550,000 | 648,304 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC Orchard Park (BAM Insured) | 4.00 | 5-15-2046 | 3,750,000 | 4,373,932 | |
California Municipal Finance Authority Student Housing Revenue CHF Davis I LLC West Village Projects | 5.00 | 5-15-2051 | 6,700,000 | 7,920,717 | |
California Municipal Finance Authority Student Housing Revenue CHF Riverside I LLC Projects | 5.00 | 5-15-2052 | 5,650,000 | 6,737,046 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
California School Finance Authority College Housing Revenue NCCD-Santa Rosa Properties LLC Sonoma County Series 2021A | 4.00% | 11-1-2041 | $ 1,730,000 | $ 1,897,677 | |
California Statewide CDA Community Improvement Authority Bond Essential Housing Revenue Bond Series A-2 144A | 4.00 | 10-1-2056 | 2,000,000 | 2,075,159 | |
California Statewide CDA Community Improvement Authority Bond Mezzanine Pasadena Portfolio 144A | 4.00 | 12-1-2056 | 2,500,000 | 2,326,598 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Mezzanine Lien Dublin Social Bond Series 2021B 144A | 4.00 | 2-1-2057 | 3,250,000 | 3,136,955 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Mezzanine Lien Series 2021B 144A | 4.00 | 5-1-2057 | 1,500,000 | 1,421,167 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Social Bonds Series 2021B 144A | 4.00 | 4-1-2057 | 1,000,000 | 965,119 | |
Contra Costa County CA Home Mortgage Revenue Bonds GNMA Mortgage-Backed Securities Program (GNMA Insured) | 7.75 | 5-1-2022 | 15,000 | 15,354 | |
Independent Cities California Finance Authority Mobile Home Park Revenue | 5.00 | 5-15-2048 | 2,000,000 | 2,403,914 | |
Independent Cities California Finance Refunding Bond Sanitary Juan Mobile Estates | 5.00 | 8-15-2030 | 1,000,000 | 1,121,044 | |
Independent Cities California Finance Refunding Bond Santa Rose Leisure Mobile | 5.00 | 8-15-2046 | 1,570,000 | 1,796,028 | |
91,510,151 | |||||
Miscellaneous revenue: 11.72% | |||||
Alameda CA Joint Powers Authority Multiple Capital Projects Series A | 5.00 | 12-1-2034 | 1,005,000 | 1,090,832 | |
Anaheim CA PFA CAB Subordinate Lien Bond Public Improvements Project Series C (AGM Insured) ¤ | 0.00 | 9-1-2025 | 10,000,000 | 9,680,278 | |
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2039 | 3,000,000 | 3,323,286 | |
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2046 | 4,200,000 | 4,652,601 | |
California CDA Infrastructure Program Revenue Series A | 4.00 | 9-2-2051 | 1,295,000 | 1,469,160 | |
California CDA Water & Wastewater Pooled Financing Program Series B (AGM Insured) | 5.25 | 10-1-2027 | 1,040,000 | 1,044,070 | |
California Communities Series A | 5.00 | 9-2-2047 | 1,995,000 | 2,357,949 | |
California Enterprise Development Authority Lease Revenue Riverside County Library Facilities Project | 4.00 | 11-1-2049 | 1,900,000 | 2,154,255 | |
California Infrastructure & Economic Development Bank Lease Revenue | 5.00 | 8-1-2044 | 4,000,000 | 4,979,312 | |
California Infrastructure & Economic Development King City Joint Union High School | 5.75 | 8-15-2029 | 2,150,000 | 2,154,097 | |
California Municipal Finance Authority Refunding Bond Southwestern Law School Series 2021 | 4.00 | 11-1-2041 | 575,000 | 671,713 | |
California Public Works Board Judicial Council Projects Series A | 5.00 | 3-1-2038 | 7,000,000 | 7,353,942 | |
California Public Works Board Various Capital Projects Series A | 5.00 | 4-1-2037 | 4,925,000 | 4,982,560 | |
California Public Works Board Various Capital Projects Series B | 4.00 | 5-1-2046 | 1,255,000 | 1,487,597 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
California Public Works Board Various Capital Projects Series G | 5.00% | 11-1-2037 | $23,000,000 | $ 23,919,535 | |
California Public Works Board Various Capital Projects Series I | 5.50 | 11-1-2033 | 2,000,000 | 2,177,061 | |
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2027 | 5,620,000 | 5,957,492 | |
Fresno CA Joint Powers Financing Authority Lease Revenue Master Lease Projects Series A (AGM Insured) | 4.00 | 4-1-2046 | 1,225,000 | 1,401,376 | |
Fullerton CA Joint Union High School Project Certificate of Participation (BAM Insured) | 5.00 | 9-1-2035 | 1,385,000 | 1,587,219 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2041 | 1,700,000 | 1,986,037 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2051 | 750,000 | 864,877 | |
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00 | 9-2-2025 | 725,000 | 842,322 | |
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00 | 9-2-2026 | 400,000 | 463,008 | |
Irvine CA Improvement Bond Act 1915 Limited Obligation Reassessment District #15-2 | 5.00 | 9-2-2042 | 1,495,000 | 1,689,888 | |
Jefferson CA Union High School District Certificate of Participation Teacher and Staff Housing Project (BAM Insured) | 4.00 | 8-1-2045 | 1,400,000 | 1,626,484 | |
Los Angeles CA Community Redevelopment Vermont Manchester Social Services Project (Ambac Insured) | 5.00 | 9-1-2025 | 2,310,000 | 2,318,130 | |
Los Angeles CA Public Works Financing Authority Series A | 5.00 | 12-1-2039 | 2,860,000 | 3,213,261 | |
Modesto CA Irrigation District Financing Authority Series A | 5.00 | 10-1-2040 | 3,500,000 | 4,046,828 | |
Montclair CA PFA Lease Refunding Bond (AGM Insured) | 5.00 | 10-1-2035 | 2,400,000 | 2,684,072 | |
Mountain House CA Financing Authority Utility System Revenue Series A | 5.00 | 12-1-2034 | 535,000 | 658,554 | |
North Coast County Water District San Mateo County Certificate of Participation 2021 (AGM Insured) | 4.00 | 10-1-2046 | 1,070,000 | 1,258,656 | |
North Coast County Water District San Mateo County Certificate of Participation 2021 (AGM Insured) | 4.00 | 10-1-2051 | 1,745,000 | 2,042,460 | |
Porterville CA Water Revenue Certificate of Participation Water System Financing Project (AGM Insured) | 4.00 | 8-15-2045 | 625,000 | 735,744 | |
Porterville CA Water Revenue Certificate of Participation Water System Financing Project (AGM Insured) | 4.00 | 8-15-2050 | 1,000,000 | 1,168,940 | |
Riverside County CA Asset Leasing Corporation Riverside County Hospital Project (NPFGC Insured) ¤ | 0.00 | 6-1-2026 | 10,000,000 | 9,523,048 | |
Sacramento CA City Financing Authority Refunding Bond Master Lease Program Facilities (BAM Insured) | 5.00 | 12-1-2035 | 1,300,000 | 1,510,929 | |
Sacramento CA City School Joint Refunding Bond Series A (BAM Insured) | 5.00 | 3-1-2040 | 2,165,000 | 2,348,123 | |
San Jose CA Unified School District CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 3,175,000 | 3,080,199 | |
San Marino CA Unified School District Certificate of Participation Los Angeles County Schools Pooled Financing Program Series A | 5.00 | 12-1-2041 | 500,000 | 501,166 | |
San Mateo Foster City CA PFA Revenue Sanitary Mateo Street & Flood Control Projects | 4.00 | 5-1-2045 | 3,750,000 | 4,369,599 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2037 | 250,000 | 257,966 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2042 | 625,000 | 644,916 | |
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (BAM Insured) | 5.00 | 9-1-2047 | 1,000,000 | 1,031,865 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Simi Valley CA Unified School District Capital Improvement Projects (Ambac Insured) | 5.25% | 8-1-2022 | $ 510,000 | $ 517,653 | |
Stockton CA Unified School District Community Improvement Project | 5.00 | 2-1-2033 | 550,000 | 666,290 | |
Sutter Butte CA Flood Control Agency (BAM Insured) | 5.00 | 10-1-2040 | 3,545,000 | 4,070,198 | |
Torrance CA Certificate of Participation | 5.25 | 6-1-2039 | 5,385,000 | 6,017,308 | |
Union Sanitary District California Financing Authority Revenue Series A | 3.00 | 9-1-2045 | 2,500,000 | 2,700,470 | |
Union Sanitary District California Financing Authority Revenue Series A | 3.00 | 9-1-2050 | 3,000,000 | 3,225,341 | |
Upland CA Certificate of Participation San Antonio Regional Hospital | 5.00 | 1-1-2047 | 1,955,000 | 2,313,408 | |
Ventura County CA PFA Series A | 5.00 | 11-1-2038 | 4,250,000 | 4,419,914 | |
155,241,989 | |||||
Tax revenue: 9.92% | |||||
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area #17C | 5.00 | 9-1-2043 | 750,000 | 856,731 | |
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area #17C | 5.00 | 9-1-2048 | 1,100,000 | 1,252,725 | |
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area #8D Series A | 5.00 | 9-1-2043 | 750,000 | 856,731 | |
Beaumont CA Community Facilities District #93-1 Special Tax Improvement Area #8D Series A | 5.00 | 9-1-2048 | 1,035,000 | 1,178,701 | |
Belmont CA Community Facilities Special Tax District #2000-1 Library Project Series A (Ambac Insured) | 5.75 | 8-1-2030 | 3,190,000 | 4,077,910 | |
California CDA Community Facilities District #2015-01 | 5.00 | 9-1-2047 | 1,420,000 | 1,657,356 | |
California CDA Special Tax Community Facilities District #2017-01 | 5.00 | 9-1-2048 | 5,000,000 | 6,023,003 | |
California CDA Special Tax Community Facilities District #2020-02 | 4.00 | 9-1-2051 | 1,150,000 | 1,290,930 | |
Casitas CA Municipal Water District Community Facilities District #2013-1-OJAI Series B (BAM Insured) | 5.25 | 9-1-2047 | 5,000,000 | 6,143,721 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (BAM Insured) | 4.00 | 8-1-2032 | 1,050,000 | 1,247,582 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (BAM Insured) | 4.00 | 8-1-2034 | 1,250,000 | 1,484,187 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured) | 5.00 | 8-1-2032 | 1,450,000 | 1,595,950 | |
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured) | 5.00 | 8-1-2033 | 880,000 | 969,436 | |
Chino CA Community Facilities District Special Tax #2003-3 Improvement Area #7 | 5.00 | 9-1-2048 | 2,500,000 | 2,983,742 | |
Chula Vista CA Community Facilities District Special Tax #16-I Improvement Area #1 | 5.00 | 9-1-2043 | 500,000 | 571,154 | |
Chula Vista CA Community Facilities District Special Tax #16-I Improvement Area #1 | 5.00 | 9-1-2048 | 1,000,000 | 1,138,841 | |
City of Roseville CA | 5.00 | 9-1-2045 | 1,280,000 | 1,510,948 | |
Corona CA Community Facilities District #2018-1 Improvement Area #1 2018 Special Tax Bond Series A | 5.00 | 9-1-2048 | 1,000,000 | 1,111,481 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Corona Norco CA Unified School Districts Special Tax Community Facilities District #16-1 | 5.00% | 9-1-2048 | $ 1,500,000 | $ 1,707,107 | |
Dinuba CA RDA Merged City Redevelopment Project (BAM Insured) | 5.00 | 9-1-2033 | 1,500,000 | 1,667,708 | |
Elk Grove CA Financing Authority Special Tax Refunding Bond (BAM Insured) | 5.00 | 9-1-2038 | 1,500,000 | 1,730,184 | |
Fairfield CA Community Facilities District Special Tax Bond #2019 One Lake Improvement Area 144A | 5.00 | 9-1-2050 | 3,000,000 | 3,594,128 | |
Folsom Ranch Financing Authority California Facilities District #20 Russell | 5.00 | 9-1-2048 | 1,650,000 | 1,879,088 | |
Fremont CA Community Facilities District #1 Refunding Bond | 5.00 | 9-1-2040 | 2,700,000 | 3,009,910 | |
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (BAM Insured) | 5.00 | 5-1-2034 | 500,000 | 599,693 | |
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (BAM Insured) | 5.00 | 5-1-2038 | 305,000 | 363,934 | |
Inland Valley CA Development Agency Series A | 5.25 | 9-1-2037 | 4,000,000 | 4,355,253 | |
Irvine CA Unified School District Special Tax Community Facilities District #09 1 Series A (BAM Insured) | 4.00 | 9-1-2044 | 1,000,000 | 1,166,797 | |
Irvine CA Unified School District Special Tax Community Facilities District #09 1 Series A (BAM Insured) | 4.00 | 9-1-2050 | 3,000,000 | 3,532,833 | |
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured) | 5.00 | 8-1-2033 | 1,500,000 | 1,662,580 | |
Lafayette CA RDA Refunding Bond Lafayette Redevelopment Project (AGM Insured) | 5.00 | 8-1-2038 | 1,635,000 | 1,810,156 | |
Lancaster CA RDA Tax Allocation Refunding Bond Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2033 | 1,200,000 | 1,407,516 | |
Los Angeles CA Community Facilities District #11 Ponte Vista Special Tax Series 2021 | 4.00 | 9-1-2046 | 1,250,000 | 1,430,872 | |
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured) | 5.00 | 9-1-2035 | 2,545,000 | 2,917,577 | |
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured) | 5.00 | 9-1-2036 | 4,000,000 | 4,584,821 | |
Orange County CA Community Facilities District #2015-1 Esencia Village Series A | 5.25 | 8-15-2045 | 1,950,000 | 2,191,416 | |
Rancho Cucamonga CA RDA Rancho Redevelopment Project Area (AGM Insured) | 5.00 | 9-1-2032 | 1,870,000 | 2,079,249 | |
Redwood City CA RDA CAB Redevelopment Project Area Series 2-A (Ambac Insured) ¤ | 0.00 | 7-15-2030 | 3,505,000 | 3,062,844 | |
Rio Vista CA Community Facilities District Special Tax #2018-1 | 5.00 | 9-1-2048 | 1,185,000 | 1,349,527 | |
Riverside County CA Community Facilities Districts Special Tax #05-8 | 5.00 | 9-1-2048 | 1,600,000 | 1,822,146 | |
Romoland School District Community Facilities District #2004-1 Heritage Lake Improvement Area #4 Series 2018 Special Tax Bond | 5.00 | 9-1-2048 | 3,000,000 | 3,411,907 | |
Sacramento CA Transient Occupancy Tax Convention Center Complex Series A | 5.00 | 6-1-2048 | 3,750,000 | 4,437,584 | |
San Bernardino CA Special Tax Community Facilities District #2006-1 Series 2018 | 5.00 | 9-1-2048 | 1,200,000 | 1,366,609 | |
San Clemente CA Special Tax Community Facilities District #2006-1 | 5.00 | 9-1-2040 | 965,000 | 1,080,865 | |
San Clemente CA Special Tax Community Facilities District #2006-1 | 5.00 | 9-1-2046 | 1,175,000 | 1,308,450 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
San Diego CA RDA CAB Tax Allocation Centre (AGM Insured) ¤ | 0.00% | 9-1-2023 | $ 885,000 | $ 880,125 | |
San Francisco CA City & County Community Facilities District #2016-1 Improvement Area #1 Special Tax Treasure Island | 4.00 | 9-1-2046 | 1,000,000 | 1,125,264 | |
San Francisco CA City & County Community Facilities District #2016-1 Improvement Area #1 Special Tax Treasure Island | 4.00 | 9-1-2051 | 1,250,000 | 1,401,517 | |
San Francisco CA City & County Community Facilities District #2020-1 Mission Rock Facilities and Services Special Tax Series 2021C 144A | 4.00 | 9-1-2051 | 3,900,000 | 4,405,052 | |
San Francisco CA City & County RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤ | 0.00 | 8-1-2026 | 4,000,000 | 3,233,544 | |
San Francisco CA City & County RDA Mission Bay South Redevelopment Project Series A | 5.00 | 8-1-2043 | 2,500,000 | 2,764,836 | |
San Francisco CA City & County RDA Tax Transbay Infrastructure Project Third Lien Series B (AGM Insured) | 5.00 | 8-1-2046 | 1,500,000 | 1,807,474 | |
San Marcos CA Unified School District Special Tax Community Facilities District #4 (BAM Insured) | 5.00 | 9-1-2034 | 1,705,000 | 1,900,108 | |
San Marcos CA Unified School District Special Tax Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2028 | 1,290,000 | 1,438,344 | |
San Marcos CA Unified School District Special Tax Community Facilities District #5 (BAM Insured) | 5.00 | 9-1-2029 | 1,325,000 | 1,477,369 | |
Sonoma CA CDA Successor Agency to Sonoma Redevelopment Project Tax Allocation Bond (NPFGC Insured) | 5.00 | 6-1-2033 | 1,325,000 | 1,544,344 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A | 5.00 | 9-1-2033 | 340,000 | 390,213 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A | 5.00 | 9-1-2038 | 400,000 | 456,369 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B | 5.00 | 9-1-2033 | 250,000 | 286,921 | |
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B | 5.00 | 9-1-2038 | 250,000 | 285,231 | |
Temescal Valley Water District Improvement Area #2 2021 Special Tax Bonds | 4.00 | 9-1-2051 | 930,000 | 1,049,196 | |
Tracy Hills CA Improvement Area #1 Community Facilities District #2016-1 Special Tax Bonds Series 2018 | 5.00 | 9-1-2048 | 2,750,000 | 3,117,031 | |
Transbay Joint Powers Authority Tax Allocation California Senior Series A Green Bonds | 5.00 | 10-1-2045 | 2,000,000 | 2,503,305 | |
Transbay Joint Powers Authority Tax Allocation California Senior Series A Green Bonds | 5.00 | 10-1-2049 | 2,200,000 | 2,743,501 | |
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A | 5.00 | 9-1-2040 | 750,000 | 841,756 | |
Tustin CA Community Facilities District Special Tax #2014-1 Legacy/Standard Pacific Series A | 5.00 | 9-1-2045 | 1,000,000 | 1,116,823 | |
Union City CA Community RDA Successor Agency to Community Redevelopment Project Tax Allocation Refunding Bond Series A | 5.00 | 10-1-2036 | 1,000,000 | 1,149,477 | |
131,399,683 | |||||
Tobacco revenue: 0.61% | |||||
California County CA Tobacco Securitization Agency | 5.00 | 6-1-2050 | 1,210,000 | 1,434,285 | |
California County CA Tobacco Securitization Agency CAB ¤ | 0.00 | 6-1-2055 | 14,000,000 | 2,812,292 |
Interest rate | Maturity date | Principal | Value | ||
Tobacco revenue (continued) | |||||
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-1 | 5.00% | 6-1-2028 | $ 2,000,000 | $ 2,458,051 | |
Golden State Tobacco Securitization Corporation California Tobacco Settlement Refunding Bond Series A-2 | 5.00 | 6-1-2047 | 550,000 | 560,832 | |
Northern California Tobacco Securitization Authority Tobacco Settlement CAB Asset-Backed Refunding Bonds Class 2 Series B-2 ¤ | 0.00 | 6-1-2060 | 3,250,000 | 802,264 | |
8,067,724 | |||||
Transportation revenue: 2.74% | |||||
Bay Area CA Toll Authority Toll Bridge Series S-4 | 5.00 | 4-1-2030 | 2,000,000 | 2,119,447 | |
Bay Area CA Toll Authority Toll Bridge Series S-H | 5.00 | 4-1-2049 | 8,000,000 | 10,284,554 | |
Foothill-Eastern Corridor Transportation Agency Refunding Bond Senior Lien Series A | 4.00 | 1-15-2046 | 6,045,000 | 7,045,345 | |
Foothill-Eastern Corridor Transportation Agency Subordinated Bond Series B-3 | 5.50 | 1-15-2053 | 8,000,000 | 8,214,374 | |
Foothill-Eastern Corridor Transportation Agency Toll Road Revenue Refunding Senior Lien Series A | 4.00 | 1-15-2046 | 2,650,000 | 3,088,530 | |
Riverside County CA Transportation Commission Toll Revenue Second Lien 2021 Series C | 4.00 | 6-1-2047 | 2,000,000 | 2,333,554 | |
San Francisco CA Municipal Transportation Agency Revenue Bond | 5.00 | 3-1-2039 | 3,000,000 | 3,304,591 | |
36,390,395 | |||||
Utilities revenue: 4.21% | |||||
Banning CA Financing Authority Refunding Bond Electric System Project (AGM Insured) | 5.00 | 6-1-2037 | 5,000,000 | 5,676,534 | |
Imperial CA Irrigation District Electric System Refunding Bond Series A | 5.00 | 11-1-2040 | 3,715,000 | 4,276,078 | |
Imperial CA Irrigation District Electric System Refunding Bond Series A | 5.00 | 11-1-2045 | 1,060,000 | 1,220,092 | |
Imperial CA Irrigation District Electric System Refunding Bond Series C | 5.00 | 11-1-2038 | 2,500,000 | 2,917,302 | |
Lassen CA Municipal Utility District Certificate of Participation | 4.00 | 5-1-2038 | 2,615,000 | 3,022,026 | |
Lassen CA Municipal Utility District Certificate of Participation | 4.00 | 5-1-2041 | 2,250,000 | 2,582,241 | |
Lassen CA Municipal Utility District Certificate of Participation | 4.00 | 5-1-2046 | 1,395,000 | 1,584,342 | |
Lassen CA Municipal Utility District Certificate of Participation | 4.00 | 5-1-2051 | 5,340,000 | 6,035,875 | |
Los Angeles CA Department of Water and Power Series E | 5.00 | 7-1-2044 | 12,475,000 | 13,792,293 | |
M-S-R California Energy Authority Gas Series B | 7.00 | 11-1-2034 | 4,000,000 | 6,109,086 | |
M-S-R California Energy Authority Gas Series C | 6.13 | 11-1-2029 | 995,000 | 1,237,119 | |
Redding CA Joint Powers Financing Authority Election System Series A | 5.00 | 6-1-2032 | 440,000 | 512,316 | |
Roseville CA Natural Gas Financing Authority | 5.00 | 2-15-2025 | 1,930,000 | 2,185,642 | |
Southern California Public Power Authority Natural Gas Project #1 Series A | 5.25 | 11-1-2025 | 1,000,000 | 1,171,090 | |
Walnut CA Energy Center Authority Series A | 5.00 | 1-1-2034 | 3,115,000 | 3,447,197 | |
55,769,233 | |||||
Water & sewer revenue: 2.85% | |||||
Adelanto CA Public Utility Authority Refunding Bond (AGM Insured) | 5.00 | 7-1-2039 | 2,000,000 | 2,429,973 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Bakersfield CA Wastewater Revenue Refunding Series A | 5.00% | 9-15-2032 | $ 1,615,000 | $ 2,143,569 | |
Bay Area CA Water Supply & Conservation Agency Series A | 5.00 | 10-1-2034 | 6,000,000 | 6,354,463 | |
Compton CA Sewer Revenue | 6.00 | 9-1-2039 | 1,775,000 | 1,779,833 | |
El Dorado CA Irrigation District Refunding Bond Series A (AGM Insured) | 5.25 | 3-1-2039 | 2,000,000 | 2,213,812 | |
Florin CA Resource Conservation Refunding Bond Second Senior Lien Series A (NPFGC Insured) | 5.00 | 9-1-2032 | 2,000,000 | 2,222,129 | |
Los Angeles CA Department of Water and Power Series A | 5.00 | 7-1-2047 | 4,285,000 | 5,491,360 | |
Merced CA Irrigation District Water & Hydroelectric System Series A (AGM Insured) | 5.00 | 10-1-2038 | 4,000,000 | 4,447,971 | |
San Buenaventura CA Public Facilities Financing Authority Series B | 5.00 | 7-1-2042 | 4,000,000 | 4,095,822 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Subordinated Bond Series A | 4.00 | 11-1-2050 | 1,525,000 | 1,803,406 | |
San Francisco CA City & County Public Utilities Commission Water Revenue Subordinated Series Bond C | 4.00 | 11-1-2045 | 1,650,000 | 1,962,330 | |
Tulare CA Sewer Refunding Bond (AGM Insured) | 5.00 | 11-15-2041 | 1,500,000 | 1,728,534 | |
Vallejo CA Refunding Bond | 5.25 | 5-1-2031 | 1,000,000 | 1,065,509 | |
37,738,711 | |||||
1,265,776,566 | |||||
Guam: 0.63% | |||||
Tax revenue: 0.16% | |||||
Guam Government Business Privilege Tax Series A | 4.00 | 1-1-2042 | 1,000,000 | 1,127,077 | |
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,000,000 | |
2,127,077 | |||||
Water & sewer revenue: 0.47% | |||||
Guam Government Waterworks Authority | 5.25 | 7-1-2033 | 1,500,000 | 1,607,319 | |
Guam Government Waterworks Authority | 5.50 | 7-1-2043 | 3,125,000 | 3,360,185 | |
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,000,000 | 1,222,954 | |
6,190,458 | |||||
8,317,535 | |||||
Illinois: 0.85% | |||||
Miscellaneous revenue: 0.85% | |||||
Illinois Refunding Bond | 5.00 | 2-1-2025 | 10,000,000 | 11,303,092 | |
New York: 0.46% | |||||
Industrial development revenue: 0.46% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 1-1-2029 | 5,000,000 | 6,072,853 | |
Ohio: 0.06% | |||||
Tobacco revenue: 0.06% | |||||
Buckeye Tobacco Settlement Financing Authority CAB ¤ | 0.00 | 6-1-2057 | 5,000,000 | 827,569 |
Interest rate | Maturity date | Principal | Value | ||
Texas: 0.04% | |||||
Resource recovery revenue: 0.04% | |||||
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø | 0.22% | 4-1-2040 | $ 500,000 | $ 500,000 | |
Total Municipal obligations (Cost $1,194,732,044) | 1,292,797,615 |
Yield | Shares | ||||
Short-term investments: 2.04% | |||||
Investment companies: 2.04% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 27,051,202 | 27,067,432 | ||
Total Short-term investments (Cost $27,065,886) | 27,067,432 | ||||
Total investments in securities (Cost $1,226,797,930) | 100.01% | 1,324,865,047 | |||
Other assets and liabilities, net | (0.01) | (190,108) | |||
Total net assets | 100.00% | $1,324,674,939 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
GNMA | Government National Mortgage Association |
GO | General obligation |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $5,813,031 | $154,364,992 | $(133,112,409) | $318 | $1,500 | $27,067,432 | 27,051,202 | $2,279 |
Assets | |
Investments in unaffiliated securities, at value (cost $1,199,732,044) | $ 1,297,797,615 |
Investments in affiliated securities, at value (cost $27,065,886) | 27,067,432 |
Cash | 143,250 |
Receivable for interest | 14,573,839 |
Receivable for Fund shares sold | 689,800 |
Prepaid expenses and other assets | 36,726 |
Total assets | 1,340,308,662 |
Liabilities | |
Payable for when-issued transactions | 13,057,092 |
Payable for Fund shares redeemed | 1,051,515 |
Dividends payable | 761,777 |
Management fee payable | 354,612 |
Administration fees payable | 140,914 |
Distribution fee payable | 11,577 |
Trustees’ fees and expenses payable | 657 |
Accrued expenses and other liabilities | 255,579 |
Total liabilities | 15,633,723 |
Total net assets | $1,324,674,939 |
Net assets consist of | |
Paid-in capital | $ 1,254,832,082 |
Total distributable earnings | 69,842,857 |
Total net assets | $1,324,674,939 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 504,199,390 |
Shares outstanding – Class A1 | 41,929,386 |
Net asset value per share – Class A | $12.02 |
Maximum offering price per share – Class A2 | $12.59 |
Net assets – Class C | $ 16,930,821 |
Shares outstanding – Class C1 | 1,380,696 |
Net asset value per share – Class C | $12.26 |
Net assets – Administrator Class | $ 399,956,808 |
Shares outstanding – Administrator Class1 | 33,197,078 |
Net asset value per share – Administrator Class | $12.05 |
Net assets – Institutional Class | $ 403,587,920 |
Shares outstanding – Institutional Class1 | 33,498,835 |
Net asset value per share – Institutional Class | $12.05 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 21,085,308 |
Income from affiliated securities | 2,279 |
Total investment income | 21,087,587 |
Expenses | |
Management fee | 2,507,508 |
Administration fees | |
Class A | 406,663 |
Class C | 14,790 |
Administrator Class | 197,733 |
Institutional Class | 160,553 |
Shareholder servicing fees | |
Class A | 635,410 |
Class C | 23,079 |
Administrator Class | 494,259 |
Distribution fee | |
Class C | 69,236 |
Custody and accounting fees | 22,323 |
Professional fees | 35,209 |
Registration fees | 31,043 |
Shareholder report expenses | 20,164 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 13,952 |
Total expenses | 4,641,743 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (272,185) |
Class A | (80,452) |
Class C | (2,654) |
Administrator Class | (197,106) |
Net expenses | 4,089,346 |
Net investment income | 16,998,241 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (226,870) |
Affiliated securities | 318 |
Net realized losses on investments | (226,552) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (11,372,108) |
Affiliated securities | 1,500 |
Net change in unrealized gains (losses) on investments | (11,370,608) |
Net realized and unrealized gains (losses) on investments | (11,597,160) |
Net increase in net assets resulting from operations | $ 5,401,081 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 16,998,241 | $ 34,287,664 | ||
Net realized gains (losses) on investments | (226,552) | 864,522 | ||
Net change in unrealized gains (losses) on investments | (11,370,608) | 21,767,053 | ||
Net increase in net assets resulting from operations | 5,401,081 | 56,919,239 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (6,193,501) | (13,386,834) | ||
Class C | (155,995) | (425,903) | ||
Administrator Class | (5,218,139) | (9,623,409) | ||
Institutional Class | (5,437,198) | (10,938,359) | ||
Total distributions to shareholders | (17,004,833) | (34,374,505) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 6,329,170 | 76,492,829 | 5,327,012 | 64,132,490 |
Class C | 51,591 | 636,831 | 249,799 | 3,071,761 |
Administrator Class | 3,449,451 | 41,880,633 | 7,040,860 | 85,143,861 |
Institutional Class | 5,049,538 | 61,101,659 | 11,782,367 | 142,462,275 |
180,111,952 | 294,810,387 | |||
Reinvestment of distributions | ||||
Class A | 485,260 | 5,851,083 | 1,059,299 | 12,769,000 |
Class C | 12,380 | 152,281 | 33,625 | 413,210 |
Administrator Class | 421,813 | 5,097,403 | 785,181 | 9,483,708 |
Institutional Class | 188,844 | 2,282,122 | 413,903 | 4,998,852 |
13,382,889 | 27,664,770 | |||
Payment for shares redeemed | ||||
Class A | (4,994,410) | (60,412,991) | (7,807,857) | (94,172,729) |
Class C | (224,114) | (2,759,948) | (1,000,471) | (12,267,500) |
Administrator Class | (2,104,767) | (25,624,725) | (1,706,901) | (20,630,018) |
Institutional Class | (3,336,211) | (40,353,230) | (8,105,883) | (97,903,173) |
(129,150,894) | (224,973,420) | |||
Net increase in net assets resulting from capital share transactions | 64,343,947 | 97,501,737 | ||
Total increase in net assets | 52,740,195 | 120,046,471 | ||
Net assets | ||||
Beginning of period | 1,271,934,744 | 1,151,888,273 | ||
End of period | $1,324,674,939 | $1,271,934,744 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.13 | $11.91 | $11.91 | $11.64 | $11.83 | $12.45 |
Net investment income | 0.15 | 0.32 | 0.35 | 0.37 | 0.37 | 0.36 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.22 | (0.00) 1 | 0.28 | (0.19) | (0.62) |
Total from investment operations | 0.04 | 0.54 | 0.35 | 0.65 | 0.18 | (0.26) |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.32) | (0.35) | (0.38) | (0.37) | (0.36) |
Net asset value, end of period | $12.02 | $12.13 | $11.91 | $11.91 | $11.64 | $11.83 |
Total return2 | 0.32% | 4.59% | 2.93% | 5.70% | 1.55% | (2.09)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81% | 0.81% | 0.81% | 0.83% | 0.83% | 0.82% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.44% | 2.66% | 2.92% | 3.22% | 3.15% | 2.99% |
Supplemental data | ||||||
Portfolio turnover rate | 7% | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $504,199 | $486,668 | $494,450 | $482,395 | $443,165 | $472,584 |
1 | Amount is more than $(0.005) |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.37 | $12.14 | $12.15 | $11.87 | $12.07 | $12.70 |
Net investment income | 0.11 | 0.24 | 0.27 | 0.29 | 0.29 | 0.27 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.23 | (0.02) | 0.29 | (0.20) | (0.63) |
Total from investment operations | 0.00 1 | 0.47 | 0.25 | 0.58 | 0.09 | (0.36) |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.24) | (0.26) | (0.30) | (0.29) | (0.27) |
Net asset value, end of period | $12.26 | $12.37 | $12.14 | $12.15 | $11.87 | $12.07 |
Total return2 | (0.04)% | 3.86% | 2.08% | 4.95% | 0.74% | (2.80)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.56% | 1.56% | 1.56% | 1.58% | 1.58% | 1.57% |
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 1.69% | 1.91% | 2.18% | 2.47% | 2.40% | 2.24% |
Supplemental data | ||||||
Portfolio turnover rate | 7% | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $16,931 | $19,066 | $27,413 | $32,758 | $47,831 | $57,727 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 | $12.48 |
Net investment income | 0.16 | 0.34 | 0.37 | 0.40 | 0.39 | 0.38 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.24 | (0.01) | 0.28 | (0.20) | (0.62) |
Total from investment operations | 0.05 | 0.58 | 0.36 | 0.68 | 0.19 | (0.24) |
Distributions to shareholders from | ||||||
Net investment income | (0.16) | (0.35) | (0.37) | (0.40) | (0.39) | (0.38) |
Net asset value, end of period | $12.05 | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 |
Total return1 | 0.42% | 4.89% | 3.05% | 5.99% | 1.67% | (1.88)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.75% | 0.75% | 0.75% | 0.77% | 0.77% | 0.76% |
Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Net investment income | 2.64% | 2.86% | 3.13% | 3.43% | 3.34% | 3.16% |
Supplemental data | ||||||
Portfolio turnover rate | 7% | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $399,957 | $382,093 | $301,919 | $231,252 | $186,626 | $210,209 |
1 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 | $12.48 |
Net investment income | 0.17 | 0.35 | 0.38 | 0.41 | 0.40 | 0.39 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.23 | (0.01) | 0.28 | (0.20) | (0.62) |
Total from investment operations | 0.06 | 0.58 | 0.37 | 0.69 | 0.20 | (0.23) |
Distributions to shareholders from | ||||||
Net investment income | (0.17) | (0.35) | (0.38) | (0.41) | (0.40) | (0.39) |
Net asset value, end of period | $12.05 | $12.16 | $11.93 | $11.94 | $11.66 | $11.86 |
Total return1 | 0.46% | 4.96% | 3.12% | 6.07% | 1.74% | (1.81)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.48% | 0.48% | 0.48% | 0.50% | 0.50% | 0.49% |
Net expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 2.71% | 2.93% | 3.19% | 3.49% | 3.42% | 3.28% |
Supplemental data | ||||||
Portfolio turnover rate | 7% | 9% | 23% | 9% | 33% | 48% |
Net assets, end of period (000s omitted) | $403,588 | $384,108 | $328,107 | $293,180 | $287,616 | $309,253 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $99,373,151 |
Gross unrealized losses | (1,306,034) |
Net unrealized gains | $98,067,117 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 5,000,000 | $0 | $ 5,000,000 |
Municipal obligations | 0 | 1,292,797,615 | 0 | 1,292,797,615 |
Short-term investments | ||||
Investment companies | 27,067,432 | 0 | 0 | 27,067,432 |
Total assets | $27,067,432 | $1,297,797,615 | $0 | $1,324,865,047 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Administrator Class | 0.55 |
Institutional Class | 0.48 |
Shares voted “For” | 66,239,177 | |
Shares voted “Against” | 900,534 | |
Shares voted “Abstain” | 1,310,222 |
Shares voted “For” | 66,253,581 | |
Shares voted “Against” | 848,264 | |
Shares voted “Abstain” | 1,348,088 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g245136img82cd38201.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA249/SAR249 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g221760img217ced621.jpg)
High Yield Municipal Bond Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g221760imgc323385e2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g221760img15bb3f5a3.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks high current income exempt from federal income tax, and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Dennis Derby, Terry J. Goode, Kerry Laurin |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WHYMX) | 1-31-2013 | 0.38 | 4.69 | 4.56 | 5.09 | 5.66 | 5.10 | 1.14 | 0.80 | ||
Class C (WHYCX) | 1-31-2013 | 3.20 | 4.87 | 4.31 | 4.20 | 4.87 | 4.31 | 1.89 | 1.55 | ||
Class R6 (EKHRX)3 | 7-31-2018 | – | – | – | 5.40 | 5.98 | 5.39 | 0.76 | 0.50 | ||
Administrator Class (WHYDX) | 1-31-2013 | – | – | – | 5.20 | 5.79 | 5.21 | 1.08 | 0.70 | ||
Institutional Class (WHYIX) | 1-31-2013 | – | – | – | 5.35 | 5.92 | 5.36 | 0.81 | 0.55 | ||
High Yield Municipal Bond Blended Index4 | – | – | – | – | 5.23 | 6.20 | 4.63 | – | – | ||
Bloomberg High Yield Municipal Bond Index5 | – | – | – | – | 7.77 | 7.53 | 5.44 | – | – | ||
Bloomberg Municipal Bond Index6 | – | – | – | – | 1.52 | 4.17 | 3.37 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.80% for Class A, 1.55% for Class C, 0.50% for Class R6, 0.70% for Administrator Class, and 0.55% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is weighted 60% in the Bloomberg High Yield Municipal Bond Index and 40% in the Bloomberg Municipal Bond Index. Effective November 1, 2019, the Fund’s benchmark changed from Bloomberg Municipal Bond Index to the High Yield Municipal Bond Blended Index to better match the Fund’s investment strategy. You cannot invest directly in an index. |
5 | The Bloomberg High Yield Municipal Bond Index measures the non-investment-grade and nonrated U.S. dollar–denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g221760img7d31fcdb4.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g221760img1a4a26b75.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,004.85 | $4.04 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class C | ||||
Actual | $1,000.00 | $1,001.04 | $7.82 | 1.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.39 | $7.88 | 1.55% |
Class R6 | ||||
Actual | $1,000.00 | $1,007.51 | $2.53 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,006.32 | $3.49 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.73 | $3.52 | 0.69% |
Institutional Class | ||||
Actual | $1,000.00 | $1,007.00 | $2.78 | 0.55% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.43 | $2.80 | 0.55% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 97.67% | |||||
Alabama: 0.73% | |||||
Water & sewer revenue: 0.73% | |||||
Jefferson County AL Warrants CAB Senior Lien Series B ¤ | 0.00% | 10-1-2027 | $ 920,000 | $ 747,832 | |
Arizona: 2.43% | |||||
Education revenue: 0.93% | |||||
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses | 5.00 | 7-1-2023 | 110,000 | 114,852 | |
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A | 6.50 | 7-1-2034 | 500,000 | 568,437 | |
Pima County AZ IDA Desert Heights Charter School Facility Refunding Bond | 6.00 | 5-1-2024 | 250,000 | 263,339 | |
946,628 | |||||
Health revenue: 1.50% | |||||
Tempe AZ IDA Mirabella at ASU Incorporated Project Series A 144A | 6.13 | 10-1-2052 | 1,400,000 | 1,532,387 | |
2,479,015 | |||||
California: 7.68% | |||||
Airport revenue: 1.06% | |||||
Los Angeles CA Department of Airports AMT Los Angeles International Airport Subordinate Bond Series F | 4.00 | 5-15-2049 | 950,000 | 1,086,084 | |
Education revenue: 0.55% | |||||
California Infrastructure & Economic Development Bank Senior WFCS Portfolio Projects Series A1 144A | 5.00 | 1-1-2056 | 250,000 | 280,765 | |
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 250,000 | 276,440 | |
557,205 | |||||
Health revenue: 0.56% | |||||
California PFA Living Enso Village Project Refunding Bond Series A 144A | 5.00 | 11-15-2046 | 500,000 | 573,681 | |
Housing revenue: 2.33% | |||||
California Community Housing Agency Essential Housing Revenue Creekwood Series A 144A | 4.00 | 2-1-2056 | 500,000 | 503,553 | |
California Community Housing Agency Essential Housing Revenue Junior Fountains at Emerald Park Series 144A | 4.00 | 8-1-2046 | 500,000 | 488,501 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Mezzanine Lien Dublin Social Bond Series 2021B 144A | 4.00 | 2-1-2057 | 1,000,000 | 965,217 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bonds Mezzanine Lien Waterscape Apartments Series 2021B 144A | 4.00 | 9-1-2046 | 425,000 | 419,075 | |
2,376,346 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.60% | |||||
Compton CA PFA Refunding Bond 144A | 4.00% | 9-1-2027 | $1,000,000 | $ 1,060,052 | |
Independent Cities California Finance Authority Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2051 | 500,000 | 576,584 | |
1,636,636 | |||||
Tax revenue: 0.79% | |||||
San Francisco CA City & County RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A¤ | 0.00 | 8-1-2026 | 1,000,000 | 808,386 | |
Tobacco revenue: 0.79% | |||||
Golden State California Tobacco Securitization Corporation Settlement CAB Asset-Backed Bonds Series B-2 ¤ | 0.00 | 6-1-2066 | 1,565,000 | 307,394 | |
Northern California Tobacco Securitization Authority Tobacco Settlement CAB Asset-Backed Refunding Bonds Class 2 Series B-2 ¤ | 0.00 | 6-1-2060 | 2,000,000 | 493,701 | |
801,095 | |||||
7,839,433 | |||||
Colorado: 12.50% | |||||
Education revenue: 0.62% | |||||
Colorado Educational & Cultural Facilities Authority Charter School New Summit 144A | 4.00 | 7-1-2061 | 600,000 | 634,487 | |
GO revenue: 10.34% | |||||
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A | 5.25 | 12-1-2047 | 1,000,000 | 1,046,297 | |
Colorado Big Dry Creek Metropolitan District Improvement & Refunding Bonds Limited Tax Series A | 5.75 | 12-1-2047 | 1,000,000 | 1,051,208 | |
Colorado Chambers Highpoint Metropolitan District #2 | 5.00 | 12-1-2051 | 830,000 | 868,350 | |
Colorado Clear Creek Transit Metropolitan District #2 Series A | 5.00 | 12-1-2050 | 1,000,000 | 1,085,726 | |
Colorado Cottonwood Highlands Metropolitan District #1 Limited Tax Series A | 5.00 | 12-1-2049 | 900,000 | 961,464 | |
Colorado Pronghorn Valley Metropolitan District Limited Tax Series A | 4.00 | 12-1-2051 | 250,000 | 254,451 | |
Colorado Whispering Pines Metropolitan District #1 Series A | 5.00 | 12-1-2047 | 966,000 | 1,009,662 | |
Denver CO International Business Center Metropolitan District #1 Series B | 6.00 | 12-1-2048 | 1,145,000 | 1,236,633 | |
Eaton CO Area Park & Recreation District | 5.00 | 12-1-2023 | 810,000 | 845,078 | |
Eaton CO Area Park & Recreation District | 5.50 | 12-1-2030 | 475,000 | 497,724 | |
Great Western CO Metropolitan District #5 Refunding Bond | 4.75 | 12-1-2050 | 1,000,000 | 1,082,637 | |
Hogback Metropolitan District Colorado Limited Tax Convertible Unlimited Tax Series A | 5.00 | 12-1-2051 | 585,000 | 608,801 | |
10,548,031 | |||||
Tax revenue: 1.03% | |||||
Pueblo CO Urban Renewal Authority Regional Tourism Act Project | 5.00 | 6-1-2036 | 1,000,000 | 1,049,674 | |
Transportation revenue: 0.51% | |||||
Colorado High Performance Transportation Enterprise US 36 & I-25 Managed Lanes | 5.75 | 1-1-2044 | 500,000 | 525,729 | |
12,757,921 |
Interest rate | Maturity date | Principal | Value | ||
Connecticut: 0.60% | |||||
GO revenue: 0.60% | |||||
Hartford CT Series A | 4.00% | 4-1-2032 | $ 325,000 | $ 335,933 | |
Hartford CT Series A | 5.00 | 4-1-2024 | 105,000 | 111,050 | |
Hartford CT Series B | 5.00 | 4-1-2033 | 50,000 | 52,630 | |
Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2029 | 45,000 | 45,471 | |
Hartford CT Unrefunded Bond Series A | 5.00 | 4-1-2030 | 70,000 | 70,724 | |
615,808 | |||||
Delaware: 1.10% | |||||
Education revenue: 1.10% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 1,000,000 | 1,119,944 | |
District of Columbia: 0.44% | |||||
Tobacco revenue: 0.44% | |||||
District of Columbia Tobacco Settlement Financing Corporation | 6.75 | 5-15-2040 | 435,000 | 447,668 | |
Florida: 4.84% | |||||
Education revenue: 4.07% | |||||
Florida Capital Trust Agency Educational Facilities Pineapple Cove Classical Academy Incorporated Project Series A 144A## | 5.13 | 7-1-2039 | 2,000,000 | 2,252,811 | |
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 250,000 | 278,831 | |
Florida Development Finance Corporation Global Outreach Charter Project 144A | 4.00 | 6-30-2056 | 500,000 | 529,279 | |
Miami-Dade County FL IDA Youth Co-Op Charter Schools Project Series A 144A | 6.00 | 9-15-2045 | 1,000,000 | 1,088,637 | |
4,149,558 | |||||
Health revenue: 0.24% | |||||
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 250,000 | 250,033 | |
Water & sewer revenue: 0.53% | |||||
Charlotte County FL IDA Town and Country Utilities Project Series A 144A | 4.00 | 10-1-2051 | 500,000 | 536,720 | |
4,936,311 | |||||
Georgia: 3.00% | |||||
Housing revenue: 0.85% | |||||
Cobb County GA Development Authority Student Housing Kennesaw State University Foundation Project Refunding Bond Series C | 5.00 | 7-15-2028 | 800,000 | 865,944 | |
Industrial development revenue: 1.14% | |||||
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 1,000,000 | 1,163,488 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 1.01% | |||||
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144A¤ | 0.00% | 6-1-2049 | $1,000,000 | $ 1,036,226 | |
3,065,658 | |||||
Guam: 0.28% | |||||
Tax revenue: 0.28% | |||||
Guam Government Business Privilege Tax Revenue Refunding Bond Series F | 4.00 | 1-1-2036 | 250,000 | 287,943 | |
Idaho: 0.26% | |||||
Education revenue: 0.26% | |||||
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 6.25 | 5-1-2043 | 250,000 | 260,531 | |
Illinois: 14.26% | |||||
Education revenue: 1.98% | |||||
Illinois Finance Authority Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2042 | 250,000 | 278,112 | |
Illinois Finance Authority Charter School Aid Intrinsic Schools Belmont School Project Series A 144A | 5.25 | 12-1-2025 | 655,000 | 713,286 | |
Illinois Finance Authority Charter School Aim Project Social Bonds Series A 144A | 5.00 | 7-1-2051 | 1,000,000 | 1,025,065 | |
2,016,463 | |||||
GO revenue: 6.65% | |||||
Chicago IL Board of Education CAB School Reform Series A (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 500,000 | 478,887 | |
Chicago IL Series A | 5.00 | 1-1-2033 | 310,000 | 310,249 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 1,500,000 | 1,826,959 | |
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) ¤ | 0.00 | 12-1-2025 | 730,000 | 691,881 | |
Illinois Series of March 2012 | 5.00 | 3-1-2033 | 1,000,000 | 1,006,787 | |
Lake County IL Community Unit School District #187 North Chicago CAB Series A (AGM Insured) ¤ | 0.00 | 1-1-2023 | 590,000 | 584,761 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 1,000,000 | 793,124 | |
Will County IL Community High School Refunding Bond Series A (BAM Insured) | 3.25 | 1-1-2030 | 450,000 | 457,685 | |
Will County IL Lincoln-Way Community High School District #210 CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2027 | 685,000 | 637,786 | |
6,788,119 | |||||
Miscellaneous revenue: 3.10% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,639,000 | 1,679,736 | |
Illinois Finance Authority Educational Facility Senior Rogers Park Montessori School | 6.00 | 2-1-2034 | 680,000 | 723,410 | |
Illinois Metropolitan Pier & Exposition Authority Mccormick Place CAB Refunding Bond Series A ¤%% | 0.00 | 6-15-2041 | 1,300,000 | 763,027 | |
3,166,173 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 2.53% | |||||
Hillside IL Tax Increment Refunding Bond | 5.00% | 1-1-2030 | $1,345,000 | $ 1,479,976 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2025 | 1,140,000 | 1,099,657 | |
2,579,633 | |||||
14,550,388 | |||||
Iowa: 0.37% | |||||
Tobacco revenue: 0.37% | |||||
Iowa Tobacco Settlement Authority CAB Asset-Backed Bonds Class 2 Series B-2 ¤ | 0.00 | 6-1-2065 | 2,000,000 | 372,605 | |
Kansas: 2.41% | |||||
Health revenue: 1.00% | |||||
Kansas State Development Finance Authority Revenue Bond Series A | 5.25 | 11-15-2033 | 1,000,000 | 1,020,715 | |
Tax revenue: 1.41% | |||||
Wyandotte County & Kansas City KS Special Obligation Improvement & Refunding Bonds Plaza Redevelopment Project | 4.00 | 12-1-2028 | 450,000 | 456,657 | |
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 2,895,000 | 984,147 | |
1,440,804 | |||||
2,461,519 | |||||
Kentucky: 1.03% | |||||
Health revenue: 1.03% | |||||
Kentucky EDFA Rosedale Green Project Refunding Bond | 5.50 | 11-15-2035 | 1,000,000 | 1,053,890 | |
Maryland: 1.66% | |||||
Education revenue: 1.10% | |||||
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A | 6.90 | 8-1-2041 | 1,000,000 | 1,124,099 | |
Miscellaneous revenue: 0.56% | |||||
Maryland Economic Development Corporation Special Obligation Covington Project | 4.00 | 9-1-2050 | 500,000 | 565,167 | |
1,689,266 | |||||
Michigan: 4.17% | |||||
Education revenue: 0.44% | |||||
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.80 | 9-1-2040 | 150,000 | 159,379 | |
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project | 7.00 | 10-1-2036 | 292,500 | 293,146 | |
452,525 | |||||
Health revenue: 0.81% | |||||
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2043 | 750,000 | 822,631 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.35% | |||||
Charyl Stockwell Academy Michigan Public School Refunding Bond | 4.88% | 10-1-2023 | $ 140,000 | $ 143,648 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 1,000,000 | 1,060,543 | |
Michigan Public Educational Facilities Authority Chandler Park Academy Project | 6.35 | 11-1-2028 | 170,000 | 170,378 | |
1,374,569 | |||||
Tax revenue: 1.57% | |||||
Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2024 | 20,000 | 18,666 | |
Detroit MI Downtown Development Authority CAB ¤ | 0.00 | 7-1-2025 | 580,000 | 523,085 | |
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,058,275 | |
1,600,026 | |||||
4,249,751 | |||||
Minnesota: 2.29% | |||||
Education revenue: 1.00% | |||||
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 4.40 | 7-1-2025 | 85,000 | 89,544 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015-A | 5.00 | 7-1-2030 | 195,000 | 215,051 | |
Woodbury MN Charter School Woodbury Leadership Academy | 4.00 | 7-1-2051 | 660,000 | 716,436 | |
1,021,031 | |||||
Health revenue: 0.53% | |||||
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 500,000 | 536,064 | |
Housing revenue: 0.76% | |||||
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.70 | 8-1-2026 | 335,000 | 355,503 | |
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond | 4.80 | 8-1-2027 | 400,000 | 424,135 | |
779,638 | |||||
2,336,733 | |||||
Missouri: 0.88% | |||||
Tax revenue: 0.88% | |||||
Blue Springs MO Special Obligation Tax Improvement & Refunding Bonds Adams Farm Project Series A | 4.00 | 6-1-2026 | 175,000 | 178,248 | |
Richmond Heights MO Francis Place Redevelopment Project | 5.63 | 11-1-2025 | 715,000 | 715,574 | |
893,822 | |||||
New Jersey: 3.27% | |||||
GO revenue: 1.10% | |||||
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2027 | 1,000,000 | 1,123,007 | |
Industrial development revenue: 0.25% | |||||
New Jersey EDA Continental Airlines Incorporated Project | 5.25 | 9-15-2029 | 250,000 | 258,517 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 1.92% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00% | 12-15-2031 | $1,000,000 | $ 823,544 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 1,000,000 | 1,134,158 | |
1,957,702 | |||||
3,339,226 | |||||
New York: 6.78% | |||||
Education revenue: 5.06% | |||||
Build NYC Resource Corporation Friends of Hellenic Classical 144A | 5.00 | 12-1-2041 | 1,200,000 | 1,380,577 | |
Build NYC Resource Corporation New World Preparatory Charter School | 4.00 | 6-15-2051 | 690,000 | 751,129 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 500,000 | 516,677 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.73 | 2-1-2050 | 1,000,000 | 1,154,895 | |
New York Dormitory Authority Supported Debt St. Josephs College | 4.00 | 7-1-2035 | 400,000 | 456,549 | |
New York Dormitory Authority Supported Debt St. Josephs College | 5.00 | 7-1-2051 | 750,000 | 901,583 | |
5,161,410 | |||||
Health revenue: 1.03% | |||||
Dutchess County NY Local Development Corporation Series B | 4.00 | 7-1-2049 | 910,000 | 1,045,901 | |
Miscellaneous revenue: 0.20% | |||||
New York Western Regional Off Track Betting Corporation 144A | 4.13 | 12-1-2041 | 200,000 | 202,878 | |
Tobacco revenue: 0.49% | |||||
Suffolk County NY Tobacco Securitization Corporation Settlement CAB Asset-Backed Bonds ¤ | 0.00 | 6-1-2066 | 2,500,000 | 503,626 | |
6,913,815 | |||||
Ohio: 2.42% | |||||
Resource recovery revenue: 1.12% | |||||
Southern Ohio Port Authority Exempt Facility Revenue PureCycle Project 144A | 7.00 | 12-1-2042 | 1,000,000 | 1,148,063 | |
Tobacco revenue: 1.30% | |||||
Buckeye Tobacco Settlement Financing Authority CAB ¤ | 0.00 | 6-1-2057 | 8,000,000 | 1,324,110 | |
2,472,173 | |||||
Oregon: 0.47% | |||||
Health revenue: 0.47% | |||||
Polk County OR Hospital Facility Authority Revenue Bond Dallas Retirement Village Project Series 2015-A | 5.00 | 7-1-2025 | 450,000 | 482,248 | |
Pennsylvania: 2.85% | |||||
Education revenue: 0.72% | |||||
Allegheny County PA IDA Propel Charter School Sunrise Project | 5.25 | 7-15-2023 | 50,000 | 52,026 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Philadelphia PA IDA Independence Charter School Project | 5.00% | 6-15-2039 | $ 250,000 | $ 274,998 | |
Philadelphia PA IDA Tacony Academy Charter School Project | 6.88 | 6-15-2033 | 375,000 | 404,478 | |
731,502 | |||||
Health revenue: 0.99% | |||||
Quakertown PA General Authority Health LifeQuest Obligated Group Refunding Bond Series C | 5.30 | 7-1-2042 | 1,000,000 | 1,009,598 | |
Miscellaneous revenue: 1.14% | |||||
Chester County PA IDA Woodlands at Graystone Project Series 2018 144A | 5.13 | 3-1-2048 | 1,030,000 | 1,167,095 | |
2,908,195 | |||||
South Carolina: 2.71% | |||||
Education revenue: 1.17% | |||||
South Carolina Jobs EDA Refunding Bond Columbia College Project | 5.75 | 10-1-2045 | 500,000 | 533,179 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 5.75 | 11-1-2023 | 65,000 | 69,580 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.25 | 11-1-2045 | 500,000 | 592,782 | |
1,195,541 | |||||
Health revenue: 1.06% | |||||
South Carolina Jobs EDA Residential Facilities Revenue Episcopal Home Still Hopes Refunding Bond Series A | 5.00 | 4-1-2048 | 1,000,000 | 1,076,538 | |
Resource recovery revenue: 0.48% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 100,000 | 90,565 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.25 | 2-1-2045 | 1,000,000 | 400,000 | |
490,565 | |||||
2,762,644 | |||||
Tennessee: 1.15% | |||||
Tax revenue: 1.15% | |||||
Bristol TN Industrial Development Board Sales Tax CAB Series B 144A¤ | 0.00 | 12-1-2031 | 1,000,000 | 605,505 | |
Nashville TN Metropolitan Development & Housing Agency Tax Increment Fifth & Broadway Development Project 144A | 5.13 | 6-1-2036 | 500,000 | 569,953 | |
1,175,458 | |||||
Texas: 4.20% | |||||
Education revenue: 2.14% | |||||
Arlington TX Higher Education Finance Corporation Refunding Bond Wayside Schools Series A | 4.00 | 8-15-2046 | 860,000 | 922,033 | |
Arlington TX Higher Education Finance Corporation Universal Academy Series A | 7.00 | 3-1-2034 | 320,000 | 348,787 | |
Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A | 3.88 | 8-15-2026 | 850,000 | 907,932 | |
2,178,752 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 1.08% | |||||
Port Isabel TX Series 2019 144A | 5.10% | 2-15-2049 | $ 975,000 | $ 1,104,218 | |
Tax revenue: 0.53% | |||||
Baytown Texas Municipal Development District Hotel Second Lien Baytown Convention 144A | 5.00 | 10-1-2050 | 500,000 | 542,612 | |
Transportation revenue: 0.22% | |||||
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 200,000 | 221,299 | |
Utilities revenue: 0.23% | |||||
Texas Gas Supply SA Energy Acquisition Public Facilities Corporation | 5.50 | 8-1-2027 | 190,000 | 234,723 | |
4,281,604 | |||||
Utah: 3.15% | |||||
Education revenue: 1.15% | |||||
Utah Charter School Finance Authority Freedom Academy Foundation St. George 144A | 5.00 | 6-15-2041 | 1,020,000 | 1,174,939 | |
Miscellaneous revenue: 1.02% | |||||
Mida Mountain Village Public Infrastructure District Utah Special Assessment Revenue Bonds Area #2 Series 2021 144A | 4.00 | 8-1-2050 | 1,000,000 | 1,036,643 | |
Tax revenue: 0.98% | |||||
Utah Inland Port Authority Crossroads Public Infrastructure District Tax Differential Revenue 144A | 4.38 | 6-1-2052 | 1,000,000 | 999,965 | |
3,211,547 | |||||
Virginia: 1.07% | |||||
Health revenue: 1.07% | |||||
Roanoke VA EDA Residential Care Richfield Living | 5.13 | 9-1-2055 | 1,210,000 | 1,092,930 | |
West Virginia: 1.68% | |||||
Tax revenue: 1.68% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.75 | 6-1-2043 | 1,500,000 | 1,714,134 | |
Wisconsin: 6.99% | |||||
Education revenue: 3.75% | |||||
Wisconsin PFA Charter School Voyager Funding Incorporated Project Series A | 4.13 | 10-1-2024 | 95,000 | 97,736 | |
Wisconsin PFA Coral Academy Science Las Vegas Series A | 5.00 | 7-1-2024 | 235,000 | 248,884 | |
Wisconsin PFA Educational Facility Revenue Refunding Bond Estancia Valley Classical 144A | 4.25 | 7-1-2051 | 1,000,000 | 1,003,100 | |
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A | 5.63 | 7-1-2045 | 1,000,000 | 1,072,671 | |
Wisconsin PFA Wilson Preparatory Academy Series A 144A | 5.00 | 6-15-2039 | 1,285,000 | 1,405,233 | |
3,827,624 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 3.24% | |||||
PFA Hospital Revenue Bonds Carson Valley Medical Center Series A | 4.00% | 12-1-2051 | $1,500,000 | $ 1,727,709 | |
Wisconsin HEFA Wisconsin Illinois Senior Housing Incorporated Series 2018-A | 5.25 | 8-1-2048 | 1,500,000 | 1,571,186 | |
3,298,895 | |||||
7,126,519 | |||||
Total Municipal obligations (Cost $93,766,542) | 99,646,531 |
Yield | Shares | ||||
Short-term investments: 2.96% | |||||
Investment companies: 2.96% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 3,020,257 | 3,022,069 | ||
Total Short-term investments (Cost $3,021,767) | 3,022,069 | ||||
Total investments in securities (Cost $96,788,309) | 100.63% | 102,668,600 | |||
Other assets and liabilities, net | (0.63) | (640,764) | |||
Total net assets | 100.00% | $102,027,836 |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
## | All or a portion of this security is segregated for when-issued securities. |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CCAB | Convertible capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $2,812,701 | $18,571,883 | $(18,363,476) | $659 | $302 | $3,022,069 | 3,020,257 | $474 |
Assets | |
Investments in unaffiliated securities, at value (cost $93,766,542) | $ 99,646,531 |
Investments in affiliated securities, at value (cost $3,021,767) | 3,022,069 |
Receivable for interest | 1,110,600 |
Receivable for Fund shares sold | 17,082 |
Prepaid expenses and other assets | 32,916 |
Total assets | 103,829,198 |
Liabilities | |
Payable for when-issued transactions | 1,566,215 |
Payable for Fund shares redeemed | 103,364 |
Dividends payable | 37,371 |
Management fee payable | 20,375 |
Administration fees payable | 11,195 |
Distribution fee payable | 5,409 |
Trustees’ fees and expenses payable | 755 |
Accrued expenses and other liabilities | 56,678 |
Total liabilities | 1,801,362 |
Total net assets | $102,027,836 |
Net assets consist of | |
Paid-in capital | $ 96,081,727 |
Total distributable earnings | 5,946,109 |
Total net assets | $102,027,836 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 42,234,211 |
Shares outstanding – Class A1 | 3,845,855 |
Net asset value per share – Class A | $10.98 |
Maximum offering price per share – Class A2 | $11.50 |
Net assets – Class C | $ 8,208,835 |
Shares outstanding – Class C1 | 747,412 |
Net asset value per share – Class C | $10.98 |
Net assets – Class R6 | $ 26,086 |
Shares outstanding – Class R61 | 2,372 |
Net asset value per share – Class R6 | $11.00 |
Net assets – Administrator Class | $ 9,585,967 |
Shares outstanding – Administrator Class1 | 872,509 |
Net asset value per share – Administrator Class | $10.99 |
Net assets – Institutional Class | $ 41,972,737 |
Shares outstanding – Institutional Class1 | 3,822,585 |
Net asset value per share – Institutional Class | $10.98 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 2,222,630 |
Income from affiliated securities | 474 |
Total investment income | 2,223,104 |
Expenses | |
Management fee | 260,761 |
Administration fees | |
Class A | 32,714 |
Class C | 6,798 |
Class R6 | 4 |
Administrator Class | 4,919 |
Institutional Class | 18,020 |
Shareholder servicing fees | |
Class A | 50,931 |
Class C | 10,370 |
Administrator Class | 12,267 |
Distribution fee | |
Class C | 31,111 |
Custody and accounting fees | 5,096 |
Professional fees | 30,626 |
Registration fees | 37,412 |
Shareholder report expenses | 17,316 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 4,834 |
Total expenses | 533,000 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (110,966) |
Class A | (21,207) |
Class C | (3,059) |
Administrator Class | (7,952) |
Institutional Class | (3,473) |
Net expenses | 386,343 |
Net investment income | 1,836,761 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 76,980 |
Affiliated securities | 659 |
Net realized gains on investments | 77,639 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (1,323,117) |
Affiliated securities | 302 |
Net change in unrealized gains (losses) on investments | (1,322,815) |
Net realized and unrealized gains (losses) on investments | (1,245,176) |
Net increase in net assets resulting from operations | $ 591,585 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 1,836,761 | $ 3,440,985 | ||
Net realized gains on investments | 77,639 | 911,892 | ||
Net change in unrealized gains (losses) on investments | (1,322,815) | 5,105,151 | ||
Net increase in net assets resulting from operations | 591,585 | 9,458,028 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (861,419) | (1,172,015) | ||
Class C | (144,804) | (269,688) | ||
Class R6 | (578) | (1,024) | ||
Administrator Class | (210,442) | (411,592) | ||
Institutional Class | (987,906) | (1,575,840) | ||
Total distributions to shareholders | (2,205,149) | (3,430,159) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 837,984 | 9,274,291 | 1,673,934 | 18,163,880 |
Class C | 51,009 | 568,015 | 79,503 | 849,819 |
Administrator Class | 69,239 | 770,800 | 315,942 | 3,377,804 |
Institutional Class | 441,568 | 4,912,335 | 1,898,693 | 20,587,992 |
15,525,441 | 42,979,495 | |||
Reinvestment of distributions | ||||
Class A | 73,928 | 816,931 | 102,915 | 1,113,891 |
Class C | 12,974 | 143,405 | 24,792 | 267,616 |
Class R6 | 16 | 174 | 0 | 0 |
Administrator Class | 10,689 | 118,223 | 23,595 | 254,696 |
Institutional Class | 87,993 | 972,711 | 144,580 | 1,563,015 |
2,051,444 | 3,199,218 | |||
Payment for shares redeemed | ||||
Class A | (428,778) | (4,748,181) | (790,074) | (8,625,088) |
Class C | (75,818) | (842,860) | (231,430) | (2,501,505) |
Administrator Class | (75,867) | (844,023) | (536,005) | (5,758,070) |
Institutional Class | (691,123) | (7,643,677) | (1,610,196) | (17,407,832) |
(14,078,741) | (34,292,495) | |||
Net increase in net assets resulting from capital share transactions | 3,498,144 | 11,886,218 | ||
Total increase in net assets | 1,884,580 | 17,914,087 | ||
Net assets | ||||
Beginning of period | 100,143,256 | 82,229,169 | ||
End of period | $102,027,836 | $100,143,256 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.16 | $10.43 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.20 | 0.41 | 0.44 | 0.39 | 0.40 | 0.37 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.73 | (0.54) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 0.06 | 1.14 | (0.10) | 0.77 | 0.62 | (0.09) |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.41) | (0.44) | (0.39) | (0.40) | (0.37) |
Net realized gains | (0.04) | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.24) | (0.41) | (0.44) | (0.39) | (0.40) | (0.45) |
Net asset value, end of period | $10.98 | $11.16 | $10.43 | $10.97 | $10.59 | $10.37 |
Total return1 | 0.49% | 10.98% | (0.98)% | 7.43% | 6.11% | (0.76)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.14% | 1.12% | 1.09% | 1.07% | 1.06% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.85% | 0.85% |
Net investment income | 3.47% | 3.74% | 4.05% | 3.68% | 3.82% | 3.51% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $42,234 | $37,514 | $24,791 | $23,674 | $17,086 | $20,305 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.16 | $10.44 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.15 | 0.32 | 0.36 | 0.31 | 0.32 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.72 | (0.53) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 0.01 | 1.04 | (0.17) | 0.69 | 0.54 | (0.17) |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.32) | (0.36) | (0.31) | (0.32) | (0.29) |
Net realized gains | (0.04) | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.19) | (0.32) | (0.36) | (0.31) | (0.32) | (0.37) |
Net asset value, end of period | $10.98 | $11.16 | $10.44 | $10.97 | $10.59 | $10.37 |
Total return1 | 0.10% | 10.14% | (1.63)% | 6.63% | 5.32% | (1.50)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.84% | 1.89% | 1.87% | 1.84% | 1.82% | 1.81% |
Net expenses | 1.55% | 1.55% | 1.55% | 1.55% | 1.60% | 1.60% |
Net investment income | 2.71% | 3.02% | 3.29% | 2.91% | 3.09% | 2.79% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $8,209 | $8,471 | $9,250 | $9,955 | $8,896 | $8,709 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.16 | $10.44 | $10.98 | $10.61 |
Net investment income | 0.21 2 | 0.44 | 0.47 | 0.39 |
Net realized and unrealized gains (losses) on investments | (0.12) | 0.71 | (0.54) | 0.37 |
Total from investment operations | 0.09 | 1.15 | (0.07) | 0.76 |
Distributions to shareholders from | ||||
Net investment income | (0.21) | (0.43) | (0.47) | (0.39) |
Net realized gains | (0.04) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.25) | (0.43) | (0.00) | 0.00 |
Net asset value, end of period | $11.00 | $11.16 | $10.44 | $10.98 |
Total return3 | 0.75% | 11.28% | (0.68)% | 7.29% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.72% | 0.76% | 0.73% | 0.71% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 3.77% | 4.07% | 4.34% | 3.96% |
Supplemental data | ||||
Portfolio turnover rate | 15% | 55% | 14% | 20% |
Net assets, end of period (000s omitted) | $26 | $26 | $25 | $26 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.16 | $10.44 | $10.98 | $10.59 | $10.37 | $10.92 |
Net investment income | 0.20 | 0.42 | 0.45 | 0.40 | 0.41 | 0.38 |
Net realized and unrealized gains (losses) on investments | (0.13) | 0.72 | (0.54) | 0.39 | 0.22 | (0.47) |
Total from investment operations | 0.07 | 1.14 | (0.09) | 0.79 | 0.63 | (0.09) |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.42) | (0.45) | (0.40) | (0.41) | (0.38) |
Net realized gains | (0.04) | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.24) | (0.42) | (0.45) | (0.40) | (0.41) | (0.46) |
Net asset value, end of period | $10.99 | $11.16 | $10.44 | $10.98 | $10.59 | $10.37 |
Total return1 | 0.63% | 11.10% | (0.87)% | 7.64% | 6.21% | (0.75)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.05% | 1.08% | 1.05% | 1.03% | 1.01% | 1.00% |
Net expenses | 0.69% | 0.69% | 0.70% | 0.71% | 0.75% | 0.75% |
Net investment income | 3.58% | 3.88% | 4.12% | 3.69% | 3.93% | 3.60% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $9,586 | $9,692 | $11,115 | $15,704 | $24,627 | $22,839 |
1 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.15 | $10.43 | $10.97 | $10.59 | $10.37 | $10.91 |
Net investment income | 0.21 | 0.43 | 0.46 | 0.42 | 0.43 | 0.40 |
Net realized and unrealized gains (losses) on investments | (0.13) | 0.72 | (0.53) | 0.38 | 0.22 | (0.46) |
Total from investment operations | 0.08 | 1.15 | (0.07) | 0.80 | 0.65 | (0.06) |
Distributions to shareholders from | ||||||
Net investment income | (0.21) | (0.43) | (0.47) | (0.42) | (0.43) | (0.40) |
Net realized gains | (0.04) | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Total distributions to shareholders | (0.25) | (0.43) | (0.47) | (0.42) | (0.43) | (0.48) |
Net asset value, end of period | $10.98 | $11.15 | $10.43 | $10.97 | $10.59 | $10.37 |
Total return1 | 0.70% | 11.15% | (0.74)% | 7.70% | 6.37% | (0.51)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.78% | 0.81% | 0.78% | 0.76% | 0.74% | 0.73% |
Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.60% | 0.60% |
Net investment income | 3.71% | 4.00% | 4.24% | 3.92% | 4.09% | 3.82% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 55% | 14% | 20% | 50% | 82% |
Net assets, end of period (000s omitted) | $41,973 | $44,440 | $37,049 | $85,187 | $75,560 | $73,989 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 7,026,560 |
Gross unrealized losses | (1,146,269) |
Net unrealized gains | $ 5,880,291 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 99,646,531 | $0 | $ 99,646,531 |
Short-term investments | ||||
Investment companies | 3,022,069 | 0 | 0 | 3,022,069 |
Total assets | $3,022,069 | $99,646,531 | $0 | $102,668,600 |
Average daily net assets | Management fee |
First $500 million | 0.500% |
Next $500 million | 0.475 |
Next $2 billion | 0.450 |
Next $2 billion | 0.425 |
Next $5 billion | 0.390 |
Over $10 billion | 0.380 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.80% |
Class C | 1.55 |
Class R6 | 0.50 |
Administrator Class | 0.70 |
Institutional Class | 0.55 |
Shares voted “For” | 4,182,986 |
Shares voted “Against” | 122,538 |
Shares voted “Abstain” | 178,479 |
Shares voted “Uninstructed” | 155,889 |
Shares voted “For” | 4,181,736 |
Shares voted “Against” | 123,788 |
Shares voted “Abstain” | 178,479 |
Shares voted “Uninstructed” | 155,889 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA264/SAR264 12-21
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Intermediate Tax/AMT-Free Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce R. Johns, Robert J. Miller, Adrian Van Poppel, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFTAX) | 7-31-2007 | -1.83 | 2.63 | 2.60 | 1.21 | 3.26 | 2.92 | 0.80 | 0.70 | ||
Class C (WFTFX) | 7-31-2007 | -0.55 | 2.49 | 2.15 | 0.45 | 2.49 | 2.15 | 1.55 | 1.45 | ||
Class R6 (WFRTX)3 | 7-31-2018 | – | – | – | 1.51 | 3.55 | 3.20 | 0.42 | 0.40 | ||
Administrator Class (WFITX) | 3-31-2008 | – | – | – | 1.31 | 3.36 | 3.03 | 0.74 | 0.60 | ||
Institutional Class (WITIX) | 3-31-2008 | – | – | – | 1.46 | 3.53 | 3.19 | 0.47 | 0.45 | ||
Bloomberg Municipal Bond 1-15 Year Blend Index4 | – | – | – | – | 0.86 | 3.57 | 3.05 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Bloomberg Municipal Bond 1–15 Year Blend Index is the 1–15 year component of the Bloomberg Municipal Bond Index. The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226624imgb57115004.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226624imgccc45c125.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.23 | $3.53 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Class C | ||||
Actual | $1,000.00 | $ 997.43 | $7.30 | 1.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $7.38 | 1.45% |
Class R6 | ||||
Actual | $1,000.00 | $1,002.74 | $2.02 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.73 | $3.03 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.49 | $2.27 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 99.58% | |||||
Alabama: 1.55% | |||||
Education revenue: 0.19% | |||||
Auburn AL Refunding Bond Series A | 4.00% | 6-1-2033 | $ 1,000,000 | $ 1,128,648 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2033 | 595,000 | 690,597 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2035 | 865,000 | 997,024 | |
University of West Alabama General Fee Bond (AGM Insured) | 4.00 | 1-1-2037 | 920,000 | 1,055,610 | |
3,871,879 | |||||
Health revenue: 0.20% | |||||
East Alabama Health Care Authority Series B ø | 0.16 | 9-1-2039 | 3,918,000 | 3,918,000 | |
Utilities revenue: 1.16% | |||||
Lower Alabama Gas Supply District Project #2 øø | 4.00 | 12-1-2050 | 11,430,000 | 12,675,337 | |
Southeast Alabama Gas Supply District Project #2 Series B (1 Month LIBOR +0.85%) ± | 0.92 | 6-1-2049 | 10,000,000 | 10,090,948 | |
22,766,285 | |||||
30,556,164 | |||||
Alaska: 0.22% | |||||
Miscellaneous revenue: 0.22% | |||||
Matanuska Susitna Borough AK Goode Creek Correctional Project | 4.00 | 9-1-2030 | 3,870,000 | 4,244,111 | |
Arizona: 2.23% | |||||
Education revenue: 0.37% | |||||
Arizona Board of Regents University of Arizona System Series A | 5.00 | 6-1-2037 | 2,645,000 | 3,335,016 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 4.00 | 7-1-2034 | 335,000 | 385,914 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 4.00 | 7-1-2035 | 240,000 | 259,575 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 4.00 | 7-1-2035 | 345,000 | 396,717 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 4.00 | 7-1-2036 | 220,000 | 237,672 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 4.00 | 7-1-2036 | 315,000 | 361,417 | |
Arizona IDA Education Facility Revenue Bonds Series 2021A | 5.00 | 7-1-2033 | 315,000 | 390,468 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2034 | 500,000 | 617,767 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2035 | 600,000 | 740,371 | |
Pima County AZ Community College District Series 2019 | 5.00 | 7-1-2036 | 500,000 | 616,006 | |
7,340,923 | |||||
GO revenue: 0.34% | |||||
Estrella Mountain Ranch AZ Community Facilities District Refunding Bond (AGM Insured) | 5.00 | 7-15-2025 | 585,000 | 671,759 | |
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B | 5.00 | 7-1-2027 | 420,000 | 449,731 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B | 5.50% | 7-1-2029 | $ 960,000 | $ 1,035,100 | |
Phoenix AZ Refunding Bond | 5.00 | 7-1-2026 | 3,810,000 | 4,549,804 | |
6,706,394 | |||||
Health revenue: 0.45% | |||||
Arizona Health Facility Authority Floater Series 2015 XF 2050 (Morgan Stanley Bank LIQ) 144Aø | 0.13 | 1-1-2037 | 8,000,000 | 8,000,000 | |
Tempe AZ IDA Refunding Bonds Friendship Village of Tempe Project Series 2021A | 4.00 | 12-1-2028 | 370,000 | 417,266 | |
Tempe AZ IDA Refunding Bonds Friendship Village of Tempe Project Series 2021A | 4.00 | 12-1-2029 | 385,000 | 436,239 | |
8,853,505 | |||||
Miscellaneous revenue: 0.62% | |||||
Arizona Refunding Bond Certificate of Participation | 5.00 | 9-1-2027 | 3,040,000 | 3,507,699 | |
Phoenix AZ Civic Improvement Corporation Series D | 5.00 | 7-1-2024 | 190,000 | 211,464 | |
Phoenix AZ Civic Improvement Corporation Series D | 5.00 | 7-1-2036 | 7,000,000 | 8,469,308 | |
12,188,471 | |||||
Tax revenue: 0.32% | |||||
Arizona Sports & Tourism Authority Series A | 5.00 | 7-1-2022 | 1,000,000 | 1,022,197 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2027 | 450,000 | 498,463 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2028 | 700,000 | 774,835 | |
San Luis AZ Pledged Excise Tax Series A (BAM Insured) | 5.00 | 7-1-2034 | 3,680,000 | 4,065,695 | |
6,361,190 | |||||
Utilities revenue: 0.13% | |||||
Salt River Project Arizona Electric System Revenue Bond 2017 Series A | 5.00 | 1-1-2034 | 2,000,000 | 2,463,943 | |
43,914,426 | |||||
Arkansas: 0.14% | |||||
Miscellaneous revenue: 0.14% | |||||
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2033 | 500,000 | 583,383 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2035 | 1,000,000 | 1,165,021 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management Project | 4.00 | 6-1-2036 | 850,000 | 989,261 | |
2,737,665 | |||||
California: 5.56% | |||||
Airport revenue: 0.43% | |||||
Sacramento CA Airport System Senior Bond Series A | 5.00 | 7-1-2026 | 1,315,000 | 1,569,694 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2032 | 600,000 | 741,709 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2033 | 500,000 | 617,242 | |
Sacramento CA Airport System Senior Bond Series B | 5.00 | 7-1-2034 | 1,000,000 | 1,232,024 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2026 | 750,000 | 895,263 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2027 | 1,750,000 | 2,150,420 | |
Sacramento CA Airport System Senior Bond Series E | 5.00 | 7-1-2028 | 1,000,000 | 1,259,676 | |
8,466,028 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 0.35% | |||||
California CDA Series A | 6.90% | 8-1-2031 | $ 1,565,000 | $ 1,571,740 | |
University of California Limited Project Unrefunded Bond Series G | 5.00 | 5-15-2037 | 5,210,000 | 5,301,787 | |
6,873,527 | |||||
GO revenue: 2.52% | |||||
California Various Purposes | 5.00 | 8-1-2030 | 1,575,000 | 1,872,355 | |
California Various Purposes | 5.00 | 8-1-2032 | 6,700,000 | 7,958,296 | |
Cerritos CA Community College District CAB Series D ¤ | 0.00 | 8-1-2025 | 1,800,000 | 1,747,401 | |
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2029 | 1,565,000 | 1,385,756 | |
Compton CA Community College District Election of 2002 CAB Series C ¤ | 0.00 | 8-1-2031 | 2,400,000 | 2,014,887 | |
Los Angeles CA Unified School District Los Angeles County Series RYQ | 4.00 | 7-1-2037 | 2,000,000 | 2,403,367 | |
Monterey County CA Alisal Union School District Series A (BAM Insured) | 5.25 | 8-1-2042 | 1,500,000 | 1,852,972 | |
New Haven CA Unified School District CAB Project (AGC Insured) ¤ | 0.00 | 8-1-2033 | 5,590,000 | 4,464,176 | |
Patterson CA Unified School District CAB Election of 2008 Project Series B (AGM Insured) ¤ | 0.00 | 8-1-2033 | 3,000,000 | 2,412,338 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2023 | 3,045,000 | 3,127,095 | |
Peralta CA Community College District Alameda County | 5.00 | 8-1-2024 | 3,000,000 | 3,081,985 | |
Rio Hondo CA Community College District ¤ | 0.00 | 8-1-2030 | 2,315,000 | 2,043,496 | |
San Diego CA Unified School District Election of 1998 Series E-2 (AGM Insured) | 5.50 | 7-1-2027 | 5,000,000 | 6,312,175 | |
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤ | 0.00 | 8-1-2031 | 2,590,000 | 2,184,740 | |
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) ¤ | 0.00 | 8-1-2032 | 2,800,000 | 2,304,859 | |
West Contra Costa CA Unified School District Election of 2005 Series C-1 (AGC Insured) ¤ | 0.00 | 8-1-2026 | 4,620,000 | 4,407,880 | |
49,573,778 | |||||
Health revenue: 0.17% | |||||
California Municipal Finance Authority Institute of Aging Project | 5.00 | 8-15-2032 | 975,000 | 1,180,281 | |
California Municipal Finance Authority Institute of Aging Project | 5.00 | 8-15-2033 | 1,150,000 | 1,391,184 | |
California Statewide CDA Revenue Various Sweep Loan Program Series A (U.S. Bank NA LOC) ø | 0.07 | 8-1-2035 | 700,000 | 700,000 | |
3,271,465 | |||||
Housing revenue: 0.06% | |||||
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 969,013 | 1,116,115 | |
Miscellaneous revenue: 0.29% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00 | 5-1-2039 | 2,500,000 | 2,769,405 | |
Foothill de Anza CA Community College District Certificate of Participation | 5.00 | 4-1-2033 | 500,000 | 563,708 | |
Gold Coast Transit District California Transit Finance Corporation Certificate of Participation | 5.00 | 7-1-2027 | 520,000 | 625,618 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
San Diego CA Public Facilities Financing Authority Capital Improvement Projects Series B | 5.00% | 10-15-2027 | $ 500,000 | $ 578,784 | |
San Diego CA Public Facilities Financing Authority Capital Improvement Projects Series B | 5.00 | 10-15-2028 | 1,000,000 | 1,156,758 | |
5,694,273 | |||||
Transportation revenue: 0.86% | |||||
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ± | 1.35 | 4-1-2036 | 9,810,000 | 10,238,806 | |
San Joaquin Hills California Transportation Corridor Agency Refunding Bond Senior Lien Series A | 5.00 | 1-15-2033 | 5,000,000 | 6,662,052 | |
16,900,858 | |||||
Utilities revenue: 0.88% | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series 2021A | 4.00 | 10-1-2052 | 4,000,000 | 4,617,431 | |
California Municipal Finance Authority | 5.00 | 10-1-2025 | 1,500,000 | 1,748,123 | |
M-S-R California Energy Authority Gas Series B | 7.00 | 11-1-2034 | 2,035,000 | 3,107,998 | |
M-S-R California Energy Authority Gas Series C | 7.00 | 11-1-2034 | 3,000,000 | 4,581,815 | |
Sacramento CA Municipal Utility District Series B | 5.00 | 8-15-2030 | 1,075,000 | 1,152,871 | |
Vernon CA Electric System Series A %% | 5.00 | 8-1-2026 | 600,000 | 692,062 | |
Vernon CA Electric System Series A %% | 5.00 | 8-1-2031 | 1,160,000 | 1,460,548 | |
17,360,848 | |||||
109,256,892 | |||||
Colorado: 1.40% | |||||
GO revenue: 0.38% | |||||
Adams County CO 12 Five Star Schools Series B | 5.00 | 12-15-2028 | 3,800,000 | 4,586,765 | |
Mesa County CO Valley School District #51 Grand Junction | 5.50 | 12-1-2035 | 2,175,000 | 2,752,975 | |
7,339,740 | |||||
Miscellaneous revenue: 0.83% | |||||
Colorado Certificate of Participation Series A | 4.00 | 12-15-2035 | 7,400,000 | 9,106,806 | |
Colorado Certificate of Participation Series A | 4.00 | 12-15-2036 | 1,500,000 | 1,842,852 | |
Regents of the University of Colorado Certificate of Participation Series A | 5.00 | 11-1-2028 | 5,000,000 | 5,428,914 | |
16,378,572 | |||||
Tax revenue: 0.16% | |||||
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 7-15-2028 | 885,000 | 1,089,978 | |
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 1-15-2029 | 600,000 | 746,781 | |
Colorado Regional Transportation District Denver Transit Partners Eagle P3 Project Series A & B | 5.00 | 1-15-2030 | 1,000,000 | 1,268,077 | |
3,104,836 | |||||
Water & sewer revenue: 0.03% | |||||
Central Weld County CO Water District Revenue Bond (AGM Insured) | 4.00 | 12-1-2033 | 500,000 | 606,204 | |
27,429,352 |
Interest rate | Maturity date | Principal | Value | ||
Connecticut: 1.92% | |||||
Education revenue: 0.40% | |||||
Connecticut HEFAR University of Hartford Issue Series N | 5.00% | 7-1-2029 | $ 480,000 | $ 591,245 | |
Connecticut HEFAR University of Hartford Issue Series N | 5.00 | 7-1-2030 | 870,000 | 1,064,700 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series D | 3.00 | 11-15-2035 | 1,000,000 | 1,030,529 | |
University of Connecticut Series A | 5.00 | 3-15-2032 | 4,355,000 | 5,089,050 | |
7,775,524 | |||||
GO revenue: 0.86% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2031 | 1,855,000 | 2,374,860 | |
Connecticut Series A | 5.00 | 3-1-2029 | 2,500,000 | 2,742,556 | |
Connecticut Series B | 4.00 | 6-1-2034 | 750,000 | 921,081 | |
Connecticut Series B | 5.00 | 6-15-2027 | 3,000,000 | 3,452,450 | |
Connecticut Series F | 5.00 | 11-15-2032 | 300,000 | 348,634 | |
Hamden CT Refunding Bond Series A (BAM Insured) | 5.00 | 8-15-2029 | 500,000 | 616,990 | |
Hamden CT Refunding Bond Series A (BAM Insured) | 5.00 | 8-15-2030 | 1,200,000 | 1,473,415 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-15-2026 | 2,000,000 | 2,383,302 | |
Hamden CT Series A (BAM Insured) | 5.00 | 8-15-2027 | 1,200,000 | 1,465,323 | |
Hartford CT Series A (AGM Insured) | 5.00 | 7-1-2026 | 1,050,000 | 1,207,007 | |
16,985,618 | |||||
Health revenue: 0.18% | |||||
Connecticut HEFA Revenue Bonds Stamford Hospital Issue Series M %% | 4.00 | 7-1-2038 | 3,000,000 | 3,492,917 | |
Miscellaneous revenue: 0.10% | |||||
Connecticut Series G | 4.00 | 10-15-2026 | 1,985,000 | 2,041,216 | |
Tax revenue: 0.38% | |||||
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A | 4.00 | 9-1-2036 | 1,000,000 | 1,126,674 | |
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A | 4.00 | 11-1-2037 | 4,250,000 | 5,175,852 | |
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A | 5.00 | 8-1-2030 | 1,000,000 | 1,152,267 | |
7,454,793 | |||||
37,750,068 | |||||
Delaware: 0.11% | |||||
Education revenue: 0.11% | |||||
Delaware EDA Odyssey Charter School Project Series B 144A | 6.75 | 9-1-2035 | 2,000,000 | 2,242,260 | |
District of Columbia: 1.97% | |||||
GO revenue: 0.71% | |||||
District of Columbia Series 2014C | 5.00 | 6-1-2034 | 3,000,000 | 3,322,801 | |
District of Columbia Series 2014C | 5.00 | 6-1-2035 | 1,620,000 | 1,793,487 | |
District of Columbia Series 2016A | 5.00 | 6-1-2033 | 5,000,000 | 5,905,018 | |
District of Columbia Series 2017A | 5.00 | 6-1-2033 | 2,400,000 | 2,917,032 | |
13,938,338 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.66% | |||||
District of Columbia Federal Highway Grant Anticipation Bond | 5.00% | 12-1-2025 | $ 3,520,000 | $ 3,669,136 | |
District of Columbia Federal Highway Grant Anticipation Bond | 5.25 | 12-1-2025 | 2,630,000 | 2,639,967 | |
District of Columbia Refunding Bond Series E | 4.00 | 2-1-2037 | 5,500,000 | 6,717,052 | |
13,026,155 | |||||
Tax revenue: 0.19% | |||||
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series A | 4.00 | 10-1-2034 | 750,000 | 900,155 | |
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00 | 10-1-2033 | 720,000 | 865,243 | |
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00 | 10-1-2034 | 650,000 | 780,134 | |
Washington District of Columbia Convention and Sports Authority Dedicated Tax Refunding Bond Senior Lien Series B | 4.00 | 10-1-2035 | 1,000,000 | 1,198,440 | |
3,743,972 | |||||
Transportation revenue: 0.27% | |||||
Washington Metropolitan Airport Authority Dulles Toll Road Series B | 5.00 | 10-1-2034 | 1,250,000 | 1,560,046 | |
Washington Metropolitan Area Transit Authority Series B | 5.00 | 7-1-2032 | 3,000,000 | 3,631,378 | |
5,191,424 | |||||
Water & sewer revenue: 0.14% | |||||
District of Columbia Water & Sewer Authority Public Utility Senior Lien Series A | 5.00 | 10-1-2037 | 2,260,000 | 2,798,635 | |
38,698,524 | |||||
Florida: 6.05% | |||||
Airport revenue: 0.94% | |||||
Hillsborough FL Aviation Authority Tampa International Airport Customer Facility Series A | 5.00 | 10-1-2044 | 8,335,000 | 9,268,459 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2035 | 2,045,000 | 2,519,017 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2035 | 1,600,000 | 1,910,293 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2036 | 1,700,000 | 2,026,095 | |
Miami-Dade County FL Aviation Refunding Bond Series A | 4.00 | 10-1-2037 | 2,250,000 | 2,675,637 | |
18,399,501 | |||||
Health revenue: 0.51% | |||||
Florida Health System Lee Memorial Hospital Series A | 5.00 | 4-1-2036 | 4,500,000 | 5,595,784 | |
Lee Memorial Health System Series B ø | 0.19 | 4-1-2049 | 1,800,000 | 1,800,000 | |
Miami-Dade County FL Health Facilities Authority Nicklaus Children's Hospital Project | 5.00 | 8-1-2031 | 500,000 | 604,107 | |
Miami-Dade County FL Health Facilities Authority Nicklaus Children's Hospital Project | 5.00 | 8-1-2033 | 1,645,000 | 1,981,851 | |
9,981,742 | |||||
Miscellaneous revenue: 2.16% | |||||
Boynton Beach FL PFA Capital Improvement Series 2018 | 4.00 | 7-1-2030 | 2,090,000 | 2,472,453 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Boynton Beach FL PFA Capital Improvement Series 2018 | 5.00% | 7-1-2035 | $ 3,590,000 | $ 4,450,108 | |
Duval County FL School Board Certificate of Participation Series B | 5.00 | 7-1-2028 | 2,500,000 | 2,858,756 | |
Duval County FL School Board Certificate of Participation Series B | 5.00 | 7-1-2029 | 5,000,000 | 5,708,223 | |
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 3,000,000 | 3,306,318 | |
Miami-Dade County FL School Board Certificate of Participation Series D | 5.00 | 11-1-2027 | 6,600,000 | 7,397,410 | |
Monroe County FL School Board Certificate of Participation Series A | 5.00 | 6-1-2034 | 1,500,000 | 1,811,297 | |
Monroe County FL School Board Certificate of Participation Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,206,157 | |
Orange County FL School Board Certificate of Participation Series C | 5.00 | 8-1-2029 | 2,000,000 | 2,319,470 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2032 | 2,000,000 | 2,433,182 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2033 | 4,500,000 | 5,462,653 | |
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured) | 5.00 | 11-1-2034 | 600,000 | 726,572 | |
Palm Beach County FL Refunding Bond | 5.00 | 5-1-2029 | 2,000,000 | 2,368,308 | |
42,520,907 | |||||
Tax revenue: 0.43% | |||||
Miami-Dade County FL Special Obligation Series A | 5.00 | 10-1-2023 | 700,000 | 725,083 | |
Polk County FL School District | 5.00 | 10-1-2033 | 2,915,000 | 3,732,518 | |
Tampa FL Sports Authority Stadium Project | 5.00 | 1-1-2025 | 3,550,000 | 3,942,045 | |
8,399,646 | |||||
Transportation revenue: 0.49% | |||||
Florida Department of Transportation Turnpike System Series A | 5.00 | 7-1-2025 | 4,950,000 | 5,719,618 | |
Florida Mid-Bay Bridge Authority Series A | 5.00 | 10-1-2025 | 1,250,000 | 1,438,677 | |
Osceola County FL Transportation Improvement & Refunding Bond Series A-1 | 5.00 | 10-1-2034 | 375,000 | 474,832 | |
Osceola County FL Transportation Improvement & Refunding Bond Series A-1 | 5.00 | 10-1-2035 | 400,000 | 505,802 | |
Osceola County FL Transportation Improvement & Refunding Bond Series A-1 | 5.00 | 10-1-2036 | 600,000 | 756,918 | |
Osceola County FL Transportation Improvement & Refunding Bond Series A-1 | 5.00 | 10-1-2037 | 525,000 | 660,791 | |
9,556,638 | |||||
Water & sewer revenue: 1.52% | |||||
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2031 | 500,000 | 638,685 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2032 | 950,000 | 1,206,206 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2035 | 1,290,000 | 1,634,731 | |
North Sumter County FL Utility Dependent District Bond (BAM Insured) | 5.00 | 10-1-2036 | 880,000 | 1,112,690 | |
North Sumter County FL Utility Dependent District Utility Revenue Bonds Series 2021 (AGM Insured) | 5.00 | 10-1-2033 | 1,945,000 | 2,542,140 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
North Sumter County FL Utility Dependent District Utility Revenue Bonds Series 2021 (AGM Insured) | 5.00% | 10-1-2034 | $ 2,240,000 | $ 2,921,404 | |
Tohopekaliga Water Authority Florida Utility System Series 2020 144A | 5.00 | 10-1-2025 | 12,000,000 | 14,014,187 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2029 | 400,000 | 506,946 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2031 | 200,000 | 261,691 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2033 | 800,000 | 1,042,251 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2034 | 900,000 | 1,170,009 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2035 | 750,000 | 973,478 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2037 | 1,500,000 | 1,935,563 | |
29,959,981 | |||||
118,818,415 | |||||
Georgia: 2.33% | |||||
Health revenue: 0.08% | |||||
Brookhaven GA Development Authority Children's Healthcare Series A | 5.00 | 7-1-2035 | 1,300,000 | 1,657,397 | |
Industrial development revenue: 0.03% | |||||
George L. Smith II Georgia World Congress Center Authority Convention Center Series 2021A | 4.00 | 1-1-2036 | 500,000 | 577,212 | |
Utilities revenue: 2.22% | |||||
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series A | 1.50 | 1-1-2040 | 3,000,000 | 3,069,606 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E øø | 3.25 | 11-1-2045 | 6,000,000 | 6,459,226 | |
Dalton GA Utilities Bond | 4.00 | 3-1-2033 | 1,100,000 | 1,314,755 | |
Dalton GA Utilities Bond | 4.00 | 3-1-2034 | 1,200,000 | 1,431,961 | |
Georgia Municipal Electric Authority General Resolution Project Series A | 4.00 | 1-1-2036 | 1,500,000 | 1,778,866 | |
Georgia Municipal Electric Authority Project One Series A | 5.00 | 1-1-2035 | 925,000 | 1,141,900 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2032 | 525,000 | 645,070 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2034 | 930,000 | 1,140,208 | |
Georgia Municipal Electric Authority Units 3 & 4 Project Series A | 5.00 | 1-1-2035 | 600,000 | 733,595 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021A | 4.00 | 7-1-2052 | 10,000,000 | 11,557,167 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.00 | 5-15-2029 | 2,600,000 | 3,238,506 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.50% | 9-15-2022 | $ 1,000,000 | $ 1,036,256 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.82 | 4-1-2048 | 10,000,000 | 10,049,852 | |
43,596,968 | |||||
45,831,577 | |||||
Guam: 0.32% | |||||
Airport revenue: 0.09% | |||||
Guam International Airport Authority | 5.00 | 10-1-2022 | 1,000,000 | 1,034,130 | |
Guam International Airport Authority | 5.00 | 10-1-2023 | 775,000 | 818,245 | |
1,852,375 | |||||
Tax revenue: 0.09% | |||||
Guam Government Business Privilege Tax Revenue Refunding Bond Series F | 4.00 | 1-1-2036 | 1,500,000 | 1,727,656 | |
Water & sewer revenue: 0.14% | |||||
Guam Government Waterworks Authority | 5.25 | 7-1-2033 | 2,500,000 | 2,678,865 | |
6,258,896 | |||||
Hawaii: 0.07% | |||||
Airport revenue: 0.07% | |||||
Hawaii Harbor System Series C | 4.00 | 7-1-2036 | 500,000 | 603,036 | |
Hawaii Harbor System Series C | 4.00 | 7-1-2037 | 600,000 | 722,072 | |
1,325,108 | |||||
Illinois: 15.47% | |||||
Airport revenue: 1.70% | |||||
Chicago IL Midway Airport Second Lien Refunding Bond Series B | 4.00 | 1-1-2035 | 2,860,000 | 3,181,863 | |
Chicago IL O'Hare International Airport Senior Lien (AGM Insured) | 5.13 | 1-1-2030 | 2,610,000 | 2,732,692 | |
Chicago IL O'Hare International Airport Senior Lien (AGM Insured) | 5.13 | 1-1-2031 | 3,335,000 | 3,491,773 | |
Chicago IL O'Hare International Airport Senior Lien Series A | 4.00 | 1-1-2038 | 1,000,000 | 1,178,648 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2030 | 8,025,000 | 9,047,667 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2036 | 1,530,000 | 1,889,227 | |
Chicago IL O'Hare International Airport Senior Lien Series D | 5.25 | 1-1-2032 | 8,755,000 | 9,172,895 | |
Peoria IL Metropolitan Airport Authority Series D | 5.00 | 12-1-2027 | 2,250,000 | 2,702,220 | |
33,396,985 | |||||
Education revenue: 0.88% | |||||
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00 | 10-1-2026 | 450,000 | 536,181 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00% | 10-1-2031 | $ 400,000 | $ 505,217 | |
Illinois Finance Authority Academic Facilities University of Illinois at Urbana-Champaign Project Series A | 5.00 | 10-1-2039 | 700,000 | 868,898 | |
Illinois Finance Authority Bradley University Project Series C | 5.00 | 8-1-2032 | 2,500,000 | 2,947,406 | |
Illinois Finance Authority Refunding Bond Bradley University Project Series A | 4.00 | 8-1-2035 | 805,000 | 942,391 | |
Illinois Finance Authority Revenue Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2034 | 440,000 | 498,365 | |
Illinois Finance Authority Revenue Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2035 | 1,025,000 | 1,159,068 | |
Illinois Finance Authority University of Chicago Series 2021A | 5.00 | 10-1-2033 | 2,000,000 | 2,785,949 | |
Illinois Finance Authority Wesleyan University | 5.00 | 9-1-2026 | 680,000 | 804,200 | |
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured) | 5.00 | 9-1-2022 | 1,325,000 | 1,364,247 | |
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured) | 5.00 | 9-1-2024 | 1,000,000 | 1,112,747 | |
Quad Cities Illinois Regional EDA Augustana College Series 2005 (BMO Harris Bank NA LOC) ø | 0.11 | 10-1-2035 | 600,000 | 600,000 | |
Southern Illinois University Refunding Bond Housing And Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2029 | 400,000 | 470,918 | |
Southern Illinois University Refunding Bond Housing And Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2030 | 525,000 | 623,866 | |
University of Illinois Board of Trustees Auxiliary Facilities System Refunding Bonds | 4.00 | 4-1-2030 | 2,000,000 | 2,077,066 | |
17,296,519 | |||||
GO revenue: 2.58% | |||||
Bolingbrook, Will & Dupage Counties Refunding Bond Series A (AGM Insured) | 5.00 | 1-1-2023 | 85,000 | 88,925 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 3,380,000 | 3,237,276 | |
Chicago IL Board of Education Series 2021A | 5.00 | 12-1-2035 | 2,000,000 | 2,503,044 | |
Chicago IL CAB Series C ¤ | 0.00 | 1-1-2023 | 2,500,000 | 2,463,431 | |
Chicago IL Park District Series A | 5.00 | 1-1-2036 | 2,250,000 | 2,250,000 | |
Chicago IL Park District Series B (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,184,243 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2025 | 1,665,000 | 1,801,385 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2027 | 1,295,000 | 1,397,738 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2028 | 1,250,000 | 1,347,931 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2030 | 3,000,000 | 3,224,229 | |
Cook County IL Community College District #508 | 5.25 | 12-1-2031 | 3,200,000 | 3,435,728 | |
Cook County IL Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,190,754 | |
Cook County IL Series A | 5.00 | 11-15-2034 | 1,300,000 | 1,536,999 | |
Cook County IL Series B | 5.00 | 11-15-2023 | 600,000 | 651,680 | |
Cook County IL Series C | 5.00 | 11-15-2024 | 2,175,000 | 2,261,413 | |
Cook County IL Series C | 5.00 | 11-15-2025 | 2,450,000 | 2,547,247 | |
Illinois Series 2014 (AGM Insured) | 5.00 | 4-1-2026 | 5,000,000 | 5,502,080 | |
Illinois Series A | 5.00 | 4-1-2023 | 4,500,000 | 4,755,508 | |
McHenry & Kane Counties IL Community Consolidated School District #158 | 5.63 | 1-15-2031 | 2,000,000 | 2,003,361 | |
Sangamon County IL Limited Tax (BAM Insured) | 4.00 | 12-15-2036 | 450,000 | 525,327 | |
Sangamon County IL Limited Tax (BAM Insured) | 4.00 | 12-15-2040 | 300,000 | 347,300 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 4.00 | 12-1-2037 | 700,000 | 820,047 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00% | 12-1-2034 | $ 400,000 | $ 505,475 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00 | 12-1-2035 | 450,000 | 567,986 | |
Sangamon, Logan & Menard Counties IL Williamsville Community Unit School District Series B (BAM Insured) | 5.00 | 12-1-2036 | 500,000 | 630,213 | |
Stephenson County IL School District #145 Prerefunded Series 2018A (AGM Insured) | 5.00 | 2-1-2033 | 285,000 | 353,536 | |
Stephenson County IL School District #145 Unrefunded Series 2018A (AGM Insured) | 5.00 | 2-1-2033 | 1,265,000 | 1,555,673 | |
Waukegan IL Series B (AGM Insured) | 4.00 | 12-30-2024 | 1,030,000 | 1,129,440 | |
50,817,969 | |||||
Health revenue: 0.21% | |||||
Illinois Finance Authority Ann & Robert H. Laurie Children's Hospital Project of Chicago | 5.00 | 8-15-2034 | 1,000,000 | 1,219,100 | |
Illinois Finance Authority Edward Elmhurst Healthcare Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,170,014 | |
Illinois Finance Authority Health Services Facility Lease Bond | 5.00 | 10-1-2032 | 520,000 | 664,018 | |
Illinois Finance Authority Lutheran Life Communities Obligated Group Series A | 5.00 | 11-1-2035 | 900,000 | 1,011,920 | |
4,065,052 | |||||
Housing revenue: 0.22% | |||||
Northern Illinois University Auxiliary Facilities System (BAM Insured) | 4.00 | 10-1-2033 | 1,000,000 | 1,195,346 | |
Northern Illinois University Auxiliary Facilities System (BAM Insured) | 4.00 | 10-1-2036 | 1,650,000 | 1,961,480 | |
Northern Illinois University Auxiliary Facilities System (BAM Insured) | 5.00 | 10-1-2031 | 900,000 | 1,166,163 | |
4,322,989 | |||||
Miscellaneous revenue: 0.46% | |||||
Illinois Refunding Bond | 5.00 | 8-1-2024 | 1,000,000 | 1,026,704 | |
Illinois Series 2013 | 5.50 | 7-1-2026 | 2,300,000 | 2,474,636 | |
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (BAM Insured) | 5.00 | 12-1-2023 | 4,040,000 | 4,371,605 | |
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (BAM Insured) | 5.00 | 12-1-2024 | 1,000,000 | 1,121,054 | |
8,993,999 | |||||
Tax revenue: 7.08% | |||||
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2027 | 3,000,000 | 3,405,276 | |
Chicago IL Sales Tax Refunding Bond | 5.00 | 1-1-2030 | 2,075,000 | 2,355,316 | |
Chicago IL Sales Tax Securitization Bond Series A | 5.00 | 1-1-2029 | 1,000,000 | 1,259,653 | |
Chicago IL Sales Tax Securitization Bond Series C | 5.00 | 1-1-2027 | 4,370,000 | 5,243,626 | |
Chicago IL Sales Tax Securitization Bond Series C | 5.25 | 1-1-2035 | 4,700,000 | 5,933,375 | |
Cook County IL Sales Tax Bond Series 2017 | 5.00 | 11-15-2033 | 4,000,000 | 4,899,100 | |
Cook County IL Sales Tax Bond Series 2018 | 5.25 | 11-15-2035 | 2,000,000 | 2,482,334 | |
Cook County IL Sales Tax Bond Series 2021A | 5.00 | 11-15-2036 | 1,160,000 | 1,487,370 | |
Cook County IL Sales Tax Bond Series 2021A | 5.00 | 11-15-2037 | 1,625,000 | 2,075,946 | |
Illinois Regional Transportation Authority (NPFGC Insured) | 6.50 | 7-1-2026 | 8,615,000 | 10,245,678 | |
Illinois Sales Tax Build IL-Junior Obligation | 5.00 | 6-15-2025 | 6,000,000 | 6,379,816 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Illinois Sales Tax Build Illinois Junior Obligation | 5.00% | 6-15-2023 | $16,150,000 | $ 17,196,596 | |
Illinois Series A | 5.00 | 1-1-2027 | 10,625,000 | 10,662,341 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported | 5.00 | 6-15-2028 | 1,000,000 | 1,207,161 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 2,500,000 | 2,724,419 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2030 | 4,000,000 | 4,363,821 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2032 | 3,000,000 | 3,263,022 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2029 | 35,200,000 | 30,374,919 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 12,800,000 | 10,724,876 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 10,000,000 | 8,751,752 | |
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 1,945,000 | 1,986,084 | |
Southwestern Illinois Development Authority Local Government Program Collinsville Limited | 5.00 | 3-1-2025 | 2,750,000 | 2,143,200 | |
139,165,681 | |||||
Tobacco revenue: 0.17% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,316,693 | |
Transportation revenue: 0.17% | |||||
Illinois Toll Highway Authority Senior Bond Class A | 5.00 | 1-1-2037 | 1,250,000 | 1,613,638 | |
Illinois Toll Highway Authority Senior Bond Class A | 5.00 | 1-1-2038 | 1,355,000 | 1,744,793 | |
3,358,431 | |||||
Water & sewer revenue: 2.00% | |||||
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2023 | 1,515,000 | 1,572,156 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2025 | 620,000 | 642,369 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2026 | 2,000,000 | 2,072,847 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2028 | 3,000,000 | 3,103,612 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2029 | 1,490,000 | 1,541,717 | |
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2033 | 1,000,000 | 1,110,011 | |
Chicago IL Refunding Bond Second Lien Project (AGM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,477,511 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2023 | 2,335,000 | 2,343,197 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2024 | 2,000,000 | 2,007,294 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2027 | 2,865,000 | 3,109,178 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2028 | 3,500,000 | 3,512,582 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2029 | 4,700,000 | 4,716,535 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2032 | 1,000,000 | 1,079,629 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2033 | 1,000,000 | 1,079,423 | |
Chicago IL Waste Water Transmission Second Lien | 5.00 | 1-1-2034 | 1,000,000 | 1,079,216 | |
Illinois Finance Authority Clean Water Initiative Revolving Fund Bond | 5.25 | 7-1-2035 | 3,000,000 | 3,895,916 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2029 | 525,000 | 608,880 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2030 | 600,000 | 703,279 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2031 | 625,000 | 740,971 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00% | 1-1-2033 | $ 500,000 | $ 589,587 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2036 | 570,000 | 667,695 | |
Sangamon IL Water Commission Refunding Bond (AGM Insured) | 4.00 | 1-1-2037 | 525,000 | 613,587 | |
39,267,192 | |||||
304,001,510 | |||||
Indiana: 1.32% | |||||
Airport revenue: 0.08% | |||||
Indianapolis IN Local Public Improvement Bond Bank Series I | 5.00 | 1-1-2033 | 1,120,000 | 1,426,779 | |
Health revenue: 0.12% | |||||
Knox County IN EDA Series A | 5.00 | 4-1-2022 | 925,000 | 935,307 | |
Knox County IN EDA Series A | 5.00 | 4-1-2023 | 665,000 | 672,410 | |
Knox County IN EDA Series A | 5.00 | 4-1-2026 | 750,000 | 758,357 | |
2,366,074 | |||||
Industrial development revenue: 0.15% | |||||
Indiana Finance Authority PCR Bonds Series 2010B | 2.50 | 11-1-2030 | 2,925,000 | 2,983,675 | |
Miscellaneous revenue: 0.78% | |||||
Dubois IN Greater Jasper School Building Corporation First Mortgage Bond | 5.00 | 7-15-2029 | 1,625,000 | 2,032,886 | |
Indiana Finance Authority Stadium Project Series A | 5.25 | 2-1-2028 | 2,000,000 | 2,315,067 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2027 | 760,000 | 894,801 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2028 | 1,000,000 | 1,177,370 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2029 | 735,000 | 865,367 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2030 | 1,375,000 | 1,618,883 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2031 | 1,000,000 | 1,177,370 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2033 | 1,545,000 | 1,819,036 | |
Indianapolis IN Local Public Improvement Bond Bank Series E | 5.00 | 1-1-2034 | 2,000,000 | 2,354,739 | |
North West Hendricks IN Multi-School Building Corporation Ad Valorem Mortgage Bond | 4.00 | 7-15-2031 | 900,000 | 1,058,250 | |
15,313,769 | |||||
Water & sewer revenue: 0.19% | |||||
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A | 5.00 | 10-1-2030 | 2,315,000 | 2,598,837 | |
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A | 5.00 | 10-1-2031 | 1,035,000 | 1,161,890 | |
3,760,727 | |||||
25,851,024 |
Interest rate | Maturity date | Principal | Value | ||
Iowa: 0.32% | |||||
GO revenue: 0.14% | |||||
Altoona IA Annual Appropriation Urban Renewal Refunding Bond | 5.00% | 6-1-2027 | $ 2,310,000 | $ 2,722,839 | |
Utilities revenue: 0.18% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00 | 9-1-2049 | 3,000,000 | 3,506,217 | |
6,229,056 | |||||
Kansas: 0.30% | |||||
Miscellaneous revenue: 0.14% | |||||
Kansas Development Finance Authority Agro-Defense Facility Series G | 5.00 | 4-1-2030 | 2,650,000 | 2,800,602 | |
Tax revenue: 0.06% | |||||
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 3,350,000 | 1,138,822 | |
Utilities revenue: 0.10% | |||||
Burlington KS Environmental Impact Series A ø | 0.19 | 9-1-2035 | 2,000,000 | 2,000,000 | |
5,939,424 | |||||
Kentucky: 2.47% | |||||
Education revenue: 0.09% | |||||
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2030 | 170,000 | 204,672 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2031 | 260,000 | 317,399 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2032 | 230,000 | 278,386 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2033 | 180,000 | 217,089 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2035 | 460,000 | 551,765 | |
Kentucky Bond Development Corporation Educational Facilities Danville Centre College | 4.00 | 6-1-2036 | 235,000 | 281,224 | |
1,850,535 | |||||
Transportation revenue: 0.28% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2022 | 4,320,000 | 4,308,272 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,167,729 | |
5,476,001 | |||||
Utilities revenue: 2.10% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 | 4.00 | 12-1-2049 | 16,255,000 | 17,819,791 | |
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 13,000,000 | 14,165,737 | |
Kentucky Public Energy Authority Gas Supply Series C-1 | 4.00 | 2-1-2050 | 8,000,000 | 9,263,613 | |
41,249,141 | |||||
48,575,677 |
Interest rate | Maturity date | Principal | Value | ||
Louisiana: 2.27% | |||||
Airport revenue: 0.17% | |||||
New Orleans LA Aviation Board Consolidated Rental Car Project (AGM Insured) | 5.00% | 1-1-2035 | $ 2,000,000 | $ 2,427,811 | |
New Orleans LA Aviation Board North Terminal Project Series A | 5.00 | 1-1-2033 | 750,000 | 894,112 | |
3,321,923 | |||||
Education revenue: 0.31% | |||||
Louisiana Public Facilities Authority Loyola University Project CAB ¤ | 0.00 | 10-1-2027 | 3,380,000 | 3,519,813 | |
Louisiana Public Facilities Authority Loyola University Project CAB ¤ | 0.00 | 10-1-2028 | 2,500,000 | 2,637,411 | |
6,157,224 | |||||
Miscellaneous revenue: 0.93% | |||||
Lafayette LA Communications System (AGM Insured) | 5.00 | 11-1-2025 | 1,500,000 | 1,745,599 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project † | 5.00 | 7-1-2024 | 1,000,000 | 960,000 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project † | 5.00 | 7-1-2025 | 600,000 | 576,000 | |
Louisiana Public Facilities Authority Archdiocese of New Orleans Project † | 5.00 | 7-1-2026 | 500,000 | 480,000 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2026 | 2,000,000 | 2,319,583 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2027 | 2,700,000 | 3,143,070 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2028 | 2,405,000 | 2,799,661 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2029 | 2,695,000 | 3,137,250 | |
Louisiana Unclaimed Property Special Bond 1-49 South Project | 5.00 | 9-1-2030 | 2,700,000 | 3,143,070 | |
18,304,233 | |||||
Tax revenue: 0.30% | |||||
Jefferson LA Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2031 | 1,000,000 | 1,232,830 | |
Jefferson LA Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2032 | 1,000,000 | 1,231,661 | |
St. Bernard Parish LA Sales Tax Refunding Bond | 4.00 | 3-1-2023 | 3,405,000 | 3,531,479 | |
5,995,970 | |||||
Transportation revenue: 0.18% | |||||
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2031 | 1,000,000 | 1,160,115 | |
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2032 | 1,000,000 | 1,160,548 | |
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured) | 5.00 | 11-1-2033 | 1,000,000 | 1,161,271 | |
3,481,934 | |||||
Water & sewer revenue: 0.38% | |||||
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00 | 9-1-2030 | 500,000 | 600,679 | |
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00 | 9-1-2031 | 600,000 | 717,781 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Greater Ouachita LA Waterworks and Sewer System Refunding Bond (BAM Insured) | 4.00% | 9-1-2032 | $ 655,000 | $ 781,880 | |
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Series A | 5.00 | 2-1-2030 | 1,000,000 | 1,096,900 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2035 | 400,000 | 471,560 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2036 | 325,000 | 382,334 | |
New Orleans LA Sewerage Service Series B (AGM Insured) | 4.00 | 6-1-2037 | 335,000 | 393,253 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2032 | 1,000,000 | 1,286,971 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2033 | 695,000 | 893,517 | |
New Orleans LA Sewerage Service Series B | 5.00 | 6-1-2034 | 600,000 | 769,490 | |
7,394,365 | |||||
44,655,649 | |||||
Maine: 0.50% | |||||
Education revenue: 0.31% | |||||
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2029 | 1,015,000 | 1,222,206 | |
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2030 | 1,200,000 | 1,440,646 | |
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2032 | 1,415,000 | 1,694,409 | |
Maine Health and HEFAR University of New England Series A | 5.00 | 7-1-2033 | 1,485,000 | 1,776,127 | |
6,133,388 | |||||
Health revenue: 0.19% | |||||
Maine Health and HEFAR Series A | 4.00 | 7-1-2036 | 800,000 | 948,683 | |
Maine Health and HEFAR Series A | 4.00 | 7-1-2037 | 1,150,000 | 1,360,777 | |
Maine Health and HEFAR Series A | 5.00 | 7-1-2035 | 1,000,000 | 1,285,602 | |
3,595,062 | |||||
9,728,450 | |||||
Maryland: 0.83% | |||||
Education revenue: 0.26% | |||||
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2027 | 500,000 | 508,332 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2035 | 470,000 | 552,589 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2037 | 450,000 | 527,024 | |
Maryland HEFAR Stevenson University Series 2021A | 4.00 | 6-1-2039 | 500,000 | 583,740 | |
Westminster MD Educational Facilities McDaniel College | 5.00 | 11-1-2026 | 2,450,000 | 2,923,550 | |
5,095,235 | |||||
Miscellaneous revenue: 0.46% | |||||
Baltimore MD Public Schools Construction & Revitalization Program | 5.00 | 5-1-2041 | 5,000,000 | 5,951,401 | |
Prince Georges County MD Upper Marlboro Courthouse Project Series A | 5.00 | 5-1-2028 | 1,215,000 | 1,526,621 | |
Prince Georges County MD Upper Marlboro Courthouse Project Series A | 5.00 | 5-1-2029 | 1,275,000 | 1,592,619 | |
9,070,641 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.08% | |||||
Howard County MD Downtown Columbia Project Series A 144A | 4.00% | 2-15-2028 | $ 480,000 | $ 512,705 | |
Howard County MD Downtown Columbia Project Series A 144A | 4.13 | 2-15-2034 | 1,000,000 | 1,053,513 | |
1,566,218 | |||||
Water & sewer revenue: 0.03% | |||||
Baltimore MD Mayor and City Council Project Series A | 5.00 | 7-1-2035 | 500,000 | 649,297 | |
16,381,391 | |||||
Massachusetts: 0.58% | |||||
GO revenue: 0.36% | |||||
Boston MA Series A | 4.00 | 4-1-2031 | 1,500,000 | 1,742,501 | |
Massachusetts Series B | 5.00 | 7-1-2035 | 1,500,000 | 1,892,849 | |
Massachusetts Series B | 5.00 | 7-1-2036 | 2,700,000 | 3,401,401 | |
7,036,751 | |||||
Health revenue: 0.06% | |||||
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2033 | 525,000 | 677,690 | |
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2034 | 500,000 | 644,148 | |
1,321,838 | |||||
Miscellaneous revenue: 0.16% | |||||
Massachusetts Consolidated Loan Series I | 5.00 | 12-1-2030 | 2,570,000 | 3,094,846 | |
11,453,435 | |||||
Michigan: 2.57% | |||||
Airport revenue: 0.09% | |||||
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A | 5.00 | 12-1-2032 | 800,000 | 971,480 | |
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A | 5.00 | 12-1-2034 | 600,000 | 734,361 | |
1,705,841 | |||||
Education revenue: 0.34% | |||||
Flint MI International Academy Public School | 5.38 | 10-1-2022 | 505,000 | 506,128 | |
Flint MI International Academy Public School | 5.50 | 10-1-2027 | 1,985,000 | 1,988,492 | |
Michigan State University Board of Trustees | 5.00 | 2-15-2036 | 1,325,000 | 1,657,494 | |
Western Michigan University Board of Trustees | 5.25 | 11-15-2027 | 600,000 | 655,350 | |
Western Michigan University Board of Trustees | 5.25 | 11-15-2029 | 1,000,000 | 1,092,251 | |
Western Michigan University Board of Trustees (AGM Insured) | 5.25 | 11-15-2033 | 750,000 | 819,188 | |
6,718,903 | |||||
GO revenue: 0.32% | |||||
Kent County MI Limited Tax Capital Improvement Bond | 5.00 | 6-1-2030 | 1,040,000 | 1,237,698 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Pinckney MI Community School District (Qualified School Board Loan Fund Insured) | 5.00% | 5-1-2025 | $ 2,040,000 | $ 2,260,842 | |
Pinckney MI Community School District (Qualified School Board Loan Fund Insured) | 5.00 | 5-1-2026 | 2,505,000 | 2,774,326 | |
6,272,866 | |||||
Health revenue: 0.25% | |||||
Michigan Finance Authority Sparrow Obligated Group | 5.00 | 11-15-2023 | 400,000 | 416,139 | |
Michigan Finance Authority Sparrow Obligated Group | 5.00 | 11-15-2026 | 800,000 | 831,902 | |
Michigan Finance Authority Trinity Health Credit Group Series MI-2 | 4.00 | 12-1-2035 | 3,000,000 | 3,565,887 | |
4,813,928 | |||||
Miscellaneous revenue: 0.37% | |||||
Michigan Finance Authority Local Government Loan Program Series F | 4.00 | 10-1-2024 | 3,000,000 | 3,187,522 | |
Michigan Strategic Fund Limited Obligation Cadillac Place Office Building Project | 5.25 | 10-15-2025 | 4,165,000 | 4,180,849 | |
7,368,371 | |||||
Water & sewer revenue: 1.20% | |||||
Great Lakes MI Water Authority Sewage Disposal System Series C | 5.00 | 7-1-2030 | 3,350,000 | 3,974,293 | |
Michigan Finance Authority Local Government Loan Program Series D (NPFGC Insured) | 5.00 | 7-1-2025 | 1,000,000 | 1,115,615 | |
Michigan Finance Authority Local Government Loan Program Series D | 5.00 | 7-1-2030 | 12,000,000 | 13,308,121 | |
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured) | 5.00 | 7-1-2035 | 2,750,000 | 3,041,106 | |
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured) | 5.00 | 7-1-2037 | 2,000,000 | 2,208,045 | |
23,647,180 | |||||
50,527,089 | |||||
Mississippi: 0.89% | |||||
Health revenue: 0.19% | |||||
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2037 | 1,000,000 | 1,246,997 | |
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2038 | 1,000,000 | 1,245,068 | |
Mississippi Hospital Equipment & Facilities Authority North Mississippi Health Services Series IV | 5.00 | 10-1-2039 | 1,000,000 | 1,242,925 | |
3,734,990 | |||||
Water & sewer revenue: 0.70% | |||||
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project (AGM Insured) | 6.00 | 12-1-2023 | 1,145,000 | 1,257,892 | |
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 9,150,000 | 9,405,669 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2026 | 525,000 | 595,688 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2027 | 435,000 | 493,570 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00% | 1-1-2034 | $ 750,000 | $ 850,983 | |
West Rankin MS Utility Authority Series 2018 (AGM Insured) | 5.00 | 1-1-2035 | 1,000,000 | 1,134,644 | |
13,738,446 | |||||
17,473,436 | |||||
Missouri: 0.60% | |||||
Education revenue: 0.15% | |||||
Missouri HEFA Webster University Project | 5.00 | 4-1-2027 | 2,450,000 | 2,877,946 | |
Health revenue: 0.13% | |||||
Missouri State HEFAR Barnes-Jewish Christian Health System Series C | 5.00 | 5-1-2052 | 2,000,000 | 2,487,847 | |
Miscellaneous revenue: 0.32% | |||||
Kansas City MO Municipal Assistance Corporation CAB Series B-1 (Ambac Insured) ¤ | 0.00 | 4-15-2022 | 3,640,000 | 3,638,343 | |
Poplar Bluff MO School District (AGM Insured) | 5.00 | 3-1-2032 | 1,500,000 | 1,634,947 | |
Poplar Bluff MO School District (AGM Insured) | 5.00 | 3-1-2034 | 1,000,000 | 1,090,221 | |
6,363,511 | |||||
11,729,304 | |||||
Nebraska: 0.25% | |||||
Health revenue: 0.07% | |||||
Douglas County NE Hospital Authority Children's Hospital Obligated Group Series A | 4.00 | 11-15-2038 | 1,200,000 | 1,426,323 | |
Utilities revenue: 0.18% | |||||
Central Plains Energy Project Nebraska Refunding Bond Gas Project #3 Series 2012 | 5.00 | 9-1-2027 | 1,290,000 | 1,329,604 | |
Nebraska Central Plains Energy Gas Project #4 | 5.00 | 3-1-2050 | 2,000,000 | 2,155,059 | |
3,484,663 | |||||
4,910,986 | |||||
Nevada: 1.41% | |||||
GO revenue: 1.40% | |||||
Clark County NV Refunding Bond | 5.00 | 6-1-2030 | 3,955,000 | 4,816,508 | |
Clark County NV Refunding Bond Series B | 5.00 | 11-1-2028 | 5,000,000 | 6,008,378 | |
Clark County NV School District Building Bond Series A (AGM Insured) | 4.00 | 6-15-2034 | 6,790,000 | 7,783,975 | |
Clark County NV Stadium Improvement Bond Series A | 5.00 | 6-1-2032 | 1,615,000 | 1,996,449 | |
Clark County NV Water Reclamation District | 5.00 | 7-1-2027 | 4,155,000 | 4,790,074 | |
Las Vegas NV Series A | 5.00 | 5-1-2031 | 1,985,000 | 2,182,822 | |
27,578,206 | |||||
Miscellaneous revenue: 0.01% | |||||
Las Vegas NV Special Improvement District #607 | 4.25 | 6-1-2024 | 200,000 | 213,866 | |
27,792,072 |
Interest rate | Maturity date | Principal | Value | ||
New Hampshire: 0.17% | |||||
Housing revenue: 0.17% | |||||
New Hampshire HFA | 4.80% | 7-1-2028 | $ 375,000 | $ 375,868 | |
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 2,433,904 | 2,897,596 | |
3,273,464 | |||||
New Jersey: 2.98% | |||||
Airport revenue: 0.25% | |||||
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S | 5.00 | 1-1-2028 | 2,130,000 | 2,465,232 | |
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S | 5.00 | 1-1-2029 | 2,200,000 | 2,536,011 | |
5,001,243 | |||||
GO revenue: 0.27% | |||||
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2024 | 1,775,000 | 2,004,127 | |
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2025 | 1,860,000 | 2,173,540 | |
Trenton City NJ (BAM Insured) | 5.00 | 12-1-2026 | 1,000,000 | 1,171,532 | |
5,349,199 | |||||
Miscellaneous revenue: 1.09% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13 | 7-1-2029 | 445,000 | 450,581 | |
New Jersey EDA Motor Vehicle Surcharges Series A | 5.00 | 7-1-2033 | 2,500,000 | 2,958,130 | |
New Jersey EDA School Facilities Construction Refunding Bond Series NN | 5.00 | 3-1-2026 | 9,830,000 | 10,340,111 | |
New Jersey Educational Facilities Authority | 5.00 | 6-15-2026 | 3,015,000 | 3,336,009 | |
New Jersey Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2538 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.13 | 6-15-2040 | 2,810,000 | 2,810,000 | |
North Hudson NJ Sewerage Authority Gross Revenue Senior Lien Lease Certificates Series 2021 (AGM Insured) | 5.00 | 6-1-2038 | 1,000,000 | 1,442,461 | |
21,337,292 | |||||
Tax revenue: 0.85% | |||||
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 2,320,000 | 2,768,336 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 6,096,292 | |
New Jersey TTFA Transportation System Series AA | 4.00 | 6-15-2038 | 1,000,000 | 1,165,495 | |
New Jersey TTFA Transportation System Series AA | 5.00 | 6-15-2036 | 2,000,000 | 2,546,201 | |
New Jersey TTFA Transportation System Series AA | 5.00 | 6-15-2038 | 3,250,000 | 4,108,211 | |
16,684,535 | |||||
Transportation revenue: 0.52% | |||||
New Jersey TTFA CAB Transportation System Series A ¤ | 0.00 | 12-15-2030 | 2,000,000 | 1,693,677 | |
New Jersey TTFA CAB Transportation System Series C (Ambac Insured) ¤ | 0.00 | 12-15-2026 | 3,500,000 | 3,297,051 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
New Jersey TTFA Transportation System Series A | 5.00% | 12-15-2036 | $ 2,000,000 | $ 2,447,717 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 2,500,000 | 2,835,395 | |
10,273,840 | |||||
58,646,109 | |||||
New Mexico: 1.01% | |||||
GO revenue: 0.14% | |||||
Albuquerque NM Municipal School District #12 Bernalillo & Sandoval Counties | 5.00 | 8-1-2026 | 1,205,000 | 1,440,897 | |
Albuquerque NM Municipal School District #12 Bernalillo & Sandoval Counties | 5.00 | 8-1-2034 | 1,150,000 | 1,424,000 | |
2,864,897 | |||||
Miscellaneous revenue: 0.59% | |||||
Clayton NM Jail Project Improvement & Refunding Bond (NPFGC Insured) | 5.00 | 11-1-2028 | 9,265,000 | 10,469,422 | |
Clayton NM Jail Project Improvement & Refunding Bond (NPFGC Insured) | 5.00 | 11-1-2029 | 1,000,000 | 1,126,830 | |
11,596,252 | |||||
Utilities revenue: 0.28% | |||||
Farmington NM PCR | 1.80 | 4-1-2029 | 2,540,000 | 2,570,186 | |
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue Refunding & Acquisition Bond Subordinated Series A (Royal Bank of Canada LIQ) øø | 5.00 | 11-1-2039 | 2,570,000 | 2,916,887 | |
5,487,073 | |||||
19,948,222 | |||||
New York: 11.17% | |||||
Airport revenue: 0.26% | |||||
New York & New Jersey Port Authority | 4.00 | 7-15-2036 | 1,000,000 | 1,200,733 | |
New York & New Jersey Port Authority | 4.00 | 7-15-2037 | 3,250,000 | 3,891,004 | |
5,091,737 | |||||
Education revenue: 1.27% | |||||
Albany NY IDA Foundation State University Project Series A ø | 0.21 | 7-1-2032 | 2,265,000 | 2,265,000 | |
Dutchess County NY Local Development Corporation The Culinary Institute of America Project Series A-1 | 5.00 | 7-1-2027 | 335,000 | 390,495 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 5,500,000 | 5,703,814 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.53 | 2-1-2040 | 2,725,000 | 3,154,701 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.89 | 2-1-2032 | 2,745,000 | 3,136,635 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 1,750,000 | 2,001,740 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series B | 5.57 | 2-1-2041 | 4,140,000 | 4,794,948 | |
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured) | 5.00 | 1-15-2023 | 645,000 | 676,400 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured) | 5.00% | 1-15-2024 | $ 905,000 | $ 989,151 | |
Westchester County NY Local Development Pace University Series B ø | 0.35 | 5-1-2044 | 1,910,000 | 1,910,000 | |
25,022,884 | |||||
GO revenue: 0.73% | |||||
Hempstead NY Public Improvement Series A | 4.00 | 6-15-2028 | 5,000,000 | 5,724,481 | |
New York Fiscal Subordinate Bond Series 2017A-6 (JPMorgan Chase & Company SPA) ø | 0.08 | 8-1-2044 | 480,000 | 480,000 | |
New York NY Series B | 5.00 | 12-1-2032 | 2,000,000 | 2,403,865 | |
New York NY Series C | 5.00 | 8-1-2031 | 5,000,000 | 5,663,077 | |
14,271,423 | |||||
Health revenue: 0.06% | |||||
New York NY Subordinated Bond (TD Bank NA LOC) ø | 0.08 | 2-15-2031 | 1,200,000 | 1,200,000 | |
Industrial development revenue: 0.23% | |||||
Monroe County NY IDAG Continuing Development Services Project (Citizens Bank LOC) ø | 0.24 | 7-1-2027 | 705,000 | 705,000 | |
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.80 | 9-15-2069 | 1,000,000 | 1,035,105 | |
New York NY Transportation Development John F. Kennedy International Airport Project Series C | 5.00 | 12-1-2029 | 1,160,000 | 1,465,704 | |
New York NY Transportation Development John F. Kennedy International Airport Project Series C | 5.00 | 12-1-2030 | 1,000,000 | 1,287,564 | |
4,493,373 | |||||
Miscellaneous revenue: 0.28% | |||||
New York Dormitory Authority Series D | 5.00 | 10-1-2031 | 2,005,000 | 2,462,361 | |
New York NY Transitional Finance Authority Building Aid Bond Series S-1 | 5.00 | 7-15-2032 | 2,530,000 | 3,079,911 | |
5,542,272 | |||||
Tax revenue: 4.11% | |||||
New York Convention Center Development Corporation | 5.00 | 11-15-2028 | 8,000,000 | 9,271,679 | |
New York Dormitory Authority Series A | 5.00 | 3-15-2028 | 5,000,000 | 5,695,427 | |
New York Dormitory Authority Series A | 5.00 | 2-15-2031 | 3,000,000 | 3,568,945 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2037 | 5,000,000 | 5,915,737 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2039 | 5,000,000 | 5,895,118 | |
New York Dormitory Authority Series E | 5.00 | 3-15-2035 | 15,000,000 | 18,763,170 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2024 | 6,010,000 | 6,254,484 | |
New York NY Transitional Finance Authority Series B | 5.00 | 8-1-2027 | 1,145,000 | 1,277,172 | |
New York NY Transitional Finance Authority Series C | 5.00 | 11-1-2027 | 5,000,000 | 5,734,809 | |
New York NY Transitional Finance Authority Subordinate Bond Series B-1 | 5.00 | 11-1-2028 | 1,000,000 | 1,165,384 | |
New York Urban Development Corporation Personal Income Tax Series A | 5.00 | 3-15-2031 | 3,815,000 | 4,189,498 | |
New York Urban Development Corporation Personal Income Tax Series A | 5.00 | 3-15-2032 | 5,000,000 | 5,872,128 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
New York Urban Development Corporation Personal Income Tax Series C | 4.00% | 3-15-2037 | $ 3,000,000 | $ 3,591,670 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1109 (Deutsche Bank LIQ) 144Aø | 0.16 | 3-15-2048 | 3,630,000 | 3,630,000 | |
80,825,221 | |||||
Transportation revenue: 3.66% | |||||
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2030 | 4,010,000 | 4,159,328 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2027 | 2,000,000 | 2,128,909 | |
New York Metropolitan Transportation Authority Refunding Bond Series B | 5.00 | 11-15-2033 | 2,175,000 | 2,532,418 | |
New York Metropolitan Transportation Authority Refunding Bond Series D | 5.00 | 11-15-2028 | 2,450,000 | 2,543,409 | |
New York Metropolitan Transportation Authority Refunding Bond Series D | 5.00 | 11-15-2031 | 3,415,000 | 3,982,969 | |
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 9-1-2022 | 4,000,000 | 4,124,320 | |
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 11-15-2030 | 2,010,000 | 2,300,550 | |
New York Metropolitan Transportation Authority Refunding Bond Subordinated Series C | 5.25 | 11-15-2031 | 11,540,000 | 13,304,218 | |
New York Metropolitan Transportation Authority Refunding Green Bonds and Climate Bond | 5.00 | 11-15-2027 | 12,640,000 | 15,176,256 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Bank of Montreal LOC) ø | 0.14 | 11-15-2041 | 2,000,000 | 2,000,000 | |
Triborough Bridge & Tunnel Authority New York Revenues Refunding Bond Series B | 5.00 | 11-15-2030 | 6,030,000 | 7,986,405 | |
Triborough Bridge & Tunnel Authority New York Revenues Refunding Bond Series C | 5.00 | 11-15-2034 | 4,165,000 | 5,237,137 | |
Triborough Bridge & Tunnel Authority New York Revenues Refunding Bond Series C | 5.00 | 11-15-2035 | 5,015,000 | 6,287,833 | |
Triborough Bridge & Tunnel Authority New York Revenues Various Refunding Bond Subordinated Series B-2 (State Street Bank & Trust Company LOC) ø | 0.12 | 1-1-2032 | 150,000 | 150,000 | |
71,913,752 | |||||
Utilities revenue: 0.22% | |||||
Long Island Power Authority Electric System Revenue General Series B øø | 1.50 | 9-1-2051 | 3,000,000 | 3,074,015 | |
New York Utility Debt Securitization Authority | 5.00 | 12-15-2032 | 1,250,000 | 1,359,909 | |
4,433,924 | |||||
Water & sewer revenue: 0.35% | |||||
New York NY Municipal Water Finance Authority Series GG | 5.00 | 6-15-2029 | 1,295,000 | 1,489,691 | |
New York NY Municipal Water Finance Authority Series HH | 5.00 | 6-15-2037 | 4,000,000 | 4,577,736 | |
Western Nassau NY Water Authority Series A | 5.00 | 4-1-2027 | 385,000 | 438,823 | |
Western Nassau NY Water Authority Series A | 5.00 | 4-1-2028 | 300,000 | 341,317 | |
6,847,567 | |||||
219,642,153 |
Interest rate | Maturity date | Principal | Value | ||
North Carolina: 0.19% | |||||
Miscellaneous revenue: 0.19% | |||||
North Carolina Grant Anticipation Vehicle Bond | 5.00% | 3-1-2029 | $ 2,470,000 | $ 2,794,866 | |
Onslow County NC Limited Obligation Series A | 4.00 | 6-1-2022 | 90,000 | 91,420 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XG0331 (Deutsche Bank LIQ) 144Aø | 0.16 | 6-1-2048 | 912,500 | 912,500 | |
3,798,786 | |||||
Ohio: 1.71% | |||||
Education revenue: 0.07% | |||||
Ohio HEFAR Xavier University Project | 5.00 | 5-1-2029 | 1,080,000 | 1,364,825 | |
GO revenue: 0.11% | |||||
Columbus OH Various Purposes Series 2 | 5.00 | 7-1-2026 | 1,775,000 | 2,121,402 | |
Health revenue: 0.20% | |||||
Hamilton OH Hospital Facilities UC Health | 5.00 | 9-15-2035 | 1,100,000 | 1,388,960 | |
Ohio State Hospital Series 2021B ø | 0.15 | 1-15-2049 | 2,500,000 | 2,500,000 | |
3,888,960 | |||||
Miscellaneous revenue: 0.57% | |||||
Cincinnati OH City School District Improvement Project Certificate of Participation | 5.00 | 12-15-2024 | 4,815,000 | 5,444,282 | |
Cincinnati OH City School District Improvement Project Certificate of Participation | 5.00 | 12-15-2025 | 2,095,000 | 2,378,275 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2025 | 500,000 | 583,230 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2026 | 600,000 | 698,360 | |
Clermont County OH Port Authority West Clermont Local School District Project (BAM Insured) | 5.00 | 12-1-2028 | 1,250,000 | 1,448,103 | |
RiverSouth OH Lazarus Building Redevelopment Series A | 5.75 | 12-1-2027 | 625,000 | 625,974 | |
11,178,224 | |||||
Tax revenue: 0.16% | |||||
Cleveland OH Subordinate Lien Income Tax Refunding Bond Series B-1 | 5.00 | 10-1-2030 | 2,500,000 | 3,096,417 | |
Tobacco revenue: 0.12% | |||||
Buckeye Tobacco Settlement Financing Authority Refunding Bond | 4.00 | 6-1-2038 | 2,100,000 | 2,449,337 | |
Transportation revenue: 0.05% | |||||
Ohio Turnpike Commission Junior Lien Infrastructure Projects Series A-1 | 5.25 | 2-15-2029 | 1,000,000 | 1,054,571 | |
Utilities revenue: 0.37% | |||||
Cleveland OH Public Power System Refunding Bond (AGM Insured) | 5.00 | 11-15-2033 | 625,000 | 763,712 | |
Hamilton OH Electric System Improvement & Refunding Bond (BAM Insured) | 4.00 | 10-1-2034 | 710,000 | 832,311 | |
Hamilton OH Electric System Improvement & Refunding Bond (BAM Insured) | 4.00 | 10-1-2035 | 1,000,000 | 1,170,719 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00% | 8-1-2049 | $ 3,000,000 | $ 3,376,865 | |
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A øø | 3.25 | 9-1-2029 | 1,000,000 | 1,082,305 | |
7,225,912 | |||||
Water & sewer revenue: 0.06% | |||||
Ohio Water Development Authority Pollution Control Series A | 5.00 | 12-1-2031 | 1,000,000 | 1,217,749 | |
33,597,397 | |||||
Oklahoma: 2.53% | |||||
Education revenue: 0.05% | |||||
Oklahoma Agricultural and Mechanical Colleges Refunding Bond Series A | 4.00 | 9-1-2036 | 750,000 | 904,006 | |
Miscellaneous revenue: 2.19% | |||||
Cache OK Educational Facilities Authority Cache Public Schools Project Series A | 5.00 | 9-1-2025 | 3,055,000 | 3,513,049 | |
Canadian County OK Education Facilities Authority Mustang Public Schools Project | 5.00 | 9-1-2027 | 2,000,000 | 2,389,196 | |
Canadian County OK Education Facilities Authority Mustang Public Schools Project | 5.00 | 9-1-2028 | 2,180,000 | 2,600,767 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2026 | 1,000,000 | 1,197,132 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2027 | 1,000,000 | 1,196,191 | |
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project | 5.00 | 12-1-2028 | 1,285,000 | 1,533,382 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2027 | 700,000 | 847,985 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2028 | 400,000 | 487,473 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2029 | 250,000 | 303,624 | |
Cleveland County OK Educational Facilities Authority Noble Public Schools Project | 5.00 | 9-1-2031 | 675,000 | 815,368 | |
Comanche County OK Educational Facilities Authority Elgin Public Schools Project Series A | 5.00 | 12-1-2032 | 1,600,000 | 1,943,978 | |
Cushing OK Educational Facilities Authority | 5.00 | 9-1-2022 | 2,210,000 | 2,277,550 | |
Dewey County OK Educational Facilities Authority Seiling Public Schools Project | 5.00 | 9-1-2026 | 1,230,000 | 1,462,693 | |
Dewey County OK Educational Facilities Authority Seiling Public Schools Project | 5.00 | 9-1-2027 | 1,240,000 | 1,471,284 | |
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project | 5.00 | 9-1-2026 | 1,000,000 | 1,151,931 | |
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project | 5.00 | 9-1-2027 | 1,245,000 | 1,431,094 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2023 | 1,000,000 | 1,075,892 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2025 | 500,000 | 576,140 | |
Grady County OK Educational Facilities Tuttle Public Schools Project | 5.00 | 9-1-2028 | 1,160,000 | 1,330,616 | |
Muskogee OK Industrial Trust Educational Facilities | 4.00 | 9-1-2029 | 3,000,000 | 3,502,479 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Muskogee OK Industrial Trust Educational Facilities | 5.00% | 9-1-2022 | $ 1,000,000 | $ 1,028,474 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2032 | 3,000,000 | 3,465,276 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2030 | 500,000 | 635,178 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2031 | 520,000 | 658,492 | |
Oklahoma Development Finance Authority State System of Higher Education Series B | 5.00 | 6-1-2032 | 550,000 | 695,308 | |
Pontotoc County OK Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2032 | 450,000 | 536,480 | |
Pontotoc County OK Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2033 | 800,000 | 951,146 | |
Pontotoc County OK Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2034 | 625,000 | 740,884 | |
Pontotoc County OK Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2035 | 810,000 | 957,791 | |
Pontotoc County OK Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2036 | 1,000,000 | 1,179,089 | |
Tulsa County OK Industrial Authority Educational Facilities Glenpool Public Schools Project Series A | 5.00 | 9-1-2025 | 880,000 | 1,018,152 | |
42,974,094 | |||||
Tax revenue: 0.23% | |||||
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2026 | 1,495,000 | 1,739,321 | |
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2027 | 1,140,000 | 1,323,338 | |
Oklahoma City OK Public Property Authority | 5.00 | 10-1-2028 | 1,265,000 | 1,465,432 | |
4,528,091 | |||||
Utilities revenue: 0.05% | |||||
Claremore OK Public Works Authority | 4.00 | 6-1-2023 | 1,010,000 | 1,025,780 | |
Water & sewer revenue: 0.01% | |||||
McGee Creek Oklahoma Authority (NPFGC Insured) | 6.00 | 1-1-2023 | 250,000 | 256,775 | |
49,688,746 | |||||
Oregon: 1.08% | |||||
Airport revenue: 0.14% | |||||
Portland International Airport Refunding Bond Series 26A | 4.00 | 7-1-2037 | 565,000 | 672,988 | |
Portland International Airport Refunding Bond Series 26A | 5.00 | 7-1-2033 | 400,000 | 515,630 | |
Portland International Airport Refunding Bond Series 26B | 5.00 | 7-1-2033 | 530,000 | 683,209 | |
Portland International Airport Refunding Bond Series 26B | 5.00 | 7-1-2037 | 705,000 | 901,991 | |
2,773,818 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.42% | |||||
Benton & Linn Counties OR Corvallis School District Series B (AGM Insured) | 5.00% | 6-15-2031 | $ 5,110,000 | $ 6,390,496 | |
Washington & Multnomah Counties OR Beaverton School District Series D (AGM Insured) | 5.00 | 6-15-2035 | 1,500,000 | 1,818,420 | |
8,208,916 | |||||
Health revenue: 0.52% | |||||
Oregon Facilities Authority Asante Project Series A | 5.00 | 8-15-2037 | 1,400,000 | 1,789,940 | |
Oregon Facilities Authority Samaritan Health Services Project Series A | 5.00 | 10-1-2026 | 1,500,000 | 1,787,269 | |
Oregon Health Sciences University Series A | 5.00 | 7-1-2035 | 2,470,000 | 3,302,355 | |
Oregon Health Sciences University Series A | 5.00 | 7-1-2037 | 2,600,000 | 3,459,814 | |
10,339,378 | |||||
21,322,112 | |||||
Pennsylvania: 10.57% | |||||
Airport revenue: 0.05% | |||||
Philadelphia PA Airport Refunding Bond Series A | 5.00 | 7-1-2028 | 315,000 | 383,554 | |
Philadelphia PA Airport Refunding Bond Series A | 5.00 | 7-1-2031 | 450,000 | 546,449 | |
930,003 | |||||
Education revenue: 0.82% | |||||
Chester County PA IDA Collegium Charter School Project Series A | 5.00 | 10-15-2027 | 1,500,000 | 1,674,920 | |
Northampton County PA General Purpose Authority College Refunding Bond | 5.00 | 11-1-2027 | 1,000,000 | 1,231,286 | |
Northeastern Pennsylvania Hospital & Education Authority Series A | 5.00 | 3-1-2026 | 885,000 | 1,028,266 | |
Northeastern Pennsylvania Hospital & Education Authority Series A | 5.00 | 3-1-2028 | 660,000 | 759,624 | |
Pennsylvania HEFAR Series AR | 5.00 | 6-15-2025 | 1,000,000 | 1,150,711 | |
Pennsylvania HEFAR Series AS | 5.00 | 6-15-2027 | 2,190,000 | 2,598,972 | |
Pennsylvania HEFAR Series LL1 | 5.00 | 11-1-2022 | 1,310,000 | 1,344,798 | |
Pennsylvania Public School Building Authority | 5.00 | 6-15-2025 | 2,265,000 | 2,584,653 | |
Philadelphia PA IDA | 5.88 | 6-15-2022 | 290,000 | 296,119 | |
Philadelphia PA IDA | 6.13 | 6-15-2023 | 380,000 | 398,106 | |
Philadelphia PA IDA | 7.00 | 5-1-2026 | 740,000 | 742,273 | |
Philadelphia PA Public School Building Authority (BAM Insured) | 5.00 | 6-15-2026 | 2,000,000 | 2,287,520 | |
16,097,248 | |||||
GO revenue: 3.97% | |||||
Allegheny County PA Moon Area School District Series A | 5.00 | 11-15-2024 | 3,425,000 | 3,834,738 | |
Allegheny County PA Series 72 | 5.25 | 12-1-2033 | 4,045,000 | 4,426,196 | |
Central Dauphin PA School District | 5.00 | 2-1-2030 | 1,110,000 | 1,320,666 | |
Norristown PA Area School District Montgomery County Series 2018 (BAM Insured) | 5.00 | 9-1-2035 | 2,035,000 | 2,415,884 | |
Philadelphia PA (AGM Insured) | 5.00 | 8-1-2025 | 7,000,000 | 8,130,602 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2028 | 5,000,000 | 5,940,867 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2029 | 5,000,000 | 5,923,267 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2031 | 1,240,000 | 1,467,104 | |
Philadelphia PA School District Refunding Bond Series F | 5.00 | 9-1-2032 | 1,000,000 | 1,182,147 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2032 | 2,300,000 | 2,923,970 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA School District Series C | 5.00% | 9-1-2033 | $ 6,180,000 | $ 7,839,400 | |
Philadelphia PA Series A | 5.00 | 8-1-2024 | 1,000,000 | 1,115,708 | |
Philadelphia PA Series A | 5.00 | 7-15-2026 | 3,000,000 | 3,281,739 | |
Philadelphia PA Series A | 5.00 | 8-1-2027 | 1,685,000 | 2,063,797 | |
Philadelphia PA Series A | 5.00 | 8-1-2033 | 2,020,000 | 2,436,062 | |
Philadelphia PA Series A | 5.25 | 7-15-2028 | 2,590,000 | 2,846,324 | |
Philadelphia PA Series A | 5.25 | 7-15-2029 | 4,410,000 | 4,846,443 | |
Philadelphia PA Series A | 5.25 | 7-15-2032 | 4,380,000 | 4,813,474 | |
Pittsburgh PA Moon Area School District Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,124,185 | |
Pittsburgh PA Series A | 5.00 | 9-1-2023 | 3,810,000 | 3,931,355 | |
Reading Berks PA Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,000,000 | 1,183,929 | |
Reading PA School District (AGM Insured) | 5.00 | 3-1-2037 | 2,000,000 | 2,388,369 | |
Reading PA School District (AGM Insured) | 5.00 | 3-1-2038 | 1,735,000 | 2,069,661 | |
Scranton Lackawanna County PA School District Bond Series A (BAM Insured) | 5.00 | 6-1-2037 | 500,000 | 610,454 | |
78,116,341 | |||||
Health revenue: 1.08% | |||||
Allegheny County PA Hospital Development Authority Series A | 4.00 | 7-15-2037 | 2,000,000 | 2,332,248 | |
Allegheny County PA Hospital Development Authority Series A | 5.00 | 7-15-2031 | 3,750,000 | 4,750,509 | |
Allegheny County PA Hospital Development Authority Series B (NPFGC Insured) | 6.00 | 7-1-2025 | 2,605,000 | 3,089,109 | |
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A | 5.00 | 7-15-2025 | 155,000 | 178,691 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2025 | 170,000 | 192,422 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2025 | 1,170,000 | 1,313,498 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2026 | 155,000 | 175,444 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2026 | 1,215,000 | 1,361,332 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2027 | 150,000 | 169,784 | |
Cumberland PA Municipal Authority Diakon Lutheran Social Ministries Project | 5.00 | 1-1-2027 | 1,075,000 | 1,200,073 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2037 | 1,000,000 | 1,155,519 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2031 | 1,000,000 | 1,286,621 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2034 | 1,650,000 | 2,109,937 | |
Pennsylvania EDFA University of Pittsburgh Medical Center Series A | 5.00 | 4-15-2035 | 1,450,000 | 1,850,935 | |
21,166,122 | |||||
Industrial development revenue: 0.14% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 %% | 5.00 | 5-1-2033 | 700,000 | 886,528 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue (continued) | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 %% | 5.00% | 5-1-2034 | $ 750,000 | $ 947,961 | |
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 %% | 5.00 | 5-1-2035 | 750,000 | 946,029 | |
2,780,518 | |||||
Miscellaneous revenue: 1.79% | |||||
Delaware County PA Vocational & Technical School Authority (BAM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,178,736 | |
Pennsylvania Certificate of Participation (AGM Insured) | 5.00 | 11-1-2023 | 1,900,000 | 2,047,379 | |
Pennsylvania Certificate of Participation (AGM Insured) | 5.00 | 11-1-2024 | 1,660,000 | 1,854,112 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2028 | 435,000 | 534,778 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2029 | 480,000 | 588,935 | |
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A | 5.00 | 7-1-2030 | 375,000 | 458,844 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series B | 5.25 | 9-15-2030 | 1,990,000 | 2,442,473 | |
Pennsylvania Public School Building Authority Series A (AGM Insured) | 5.00 | 12-1-2028 | 480,000 | 580,120 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2024 | 625,000 | 698,931 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2024 | 625,000 | 707,096 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2025 | 340,000 | 384,840 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2026 | 605,000 | 684,469 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2026 | 645,000 | 727,860 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 404,911 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 650,000 | 735,380 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2028 | 3,020,000 | 3,631,451 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 6-1-2029 | 2,000,000 | 2,509,167 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2033 | 920,000 | 1,111,896 | |
Pennsylvania Public School Building Authority Series B (AGM Insured) | 5.00 | 12-1-2033 | 3,505,000 | 4,173,639 | |
Philadelphia PA Municipal Authority Juvenile Justice Services Center | 5.00 | 4-1-2031 | 3,630,000 | 4,334,663 | |
Philadelphia PA Municipal Authority Juvenile Justice Services Center | 5.00 | 4-1-2034 | 1,800,000 | 2,146,594 | |
Southeastern Pennsylvania Transportation Authority | 5.00 | 3-1-2028 | 725,000 | 894,380 | |
York County PA School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2027 | 800,000 | 889,006 | |
York County PA School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2029 | 500,000 | 554,527 | |
35,274,187 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.32% | |||||
Lancaster County PA Solid Waste Management Authority Series A | 5.25% | 12-15-2028 | $ 5,665,000 | $ 6,204,485 | |
Tobacco revenue: 0.45% | |||||
Commonwealth Financing Authority Tobacco Master Settlement Payment | 5.00 | 6-1-2027 | 2,500,000 | 3,038,444 | |
Commonwealth Financing Authority Tobacco Master Settlement Payment | 5.00 | 6-1-2028 | 2,500,000 | 3,112,587 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0060 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.14 | 6-1-2034 | 2,650,000 | 2,650,000 | |
8,801,031 | |||||
Transportation revenue: 1.49% | |||||
Pennsylvania Turnpike Commission Refunding Bond | 5.00 | 6-1-2027 | 1,000,000 | 1,216,557 | |
Pennsylvania Turnpike Commission Refunding Bond | 5.00 | 12-1-2033 | 3,780,000 | 4,274,071 | |
Pennsylvania Turnpike Commission Refunding Bond (AGM Insured) | 6.00 | 12-1-2030 | 4,220,000 | 5,494,094 | |
Pennsylvania Turnpike Commission Series C | 4.00 | 12-1-2038 | 1,400,000 | 1,698,324 | |
Pennsylvania Turnpike Commission Series C | 4.00 | 12-1-2039 | 1,100,000 | 1,329,254 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B | 5.00 | 6-1-2031 | 5,000,000 | 6,036,330 | |
Pennsylvania Turnpike Commission Subordinate Bond Series C (AGM Insured) | 6.25 | 6-1-2033 | 1,350,000 | 1,670,779 | |
Pennsylvania Turnpike Commission Subordinate Bond Series E | 6.38 | 12-1-2038 | 2,000,000 | 2,610,040 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XL1080 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.16 | 12-1-2051 | 5,000,000 | 5,000,000 | |
29,329,449 | |||||
Water & sewer revenue: 0.46% | |||||
Pennsylvania Capital Region Water System Series of 2017 | 5.00 | 7-15-2030 | 1,180,000 | 1,439,944 | |
Pennsylvania Capital Region Water System Series of 2018 | 5.00 | 7-15-2030 | 1,500,000 | 1,881,950 | |
Philadelphia PA Water and Wastewater Bond Series B | 5.00 | 11-1-2027 | 1,535,000 | 1,897,882 | |
Philadelphia PA Water and Wastewater Bond Series B | 5.00 | 11-1-2033 | 1,760,000 | 2,156,504 | |
Pittsburgh PA Water and Sewer Authority First Lien Series B (AGM Insured) | 5.00 | 9-1-2031 | 670,000 | 880,144 | |
Pittsburgh PA Water and Sewer Authority First Lien Series B (AGM Insured) | 5.00 | 9-1-2033 | 675,000 | 883,117 | |
9,139,541 | |||||
207,838,925 | |||||
South Carolina: 0.60% | |||||
Education revenue: 0.37% | |||||
South Carolina Education Assistance Authority Student Loan Series I | 5.00 | 10-1-2024 | 495,000 | 495,066 | |
South Carolina Jobs EDA Furman University Project | 5.00 | 10-1-2028 | 700,000 | 802,239 | |
South Carolina Jobs EDA Furman University Project | 5.00 | 10-1-2030 | 1,885,000 | 2,155,820 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
South Carolina Jobs EDA Furman University Project | 5.00% | 10-1-2031 | $ 2,155,000 | $ 2,454,368 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.00 | 11-1-2033 | 1,090,000 | 1,284,644 | |
7,192,137 | |||||
Health revenue: 0.01% | |||||
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.21 | 5-1-2048 | 275,000 | 275,000 | |
Miscellaneous revenue: 0.22% | |||||
Laurens County SC Education Assistance for District #55 | 5.00 | 12-1-2022 | 1,250,000 | 1,303,663 | |
Laurens County SC Education Assistance for District #55 | 5.00 | 12-1-2025 | 1,000,000 | 1,162,253 | |
Scago SC Educational Facilities Corporation for Sumter County School District #17 | 5.00 | 12-1-2022 | 1,720,000 | 1,791,424 | |
4,257,340 | |||||
11,724,477 | |||||
Tennessee: 0.81% | |||||
Education revenue: 0.03% | |||||
Franklin County TN HEFA | 5.00 | 9-1-2030 | 560,000 | 576,738 | |
Housing revenue: 0.10% | |||||
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project | 5.00 | 10-1-2023 | 750,000 | 802,875 | |
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project | 5.00 | 10-1-2028 | 1,000,000 | 1,122,982 | |
1,925,857 | |||||
Utilities revenue: 0.68% | |||||
Tennessee Energy Acquisition Corporation Gas Project ## | 4.00 | 11-1-2049 | 11,000,000 | 12,140,610 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 5-1-2052 | 1,000,000 | 1,284,938 | |
13,425,548 | |||||
15,928,143 | |||||
Texas: 6.09% | |||||
Airport revenue: 0.84% | |||||
Dallas & Fort Worth TX International Airport Refunding Bond Series A | 4.00 | 11-1-2034 | 2,500,000 | 3,025,068 | |
Dallas & Fort Worth TX International Airport Refunding Bond Series A | 4.00 | 11-1-2035 | 2,500,000 | 3,018,506 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2033 | 3,010,000 | 3,734,887 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2034 | 3,500,000 | 4,344,113 | |
Houston TX Airport System Subordinate Lien Refunding Bond Series D | 5.00 | 7-1-2035 | 2,000,000 | 2,480,581 | |
16,603,155 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 0.27% | |||||
Houston TX Higher Education Finance Corporation Series A | 4.00% | 2-15-2022 | $ 140,000 | $ 140,610 | |
University of Houston Series B | 5.25 | 7-1-2026 | 4,225,000 | 5,087,948 | |
5,228,558 | |||||
GO revenue: 2.29% | |||||
Austin TX Independent School District Series B | 5.00 | 8-1-2026 | 1,450,000 | 1,680,832 | |
Austin TX Public Improvement Bond | 5.00 | 9-1-2030 | 960,000 | 1,178,671 | |
Bexar County TX Hospital District Refunding Bond | 5.00 | 2-15-2037 | 1,250,000 | 1,532,050 | |
Collin County TX Unlimited Tax Road & Refunding Bond | 5.00 | 2-15-2026 | 1,000,000 | 1,141,448 | |
Collin County TX Unlimited Tax Road & Refunding Bond | 5.00 | 2-15-2027 | 1,300,000 | 1,480,841 | |
Crane County TX Water District Unlimited Tax Bond | 5.00 | 2-15-2026 | 1,000,000 | 1,132,877 | |
Crane County TX Water District Unlimited Tax Bond | 5.00 | 2-15-2030 | 1,130,000 | 1,288,052 | |
Crane County TX Water District Unlimited Tax Bond | 5.00 | 2-15-2031 | 1,000,000 | 1,139,869 | |
Del Rio TX Refunding Bond (BAM Insured) | 4.00 | 6-1-2023 | 720,000 | 757,172 | |
Del Rio TX Refunding Bond (BAM Insured) | 4.00 | 6-1-2024 | 745,000 | 807,725 | |
Denton County TX Permanent Improvement & Refunding Bond | 5.00 | 7-15-2030 | 1,000,000 | 1,117,142 | |
Eagle Pass TX Certificate of Participation (AGM Insured) | 4.00 | 3-1-2037 | 695,000 | 840,811 | |
El Paso County TX Hospital District | 5.00 | 8-15-2028 | 2,045,000 | 2,182,815 | |
El Paso County TX Refunding Bond Series A | 5.00 | 2-15-2031 | 2,000,000 | 2,337,494 | |
El Paso County TX Refunding Bond Series A | 5.00 | 2-15-2032 | 2,120,000 | 2,475,868 | |
Flower Mound, Denton & Tarrant Counties TX Refunding Bond | 4.00 | 3-1-2026 | 755,000 | 840,298 | |
Fort Worth TX Independent School District Unlimited Tax Refunding and School Building Bond | 5.00 | 2-15-2026 | 3,000,000 | 3,535,583 | |
Harris County TX Toll Road Project Series C (AGM Insured) | 5.25 | 8-15-2027 | 4,000,000 | 4,993,553 | |
Hays County TX Limited Tax Bond | 5.00 | 2-15-2027 | 1,000,000 | 1,211,014 | |
Plano TX | 5.00 | 9-1-2030 | 2,155,000 | 2,613,159 | |
San Antonio TX Certificate of Obligation | 5.00 | 8-1-2036 | 3,990,000 | 4,992,802 | |
San Antonio TX Independent School District Unlimited Tax Series 2018 | 5.00 | 8-15-2037 | 2,000,000 | 2,291,246 | |
Texas Independent School District Refunding Bond | 5.00 | 8-15-2025 | 2,260,000 | 2,619,745 | |
Viridian TX Municipal Management District Unlimited Road Improvement Bond (BAM Insured) | 4.00 | 12-1-2030 | 710,000 | 763,649 | |
44,954,716 | |||||
Miscellaneous revenue: 0.36% | |||||
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2026 | 565,000 | 675,607 | |
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2029 | 400,000 | 488,190 | |
Austin TX Community College District Public Facility Corporation Bond Series C | 5.00 | 8-1-2030 | 500,000 | 608,786 | |
Lower Colorado River TX Authority | 5.50 | 5-15-2031 | 2,500,000 | 2,670,838 | |
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project | 5.00 | 7-15-2026 | 1,000,000 | 1,155,506 | |
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project | 5.00 | 7-15-2027 | 1,250,000 | 1,441,059 | |
7,039,986 | |||||
Tax revenue: 0.45% | |||||
Houston TX Old Spanish Trail Almeda Corridors Redevelopment Authority (BAM Insured) | 4.00 | 9-1-2031 | 1,540,000 | 1,786,386 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25% | 1-1-2027 | $ 1,880,000 | $ 1,966,467 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2029 | 2,390,000 | 2,499,924 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2030 | 1,500,000 | 1,568,990 | |
Texas Midtown RDA Refunding Bond (BAM Insured) | 5.25 | 1-1-2031 | 1,000,000 | 1,045,993 | |
8,867,760 | |||||
Transportation revenue: 0.86% | |||||
North Texas Thruway Authority Revenue Convertible CAB Special PJS System C | 6.75 | 9-1-2045 | 5,000,000 | 7,530,032 | |
Texas Grand Parkway Transportation Corporation System Series A | 5.00 | 10-1-2034 | 1,500,000 | 1,867,002 | |
Texas Private Activity Surface Transportation Corporation Senior Lien Series A | 5.00 | 12-31-2035 | 3,000,000 | 3,753,025 | |
Texas Private Activity Surface Transportation Corporation Senior Lien Series A | 5.00 | 12-31-2036 | 3,015,000 | 3,764,263 | |
16,914,322 | |||||
Utilities revenue: 0.68% | |||||
Austin TX Refunding Bond (NPFGC Insured) | 5.25 | 5-15-2025 | 1,205,000 | 1,302,899 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2026 | 2,190,000 | 2,530,367 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2029 | 1,500,000 | 1,725,487 | |
Brownsville TX Utilities System Refunding Bond | 5.00 | 9-1-2030 | 2,500,000 | 2,875,812 | |
Lower Colorado TX River Authority Series A (AGM Insured) %% | 4.00 | 5-15-2040 | 2,855,000 | 3,330,278 | |
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured) | 5.00 | 9-1-2025 | 1,000,000 | 1,149,934 | |
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured) | 5.00 | 9-1-2026 | 375,000 | 434,906 | |
13,349,683 | |||||
Water & sewer revenue: 0.34% | |||||
Amarillo TX Waterworks and Sewer System Bond Series B | 5.00 | 4-1-2028 | 645,000 | 801,139 | |
North Harris County TX Regional Water Authority Senior Lien (BAM Insured) | 5.00 | 12-15-2029 | 1,215,000 | 1,268,046 | |
Tarrant TX Water Project Refunding Bond | 4.00 | 2-1-2027 | 1,000,000 | 1,132,989 | |
Texas Water Development Board State Implementation Series A | 4.00 | 10-15-2032 | 3,000,000 | 3,537,654 | |
6,739,828 | |||||
119,698,008 | |||||
Utah: 0.31% | |||||
Education revenue: 0.11% | |||||
University of Utah (Citibank NA LIQ) 144Aø | 0.13 | 2-1-2023 | 680,000 | 680,000 | |
Utah Charter School Finance Authority Refunding Bond (CSCE Insured) | 4.00 | 4-15-2023 | 400,000 | 417,282 | |
Utah Charter School Finance Authority Refunding Bond 144A | 4.50 | 6-15-2027 | 1,025,000 | 1,095,869 | |
2,193,151 | |||||
Miscellaneous revenue: 0.20% | |||||
West Valley UT Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2028 | 1,000,000 | 1,199,445 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
West Valley UT Municipal Building Authority (AGM Insured) | 5.00% | 2-1-2032 | $ 1,555,000 | $ 1,846,314 | |
West Valley UT Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2033 | 645,000 | 764,565 | |
3,810,324 | |||||
6,003,475 | |||||
Virginia: 0.10% | |||||
Tax revenue: 0.10% | |||||
Greater Richmond Virginia Convention Center | 5.00 | 6-15-2025 | 1,000,000 | 1,154,051 | |
Marquis VA CDA CAB Series 2015 144A | 7.50 | 9-1-2045 | 386,000 | 188,287 | |
Marquis VA CDA CAB Series C ¤ | 0.00 | 9-1-2041 | 1,772,000 | 108,933 | |
Marquis VA CDA Series B | 5.63 | 9-1-2041 | 1,274,000 | 607,352 | |
2,058,623 | |||||
Washington: 5.15% | |||||
Education revenue: 0.06% | |||||
Washington EDFA | 5.00 | 6-1-2028 | 1,000,000 | 1,103,787 | |
GO revenue: 1.73% | |||||
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2029 | 1,600,000 | 1,907,542 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2031 | 6,665,000 | 7,938,970 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2032 | 2,905,000 | 3,455,960 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2033 | 7,045,000 | 8,372,964 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bonds | 5.00 | 12-1-2026 | 775,000 | 929,842 | |
Washington Various Purposes Bond Series C | 5.00 | 2-1-2034 | 5,800,000 | 6,786,157 | |
Washington Various Purposes Refunding Bond Series B | 5.00 | 7-1-2028 | 4,000,000 | 4,683,506 | |
34,074,941 | |||||
Health revenue: 0.78% | |||||
Washington HCFR Fred Hutchinson Cancer Research Center (SIFMA Municipal Swap +1.05%) ± | 1.15 | 1-1-2042 | 10,000,000 | 10,047,566 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2026 | 2,250,000 | 2,576,230 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2027 | 1,050,000 | 1,198,727 | |
Washington HCFR Fred Hutchinson Cancer Research Center | 5.00 | 1-1-2028 | 1,350,000 | 1,538,217 | |
15,360,740 | |||||
Housing revenue: 0.83% | |||||
King County WA Housing Authority Refunding Bond | 4.00 | 6-1-2026 | 560,000 | 632,745 | |
King County WA Housing Authority Refunding Bond | 4.00 | 12-1-2026 | 430,000 | 490,823 | |
King County WA Housing Authority Refunding Bond | 4.00 | 6-1-2027 | 590,000 | 678,265 | |
King County WA Housing Authority Refunding Bond | 4.00 | 12-1-2027 | 400,000 | 463,587 | |
King County WA Housing Authority Refunding Bond | 4.00 | 6-1-2028 | 360,000 | 420,596 | |
King County WA Housing Authority Refunding Bond | 4.00 | 12-1-2028 | 375,000 | 441,446 | |
King County WA Housing Authority Refunding Bond | 4.00 | 12-1-2029 | 960,000 | 1,144,703 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
King County WA Housing Authority Refunding Bond | 4.00% | 12-1-2030 | $ 575,000 | $ 682,103 | |
King County WA Housing Authority Refunding Bond | 4.00 | 12-1-2031 | 450,000 | 532,140 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2032 | 1,955,000 | 2,398,796 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2033 | 1,550,000 | 1,896,477 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2034 | 655,000 | 800,249 | |
Washington Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,631,514 | |
16,213,444 | |||||
Miscellaneous revenue: 0.96% | |||||
Washington Certificate of Participation Series B | 5.00 | 7-1-2037 | 1,585,000 | 2,002,935 | |
Washington Lease FYI Properties Refunding Bond | 5.00 | 6-1-2034 | 6,000,000 | 7,232,333 | |
Washington Motor Vehicle Fuel Tax Refunding Bond Series D | 5.00 | 7-1-2031 | 5,830,000 | 6,582,217 | |
Washington Office Building Refunding Bond | 5.00 | 7-1-2026 | 2,750,000 | 3,045,438 | |
18,862,923 | |||||
Resource recovery revenue: 0.28% | |||||
Seattle WA Solid Waste System Improvement & Refunding Bond | 4.00 | 6-1-2033 | 1,175,000 | 1,320,599 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2027 | 620,000 | 736,667 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2028 | 1,455,000 | 1,724,610 | |
Tacoma WA Solid Waste Refunding Bond Series B | 5.00 | 12-1-2029 | 1,525,000 | 1,803,211 | |
5,585,087 | |||||
Utilities revenue: 0.51% | |||||
Chelan County WA Public Utility District #1 Refunding Bond Series A | 4.00 | 7-1-2038 | 2,805,000 | 3,369,877 | |
Lewis County WA Public Utility District Refunding Bond | 5.25 | 4-1-2032 | 6,115,000 | 6,622,082 | |
9,991,959 | |||||
101,192,881 | |||||
West Virginia: 0.72% | |||||
GO revenue: 0.25% | |||||
West Virginia Road Bond Series B | 5.00 | 12-1-2036 | 4,000,000 | 4,972,245 | |
Health revenue: 0.08% | |||||
West Virginia Hospital Finance Authority West Virginia University Health System Series A | 5.00 | 6-1-2031 | 375,000 | 448,146 | |
West Virginia Hospital Finance Authority West Virginia University Health System Series A | 5.00 | 6-1-2032 | 980,000 | 1,169,094 | |
1,617,240 | |||||
Miscellaneous revenue: 0.39% | |||||
West Virginia EDA Excess Lottery Series A | 5.00 | 7-1-2038 | 2,980,000 | 3,681,235 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
West Virginia School Building Authority Capital Improvement Bond Series A | 5.00% | 7-1-2027 | $ 1,595,000 | $ 1,839,388 | |
West Virginia School Building Authority Capital Improvement Bond Series A | 5.00 | 7-1-2029 | 1,755,000 | 2,016,666 | |
7,537,289 | |||||
14,126,774 | |||||
Wisconsin: 0.74% | |||||
Education revenue: 0.26% | |||||
Wisconsin PFA KU Campus Development Corporation Central District Development Project | 5.00 | 3-1-2032 | 4,315,000 | 5,028,216 | |
Health revenue: 0.32% | |||||
Wisconsin HEFA Series A | 4.00 | 11-15-2039 | 2,250,000 | 2,544,208 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 4.00 | 10-1-2041 | 3,000,000 | 3,654,358 | |
6,198,566 | |||||
Miscellaneous revenue: 0.06% | |||||
Milwaukee WI RDA Public Schools | 5.00 | 11-15-2029 | 420,000 | 500,395 | |
Milwaukee WI RDA Public Schools | 5.00 | 11-15-2030 | 635,000 | 754,885 | |
1,255,280 | |||||
Tax revenue: 0.10% | |||||
Wisconsin Center District Senior Dedicated Tax Bond Series C (AGM Insured) ¤ | 0.00 | 12-15-2034 | 1,250,000 | 903,259 | |
Wisconsin Center District Senior Dedicated Tax Bond Series C (AGM Insured) ¤ | 0.00 | 12-15-2035 | 1,600,000 | 1,111,114 | |
2,014,373 | |||||
14,496,435 | |||||
Total Municipal obligations (Cost $1,821,933,352) | 1,957,296,691 | ||||
Total investments in securities (Cost $1,821,933,352) | 99.58% | 1,957,296,691 | |||
Other assets and liabilities, net | 0.42 | 8,203,172 | |||
Total net assets | 100.00% | $1,965,499,863 |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
† | Non-income-earning security |
## | All or a portion of this security is segregated for when-issued securities. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $1,821,933,352) | $ 1,957,296,691 |
Cash | 891,968 |
Receivable for interest | 20,629,257 |
Receivable for Fund shares sold | 2,797,560 |
Receivable for investments sold | 275,000 |
Prepaid expenses and other assets | 45,206 |
Total assets | 1,981,935,682 |
Liabilities | |
Payable for when-issued transactions | 11,723,929 |
Payable for Fund shares redeemed | 2,089,039 |
Dividends payable | 1,738,086 |
Management fee payable | 589,977 |
Administration fees payable | 127,459 |
Distribution fee payable | 6,645 |
Trustees’ fees and expenses payable | 120 |
Accrued expenses and other liabilities | 160,564 |
Total liabilities | 16,435,819 |
Total net assets | $1,965,499,863 |
Net assets consist of | |
Paid-in capital | $ 1,842,217,009 |
Total distributable earnings | 123,282,854 |
Total net assets | $1,965,499,863 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 237,109,008 |
Shares outstanding – Class A1 | 20,079,213 |
Net asset value per share – Class A | $11.81 |
Maximum offering price per share – Class A2 | $12.18 |
Net assets – Class C | $ 9,660,712 |
Shares outstanding – Class C1 | 818,076 |
Net asset value per share – Class C | $11.81 |
Net assets – Class R6 | $ 730,105,808 |
Shares outstanding – Class R61 | 61,761,192 |
Net asset value per share – Class R6 | $11.82 |
Net assets – Administrator Class | $ 39,128,916 |
Shares outstanding – Administrator Class1 | 3,311,419 |
Net asset value per share – Administrator Class | $11.82 |
Net assets – Institutional Class | $ 949,495,419 |
Shares outstanding – Institutional Class1 | 80,288,592 |
Net asset value per share – Institutional Class | $11.83 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/97.00 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 27,783,115 |
Expenses | |
Management fee | 3,690,411 |
Administration fees | |
Class A | 196,525 |
Class C | 8,771 |
Class R6 | 112,104 |
Administrator Class | 22,082 |
Institutional Class | 380,586 |
Shareholder servicing fees | |
Class A | 306,796 |
Class C | 13,680 |
Administrator Class | 54,991 |
Distribution fee | |
Class C | 41,039 |
Custody and accounting fees | 51,310 |
Professional fees | 43,899 |
Registration fees | 69,567 |
Shareholder report expenses | 52,184 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 29,654 |
Total expenses | 5,083,420 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (292,755) |
Class A | (67,862) |
Class C | (2,811) |
Administrator Class | (16,003) |
Net expenses | 4,703,989 |
Net investment income | 23,079,126 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 3,174,655 |
Net change in unrealized gains (losses) on investments | (21,555,344) |
Net realized and unrealized gains (losses) on investments | (18,380,689) |
Net increase in net assets resulting from operations | $ 4,698,437 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 23,079,126 | $ 53,787,094 | ||
Net realized gains on investments | 3,174,655 | 28,079,093 | ||
Net change in unrealized gains (losses) on investments | (21,555,344) | 11,018,704 | ||
Net increase in net assets resulting from operations | 4,698,437 | 92,884,891 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,556,309) | (5,430,306) | ||
Class C | (72,822) | (199,452) | ||
Class R6 | (8,891,829) | (21,437,694) | ||
Administrator Class | (480,320) | (1,131,729) | ||
Institutional Class | (11,077,127) | (25,557,772) | ||
Total distributions to shareholders | (23,078,407) | (53,756,953) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 524,795 | 6,232,200 | 2,517,766 | 29,826,922 |
Class C | 16,815 | 200,623 | 179,989 | 2,134,820 |
Class R6 | 7,859,636 | 93,541,226 | 16,904,544 | 200,647,417 |
Administrator Class | 101,288 | 1,206,825 | 540,975 | 6,436,253 |
Institutional Class | 10,240,513 | 121,790,496 | 15,114,595 | 179,682,905 |
222,971,370 | 418,728,317 | |||
Reinvestment of distributions | ||||
Class A | 202,589 | 2,402,400 | 436,176 | 5,175,278 |
Class C | 6,029 | 71,511 | 16,407 | 194,593 |
Class R6 | 38,099 | 452,175 | 332,078 | 3,935,648 |
Administrator Class | 38,440 | 456,171 | 91,539 | 1,086,703 |
Institutional Class | 876,718 | 10,409,592 | 1,890,955 | 22,464,870 |
13,791,849 | 32,857,092 | |||
Payment for shares redeemed | ||||
Class A | (1,297,020) | (15,409,827) | (3,609,130) | (42,841,998) |
Class C | (210,680) | (2,503,060) | (818,394) | (9,682,479) |
Class R6 | (7,191,019) | (85,567,985) | (54,972,301) | (651,320,507) |
Administrator Class | (815,047) | (9,683,812) | (1,798,153) | (21,293,473) |
Institutional Class | (8,349,973) | (99,330,537) | (35,376,643) | (420,166,305) |
(212,495,221) | (1,145,304,762) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 24,267,998 | (693,719,353) | ||
Total increase (decrease) in net assets | 5,888,028 | (654,591,415) | ||
Net assets | ||||
Beginning of period | 1,959,611,835 | 2,614,203,250 | ||
End of period | $1,965,499,863 | $ 1,959,611,835 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 | $11.89 |
Net investment income | 0.13 | 0.26 | 0.26 | 0.28 | 0.27 | 0.27 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.20 | 0.05 | 0.35 | (0.15) | (0.42) |
Total from investment operations | 0.02 | 0.46 | 0.31 | 0.63 | 0.12 | (0.15) |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.26) | (0.25) | (0.28) | (0.27) | (0.27) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.13) | (0.26) | (0.25) | (0.28) | (0.27) | (0.28) |
Net asset value, end of period | $11.81 | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 |
Total return1 | 0.12% | 3.92% | 2.72% | 5.67% | 1.08% | (1.27)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.80% | 0.79% | 0.80% | 0.80% | 0.79% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 2.08% | 2.16% | 2.18% | 2.47% | 2.38% | 2.31% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $237,109 | $246,130 | $249,724 | $263,113 | $287,408 | $359,649 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 | $11.89 |
Net investment income | 0.08 | 0.17 | 0.17 | 0.20 | 0.19 | 0.18 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.20 | 0.06 | 0.35 | (0.15) | (0.42) |
Total from investment operations | (0.03) | 0.37 | 0.23 | 0.55 | 0.04 | (0.24) |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.17) | (0.17) | (0.20) | (0.19) | (0.18) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.08) | (0.17) | (0.17) | (0.20) | (0.19) | (0.19) |
Net asset value, end of period | $11.81 | $11.92 | $11.72 | $11.66 | $11.31 | $11.46 |
Total return1 | (0.26)% | 3.14% | 1.95% | 4.88% | 0.32% | (2.01)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.55% | 1.55% | 1.54% | 1.55% | 1.55% | 1.54% |
Net expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Net investment income | 1.33% | 1.40% | 1.43% | 1.73% | 1.63% | 1.56% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $9,661 | $11,990 | $19,082 | $26,737 | $35,421 | $44,462 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.93 | $11.74 | $11.67 | $11.33 |
Net investment income | 0.14 | 0.29 | 0.29 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.19 | 0.07 | 0.34 |
Total from investment operations | 0.03 | 0.48 | 0.36 | 0.63 |
Distributions to shareholders from | ||||
Net investment income | (0.14) | (0.29) | (0.29) | (0.29) |
Net asset value, end of period | $11.82 | $11.93 | $11.74 | $11.67 |
Total return2 | 0.27% | 4.14% | 3.110% | 5.65% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.42% | 0.42% | 0.41% | 0.41% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 2.38% | 2.44% | 2.48% | 2.75% |
Supplemental data | ||||
Portfolio turnover rate | 3% | 12% | 24% | 14% |
Net assets, end of period (000s omitted) | $730,106 | $728,547 | $1,159,305 | $996,477 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.93 | $11.73 | $11.67 | $11.32 | $11.47 | $11.90 |
Net investment income | 0.13 | 0.27 | 0.27 | 0.29 | 0.28 | 0.28 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.20 | 0.06 | 0.35 | (0.15) | (0.42) |
Total from investment operations | 0.02 | 0.47 | 0.33 | 0.64 | 0.13 | (0.14) |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.27) | (0.27) | (0.29) | (0.28) | (0.28) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.13) | (0.27) | (0.27) | (0.29) | (0.28) | (0.29) |
Net asset value, end of period | $11.82 | $11.93 | $11.73 | $11.67 | $11.32 | $11.47 |
Total return1 | 0.17% | 4.02% | 2.82% | 5.77% | 1.18% | (1.17)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.74% | 0.73% | 0.73% | 0.74% | 0.73% | 0.73% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.17% | 2.25% | 2.28% | 2.57% | 2.48% | 2.39% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $39,129 | $47,552 | $60,435 | $177,742 | $183,624 | $309,793 |
1 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.94 | $11.74 | $11.68 | $11.33 | $11.47 | $11.91 |
Net investment income | 0.14 | 0.29 | 0.28 | 0.31 | 0.30 | 0.30 |
Net realized and unrealized gains (losses) on investments | (0.11) | 0.20 | 0.06 | 0.35 | (0.14) | (0.43) |
Total from investment operations | 0.03 | 0.49 | 0.34 | 0.66 | 0.16 | (0.13) |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.29) | (0.28) | (0.31) | (0.30) | (0.30) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.14) | (0.29) | (0.28) | (0.31) | (0.30) | (0.31) |
Net asset value, end of period | $11.83 | $11.94 | $11.74 | $11.68 | $11.33 | $11.47 |
Total return1 | 0.25% | 4.17% | 2.97% | 5.93% | 1.42% | (1.10)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.47% | 0.47% | 0.46% | 0.47% | 0.47% | 0.47% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Net investment income | 2.33% | 2.40% | 2.43% | 2.72% | 2.64% | 2.58% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 12% | 24% | 14% | 14% | 19% |
Net assets, end of period (000s omitted) | $949,495 | $925,392 | $1,125,657 | $1,199,588 | $1,932,382 | $1,814,841 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $136,734,815 |
Gross unrealized losses | (1,370,798) |
Net unrealized gains | $135,364,017 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $1,957,296,691 | $0 | $1,957,296,691 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.70% |
Class C | 1.45 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Shares voted “For” | 97,976,120 |
Shares voted “Against” | 666,767 |
Shares voted “Abstain” | 1,098,578 |
Shares voted “For” | 97,990,435 |
Shares voted “Against” | 671,560 |
Shares voted “Abstain” | 1,079,470 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA251/SAR251 12-21
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Minnesota Tax-Free Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax and Minnesota individual income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (NMTFX) | 1-12-1988 | -3.64 | 2.05 | 2.44 | 0.90 | 2.99 | 2.91 | 0.92 | 0.85 | ||
Class C (WMTCX) | 4-8-2005 | -0.86 | 2.22 | 2.14 | 0.14 | 2.22 | 2.14 | 1.67 | 1.60 | ||
Administrator Class (NWMIX) | 8-2-1993 | – | – | – | 1.06 | 3.25 | 3.16 | 0.86 | 0.60 | ||
Institutional Class (WMTIX)3 | 10-31-2016 | – | – | – | 1.23 | 3.33 | 3.22 | 0.59 | 0.52 | ||
Bloomberg Municipal Bond Index4 | – | – | – | – | 1.52 | 4.17 | 3.72 | – | – | ||
Bloomberg Minnesota Municipal Bond Index5 | – | – | – | – | 0.85 | 3.68 | 3.18 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.60% for Administrator Class, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
5 | The Bloomberg Minnesota Municipal Bond Index is the Minnesota component of the Bloomberg Municipal Bond Index. You cannot invest directly in an index |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g238409img6198cf184.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g238409img59ef0fcb5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.10 | $4.29 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $ 997.31 | $8.05 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.14 | $8.13 | 1.60% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.45 | $3.03 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.76 | $2.62 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.58 | $2.65 | 0.52% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 97.17% | |||||
Alabama: 0.59% | |||||
Utilities revenue: 0.59% | |||||
Alabama Black Belt Energy Gas District Alabama Gas Project #7 Series C1 | 4.00% | 12-1-2025 | $1,000,000 | $ 1,114,825 | |
Guam: 0.38% | |||||
Airport revenue: 0.38% | |||||
Guam Port Authority Series 2018B | 5.00 | 7-1-2035 | 605,000 | 709,424 | |
Minnesota: 95.56% | |||||
Airport revenue: 2.59% | |||||
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014A | 5.00 | 1-1-2029 | 775,000 | 844,447 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014A | 5.00 | 1-1-2032 | 800,000 | 869,682 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014B | 5.00 | 1-1-2026 | 1,250,000 | 1,358,618 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2016C | 5.00 | 1-1-2046 | 1,000,000 | 1,184,704 | |
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2016D | 5.00 | 1-1-2041 | 250,000 | 293,555 | |
Minneapolis & St. Paul MN Metropolitan Refunding Bond Senior Series A | 5.00 | 1-1-2031 | 250,000 | 299,115 | |
4,850,121 | |||||
Education revenue: 24.45% | |||||
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A | 5.50 | 7-1-2040 | 750,000 | 799,151 | |
Cologne MN Charter School Cologne Academy Project Series 2014A | 5.00 | 7-1-2029 | 590,000 | 632,365 | |
Cologne MN Charter School Cologne Academy Project Series 2014A | 5.00 | 7-1-2034 | 500,000 | 531,135 | |
Columbus MN Charter School New Millennium Academy Project Series 2015A | 5.50 | 7-1-2030 | 1,000,000 | 1,028,074 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015A | 5.25 | 7-1-2040 | 500,000 | 552,758 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2025 | 125,000 | 134,266 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2026 | 100,000 | 107,307 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 4.00 | 7-1-2027 | 100,000 | 106,922 | |
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A | 5.25 | 7-1-2037 | 400,000 | 444,060 | |
Forest Lakes MN Charter School Lakes International Language Academy Project Series 2014A | 5.50 | 8-1-2036 | 500,000 | 518,800 | |
Ham Lake MN Charter School DaVinci Academy Project Series 2012A | 4.00 | 7-1-2028 | 370,000 | 393,910 | |
Ham Lake MN Charter School DaVinci Academy Project Series 2016A | 5.00 | 7-1-2031 | 625,000 | 679,041 | |
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series 2014A | 5.00 | 7-1-2029 | 600,000 | 637,361 | |
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series A | 4.00 | 7-1-2022 | 480,000 | 485,500 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Minneapolis MN Charter School Northeast College Preparatory Project | 5.00% | 7-1-2055 | $ 700,000 | $ 759,948 | |
Minneapolis MN Charter School Yinghua Academy Project Series 2013A | 5.00 | 7-1-2023 | 125,000 | 129,324 | |
Minnesota HEFAR Bethel University Series 2017 | 5.00 | 5-1-2037 | 1,250,000 | 1,397,066 | |
Minnesota HEFAR College of St. Scholastica Series 2019 | 4.00 | 12-1-2040 | 1,000,000 | 1,145,072 | |
Minnesota HEFAR College of St. Scholastica Series 7R | 4.25 | 12-1-2027 | 400,000 | 412,076 | |
Minnesota HEFAR Hamline University Series 2017B | 5.00 | 10-1-2035 | 1,000,000 | 1,106,737 | |
Minnesota HEFAR St. Benedict College Series 2017 | 4.00 | 3-1-2036 | 410,000 | 459,660 | |
Minnesota HEFAR St. Catherine University Refunding Bond Series A | 5.00 | 10-1-2025 | 570,000 | 656,037 | |
Minnesota HEFAR St. Catherine University Series A | 5.00 | 10-1-2045 | 2,000,000 | 2,385,969 | |
Minnesota HEFAR St. Thomas University Series 2019 | 4.00 | 10-1-2041 | 515,000 | 596,663 | |
Minnesota HEFAR St. Thomas University Series 2019 | 5.00 | 10-1-2040 | 750,000 | 933,925 | |
Minnesota HEFAR St. Thomas University Series 7U | 5.00 | 4-1-2023 | 750,000 | 791,794 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2028 | 920,000 | 1,069,501 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2029 | 750,000 | 870,028 | |
Minnesota HEFAR St. Thomas University Series 8L | 5.00 | 4-1-2035 | 750,000 | 862,334 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds | 4.00 | 11-1-2037 | 1,715,000 | 1,827,001 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds | 5.00 | 11-1-2027 | 500,000 | 601,784 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Revenue Bonds Series 2018 | 5.00 | 11-1-2026 | 700,000 | 823,338 | |
Minnesota State Colleges & Universities Refunding Bonds Series 2017A | 5.00 | 10-1-2027 | 500,000 | 606,357 | |
Minnesota State HEFAR College of St. Benedict Series 8K | 5.00 | 3-1-2022 | 125,000 | 125,865 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2034 | 200,000 | 239,680 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2035 | 170,000 | 203,428 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2039 | 200,000 | 237,486 | |
Minnesota State HEFAR St. Johns University | 4.00 | 10-1-2040 | 200,000 | 236,916 | |
Minnesota State HEFAR St. Olaf College | 4.00 | 10-1-2046 | 1,250,000 | 1,477,155 | |
Minnesota State HEFAR St. Olaf College | 4.00 | 10-1-2050 | 1,500,000 | 1,766,126 | |
Moorhead MN Educational Facilities Revenue Bonds The Concordia College Corporation Project Series 2016 | 5.00 | 12-1-2025 | 2,000,000 | 2,191,113 | |
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A | 4.15 | 9-1-2024 | 275,000 | 283,095 | |
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A | 5.00 | 9-1-2034 | 1,100,000 | 1,155,479 | |
Rice County MN Educational Facilities Shattuck-St. Mary's School Project 144A | 5.00 | 8-1-2022 | 930,000 | 955,525 | |
St. Cloud MN Charter School Lease Revenue Bonds Stride Academy Project Series 2016A | 5.00 | 4-1-2036 | 750,000 | 706,876 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2016A | 5.25 | 9-1-2031 | 1,000,000 | 1,142,886 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2020 | 5.00 | 9-1-2055 | 400,000 | 463,895 | |
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities Academy Project Series 2015A | 5.00 | 7-1-2035 | 925,000 | 995,116 | |
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities German Immersion School Project Series 2013A | 4.00 | 7-1-2023 | 80,000 | 82,232 | |
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities German Immersion School Project Series 2019 | 5.00 | 7-1-2055 | 750,000 | 838,975 | |
St. Paul MN Housing & RDA Conservatory for Performing Artists Series A | 4.00 | 3-1-2028 | 150,000 | 152,704 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
St. Paul MN Housing & RDA Hope Community Academy Project Series 2015A | 5.00% | 12-1-2034 | $1,645,000 | $ 1,717,250 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Morgan Stanley Bank LIQ) 144Aø | 0.30 | 11-1-2037 | 1,710,000 | 1,710,000 | |
University of Minnesota Series 2017A | 5.00 | 9-1-2042 | 770,000 | 935,284 | |
University of Minnesota Series 2019A | 5.00 | 4-1-2044 | 2,000,000 | 2,497,213 | |
University of Minnesota State Supported Biomedical Science Series 2011B | 5.00 | 8-1-2035 | 500,000 | 718,799 | |
Woodbury MN Charter School Refunding Bond MSA Building Company Series A | 4.00 | 12-1-2050 | 500,000 | 541,890 | |
45,860,252 | |||||
GO revenue: 19.86% | |||||
Brainerd MN Independent School District #181 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2043 | 225,000 | 253,761 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2033 | 1,075,000 | 857,348 | |
Elk River MN Sales Tax Series A | 3.00 | 12-1-2044 | 2,000,000 | 2,157,876 | |
Hastings MN Independent School District #200 CAB Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2032 | 1,305,000 | 1,041,340 | |
Hastings MN Independent School District #200 CAB Series A (State School District Credit Program Insured) ¤ | 0.00 | 2-1-2033 | 1,145,000 | 874,362 | |
Hennepin County MN Series 2016B | 5.00 | 12-1-2029 | 450,000 | 544,008 | |
Hennepin County MN Series 2017C | 5.00 | 12-1-2031 | 2,000,000 | 2,413,510 | |
Hennepin County MN Series A | 5.00 | 12-1-2029 | 2,160,000 | 2,821,237 | |
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured) | 5.00 | 2-1-2025 | 160,000 | 179,654 | |
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured) | 5.00 | 2-1-2026 | 185,000 | 214,114 | |
Minnesota Metropolitan Council Minneapolis-Saint Paul Metropolitan Area Transit Authority | 4.00 | 3-1-2030 | 1,250,000 | 1,477,486 | |
Minnesota Series 2018A | 5.00 | 8-1-2032 | 2,700,000 | 3,395,621 | |
Minnesota Trunk Highway Series A | 5.00 | 8-1-2032 | 1,585,000 | 2,037,236 | |
Minnesota Trunk Highway Series B | 4.00 | 8-1-2031 | 250,000 | 297,521 | |
Minnesota Various Purpose Bonds Series 2015A | 5.00 | 8-1-2028 | 3,400,000 | 3,942,574 | |
North St. Paul and Maplewood MN Independent School District #622 Facilities Maintenance Series B (State School District Credit Program Insured) | 4.00 | 2-1-2029 | 2,735,000 | 3,216,241 | |
Rosemount MN Independent School District #196 School Building Series 2016A (State School District Credit Program Insured) | 5.00 | 2-1-2027 | 1,500,000 | 1,763,630 | |
Roseville MN Independent School District #623 School Building Series A (State School District Credit Program Insured) | 5.00 | 2-1-2031 | 2,090,000 | 2,506,863 | |
Sartell MN Independent School District #748 St. Stephen Public Schools GO Series 2016A (State School District Credit Program Insured) | 5.00 | 2-1-2027 | 1,450,000 | 1,643,718 | |
Shakopee MN Independent School District #720 Series A (State School District Credit Program Insured) | 5.00 | 2-1-2023 | 1,000,000 | 1,051,164 | |
Shakopee MN Independent School District #720 Series B (State School District Credit Program Insured) | 5.00 | 2-1-2025 | 405,000 | 459,373 | |
St. Cloud MN Series A | 4.00 | 2-1-2028 | 460,000 | 532,229 | |
St. Cloud MN Series A | 4.00 | 2-1-2029 | 475,000 | 546,949 | |
St. Cloud MN Series A | 4.00 | 2-1-2030 | 495,000 | 567,129 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
St. Francis MN Independent School District #15 Series A (State School District Credit Program Insured) | 5.00% | 2-1-2027 | $ 485,000 | $ 509,275 | |
St. Francis MN Independent School District #15 Series A (State School District Credit Program Insured) | 5.00 | 2-1-2028 | 220,000 | 231,011 | |
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2030 | 440,000 | 497,389 | |
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2032 | 530,000 | 595,698 | |
Worthington MN Independent School District #518 School Building Series A (State School District Credit Program Insured) | 4.00 | 2-1-2033 | 555,000 | 622,700 | |
37,251,017 | |||||
Health revenue: 15.91% | |||||
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2026 | 750,000 | 832,943 | |
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2027 | 500,000 | 553,985 | |
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014 | 5.00 | 11-1-2029 | 300,000 | 329,918 | |
Duluth MN EDA Health Care Facilities Essentia Health Series A | 5.00 | 2-15-2048 | 650,000 | 769,782 | |
Duluth MN EDA Health Care Facilities Essentia Health Series A | 5.25 | 2-15-2053 | 2,500,000 | 3,026,254 | |
Glencoe MN HCFR Glencoe Regional Health Services Project Series 2013 | 4.00 | 4-1-2022 | 735,000 | 740,984 | |
Maple Grove MN HCFR Maple Grove Hospital Corporation | 5.00 | 5-1-2030 | 850,000 | 1,013,591 | |
Maple Grove MN HCFR North Memorial Health Care Series 2015 | 5.00 | 9-1-2023 | 655,000 | 703,008 | |
Maple Grove MN HCFR Series 2017 | 5.00 | 5-1-2031 | 500,000 | 594,470 | |
Maple Grove MN HCFR Series 2017 | 5.00 | 5-1-2032 | 500,000 | 593,400 | |
Minneapolis & St. Paul MN Housing & RDA Allina Health System | 5.00 | 11-15-2029 | 1,000,000 | 1,285,661 | |
Minneapolis & St. Paul MN Housing & RDA Allina Health System Series 2017A | 5.00 | 11-15-2029 | 1,000,000 | 1,212,189 | |
Minneapolis MN Health Care System Fairview Health Services Series 2015A | 5.00 | 11-15-2033 | 2,000,000 | 2,296,503 | |
Minneapolis MN Health Care System Revenue Allina Health System | 4.00 | 11-15-2038 | 975,000 | 1,185,857 | |
Minneapolis MN Health Care System Revenue Refunded Bond Fairview Health Services Series A | 5.00 | 11-15-2049 | 1,000,000 | 1,210,356 | |
Plato MN Health Care Facilities Bond Glencoe Regional Health Services Project Series 2017 | 5.00 | 4-1-2041 | 550,000 | 620,698 | |
Rochester MN Healthcare Facilities Mayo Clinic ø | 0.13 | 11-15-2047 | 700,000 | 700,000 | |
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144Aøø | 5.85 | 11-1-2058 | 750,000 | 804,096 | |
Shakopee MN St. Francis Regional Medical Center Series 2014 | 5.00 | 9-1-2027 | 700,000 | 773,418 | |
Shakopee MN St. Francis Regional Medical Center Series 2014 | 5.00 | 9-1-2029 | 725,000 | 799,237 | |
St. Cloud MN Health Care Revenue Bonds Series 2016A | 5.00 | 5-1-2030 | 2,000,000 | 2,349,604 | |
St. Cloud MN Health Care Revenue Bonds Series 2016A | 5.00 | 5-1-2031 | 2,000,000 | 2,347,743 | |
St. Cloud MN Health Care Revenue Centracare Health System Series A | 5.00 | 5-1-2028 | 300,000 | 353,140 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
St. Paul MN Housing & RDA Fairview Health Services Series 2017A | 5.00% | 11-15-2034 | $ 565,000 | $ 683,136 | |
St. Paul MN Housing & RDA Healthfirst Care Systems Project Series 2015A | 5.00 | 11-15-2027 | 1,000,000 | 1,168,300 | |
St. Paul MN Housing & RDA Healthpartners Obligation Group | 5.00 | 7-1-2025 | 520,000 | 598,894 | |
St. Paul MN Housing & RDA Healthpartners Obligation Group | 5.00 | 7-1-2031 | 2,010,000 | 2,296,945 | |
29,844,112 | |||||
Housing revenue: 6.12% | |||||
Minneapolis MN Student Housing Riverton Community Housing Project Series 2014 | 5.00 | 8-1-2032 | 860,000 | 910,408 | |
Minnesota HFA Series C (Department of Housing and Urban Development Insured) | 0.30 | 2-1-2024 | 1,500,000 | 1,495,010 | |
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%)(GNMA / FNMA / FHLMC Insured) ± | 0.53 | 1-1-2045 | 985,000 | 986,372 | |
Minnesota Housing Finance Agency Residential Housing Series E (GNMA / FNMA / FHLMC Insured) | 1.75 | 1-1-2028 | 665,000 | 683,165 | |
Minnesota Housing Finance Agency Residential Housing Series E (GNMA / FNMA / FHLMC Insured) | 1.75 | 7-1-2028 | 520,000 | 533,663 | |
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A | 4.00 | 8-1-2031 | 300,000 | 358,130 | |
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A | 5.00 | 8-1-2027 | 1,665,000 | 1,854,924 | |
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A | 5.00 | 8-1-2032 | 500,000 | 556,216 | |
Minnesota Housing Finance Agency State Appropriation Housing | 5.00 | 8-1-2028 | 200,000 | 251,730 | |
Minnesota Housing Finance Agency State Appropriation Housing | 5.00 | 8-1-2029 | 320,000 | 410,671 | |
Minnesota Housing Finance Agency State Appropriation Housing | 5.00 | 8-1-2030 | 465,000 | 609,452 | |
Oak Park Heights MN Boutwells Landing Project Series 2005 (FHLMC LIQ) ø | 0.11 | 11-1-2035 | 2,825,000 | 2,825,000 | |
11,474,741 | |||||
Miscellaneous revenue: 15.18% | |||||
Anoka Hennepin MN Independent School District #11 Certificate of Participation Series 2014A | 5.00 | 2-1-2034 | 1,000,000 | 1,085,361 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2030 | 250,000 | 289,845 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2031 | 250,000 | 288,038 | |
Center City MN Heath Care Facilities Hazelden Betty Ford Foundation Project Series 2019 | 4.00 | 11-1-2034 | 300,000 | 343,506 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019A | 4.00 | 3-1-2026 | 700,000 | 750,946 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (State School District Credit Program Insured) | 5.00 | 2-1-2026 | 395,000 | 458,019 | |
Duluth MN Independent School District #709 Certificate of Participation Series 2019B (State School District Credit Program Insured) | 5.00 | 2-1-2028 | 700,000 | 853,850 | |
Goodhue County MN Education District #6051 Red Wing Certificate of Participation Series 2014A | 5.00 | 2-1-2029 | 750,000 | 820,542 | |
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00 | 2-1-2028 | 290,000 | 309,222 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00% | 2-1-2029 | $ 300,000 | $ 317,582 | |
Lake Agassiz Education Cooperative #0397-52 Certificate of Participation Series A | 3.00 | 2-1-2030 | 310,000 | 325,739 | |
Minnesota General Fund Appropriation Bonds Series 2012B | 5.00 | 3-1-2027 | 2,000,000 | 2,015,293 | |
Minnesota General Fund Appropriation Bonds Series 2012B | 5.00 | 3-1-2029 | 2,000,000 | 2,015,293 | |
Minnesota General Fund Appropriation Bonds Series 2014A | 5.00 | 6-1-2033 | 1,000,000 | 1,063,616 | |
Minnesota Legislative Office Facility Project Certificate of Participation Series 2014 | 5.00 | 6-1-2023 | 435,000 | 464,204 | |
Minnesota Rural Water Finance Authority Public Projects Construction Notes | 0.25 | 8-1-2022 | 2,750,000 | 2,750,080 | |
Minnetonka MN Independent School District #276 Certificate of Participation Series 2016F | 5.00 | 2-1-2025 | 205,000 | 215,580 | |
Minnetonka MN Independent School District #276 Certificate of Participation Series 2018C | 5.75 | 2-1-2042 | 2,145,000 | 2,494,800 | |
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2013A | 4.00 | 2-1-2024 | 1,100,000 | 1,139,392 | |
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2015B | 5.00 | 2-1-2034 | 1,500,000 | 1,681,825 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A | 4.00 | 5-1-2026 | 500,000 | 552,869 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A | 4.00 | 5-1-2027 | 1,000,000 | 1,101,697 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2023 | 230,000 | 237,882 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2024 | 130,000 | 138,762 | |
Plymouth MN Intermediate School District #287 Certificate of Participation Series A | 4.00 | 2-1-2025 | 215,000 | 235,458 | |
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A | 5.00 | 2-1-2032 | 500,000 | 561,580 | |
St. Cloud MN Independent School District #742 Certificate of Participation Series 2017A | 5.00 | 2-1-2034 | 350,000 | 392,426 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2028 | 245,000 | 283,470 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2029 | 255,000 | 293,625 | |
St. Cloud MN Infrastructure Management Series B | 4.00 | 2-1-2030 | 260,000 | 297,886 | |
St. Paul MN Independent School District Series C (State School District Credit Program Insured) | 5.00 | 2-1-2030 | 2,965,000 | 3,539,982 | |
White Bear Lake MN Refunding Bonds YMCA of Greater Twin Cities Project Series 2018 | 5.00 | 6-1-2032 | 1,000,000 | 1,155,863 | |
28,474,233 | |||||
Resource recovery revenue: 0.72% | |||||
Douglas County MN Refunding Bond Solid Waste Series A | 5.00 | 8-1-2030 | 1,055,000 | 1,347,947 | |
Tax revenue: 0.85% | |||||
Hennepin County MN Series 2019B | 5.00 | 12-15-2031 | 1,260,000 | 1,595,379 | |
Transportation revenue: 0.90% | |||||
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 4.00 | 8-1-2026 | 525,000 | 560,110 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 4.00% | 8-1-2027 | $ 545,000 | $ 579,098 | |
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A | 5.00 | 8-1-2025 | 500,000 | 552,567 | |
1,691,775 | |||||
Utilities revenue: 8.98% | |||||
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Revenue Refunding Bonds Series 2012 | 5.00 | 1-1-2042 | 1,500,000 | 1,500,000 | |
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Revenue Refunding Bonds Series 2021 (AGM Insured) | 4.00 | 1-1-2042 | 350,000 | 408,239 | |
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Revenue Refunding Bonds Series 2021 (AGM Insured) | 5.00 | 1-1-2029 | 315,000 | 395,106 | |
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Revenue Refunding Bonds Series 2021 (AGM Insured) | 5.00 | 1-1-2030 | 210,000 | 268,276 | |
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Revenue Refunding Bonds Series 2021 (AGM Insured) | 5.00 | 1-1-2031 | 350,000 | 444,657 | |
Hutchinson MN Public Utility Revenue Refunding Bonds Series 2012A | 5.00 | 12-1-2026 | 700,000 | 729,396 | |
Northern Minnesota Municipal Power Agency Series 2013A | 4.00 | 1-1-2028 | 450,000 | 464,127 | |
Northern Minnesota Municipal Power Agency Series 2016 | 5.00 | 1-1-2025 | 205,000 | 231,515 | |
Northern Minnesota Municipal Power Agency Series 2016 | 5.00 | 1-1-2030 | 520,000 | 600,842 | |
Northern Minnesota Municipal Power Agency Series 2016 | 5.00 | 1-1-2031 | 350,000 | 404,264 | |
Northern Minnesota Municipal Power Agency Series 2017 | 5.00 | 1-1-2041 | 400,000 | 470,744 | |
Rochester MN Electric Utility Revenue Series 2013B | 5.00 | 12-1-2025 | 315,000 | 343,188 | |
Rochester MN Electric Utility Revenue Series 2013B | 5.00 | 12-1-2026 | 250,000 | 272,371 | |
Rochester MN Electric Utility Revenue Series 2017A | 5.00 | 12-1-2037 | 500,000 | 594,327 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2032 | 700,000 | 886,693 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2033 | 560,000 | 708,065 | |
Southern Minnesota Municipal Power Agency Badger Coulee Project Series 2019A | 5.00 | 1-1-2034 | 615,000 | 776,465 | |
Southern Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2041 | 480,000 | 551,170 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2023 | 200,000 | 208,468 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2027 | 100,000 | 110,116 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 3.00 | 10-1-2034 | 225,000 | 237,986 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 4.00 | 10-1-2028 | 400,000 | 458,799 | |
St. Paul MN Port Authority District Energy Revenue Series 1 | 4.00 | 10-1-2041 | 500,000 | 555,510 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2027 | 1,565,000 | 1,635,993 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2030 | 1,000,000 | 1,045,363 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,162,713 | |
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2032 | 1,250,000 | 1,365,152 | |
16,829,545 | |||||
179,219,122 |
Interest rate | Maturity date | Principal | Value | ||
Puerto Rico: 0.50% | |||||
Health revenue: 0.50% | |||||
Puerto Rico Industrial Tourist Educational Medical And Environmental Control Facilities Financing Authority Hospital Auxilio Mutuo Obligated Group Project | 5.00% | 7-1-2028 | $ 760,000 | $ 928,885 | |
Virgin Islands: 0.14% | |||||
Tax revenue: 0.14% | |||||
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured) | 5.00 | 10-1-2025 | 245,000 | 253,704 | |
Total Municipal obligations (Cost $174,406,660) | 182,225,960 | ||||
Total investments in securities (Cost $174,406,660) | 97.17% | 182,225,960 | |||
Other assets and liabilities, net | 2.83 | 5,316,333 | |||
Total net assets | 100.00% | $187,542,293 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
CAB | Capital appreciation bond |
EDA | Economic Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
LIQ | Liquidity agreement |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
Assets | |
Investments in unaffiliated securities, at value (cost $174,406,660) | $ 182,225,960 |
Cash | 4,920,564 |
Cash due from broker | 15,000 |
Receivable for interest | 2,294,458 |
Receivable for Fund shares sold | 544,373 |
Receivable for investments sold | 35,000 |
Prepaid expenses and other assets | 49,112 |
Total assets | 190,084,467 |
Liabilities | |
Payable for Fund shares redeemed | 2,393,698 |
Dividends payable | 53,966 |
Management fee payable | 47,107 |
Administration fees payable | 17,096 |
Distribution fee payable | 1,337 |
Trustees’ fees and expenses payable | 768 |
Accrued expenses and other liabilities | 28,202 |
Total liabilities | 2,542,174 |
Total net assets | $187,542,293 |
Net assets consist of | |
Paid-in capital | $ 178,971,373 |
Total distributable earnings | 8,570,920 |
Total net assets | $187,542,293 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 30,215,580 |
Shares outstanding – Class A1 | 2,765,224 |
Net asset value per share – Class A | $10.93 |
Maximum offering price per share – Class A2 | $11.45 |
Net assets – Class C | $ 1,933,829 |
Shares outstanding – Class C1 | 176,948 |
Net asset value per share – Class C | $10.93 |
Net assets – Administrator Class | $ 63,730,276 |
Shares outstanding – Administrator Class1 | 5,833,460 |
Net asset value per share – Administrator Class | $10.92 |
Net assets – Institutional Class | $ 91,662,608 |
Shares outstanding – Institutional Class1 | 8,384,597 |
Net asset value per share – Institutional Class | $10.93 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 2,336,855 |
Expenses | |
Management fee | 383,757 |
Administration fees | |
Class A | 24,970 |
Class C | 1,641 |
Administrator Class | 31,630 |
Institutional Class | 38,142 |
Shareholder servicing fees | |
Class A | 39,016 |
Class C | 2,548 |
Administrator Class | 78,697 |
Distribution fee | |
Class C | 7,646 |
Custody and accounting fees | 4,059 |
Professional fees | 31,653 |
Registration fees | 28,999 |
Shareholder report expenses | 15,552 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 6,538 |
Total expenses | 704,669 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (73,719) |
Class A | (1,318) |
Administrator Class | (39,712) |
Institutional Class | (3,415) |
Net expenses | 586,505 |
Net investment income | 1,750,350 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (88,727) |
Futures contracts | 11,529 |
Net realized losses on investments | (77,198) |
Net change in unrealized gains (losses) on investments | (1,255,091) |
Net realized and unrealized gains (losses) on investments | (1,332,289) |
Net increase in net assets resulting from operations | $ 418,061 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 1,750,350 | $ 3,653,766 | ||
Net realized gains (losses) on investments | (77,198) | 254,311 | ||
Net change in unrealized gains (losses) on investments | (1,255,091) | 2,217,903 | ||
Net increase in net assets resulting from operations | 418,061 | 6,125,980 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (286,563) | (548,293) | ||
Class C | (11,132) | (27,913) | ||
Administrator Class | (661,660) | (1,347,984) | ||
Institutional Class | (1,035,040) | (1,731,460) | ||
Total distributions to shareholders | (1,994,395) | (3,655,650) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 44,849 | 492,413 | 323,370 | 3,550,192 |
Class C | 7,466 | 82,003 | 7,552 | 83,001 |
Administrator Class | 581,076 | 6,377,865 | 1,282,905 | 14,097,375 |
Institutional Class | 1,041,996 | 11,469,402 | 2,957,625 | 32,571,701 |
18,421,683 | 50,302,269 | |||
Reinvestment of distributions | ||||
Class A | 25,835 | 283,297 | 49,779 | 546,374 |
Class C | 1,008 | 11,051 | 2,540 | 27,869 |
Administrator Class | 59,342 | 650,431 | 121,253 | 1,330,716 |
Institutional Class | 68,830 | 755,001 | 100,771 | 1,106,654 |
1,699,780 | 3,011,613 | |||
Payment for shares redeemed | ||||
Class A | (172,008) | (1,897,397) | (205,563) | (2,256,143) |
Class C | (18,438) | (202,327) | (193,345) | (2,116,163) |
Administrator Class | (319,247) | (3,502,404) | (2,334,032) | (25,663,314) |
Institutional Class | (1,052,495) | (11,560,961) | (1,208,730) | (13,262,498) |
(17,163,089) | (43,298,118) | |||
Net increase in net assets resulting from capital share transactions | 2,958,374 | 10,015,764 | ||
Total increase in net assets | 1,382,040 | 12,486,094 | ||
Net assets | ||||
Beginning of period | 186,160,253 | 173,674,159 | ||
End of period | $187,542,293 | $186,160,253 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.09 | 0.20 1 | 0.23 | 0.27 1 | 0.28 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.16 | 0.09 | 0.26 | (0.16) | (0.34) |
Total from investment operations | 0.01 | 0.36 | 0.32 | 0.53 | 0.12 | (0.06) |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.20) | (0.23) | (0.27) | (0.28) | (0.28) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.10) | (0.20) | (0.23) | (0.27) | (0.29) | (0.33) |
Net asset value, end of period | $10.93 | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 |
Total return2 | 0.11% | 3.32% | 2.99% | 5.13% | 1.10% | (0.53)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.91% | 0.92% | 0.93% | 0.94% | 0.85% | 0.91% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.84% | 0.85% |
Net investment income | 1.59% | 1.80% | 2.12% | 2.57% | 2.64% | 2.63% |
Supplemental data | ||||||
Portfolio turnover rate | 4% | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $30,216 | $31,586 | $29,317 | $27,399 | $29,554 | $34,720 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.05 | 0.12 1 | 0.15 1 | 0.19 | 0.20 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.16 | 0.09 | 0.26 | (0.16) | (0.34) |
Total from investment operations | (0.03) | 0.28 | 0.24 | 0.45 | 0.04 | (0.14) |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.12) | (0.15) | (0.19) | (0.20) | (0.20) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.06) | (0.12) | (0.15) | (0.19) | (0.21) | (0.25) |
Net asset value, end of period | $10.93 | $11.02 | $10.86 | $10.77 | $10.51 | $10.68 |
Total return2 | (0.27)% | 2.54% | 2.22% | 4.35% | 0.34% | (1.27)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.65% | 1.66% | 1.68% | 1.69% | 1.59% | 1.65% |
Net expenses | 1.60% | 1.60% | 1.60% | 1.60% | 1.59% | 1.60% |
Net investment income | 0.84% | 1.06% | 1.37% | 1.83% | 1.89% | 1.88% |
Supplemental data | ||||||
Portfolio turnover rate | 4% | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $1,934 | $2,060 | $4,020 | $5,254 | $7,387 | $9,525 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.02 | $10.86 | $10.76 | $10.51 | $10.68 | $11.07 |
Net investment income | 0.10 | 0.23 1 | 0.26 1 | 0.30 1 | 0.31 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | (0.09) | 0.16 | 0.10 | 0.25 | (0.16) | (0.34) |
Total from investment operations | 0.01 | 0.39 | 0.36 | 0.55 | 0.15 | (0.03) |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.23) | (0.26) | (0.30) | (0.31) | (0.31) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.11) | (0.23) | (0.26) | (0.30) | (0.32) | (0.36) |
Net asset value, end of period | $10.92 | $11.02 | $10.86 | $10.76 | $10.51 | $10.68 |
Total return2 | 0.14% | 3.58% | 3.34% | 5.29% | 1.34% | (0.28)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.86% | 0.87% | 0.88% | 0.78% | 0.84% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 1.84% | 2.06% | 2.38% | 2.81% | 2.89% | 2.87% |
Supplemental data | ||||||
Portfolio turnover rate | 4% | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $63,730 | $60,727 | $69,954 | $95,072 | $85,259 | $104,906 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.02 | $10.87 | $10.77 | $10.52 | $10.69 | $10.88 |
Net investment income | 0.11 | 0.23 | 0.26 | 0.30 | 0.32 | 0.21 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.15 | 0.10 | 0.25 | (0.16) | (0.14) |
Total from investment operations | 0.03 | 0.38 | 0.36 | 0.55 | 0.16 | 0.07 |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.23) | (0.26) | (0.30) | (0.32) | (0.21) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (0.01) | (0.05) |
Total distributions to shareholders | (0.12) | (0.23) | (0.26) | (0.30) | (0.33) | (0.26) |
Net asset value, end of period | $10.93 | $11.02 | $10.87 | $10.77 | $10.52 | $10.69 |
Total return2 | 0.28% | 3.56% | 3.42% | 5.37% | 1.43% | 0.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.58% | 0.59% | 0.60% | 0.61% | 0.52% | 0.52% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% | 0.51% |
Net investment income | 1.92% | 2.13% | 2.43% | 2.89% | 2.98% | 2.91% |
Supplemental data | ||||||
Portfolio turnover rate | 4% | 9% | 16% | 18% | 15% | 22% |
Net assets, end of period (000s omitted) | $91,663 | $91,787 | $70,383 | $35,630 | $29,639 | $22,785 |
1 | For the period from October 31, 2016 (commencement of class operations) to June 30, 2017 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $8,075,130 |
Gross unrealized losses | (255,828) |
Net unrealized gains | $7,819,302 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $182,225,960 | $0 | $182,225,960 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.85% |
Class C | 1.60 |
Administrator Class | 0.60 |
Institutional Class | 0.52 |
Shares voted “For” | 8,304,484 |
Shares voted “Against” | 334,702 |
Shares voted “Abstain” | 237,265 |
Shares voted “For” | 8,196,702 |
Shares voted “Against” | 338,121 |
Shares voted “Abstain” | 341,628 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA252/SAR252 12-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WMFAX) | 4-8-2005 | -2.71 | 3.18 | 3.80 | 1.88 | 4.12 | 4.28 | 0.77 | 0.75 | ||
Class C (WMFCX) | 4-8-2005 | 0.12 | 3.34 | 3.50 | 1.12 | 3.34 | 3.50 | 1.52 | 1.50 | ||
Class R6 (WMBRX)3 | 7-31-2018 | – | – | – | 2.25 | 4.47 | 4.60 | 0.39 | 0.39 | ||
Administrator Class (WMFDX) | 4-8-2005 | – | – | – | 1.94 | 4.26 | 4.42 | 0.71 | 0.60 | ||
Institutional Class (WMBIX) | 3-31-2008 | – | – | – | 2.20 | 4.43 | 4.58 | 0.44 | 0.44 | ||
Bloomberg Municipal Bond Index4 | – | – | – | – | 1.52 | 4.17 | 3.72 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
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1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,004.10 | $3.79 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,000.29 | $7.56 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.64 | $7.63 | 1.50% |
Class R6 | ||||
Actual | $1,000.00 | $1,005.92 | $1.97 | 0.39% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.24 | $1.99 | 0.39% |
Administrator Class | ||||
Actual | $1,000.00 | $1,003.92 | $3.03 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,005.67 | $2.22 | 0.44% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.99 | $2.24 | 0.44% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.48% | |||||
California: 0.30% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (170 shares) 0.30% 144Aø | $17,000,000 | $ 17,000,000 | |||
Other: 0.18% | |||||
Nuveen Dividend Advantage Municipal Income Fund (100 shares) 0.25% 144Aø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $27,000,000) | 27,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.04% | |||||
Alabama: 2.13% | |||||
Airport revenue: 0.10% | |||||
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00% | 7-1-2036 | 500,000 | 596,859 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00 | 7-1-2037 | 500,000 | 595,565 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 4.00 | 7-1-2038 | 400,000 | 475,633 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2028 | 700,000 | 873,760 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2029 | 750,000 | 955,892 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2030 | 500,000 | 650,420 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2032 | 600,000 | 775,343 | |
Birmingham AL Airport Authority Revenue (BAM Insured) | 5.00 | 7-1-2033 | 650,000 | 838,500 | |
5,761,972 | |||||
GO revenue: 0.06% | |||||
Birmingham AL CAB Series A1 ¤ | 0.00 | 3-1-2045 | 3,160,000 | 3,678,556 | |
Health revenue: 0.30% | |||||
East Alabama Health Care Authority Series B ø | 0.16 | 9-1-2039 | 14,000,000 | 14,000,000 | |
UAB Medicine Finance Authority Series B | 5.00 | 9-1-2034 | 1,000,000 | 1,273,843 | |
UAB Medicine Finance Authority Series B | 5.00 | 9-1-2035 | 1,000,000 | 1,272,124 | |
16,545,967 | |||||
Tax revenue: 0.72% | |||||
Alabama Federal Aid Highway Finance Authority Series A | 5.00 | 9-1-2035 | 24,000,000 | 28,857,031 | |
Alabama Federal Aid Highway Finance Authority Series A | 5.00 | 6-1-2037 | 9,000,000 | 11,142,082 | |
39,999,113 | |||||
Utilities revenue: 0.84% | |||||
Lower Alabama Gas Supply District Project #2 øø | 4.00 | 12-1-2050 | 7,660,000 | 8,494,583 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 28,850,000 | 30,930,777 | |
Southeast Energy Authority Alabama Project #1 Series A øø | 4.00 | 11-1-2051 | 6,465,000 | 7,493,273 | |
46,918,633 | |||||
Water & sewer revenue: 0.11% | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2025 | 710,000 | 654,998 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00% | 10-1-2026 | $ 3,000,000 | $ 2,597,882 | |
Jefferson County AL CAB Series B (AGM Insured) ¤ | 0.00 | 10-1-2029 | 4,115,000 | 2,925,939 | |
6,178,819 | |||||
119,083,060 | |||||
Alaska: 0.04% | |||||
Health revenue: 0.04% | |||||
Alaska IDA Tanana Chiefs Conference Project | 5.00 | 10-1-2033 | 1,930,000 | 2,390,752 | |
Arizona: 1.88% | |||||
Education revenue: 0.48% | |||||
Arizona Board of Regents University of Arizona Series C | 5.00 | 8-1-2027 | 1,000,000 | 1,228,476 | |
Arizona Board of Regents University of Arizona Series C | 5.00 | 8-1-2029 | 1,005,000 | 1,291,447 | |
Arizona IDA Kipp NYC Public Charter School Project | 4.00 | 7-1-2051 | 2,100,000 | 2,347,845 | |
Arizona IDA Kipp NYC Public Charter School Project | 4.00 | 7-1-2061 | 1,500,000 | 1,663,704 | |
Arizona IDA Kipp NYC Public Charter School Project | 4.00 | 7-1-2061 | 3,000,000 | 3,184,881 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.75 | 6-15-2038 | 1,085,000 | 1,190,993 | |
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A | 5.88 | 6-15-2048 | 2,435,000 | 2,647,737 | |
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A | 6.50 | 7-1-2034 | 2,000,000 | 2,273,749 | |
Phoenix AZ IDA Rowan University Project Series 2012 | 5.25 | 6-1-2034 | 1,000,000 | 1,019,542 | |
Pima County AZ IDA American Leadership Project 144A%% | 4.00 | 6-15-2029 | 2,905,000 | 3,070,944 | |
Pima County AZ IDA American Leadership Project 144A%% | 4.00 | 6-15-2041 | 3,195,000 | 3,314,838 | |
Pima County AZ IDA Noah Webster Schools-Pima Project | 7.00 | 12-15-2043 | 3,225,000 | 3,524,908 | |
26,759,064 | |||||
GO revenue: 0.08% | |||||
Maricopa County AZ Special Health Care District Series D | 4.00 | 7-1-2035 | 3,500,000 | 4,241,032 | |
Health revenue: 0.30% | |||||
Arizona Health Facilities Authority Revenue Bond Banner Health Series A | 4.00 | 1-1-2043 | 5,565,000 | 5,565,000 | |
Arizona Health Facilities Authority Revenue Bond Banner Health Series A | 5.00 | 1-1-2044 | 5,000,000 | 5,460,608 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.13 | 2-1-2025 | 6,000,000 | 6,000,000 | |
17,025,608 | |||||
Industrial development revenue: 0.16% | |||||
Phoenix AZ IDA Various Republic Services Incorporated Projects øø | 0.20 | 12-1-2035 | 9,000,000 | 8,999,987 | |
Miscellaneous revenue: 0.80% | |||||
Arizona Board of Regents Certificates Refunding Bonds University Arizona Series C | 5.00 | 6-1-2028 | 3,250,000 | 3,314,417 | |
Navajo Nation AZ Refunding Bond Series A 144A | 5.50 | 12-1-2030 | 7,275,000 | 8,103,214 | |
Phoenix AZ Civic Improvement Corporation Junior Lien Refunding Bond | 5.00 | 7-1-2034 | 8,805,000 | 10,386,065 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Phoenix AZ Civic Improvement Corporation Series A | 5.00% | 7-1-2034 | $13,875,000 | $ 15,922,983 | |
Phoenix AZ Civic Improvement Corporation Series B | 5.00 | 7-1-2049 | 5,570,000 | 6,759,355 | |
44,486,034 | |||||
Utilities revenue: 0.02% | |||||
Marcopia County AZ PCR Refunding Bonds Series A | 2.40 | 6-1-2035 | 1,000,000 | 1,002,906 | |
Water & sewer revenue: 0.04% | |||||
Mesa AZ Utility System Revenue | 4.00 | 7-1-2042 | 1,000,000 | 1,191,695 | |
Mesa AZ Utility System Revenue | 4.00 | 7-1-2043 | 1,000,000 | 1,189,594 | |
2,381,289 | |||||
104,895,920 | |||||
Arkansas: 0.15% | |||||
Miscellaneous revenue: 0.15% | |||||
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2038 | 1,170,000 | 1,357,842 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2039 | 1,000,000 | 1,157,698 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2040 | 500,000 | 576,919 | |
Arkansas Development Finance Authority Arkansas Division of Emergency Management | 4.00 | 6-1-2045 | 4,500,000 | 5,138,514 | |
8,230,973 | |||||
California: 5.69% | |||||
Airport revenue: 1.15% | |||||
Los Angeles CA Department of Airports AMT Subordinate Revenue Bond | 5.00 | 5-15-2034 | 1,750,000 | 2,054,534 | |
Los Angeles CA Department of Airports Subordinate Revenue Bonds | 5.00 | 5-15-2034 | 1,465,000 | 1,799,836 | |
Los Angeles CA Department of Airports Subordinate Revenue Bonds Series A | 5.25 | 5-15-2048 | 15,000,000 | 18,358,019 | |
Port of Oakland CA Refunding Bonds Series H | 5.00 | 5-1-2026 | 2,500,000 | 2,945,163 | |
Port of Oakland CA Refunding Bonds Series H | 5.00 | 5-1-2029 | 1,875,000 | 2,372,490 | |
San Francisco CA City & County Airport Commission San Francisco International Airport Series B | 5.00 | 5-1-2046 | 30,000,000 | 34,791,765 | |
San Jose CA Refunding Bond AMT Series A (BAM Insured) | 4.00 | 3-1-2034 | 1,800,000 | 2,148,670 | |
64,470,477 | |||||
Education revenue: 0.15% | |||||
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A | 7.13 | 8-1-2043 | 2,230,000 | 2,465,843 | |
University of California Series K | 4.00 | 5-15-2046 | 5,075,000 | 5,654,677 | |
8,120,520 | |||||
GO revenue: 0.99% | |||||
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2031 | 2,175,000 | 1,869,849 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGC Insured) ¤ | 0.00 | 8-1-2031 | 7,500,000 | 6,447,756 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00% | 8-1-2032 | $ 3,795,000 | $ 3,190,096 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2034 | 5,000,000 | 4,012,160 | |
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) ¤ | 0.00 | 8-1-2035 | 6,700,000 | 5,246,512 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2031 | 1,000,000 | 853,193 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2032 | 1,000,000 | 833,583 | |
Colton CA Unified School District CAB Series B (AGM Insured) ¤ | 0.00 | 8-1-2033 | 1,000,000 | 814,322 | |
Compton CA Community College District CAB Election of 2002 Series C ¤ | 0.00 | 8-1-2032 | 2,515,000 | 2,059,440 | |
Compton CA Community College District CAB Election of 2002 Series C ¤ | 0.00 | 8-1-2033 | 2,000,000 | 1,597,201 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2030 | 2,000,000 | 1,747,990 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2031 | 2,000,000 | 1,702,706 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2032 | 1,660,000 | 1,379,792 | |
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) ¤ | 0.00 | 6-1-2033 | 1,230,000 | 998,197 | |
Los Angeles CA Unified School District Series R | 4.00 | 7-1-2044 | 11,000,000 | 13,011,330 | |
Ontario Montclair CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2028 | 1,500,000 | 1,374,370 | |
Ontario Montclair CA School District CAB (AGC Insured) ¤ | 0.00 | 8-1-2030 | 2,000,000 | 1,740,085 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2031 | 2,000,000 | 1,725,498 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2033 | 1,000,000 | 823,163 | |
San Diego CA Unified School District CAB Series C ¤ | 0.00 | 7-1-2034 | 2,000,000 | 1,605,690 | |
Wiseburn CA School District CAB Election of 2010 Series B (AGM Insured) ¤ | 0.00 | 8-1-2034 | 2,530,000 | 1,978,987 | |
55,011,920 | |||||
Health revenue: 1.02% | |||||
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.29 | 7-1-2040 | 21,550,000 | 21,550,000 | |
California HFFA Stanford Health Care Series A | 4.00 | 8-15-2050 | 13,450,000 | 15,745,576 | |
California PFA Enso Village Project Series B-3 144A | 2.13 | 11-15-2027 | 4,000,000 | 4,033,595 | |
University of California Regents University Medical Center Pooled Revenue Bonds 2016 Series L | 4.00 | 5-15-2037 | 10,025,000 | 11,221,458 | |
University of California Regents University Medical Center Pooled Revenue Bonds 2016 Series L | 5.00 | 5-15-2047 | 3,885,000 | 4,546,464 | |
57,097,093 | |||||
Housing revenue: 0.11% | |||||
California Community Housing Agency Essential Housing Revenue Serenity at Larkspur Series C 144A | 5.00 | 2-1-2050 | 1,000,000 | 1,068,397 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 3,149,292 | 3,627,372 | |
California Statewide CDA Community Improvement Authority Bond Mezzanine Pasadena Portfolio 144A | 4.00 | 12-1-2056 | 1,500,000 | 1,395,959 | |
6,091,728 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.58% | |||||
Anaheim CA PFA Convention Center Expansion Project Series A | 5.00% | 5-1-2046 | $ 8,500,000 | $ 9,415,978 | |
California Public Works Board Judicial Council Project Series A | 5.00 | 3-1-2031 | 3,260,000 | 3,426,396 | |
Mesa CA Water District Certificate of Participation | 4.00 | 3-15-2039 | 500,000 | 598,845 | |
Mesa CA Water District Certificate of Participation | 4.00 | 3-15-2040 | 500,000 | 597,909 | |
Mesa CA Water District Certificate of Participation | 4.00 | 3-15-2045 | 1,200,000 | 1,420,140 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2027 | 2,095,000 | 1,970,890 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2028 | 4,450,000 | 4,098,125 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2029 | 4,520,000 | 4,068,376 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2031 | 2,185,000 | 1,866,625 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2032 | 2,000,000 | 1,669,242 | |
Pasadena CA PFA CAB Rose Bowl Series A ¤ | 0.00 | 3-1-2033 | 4,295,000 | 3,499,781 | |
32,632,307 | |||||
Resource recovery revenue: 0.27% | |||||
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 15,205,000 | 15,204,979 | |
Tax revenue: 0.29% | |||||
San Diego County CA Regional Transportation Commission Limited Tax Series A | 5.00 | 4-1-2048 | 915,000 | 1,066,890 | |
Tender Option Bond Trust Receipts/Floater Certificates (Mizuho Capital Markets LLC LIQ) 144Aø | 0.15 | 7-11-2040 | 15,000,000 | 15,000,000 | |
16,066,890 | |||||
Tobacco revenue: 0.04% | |||||
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2039 | 500,000 | 592,704 | |
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2040 | 300,000 | 354,852 | |
California County CA Tobacco Securitization Agency | 4.00 | 6-1-2049 | 1,200,000 | 1,392,433 | |
2,339,989 | |||||
Transportation revenue: 0.62% | |||||
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ± | 1.35 | 4-1-2036 | 23,545,000 | 24,574,178 | |
Foothill-Eastern Corridor Transportation Agency Refunding Bond Senior Lien Series A | 4.00 | 1-15-2046 | 8,500,000 | 9,906,606 | |
34,480,784 | |||||
Utilities revenue: 0.47% | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series 2021A øø | 4.00 | 10-1-2052 | 5,000,000 | 5,771,789 | |
M-S-R California Energy Authority Gas Series B | 6.13 | 11-1-2029 | 15,070,000 | 18,737,067 | |
Vernon CA Electric System Revenue Series A %% | 5.00 | 8-1-2039 | 450,000 | 565,175 | |
Vernon CA Electric System Revenue Series A %% | 5.00 | 8-1-2040 | 375,000 | 470,122 | |
Vernon CA Electric System Revenue Series A %% | 5.00 | 8-1-2041 | 420,000 | 525,675 | |
26,069,828 | |||||
317,586,515 | |||||
Colorado: 4.67% | |||||
Airport revenue: 0.83% | |||||
Denver CO City & County Airport System Revenue Series 2012A | 5.00 | 12-1-2034 | 12,855,000 | 17,489,922 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Denver CO City & County Airport System Revenue Series 2012A | 5.00% | 12-1-2037 | $ 3,130,000 | $ 3,845,082 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 11-15-2030 | 2,000,000 | 2,082,478 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2030 | 12,780,000 | 16,578,449 | |
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2035 | 5,000,000 | 6,153,473 | |
46,149,404 | |||||
Education revenue: 0.73% | |||||
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 390,000 | 444,042 | |
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 555,000 | 631,906 | |
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bonds Series 2013C | 5.25 | 3-1-2033 | 725,000 | 767,320 | |
Colorado Board of Governors State University Enterprise System Revenue Unrefunded Bond Series 2018 E-1 | 5.00 | 3-1-2040 | 1,055,000 | 1,206,552 | |
Colorado ECFA Alexander Dawson School LLC Project | 5.00 | 2-15-2040 | 1,000,000 | 1,003,372 | |
Colorado ECFA Charter School Aspen Ridge School Project Series 2015A 144A | 4.13 | 7-1-2026 | 335,000 | 353,151 | |
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A | 6.00 | 12-15-2037 | 3,110,000 | 3,571,564 | |
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series B-2 | 7.00 | 12-15-2046 | 3,940,000 | 4,747,523 | |
Colorado ECFA Charter School Ben Franklin Academy Project | 5.00 | 7-1-2036 | 750,000 | 836,372 | |
Colorado ECFA Charter School Community Leadership Academy Second Campus Project | 7.00 | 8-1-2033 | 1,075,000 | 1,158,429 | |
Colorado ECFA Charter School District Montessori Charter School Project | 5.00 | 7-15-2037 | 1,150,000 | 1,171,769 | |
Colorado ECFA Charter School New Summit Charter School 144A | 4.00 | 7-1-2051 | 715,000 | 762,106 | |
Colorado ECFA Charter School Refunding & Improvement Bonds Skyview Academy Project 2014 144A | 4.13 | 7-1-2024 | 310,000 | 320,707 | |
Colorado ECFA Charter School Refunding & Improvement Bonds University Laboratory School Project 2015 | 5.00 | 12-15-2028 | 600,000 | 679,867 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 7.50 | 9-1-2033 | 5,015,000 | 5,596,353 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.00 | 9-1-2043 | 5,930,000 | 6,661,046 | |
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A | 8.13 | 9-1-2048 | 3,795,000 | 4,270,666 | |
Colorado ECFA Charter School Twin Peaks Charter Academy | 6.50 | 3-15-2043 | 1,290,000 | 1,294,264 | |
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series B | 5.00 | 9-1-2030 | 1,770,000 | 1,825,778 | |
Colorado ECFA School Refunding & Improvement Bonds | 5.00 | 3-15-2035 | 2,000,000 | 2,516,331 | |
Colorado ECFA Union Colony School Project Revenue Bond Series 2018 | 5.00 | 4-1-2048 | 715,000 | 842,422 | |
40,661,540 | |||||
GO revenue: 0.20% | |||||
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A | 5.25 | 12-1-2047 | 1,000,000 | 1,046,297 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Aurora CO Park 70 Metropolitan District | 5.00% | 12-1-2046 | $ 1,000,000 | $ 1,132,621 | |
Broadway Station Metropolitan District #3 Series A | 5.00 | 12-1-2049 | 1,250,000 | 1,339,494 | |
Colorado International Center Metropolitan District #3 Refunding Bonds | 4.63 | 12-1-2031 | 559,000 | 576,458 | |
Thompson Crossing Metropolitan District #4 Refunding & Improvement Bonds | 5.00 | 12-1-2049 | 2,125,000 | 2,279,101 | |
Weld County CO Eaton Area Park & Recreation District Series 2015 | 5.50 | 12-1-2038 | 1,075,000 | 1,126,428 | |
Wheatlands CO Metropolitan District #2 Refunding Bond (BAM Insured) | 5.00 | 12-1-2030 | 650,000 | 754,646 | |
Wiggins CO School District #50 (BAM Insured) | 4.00 | 12-1-2046 | 2,335,000 | 2,804,199 | |
11,059,244 | |||||
Health revenue: 0.26% | |||||
Aspen Valley Hospital District Refunding Bonds Series 2012 | 5.00 | 10-15-2033 | 600,000 | 613,821 | |
Colorado Health Facilities Authority CommonSpirit Health Series A2 | 5.00 | 8-1-2044 | 4,000,000 | 4,911,962 | |
Colorado Health Facilities Authority Evangelical Lutheran Good Samaritan Society Series 2015A | 5.00 | 6-1-2040 | 1,000,000 | 1,153,960 | |
Colorado Health Facilities Authority Refunding & Improvement Bonds Christian Living Project | 4.00 | 1-1-2042 | 1,000,000 | 1,092,917 | |
Colorado Health Facilities Authority Revenue Bonds Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 3,500,000 | 4,103,380 | |
Colorado Health Facilities Authority Revenue Parkview Medical Center Incorporated | 4.00 | 9-1-2045 | 500,000 | 582,038 | |
Colorado Health Facilities Authority Sisters of Charity Leavenworth Health System Series 2013A | 5.50 | 1-1-2035 | 1,000,000 | 1,098,457 | |
Colorado Health Facilities Authority Sunny Vista Living Center Series 2015A 144A | 5.00 | 12-1-2025 | 615,000 | 606,780 | |
Denver CO Health & Hospital Authority Refunding Bonds Series 2017A 144A | 5.00 | 12-1-2034 | 500,000 | 600,543 | |
14,763,858 | |||||
Miscellaneous revenue: 0.88% | |||||
Colorado Bridge Enterprise Revenue | 4.00 | 12-31-2029 | 2,705,000 | 3,109,824 | |
Colorado Bridge Enterprise Revenue | 4.00 | 6-30-2030 | 3,115,000 | 3,574,252 | |
Colorado Bridge Enterprise Revenue | 4.00 | 6-30-2031 | 665,000 | 760,687 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2038 | 5,000,000 | 6,115,483 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2039 | 3,000,000 | 3,661,244 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2039 | 3,250,000 | 3,899,340 | |
Colorado Certificate of Participation Rural Colorado Series A | 4.00 | 12-15-2040 | 5,550,000 | 6,760,799 | |
Colorado Certificate of Participation Series A | 4.00 | 12-15-2036 | 5,000,000 | 6,142,841 | |
Colorado E-470 Public Highway Authority CAB Series A (NPFGC Insured) ¤ | 0.00 | 9-1-2034 | 4,000,000 | 3,160,185 | |
Colorado Regional Transportation District Certificate of Participation Series 2014A | 5.00 | 6-1-2044 | 2,000,000 | 2,106,298 | |
Denver CO School District #1 Certificate of Participation Series B | 5.00 | 12-15-2035 | 1,000,000 | 1,156,900 | |
Denver CO School District #1 Certificate of Participation Series B | 5.00 | 12-15-2045 | 1,200,000 | 1,368,734 | |
Longmont CO Certificate of Participation Series 2014 | 5.00 | 12-1-2034 | 1,000,000 | 1,081,085 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Westminster CO Certificate of Participation Series 2015A | 5.00% | 12-1-2035 | $ 2,000,000 | $ 2,311,953 | |
Westminster CO Public Schools Certificate of Participation Series 2019 (AGM Insured) | 5.00 | 12-1-2048 | 3,500,000 | 4,261,802 | |
49,471,427 | |||||
Tax revenue: 1.26% | |||||
Colorado Park Creek Metropolitan District Refunding Bonds Series A | 5.00 | 12-1-2045 | 500,000 | 563,808 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 4.00 | 7-15-2039 | 800,000 | 1,040,458 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 5.00 | 1-15-2031 | 500,000 | 646,719 | |
Colorado Regional Transportation District Certificate of Participation Series P-3 | 5.00 | 7-15-2031 | 500,000 | 645,660 | |
Colorado Regional Transportation District Fastracks Project Series 2013A | 5.00 | 11-1-2031 | 1,000,000 | 1,039,809 | |
Colorado Regional Transportation District Fastracks Project Series A | 5.00 | 11-1-2041 | 50,945,000 | 59,842,967 | |
Commerce City CO Sales and Use Tax Revenue Bond Series 2014 (AGM Insured) | 5.00 | 8-1-2044 | 1,250,000 | 1,375,991 | |
Denver CO City & County Refunding & Improvement Bonds Series A | 5.00 | 8-1-2044 | 3,000,000 | 3,479,853 | |
Thornton CO Development Authority East 144th Avenue and I-25 Project Series B | 5.00 | 12-1-2034 | 1,375,000 | 1,535,963 | |
70,171,228 | |||||
Transportation revenue: 0.27% | |||||
Colorado E-470 Public Highway Authority CAB Series B (NPFGC Insured) ¤ | 0.00 | 9-1-2022 | 4,600,000 | 4,591,925 | |
Colorado E-470 Public Highway Authority Senior Revenue Bond Series 2020-A | 5.00 | 9-1-2040 | 2,000,000 | 2,222,344 | |
Colorado E-470 Public Highway Authority Senior Revenue Bonds Series 2020-A | 5.00 | 9-1-2034 | 1,300,000 | 1,677,836 | |
Colorado E-470 Public Highway Authority Senior Revenue Bonds Series 2020-A | 5.00 | 9-1-2035 | 1,250,000 | 1,610,890 | |
Colorado E-470 Public Highway Authority Senior Revenue Bonds Series 2020-A | 5.00 | 9-1-2036 | 1,400,000 | 1,800,923 | |
Colorado High Performance Transportation Enterprise US 36 & I-25 Managed Lanes | 5.75 | 1-1-2044 | 3,360,000 | 3,532,899 | |
15,436,817 | |||||
Utilities revenue: 0.06% | |||||
Colorado Springs CO Utilities System Improvement Bonds Series 2013 B-2 | 5.00 | 11-15-2038 | 3,000,000 | 3,236,753 | |
Water & sewer revenue: 0.18% | |||||
Aurora CO Water Revenue Refunding Bond First Lien | 5.00 | 8-1-2046 | 5,000,000 | 5,998,842 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2035 | 800,000 | 966,548 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2037 | 400,000 | 481,414 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2038 | 400,000 | 480,552 | |
Central Weld County CO Water District (AGM Insured) | 4.00 | 12-1-2039 | 450,000 | 539,543 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Central Weld County CO Water District (AGM Insured) | 4.00% | 12-1-2040 | $ 500,000 | $ 598,486 | |
East Cherry Creek Valley CO Water and Sanitation District | 5.00 | 11-15-2032 | 750,000 | 867,049 | |
9,932,434 | |||||
260,882,705 | |||||
Connecticut: 1.60% | |||||
Education revenue: 0.35% | |||||
Connecticut HEFA Trinity College Series R | 4.00 | 6-1-2045 | 2,500,000 | 2,935,310 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2037 | 950,000 | 1,220,781 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2038 | 1,000,000 | 1,282,894 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2039 | 1,600,000 | 2,048,829 | |
Connecticut HEFA Trinity College Series R | 5.00 | 6-1-2040 | 1,100,000 | 1,406,374 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2031 | 75,000 | 91,389 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2032 | 550,000 | 667,830 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2033 | 605,000 | 733,008 | |
Connecticut HEFA University of Hartford Series N | 5.00 | 7-1-2034 | 450,000 | 543,990 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 3.25 | 11-15-2036 | 1,400,000 | 1,451,714 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00 | 11-15-2027 | 610,000 | 721,549 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00 | 11-15-2028 | 530,000 | 638,479 | |
Connecticut Higher Education Supplemental Loan Authority AMT | 5.00 | 11-15-2029 | 535,000 | 654,525 | |
University of Connecticut Series A | 5.00 | 2-15-2039 | 1,510,000 | 1,912,987 | |
University of Connecticut Series A | 5.00 | 2-15-2040 | 2,500,000 | 3,162,410 | |
19,472,069 | |||||
GO revenue: 0.26% | |||||
Bridgeport CT Series A | 4.00 | 6-1-2039 | 1,750,000 | 2,045,448 | |
Connecticut Series B | 5.00 | 6-1-2041 | 1,250,000 | 1,631,706 | |
Hartford CT Series A | 5.00 | 4-1-2028 | 3,165,000 | 3,336,960 | |
Hartford CT Series B | 5.00 | 4-1-2025 | 1,220,000 | 1,289,344 | |
Hartford CT Series B | 5.00 | 4-1-2026 | 1,470,000 | 1,552,462 | |
Hartford CT Series B | 5.00 | 4-1-2027 | 1,000,000 | 1,055,263 | |
New Haven CT Series A (AGM Insured) | 5.00 | 8-1-2039 | 3,000,000 | 3,730,984 | |
14,642,167 | |||||
Health revenue: 0.15% | |||||
Connecticut HEFA McLean Series A 144A | 5.00 | 1-1-2045 | 1,000,000 | 1,107,671 | |
Connecticut HEFA Stamford Hospital Series M %% | 5.00 | 7-1-2031 | 3,000,000 | 3,830,843 | |
Connecticut HEFA Stamford Hospital Series M %% | 5.00 | 7-1-2032 | 2,705,000 | 3,503,271 | |
8,441,785 | |||||
Miscellaneous revenue: 0.09% | |||||
Connecticut GO 2012 Series E | 5.00 | 9-15-2032 | 4,860,000 | 5,012,964 | |
Tax revenue: 0.75% | |||||
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 4.00 | 11-1-2039 | 2,000,000 | 2,423,659 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 4.00 | 5-1-2040 | 5,000,000 | 6,003,573 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 4.00% | 11-1-2040 | $ 3,500,000 | $ 4,237,188 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2040 | 1,700,000 | 2,169,061 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2014A | 5.00 | 9-1-2028 | 10,105,000 | 11,304,073 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B | 5.00 | 10-1-2036 | 5,000,000 | 6,250,419 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series 2018B | 5.00 | 10-1-2037 | 7,500,000 | 9,375,876 | |
41,763,849 | |||||
89,332,834 | |||||
Delaware: 0.55% | |||||
Education revenue: 0.20% | |||||
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A | 7.00 | 9-1-2045 | 7,500,000 | 8,399,577 | |
Kent County DE Charter School Incorporated Project | 4.00 | 5-1-2024 | 195,000 | 194,807 | |
Kent County DE Charter School Incorporated Project Series A | 4.00 | 5-1-2041 | 2,750,000 | 2,982,290 | |
11,576,674 | |||||
Miscellaneous revenue: 0.08% | |||||
Delaware EDA YMCA of Delaware Project (PNC Bank NA LOC) ø | 0.10 | 5-1-2036 | 4,365,000 | 4,365,000 | |
Transportation revenue: 0.27% | |||||
Delaware River & Bay Authority Project | 4.00 | 1-1-2039 | 650,000 | 789,849 | |
Delaware River & Bay Authority Project | 4.00 | 1-1-2040 | 485,000 | 588,258 | |
Delaware River & Bay Authority Project | 4.00 | 1-1-2041 | 320,000 | 387,156 | |
Delaware River & Bay Authority Project | 4.00 | 1-1-2042 | 550,000 | 663,607 | |
Delaware River & Bay Authority Project | 4.00 | 1-1-2046 | 1,000,000 | 1,196,432 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2031 | 1,000,000 | 1,254,446 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2032 | 1,100,000 | 1,403,387 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2033 | 1,100,000 | 1,399,437 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2038 | 410,000 | 513,322 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2039 | 450,000 | 562,280 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2040 | 465,000 | 579,606 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2041 | 500,000 | 621,818 | |
Delaware River & Bay Authority Project %% | 5.00 | 1-1-2042 | 520,000 | 645,091 | |
Delaware Transportation Authority U.S. 301 Project | 5.00 | 6-1-2055 | 3,950,000 | 4,463,414 | |
15,068,103 | |||||
31,009,777 | |||||
District of Columbia: 1.47% | |||||
Airport revenue: 0.11% | |||||
Metropolitan Washington DC Airports Authority Revenue Refunding Bond AMT Series A | 4.00 | 10-1-2040 | 3,250,000 | 3,874,412 | |
Metropolitan Washington DC Airports Authority Revenue Refunding Bond AMT Series A | 4.00 | 10-1-2041 | 2,000,000 | 2,378,418 | |
6,252,830 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.11% | |||||
District of Columbia Series A | 5.00% | 6-1-2037 | $ 5,000,000 | $ 6,072,262 | |
Miscellaneous revenue: 0.48% | |||||
District of Columbia Revenue Refunding Bonds National Public Radio Incorporated | 4.00 | 4-1-2033 | 3,400,000 | 3,893,664 | |
District of Columbia Series A | 5.00 | 10-15-2044 | 10,000,000 | 12,569,700 | |
District of Columbia Series D | 4.00 | 2-1-2046 | 8,750,000 | 10,460,995 | |
26,924,359 | |||||
Tax revenue: 0.46% | |||||
District of Columbia Income Tax Secured Revenue Bond Series A | 4.00 | 3-1-2045 | 15,980,000 | 18,885,132 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2036 | 670,000 | 801,533 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2037 | 1,000,000 | 1,193,658 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2037 | 1,115,000 | 1,330,928 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2038 | 1,000,000 | 1,191,555 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2039 | 640,000 | 760,528 | |
Washington DC Convention and Sports Authority Refunding Bond Senior Lien Series A | 4.00 | 10-1-2039 | 1,000,000 | 1,188,325 | |
25,351,659 | |||||
Transportation revenue: 0.31% | |||||
Metropolitan Washington DC Airports Authority Subordinated Lien Bond Series B (AGM Insured) | 4.00 | 10-1-2049 | 8,000,000 | 9,132,477 | |
Washington DC Metropolitan Area Transit Authroity Series A | 4.00 | 7-15-2045 | 1,000,000 | 1,182,558 | |
Washington DC Metropolitan Area Transit Authroity Series A | 4.00 | 7-15-2046 | 6,000,000 | 7,128,790 | |
17,443,825 | |||||
82,044,935 | |||||
Florida: 6.42% | |||||
Airport revenue: 2.69% | |||||
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2034 | 1,750,000 | 2,198,568 | |
Broward County FL Airport System Revenue Bond AMT Series 2015A | 5.00 | 10-1-2036 | 12,440,000 | 14,253,344 | |
Broward County FL Port Facilities Revenue AMT Series B | 4.00 | 9-1-2044 | 7,300,000 | 8,254,022 | |
Greater Orlando FL Aviation Authority AMT Series A | 5.00 | 10-1-2046 | 3,000,000 | 3,537,708 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series A | 5.00 | 10-1-2048 | 7,000,000 | 8,488,775 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series B | 5.00 | 10-1-2040 | 1,000,000 | 1,114,883 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series E | 5.00 | 10-1-2048 | 10,000,000 | 12,126,821 | |
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series F | 5.00 | 10-1-2048 | 17,000,000 | 20,994,152 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2044 | 4,080,000 | 4,911,855 | |
Jacksonville FL Port Authority Series B | 5.00 | 11-1-2048 | 9,870,000 | 11,817,618 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Miami-Dade County Aviation Refunding Bonds AMT | 5.00% | 10-1-2030 | $11,000,000 | $ 12,247,804 | |
Miami-Dade County FL Aviation Refunding Bond AMT | 5.00 | 10-1-2032 | 14,000,000 | 15,571,940 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 4.00 | 10-1-2039 | 1,675,000 | 1,984,461 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 4.00 | 10-1-2040 | 1,750,000 | 2,069,899 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 4.00 | 10-1-2041 | 1,500,000 | 1,768,908 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00 | 10-1-2033 | 5,000,000 | 5,559,964 | |
Miami-Dade County FL Aviation Refunding Bond AMT Series A | 5.00 | 10-1-2049 | 18,750,000 | 22,756,864 | |
Miami-Dade County FL Seaport Revenue Bond AMT Series B | 6.00 | 10-1-2033 | 500,000 | 548,512 | |
150,206,098 | |||||
Education revenue: 0.67% | |||||
Capital Trust Agency Florida Educational Facilities Revenue Renaissance Charter School Incorporated 144A | 5.00 | 6-15-2039 | 3,610,000 | 3,935,137 | |
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A | 8.50 | 6-15-2044 | 13,290,000 | 14,822,675 | |
Florida Higher Educational Facilities Authority Jacksonville University Project Series A-1 144A | 5.00 | 6-1-2048 | 2,000,000 | 2,300,717 | |
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A | 5.00 | 9-1-2025 | 530,000 | 545,437 | |
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A | 5.00 | 9-1-2028 | 1,195,000 | 1,226,726 | |
Pinellas County FL Educational Facilities Authority Barry University Project | 5.00 | 10-1-2027 | 1,600,000 | 1,637,509 | |
Volusia County FL Educational Facility Authority Embry-Riddle Aeronautical University | 5.00 | 10-15-2044 | 6,500,000 | 7,971,696 | |
Volusia County FL Educational Facility Authority Embry-Riddle Aeronautical University | 5.00 | 10-15-2049 | 4,000,000 | 4,878,089 | |
37,317,986 | |||||
GO revenue: 0.58% | |||||
Miami-Dade County FL School District | 5.00 | 3-15-2046 | 15,000,000 | 17,214,176 | |
Miami-Dade County FL Series 2014-A | 5.00 | 7-1-2043 | 12,935,000 | 15,145,586 | |
32,359,762 | |||||
Health revenue: 0.56% | |||||
Atlantic Beach FL HCFR Fleet Landing Project Series B | 5.63 | 11-15-2043 | 5,000,000 | 5,320,372 | |
Hillsborough County FL IDA BayCare Health System Series C (TD Bank NA LOC) ø | 0.10 | 11-1-2038 | 1,500,000 | 1,500,000 | |
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project | 6.00 | 11-1-2038 | 2,500,000 | 2,500,332 | |
Jacksonville FL HCFR Brooks Rehabilitation | 4.00 | 11-1-2045 | 3,500,000 | 4,001,188 | |
Lee County FL IDA Shell Point Alliance | 5.00 | 11-15-2044 | 5,350,000 | 6,230,466 | |
Lee County FL IDA Shell Point Alliance | 5.00 | 11-15-2049 | 1,000,000 | 1,159,992 | |
St. John's County FL IDA Vicars Landing Project Series A | 4.00 | 12-15-2041 | 750,000 | 821,975 | |
St. John's County FL IDA Vicars Landing Project Series A | 4.00 | 12-15-2046 | 750,000 | 817,618 | |
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 4.00 | 7-1-2038 | 1,025,000 | 1,201,939 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 4.00% | 7-1-2045 | $ 2,500,000 | $ 2,877,609 | |
Tampa FL Hospital Revenue H. Lee Moffitt Cancer Center Project | 5.00 | 7-1-2040 | 700,000 | 882,770 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2523 (Barclays Bank plc LIQ) 144Aø | 0.16 | 8-15-2047 | 4,000,000 | 4,000,000 | |
31,314,261 | |||||
Housing revenue: 0.06% | |||||
Florida Housing Finance Corporation Journet Place Apartments Series 1 | 7.60 | 12-15-2047 | 770,000 | 918,098 | |
Florida Housing Finance Corporation Villa Capri Phase III | 7.60 | 12-15-2042 | 2,510,000 | 2,517,039 | |
3,435,137 | |||||
Industrial development revenue: 0.10% | |||||
Florida Development Finance Corporation 144A | 5.00 | 5-1-2029 | 2,000,000 | 2,118,546 | |
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated | 3.00 | 6-1-2032 | 3,500,000 | 3,662,348 | |
5,780,894 | |||||
Miscellaneous revenue: 0.41% | |||||
CityPlace Florida Community Development District | 5.00 | 5-1-2022 | 1,000,000 | 1,014,970 | |
Hillsborough County FL Communications Services | 5.00 | 10-1-2038 | 8,000,000 | 9,207,532 | |
Indigo FL Community Development District Series C † | 7.00 | 5-1-2030 | 2,536,248 | 1,775,374 | |
Lakeside Plantation FL Community Development District Series A | 6.95 | 5-1-2031 | 916,000 | 917,904 | |
Marshall Creek Florida Community Development District | 5.00 | 5-1-2032 | 1,625,000 | 1,652,021 | |
Marshall Creek Florida Community Development District | 6.32 | 5-1-2045 | 115,000 | 118,048 | |
Orlando FL Capital Improvement Special Revenue Series B | 5.00 | 10-1-2033 | 1,525,000 | 1,710,388 | |
Orlando FL Capital Improvement Special Revenue Series B | 5.00 | 10-1-2035 | 1,680,000 | 1,878,851 | |
Orlando FL Capital Improvement Special Revenue Series B | 5.00 | 10-1-2036 | 1,765,000 | 1,971,861 | |
Pinellas County FL IDA Drs. Kiran & Pallavi Patel Project | 5.00 | 7-1-2039 | 2,000,000 | 2,318,929 | |
22,565,878 | |||||
Resource recovery revenue: 0.07% | |||||
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144Aøø | 5.00 | 8-1-2029 | 4,000,000 | 4,067,971 | |
Tax revenue: 0.36% | |||||
Broward County FL Tourist Development Revenue Convention Center Expansion Revenue Project | 4.00 | 9-1-2047 | 10,000,000 | 11,736,536 | |
Florida Board of Education Public Education Refunding Bond Capital Outlay Series D | 4.00 | 6-1-2031 | 8,000,000 | 8,125,922 | |
19,862,458 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.18% | |||||
Florida Department of Transportation Series A (AGM Insured) | 4.00% | 7-1-2038 | $ 4,185,000 | $ 4,911,195 | |
Osceola County FL Transportation Revenue Refunding Bonds and Improvement Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2044 | 4,250,000 | 5,270,052 | |
10,181,247 | |||||
Utilities revenue: 0.03% | |||||
Lakeland FL Energy System Revenue Bond Series 2021 | 5.00 | 10-1-2048 | 1,250,000 | 1,913,758 | |
Water & sewer revenue: 0.71% | |||||
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured) | 5.00 | 11-1-2031 | 1,155,000 | 1,199,113 | |
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured) | 5.00 | 11-1-2032 | 1,465,000 | 1,520,828 | |
Florida Keys Aqueduct Authority Series A | 5.00 | 9-1-2041 | 2,750,000 | 3,139,855 | |
North Sumter County FL Utility Dependent District (BAM Insured) | 5.00 | 10-1-2044 | 3,000,000 | 3,729,871 | |
North Sumter County FL Utility Dependent District | 5.00 | 10-1-2049 | 3,250,000 | 3,988,960 | |
Orange County FL Water and Wastewater Revenue Utility | 5.00 | 10-1-2040 | 10,000,000 | 13,060,554 | |
Viera East Florida Community Development District Water Management Project (NPFGC Insured) | 5.75 | 5-1-2022 | 2,265,000 | 2,299,141 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2046 | 8,250,000 | 10,423,193 | |
39,361,515 | |||||
358,366,965 | |||||
Georgia: 3.06% | |||||
Education revenue: 0.13% | |||||
Cobb County GA Development Authority Charter Learning Center Foundation Central Project Series A ♣ | 6.38 | 7-1-2025 | 1,705,000 | 1,435,518 | |
Georgia Private Colleges & Universities Authority Mercer University Project | 5.00 | 10-1-2040 | 5,000,000 | 5,646,643 | |
7,082,161 | |||||
Energy revenue: 0.08% | |||||
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2044 | 3,580,000 | 4,387,315 | |
Health revenue: 0.62% | |||||
Brookhaven GA Development Authority Childrens Healthcare of Atlanta | 4.00 | 7-1-2044 | 6,000,000 | 6,994,216 | |
Brookhaven GA Development Authority Childrens Healthcare of Atlanta | 4.00 | 7-1-2049 | 19,000,000 | 21,952,490 | |
Fulton County GA Development Authority Hospital Revenue Bond Series A | 5.00 | 4-1-2047 | 2,250,000 | 2,681,494 | |
The Glynn-Brunswick Memorial Hospital Authority Revenue Anticipation Certificates Series 2015 | 5.00 | 8-1-2034 | 2,580,000 | 2,930,982 | |
34,559,182 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.11% | |||||
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series A | 4.00% | 1-1-2054 | $ 2,500,000 | $ 2,834,860 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 3,000,000 | 3,490,465 | |
6,325,325 | |||||
Tax revenue: 0.16% | |||||
Metropolitan Atlanta Rapid Third Indenture Series B | 5.00 | 7-1-2044 | 7,500,000 | 8,912,438 | |
Transportation revenue: 0.14% | |||||
Georgia Road & Tollway Authority CAB I-75 South Expressway Lanes Project Series A 144A¤ | 0.00 | 6-1-2034 | 3,750,000 | 2,000,649 | |
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B 144A¤ | 0.00 | 6-1-2049 | 5,600,000 | 5,802,863 | |
7,803,512 | |||||
Utilities revenue: 1.82% | |||||
Bartow County Development Authority Pollution Control Georgia Power Company Plant Bowen Project øø | 2.75 | 12-1-2032 | 20,000,000 | 20,549,306 | |
Burke County Development Authority Oglethorpe Power Corporation Vogtle Project Series F øø | 3.00 | 11-1-2045 | 5,000,000 | 5,134,784 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project øø | 2.93 | 11-1-2053 | 14,750,000 | 15,507,946 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Series 2 øø | 2.93 | 11-1-2048 | 10,000,000 | 10,513,117 | |
Burke County GA Development Authority Georgia Power Company Vogtle Project Series 5 | 2.20 | 10-1-2032 | 1,500,000 | 1,504,604 | |
Dalton GA Utilities Revenue | 4.00 | 3-1-2040 | 1,000,000 | 1,172,274 | |
Dalton GA Utilities Revenue | 4.00 | 3-1-2041 | 1,000,000 | 1,168,981 | |
Georgia Municipal Electric Authority Power Series EE (Ambac Insured) | 7.25 | 1-1-2024 | 400,000 | 453,663 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2018C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 15,000,000 | 15,930,741 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021A øø | 4.00 | 7-1-2052 | 14,000,000 | 16,180,034 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series A | 5.00 | 5-15-2032 | 3,745,000 | 4,628,152 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.82 | 4-1-2048 | 5,100,000 | 5,125,425 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2037 | 1,100,000 | 1,342,213 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2038 | 1,100,000 | 1,341,953 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 4.00 | 1-1-2040 | 1,075,000 | 1,264,982 | |
101,818,175 | |||||
170,888,108 | |||||
Guam: 0.14% | |||||
Airport revenue: 0.01% | |||||
Guam Port Authority Private Activity AMT Series 2018B | 5.00 | 7-1-2030 | 500,000 | 591,757 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.00% | |||||
Guam Housing Corporation Guaranteed Mortgage-Backed Securities Series A (FHLMC Insured) | 5.75% | 9-1-2031 | $ 60,000 | $ 62,009 | |
Tax revenue: 0.07% | |||||
Guam Government Business Privilege Tax Series A | 4.00 | 1-1-2042 | 2,750,000 | 3,099,463 | |
Guam Government Business Privilege Tax Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,000,000 | |
4,099,463 | |||||
Water & sewer revenue: 0.06% | |||||
Guam Government Waterworks Authority Series 2013 | 5.25 | 7-1-2023 | 1,000,000 | 1,066,581 | |
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,600,000 | 1,956,727 | |
3,023,308 | |||||
7,776,537 | |||||
Hawaii: 0.42% | |||||
Airport revenue: 0.42% | |||||
Hawaii Airports System Revenue Series A | 5.00 | 7-1-2048 | 7,000,000 | 8,446,198 | |
Hawaii AMT Series A | 4.00 | 7-1-2033 | 1,250,000 | 1,499,322 | |
Hawaii AMT Series A | 4.00 | 7-1-2034 | 875,000 | 1,047,592 | |
Hawaii AMT Series A | 4.00 | 7-1-2035 | 625,000 | 747,043 | |
Hawaii AMT Series A | 4.00 | 7-1-2036 | 300,000 | 357,852 | |
Hawaii AMT Series A | 5.00 | 7-1-2041 | 9,500,000 | 10,771,870 | |
Hawaii AMT Series C | 4.00 | 7-1-2040 | 425,000 | 506,922 | |
23,376,799 | |||||
Idaho: 0.14% | |||||
Education revenue: 0.14% | |||||
Idaho Housing & Finance Association Idaho Arts Charter School Incorporated Project Series A | 5.75 | 12-1-2032 | 450,000 | 471,912 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 5.85 | 5-1-2033 | 600,000 | 625,051 | |
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A | 6.25 | 5-1-2043 | 1,365,000 | 1,422,498 | |
Idaho Housing & Finance Association Nonprofit CAB North Star Charter School Series B 144A¤ | 0.00 | 7-1-2049 | 1,276,564 | 338,239 | |
Idaho Housing & Finance Association Nonprofit North Star Charter School Series A | 6.75 | 7-1-2048 | 1,322,876 | 1,479,676 | |
Idaho Housing & Finance Association Nonprofit Refunding Bonds Liberty Charter School Incorporated 144A | 4.00 | 6-1-2030 | 1,360,000 | 1,503,722 | |
Idaho Housing & Finance Association Nonprofit Refunding Bonds Liberty Charter School Incorporated 144A | 4.00 | 6-1-2038 | 1,715,000 | 1,963,682 | |
7,804,780 | |||||
Illinois: 12.39% | |||||
Airport revenue: 0.53% | |||||
Chicago IL O'Hare International Airport AMT Passenger Facility Charge Series B | 5.00 | 1-1-2026 | 5,000,000 | 5,077,881 | |
Chicago IL O'Hare International Airport AMT Senior Lien Series C | 5.50 | 1-1-2044 | 4,000,000 | 4,193,028 | |
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien (AGM Insured) | 5.50 | 1-1-2043 | 4,530,000 | 4,748,140 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Chicago IL O'Hare International Airport Customer Facility Charge Senior Lien Series D | 5.75% | 1-1-2043 | $ 4,500,000 | $ 4,716,293 | |
Chicago IL O'Hare International Airport Senior Lien Series B | 5.00 | 1-1-2039 | 8,000,000 | 9,509,284 | |
Chicago IL O'Hare International Airport Transportation Infrastructure Properties Obligated Group | 5.00 | 7-1-2038 | 1,000,000 | 1,183,202 | |
29,427,828 | |||||
Education revenue: 0.43% | |||||
Illinois Finance Authority Acero Charter Schools Incorporated 144A | 4.00 | 10-1-2042 | 1,250,000 | 1,390,558 | |
Illinois Finance Authority Bradley University Project Series A | 4.00 | 8-1-2043 | 750,000 | 859,492 | |
Illinois Finance Authority Charter Schools Project Series A | 6.25 | 9-1-2039 | 7,955,000 | 8,557,110 | |
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2036 | 1,500,000 | 2,205,485 | |
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2037 | 1,350,000 | 2,016,191 | |
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2038 | 1,500,000 | 2,260,819 | |
Southern Illinois State University Series 04 (BAM Insured) | 4.00 | 4-1-2035 | 500,000 | 590,735 | |
Southern Illinois State University Series 04 (BAM Insured) | 4.00 | 4-1-2037 | 1,000,000 | 1,177,626 | |
Southern Illinois State University Series 04 (BAM Insured) | 5.00 | 4-1-2032 | 500,000 | 640,068 | |
University of Illinois Auxiliary Facilities Systems CAB Series A (NPFGC Insured) ¤ | 0.00 | 4-1-2026 | 2,355,000 | 2,249,511 | |
University of Illinois Auxiliary Facilities Systems CAB Series A (NPFGC Insured) ¤ | 0.00 | 4-1-2027 | 2,435,000 | 2,281,255 | |
24,228,850 | |||||
GO revenue: 2.84% | |||||
Chicago IL Board of Education CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2025 | 9,935,000 | 9,614,552 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2023 | 2,930,000 | 2,881,090 | |
Chicago IL Board of Education CAB School Reform Series B-1 (NPFGC Insured) ¤ | 0.00 | 12-1-2026 | 4,245,000 | 3,989,905 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2034 | 3,000,000 | 3,759,503 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2037 | 4,040,000 | 5,038,568 | |
Chicago IL Board of Education Series A | 5.00 | 12-1-2039 | 1,600,000 | 1,988,037 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2030 | 5,995,000 | 5,162,947 | |
Chicago IL CAB Project & Refunding Bond Series C (AGM Insured) ¤ | 0.00 | 1-1-2026 | 7,360,000 | 7,029,072 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 1,410,000 | 1,661,959 | |
Chicago IL Series A | 5.00 | 1-1-2032 | 8,500,000 | 10,621,498 | |
Chicago IL Series A | 6.00 | 1-1-2038 | 3,000,000 | 3,653,917 | |
Cook County IL Series C (AGM Insured) | 5.00 | 11-15-2024 | 4,240,000 | 4,409,588 | |
Cook County IL Series C | 5.00 | 11-15-2025 | 3,490,000 | 3,628,528 | |
Cook County IL Series C | 5.00 | 11-15-2027 | 325,000 | 337,939 | |
Illinois Series 1 (NPFGC Insured) | 6.00 | 11-1-2026 | 3,200,000 | 3,791,015 | |
Illinois Series 2006 | 5.50 | 1-1-2030 | 2,900,000 | 3,764,244 | |
Illinois Series 2014 (AGM Insured) | 5.00 | 4-1-2026 | 3,000,000 | 3,301,248 | |
Illinois Series 2016 | 5.00 | 11-1-2027 | 1,175,000 | 1,388,534 | |
Illinois Series A (AGM Insured) | 5.00 | 4-1-2024 | 3,000,000 | 3,176,154 | |
Illinois Series B | 5.00 | 10-1-2028 | 2,750,000 | 3,386,847 | |
Illinois Series B | 5.50 | 5-1-2024 | 2,500,000 | 2,782,700 | |
Illinois Series C | 4.00 | 10-1-2038 | 4,820,000 | 5,585,318 | |
Kane, Cook & DuPage Counties IL Refunding Bond Series D | 5.00 | 1-1-2028 | 830,000 | 904,202 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Kane, Cook & DuPage Counties IL Refunding Bond Series D | 5.00% | 1-1-2033 | $ 2,000,000 | $ 2,174,622 | |
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) ¤ | 0.00 | 1-1-2023 | 16,725,000 | 16,630,619 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Refunding Bond Series D | 5.00 | 1-1-2035 | 1,850,000 | 2,009,212 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2025 | 855,000 | 835,599 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2026 | 5,050,000 | 4,865,582 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2027 | 12,050,000 | 11,410,945 | |
Lake County IL School District #24 Millburn CAB (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 2,000,000 | 1,966,334 | |
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) ¤ | 0.00 | 2-1-2024 | 5,385,000 | 5,257,161 | |
McHenry & Kane Counties IL Community Consolidated School District #158 | 5.63 | 1-15-2032 | 2,500,000 | 2,504,202 | |
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (AGM / FGIC Insured) ¤ | 0.00 | 1-1-2023 | 705,000 | 700,329 | |
Metropolitan Water Reclamation District of Greater Chicago Refunding Bond Series C | 5.25 | 12-1-2032 | 1,565,000 | 2,176,834 | |
Peoria IL Refunding Bonds Series A (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,491,904 | |
Sangamon Logan & Menard Counties IL Community Unit School District #15 Williamsville Series B (BAM Insured) | 4.00 | 12-1-2044 | 1,500,000 | 1,720,725 | |
Tazewell County IL School District #51 (NPFGC Insured) | 9.00 | 12-1-2023 | 350,000 | 404,357 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2032 | 400,000 | 325,833 | |
Will County IL Community High School CAB Refunding Bond Series B (BAM Insured) ¤ | 0.00 | 1-1-2033 | 2,830,000 | 2,244,540 | |
Will County IL Community High School Refunding Bond Series B (BAM Insured) | 5.00 | 1-1-2028 | 500,000 | 519,711 | |
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (NPFGC Insured) ¤ | 0.00 | 11-1-2023 | 70,000 | 69,395 | |
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (NPFGC Insured) ¤ | 0.00 | 11-1-2023 | 430,000 | 425,511 | |
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (NPFGC Insured) ¤ | 0.00 | 11-1-2023 | 1,000,000 | 984,929 | |
Will County IL Lincoln-Way Community High School District #210 Unrefunded Bond CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 7,000,000 | 6,653,506 | |
158,229,215 | |||||
Health revenue: 0.50% | |||||
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2040 | 4,300,000 | 5,141,363 | |
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2041 | 4,200,000 | 5,001,470 | |
Illinois Finance Authority Carle Foundation Series A | 4.00 | 8-15-2048 | 2,450,000 | 2,880,609 | |
Illinois Finance Authority Friendship Village of Schaumberg | 5.00 | 2-15-2022 | 1,680,000 | 1,655,486 | |
Illinois Finance Authority Health Services Facility Lease Revenue Provident Group UIC Surgery Center | 4.00 | 10-1-2050 | 2,000,000 | 2,259,775 | |
Illinois Finance Authority Lutheran Life Communities | 5.00 | 11-1-2040 | 4,900,000 | 5,461,942 | |
Illinois Finance Authority Northwestern Memorial Project | 4.00 | 7-15-2039 | 2,250,000 | 2,722,277 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Illinois Finance Authority Prerefunded Bonds Advocate Health | 4.00% | 6-1-2047 | $ 40,000 | $ 40,625 | |
Illinois Finance Authority Prerefunded Bonds Advocate Health | 4.00 | 6-1-2047 | 1,895,000 | 1,924,607 | |
Illinois Finance Authority Unrefunded Balance 2020 | 4.00 | 6-1-2047 | 1,065,000 | 1,081,639 | |
28,169,793 | |||||
Housing revenue: 0.09% | |||||
Northern Illinois University Auxiliary Facilities System (BAM Insured) | 4.00 | 10-1-2037 | 1,650,000 | 1,956,914 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-YX1119 (GNMA / FNMA / FHLMC Insured, Barclays Bank plc LIQ) 144Aø | 0.15 | 4-1-2041 | 3,135,000 | 3,135,000 | |
5,091,914 | |||||
Miscellaneous revenue: 0.62% | |||||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 4,306,000 | 4,413,021 | |
Illinois Refunding Bond | 5.00 | 8-1-2024 | 2,000,000 | 2,053,408 | |
Illinois Refunding Bond | 5.00 | 8-1-2025 | 6,165,000 | 6,327,802 | |
Illinois Series 2013 | 5.25 | 7-1-2030 | 2,500,000 | 2,677,422 | |
Illinois Series 2013 | 5.50 | 7-1-2025 | 6,000,000 | 6,455,572 | |
Illinois Series 2013 | 5.50 | 7-1-2026 | 4,450,000 | 4,787,882 | |
Illinois Series 2013 | 5.50 | 7-1-2033 | 4,000,000 | 4,288,760 | |
Illinois Series C | 5.00 | 11-1-2029 | 2,965,000 | 3,561,867 | |
34,565,734 | |||||
Tax revenue: 5.44% | |||||
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2024 | 680,000 | 741,930 | |
Chicago IL Refunding Bonds Series 2002 | 5.00 | 1-1-2028 | 4,430,000 | 5,028,457 | |
Chicago IL Refunding Bonds Series 2002 | 5.00 | 1-1-2029 | 1,500,000 | 1,702,638 | |
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured) | 5.00 | 12-1-2044 | 4,000,000 | 4,485,446 | |
Chicago IL Transit Authority Sales Tax Receipts Bonds | 5.00 | 12-1-2046 | 18,250,000 | 21,575,573 | |
Chicago IL Transit Authority Sales Tax Receipts Bonds Series A | 5.00 | 12-1-2045 | 1,750,000 | 2,166,475 | |
Cook County IL Sales Tax Revenue Bonds Series 2012 | 5.00 | 11-15-2037 | 2,500,000 | 2,598,136 | |
Cook County IL Series A | 4.00 | 11-15-2041 | 2,000,000 | 2,348,849 | |
Illinois Regional Transportation Authority (AGM Insured) | 5.75 | 6-1-2023 | 400,000 | 416,611 | |
Illinois Regional Transportation Authority Series A | 5.00 | 6-1-2044 | 22,840,000 | 25,361,116 | |
Illinois Regional Transportation Authority Series A (AGM Insured) | 5.75 | 6-1-2034 | 19,000,000 | 26,372,669 | |
Illinois Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2027 | 10,620,000 | 12,887,162 | |
Illinois Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2033 | 5,000,000 | 6,990,884 | |
Illinois Regional Transportation Authority Series B (NPFGC Insured) | 5.50 | 6-1-2027 | 16,845,000 | 19,691,480 | |
Illinois Sales Tax Revenue Bond Junior Obligation Tax-Exempt Series A (BAM Insured) | 4.00 | 6-15-2034 | 2,000,000 | 2,304,234 | |
Illinois Sales Tax Revenue Bond Junior Obligation Tax-Exempt Series A (BAM Insured) | 4.13 | 6-15-2037 | 1,945,000 | 2,226,048 | |
Illinois Sales Tax Revenue Build Illinois Bonds Junior Obligation Series C | 4.00 | 6-15-2029 | 10,580,000 | 11,838,802 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Illinois Sales Tax Revenue Build Illinois Junior Obligation Tax-Exempt Series C | 4.00% | 6-15-2032 | $ 5,820,000 | $ 6,440,811 | |
Illinois Sales Tax Securitization Series A | 4.00 | 1-1-2048 | 5,430,000 | 6,104,707 | |
Illinois Sales Tax Securitization Series A | 5.00 | 1-1-2038 | 3,000,000 | 3,634,216 | |
Illinois Sales Tax Securitization Series C | 5.00 | 1-1-2022 | 2,000,000 | 2,000,000 | |
Illinois Sales Tax Securitization Series C | 5.00 | 1-1-2024 | 2,500,000 | 2,722,976 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2022 | 2,295,000 | 2,289,537 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2026 | 2,030,000 | 1,924,281 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2024 | 17,570,000 | 17,191,031 | |
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2025 | 2,575,000 | 2,483,874 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2025 | 3,745,000 | 4,109,771 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2026 | 4,775,000 | 5,231,561 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2027 | 8,845,000 | 9,663,686 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.00 | 6-15-2028 | 4,030,000 | 4,391,763 | |
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured) | 5.25 | 6-15-2032 | 3,500,000 | 3,806,859 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2026 | 12,245,000 | 11,416,525 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2030 | 25,700,000 | 21,533,539 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 6-15-2031 | 10,060,000 | 8,312,742 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2031 | 9,800,000 | 7,991,634 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (NPFGC Insured) ¤ | 0.00 | 6-15-2029 | 12,085,000 | 10,576,492 | |
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 5,000,000 | 5,105,614 | |
Metropolitan Pier & Exposition Authority Refunding Bond McCormick Place Expansion Project Series A %% | 4.00 | 12-15-2047 | 1,215,000 | 1,383,843 | |
Metropolitan Pier & Exposition Authority Revenue Refunding Bonds Mccormick Place Expansion Project Series A %% | 4.00 | 12-15-2042 | 1,285,000 | 1,477,241 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 4.00 | 1-1-2038 | 8,950,000 | 10,526,887 | |
Southwestern Illinois Development Authority Local Government Program Collinsville Limited | 5.00 | 3-1-2025 | 3,130,000 | 2,439,351 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) 144Aø | 0.20 | 1-1-2048 | 2,000,000 | 2,000,000 | |
303,495,451 | |||||
Tobacco revenue: 0.06% | |||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,316,693 | |
Transportation revenue: 0.80% | |||||
Chicago IL Public Building Commission Transit Authority (Ambac Insured) | 5.25 | 3-1-2025 | 2,960,000 | 3,340,556 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Chicago IL Public Building Commission Transit Authority (Ambac Insured) | 5.25% | 3-1-2027 | $ 3,400,000 | $ 4,060,876 | |
Illinois Toll Highway Authority | 5.00 | 1-1-2031 | 5,000,000 | 6,443,862 | |
Illinois Toll Highway Authority Senior Series A | 5.00 | 1-1-2041 | 9,000,000 | 11,512,875 | |
Illinois Toll Highway Authority Senior Series B | 5.00 | 1-1-2039 | 1,500,000 | 1,629,716 | |
Illinois Toll Highway Authority Toll Senior Series A | 4.00 | 1-1-2046 | 15,000,000 | 17,796,002 | |
44,783,887 | |||||
Utilities revenue: 0.31% | |||||
Illinois Municipal Electric Agency Power Supply System Series A | 5.00 | 2-1-2030 | 7,000,000 | 8,055,140 | |
Illinois Municipal Electric Agency Power Supply System Series A | 5.00 | 2-1-2031 | 8,000,000 | 9,202,812 | |
17,257,952 | |||||
Water & sewer revenue: 0.77% | |||||
Chicago IL Refunding Bond Second Lien Project | 5.00 | 11-1-2029 | 4,600,000 | 4,759,662 | |
Chicago IL Wastewater Refunding Bond Second Lien Bond Series C | 5.00 | 1-1-2039 | 5,000,000 | 5,597,630 | |
Chicago IL Wastewater Transmission Second Lien Series 2012 | 5.00 | 1-1-2027 | 5,000,000 | 5,018,244 | |
Chicago IL Wastewater Transmission Second Lien Series 2014 | 5.00 | 1-1-2039 | 11,525,000 | 12,426,066 | |
Chicago IL Waterworks Second Lien (AGM Insured) | 5.25 | 11-1-2032 | 3,250,000 | 4,014,026 | |
Chicago IL Waterworks Second Lien Series 2012 | 5.00 | 11-1-2030 | 5,000,000 | 5,174,057 | |
Illinois Finance Authority Clean Water Initiative | 4.00 | 7-1-2038 | 5,000,000 | 5,914,186 | |
42,903,871 | |||||
691,471,188 | |||||
Indiana: 1.53% | |||||
Education revenue: 0.01% | |||||
Indiana Finance Authority Educational Facilities Mulitpurpose KIPP Indianapolis Incorporated Project | 5.00 | 7-1-2040 | 350,000 | 397,417 | |
Health revenue: 0.61% | |||||
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2033 | 12,885,000 | 14,715,451 | |
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C | 4.00 | 11-1-2036 | 5,000,000 | 5,677,951 | |
Indiana Finance Authority Kings Daughters Hospital & Health Revenue | 5.50 | 8-15-2040 | 7,425,000 | 7,450,957 | |
Indiana Finance Authority Marion General Hospital Series A | 4.00 | 7-1-2045 | 2,620,000 | 3,022,354 | |
Indiana HFFA Ascension Health Credit Group | 5.00 | 11-15-2034 | 2,750,000 | 3,175,775 | |
34,042,488 | |||||
Industrial development revenue: 0.29% | |||||
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2035 | 9,970,000 | 10,637,012 | |
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A | 5.00 | 7-1-2040 | 2,470,000 | 2,635,248 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue (continued) | |||||
Valparaiso IN Pratt Paper LLC Project | 5.88% | 1-1-2024 | $ 385,000 | $ 406,277 | |
Whiting IN Industry Environmental Facilities | 5.00 | 3-1-2046 | 2,500,000 | 2,633,955 | |
16,312,492 | |||||
Miscellaneous revenue: 0.24% | |||||
Carmel IN Local Public Improvement Multipurpose Bonds | 5.00 | 7-15-2031 | 6,000,000 | 7,129,889 | |
Hobart Industry Building Corporation First Mortgage | 4.00 | 7-15-2035 | 2,295,000 | 2,660,112 | |
Indianapolis IN Industry Local Public Improvement Bond Bank Series A (AGM Insured) | 4.00 | 6-1-2041 | 3,000,000 | 3,566,969 | |
13,356,970 | |||||
Tax revenue: 0.09% | |||||
Indianapolis IN Industry Local Public Improvement Bond Bank Community Justice Campus Courthouse & Jail Project | 5.00 | 2-1-2049 | 4,000,000 | 4,919,624 | |
Utilities revenue: 0.15% | |||||
Indiana Finance Authority Midwestern Disaster Relief Ohio Valley Electric Corporation Project | 3.00 | 11-1-2030 | 4,000,000 | 4,256,016 | |
Indiana Finance Authority Ohio Valley Electric Corporation Project Series A | 3.00 | 11-1-2030 | 4,000,000 | 4,256,016 | |
8,512,032 | |||||
Water & sewer revenue: 0.14% | |||||
Fishers Industry Sewage Works Revenue (BAM Insured) | 4.00 | 7-1-2043 | 3,450,000 | 4,135,153 | |
Fishers Industry Sewage Works Revenue (BAM Insured) | 4.00 | 7-1-2045 | 3,160,000 | 3,766,312 | |
7,901,465 | |||||
85,442,488 | |||||
Iowa: 0.40% | |||||
GO revenue: 0.04% | |||||
Altoona IA Annual Appropriation Urban Renewal Series C | 5.00 | 6-1-2031 | 1,805,000 | 2,116,630 | |
Industrial development revenue: 0.36% | |||||
Iowa Finance Authority Midwestern Disaster Area Bio-America Incorporated Project (Korea Development Bank LOC) 144Aø | 0.17 | 12-1-2041 | 20,000,000 | 20,000,000 | |
22,116,630 | |||||
Kansas: 0.47% | |||||
Tax revenue: 0.47% | |||||
Kansas Department of Transportation Series C | 4.00 | 9-1-2030 | 6,650,000 | 6,810,963 | |
Kansas Department of Transportation Series C | 4.00 | 9-1-2032 | 7,500,000 | 7,679,276 | |
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 34,915,000 | 11,869,250 | |
26,359,489 |
Interest rate | Maturity date | Principal | Value | ||
Kentucky: 1.66% | |||||
Education revenue: 0.04% | |||||
Kentucky Bond Development Corporation Danville Centre College Project | 4.00% | 6-1-2046 | $ 800,000 | $ 937,419 | |
Kentucky Bond Development Corporation Danville Centre College Project | 4.00 | 6-1-2051 | 1,250,000 | 1,457,645 | |
2,395,064 | |||||
Health revenue: 0.24% | |||||
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2024 | 9,260,000 | 8,942,233 | |
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2028 | 5,140,000 | 4,515,155 | |
13,457,388 | |||||
Miscellaneous revenue: 0.06% | |||||
Kentucky State University Certificate of Participation University Project (BAM Insured) | 4.00 | 11-1-2046 | 640,000 | 765,060 | |
Kentucky State University Certificate of Participation University Project (BAM Insured) | 4.00 | 11-1-2051 | 1,000,000 | 1,186,446 | |
Kentucky State University Certificate of Participation University Project (BAM Insured) | 4.00 | 11-1-2056 | 1,000,000 | 1,184,479 | |
3,135,985 | |||||
Transportation revenue: 0.17% | |||||
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2030 | 2,000,000 | 1,551,627 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2031 | 2,780,000 | 2,004,430 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B ¤ | 0.00 | 7-1-2032 | 2,500,000 | 1,672,766 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C ¤ | 0.00 | 7-1-2033 | 1,000,000 | 1,263,586 | |
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C ¤ | 0.00 | 7-1-2034 | 2,505,000 | 3,155,619 | |
9,648,028 | |||||
Utilities revenue: 1.15% | |||||
Kentucky Public Energy Authority Gas Supply Series A2 øø | 4.00 | 4-1-2048 | 8,190,000 | 8,750,709 | |
Kentucky Public Energy Authority Gas Supply Series B øø | 4.00 | 1-1-2049 | 23,250,000 | 25,334,876 | |
Kentucky Public Energy Authority Gas Supply Series C øø | 4.00 | 12-1-2049 | 5,385,000 | 5,898,168 | |
Kentucky Public Energy Authority Gas Supply Series C-1 øø | 4.00 | 2-1-2050 | 21,000,000 | 24,316,984 | |
64,300,737 | |||||
92,937,202 | |||||
Louisiana: 0.59% | |||||
Airport revenue: 0.32% | |||||
New Orleans LA Aviation Board AMT Series B (AGM Insured) | 5.00 | 1-1-2033 | 3,000,000 | 3,348,202 | |
New Orleans LA Aviation Board AMT Series B | 5.00 | 1-1-2034 | 4,500,000 | 5,022,302 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
New Orleans LA Aviation Board General Airport North Terminal Project Series 2017B | 5.00% | 1-1-2048 | $ 1,145,000 | $ 1,339,877 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2036 | 1,750,000 | 2,120,292 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2037 | 1,750,000 | 2,116,976 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2038 | 1,500,000 | 1,812,303 | |
Port of New Orleans LA AMT Series E | 5.00 | 4-1-2040 | 2,000,000 | 2,452,590 | |
18,212,542 | |||||
Miscellaneous revenue: 0.04% | |||||
Louisiana Local Government Environmental Facilities and CDA Jefferson Parish Gomesa Project 144A | 4.00 | 11-1-2044 | 1,880,000 | 2,031,994 | |
Water & sewer revenue: 0.23% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A øø | 1.30 | 2-1-2041 | 6,075,000 | 6,174,727 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2038 | 350,000 | 410,163 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2039 | 400,000 | 467,871 | |
New Orleans LA Series B (AGM Insured) | 4.00 | 6-1-2040 | 350,000 | 408,735 | |
New Orleans LA Series B | 4.00 | 6-1-2050 | 1,200,000 | 1,374,140 | |
New Orleans LA Series B | 5.00 | 6-1-2045 | 1,500,000 | 1,863,358 | |
Shreveport LA Series B (AGM Insured) | 4.00 | 12-1-2036 | 730,000 | 837,668 | |
Shreveport LA Series B (AGM Insured) | 4.00 | 12-1-2044 | 1,000,000 | 1,132,544 | |
12,669,206 | |||||
32,913,742 | |||||
Maine: 0.23% | |||||
Health revenue: 0.23% | |||||
Maine HEFA Mainehealth Series A | 4.00 | 7-1-2040 | 1,700,000 | 2,001,074 | |
Maine HEFA Mainehealth Series A | 4.00 | 7-1-2045 | 4,500,000 | 5,232,998 | |
Maine HEFA Series A | 4.00 | 7-1-2046 | 500,000 | 589,425 | |
Maine HEFA Series A | 4.00 | 7-1-2050 | 1,000,000 | 1,172,362 | |
Maine HEFA Series A | 5.00 | 7-1-2028 | 1,445,000 | 1,732,898 | |
Maine HEFA Series A | 5.00 | 7-1-2029 | 455,000 | 587,455 | |
Maine HEFA Series A | 5.00 | 7-1-2029 | 1,080,000 | 1,357,965 | |
12,674,177 | |||||
Maryland: 1.01% | |||||
Education revenue: 0.33% | |||||
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2027 | 235,000 | 238,916 | |
Maryland Economic Development Corporation Salisbury University Project | 5.00 | 6-1-2030 | 200,000 | 203,009 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 5.75 | 8-1-2033 | 1,585,000 | 1,718,768 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A | 6.90 | 8-1-2041 | 8,480,000 | 9,532,356 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016-A | 7.00 | 8-1-2046 | 6,085,000 | 6,771,636 | |
18,464,685 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.22% | |||||
Maryland HEFA Frederick Health System | 4.00% | 7-1-2045 | $ 745,000 | $ 868,892 | |
Maryland HEFA Frederick Health System | 4.00 | 7-1-2050 | 850,000 | 986,662 | |
Tender Option Bond Trust Receipts/Certificates (Deutsche Bank LIQ) 144Aø | 0.16 | 8-15-2042 | 10,590,000 | 10,590,000 | |
12,445,554 | |||||
Miscellaneous revenue: 0.40% | |||||
Baltimore MD Public Schools Construction & Revitalization Program | 5.00 | 5-1-2041 | 6,000,000 | 7,141,681 | |
Maryland Economic Development Corporation Special Obligation Covington Project | 4.00 | 9-1-2050 | 2,500,000 | 2,825,836 | |
Maryland Series A | 4.00 | 3-15-2034 | 10,000,000 | 12,181,924 | |
22,149,441 | |||||
Water & sewer revenue: 0.06% | |||||
Baltimore MD Water Projects Series A | 4.00 | 7-1-2039 | 500,000 | 600,865 | |
Baltimore MD Water Projects Series A | 4.00 | 7-1-2040 | 500,000 | 599,015 | |
Baltimore MD Water Projects Series A | 4.00 | 7-1-2045 | 2,000,000 | 2,368,785 | |
3,568,665 | |||||
56,628,345 | |||||
Massachusetts: 2.83% | |||||
Airport revenue: 0.42% | |||||
Massachusetts AMT Series B | 4.00 | 7-1-2046 | 1,750,000 | 1,946,689 | |
Massachusetts Port Authority AMT Series E | 5.00 | 7-1-2046 | 16,840,000 | 21,456,898 | |
23,403,587 | |||||
Education revenue: 0.16% | |||||
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2039 | 1,000,000 | 1,085,274 | |
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2049 | 1,750,000 | 1,882,588 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2040 | 2,000,000 | 2,288,435 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2045 | 1,200,000 | 1,356,635 | |
Massachusetts Development Finance Agency Lasell University Project | 4.00 | 7-1-2050 | 1,000,000 | 1,124,246 | |
Massachusetts Development Finance Agency Suffolk University Project | 4.00 | 7-1-2046 | 1,000,000 | 1,160,037 | |
8,897,215 | |||||
GO revenue: 0.19% | |||||
Massachusetts | 5.00 | 3-1-2041 | 7,500,000 | 8,234,403 | |
Massachusetts Series E | 5.25 | 9-1-2048 | 1,765,000 | 2,231,050 | |
10,465,453 | |||||
Health revenue: 0.11% | |||||
Massachusetts Development Finance Agency Revenue Massachusetts General/Brigham & Women's Hospital Series A-2 | 4.00 | 7-1-2040 | 1,000,000 | 1,172,266 | |
Massachusetts Development Finance Agency Revenue Massachusetts General/Brigham & Women's Hospital Series A-2 | 4.00 | 7-1-2041 | 1,200,000 | 1,403,813 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Massachusetts Development Finance Agency Wellforce Incorporated Series C (AGM Insured) | 4.00% | 10-1-2045 | $ 2,500,000 | $ 2,913,808 | |
Massachusetts HEFA Partners Healthcare Systems Series F3 (TD Bank NA LOC) ø | 0.10 | 7-1-2040 | 855,000 | 855,000 | |
6,344,887 | |||||
Tax revenue: 0.98% | |||||
Massachusetts Series F | 5.00 | 11-1-2041 | 5,000,000 | 6,165,067 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2047 | 6,485,000 | 7,847,401 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2048 | 11,510,000 | 14,237,697 | |
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A | 5.00 | 6-1-2049 | 21,500,000 | 26,747,791 | |
54,997,956 | |||||
Water & sewer revenue: 0.97% | |||||
Massachusetts Water Resources Authority General Revenue Refunding Bonds Series B (AGM Insured) | 5.25 | 8-1-2036 | 19,180,000 | 29,059,996 | |
Massachusetts Water Resources Authority General Revenue Refunding Bonds Series B (AGM Insured) | 5.25 | 8-1-2038 | 16,000,000 | 24,871,464 | |
53,931,460 | |||||
158,040,558 | |||||
Michigan: 3.26% | |||||
Airport revenue: 0.12% | |||||
Wayne County MI Airport Authority AMT | 5.00 | 12-1-2029 | 6,000,000 | 6,950,894 | |
Education revenue: 0.24% | |||||
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.30 | 9-1-2030 | 1,195,000 | 1,266,747 | |
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 4.80 | 9-1-2040 | 1,205,000 | 1,280,341 | |
Michigan Finance Authority Limited Obligation Refunding Bond Public School Academy Bradford | 5.00 | 9-1-2050 | 4,530,000 | 4,807,427 | |
Michigan Finance Authority Refunding Bond Higher Education Facilities %% | 4.00 | 12-1-2041 | 2,375,000 | 2,733,218 | |
Michigan Finance Authority Refunding Bond Higher Education Facilities %% | 4.00 | 12-1-2046 | 2,120,000 | 2,411,125 | |
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project | 7.00 | 10-1-2036 | 1,082,500 | 1,084,890 | |
13,583,748 | |||||
GO revenue: 0.14% | |||||
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2026 | 1,075,000 | 1,142,909 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2028 | 1,450,000 | 1,541,599 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2029 | 1,350,000 | 1,435,282 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Livonia MI Public Schools School District Building & Site Series I | 5.00% | 5-1-2030 | $ 1,775,000 | $ 1,887,129 | |
Livonia MI Public Schools School District Building & Site Series I | 5.00 | 5-1-2031 | 1,425,000 | 1,515,019 | |
7,521,938 | |||||
Health revenue: 0.05% | |||||
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2031 | 1,000,000 | 1,106,015 | |
Kentwood MI EDA Limited Obligation Holland Home Project %% | 4.00 | 11-15-2043 | 750,000 | 822,631 | |
Kentwood MI EDA Limited Obligation Holland Home Project | 4.00 | 11-15-2045 | 750,000 | 827,910 | |
2,756,556 | |||||
Miscellaneous revenue: 1.05% | |||||
Michigan Building Authority Refunding Facilities Program Bond Series I | 5.00 | 4-15-2041 | 13,000,000 | 15,180,944 | |
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project | 4.00 | 11-1-2048 | 6,000,000 | 6,834,635 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 7,000,000 | 7,423,804 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2031 | 1,340,000 | 1,501,547 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2032 | 2,000,000 | 2,242,231 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2033 | 2,975,000 | 3,335,937 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2034 | 6,615,000 | 7,414,317 | |
Michigan Finance Authority Local Government Loan Program Series H-1 | 5.00 | 10-1-2039 | 7,955,000 | 8,885,687 | |
Michigan Municipal Bond Authority Local Government Loan Program Series B Group A (Ambac Insured) | 5.25 | 12-1-2023 | 920,000 | 921,891 | |
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured) | 4.75 | 5-1-2027 | 4,610,000 | 4,770,777 | |
58,511,770 | |||||
Tax revenue: 0.47% | |||||
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2039 | 7,895,000 | 8,389,597 | |
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 16,845,000 | 17,826,639 | |
26,216,236 | |||||
Water & sewer revenue: 1.19% | |||||
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C | 5.00 | 7-1-2036 | 8,500,000 | 10,018,084 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D | 4.00 | 7-1-2032 | 11,000,000 | 12,406,411 | |
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured) | 4.00 | 7-1-2033 | 11,000,000 | 12,383,665 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-4 | 5.00% | 7-1-2031 | $ 6,500,000 | $ 7,206,855 | |
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-6 (NPFGC Insured) | 5.00 | 7-1-2027 | 1,000,000 | 1,115,615 | |
Michigan Finance Authority Local Government Loan Program Detroit Refunding Bond Series D-6 (NPFGC Insured) | 5.00 | 7-1-2036 | 3,250,000 | 3,587,223 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2025 | 2,000,000 | 2,231,230 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2026 | 1,945,000 | 2,169,872 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2027 | 2,260,000 | 2,521,290 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2028 | 3,480,000 | 3,877,730 | |
Michigan Finance Authority Local Government Loan Program Series C (NPFGC Insured) | 5.00 | 7-1-2032 | 5,750,000 | 6,364,714 | |
Michigan Finance Authority Local Government Loan Program Series C | 5.00 | 7-1-2035 | 2,000,000 | 2,282,547 | |
66,165,236 | |||||
181,706,378 | |||||
Minnesota: 0.42% | |||||
Airport revenue: 0.01% | |||||
Minneapolis & St. Paul MN Metropolitan Refunding Bonds Series A | 5.00 | 1-1-2027 | 500,000 | 545,537 | |
GO revenue: 0.01% | |||||
Shakopee MN Independent School District #720 Capital Facilities (State School District Credit Program Insured) | 4.00 | 2-1-2030 | 225,000 | 255,399 | |
Shakopee MN Independent School District #720 Capital Facilities (State School District Credit Program Insured) | 4.00 | 2-1-2032 | 240,000 | 271,026 | |
526,425 | |||||
Health revenue: 0.32% | |||||
Minneapolis MN Fairview Health Services Series 2018A | 4.00 | 11-15-2048 | 2,315,000 | 2,616,422 | |
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 14,000,000 | 15,009,795 | |
17,626,217 | |||||
Utilities revenue: 0.08% | |||||
Rochester MN Electric Utility Revenue Refunding Bond Series A | 5.00 | 12-1-2042 | 3,895,000 | 4,580,787 | |
23,278,966 | |||||
Mississippi: 0.14% | |||||
Water & sewer revenue: 0.14% | |||||
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured) | 5.00 | 9-1-2030 | 7,465,000 | 7,673,587 |
Interest rate | Maturity date | Principal | Value | ||
Missouri: 0.59% | |||||
GO revenue: 0.10% | |||||
St. Louis MO Special Administrative Board of St. Louis School District | 4.00% | 4-1-2030 | $ 4,840,000 | $ 5,489,754 | |
Miscellaneous revenue: 0.45% | |||||
Kansas City MO IDA | 5.00 | 3-1-2037 | 3,000,000 | 3,686,003 | |
Kansas City MO IDA Series B (AGM Insured) | 5.00 | 3-1-2049 | 18,075,000 | 21,867,988 | |
25,553,991 | |||||
Tax revenue: 0.04% | |||||
Blue Springs MO Special Obligation Tax Improvement & Refunding Bonds Adams Farm Project Series A | 4.00 | 6-1-2026 | 2,080,000 | 2,118,605 | |
33,162,350 | |||||
Nebraska: 0.22% | |||||
Health revenue: 0.02% | |||||
Douglas County NE Hospital Authority Series 2 | 4.00 | 11-15-2040 | 1,150,000 | 1,360,871 | |
Utilities revenue: 0.20% | |||||
Central Plains Energy Project Nebraska Refunding Bond Gas Project #3 Series 2012 | 5.00 | 9-1-2027 | 1,020,000 | 1,051,315 | |
Central Plains Energy Project Nebraska Refunding Bond Gas Project #3 Series 2012 | 5.25 | 9-1-2037 | 1,800,000 | 1,858,218 | |
Central Plains Energy Project Nebraska Refunding Bond Gas Project #3 Series A 2017-A | 5.00 | 9-1-2033 | 6,000,000 | 7,940,995 | |
10,850,528 | |||||
12,211,399 | |||||
Nevada: 2.21% | |||||
GO revenue: 2.17% | |||||
Clark County NV Refunding Bond Limited Tax | 4.00 | 7-1-2032 | 6,000,000 | 6,936,416 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 9,585,000 | 10,975,600 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2036 | 850,000 | 1,013,107 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2037 | 900,000 | 1,070,386 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2038 | 850,000 | 1,009,192 | |
Clark County NV School District Series A (AGM Insured) | 4.00 | 6-15-2039 | 1,000,000 | 1,185,025 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2030 | 875,000 | 1,142,062 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2032 | 900,000 | 1,164,297 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2033 | 825,000 | 1,065,414 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2034 | 950,000 | 1,224,669 | |
Clark County NV School District Series A (AGM Insured) | 5.00 | 6-15-2035 | 1,000,000 | 1,287,007 | |
Clark County NV Series A | 5.00 | 6-1-2043 | 9,360,000 | 11,352,499 | |
Clark County NV Series A | 5.00 | 5-1-2048 | 50,215,000 | 60,564,156 | |
Henderson NV Limited Tax Utillity System Series A-1 | 4.00 | 6-1-2045 | 9,140,000 | 10,809,830 | |
Henderson NV Series B-1 | 4.00 | 6-1-2039 | 4,060,000 | 4,860,787 | |
Henderson NV Series B-1 | 4.00 | 6-1-2040 | 3,340,000 | 3,992,384 | |
Las Vegas NV Series A | 4.00 | 2-1-2038 | 1,335,000 | 1,546,684 | |
121,199,515 | |||||
Miscellaneous revenue: 0.01% | |||||
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00 | 6-1-2022 | 310,000 | 315,127 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00% | 6-1-2023 | $ 245,000 | $ 258,382 | |
Las Vegas NV Special Improvement District #60 Local Improvement | 5.00 | 6-1-2024 | 115,000 | 124,390 | |
697,899 | |||||
Utilities revenue: 0.03% | |||||
Clark County NV Southern California Edison Company Project | 2.10 | 6-1-2031 | 1,250,000 | 1,263,042 | |
123,160,456 | |||||
New Hampshire: 0.21% | |||||
Health revenue: 0.07% | |||||
New Hampshire HEFA Kendal at Hanover Project Series B (TD Bank NA LOC) ø | 0.10 | 10-1-2030 | 3,960,000 | 3,960,000 | |
Housing revenue: 0.14% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 6,328,150 | 7,533,750 | |
11,493,750 | |||||
New Jersey: 3.78% | |||||
Airport revenue: 0.03% | |||||
South Jersey Port Corporation Marine Terminal Refunding Bond Series 2016S | 5.00 | 1-1-2039 | 1,350,000 | 1,535,286 | |
Education revenue: 0.20% | |||||
Atlantic City NJ Improvement Authority Stockton University Project (AGM Insured) | 4.00 | 7-1-2047 | 750,000 | 886,027 | |
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund | 5.00 | 6-15-2025 | 5,830,000 | 6,450,723 | |
Rutgers University Series L | 5.00 | 5-1-2033 | 3,560,000 | 3,784,891 | |
11,121,641 | |||||
GO revenue: 0.37% | |||||
Bayonne NJ School Refunding Bonds (AGM Insured) | 5.00 | 7-15-2023 | 2,505,000 | 2,681,135 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2025 | 5,000,000 | 5,649,904 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2026 | 2,205,000 | 2,484,388 | |
Newark NJ Qualified General Improvement Series A | 5.00 | 7-15-2027 | 6,035,000 | 6,777,346 | |
Newark NJ Qualified General Improvement Series A | 5.25 | 7-15-2024 | 1,325,000 | 1,460,805 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2025 | 385,000 | 435,043 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2026 | 395,000 | 445,028 | |
Newark NJ Qualified General Improvement Series B | 5.00 | 7-15-2027 | 405,000 | 454,803 | |
Newark NJ Qualified General Improvement Series B | 5.25 | 7-15-2024 | 375,000 | 413,435 | |
20,801,887 | |||||
Industrial development revenue: 0.19% | |||||
New Jersey EDA | 5.00 | 3-1-2025 | 4,000,000 | 4,208,714 | |
New Jersey EDA Continental Airlines Incorporated Project | 5.25 | 9-15-2029 | 5,960,000 | 6,163,049 | |
10,371,763 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 1.08% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13% | 7-1-2029 | $ 2,620,000 | $ 2,652,857 | |
New Jersey EDA Revenue Unrefunded Balance Refunding Bonds | 5.00 | 3-1-2026 | 3,645,000 | 3,671,348 | |
New Jersey EDA School Facilities Construction Refunding Bond Series NN | 5.00 | 3-1-2026 | 11,000,000 | 11,570,826 | |
New Jersey TTFA Series A ¤ | 0.00 | 12-15-2039 | 10,000,000 | 6,442,489 | |
New Jersey TTFA Series A (NPFGC Insured) | 5.75 | 6-15-2025 | 10,000,000 | 11,702,391 | |
Newark NJ Housing Authority & Port Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (NPFGC Insured) | 5.00 | 1-1-2032 | 7,620,000 | 9,044,375 | |
Newark NJ Housing Authority & Port Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (NPFGC Insured) | 5.25 | 1-1-2024 | 1,225,000 | 1,309,951 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (BHAC / NPFGC Insured, Bank of America NA LIQ) 144Aø | 0.14 | 7-1-2026 | 4,000,000 | 4,000,000 | |
Union County NJ Utilities Authority Refunding Bond AMT Covanta Union Series A | 5.25 | 12-1-2031 | 9,960,000 | 9,997,212 | |
60,391,449 | |||||
Tax revenue: 0.60% | |||||
New Jersey Covid-19 Emergency Series A | 4.00 | 6-1-2032 | 12,050,000 | 15,042,507 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 15,000,000 | 18,288,875 | |
33,331,382 | |||||
Transportation revenue: 1.31% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2026 | 1,150,000 | 1,078,004 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2028 | 10,100,000 | 9,027,117 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2029 | 11,875,000 | 10,328,252 | |
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 4,500,000 | 3,705,946 | |
New Jersey TTFA CAB Transportation System Series A ¤ | 0.00 | 12-15-2030 | 8,000,000 | 6,774,709 | |
New Jersey TTFA Program Bonds Series AA %% | 5.00 | 6-15-2038 | 2,000,000 | 2,540,902 | |
New Jersey TTFA Series A | 5.00 | 6-15-2038 | 4,285,000 | 4,375,511 | |
New Jersey TTFA Series A | 5.00 | 6-15-2042 | 2,040,000 | 2,083,557 | |
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,195,000 | 2,519,612 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2039 | 3,000,000 | 3,780,158 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2044 | 1,000,000 | 1,097,976 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 3,500,000 | 4,346,505 | |
New Jersey TTFA Series AA | 5.25 | 6-15-2033 | 10,000,000 | 10,668,174 | |
New Jersey TTFA Transportation System Series A | 5.00 | 12-15-2036 | 1,500,000 | 1,835,788 | |
New Jersey TTFA Transportation System Series C | 5.25 | 6-15-2032 | 8,000,000 | 9,073,262 | |
73,235,473 | |||||
210,788,881 | |||||
New Mexico: 0.33% | |||||
Housing revenue: 0.01% | |||||
New Mexico Mortgage Finance Authority Single-Family Mortgage Revenue Class I (GNMA / FNMA / FHLMC Insured) | 5.35 | 3-1-2030 | 205,000 | 205,550 | |
Utilities revenue: 0.32% | |||||
Farmington NM PCR | 1.80 | 4-1-2029 | 5,000,000 | 5,059,422 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Farmington NM PCR | 1.80% | 4-1-2029 | $ 7,000,000 | $ 7,083,190 | |
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue Refunding & Acquisition Bond Subordinated Series A (Royal Bank of Canada LIQ) øø | 5.00 | 11-1-2039 | 5,140,000 | 5,833,774 | |
17,976,386 | |||||
18,181,936 | |||||
New York: 10.26% | |||||
Airport revenue: 0.66% | |||||
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 3.00 | 8-1-2031 | 2,000,000 | 2,175,295 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 4.00 | 12-1-2039 | 700,000 | 805,395 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 4.00 | 12-1-2040 | 900,000 | 1,037,722 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2032 | 1,000,000 | 1,271,942 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2037 | 700,000 | 879,965 | |
Port Authority of New York & New Jersey Series 193 | 5.00 | 10-15-2028 | 1,760,000 | 2,033,756 | |
Port Authority of New York & New Jersey Series 205 | 5.25 | 11-15-2039 | 16,580,000 | 20,595,066 | |
Port Authority of New York & New Jersey Series 211 | 5.00 | 9-1-2048 | 2,000,000 | 2,448,649 | |
Port Authority of New York & New Jersey Series 221 | 4.00 | 7-15-2045 | 5,000,000 | 5,749,923 | |
36,997,713 | |||||
Education revenue: 0.58% | |||||
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.60 | 2-1-2051 | 5,000,000 | 5,166,767 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 5.73 | 2-1-2050 | 10,030,000 | 11,583,598 | |
New York Dormitory Authority Barnard College Series A | 4.00 | 7-1-2045 | 1,270,000 | 1,468,596 | |
New York Dormitory Authority Barnard College Series A | 4.00 | 7-1-2049 | 1,000,000 | 1,152,363 | |
New York Dormitory Authority Iona College %% | 5.00 | 7-1-2027 | 335,000 | 394,031 | |
New York Dormitory Authority New York University Series A | 5.00 | 7-1-2049 | 4,265,000 | 5,358,371 | |
New York Dormitory Authority St. John's University Series A | 4.00 | 7-1-2048 | 2,000,000 | 2,343,710 | |
Westchester County NY Local Development Pace University Series B øø | 0.35 | 5-1-2044 | 5,000,000 | 5,000,000 | |
32,467,436 | |||||
GO revenue: 0.88% | |||||
New York NY Fiscal 2020 Subordinate Bond Series B-1 | 4.00 | 8-1-2039 | 3,000,000 | 3,554,984 | |
New York NY Fiscal 2020 Subordinate Bond Series B-1 | 5.00 | 10-1-2038 | 2,650,000 | 3,334,554 | |
New York NY Fiscal 2020 Subordinate Bond Series C | 4.00 | 8-1-2037 | 8,800,000 | 10,473,970 | |
New York NY Fiscal 2022 Subordinate Bond Series A-1 | 5.00 | 8-1-2047 | 10,000,000 | 12,871,455 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
New York NY Series F-1 | 5.00% | 3-1-2032 | $ 3,000,000 | $ 3,166,806 | |
New York NY Series S-2 | 5.00 | 7-15-2041 | 13,805,000 | 15,821,121 | |
49,222,890 | |||||
Health revenue: 0.10% | |||||
Tender Option Bond Trust/Floater Certificates Series 2020-XG0294 (FHA Insured, Bank of America NA LIQ) 144Aø | 0.14 | 2-1-2050 | 4,200,000 | 4,200,000 | |
Westchester County NY Local Development Corporation Purchase Senior Learning Community Incorporated 144A | 2.88 | 7-1-2026 | 1,500,000 | 1,508,450 | |
5,708,450 | |||||
Industrial development revenue: 0.89% | |||||
New York Liberty Development Corporation Refunding Bonds 1 World Trade Center Project | 4.00 | 2-15-2043 | 6,000,000 | 7,005,595 | |
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.80 | 9-15-2069 | 1,000,000 | 1,035,105 | |
New York Transportation Development Corporation New York State Thruway Service Areas Project | 4.00 | 10-31-2041 | 2,000,000 | 2,330,600 | |
New York Transportation Development Corporation New York State Thruway Service Areas Project | 4.00 | 10-31-2046 | 1,500,000 | 1,727,498 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 10-1-2035 | 20,000,000 | 24,807,698 | |
New York Transportation Development Corporation Special Facilities Revenue AMT | 5.00 | 1-1-2032 | 5,000,000 | 6,001,948 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2035 | 1,850,000 | 2,353,529 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2036 | 1,750,000 | 2,222,874 | |
New York Transportation Development Corporation Special Facilities Revenue Terminal 4 John F Kennedy International Airport | 5.00 | 12-1-2037 | 1,750,000 | 2,217,988 | |
49,702,835 | |||||
Miscellaneous revenue: 0.13% | |||||
New York Dormitory Authority Non-State Supported School Districts Bond Financing Program Series A (AGM Insured) | 5.00 | 10-1-2034 | 1,750,000 | 2,191,910 | |
New York Dormitory Authority Non-State Supported School Districts Bond Financing Program Series A (AGM Insured) | 5.00 | 10-1-2035 | 1,000,000 | 1,248,870 | |
New York NY IDA Queens Baseball Stadium Project (AGM Insured) | 4.00 | 1-1-2032 | 1,000,000 | 1,209,269 | |
New York NY IDA Queens Baseball Stadium Project (AGM Insured) | 5.00 | 1-1-2031 | 1,000,000 | 1,299,261 | |
New York Western Regional Off Track Betting Corporation 144A | 4.13 | 12-1-2041 | 1,000,000 | 1,014,389 | |
6,963,699 | |||||
Tax revenue: 3.41% | |||||
New York Dormitory Authority Series A | 5.00 | 2-15-2034 | 3,790,000 | 4,499,300 | |
New York Dormitory Authority Series D | 4.00 | 2-15-2037 | 4,480,000 | 5,300,500 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
New York Dormitory Authority State Personal Income Tax General Purpose Series D | 4.00% | 2-15-2047 | $14,000,000 | $ 16,243,742 | |
New York Dormitory Authority State Personal Income Tax Series B | 5.00 | 2-15-2045 | 7,330,000 | 8,228,415 | |
New York Dormitory Authority State Personal Income Tax Series D | 4.00 | 2-15-2038 | 5,000,000 | 5,910,140 | |
New York Dormitory Authority State Personal Income Tax Series E | 5.00 | 2-15-2044 | 10,000 | 11,406 | |
New York Dormitory Authority State Personal Income Tax Series E | 5.00 | 2-15-2044 | 9,590,000 | 10,781,154 | |
New York Dormitory Authority State Personal Income Tax Unrefunded Bonds General Purpose Series D | 5.00 | 3-15-2042 | 1,500,000 | 1,514,009 | |
New York NY Transitional Finance Authority Building Aid Revenue Fiscal 2019 Subordinate Bond Series S 3 A | 4.00 | 7-15-2038 | 4,500,000 | 5,261,778 | |
New York NY Transitional Finance Authority Building Aid Revenue Fiscal Year 2015 Series S1 | 5.00 | 7-15-2040 | 3,155,000 | 3,559,755 | |
New York NY Transitional Finance Authority Building Aid Revenue Fiscal Year 2022 Series S1 | 4.00 | 7-15-2037 | 1,550,000 | 1,875,265 | |
New York NY Transitional Finance Authority Future Tax Secured Revenue Series A2 | 5.00 | 8-1-2037 | 12,140,000 | 14,729,031 | |
New York NY Transitional Finance Authority Future Tax Secured Revenue Series I | 5.00 | 5-1-2033 | 5,395,000 | 5,725,390 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 4.00 | 11-1-2035 | 5,000,000 | 6,037,011 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 4.00 | 11-1-2045 | 4,000,000 | 4,710,499 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond | 5.00 | 5-1-2038 | 5,000,000 | 6,289,001 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series A | 5.00 | 8-1-2031 | 17,075,000 | 19,046,037 | |
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series F1 | 5.00 | 5-1-2042 | 2,390,000 | 2,869,543 | |
New York Urban Development Corporation Personal Income Tax General Purpose Series 2020A | 4.00 | 3-15-2045 | 35,560,000 | 41,760,569 | |
New York Urban Development Corporation Personal Income Tax General Purpose Series 2020C | 4.00 | 3-15-2045 | 10,000,000 | 11,743,692 | |
Triborough Bridge & Tunnel Authority Subordinated Bond Series A1 | 4.00 | 5-15-2046 | 3,500,000 | 4,144,555 | |
Triborough Bridge & Tunnel Authority Subordinated Bond Series A1 | 5.00 | 5-15-2051 | 7,750,000 | 9,971,005 | |
190,211,797 | |||||
Transportation revenue: 1.37% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 1,670,000 | 1,674,762 | |
New York Metropolitan Transportation Authority Refunding Bond Series A | 5.00 | 11-15-2030 | 950,000 | 985,377 | |
New York Metropolitan Transportation Authority Revenue Various Refunding Bonds Transportation Subordinated Series G3 (SIFMA Municipal Swap +0.43%) ± | 0.53 | 11-1-2031 | 15,000,000 | 15,013,713 | |
New York Metropolitan Transportation Authority Series D | 5.00 | 11-15-2029 | 20,000,000 | 20,755,420 | |
New York Metropolitan Transportation Authority Subordinated Bond Series A1 øø | 5.00 | 11-15-2048 | 7,300,000 | 8,167,545 | |
Triborough Bridge & Tunnel Authority New York Revenues Various Refunding Bond Subordinated Series B-2 (State Street Bank & Trust Company LOC) ø | 0.12 | 1-1-2032 | 10,100,000 | 10,100,000 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Triborough Bridge & Tunnel Authority Series 2020-A | 5.00% | 11-15-2049 | $ 7,750,000 | $ 9,871,193 | |
Triborough Bridge & Tunnel Authority Subordinated Bonds series B-2 (State Street Bank & Trust Company LOC) ø | 0.14 | 1-1-2032 | 10,000,000 | 10,000,000 | |
76,568,010 | |||||
Utilities revenue: 0.62% | |||||
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2032 | 22,785,000 | 26,717,903 | |
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2037 | 3,780,000 | 4,419,544 | |
New York Utility Debt Securitization Authority Restructuring Bonds | 5.00 | 12-15-2040 | 2,870,000 | 3,542,510 | |
34,679,957 | |||||
Water & sewer revenue: 1.62% | |||||
New York NY Environmental Facilities Corporation Municipal Water Trust | 4.00 | 6-15-2049 | 5,000,000 | 5,867,816 | |
New York NY Environmental Facilities Corporation Municipal Water Trust | 5.00 | 6-15-2048 | 10,035,000 | 12,370,954 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series 2018 | 5.00 | 6-15-2048 | 3,000,000 | 3,660,250 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA | 5.00 | 6-15-2035 | 25,000,000 | 31,814,795 | |
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB | 5.00 | 6-15-2047 | 2,330,000 | 2,434,688 | |
New York NY Municipal Water Finance Authority Water and Sewer System Revenue Second General Resolution | 4.00 | 6-15-2042 | 15,000,000 | 17,867,345 | |
New York NY Water Finance Authority Series DD | 5.25 | 6-15-2047 | 11,490,000 | 13,896,216 | |
Western Nassau County NY Water Authority Series A | 4.00 | 4-1-2046 | 1,100,000 | 1,302,195 | |
Western Nassau County NY Water Authority Series A | 4.00 | 4-1-2051 | 1,000,000 | 1,179,101 | |
90,393,360 | |||||
572,916,147 | |||||
North Carolina: 0.56% | |||||
Airport revenue: 0.08% | |||||
Raleigh Durham NC Airport Authority Refunding Bond AMT Series A | 5.00 | 5-1-2035 | 3,400,000 | 4,302,014 | |
Education revenue: 0.12% | |||||
North Carolina Capital Facilities Finance Agency Forest University Series 2016 | 5.00 | 1-1-2033 | 1,000,000 | 1,177,199 | |
North Carolina Capital Facilities Finance Agency Meredith College Series 2018 | 5.00 | 6-1-2038 | 500,000 | 566,627 | |
University of North Carolina at Ashville Series 2017 | 5.00 | 6-1-2042 | 625,000 | 734,646 | |
University of North Carolina at Greensboro Series 2014 | 5.00 | 4-1-2033 | 2,000,000 | 2,205,552 | |
University of North Carolina at Greensboro Series 2014 | 5.00 | 4-1-2039 | 1,620,000 | 1,786,497 | |
University of North Carolina Chapel Hill Series 2009- A (TD Bank NA SPA) ø | 0.10 | 2-1-2024 | 580,000 | 580,000 | |
7,050,521 | |||||
Health revenue: 0.11% | |||||
Charlotte-Mecklenburg NC Hospital Authority Health Care Refunding Bonds Series 2018 | 5.00 | 1-15-2036 | 500,000 | 624,832 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
North Carolina Medical Care Commission Deerfield Episcopal Retirement Community Project Series 2016 | 5.00% | 11-1-2031 | $ 1,500,000 | $ 1,746,044 | |
North Carolina Medical Care Commission Forest Duke Project | 4.00 | 9-1-2051 | 1,100,000 | 1,246,087 | |
North Carolina Medical Care Commission Presbyterian Homes Project Series 2016C | 4.00 | 10-1-2031 | 1,500,000 | 1,636,808 | |
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012 | 5.00 | 6-1-2026 | 385,000 | 392,038 | |
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012 | 5.00 | 6-1-2032 | 500,000 | 509,072 | |
6,154,881 | |||||
Housing revenue: 0.04% | |||||
North Carolina Facilities Finance Agency The Arc of North Carolina Project Series 2017A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2034 | 1,000,000 | 1,181,570 | |
North Carolina Facilities Finance Agency The North Carolina A&T University Foundation LLC Project Series 2015A (AGC Insured) | 5.00 | 6-1-2027 | 1,000,000 | 1,136,957 | |
2,318,527 | |||||
Miscellaneous revenue: 0.07% | |||||
Charlotte NC Certificate of Participation Equipment Acquisition and Public Facilities Series A | 5.00 | 12-1-2026 | 1,160,000 | 1,164,241 | |
Charlotte NC Certificate of Participation Transit Projects Series C | 5.00 | 6-1-2030 | 1,000,000 | 1,064,201 | |
Raleigh NC Limited Obligation Series A | 5.00 | 10-1-2033 | 1,000,000 | 1,120,691 | |
Wilmington NC Limited Obligation Series A | 5.00 | 6-1-2030 | 400,000 | 474,569 | |
3,823,702 | |||||
Transportation revenue: 0.14% | |||||
North Carolina Department of Transportation I-77 Hot Lanes Project Series 2015 | 5.00 | 6-30-2028 | 1,275,000 | 1,424,463 | |
North Carolina Turnpike Authority Monroe Expressway Toll Revenue Bond Series 2016A | 5.00 | 7-1-2042 | 500,000 | 568,071 | |
North Carolina Turnpike Authority Triangle Expressway System (AGM Insured) | 5.00 | 1-1-2049 | 4,500,000 | 5,618,412 | |
7,610,946 | |||||
31,260,591 | |||||
North Dakota: 0.28% | |||||
Miscellaneous revenue: 0.19% | |||||
University of North Dakota Infrastructure Energy Improvement Project Green Certificates Series A | 5.00 | 4-1-2057 | 9,000,000 | 10,793,118 | |
Water & sewer revenue: 0.09% | |||||
North Dakota PFA Revolving Fund Program Series A | 5.00 | 10-1-2038 | 3,780,000 | 4,674,709 | |
15,467,827 |
Interest rate | Maturity date | Principal | Value | ||
Ohio: 2.05% | |||||
Education revenue: 0.03% | |||||
Allen County OH Port Authority | 4.00% | 12-1-2035 | $ 650,000 | $ 740,333 | |
Allen County OH Port Authority | 4.00 | 12-1-2040 | 720,000 | 810,239 | |
1,550,572 | |||||
GO revenue: 0.03% | |||||
Highland OH Local School District Medina County School Improvement Series A | 5.25 | 12-1-2054 | 1,500,000 | 1,605,753 | |
Health revenue: 0.95% | |||||
Cleveland Cuyahoga County OH Facilities Improvement Centers for Dialysis | 5.00 | 12-1-2047 | 5,205,000 | 5,775,844 | |
Franklin County OH Trinity Health Credit Group | 4.00 | 12-1-2044 | 3,450,000 | 4,023,585 | |
Hamilton County OH Hospital Facilties Revenue Bonds | 5.00 | 11-15-2041 | 2,250,000 | 3,325,460 | |
Hamilton County OH Hospital Facilties Revenue Bonds | 5.00 | 9-15-2045 | 7,500,000 | 9,293,781 | |
Lucas County OH Hospital Revenue Promedica Healthcare Obligation | 5.25 | 11-15-2048 | 15,000,000 | 18,108,731 | |
Middleburg Heights OH Hospital Revenue Refunding Bonds Facilities Southwest General Health | 4.00 | 8-1-2041 | 1,100,000 | 1,277,586 | |
Middleburg Heights OH Hospital Revenue Refunding Bonds Facilities Southwest General Health | 4.00 | 8-1-2047 | 3,000,000 | 3,447,054 | |
Middleburg Heights OH Hospital Revenue Refunding Bonds Facilities Southwest General Health Center | 4.00 | 8-1-2041 | 3,730,000 | 4,396,116 | |
Montgomery County OH Hospital Revenue Refunding Bonds | 4.00 | 11-15-2039 | 3,000,000 | 3,435,745 | |
53,083,902 | |||||
Miscellaneous revenue: 0.74% | |||||
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2026 | 2,030,000 | 2,311,299 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2028 | 1,610,000 | 1,824,196 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2030 | 2,250,000 | 2,539,440 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2035 | 12,000,000 | 13,482,373 | |
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured) | 5.00 | 12-31-2039 | 2,500,000 | 2,794,316 | |
Ohio Series A | 5.00 | 2-1-2036 | 4,265,000 | 4,962,161 | |
Ohio Water Development Authority Drinking Water Assistance Fund | 5.00 | 12-1-2035 | 5,390,000 | 6,464,027 | |
Ohio Water Development Authority Drinking Water Assistance Fund | 5.00 | 12-1-2036 | 2,000,000 | 2,396,394 | |
Ohio Water Development Authority Fresh Water Series B | 5.00 | 12-1-2034 | 1,895,000 | 2,274,625 | |
RiverSouth OH Lazarus Building Redevelopment Series A | 5.75 | 12-1-2027 | 2,575,000 | 2,579,011 | |
41,627,842 | |||||
Tax revenue: 0.11% | |||||
Franklin County OH | 5.00 | 6-1-2048 | 5,000,000 | 6,119,160 | |
Transportation revenue: 0.19% | |||||
Ohio Turnpike Commission CAB Series A-4 ¤ | 0.00 | 2-15-2034 | 8,500,000 | 10,697,108 | |
114,684,337 |
Interest rate | Maturity date | Principal | Value | ||
Oklahoma: 1.05% | |||||
Airport revenue: 0.64% | |||||
Oklahoma City OK Airport Trust Series 33 | 5.00% | 7-1-2043 | $ 9,000,000 | $ 10,890,154 | |
Oklahoma City OK Airport Trust Series 33 | 5.00 | 7-1-2047 | 11,500,000 | 13,876,232 | |
Tulsa OK Airports Improvement Trust AMT Series A (BAM Insured) | 5.00 | 6-1-2035 | 1,055,000 | 1,167,444 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.00 | 6-1-2043 | 4,485,000 | 5,409,306 | |
Tulsa OK Airports Improvement Trust Series A (AGM Insured) | 5.25 | 6-1-2048 | 3,770,000 | 4,586,223 | |
35,929,359 | |||||
Miscellaneous revenue: 0.38% | |||||
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A | 5.00 | 9-1-2030 | 2,000,000 | 2,359,603 | |
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A | 5.00 | 9-1-2031 | 1,145,000 | 1,350,722 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2030 | 4,440,000 | 5,154,390 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2031 | 5,520,000 | 6,385,608 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2032 | 4,000,000 | 4,620,368 | |
Pontotoc County OK Education Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2040 | 1,000,000 | 1,165,595 | |
21,036,286 | |||||
Transportation revenue: 0.02% | |||||
Oklahoma Turnpike Authority Revenue Series A | 5.00 | 1-1-2042 | 1,000,000 | 1,160,017 | |
Water & sewer revenue: 0.01% | |||||
McGee Creek Oklahoma Authority (NPFGC Insured) | 6.00 | 1-1-2023 | 645,000 | 662,479 | |
58,788,141 | |||||
Oregon: 0.63% | |||||
GO revenue: 0.16% | |||||
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2030 | 2,560,000 | 3,278,070 | |
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2031 | 2,125,000 | 2,717,824 | |
Jackson County OR School District #005 (AGM Insured) | 5.00 | 6-15-2032 | 2,350,000 | 2,998,702 | |
8,994,596 | |||||
Health revenue: 0.42% | |||||
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.13 | 11-15-2040 | 500,000 | 549,705 | |
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.25 | 11-15-2050 | 500,000 | 549,071 | |
Clackamas County OR Hospital Facility Authority Senior Living Rose Ville Series A | 5.38 | 11-15-2055 | 1,000,000 | 1,100,734 | |
Medford OR Hospital Facilities Refunding Bonds Asante Project Series A (AGM Insured) | 4.00 | 8-15-2045 | 13,650,000 | 15,973,563 | |
Oregon Health Sciences University Revenue Series A | 4.00 | 7-1-2044 | 4,500,000 | 5,374,190 | |
23,547,263 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.05% | |||||
Eugene OR Electric Utility Revenue Series A | 4.00% | 8-1-2045 | $ 1,260,000 | $ 1,494,445 | |
Eugene OR Electric Utility Revenue Series A | 4.00 | 8-1-2049 | 800,000 | 945,145 | |
2,439,590 | |||||
34,981,449 | |||||
Pennsylvania: 4.70% | |||||
Airport revenue: 0.56% | |||||
Philadelphia PA Airport Series A (AGM Insured) | 4.00 | 7-1-2046 | 2,000,000 | 2,331,288 | |
Philadelphia PA Airport Series A | 5.00 | 7-1-2047 | 9,950,000 | 11,789,385 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2029 | 1,000,000 | 1,208,288 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2031 | 750,000 | 901,849 | |
Philadelphia PA Airport Series B | 5.00 | 7-1-2042 | 7,860,000 | 9,360,315 | |
Philadelphia PA Airport Series C | 4.00 | 7-1-2037 | 1,695,000 | 1,991,010 | |
Philadelphia PA Airport Series C | 4.00 | 7-1-2038 | 1,260,000 | 1,477,506 | |
Philadelphia PA Airport Series C | 4.00 | 7-1-2039 | 1,830,000 | 2,141,808 | |
31,201,449 | |||||
Education revenue: 0.24% | |||||
Montgomery County PA Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2024 | 1,540,000 | 1,676,357 | |
Montgomery County PA Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2025 | 1,625,000 | 1,827,044 | |
Pennsylvania Higher Educational Facilities Revenue Drexel University Series A (AGM Insured) | 5.00 | 5-1-2046 | 4,885,000 | 6,080,344 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 2,000,000 | 2,262,286 | |
Philadelphia PA IDA New Foundations Charter School Project | 6.00 | 12-15-2027 | 270,000 | 284,666 | |
Philadelphia PA IDA University Revenue Refunding Bond St. Joseph's University Project | 4.00 | 11-1-2038 | 1,000,000 | 1,162,359 | |
13,293,056 | |||||
GO revenue: 0.39% | |||||
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2025 | 1,180,000 | 1,333,979 | |
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2026 | 1,200,000 | 1,398,112 | |
Allegheny County PA West Mifflin Area School District (AGM Insured) | 5.00 | 4-1-2027 | 1,000,000 | 1,195,112 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2029 | 2,170,000 | 2,586,614 | |
North Pocono PA School District Notes Series A (AGM Insured) | 4.00 | 9-15-2032 | 1,750,000 | 2,065,378 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2024 | 2,075,000 | 2,322,395 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2035 | 3,820,000 | 4,496,719 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2032 | 1,440,000 | 1,569,816 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2033 | 1,490,000 | 1,625,323 | |
Williamsport PA Area School District | 4.00 | 3-1-2034 | 1,555,000 | 1,696,971 | |
Williamsport PA Area School District (AGM Insured) | 4.00 | 3-1-2035 | 1,205,000 | 1,315,469 | |
21,605,888 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 1.04% | |||||
Allegheny County PA Hospital Development Authority Series A | 4.00% | 7-15-2039 | $ 2,250,000 | $ 2,618,676 | |
Chester County PA HEFA Main Line Health System Series A | 4.00 | 9-1-2050 | 3,500,000 | 4,075,840 | |
Geisinger PA Health System Series A-1 | 4.00 | 2-15-2047 | 10,000,000 | 11,120,568 | |
Geisinger PA Health System Series A-1 | 4.00 | 4-1-2050 | 8,000,000 | 9,159,302 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2035 | 2,750,000 | 3,189,283 | |
Montgomery County PA HEFA Thomas Jefferson University | 4.00 | 9-1-2038 | 1,000,000 | 1,153,709 | |
Montgomery County PA HEFA Thomas Jefferson University | 5.00 | 9-1-2031 | 4,100,000 | 5,158,547 | |
Montgomery County PA Higher Education & Health Authority Series 2018D ø | 0.20 | 9-1-2050 | 10,000,000 | 10,000,000 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2045 | 6,500,000 | 7,545,131 | |
Quakertown PA General Authority Health LifeQuest Obligated Group Series C | 4.50 | 7-1-2027 | 750,000 | 756,851 | |
Quakertown PA General Authority Health LifeQuest Obligated Group Series C | 5.00 | 7-1-2032 | 1,000,000 | 1,009,791 | |
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 625,000 | 735,534 | |
Westmoreland County PA IDA Excela Health Project Series A | 5.00 | 7-1-2029 | 700,000 | 885,855 | |
Westmoreland County PA IDA Excela Health Project Series A | 5.00 | 7-1-2030 | 550,000 | 708,302 | |
58,117,389 | |||||
Industrial development revenue: 0.42% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Refunding Bond %% | 5.00 | 5-1-2036 | 750,000 | 944,422 | |
Allentown PA Neighborhood Improvement Zone Development Authority Refunding Bond %% | 5.00 | 5-1-2042 | 2,000,000 | 2,488,679 | |
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2030 | 600,000 | 703,375 | |
Pennsylvania EDFA Bridges FinCo LP | 5.00 | 12-31-2034 | 16,375,000 | 19,211,823 | |
23,348,299 | |||||
Miscellaneous revenue: 0.91% | |||||
Delaware Valley PA Regional Finance Authority Local Government Public Improvements Project | 5.75 | 7-1-2032 | 9,425,000 | 13,450,452 | |
Delaware Valley Regional Finance Authority Local Government Series C (Ambac Insured) | 7.75 | 7-1-2027 | 4,025,000 | 5,483,449 | |
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2025 | 1,060,000 | 1,012,089 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project | 5.00 | 4-1-2022 | 2,635,000 | 2,665,731 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2024 | 2,250,000 | 2,471,570 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2034 | 1,915,000 | 2,272,235 | |
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A | 5.00 | 6-1-2035 | 16,715,000 | 19,789,159 | |
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00 | 2-15-2030 | 1,065,000 | 1,236,576 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00% | 2-15-2031 | $ 1,110,000 | $ 1,283,689 | |
Waverly Township Municipal Authority Career Technology Center (BAM Insured) | 4.00 | 2-15-2032 | 1,155,000 | 1,332,493 | |
50,997,443 | |||||
Transportation revenue: 0.87% | |||||
Pennsylvania Turnpike Commission Motor License Series B-2 | 5.00 | 12-1-2035 | 9,900,000 | 12,105,809 | |
Pennsylvania Turnpike Commission Series A | 5.00 | 12-1-2044 | 5,905,000 | 7,410,492 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,750,000 | 2,124,578 | |
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2043 | 6,000,000 | 7,371,844 | |
Pennsylvania Turnpike Commission Series C | 5.00 | 12-1-2046 | 4,125,000 | 5,309,772 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 4.00 | 12-1-2044 | 3,000,000 | 3,489,872 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-1 | 5.00 | 6-1-2027 | 1,150,000 | 1,399,720 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-1 | 5.00 | 6-1-2028 | 1,450,000 | 1,772,762 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-2 | 5.00 | 6-1-2027 | 1,260,000 | 1,533,606 | |
Pennsylvania Turnpike Commission Subordinate Bond Series B-2 | 5.00 | 6-1-2028 | 5,005,000 | 6,119,086 | |
48,637,541 | |||||
Water & sewer revenue: 0.27% | |||||
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project øø | 2.45 | 12-1-2039 | 5,500,000 | 5,976,393 | |
Philadelphia PA Series B | 5.00 | 7-1-2033 | 8,000,000 | 9,177,831 | |
15,154,224 | |||||
262,355,289 | |||||
Puerto Rico: 0.04% | |||||
Tax revenue: 0.04% | |||||
Puerto Rico Commonwealth Public Improvement Series A (AGC Insured) | 5.50 | 7-1-2029 | 1,080,000 | 1,173,884 | |
Puerto Rico Highway & Transportation Authority Series CC (AGM Insured) | 5.50 | 7-1-2029 | 825,000 | 919,993 | |
2,093,877 | |||||
Rhode Island: 0.09% | |||||
Airport revenue: 0.05% | |||||
Rhode Island Commerce Corporation First Lien Special Facility Airport Corporation Intermodal Facility Project Series 2018 | 5.00 | 7-1-2031 | 2,115,000 | 2,560,857 | |
Education revenue: 0.04% | |||||
Rhonde Island HEFA Building Corporation Providence College Series A | 5.00 | 11-1-2046 | 1,855,000 | 2,395,262 | |
4,956,119 |
Interest rate | Maturity date | Principal | Value | ||
South Carolina: 0.49% | |||||
Education revenue: 0.21% | |||||
South Carolina Education Assistance Authority Student Loan Series I | 5.10% | 10-1-2029 | $ 335,000 | $ 335,046 | |
South Carolina Jobs EDA York Preparatory Academy Project Series A | 7.25 | 11-1-2045 | 1,500,000 | 1,778,345 | |
University of South Carolina Athletic Facilities Series A | 5.00 | 5-1-2043 | 8,155,000 | 9,803,420 | |
11,916,811 | |||||
Resource recovery revenue: 0.04% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 370,000 | 335,092 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.00 | 2-1-2035 | 1,880,000 | 752,000 | |
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A† | 6.25 | 2-1-2045 | 2,750,000 | 1,100,000 | |
2,187,092 | |||||
Utilities revenue: 0.21% | |||||
Patriots Energy Group Financing Agency South Carolina Series A (Royal Bank of Canada LIQ) øø | 4.00 | 10-1-2048 | 9,040,000 | 9,640,250 | |
South Carolina Public Service Authority Refunding & Improvement Bonds Series A | 4.00 | 12-1-2040 | 1,500,000 | 1,774,973 | |
11,415,223 | |||||
Water & sewer revenue: 0.03% | |||||
Columbia SC Waterworks Series 2009 (Sumitomo Mitsui Banking Corporation LOC) ø | 0.10 | 2-1-2038 | 1,760,000 | 1,760,000 | |
27,279,126 | |||||
South Dakota: 0.39% | |||||
Health revenue: 0.25% | |||||
South Dakota HEFA Sanford Health Project Series E | 5.00 | 11-1-2042 | 13,465,000 | 13,995,300 | |
Housing revenue: 0.14% | |||||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2023 | 750,000 | 793,243 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2024 | 1,100,000 | 1,209,798 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2025 | 1,000,000 | 1,140,840 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2026 | 1,540,000 | 1,811,079 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2032 | 1,010,000 | 1,229,842 | |
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2033 | 1,250,000 | 1,520,104 | |
7,704,906 | |||||
21,700,206 |
Interest rate | Maturity date | Principal | Value | ||
Tennessee: 0.60% | |||||
Airport revenue: 0.11% | |||||
Memphis Shelby County TN Airport Authority AMT Series A | 5.00% | 7-1-2049 | $ 5,000,000 | $ 6,298,025 | |
Utilities revenue: 0.49% | |||||
Tennessee Energy Acquisition Corporation Gas Project øø | 4.00 | 11-1-2049 | 20,000,000 | 22,073,836 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 5-1-2052 | 3,000,000 | 3,854,815 | |
Tennessee Energy Acquisition Corporation Series A | 5.25 | 9-1-2026 | 1,020,000 | 1,197,528 | |
27,126,179 | |||||
33,424,204 | |||||
Texas: 8.55% | |||||
Airport revenue: 0.39% | |||||
Austin TX Airport System AMT | 5.00 | 11-15-2039 | 8,000,000 | 8,920,802 | |
Austin TX Airport System AMT | 5.00 | 11-15-2044 | 3,500,000 | 3,902,851 | |
Houston TX Airport System Subordinate Bond Lien AMT | 5.00 | 7-15-2027 | 2,500,000 | 2,923,309 | |
Houston TX Airport System Subordinate Bond Lien AMT Series A | 5.00 | 7-1-2041 | 4,750,000 | 5,759,472 | |
21,506,434 | |||||
Education revenue: 0.42% | |||||
Clifton TX Higher Education Finance Corporation International Leadership Series A | 5.75 | 8-15-2038 | 2,000,000 | 2,273,663 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.00 | 8-15-2038 | 6,000,000 | 6,873,217 | |
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D | 6.13 | 8-15-2048 | 6,750,000 | 7,703,231 | |
Newark TX Higher Education Finance Corporation Austin Achieve Public Schools Incorporated | 5.00 | 6-15-2048 | 750,000 | 761,542 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2030 | 1,460,000 | 1,780,318 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2032 | 650,000 | 790,134 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2039 | 750,000 | 912,545 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2040 | 1,000,000 | 1,215,363 | |
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project | 5.00 | 10-1-2041 | 900,000 | 1,092,167 | |
23,402,180 | |||||
GO revenue: 2.04% | |||||
El Paso TX | 4.00 | 8-15-2031 | 6,500,000 | 7,438,899 | |
Houston TX Public Improvement Refunding Bonds Series A | 4.00 | 3-1-2034 | 1,000,000 | 1,139,841 | |
Houston TX Public Improvement Refunding Bonds Series A | 5.00 | 3-1-2029 | 2,160,000 | 2,604,651 | |
Nacogdoches TX Independent School District | 5.00 | 2-15-2049 | 8,560,000 | 10,463,097 | |
Palestine TX Certificate of Obligation (AGM Insured) | 4.00 | 2-15-2051 | 4,000,000 | 4,670,869 | |
Port Isabel TX Series 2019 144A | 5.10 | 2-15-2049 | 975,000 | 1,104,218 | |
Royse City TX Independent School District | 5.00 | 8-15-2034 | 3,025,000 | 3,474,832 | |
Salado TX Independent School District | 5.00 | 2-15-2049 | 1,605,000 | 1,946,019 | |
San Antonio TX Independent School District | 5.00 | 8-15-2048 | 13,000,000 | 14,684,849 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Sugar Land TX Refunding Bonds | 5.00% | 2-15-2030 | $ 1,250,000 | $ 1,513,404 | |
Temple TX Refunding Bonds | 5.00 | 8-1-2032 | 1,070,000 | 1,233,336 | |
Texas Refunding Bond Series B | 5.00 | 10-1-2036 | 24,500,000 | 28,296,042 | |
Travis County TX | 5.00 | 3-1-2036 | 12,470,000 | 15,812,855 | |
Travis County TX | 5.00 | 3-1-2039 | 6,250,000 | 7,828,179 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2033 | 555,000 | 594,634 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2034 | 630,000 | 674,431 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2034 | 835,000 | 893,889 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2035 | 655,000 | 700,421 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2035 | 865,000 | 924,983 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2036 | 680,000 | 726,352 | |
Viridian TX Municipal Management District Texas Road Improvement Project (BAM Insured) | 4.00 | 12-1-2036 | 905,000 | 966,690 | |
Williamson County TX | 4.00 | 2-15-2031 | 6,195,000 | 6,457,376 | |
114,149,867 | |||||
Health revenue: 0.15% | |||||
Harris County TX Texas Childrens Hospital Series A | 4.00 | 10-1-2037 | 3,000,000 | 3,554,528 | |
Harris County TX Texas Childrens Hospital Series A | 4.00 | 10-1-2038 | 2,300,000 | 2,720,815 | |
New Hope ECFA Children's Health System of Texas Project Series A | 4.00 | 8-15-2033 | 2,050,000 | 2,331,635 | |
8,606,978 | |||||
Miscellaneous revenue: 0.44% | |||||
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 1,770,000 | 1,889,451 | |
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A | 6.00 | 9-1-2037 | 8,355,000 | 8,918,851 | |
Lower Colorado TX River Authority Series A | 5.00 | 5-15-2033 | 2,475,000 | 2,629,080 | |
Texas PFA | 4.00 | 2-1-2034 | 5,000,000 | 5,934,258 | |
Texas PFA | 4.00 | 2-1-2035 | 2,000,000 | 2,371,101 | |
Texas PFA | 4.00 | 2-1-2036 | 2,175,000 | 2,572,984 | |
24,315,725 | |||||
Tax revenue: 0.75% | |||||
Dallas TX Area Rapid Transit Sales Tax Revenue Series A | 5.00 | 12-1-2046 | 28,455,000 | 33,348,002 | |
Dallas TX Area Rapid Transit Sales Tax Revenue Series A | 5.00 | 12-1-2048 | 5,000,000 | 5,859,779 | |
Old Spanish Trail/Almeda Corridors RDA (BAM Insured) | 4.00 | 9-1-2036 | 1,125,000 | 1,297,491 | |
Old Spanish Trail/Almeda Corridors RDA (BAM Insured) | 4.00 | 9-1-2037 | 1,430,000 | 1,646,370 | |
42,151,642 | |||||
Transportation revenue: 1.63% | |||||
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2033 | 3,740,000 | 3,915,401 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2044 | 3,000,000 | 3,714,007 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2049 | 2,450,000 | 3,013,611 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Central Texas Regional Mobility Authority Senior Lien Series B | 4.00% | 1-1-2041 | $ 800,000 | $ 939,955 | |
Central Texas Regional Mobility Authority Senior Lien Series B | 5.00 | 1-1-2046 | 1,600,000 | 2,006,855 | |
Grand Parkway Transportation Corporation Texas CAB Series B ¤ | 0.00 | 10-1-2029 | 1,015,000 | 1,179,538 | |
Grand Parkway Transportation Corporation Texas CAB Series B ¤ | 0.00 | 10-1-2030 | 2,000,000 | 2,321,931 | |
Grand Parkway Transportation Corporation Texas Series C | 4.00 | 10-1-2045 | 18,085,000 | 21,055,230 | |
Grand Parkway Transportation Corporation Texas Series C | 4.00 | 10-1-2049 | 19,265,000 | 22,328,568 | |
North Texas Tollway Authority Series A | 5.00 | 1-1-2033 | 3,600,000 | 4,046,208 | |
North Texas Tollway Authority Series A | 5.00 | 1-1-2035 | 4,000,000 | 4,490,726 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 4.00 | 12-31-2037 | 3,000,000 | 3,490,337 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 6.75 | 6-30-2043 | 4,000,000 | 4,407,390 | |
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC | 7.00 | 12-31-2038 | 12,500,000 | 13,831,210 | |
90,740,967 | |||||
Utilities revenue: 0.17% | |||||
Lower Colorado TX River Authority Series A (AGM Insured) %% | 4.00 | 5-15-2040 | 2,500,000 | 2,916,180 | |
Texas Municipal Gas Acquisition & Supply Corporation Refunding Bond | 5.00 | 12-15-2032 | 5,000,000 | 6,601,555 | |
9,517,735 | |||||
Water & sewer revenue: 2.56% | |||||
Austin TX Water & Wastewater Refunding Bond | 5.00 | 11-15-2045 | 15,065,000 | 17,830,518 | |
Dallas TX Waterworks & Sewer System Refunding Bond Series A | 5.00 | 10-1-2030 | 3,810,000 | 4,423,296 | |
Tarrant TX Regional Water District | 5.00 | 9-1-2034 | 3,500,000 | 3,921,254 | |
Tarrant TX Regional Water District | 5.00 | 3-1-2049 | 15,000,000 | 16,481,862 | |
Texas Series A | 4.00 | 10-15-2036 | 5,000,000 | 5,838,608 | |
Texas Series B | 5.00 | 4-15-2049 | 42,000,000 | 52,129,136 | |
Texas Water Development Board Series 2017-A | 4.00 | 10-15-2037 | 11,650,000 | 13,582,897 | |
Texas Water Development Board Series 2020 | 4.00 | 8-1-2038 | 2,500,000 | 3,019,256 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2036 | 1,015,000 | 1,225,846 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2037 | 4,000,000 | 4,824,470 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2038 | 6,500,000 | 7,827,239 | |
Texas Water Implementation Fund Series A | 4.00 | 10-15-2044 | 9,905,000 | 11,772,586 | |
142,876,968 | |||||
477,268,496 | |||||
Utah: 0.81% | |||||
Airport revenue: 0.74% | |||||
Salt Lake City UT Airport Revenue AMT Series A | 5.00 | 7-1-2046 | 15,000,000 | 19,007,850 | |
Salt Lake City UT Series A | 5.00 | 7-1-2036 | 2,500,000 | 3,050,407 | |
Salt Lake City UT Series A | 5.00 | 7-1-2043 | 1,500,000 | 1,839,931 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Salt Lake City UT Series A | 5.00% | 7-1-2043 | $ 2,500,000 | $ 3,025,043 | |
Salt Lake City UT Series A | 5.00 | 7-1-2048 | 3,500,000 | 4,283,453 | |
Salt Lake City UT Series A | 5.00 | 7-1-2048 | 5,500,000 | 6,636,298 | |
Salt Lake City UT Series A | 5.25 | 7-1-2048 | 3,000,000 | 3,665,817 | |
41,508,799 | |||||
Education revenue: 0.04% | |||||
University of Utah (Citibank NA LIQ) 144Aø | 0.13 | 2-1-2023 | 2,000,000 | 2,000,000 | |
Miscellaneous revenue: 0.03% | |||||
Mida Mountain Village Public Infrastructure District Utah Special Assessment Revenue Bonds Area #2 Series 2021 144A | 4.00 | 8-1-2050 | 1,500,000 | 1,554,964 | |
45,063,763 | |||||
Virginia: 0.34% | |||||
GO revenue: 0.12% | |||||
Norfolk VA Series C | 4.00 | 9-1-2032 | 5,810,000 | 6,789,814 | |
Health revenue: 0.06% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living Prooject | 5.00 | 9-1-2040 | 3,290,000 | 3,052,253 | |
Tax revenue: 0.02% | |||||
Marquis VA CDA CAB Series 2015 144A | 7.50 | 9-1-2045 | 397,000 | 193,653 | |
Marquis VA CDA CAB Series C ¤ | 0.00 | 9-1-2041 | 1,824,000 | 112,130 | |
Marquis VA CDA Series B | 5.63 | 9-1-2041 | 1,310,000 | 624,514 | |
930,297 | |||||
Transportation revenue: 0.14% | |||||
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 4,000,000 | 4,013,116 | |
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project | 5.00 | 7-1-2034 | 4,000,000 | 4,028,021 | |
8,041,137 | |||||
18,813,501 | |||||
Washington: 3.60% | |||||
Airport revenue: 0.35% | |||||
Port of Seattle WA AMT Intermediate Lien | 5.00 | 4-1-2044 | 16,000,000 | 19,545,800 | |
Education revenue: 0.05% | |||||
Washington HEFA Seattle University Project | 4.00 | 5-1-2045 | 1,000,000 | 1,146,654 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2030 | 760,000 | 965,236 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2032 | 335,000 | 422,487 | |
Washington HEFA Seattle University Project | 5.00 | 5-1-2033 | 300,000 | 377,682 | |
2,912,059 | |||||
GO revenue: 1.67% | |||||
Clark County WA School District #114 (AGM Insured) | 4.00 | 12-1-2031 | 9,000,000 | 10,610,935 | |
Clark County WA School District #114 (AGM Insured) | 4.00 | 12-1-2034 | 2,500,000 | 2,934,289 | |
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00 | 12-1-2029 | 8,940,000 | 10,658,389 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond | 5.00% | 12-1-2035 | $ 9,430,000 | $ 11,184,921 | |
King County WA School District #210 Federal Way (AGM Insured) | 4.00 | 12-1-2033 | 10,000,000 | 11,729,707 | |
King County WA School District #414 Lake Washington (AGM Insured) | 5.00 | 12-1-2033 | 570,000 | 707,198 | |
King County WA School District #414 Lake Washington (AGM Insured) | 5.00 | 12-1-2034 | 1,000,000 | 1,238,747 | |
Seattle WA | 4.00 | 12-1-2040 | 2,500,000 | 2,738,909 | |
Snohomish County WA School District (AGM Insured) | 5.00 | 12-1-2031 | 1,500,000 | 1,723,783 | |
Washington Motor Vehicle Fuel Tax | 5.00 | 6-1-2040 | 10,000,000 | 12,885,688 | |
Washington Motor Vehicle Fuel Tax Series B | 5.00 | 8-1-2032 | 8,545,000 | 9,849,399 | |
Washington Series 2017-A | 5.00 | 8-1-2033 | 1,500,000 | 1,786,920 | |
Washington Series 2017-A | 5.00 | 8-1-2040 | 3,500,000 | 4,127,958 | |
Washington Series 2017-A | 5.00 | 8-1-2041 | 2,500,000 | 2,944,858 | |
Washington Series RA | 4.00 | 7-1-2030 | 7,950,000 | 8,091,442 | |
93,213,143 | |||||
Health revenue: 0.25% | |||||
Spokane WA Housing Finance Commission Riverview Retirement Community Project | 5.00 | 1-1-2023 | 255,000 | 259,896 | |
Washington HCFR Providence Health & Services Series 2012A | 5.00 | 10-1-2042 | 2,160,000 | 2,234,923 | |
Washington Health Care Facilities Authority Commonspirit Health Series A-2 | 5.00 | 8-1-2038 | 3,000,000 | 3,732,451 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance | 4.00 | 9-1-2045 | 3,000,000 | 3,481,850 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 4.00 | 12-1-2045 | 2,450,000 | 2,853,927 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance | 5.00 | 9-1-2040 | 1,000,000 | 1,267,683 | |
13,830,730 | |||||
Housing revenue: 0.10% | |||||
Washington Housing Finance Commission Municipal Certificates Series 1 Class A | 3.50 | 12-20-2035 | 4,711,054 | 5,457,424 | |
Miscellaneous revenue: 0.22% | |||||
Washington Certificate of Participation | 5.00 | 7-1-2038 | 1,660,000 | 2,094,547 | |
Washington Certificate of Participation | 5.00 | 7-1-2039 | 1,745,000 | 2,198,103 | |
Washington Certificate of Participation | 5.00 | 7-1-2040 | 1,480,000 | 1,861,660 | |
Washington Certificate of Participation | 5.00 | 7-1-2041 | 1,555,000 | 1,952,259 | |
Washington Certificate of Participation Series A | 5.00 | 7-1-2038 | 3,265,000 | 3,938,135 | |
12,044,704 | |||||
Tax revenue: 0.56% | |||||
Central Puget Sound WA Regional Transportation Authority Series S1 | 5.00 | 11-1-2035 | 9,485,000 | 11,104,741 | |
Washington Convention Center Junior Lodging Tax Notes | 4.00 | 7-1-2031 | 5,250,000 | 6,088,946 | |
Washington Motor Vehicle Fuel Tax Series B | 5.00 | 6-1-2036 | 5,000,000 | 6,493,987 | |
Washington Series B | 5.00 | 8-1-2037 | 6,400,000 | 7,570,319 | |
31,257,993 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.15% | |||||
Energy Northwest Washington Electric Revenue Refunding Bonds Columbia Generating Station | 5.00% | 7-1-2034 | $ 2,500,000 | $ 3,261,109 | |
Energy Northwest Washington Electric Revenue Refunding Bonds Columbia Generating Station | 5.00 | 7-1-2035 | 4,120,000 | 5,365,612 | |
8,626,721 | |||||
Water & sewer revenue: 0.25% | |||||
King County WA Refunding Bonds | 5.00 | 7-1-2042 | 4,660,000 | 5,590,448 | |
King County WA Refunding Bonds Series A | 5.00 | 7-1-2047 | 7,510,000 | 8,536,579 | |
14,127,027 | |||||
201,015,601 | |||||
West Virginia: 0.15% | |||||
GO revenue: 0.05% | |||||
Ohio County WV Board of Education | 3.00 | 6-1-2026 | 2,680,000 | 2,943,229 | |
Tax revenue: 0.10% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 4.13 | 6-1-2043 | 1,600,000 | 1,782,641 | |
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.50 | 6-1-2037 | 2,500,000 | 2,852,683 | |
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 5.75 | 6-1-2043 | 675,000 | 771,360 | |
5,406,684 | |||||
8,349,913 | |||||
Wisconsin: 2.82% | |||||
Education revenue: 0.36% | |||||
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.00 | 8-1-2033 | 2,120,000 | 2,245,271 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.25 | 8-1-2043 | 4,650,000 | 4,921,785 | |
Wisconsin PFA Carolina International School Series A 144A | 6.00 | 8-1-2023 | 165,000 | 173,877 | |
Wisconsin PFA Carolina International School Series A 144A | 6.75 | 8-1-2033 | 2,430,000 | 2,622,645 | |
Wisconsin PFA Carolina International School Series A 144A | 7.00 | 8-1-2043 | 1,575,000 | 1,695,189 | |
Wisconsin PFA Carolina International School Series A 144A | 7.20 | 8-1-2048 | 940,000 | 1,013,410 | |
Wisconsin PFA Charter School Revenue American Preparatory Academy 144A | 5.00 | 7-15-2039 | 1,375,000 | 1,541,704 | |
Wisconsin PFA Wisland Revenue Northwest Nazarene University | 4.25 | 10-1-2049 | 5,410,000 | 5,921,567 | |
20,135,448 | |||||
GO revenue: 0.17% | |||||
Verona WI Area School District Building & Improvement Bonds | 4.00 | 4-1-2027 | 3,385,000 | 3,851,298 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Verona WI Area School District Building & Improvement Bonds | 4.00% | 4-1-2028 | $ 1,380,000 | $ 1,564,992 | |
Verona WI Area School District Building & Improvement Bonds | 5.00 | 4-1-2026 | 3,310,000 | 3,916,991 | |
9,333,281 | |||||
Health revenue: 0.95% | |||||
Tender Option Bond Trust Receipts/Certificates (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.14 | 6-1-2045 | 5,320,000 | 5,320,000 | |
Wisconsin HEFA Ascension Senior Credit Group Series A | 4.50 | 11-15-2039 | 4,925,000 | 5,607,847 | |
Wisconsin HEFA Ascension Senior Credit Group Series A | 5.00 | 11-15-2035 | 12,000,000 | 14,108,012 | |
Wisconsin PFA Series A | 4.00 | 10-1-2049 | 24,500,000 | 27,795,412 | |
52,831,271 | |||||
Housing revenue: 0.64% | |||||
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2023 | 350,000 | 367,791 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2024 | 800,000 | 865,375 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 4.00 | 7-1-2025 | 920,000 | 1,021,765 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2026 | 1,360,000 | 1,604,865 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2027 | 1,675,000 | 2,030,109 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2028 | 2,025,000 | 2,513,298 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2029 | 2,190,000 | 2,698,539 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2030 | 2,300,000 | 2,819,434 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2031 | 1,415,000 | 1,725,001 | |
Wisconsin PFA Student Housing Revenue (AGM Insured) | 5.00 | 7-1-2048 | 16,775,000 | 19,967,484 | |
35,613,661 | |||||
Miscellaneous revenue: 0.07% | |||||
Wisconsin Series A | 5.00 | 6-1-2033 | 3,420,000 | 3,932,731 | |
Tax revenue: 0.63% | |||||
Mount Pleasant WI Series A | 5.00 | 4-1-2043 | 20,205,000 | 24,372,457 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 650,000 | 775,530 | |
Mount Pleasant WI Series A | 5.00 | 4-1-2048 | 6,910,000 | 8,177,115 | |
Wisconsin Center District CAB Series C (AGM Insured) ¤ | 0.00 | 12-15-2037 | 1,600,000 | 1,022,288 | |
Wisconsin Center District CAB Series C ¤ | 0.00 | 12-15-2038 | 1,600,000 | 979,880 | |
35,327,270 | |||||
157,173,662 | |||||
Total Municipal obligations (Cost $5,102,108,822) | 5,471,504,431 |
Yield | Shares | ||||
Short-term investments: 1.43% | |||||
Investment companies: 1.43% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 79,600,758 | 79,648,518 | ||
Total Short-term investments (Cost $79,641,844) | 79,648,518 | ||||
Total investments in securities (Cost $5,208,750,666) | 99.95% | 5,578,152,949 | |||
Other assets and liabilities, net | 0.05 | 3,067,590 | |||
Total net assets | 100.00% | $5,581,220,539 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
† | Non-income-earning security |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
♣ | On the last interest date, partial interest was paid. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
BHAC | Berkshire Hathaway Assurance Corporation |
CAB | Capital appreciation bond |
CCAB | Convertible capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FGIC | Financial Guaranty Insurance Corporation |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $40,464,418 | $354,536,251 | $(315,367,122) | $8,337 | $6,634 | $79,648,518 | 79,600,758 | $5,788 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short | ||||||
10-Year U.S. Ultra Treasury Notes | (190) | 3-22-2022 | $(27,658,072) | $(27,823,125) | $0 | $(165,053) |
Assets | |
Investments in unaffiliated securities, at value (cost $5,129,108,822) | $ 5,498,504,431 |
Investments in affiliated securities, at value (cost $79,641,844) | 79,648,518 |
Cash | 1,282,569 |
Cash at broker segregated for futures contracts | 1,030,000 |
Receivable for interest | 53,014,275 |
Receivable for investments sold | 6,730,629 |
Receivable for Fund shares sold | 3,838,802 |
Prepaid expenses and other assets | 373,540 |
Total assets | 5,644,422,764 |
Liabilities | |
Payable for when-issued transactions | 50,761,300 |
Payable for Fund shares redeemed | 7,787,854 |
Dividends payable | 2,138,356 |
Management fee payable | 1,594,281 |
Administration fees payable | 487,823 |
Payable for daily variation margin on open futures contracts | 50,468 |
Distribution fee payable | 31,401 |
Accrued expenses and other liabilities | 350,742 |
Total liabilities | 63,202,225 |
Total net assets | $5,581,220,539 |
Net assets consist of | |
Paid-in capital | $ 5,243,728,360 |
Total distributable earnings | 337,492,179 |
Total net assets | $5,581,220,539 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,068,565,306 |
Shares outstanding – Class A1 | 99,306,811 |
Net asset value per share – Class A | $10.76 |
Maximum offering price per share – Class A2 | $11.27 |
Net assets – Class C | $ 46,061,222 |
Shares outstanding – Class C1 | 4,281,947 |
Net asset value per share – Class C | $10.76 |
Net assets – Class R6 | $ 416,088,264 |
Shares outstanding – Class R61 | 38,665,777 |
Net asset value per share – Class R6 | $10.76 |
Net assets – Administrator Class | $ 944,576,416 |
Shares outstanding – Administrator Class1 | 87,757,534 |
Net asset value per share – Administrator Class | $10.76 |
Net assets – Institutional Class | $ 3,105,929,331 |
Shares outstanding – Institutional Class1 | 288,666,550 |
Net asset value per share – Institutional Class | $10.76 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 80,497,145 |
Income from affiliated securities | 5,788 |
Total investment income | 80,502,933 |
Expenses | |
Management fee | 9,678,877 |
Administration fees | |
Class A | 890,111 |
Class C | 39,683 |
Class R6 | 59,688 |
Administrator Class | 493,716 |
Institutional Class | 1,246,841 |
Shareholder servicing fees | |
Class A | 1,390,544 |
Class C | 61,804 |
Administrator Class | 1,233,015 |
Distribution fee | |
Class C | 185,412 |
Custody and accounting fees | 113,960 |
Professional fees | 48,120 |
Registration fees | 63,503 |
Shareholder report expenses | 103,330 |
Trustees’ fees and expenses | 11,531 |
Other fees and expenses | 75,610 |
Total expenses | 15,695,745 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (115,816) |
Class C | (3,202) |
Administrator Class | (523,520) |
Net expenses | 15,053,207 |
Net investment income | 65,449,726 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 6,298,593 |
Affiliated securities | 8,337 |
Futures contracts | 626,777 |
Net realized gains on investments | 6,933,707 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (44,165,764) |
Affiliated securities | 6,634 |
Futures contracts | (165,053) |
Net change in unrealized gains (losses) on investments | (44,324,183) |
Net realized and unrealized gains (losses) on investments | (37,390,476) |
Net increase in net assets resulting from operations | $ 28,059,250 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 65,449,726 | $ 134,781,046 | ||
Net realized gains on investments | 6,933,707 | 15,805,341 | ||
Net change in unrealized gains (losses) on investments | (44,324,183) | 127,280,285 | ||
Net increase in net assets resulting from operations | 28,059,250 | 277,866,672 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (11,665,375) | (25,211,823) | ||
Class C | (332,566) | (889,494) | ||
Class R6 | (4,891,859) | (8,467,864) | ||
Administrator Class | (11,065,284) | (23,389,257) | ||
Institutional Class | (37,511,166) | (76,419,530) | ||
Total distributions to shareholders | (65,466,250) | (134,377,968) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,734,741 | 18,746,687 | 7,824,157 | 83,782,080 |
Class C | 232,450 | 2,511,582 | 396,452 | 4,252,290 |
Class R6 | 7,125,912 | 76,779,245 | 13,132,472 | 140,931,974 |
Administrator Class | 17,120,440 | 184,802,221 | 24,204,311 | 259,598,991 |
Institutional Class | 31,670,093 | 341,773,821 | 83,790,289 | 900,375,605 |
624,613,556 | 1,388,940,940 | |||
Reinvestment of distributions | ||||
Class A | 953,987 | 10,286,921 | 2,094,902 | 22,466,432 |
Class C | 29,294 | 315,682 | 78,354 | 839,374 |
Class R6 | 6,553 | 70,631 | 4,378 | 46,957 |
Administrator Class | 1,008,472 | 10,875,294 | 2,163,748 | 23,216,878 |
Institutional Class | 3,192,976 | 34,427,966 | 6,174,976 | 66,232,557 |
55,976,494 | 112,802,198 | |||
Payment for shares redeemed | ||||
Class A | (5,893,089) | (63,542,433) | (15,326,206) | (164,421,449) |
Class C | (619,835) | (6,678,538) | (3,405,090) | (36,367,488) |
Class R6 | (2,976,693) | (32,092,728) | (4,795,499) | (51,480,317) |
Administrator Class | (22,714,689) | (245,207,218) | (30,433,625) | (325,486,035) |
Institutional Class | (27,125,621) | (292,833,080) | (93,944,436) | (1,008,488,419) |
(640,353,997) | (1,586,243,708) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 40,236,053 | (84,500,570) | ||
Total increase in net assets | 2,829,053 | 58,988,134 | ||
Net assets | ||||
Beginning of period | 5,578,391,486 | 5,519,403,352 | ||
End of period | $5,581,220,539 | $ 5,578,391,486 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.25 | $10.70 |
Net investment income | 0.12 | 0.24 | 0.25 | 0.30 1 | 0.32 | 0.33 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.28 | 0.01 | 0.34 | (0.02) | (0.38) |
Total from investment operations | 0.05 | 0.52 | 0.26 | 0.64 | 0.30 | (0.05) |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.24) | (0.25) | (0.30) | (0.32) | (0.33) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.12) | (0.24) | (0.26) | (0.30) | (0.34) | (0.40) |
Net asset value, end of period | $10.76 | $10.83 | $10.55 | $10.55 | $10.21 | $10.25 |
Total return2 | 0.41% | 4.95% | 2.54% | 6.35% | 2.97% | (0.47)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.77% | 0.77% | 0.78% | 0.79% | 0.79% |
Net expenses | 0.75% | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.10% | 2.22% | 2.40% | 2.89% | 3.10% | 3.13% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $1,068,565 | $1,110,503 | $1,138,934 | $1,206,717 | $1,179,800 | $1,244,267 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 | $10.69 |
Net investment income | 0.07 | 0.16 1 | 0.17 | 0.22 | 0.24 | 0.25 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.28 | 0.01 | 0.34 | (0.01) | (0.38) |
Total from investment operations | 0.00 2 | 0.44 | 0.18 | 0.56 | 0.23 | (0.13) |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.16) | (0.17) | (0.22) | (0.24) | (0.25) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.07) | (0.16) | (0.18) | (0.22) | (0.26) | (0.32) |
Net asset value, end of period | $10.76 | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 |
Total return3 | 0.03% | 4.16% | 1.77% | 5.56% | 2.30% | (1.21)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.51% | 1.51% | 1.51% | 1.53% | 1.54% | 1.54% |
Net expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 1.34% | 1.47% | 1.64% | 2.15% | 2.35% | 2.38% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $46,061 | $50,251 | $79,863 | $98,411 | $132,529 | $148,944 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.83 | $10.55 | $10.55 | $10.21 |
Net investment income | 0.14 | 0.28 | 0.29 | 0.30 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.07 | 0.56 | 0.30 | 0.64 |
Distributions to shareholders from | ||||
Net investment income | (0.14) | (0.28) | (0.29) | (0.30) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 |
Total distributions to shareholders | (0.14) | (0.28) | (0.30) | (0.30) |
Net asset value, end of period | $10.76 | $10.83 | $10.55 | $10.55 |
Total return2 | 0.59% | 5.33% | 2.90% | 6.43% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.39% | 0.39% | 0.39% | 0.40% |
Net expenses | 0.39% | 0.39% | 0.39% | 0.40% |
Net investment income | 2.46% | 2.58% | 2.76% | 3.16% |
Supplemental data | ||||
Portfolio turnover rate | 5% | 16% | 24% | 20% |
Net assets, end of period (000s omitted) | $416,088 | $373,876 | $276,204 | $72,655 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.84 | $10.56 | $10.55 | $10.21 | $10.25 | $10.70 |
Net investment income | 0.12 | 0.25 | 0.27 | 0.31 1 | 0.33 1 | 0.34 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.28 | 0.02 | 0.34 | (0.02) | (0.38) |
Total from investment operations | 0.04 | 0.53 | 0.29 | 0.65 | 0.31 | (0.04) |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.25) | (0.27) | (0.31) | (0.33) | (0.34) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.12) | (0.25) | (0.28) | (0.31) | (0.35) | (0.41) |
Net asset value, end of period | $10.76 | $10.84 | $10.56 | $10.55 | $10.21 | $10.25 |
Total return2 | 0.39% | 5.10% | 2.78% | 6.51% | 3.13% | (0.32)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.71% | 0.71% | 0.71% | 0.72% | 0.73% | 0.73% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.24% | 2.37% | 2.54% | 3.02% | 3.27% | 3.18% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $944,576 | $1,000,652 | $1,017,781 | $832,318 | $227,116 | $108,715 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 | $10.70 |
Net investment income | 0.13 | 0.27 | 0.29 | 0.33 | 0.35 | 0.36 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.28 | 0.01 | 0.34 | (0.01) | (0.39) |
Total from investment operations | 0.06 | 0.55 | 0.30 | 0.67 | 0.34 | (0.03) |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.27) | (0.29) | (0.33) | (0.35) | (0.36) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.07) |
Total distributions to shareholders | (0.13) | (0.27) | (0.30) | (0.33) | (0.37) | (0.43) |
Net asset value, end of period | $10.76 | $10.83 | $10.55 | $10.55 | $10.21 | $10.24 |
Total return1 | 0.57% | 5.28% | 2.85% | 6.67% | 3.37% | (0.28)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.46% | 0.46% |
Net expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.46% | 0.46% |
Net investment income | 2.41% | 2.53% | 2.71% | 3.15% | 3.40% | 3.44% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 16% | 24% | 20% | 19% | 24% |
Net assets, end of period (000s omitted) | $3,105,929 | $3,043,109 | $3,006,622 | $2,862,588 | $1,425,703 | $1,149,911 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $801,513,423 |
Gross unrealized losses | (18,860,709) |
Net unrealized gains | $782,652,714 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 27,000,000 | $0 | $ 27,000,000 |
Municipal obligations | 0 | 5,471,504,431 | 0 | 5,471,504,431 |
Short-term investments | ||||
Investment companies | 79,648,518 | 0 | 0 | 79,648,518 |
Total assets | $79,648,518 | $5,498,504,431 | $0 | $5,578,152,949 |
Liabilities | ||||
Futures contracts | $ 165,053 | $ 0 | $0 | $ 165,053 |
Total liabilities | $ 165,053 | $ 0 | $0 | $ 165,053 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Shares voted “For” | 347,862,645 |
Shares voted “Against” | 2,445,153 |
Shares voted “Abstain” | 3,134,480 |
Shares voted “For” | 347,799,147 |
Shares voted “Against” | 2,495,827 |
Shares voted “Abstain” | 3,147,304 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA253/SAR253 12-21
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Municipal Sustainability Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g239166img6a28eb7b3.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Brandon Pae, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1(%) | |||||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net 2 | |||
Class A (WMSAX) | 2-28-2020 | -2.56 | 1.47 | 2.03 | 4.04 | 1.85 | 0.75 | ||
Class C (WMSCX) | 2-28-2020 | 0.32 | 3.30 | 1.32 | 3.30 | 2.60 | 1.50 | ||
Class R6 (WMSRX) | 2-28-2020 | - | - | 2.39 | 4.40 | 1.47 | 0.40 | ||
Administrator Class (WMSDX) | 2-28-2020 | - | - | 2.19 | 4.19 | 1.79 | 0.60 | ||
Institutional Class (WMSIX) | 2-28-2020 | - | - | 2.34 | 4.35 | 1.52 | 0.45 | ||
Bloomberg Municipal Bond Index3 | – | - | - | 1.52 | 1.93* | - | - |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g239166img6fbb56d74.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g239166img7c0945835.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.19 | $3.78 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $ 997.57 | $6.95 | 1.38% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.25 | $7.02 | 1.38% |
Class R6 | ||||
Actual | $1,000.00 | $1,002.95 | $2.02 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.94 | $3.03 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.69 | $2.27 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.94 | $2.29 | 0.45% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 93.72% | |||||
Alabama: 0.95% | |||||
Education revenue: 0.95% | |||||
University of North Alabama Revenue Bonds General Fee Series A | 5.00% | 11-1-2022 | $ 265,000 | $ 269,007 | |
Arizona: 5.65% | |||||
GO revenue: 1.13% | |||||
Maricopa County AZ Elementary School District #25 Liberty School Improvement Project 2019 Series A (AGM Insured) | 5.00 | 7-1-2023 | 300,000 | 320,816 | |
Miscellaneous revenue: 4.52% | |||||
Phoenix AZ Civic Improvement Corporation Water System Sustainability Bonds Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,279,874 | |
1,600,690 | |||||
California: 11.04% | |||||
Education revenue: 0.48% | |||||
California Municipal Finance Authority Education Revenue Bond Stream Charter School Project Series A 144A | 5.00 | 6-15-2051 | 125,000 | 136,789 | |
Health revenue: 0.43% | |||||
California Municipal Finance Authority Revenue Refunding Bonds Eisenhower Medical Center Series A | 5.00 | 7-1-2027 | 100,000 | 121,678 | |
Housing revenue: 7.23% | |||||
California HFA MFHR | 1.45 | 4-1-2024 | 1,000,000 | 1,000,485 | |
California Municipal Finance Authority Special Finance Agency XII California Essential Housing Revenue Bond Allure Apartments Series A-2 Junior Bonds 144A%% | 4.38 | 8-1-2049 | 200,000 | 190,011 | |
California Municipal Finance Authority Student Housing Revenue Bond CHF Riverside I LLC - University of California Riverside North District Phase 1 Student Housing Project | 5.00 | 5-15-2029 | 375,000 | 468,546 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bond Mezzanine Lien Dublin Social Bond Series 2021B 144A | 4.00 | 2-1-2057 | 250,000 | 241,304 | |
California Statewide CDA Community Improvement Authority Essential Housing Revenue Bonds Mezzanine Lien Waterscape Apartments Series 2021B 144A | 4.00 | 9-1-2046 | 150,000 | 147,909 | |
2,048,255 | |||||
Miscellaneous revenue: 2.90% | |||||
California Infrastructure & Economic Development Bank Lease Revenue Teachers Retirement | 5.00 | 8-1-2030 | 310,000 | 395,565 | |
San Francisco City & County CA 49 South Van Ness Project Green Bond Series A | 4.00 | 4-1-2034 | 370,000 | 426,367 | |
821,932 | |||||
3,128,654 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 6.06% | |||||
Education revenue: 2.26% | |||||
Colorado ECFA Revenue Improvement & Refunding Bonds Charter School | 5.00% | 3-15-2027 | $ 535,000 | $ 641,529 | |
Health revenue: 2.07% | |||||
Colorado Health Facilities Authority Revenue Bonds Hospital Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 500,000 | 586,197 | |
Tax revenue: 1.73% | |||||
Regional Colorado Transportation District Private Activity Denver Transit Partners Eagle P3 Project Series A | 4.00 | 7-15-2040 | 375,000 | 491,553 | |
1,719,279 | |||||
District of Columbia: 1.13% | |||||
Water & sewer revenue: 1.13% | |||||
District of Columbia Water & Sewer Authority Public Utility Green Bond Series A | 5.00 | 10-1-2038 | 250,000 | 320,266 | |
Florida: 0.47% | |||||
Education revenue: 0.47% | |||||
Florida Development Finance Corporation Educational Facilities United Cerebral Palsy Charter Schools Projects Social Bonds Series A | 5.00 | 6-1-2050 | 125,000 | 134,857 | |
Guam: 1.08% | |||||
Water & sewer revenue: 1.08% | |||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 250,000 | 305,739 | |
Idaho: 1.65% | |||||
Health revenue: 1.65% | |||||
Idaho Health Facilities Authority Hospital Trinity Health Credit Group Series A | 5.00 | 12-1-2047 | 385,000 | 467,407 | |
Illinois: 17.73% | |||||
Education revenue: 3.03% | |||||
Illinois Finance Authority Learn Charter School Project | 4.00 | 11-1-2051 | 750,000 | 859,439 | |
GO revenue: 4.89% | |||||
Chicago IL Series A | 6.00 | 1-1-2038 | 375,000 | 456,740 | |
Decatur IL Green Bond | 5.00 | 3-1-2024 | 375,000 | 409,408 | |
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) ¤ | 0.00 | 2-1-2027 | 155,000 | 146,780 | |
Will & Cook County IL Lincoln-Way Community High School District #210 Refunding School Bonds (AGM Insured) | 4.00 | 1-1-2022 | 375,000 | 375,000 | |
1,387,928 | |||||
Miscellaneous revenue: 2.30% | |||||
Illinois Finance Authority Clean Water Initiative Revolving Fund | 5.00 | 7-1-2024 | 585,000 | 651,395 | |
Tax revenue: 2.08% | |||||
Chicago IL Transit Authority Sales Tax Receipts (AGM Insured) | 5.00 | 12-1-2046 | 500,000 | 589,339 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 2.74% | |||||
Chicago IL Public Building Commission Chicago Transit Authority (Ambac Insured) | 5.25% | 3-1-2031 | $ 600,000 | $ 775,978 | |
Water & sewer revenue: 2.69% | |||||
Chicago IL Wastewater Transmission Series C | 5.00 | 1-1-2024 | 700,000 | 762,433 | |
5,026,512 | |||||
Indiana: 4.34% | |||||
Miscellaneous revenue: 2.26% | |||||
Indiana Finance Authority State Revolving Fund Program Refunding Green Bonds Series E | 5.00 | 2-1-2047 | 500,000 | 641,521 | |
Water & sewer revenue: 2.08% | |||||
Indiana Finance Authority State Revolving Fund Program Refunding Green Bonds Series B | 5.00 | 2-1-2028 | 500,000 | 588,351 | |
1,229,872 | |||||
Louisiana: 0.60% | |||||
Water & sewer revenue: 0.60% | |||||
New Orleans LA Water Revenue (BAM Insured) | 5.00 | 12-1-2034 | 150,000 | 169,703 | |
Massachusetts: 2.54% | |||||
Education revenue: 2.04% | |||||
Massachusetts Development Finance Agency Boston College Issue Series U | 5.00 | 7-1-2025 | 500,000 | 578,493 | |
Health revenue: 0.50% | |||||
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2025 | 125,000 | 140,878 | |
719,371 | |||||
Michigan: 6.14% | |||||
Education revenue: 2.00% | |||||
Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds Albion College %% | 4.00 | 12-1-2051 | 500,000 | 566,753 | |
Miscellaneous revenue: 2.10% | |||||
Michigan Building Authority Series I | 5.00 | 10-15-2031 | 500,000 | 594,602 | |
Tax revenue: 0.37% | |||||
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bonds Series B | 5.00 | 7-1-2044 | 100,000 | 105,827 | |
Water & sewer revenue: 1.67% | |||||
Great Lakes MI Water Authority Water Supply System Series D | 5.00 | 7-1-2031 | 400,000 | 473,182 | |
1,740,364 | |||||
Minnesota: 0.41% | |||||
Education revenue: 0.41% | |||||
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2020 | 5.00 | 9-1-2055 | 100,000 | 115,974 |
Interest rate | Maturity date | Principal | Value | ||
Nevada: 4.81% | |||||
GO revenue: 4.81% | |||||
Clark County NV Flood Control District | 5.00% | 11-1-2029 | $ 500,000 | $ 640,103 | |
Clark County NV School District Building Series A | 4.00 | 6-15-2035 | 625,000 | 723,275 | |
1,363,378 | |||||
New Jersey: 1.46% | |||||
Miscellaneous revenue: 1.03% | |||||
New Jersey EDA Series XX | 4.00 | 6-15-2024 | 270,000 | 292,059 | |
Tax revenue: 0.43% | |||||
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 100,000 | 121,926 | |
413,985 | |||||
New York: 6.78% | |||||
Education revenue: 1.79% | |||||
Build New York City Resource Corporation Richmond Preparatory Charter School Social Impact Project Series A 144A | 5.00 | 6-1-2041 | 150,000 | 169,686 | |
New York Dormitory Authority Non-State Supported Debt Series A | 5.00 | 7-1-2038 | 270,000 | 336,205 | |
505,891 | |||||
GO revenue: 0.48% | |||||
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2024 | 125,000 | 136,775 | |
Transportation revenue: 2.24% | |||||
New York Metropolitan Transportation Authority Revenue BAN Subordinated Bond Series B-1 | 5.00 | 5-15-2022 | 625,000 | 635,875 | |
Water & sewer revenue: 2.27% | |||||
New York Environmental Facilities Corporation Clean Water & Drinking Water New York City Municipal Water Finance Authority Project Series A | 5.00 | 6-15-2032 | 500,000 | 643,793 | |
1,922,334 | |||||
North Carolina: 0.70% | |||||
Housing revenue: 0.70% | |||||
North Carolina Capital Facilities Finance Refunding Bonds The Arc of North Carolina Projects Series A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2024 | 180,000 | 198,870 | |
Oregon: 2.22% | |||||
GO revenue: 2.22% | |||||
Bend OR | 5.00 | 6-1-2050 | 500,000 | 628,872 |
Interest rate | Maturity date | Principal | Value | ||
Pennsylvania: 6.90% | |||||
Education revenue: 3.06% | |||||
Allegheny County PA Higher Education Robert Morris University | 5.00% | 10-15-2037 | $ 250,000 | $ 286,770 | |
Philadelphia PA IDA Saint Joseph's University Series C | 4.00 | 11-1-2037 | 500,000 | 582,109 | |
868,879 | |||||
Health revenue: 1.56% | |||||
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 375,000 | 441,320 | |
Transportation revenue: 2.28% | |||||
Pennsylvania Turnpike Commission Turnpike Series B-1 | 5.25 | 6-1-2047 | 535,000 | 645,873 | |
1,956,072 | |||||
South Carolina: 1.17% | |||||
Education revenue: 1.17% | |||||
South Carolina Jobs EDA Revenue Wofford College Project | 5.00 | 4-1-2033 | 270,000 | 332,629 | |
Texas: 2.37% | |||||
GO revenue: 2.37% | |||||
Dallas County TX Hospital District Limited Tax | 5.00 | 8-15-2030 | 625,000 | 671,843 | |
Virginia: 1.33% | |||||
Transportation revenue: 1.33% | |||||
Virginia Small Business Financing Authority AMT 95 Express Lanes LLC Project | 5.00 | 7-1-2049 | 375,000 | 376,230 | |
Washington: 5.38% | |||||
Education revenue: 0.61% | |||||
Washington HEFAR Seattle University Project | 5.00 | 5-1-2027 | 145,000 | 173,678 | |
GO revenue: 2.64% | |||||
King County WA Public Hospital District #1 Valley Medical Center Refunding Bonds | 5.00 | 12-1-2026 | 625,000 | 749,873 | |
Utilities revenue: 2.13% | |||||
Chelan County WA Public Utility District #001 Consolidated Revenue Refunding Bonds Governmental Series A | 4.00 | 7-1-2036 | 500,000 | 603,036 | |
1,526,587 | |||||
Wisconsin: 0.81% | |||||
Health revenue: 0.81% | |||||
PFA Hospital Revenue Bonds Carson Valley Medical Center Series A | 4.00 | 12-1-2051 | 200,000 | 230,361 | |
Total Municipal obligations (Cost $25,303,862) | 26,568,856 |
Yield | Shares | Value | |||
Short-term investments: 8.12% | |||||
Investment companies: 8.12% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01% | 2,299,535 | $ 2,300,915 | ||
Total Short-term investments (Cost $2,300,755) | 2,300,915 | ||||
Total investments in securities (Cost $27,604,617) | 101.84% | 28,869,771 | |||
Other assets and liabilities, net | (1.84) | (522,052) | |||
Total net assets | 100.00% | $28,347,719 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
MFHR | Multifamily housing revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $302,778 | $5,617,641 | $(3,619,733) | $69 | $160 | $2,300,915 | 2,299,535 | $49 |
Assets | |
Investments in unaffiliated securities, at value (cost $25,303,862) | $ 26,568,856 |
Investments in affiliated securities, at value (cost $2,300,755) | 2,300,915 |
Receivable for interest | 302,939 |
Receivable from manager | 3,568 |
Receivable for Fund shares sold | 100 |
Total assets | 29,176,378 |
Liabilities | |
Payable for when-issued transactions | 749,558 |
Professional fees payable | 46,673 |
Dividends payable | 2,584 |
Administration fees payable | 1,242 |
Trustees’ fees and expenses payable | 877 |
Distribution fee payable | 561 |
Payable for Fund shares redeemed | 417 |
Accrued expenses and other liabilities | 26,747 |
Total liabilities | 828,659 |
Total net assets | $28,347,719 |
Net assets consist of | |
Paid-in capital | $ 27,254,687 |
Total distributable earnings | 1,093,032 |
Total net assets | $28,347,719 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,329,602 |
Shares outstanding – Class A1 | 63,653 |
Net asset value per share – Class A | $20.89 |
Maximum offering price per share – Class A2 | $21.87 |
Net assets – Class C | $ 1,044,995 |
Shares outstanding – Class C1 | 50,038 |
Net asset value per share – Class C | $20.88 |
Net assets – Class R6 | $ 22,001,641 |
Shares outstanding – Class R61 | 1,053,313 |
Net asset value per share – Class R6 | $20.89 |
Net assets – Administrator Class | $ 1,198,881 |
Shares outstanding – Administrator Class1 | 57,395 |
Net asset value per share – Administrator Class | $20.89 |
Net assets – Institutional Class | $ 2,772,600 |
Shares outstanding – Institutional Class1 | 132,734 |
Net asset value per share – Institutional Class | $20.89 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 326,439 |
Income from affiliated securities | 49 |
Total investment income | 326,488 |
Expenses | |
Management fee | 56,648 |
Administration fees | |
Class A | 1,056 |
Class C | 855 |
Class R6 | 3,367 |
Administrator Class | 610 |
Institutional Class | 907 |
Shareholder servicing fees | |
Class A | 1,650 |
Class C | 1,335 |
Administrator Class | 1,526 |
Distribution fee | |
Class C | 1,294 |
Custody and accounting fees | 2,717 |
Professional fees | 7,831 |
Registration fees | 36,359 |
Shareholder report expenses | 13,498 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 3,051 |
Total expenses | 142,525 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (73,967) |
Class A | (264) |
Class C | (374) |
Class R6 | (1,122) |
Administrator Class | (793) |
Net expenses | 66,005 |
Net investment income | 260,483 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 79,856 |
Affiliated securities | 69 |
Net realized gains on investments | 79,925 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (277,060) |
Affiliated securities | 160 |
Net change in unrealized gains (losses) on investments | (276,900) |
Net realized and unrealized gains (losses) on investments | (196,975) |
Net increase in net assets resulting from operations | $ 63,508 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 260,483 | $ 500,443 | ||
Net realized gains on investments | 79,925 | 128,381 | ||
Net change in unrealized gains (losses) on investments | (276,900) | 723,884 | ||
Net increase in net assets resulting from operations | 63,508 | 1,352,708 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (10,283) | (17,573) | ||
Class C | (5,000) | (9,545) | ||
Class R6 | (214,050) | (432,065) | ||
Administrator Class | (10,419) | (19,469) | ||
Institutional Class | (20,982) | (20,488) | ||
Total distributions to shareholders | (260,734) | (499,140) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 11,716 | 246,384 | 6,252 | 129,818 |
Administrator Class | 986 | 20,730 | 12,749 | 268,337 |
Institutional Class | 81,574 | 1,718,238 | 5,584 | 116,637 |
1,985,352 | 514,792 | |||
Reinvestment of distributions | ||||
Class A | 136 | 2,851 | 25 | 530 |
Class C | 38 | 787 | 0 | 0 |
Class R6 | 3,313 | 69,263 | 0 | 0 |
Administrator Class | 129 | 2,699 | 45 | 932 |
Institutional Class | 596 | 12,454 | 20 | 429 |
88,054 | 1,891 | |||
Payment for shares redeemed | ||||
Class A | (3,169) | (66,224) | (1,408) | (29,021) |
Administrator Class | (392) | (8,170) | (6,122) | (128,854) |
Institutional Class | (5,019) | (104,710) | (21) | (433) |
(179,104) | (158,308) | |||
Net increase in net assets resulting from capital share transactions | 1,894,302 | 358,375 | ||
Total increase in net assets | 1,697,076 | 1,211,943 | ||
Net assets | ||||
Beginning of period | 26,650,643 | 25,438,700 | ||
End of period | $28,347,719 | $26,650,643 |
Year ended June 30 | |||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $21.03 | $20.35 | $20.00 |
Net investment income | 0.17 | 0.34 | 0.10 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.68 | 0.35 |
Total from investment operations | 0.03 | 1.02 | 0.45 |
Distributions to shareholders from | |||
Net investment income | (0.17) | (0.34) | (0.10) |
Net asset value, end of period | $20.89 | $21.03 | $20.35 |
Total return2 | 0.12% | 5.04% | 2.27% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.33% | 1.85% | 2.26% |
Net expenses | 0.75% | 0.75% | 0.75% |
Net investment income | 1.56% | 1.64% | 1.52% |
Supplemental data | |||
Portfolio turnover rate | 13% | 77% | 32% |
Net assets, end of period (000s omitted) | $1,330 | $1,156 | $1,020 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $21.03 | $20.35 | $20.00 |
Net investment income | 0.10 | 0.19 | 0.05 |
Net realized and unrealized gains (losses) on investments | (0.15) | 0.68 | 0.36 |
Total from investment operations | (0.05) | 0.87 | 0.41 |
Distributions to shareholders from | |||
Net investment income | (0.10) | (0.19) | (0.06) |
Net asset value, end of period | $20.88 | $21.03 | $20.35 |
Total return2 | (0.24)% | 4.30% | 2.04% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.57% | 2.35% | 3.01% |
Net expenses | 1.38% * | 1.46% * | 1.50% |
Net investment income | 0.92% | 0.93% | 0.78% |
Supplemental data | |||
Portfolio turnover rate | 13% | 77% | 32% |
Net assets, end of period (000s omitted) | $1,045 | $1,051 | $1,017 |
* | Ratio includes class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended December 31, 2021 (unaudited) | 0.07% |
Year ended June 30, 2021 | 0.04% |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $21.03 | $20.35 | $20.00 |
Net investment income | 0.20 | 0.41 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.68 | 0.35 |
Total from investment operations | 0.06 | 1.09 | 0.48 |
Distributions to shareholders from | |||
Net investment income | (0.20) | (0.41) | (0.13) |
Net asset value, end of period | $20.89 | $21.03 | $20.35 |
Total return3 | 0.30% | 5.41% | 2.39% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.95% | 1.48% | 1.88% |
Net expenses | 0.40% | 0.40% | 0.40% |
Net investment income | 1.91% | 1.99% | 1.87% |
Supplemental data | |||
Portfolio turnover rate | 13% | 77% | 32% |
Net assets, end of period (000s omitted) | $22,002 | $22,082 | $21,367 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $21.03 | $20.35 | $20.00 |
Net investment income | 0.18 | 0.37 | 0.11 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.68 | 0.35 |
Total from investment operations | 0.04 | 1.05 | 0.46 |
Distributions to shareholders from | |||
Net investment income | (0.18) | (0.37) | (0.11) |
Net asset value, end of period | $20.89 | $21.03 | $20.35 |
Total return2 | 0.19% | 5.20% | 2.32% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.27% | 1.77% | 2.20% |
Net expenses | 0.60% | 0.60% | 0.60% |
Net investment income | 1.71% | 1.80% | 1.67% |
Supplemental data | |||
Portfolio turnover rate | 13% | 77% | 32% |
Net assets, end of period (000s omitted) | $1,199 | $1,192 | $1,017 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $21.03 | $20.35 | $20.00 |
Net investment income | 0.20 | 0.40 | 0.12 |
Net realized and unrealized gains (losses) on investments | (0.14) | 0.68 | 0.35 |
Total from investment operations | 0.06 | 1.08 | 0.47 |
Distributions to shareholders from | |||
Net investment income | (0.20) | (0.40) | (0.12) |
Net asset value, end of period | $20.89 | $21.03 | $20.35 |
Total return2 | 0.27% | 5.36% | 2.37% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.99% | 1.52% | 1.93% |
Net expenses | 0.45% | 0.45% | 0.45% |
Net investment income | 1.85% | 1.94% | 1.82% |
Supplemental data | |||
Portfolio turnover rate | 13% | 77% | 32% |
Net assets, end of period (000s omitted) | $2,773 | $1,169 | $1,017 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,325,517 |
Gross unrealized losses | (60,363) |
Net unrealized gains | $1,265,154 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 26,568,856 | $0 | $ 26,568,856 |
Short-term investments | ||||
Investment companies | 2,300,915 | 0 | 0 | 2,300,915 |
Total assets | $2,300,915 | $26,568,856 | $0 | $28,869,771 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Shares voted “For” | 1,250,632 | |
Shares voted “Against” | 287 | |
Shares voted “Abstain” | 224 |
Shares voted “For” | 1,250,632 | |
Shares voted “Against” | 287 | |
Shares voted “Abstain” | 224 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g239166img682b8dda1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA297/SAR297 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335img833dd0e71.jpg)
Pennsylvania Tax-Free Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335imgf6e1370b2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335img5e5339f33.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax and Pennsylvania individual income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin, Robert J. Miller |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKVAX) | 12-27-1990 | -2.44 | 2.75 | 3.27 | 2.14 | 3.70 | 3.74 | 0.94 | 0.74 | ||
Class C (EKVCX) | 2-1-1993 | 0.48 | 2.93 | 2.98 | 1.48 | 2.93 | 2.98 | 1.69 | 1.49 | ||
Institutional Class (EKVYX) | 11-24-1997 | – | – | – | 2.39 | 3.95 | 4.00 | 0.61 | 0.49 | ||
Bloomberg Municipal Bond Index3 | – | – | – | – | 1.52 | 4.17 | 3.72 | – | – | ||
Bloomberg Pennsylvania Municipal Bond Index4 | – | – | – | – | 1.85 | 4.57 | 4.03 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, and 0.49% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
4 | The Bloomberg Pennsylvania Municipal Bond Index is a Pennsylvania-specific total return index. The index is composed of Pennsylvania bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the index and weighted and updated monthly, with a one-month lag. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335img6e088cc14.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335img0101f93f5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,004.74 | $3.74 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Class C | ||||
Actual | $1,000.00 | $1,001.10 | $7.52 | 1.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.69 | $7.58 | 1.49% |
Institutional Class | ||||
Actual | $1,000.00 | $1,006.00 | $2.48 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 98.07% | |||||
Florida: 0.75% | |||||
Industrial development revenue: 0.75% | |||||
Jacksonville FL Economic Development AMT Metropolitan Parking Solutions Project (ACA Insured) | 5.50% | 10-1-2030 | $1,000,000 | $ 1,003,492 | |
Guam: 0.92% | |||||
Airport revenue: 0.49% | |||||
Guam Port Authority AMT Series B | 5.00 | 7-1-2032 | 550,000 | 648,645 | |
Tax revenue: 0.43% | |||||
Guam Government Business Privilege Tax Revenue Refunding Bond Series F | 4.00 | 1-1-2036 | 500,000 | 575,885 | |
1,224,530 | |||||
New Jersey: 0.27% | |||||
Tax revenue: 0.27% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 300,000 | 364,613 | |
Pennsylvania: 96.13% | |||||
Airport revenue: 3.97% | |||||
Allegheny County PA Airport Authority Pittsburgh International Airport Series A | 4.00 | 1-1-2040 | 1,500,000 | 1,752,915 | |
Allegheny County PA Airport Authority Pittsburgh International Airport Series A | 5.00 | 1-1-2051 | 1,500,000 | 1,864,530 | |
Philadelphia PA Airport Refunding Bond AMT Series A | 5.00 | 6-15-2030 | 1,500,000 | 1,705,652 | |
5,323,097 | |||||
Education revenue: 21.36% | |||||
Allegheny County PA Higher Education Building Authority Duquesne University Series A | 4.00 | 3-1-2040 | 1,500,000 | 1,749,717 | |
Allegheny County PA Higher Education Robert Morris University | 5.00 | 10-15-2037 | 750,000 | 860,309 | |
Chester County PA IDA Avon Grove Charter School Project Refunding Bond Series A | 5.00 | 12-15-2047 | 1,160,000 | 1,328,122 | |
Chester County PA IDA Collegium Charter School Project Refunding Bond Series A | 5.00 | 10-15-2022 | 375,000 | 385,763 | |
Chester County PA IDA Collegium Charter School Project Series A | 5.13 | 10-15-2037 | 1,000,000 | 1,130,119 | |
Chester County PA IDA Renaissance Academy Charter School Project | 3.75 | 10-1-2024 | 375,000 | 393,189 | |
Delaware County PA Neumann University Bond | 5.00 | 10-1-2039 | 250,000 | 305,275 | |
Huntingdon County PA AICUP Financing Program | 5.00 | 10-1-2051 | 2,000,000 | 2,418,414 | |
Latrobe PA IDA Seton Hall University | 4.00 | 3-1-2051 | 800,000 | 864,323 | |
Lehigh County PA IDA Seven Generations Charter School | 4.00 | 5-1-2051 | 750,000 | 796,904 | |
Lycoming County Pennsylvania College of Technology | 5.00 | 10-1-2023 | 325,000 | 351,136 | |
Montgomery County PA Higher Education & Health Authority Arcadia University Refunding Bond | 5.00 | 4-1-2030 | 1,500,000 | 1,671,721 | |
Montgomery County PA IDA Germantown Academy Project | 4.00 | 10-1-2041 | 450,000 | 493,578 | |
Montgomery County PA IDA Germantown Academy Project | 4.00 | 10-1-2046 | 225,000 | 260,356 | |
Montgomery County PA IDA Germantown Academy Project | 4.00 | 10-1-2051 | 825,000 | 950,684 | |
Northeastern Pennsylvania Hospital & Education Authority Refunding Bond Wilkes University Project Series B | 5.25 | 3-1-2037 | 1,000,000 | 1,160,007 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Pennsylvania HEFAR Temple University First Series | 5.00% | 4-1-2032 | $1,000,000 | $ 1,011,762 | |
Pennsylvania Public School Building Authority Northampton County Area Community College Project Series A (BAM Insured) | 5.00 | 6-15-2027 | 1,610,000 | 1,641,339 | |
Pennsylvania State University Refunding Bond Series B | 5.00 | 9-1-2034 | 2,175,000 | 2,581,948 | |
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A | 7.00 | 6-15-2033 | 1,000,000 | 1,131,143 | |
Philadelphia PA IDA Charter School Philadelphia Performing Arts 144A | 5.00 | 6-15-2029 | 220,000 | 262,671 | |
Philadelphia PA IDA Charter School Philadelphia Performing Arts 144A | 5.00 | 6-15-2030 | 145,000 | 172,250 | |
Philadelphia PA IDA Independence Charter School Project | 5.00 | 6-15-2039 | 250,000 | 274,998 | |
Philadelphia PA IDA La Salle University | 5.00 | 5-1-2036 | 1,355,000 | 1,488,910 | |
Philadelphia PA IDA Tacony Academy Charter School Project | 6.88 | 6-15-2033 | 1,000,000 | 1,078,608 | |
Philadelphia PA IDA Temple University 1st Series 2016 | 5.00 | 4-1-2029 | 1,000,000 | 1,135,665 | |
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project | 7.50 | 5-1-2031 | 1,285,000 | 1,288,878 | |
South Central Pennsylvania General Authority AICUP Financing Program York College | 4.00 | 5-1-2032 | 330,000 | 392,621 | |
South Central Pennsylvania General Authority AICUP Financing Program York College | 4.00 | 5-1-2033 | 315,000 | 374,031 | |
South Central Pennsylvania General Authority AICUP Financing Program York College | 4.00 | 5-1-2034 | 550,000 | 651,830 | |
28,606,271 | |||||
GO revenue: 23.32% | |||||
Allegheny County PA Series C-78 | 4.00 | 11-1-2049 | 1,000,000 | 1,185,425 | |
Allentown PA Notes (BAM Insured) | 4.00 | 10-1-2045 | 1,250,000 | 1,437,300 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2035 | 250,000 | 297,756 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2036 | 350,000 | 416,130 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2037 | 350,000 | 415,311 | |
Blue Mountain PA School District Series B (AGM Insured) | 4.00 | 8-1-2038 | 250,000 | 296,189 | |
Central Dauphin PA School District | 5.00 | 2-1-2037 | 2,075,000 | 2,338,652 | |
Coatesville PA Area School District CAB Series C (BAM Insured) ¤ | 0.00 | 10-1-2033 | 1,000,000 | 722,754 | |
Downingtown PA Area School District Series C | 5.00 | 8-1-2032 | 1,000,000 | 1,191,777 | |
Erie PA City School District Limited Tax Series A (AGM Insured) | 5.00 | 4-1-2034 | 515,000 | 643,510 | |
Leechburg PA School District (BAM Insured) | 4.00 | 2-1-2044 | 1,305,000 | 1,349,580 | |
North Allegheny PA School District | 5.00 | 5-1-2030 | 100,000 | 128,572 | |
North Eastern Pennsylvania School District (AGM Insured) | 4.00 | 9-1-2029 | 945,000 | 1,135,628 | |
North Eastern Pennsylvania School District | 5.00 | 5-1-2031 | 290,000 | 370,926 | |
Oil City PA Series A (AGM Insured) | 4.00 | 12-1-2039 | 315,000 | 368,526 | |
Oil City PA Series A (AGM Insured) | 4.00 | 12-1-2040 | 250,000 | 292,039 | |
Oil City PA Series A (AGM Insured) | 4.00 | 12-1-2041 | 250,000 | 291,442 | |
Oil City PA Series A (AGM Insured) | 4.00 | 12-1-2042 | 200,000 | 232,793 | |
Parkland PA School District Series A | 4.00 | 2-1-2029 | 300,000 | 360,038 | |
Parkland PA School District Series B | 4.00 | 2-1-2036 | 650,000 | 766,663 | |
Penn-Delco School District | 4.00 | 6-1-2045 | 1,000,000 | 1,120,405 | |
Pequea Valley School District | 3.00 | 5-15-2024 | 225,000 | 238,060 | |
Pequea Valley School District | 4.00 | 5-15-2049 | 750,000 | 881,073 | |
Philadelphia PA Refunding Bond Series A | 5.25 | 7-15-2033 | 1,500,000 | 1,648,450 | |
Philadelphia PA School District Refunding Bond Series A (AGM / FGIC Insured) | 5.00 | 6-1-2024 | 1,385,000 | 1,524,608 | |
Philadelphia PA School District Series B | 5.00 | 9-1-2043 | 1,235,000 | 1,505,023 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Philadelphia PA Series A | 5.00% | 8-1-2036 | $1,250,000 | $ 1,505,708 | |
Pittsburgh PA (BAM Insured) | 5.00 | 9-1-2030 | 500,000 | 561,313 | |
Pittsburgh PA | 4.00 | 9-1-2041 | 1,100,000 | 1,277,803 | |
Pittsburgh PA Moon Area School District Series A | 5.00 | 11-15-2029 | 1,445,000 | 1,624,448 | |
Reading PA School District Series A (AGM Insured) | 5.00 | 2-1-2033 | 1,500,000 | 1,693,037 | |
West Mifflin PA Area School District (AGM Insured) | 5.00 | 4-1-2028 | 1,000,000 | 1,191,512 | |
West Shore PA School District | 5.00 | 11-15-2048 | 1,500,000 | 1,794,987 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2027 | 100,000 | 120,217 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2028 | 120,000 | 147,955 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2029 | 50,000 | 63,168 | |
Wilkes-Barre School District Luzerne County PA Series 2019 (BAM Insured) | 5.00 | 4-15-2030 | 70,000 | 88,383 | |
31,227,161 | |||||
Health revenue: 17.80% | |||||
Allegheny County PA Hospital Development Authority Allegheny Health Network | 4.00 | 4-1-2044 | 1,810,000 | 2,017,955 | |
Allegheny County PA Hospital Development Authority Health Center Series B (NPFGC Insured) | 6.00 | 7-1-2027 | 1,800,000 | 2,291,857 | |
Berks County PA IDA Tower Health Project | 5.00 | 11-1-2037 | 930,000 | 1,055,522 | |
Bucks County PA IDA St. Lukes University Health Network | 4.00 | 8-15-2050 | 400,000 | 452,569 | |
Cumberland County PA Municipal Authority | 5.00 | 1-1-2028 | 265,000 | 299,952 | |
Cumberland County PA Municipal Authority | 5.00 | 1-1-2028 | 1,825,000 | 2,029,332 | |
Dauphin County PA General Authority Pinnacle Health System Project | 5.00 | 6-1-2042 | 500,000 | 509,222 | |
Dauphin County PA General Authority Pinnacle Health System Project Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,176,483 | |
Doylestown PA Hospital Authority Doylestown Hospital Series A | 5.00 | 7-1-2049 | 250,000 | 291,983 | |
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond | 5.00 | 12-1-2028 | 450,000 | 514,929 | |
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond | 5.00 | 12-1-2029 | 375,000 | 427,867 | |
Geisinger PA Health System Series A-1 | 4.00 | 4-1-2050 | 1,000,000 | 1,144,913 | |
Lancaster County PA Hospital Authority St. Annes Retirement Community Incorporated | 5.00 | 3-1-2045 | 500,000 | 562,427 | |
Montgomery County PA IDA ACTS Retirement Life Communities | 5.00 | 11-15-2045 | 1,000,000 | 1,202,438 | |
Montgomery County PA IDA Jefferson Health System Series A | 5.00 | 10-1-2027 | 1,000,000 | 1,011,638 | |
Montgomery County PA IDA Waverly Heights Limited Project | 5.00 | 12-1-2044 | 1,000,000 | 1,146,535 | |
Northampton County PA St. Luke's Hospital of Bethlehem Series A | 5.00 | 8-15-2033 | 1,435,000 | 1,529,089 | |
Pennsylvania EDFA Series A | 5.00 | 10-15-2035 | 645,000 | 852,183 | |
Pennsylvania EDFA Series A | 5.00 | 10-15-2036 | 800,000 | 1,055,020 | |
Pennsylvania EDFA Series A-1 | 4.00 | 4-15-2037 | 700,000 | 825,311 | |
Pennsylvania Higher Educational University Pennsylvania Health System Series A | 5.00 | 8-15-2047 | 1,500,000 | 1,801,099 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Brethren Home Project | 4.00 | 11-15-2022 | 70,000 | 71,936 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Brethren Home Project | 4.00 | 11-15-2023 | 75,000 | 79,388 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Brethren Home Project | 4.00% | 11-15-2041 | $ 370,000 | $ 424,586 | |
West Cornwall Township PA Municipal Authority Healthcare Facilities Lebanon Valley Brethren Home Project | 4.00 | 11-15-2046 | 525,000 | 597,715 | |
Westmoreland County PA IDA Excela Health Project Series A | 4.00 | 7-1-2037 | 400,000 | 470,742 | |
23,842,691 | |||||
Housing revenue: 0.43% | |||||
Chester County PA IDA University Student Housing LLC Project Series A | 5.00 | 8-1-2030 | 555,000 | 575,414 | |
Industrial development revenue: 0.46% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Refunding Bond %% | 5.00 | 5-1-2042 | 500,000 | 622,170 | |
Miscellaneous revenue: 14.79% | |||||
Delaware County PA Neumann University Refunding Bond | 5.00 | 10-1-2031 | 1,500,000 | 1,685,503 | |
Delaware County PA Vocational & Technical School Authority (BAM Insured) | 5.25 | 11-1-2033 | 1,000,000 | 1,089,368 | |
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured) | 5.50 | 8-1-2028 | 2,000,000 | 2,553,066 | |
Pennsylvania Certificate of Participation Series A | 5.00 | 7-1-2038 | 1,000,000 | 1,203,766 | |
Pennsylvania Commonwealth Financing Authority Refunding Bond Series B | 5.00 | 6-1-2031 | 250,000 | 331,200 | |
Pennsylvania Commonwealth Financing Authority Series B | 5.00 | 6-1-2026 | 1,000,000 | 1,019,821 | |
Pennsylvania EDFA Sewage Sludge Disposal Refunding Bond Philadelphia Bioslides Facility | 4.00 | 1-1-2030 | 400,000 | 462,701 | |
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2022 | 1,200,000 | 1,193,114 | |
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (NPFGC Insured) ¤ | 0.00 | 12-1-2023 | 3,790,000 | 3,730,270 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series B | 5.25 | 9-15-2030 | 540,000 | 662,782 | |
Pennsylvania Public School Building Authority Chester Upland School District Project Series C (AGM Insured) | 5.00 | 9-15-2026 | 875,000 | 878,018 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 404,911 | |
Pennsylvania Public School Building Authority Series B (BAM Insured) | 5.00 | 12-1-2027 | 650,000 | 735,380 | |
Philadelphia PA IDA Refunding Bond Cultural & Commercial Corridors Program Series A | 5.00 | 12-1-2028 | 2,500,000 | 2,910,886 | |
Philadelphia PA Industrial Philadelphia Museum of Art Energy Saving Program Series A | 5.00 | 2-15-2038 | 785,000 | 953,165 | |
19,813,951 | |||||
Tobacco revenue: 2.24% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0060 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.14 | 6-1-2034 | 3,000,000 | 3,000,000 | |
Transportation revenue: 5.99% | |||||
Delaware River PA Joint Toll Bridge Commission | 5.00 | 7-1-2042 | 580,000 | 697,515 | |
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,000,000 | 1,214,045 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Pennsylvania Turnpike Commission Series A-2 | 5.00% | 12-1-2048 | $2,000,000 | $ 2,466,159 | |
Pennsylvania Turnpike Commission Subordinate Bond Series A | 5.50 | 12-1-2042 | 3,000,000 | 3,641,983 | |
8,019,702 | |||||
Water & sewer revenue: 5.77% | |||||
Capital Region Pennsylvania Water & Sewer System Refunding Bond | 5.00 | 7-15-2037 | 1,000,000 | 1,210,172 | |
Lehigh County PA General Purpose Authority CAB Allentown Project ¤ | 0.00 | 12-1-2030 | 2,000,000 | 1,680,433 | |
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project øø | 2.45 | 12-1-2039 | 500,000 | 543,308 | |
Mountaintop Area Joint Sanitary Authority (BAM Insured) | 4.00 | 12-15-2031 | 350,000 | 414,709 | |
Mountaintop Area Joint Sanitary Authority (BAM Insured) | 4.00 | 12-15-2032 | 300,000 | 356,516 | |
Mountaintop Area Joint Sanitary Authority (BAM Insured) | 4.00 | 12-15-2033 | 300,000 | 355,484 | |
Mountaintop Area Joint Sanitary Authority (BAM Insured) | 4.00 | 12-15-2034 | 570,000 | 673,632 | |
Philadelphia PA Water & Wastewater Refunding Bond Series A | 5.00 | 10-1-2038 | 2,000,000 | 2,493,850 | |
7,728,104 | |||||
128,758,561 | |||||
Total Municipal obligations (Cost $122,581,713) | 131,351,196 |
Yield | Shares | ||||
Short-term investments: 1.62% | |||||
Investment companies: 1.62% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 2,171,133 | 2,172,436 | ||
Total Short-term investments (Cost $2,172,313) | 2,172,436 | ||||
Total investments in securities (Cost $124,754,026) | 99.69% | 133,523,632 | |||
Other assets and liabilities, net | 0.31 | 413,598 | |||
Total net assets | 100.00% | $133,937,230 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
ACA | ACA Financial Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
EDFA | Economic Development Finance Authority |
FGIC | Financial Guaranty Insurance Corporation |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $787,071 | $16,731,536 | $(15,346,879) | $585 | $123 | $2,172,436 | 2,171,133 | $210 |
Assets | |
Investments in unaffiliated securities, at value (cost $122,581,713) | $ 131,351,196 |
Investments in affiliated securities, at value (cost $2,172,313) | 2,172,436 |
Cash due from broker | 8,000 |
Receivable for interest | 1,263,443 |
Receivable for Fund shares sold | 3,337 |
Prepaid expenses and other assets | 26,421 |
Total assets | 134,824,833 |
Liabilities | |
Payable for when-issued transactions | 626,260 |
Dividends payable | 121,148 |
Payable for Fund shares redeemed | 45,872 |
Management fee payable | 30,530 |
Administration fees payable | 13,175 |
Distribution fee payable | 3,464 |
Accrued expenses and other liabilities | 47,154 |
Total liabilities | 887,603 |
Total net assets | $133,937,230 |
Net assets consist of | |
Paid-in capital | $ 125,220,677 |
Total distributable earnings | 8,716,553 |
Total net assets | $133,937,230 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 43,830,521 |
Shares outstanding – Class A1 | 3,686,160 |
Net asset value per share – Class A | $11.89 |
Maximum offering price per share – Class A2 | $12.45 |
Net assets – Class C | $ 5,063,992 |
Shares outstanding – Class C1 | 426,734 |
Net asset value per share – Class C | $11.87 |
Net assets – Institutional Class | $ 85,042,717 |
Shares outstanding – Institutional Class1 | 7,152,032 |
Net asset value per share – Institutional Class | $11.89 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 2,022,719 |
Income from affiliated securities | 210 |
Total investment income | 2,022,929 |
Expenses | |
Management fee | 269,200 |
Administration fees | |
Class A | 35,060 |
Class C | 4,778 |
Institutional Class | 33,921 |
Shareholder servicing fees | |
Class A | 54,770 |
Class C | 7,439 |
Distribution fee | |
Class C | 22,291 |
Custody and accounting fees | 5,370 |
Professional fees | 28,275 |
Registration fees | 23,120 |
Shareholder report expenses | 13,651 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 5,330 |
Total expenses | 513,026 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (77,911) |
Class A | (18,825) |
Class C | (2,305) |
Net expenses | 413,985 |
Net investment income | 1,608,944 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (193) |
Affiliated securities | 585 |
Futures contracts | 5,764 |
Net realized gains on investments | 6,156 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (933,522) |
Affiliated securities | 123 |
Net change in unrealized gains (losses) on investments | (933,399) |
Net realized and unrealized gains (losses) on investments | (927,243) |
Net increase in net assets resulting from operations | $ 681,701 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 1,608,944 | $ 3,565,698 | ||
Net realized gains on investments | 6,156 | 671,328 | ||
Net change in unrealized gains (losses) on investments | (933,399) | 1,724,132 | ||
Net increase in net assets resulting from operations | 681,701 | 5,961,158 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (496,926) | (1,075,690) | ||
Class C | (46,085) | (132,697) | ||
Institutional Class | (1,066,910) | (2,271,663) | ||
Total distributions to shareholders | (1,609,921) | (3,480,050) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 456,758 | 5,457,387 | 320,556 | 3,801,618 |
Class C | 3,288 | 39,036 | 28,621 | 340,569 |
Institutional Class | 566,706 | 6,770,107 | 766,728 | 9,122,470 |
12,266,530 | 13,264,657 | |||
Reinvestment of distributions | ||||
Class A | 38,585 | 459,755 | 84,782 | 1,006,838 |
Class C | 3,692 | 43,918 | 10,615 | 125,775 |
Institutional Class | 38,776 | 462,025 | 84,467 | 1,003,170 |
965,698 | 2,135,783 | |||
Payment for shares redeemed | ||||
Class A | (312,201) | (3,738,482) | (439,252) | (5,205,358) |
Class C | (122,772) | (1,458,390) | (212,548) | (2,515,177) |
Institutional Class | (298,415) | (3,564,126) | (866,403) | (10,302,242) |
(8,760,998) | (18,022,777) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 4,471,230 | (2,622,337) | ||
Total increase (decrease) in net assets | 3,543,010 | (141,229) | ||
Net assets | ||||
Beginning of period | 130,394,220 | 130,535,449 | ||
End of period | $133,937,230 | $130,394,220 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 | $12.13 |
Net investment income | 0.14 1 | 0.31 | 0.35 | 0.35 | 0.38 | 0.36 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.22 | (0.04) | 0.32 | (0.19) | (0.46) |
Total from investment operations | 0.06 | 0.53 | 0.31 | 0.67 | 0.19 | (0.10) |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.31) | (0.34) | (0.34) | (0.38) | (0.36) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.14) | (0.31) | (0.34) | (0.37) | (0.38) | (0.36) |
Net asset value, end of period | $11.89 | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 |
Total return2 | 0.47% | 4.52% | 2.65% | 6.00% | 1.62% | (0.83)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.94% | 0.94% | 0.97% | 0.96% | 0.91% | 0.90% |
Net expenses | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 2.27% | 2.64% | 2.92% | 3.07% | 3.25% | 3.02% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $43,831 | $41,945 | $41,550 | $41,255 | $40,664 | $45,381 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.95 | $11.73 | $11.76 | $11.45 | $11.65 | $12.11 |
Net investment income | 0.09 1 | 0.22 | 0.27 | 0.26 1 | 0.29 1 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.22 | (0.05) | 0.34 | (0.20) | (0.46) |
Total from investment operations | 0.01 | 0.44 | 0.22 | 0.60 | 0.09 | (0.19) |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.22) | (0.25) | (0.26) | (0.29) | (0.27) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.09) | (0.22) | (0.25) | (0.29) | (0.29) | (0.27) |
Net asset value, end of period | $11.87 | $11.95 | $11.73 | $11.76 | $11.45 | $11.65 |
Total return2 | 0.11% | 3.74% | 1.89% | 5.31% | 0.77% | (1.58)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.68% | 1.68% | 1.72% | 1.70% | 1.66% | 1.65% |
Net expenses | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Net investment income | 1.51% | 1.89% | 2.23% | 2.32% | 2.50% | 2.27% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $5,064 | $6,485 | $8,394 | $8,768 | $13,440 | $16,323 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 | $12.13 |
Net investment income | 0.15 | 0.34 | 0.38 | 0.38 | 0.40 | 0.39 1 |
Net realized and unrealized gains (losses) on investments | (0.08) | 0.21 | (0.04) | 0.32 | (0.18) | (0.46) |
Total from investment operations | 0.07 | 0.55 | 0.34 | 0.70 | 0.22 | (0.07) |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.33) | (0.37) | (0.37) | (0.41) | (0.39) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Total distributions to shareholders | (0.15) | (0.33) | (0.37) | (0.40) | (0.41) | (0.39) |
Net asset value, end of period | $11.89 | $11.97 | $11.75 | $11.78 | $11.48 | $11.67 |
Total return2 | 0.60% | 4.78% | 2.91% | 6.27% | 1.88% | (0.58)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.61% | 0.61% | 0.64% | 0.62% | 0.58% | 0.57% |
Net expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Net investment income | 2.52% | 2.88% | 3.18% | 3.31% | 3.50% | 3.27% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 21% | 14% | 9% | 10% | 20% |
Net assets, end of period (000s omitted) | $85,043 | $81,964 | $80,592 | $79,128 | $88,663 | $102,672 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $8,829,068 |
Gross unrealized losses | (59,464) |
Net unrealized gains | $8,769,604 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $ 0 | $ 131,351,196 | $0 | $ 131,351,196 |
Short-term investments | ||||
Investment companies | 2,172,436 | 0 | 0 | 2,172,436 |
Total assets | $2,172,436 | $131,351,196 | $0 | $133,523,632 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.74% |
Class C | 1.49 |
Institutional Class | 0.49 |
Shares voted “For” | 5,994,904 |
Shares voted “Against” | 98,710 |
Shares voted “Abstain” | 816,541 |
Shares voted “For” | 5,961,874 |
Shares voted “Against” | 92,990 |
Shares voted “Abstain” | 855,291 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g243335img833dd0e71.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA255/SAR255 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g247807imgc87171a41.jpg)
Short-Term Municipal Bond Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g247807imgd3ce989f2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax consistent with capital preservation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce Johns, Brandon Pae, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WSMAX) | 7-18-2008 | -1.84 | 1.15 | 1.06 | 0.17 | 1.56 | 1.26 | 0.77 | 0.63 | ||
Class C (WSSCX) | 1-31-2003 | -1.58 | 0.80 | 0.51 | -0.58 | 0.80 | 0.51 | 1.52 | 1.38 | ||
Class R6 (WSSRX)3 | 7-31-2018 | – | – | – | 0.45 | 1.82 | 1.51 | 0.39 | 0.35 | ||
Administrator Class (WSTMX) | 7-30-2010 | – | – | – | 0.16 | 1.58 | 1.27 | 0.71 | 0.60 | ||
Institutional Class (WSBIX) | 3-31-2008 | – | – | – | 0.40 | 1.79 | 1.49 | 0.44 | 0.40 | ||
Bloomberg 1-3 Year Composite Municipal Bond Index4 | – | – | – | – | 0.36 | 1.75 | 1.31 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.63% for Class A, 1.38% for Class C, 0.35% for Class R6, 0.60% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Bloomberg 1-3 Year Composite Municipal Bond Index is a blended index weighted 50% in the Bloomberg 1 Year Municipal Bond Index and 50% in the Bloomberg 3 Year Municipal Bond Index. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g247807img82e1ab274.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g247807imge8234efb5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 998.86 | $3.17 | 0.63% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.03 | $3.21 | 0.63% |
Class C | ||||
Actual | $1,000.00 | $ 995.07 | $6.94 | 1.38% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.25 | $7.02 | 1.38% |
Class R6 | ||||
Actual | $1,000.00 | $1,000.27 | $1.76 | 0.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.44 | $1.79 | 0.35% |
Administrator Class | ||||
Actual | $1,000.00 | $ 998.63 | $3.02 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,000.02 | $2.02 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.98% | |||||
California: 0.58% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (144 shares) 0.30% 144Aø | $14,400,000 | $ 14,400,000 | |||
Other: 0.40% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (100 shares) 0.30% ø | 10,000,000 | 10,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $24,400,000) | 24,400,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 98.89% | |||||
Alabama: 3.54% | |||||
Airport revenue: 0.09% | |||||
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00% | 7-1-2023 | 475,000 | 508,255 | |
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00 | 7-1-2026 | 900,000 | 1,070,353 | |
Birmingham AL Airport Authority Series 2020 (BAM Insured) | 5.00 | 7-1-2027 | 500,000 | 611,389 | |
2,189,997 | |||||
GO revenue: 0.28% | |||||
City of Hoover Alabama General Obligation Warrants Series 2016 | 4.00 | 7-1-2035 | 6,005,000 | 6,905,360 | |
Health revenue: 0.28% | |||||
Alabama Health Care Authority for Baptist Health Series B ø | 0.25 | 11-1-2042 | 6,500,000 | 6,500,000 | |
East Alabama Health Care Authority Series B ø | 0.16 | 9-1-2039 | 524,000 | 524,000 | |
7,024,000 | |||||
Industrial development revenue: 0.39% | |||||
Mobile AL Industrial Development Board Alabama Power Company Barry Plant Project Series A | 1.00 | 6-1-2034 | 8,500,000 | 8,575,386 | |
Selma AL Industrial Development Board Refunding Bonds Gulf Opportunity Zone International Paper Company | 2.00 | 11-1-2033 | 1,000,000 | 1,040,016 | |
9,615,402 | |||||
Utilities revenue: 2.50% | |||||
Alabama Black Belt Energy Gas District Alabama Gas Project #7 Series C1 | 4.00 | 12-1-2025 | 1,500,000 | 1,672,237 | |
Alabama Black Belt Energy Gas District Series A | 4.00 | 6-1-2024 | 3,640,000 | 3,926,396 | |
Alabama Black Belt Energy Gas District Series A | 4.00 | 12-1-2048 | 8,000,000 | 8,455,845 | |
Alabama Black Belt Energy Gas District Series A | 4.00 | 10-1-2049 | 9,500,000 | 10,773,962 | |
Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ) | 4.00 | 8-1-2047 | 3,880,000 | 3,935,391 | |
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) ø | 0.25 | 8-1-2037 | 10,000,000 | 10,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00% | 8-1-2024 | $ 985,000 | $ 1,094,405 | |
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00 | 8-1-2025 | 425,000 | 487,925 | |
Chatom AL Industrial Development Board Gulf Opportunity Zone Powersouth Energy Cooperative Projects Series 2020 (AGM Insured) | 5.00 | 8-1-2026 | 500,000 | 591,678 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 20,060,000 | 21,506,807 | |
62,444,646 | |||||
88,179,405 | |||||
Alaska: 0.58% | |||||
Airport revenue: 0.26% | |||||
Alaska International Airports System Revenue Refunding Bonds Series 2021C | 5.00 | 10-1-2026 | 1,500,000 | 1,784,960 | |
Alaska International Airports System Revenue Refunding Bonds Series 2021C | 5.00 | 10-1-2027 | 3,030,000 | 3,692,731 | |
Alaska International Airports System Revenue Refunding Bonds Series 2021C | 5.00 | 10-1-2028 | 775,000 | 966,194 | |
6,443,885 | |||||
Health revenue: 0.19% | |||||
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2023 | 600,000 | 645,737 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2024 | 750,000 | 835,294 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2025 | 1,310,000 | 1,504,600 | |
Alaska Industrial Development and Export Authority Tanana Chiefs Conference Project | 5.00 | 10-1-2026 | 1,385,000 | 1,636,800 | |
4,622,431 | |||||
Miscellaneous revenue: 0.13% | |||||
Alaska Municipal Bond Bank Refunding Bond Series 2020-1 | 5.00 | 12-1-2025 | 1,470,000 | 1,717,798 | |
Alaska Municipal Bond Bank Refunding Bond Series 2020-1 | 5.00 | 12-1-2026 | 1,350,000 | 1,624,775 | |
3,342,573 | |||||
14,408,889 | |||||
Arizona: 2.45% | |||||
Education revenue: 0.01% | |||||
Arizona IDA Education Facility Revenue Bonds Series 2021B | 5.00 | 7-1-2027 | 170,000 | 195,349 | |
Arizona IDA Education Facility Revenue Bonds Series 2021B | 5.00 | 7-1-2028 | 175,000 | 200,066 | |
395,415 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.12% | |||||
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 3.00% | 7-15-2022 | $ 700,000 | $ 710,133 | |
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 4.00 | 7-15-2024 | 1,150,000 | 1,249,872 | |
Vistancia AZ Community Facilities District GO Series 2020 (BAM Insured) | 4.00 | 7-15-2026 | 900,000 | 1,025,940 | |
2,985,945 | |||||
Health revenue: 0.71% | |||||
Arizona Health Facilities Authority Banner Health Series B (SIFMA Municipal Swap +0.25%) ± | 0.36 | 1-1-2046 | 4,000,000 | 4,000,002 | |
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ± | 0.67 | 1-1-2035 | 4,570,000 | 4,592,392 | |
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.80%) ± | 0.90 | 9-1-2048 | 9,000,000 | 9,044,897 | |
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A | 4.00 | 10-1-2023 | 25,000 | 25,009 | |
17,662,300 | |||||
Industrial development revenue: 1.50% | |||||
Chandler AZ IDA Intel Corporation Project | 2.40 | 12-1-2035 | 32,885,000 | 33,892,859 | |
Chandler AZ IDA Intel Corporation Project | 2.70 | 12-1-2037 | 1,175,000 | 1,215,120 | |
Chandler AZ IDA Intel Corporation Project | 5.00 | 6-1-2049 | 2,120,000 | 2,339,416 | |
37,447,395 | |||||
Miscellaneous revenue: 0.11% | |||||
Phoenix AZ Civic Improvement Corporation Senior Lien Airport Revenue Refunding Bonds Series 2013 | 5.00 | 7-1-2028 | 2,500,000 | 2,664,155 | |
61,155,210 | |||||
Arkansas: 0.17% | |||||
Health revenue: 0.07% | |||||
Batesville AR Public Facilities Board Hospital Series 2020 | 5.00 | 6-1-2025 | 1,385,000 | 1,555,611 | |
Housing revenue: 0.08% | |||||
Arkansas Development Finance Authority Multifmily Housing Cottages Apartments (Department of Housing and Urban Development Insured) | 1.25 | 12-1-2024 | 2,000,000 | 2,027,147 | |
Tax revenue: 0.02% | |||||
Cabot Arkansas Sales Tax & Improvement Series B | 5.00 | 12-1-2028 | 435,000 | 546,603 | |
4,129,361 | |||||
California: 5.29% | |||||
GO revenue: 0.28% | |||||
Kern Community College District CAB BAN ¤ | 0.00 | 8-1-2023 | 7,000,000 | 6,957,928 | |
Health revenue: 0.13% | |||||
California CDA Series 2020A | 5.00 | 4-1-2026 | 570,000 | 671,903 | |
California CDA Series 2020A | 5.00 | 4-1-2027 | 845,000 | 1,024,483 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) € | 0.79 | 11-1-2036 | 1,000,000 | 1,000,000 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Washington Township Health Care District Revenue Refunding Bonds Series 2020A | 5.00% | 7-1-2024 | $ 200,000 | $ 221,434 | |
Washington Township Health Care District Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2025 | 200,000 | 229,222 | |
3,147,042 | |||||
Housing revenue: 0.62% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 10-1-2036 | 3,370,000 | 3,370,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 5-1-2049 | 12,000,000 | 12,000,000 | |
15,370,000 | |||||
Industrial development revenue: 0.53% | |||||
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series 2020A 144Aøø | 0.20 | 1-1-2050 | 13,135,000 | 13,134,880 | |
Miscellaneous revenue: 0.46% | |||||
California Infrastructure and Economic Development Bank J Paul Getty Trust Series 2021-B2 | 3.00 | 10-1-2047 | 1,000,000 | 1,110,299 | |
California School Cash Reserve Program Authority Series L ## | 2.00 | 1-31-2022 | 3,000,000 | 3,004,133 | |
Ceres CA Financing Authority Water System Revenue Bond Series 2020 øø | 0.50 | 6-1-2050 | 7,400,000 | 7,400,551 | |
11,514,983 | |||||
Resource recovery revenue: 0.40% | |||||
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 10,000,000 | 9,999,986 | |
Tax revenue: 0.06% | |||||
Riverside County CA Public Financing Project Area #1 (BAM Insured) | 5.00 | 10-1-2026 | 1,250,000 | 1,451,254 | |
Tobacco revenue: 0.00% | |||||
California Tobacco Securitization Senior Bond Series B-1 | 0.45 | 6-1-2030 | 100,000 | 101,353 | |
Transportation revenue: 1.78% | |||||
Bay Area Toll Authority San Francisco Bay Area Series C-1 (SIFMA Municipal Swap +0.90%) ± | 0.94 | 4-1-2045 | 25,500,000 | 25,640,010 | |
Bay Area Toll Authority Toll Bridge Sanitary Francisco Bay Area Series C (SIFMA Municipal Swap +0.45%) ± | 0.55 | 4-1-2056 | 2,750,000 | 2,774,192 | |
Bay Area Toll Authority Toll Bridge Sanitary Francisco Bay Area Series D (SIFMA Municipal Swap +0.30%) ± | 0.41 | 4-1-2056 | 16,000,000 | 15,999,998 | |
44,414,200 | |||||
Utilities revenue: 0.41% | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series 2021A | 4.00 | 10-1-2052 | 3,900,000 | 4,501,995 | |
Lassen CA Municipal Utility District Certificates of Participation Series 2021 | 4.00 | 5-1-2024 | 400,000 | 428,919 | |
Lassen CA Municipal Utility District Certificates of Participation Series 2021 | 4.00 | 5-1-2025 | 415,000 | 455,689 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Lassen CA Municipal Utility District Certificates of Participation Series 2021 | 4.00% | 5-1-2026 | $ 435,000 | $ 487,107 | |
Lassen CA Municipal Utility District Certificates of Participation Series 2021 | 4.00 | 5-1-2027 | 450,000 | 510,597 | |
Lassen CA Municipal Utility District Certificates of Participation Series 2021 | 4.00 | 5-1-2028 | 470,000 | 538,834 | |
Long Beach CA Bond Finance Authority Natural Gas Series B (3 Month LIBOR +1.43%) ± | 1.54 | 11-15-2026 | 2,000,000 | 2,074,795 | |
Vernon California Electric System Series A %% | 5.00 | 8-1-2024 | 685,000 | 746,245 | |
Vernon California Electric System Series A %% | 5.00 | 8-1-2025 | 500,000 | 562,019 | |
10,306,200 | |||||
Water & sewer revenue: 0.62% | |||||
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ± | 0.47 | 12-1-2035 | 15,500,000 | 15,516,032 | |
131,913,858 | |||||
Colorado: 0.99% | |||||
Airport revenue: 0.04% | |||||
Denver CO City & County Department of Aviation Airport System Series A | 5.00 | 11-15-2024 | 1,000,000 | 1,039,966 | |
Education revenue: 0.11% | |||||
University Colorado Enterprise System Refunding Bond Series C3 Class A | 2.00 | 6-1-2051 | 2,500,000 | 2,625,498 | |
GO revenue: 0.15% | |||||
Grand River CO Hospital District ## | 5.00 | 12-1-2022 | 1,450,000 | 1,508,450 | |
Grand River CO Hospital District (AGM Insured) | 5.00 | 12-1-2024 | 1,140,000 | 1,269,620 | |
Sand Creek CO Metropolitan District GO Series 2020A | 4.00 | 12-1-2024 | 550,000 | 602,630 | |
Sand Creek CO Metropolitan District GO Series 2020A | 4.00 | 12-1-2025 | 400,000 | 448,711 | |
3,829,411 | |||||
Health revenue: 0.17% | |||||
Colorado Health Facilities Authority Hospital Adventhealth Obligated Group Series B | 5.00 | 11-15-2049 | 900,000 | 1,085,958 | |
Colorado Health Facilities Authority Hospital Adventhealth Obligated Group Series C | 5.00 | 11-15-2036 | 2,290,000 | 2,762,246 | |
Colorado Health Facilities Authority Improvement Christian Living | 4.00 | 1-1-2025 | 325,000 | 349,871 | |
4,198,075 | |||||
Miscellaneous revenue: 0.35% | |||||
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2023 | 1,285,000 | 1,372,853 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2025 | 2,455,000 | 2,759,361 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 6-30-2026 | 4,050,000 | 4,593,324 | |
8,725,538 | |||||
Tax revenue: 0.03% | |||||
Colorado Regional Transportation District Series 2020A & Series 2020B | 4.00 | 7-15-2033 | 500,000 | 619,864 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.12% | |||||
E-470 Public Highway Authority Colorado Series A | 5.00% | 9-1-2024 | $ 450,000 | $ 503,398 | |
E-470 Public Highway Authority Colorado Series A | 5.00 | 9-1-2025 | 300,000 | 347,688 | |
E-470 Public Highway Authority Colorado Series A | 5.00 | 9-1-2026 | 1,750,000 | 2,092,576 | |
2,943,662 | |||||
Water & sewer revenue: 0.02% | |||||
Central Weld County CO Water District Series 2020 (AGM Insured) | 5.00 | 12-1-2027 | 500,000 | 615,613 | |
24,597,627 | |||||
Connecticut: 1.69% | |||||
Education revenue: 0.43% | |||||
Connecticut HEFAR University of Hartford Series N | 5.00 | 7-1-2024 | 120,000 | 131,544 | |
Connecticut HEFAR University of Hartford Series N | 5.00 | 7-1-2025 | 140,000 | 158,229 | |
Connecticut HEFAR Yale University Issue Series A | 1.10 | 7-1-2048 | 7,000,000 | 7,063,725 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series A | 3.60 | 11-15-2023 | 1,265,000 | 1,324,879 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series B | 5.00 | 11-15-2024 | 250,000 | 277,273 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series B | 5.00 | 11-15-2025 | 400,000 | 454,416 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series B | 5.00 | 11-15-2026 | 585,000 | 678,240 | |
Connecticut Higher Education Supplemental Loan Authority Loan Program Series D | 5.00 | 11-15-2025 | 500,000 | 576,178 | |
10,664,484 | |||||
GO revenue: 0.17% | |||||
Bridgeport CT General Obligation Refunding Bond Series 2021C | 5.00 | 2-15-2023 | 550,000 | 578,487 | |
Bridgeport CT General Obligation Refunding Bond Series 2021C | 5.00 | 2-15-2026 | 1,325,000 | 1,550,936 | |
Connecticut Series C | 4.00 | 6-1-2025 | 1,000,000 | 1,117,645 | |
Hamden CT GO Series 2020A (BAM Insured) | 5.00 | 8-1-2026 | 710,000 | 845,103 | |
4,092,171 | |||||
Health revenue: 0.47% | |||||
Connecticut Health & Educational Yale New Haven Health Series A | 5.00 | 7-1-2028 | 1,975,000 | 2,194,459 | |
Connecticut HEFA Hartford Healthcare Series B1 | 5.00 | 7-1-2053 | 7,500,000 | 8,440,899 | |
Connecticut HEFA Revenue Bond Stamford Hospital Issue Series M %% | 5.00 | 7-1-2026 | 375,000 | 434,712 | |
Connecticut HEFA Revenue Bond Stamford Hospital Issue Series M %% | 5.00 | 7-1-2027 | 250,000 | 296,828 | |
Connecticut HEFA Revenue Bond Stamford Hospital Issue Series M %% | 5.00 | 7-1-2028 | 300,000 | 363,377 | |
11,730,275 | |||||
Housing revenue: 0.40% | |||||
Meriden CT MFHR Yale Acres Project ## | 1.73 | 8-1-2022 | 10,000,000 | 10,010,617 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.22% | |||||
Connecticut Special Tax Obligation Transportation Infrastructure Purposes Series A | 5.00% | 5-1-2026 | $ 1,200,000 | $ 1,422,677 | |
Connecticut Special Tax Obligation Transportation Infrastructure Purposes Series A | 5.00 | 5-1-2027 | 3,400,000 | 4,151,106 | |
5,573,783 | |||||
42,071,330 | |||||
Delaware: 0.16% | |||||
Utilities revenue: 0.16% | |||||
Delaware EDA Gas Facilities Delmarva Power & Light Company Series A | 1.05 | 1-1-2031 | 4,000,000 | 4,056,573 | |
District of Columbia: 1.31% | |||||
Airport revenue: 0.87% | |||||
Metropolitan Washington Airports Authority Refunding Bond Series 2014A | 3.00 | 10-1-2022 | 6,500,000 | 6,633,166 | |
Metropolitan Washington Airports Authority Series A | 5.00 | 10-1-2024 | 3,450,000 | 3,568,615 | |
Metropolitan Washington Airports Authority Series A | 5.00 | 10-1-2026 | 7,500,000 | 8,936,343 | |
Metropolitan Washington Airports Authority System Revenue and Refunding Bonds Series 2021A | 5.00 | 10-1-2027 | 1,000,000 | 1,221,218 | |
Metropolitan Washington Airports Authority System Revenue and Refunding Bonds Series 2021A | 5.00 | 10-1-2028 | 1,000,000 | 1,251,115 | |
21,610,457 | |||||
Housing revenue: 0.10% | |||||
District of Columbia HFA MFHR Strand Residences Project | 1.45 | 2-1-2039 | 2,500,000 | 2,516,781 | |
Transportation revenue: 0.09% | |||||
Metropolitan Washington DC Transit Authority Series A | 5.00 | 7-15-2025 | 2,000,000 | 2,317,872 | |
Water & sewer revenue: 0.25% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C | 1.75 | 10-1-2054 | 6,000,000 | 6,178,456 | |
32,623,566 | |||||
Florida: 4.86% | |||||
Airport revenue: 1.02% | |||||
Broward County FL Airport System Series C | 5.00 | 10-1-2022 | 2,000,000 | 2,069,831 | |
Greater Orlando Aviation Authority Orlando Florida Airport Facilities Prerefunded | 5.00 | 10-1-2025 | 1,355,000 | 1,573,661 | |
Greater Orlando Aviation Authority Orlando Florida Airport Facilities Unrefunded | 5.00 | 10-1-2025 | 645,000 | 745,713 | |
Miami-Dade County FL Aviation Refunding Bonds Series 2014 | 5.00 | 10-1-2028 | 10,000,000 | 11,143,042 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-XF2947 144Aø | 0.16 | 10-1-2045 | 10,000,000 | 10,000,000 | |
25,532,247 | |||||
Education revenue: 0.21% | |||||
Capital Projects Finance Authority Student Housing Refunding Bond Series 2020A-1 | 5.00 | 10-1-2024 | 500,000 | 550,799 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Capital Projects Finance Authority Student Housing Refunding Bond Series 2020A-1 | 5.00% | 10-1-2025 | $ 1,000,000 | $ 1,131,939 | |
Capital Projects Finance Authority Student Housing Refunding Bond Series 2020A-1 | 5.00 | 10-1-2026 | 1,000,000 | 1,159,594 | |
Florida Higher Educational Facilities Financing Authority Educational Facilities Institute Technology | 5.00 | 10-1-2025 | 500,000 | 572,271 | |
Florida Higher Educational Facilities Financing Authority Educational Facilities Institute Technology | 5.00 | 10-1-2026 | 750,000 | 883,245 | |
Palm Beach County FL Educational Facilities Authority Revenue Bonds Series 2021 | 4.00 | 10-1-2026 | 250,000 | 280,836 | |
Palm Beach County FL Educational Facilities Authority Revenue Bonds Series 2021 | 4.00 | 10-1-2027 | 255,000 | 289,899 | |
Palm Beach County FL Educational Facilities Authority Revenue Bonds Series 2021 | 4.00 | 10-1-2028 | 270,000 | 310,472 | |
5,179,055 | |||||
Health revenue: 0.90% | |||||
Highlands County FL Health Facilities Authority Adventist Health System Series I5 ø | 0.10 | 11-15-2035 | 8,750,000 | 8,750,000 | |
Jacksonville FL HCFR Baptist Health Series D ø | 0.10 | 8-1-2036 | 3,000,000 | 3,000,000 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2022 | 1,570,000 | 1,570,000 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2023 | 1,700,000 | 1,774,339 | |
North Broward FL Hospital District Series B | 5.00 | 1-1-2024 | 2,000,000 | 2,169,624 | |
Pompano Beach FL Refunding Bond John Knox Village Project | 3.25 | 9-1-2023 | 665,000 | 686,088 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2022 | 115,000 | 118,056 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2023 | 115,000 | 120,950 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2024 | 145,000 | 155,586 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2025 | 180,000 | 196,387 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2026 | 185,000 | 204,458 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2027 | 215,000 | 240,275 | |
St. Johns County FL IDA Vicars Landing Project A | 4.00 | 12-15-2028 | 200,000 | 225,408 | |
Tender Option Bond Trust Receipts/Certificates 2020-XM0868 (JPMorgan Chase & Company LIQ) 144Aø | 0.16 | 2-15-2026 | 3,225,000 | 3,225,000 | |
22,436,171 | |||||
Housing revenue: 0.63% | |||||
Capital Trust Agency Florida College Park Towers Apartments Project (Department of Housing and Urban Development Insured) | 1.25 | 5-1-2024 | 9,000,000 | 9,094,705 | |
Miami-Dade County FL HFA MFHR Liberty Square Phase Two Project | 1.42 | 11-1-2040 | 6,500,000 | 6,523,308 | |
15,618,013 | |||||
Miscellaneous revenue: 0.50% | |||||
Capital Trust Agency Florida Marie Shelby Botanical Gardens 144A | 4.00 | 6-15-2022 | 1,200,000 | 1,211,315 | |
Miami-Dade County FL School Board Certificate of Participation Series A | 5.00 | 5-1-2031 | 10,115,000 | 11,147,803 | |
12,359,118 | |||||
Resource recovery revenue: 0.07% | |||||
Lee County FL Solid Waste System Refunding Bond | 5.00 | 10-1-2023 | 1,750,000 | 1,882,763 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.57% | |||||
Department of Environmental Protection Florida Forever Series A | 5.00% | 7-1-2023 | $ 7,720,000 | $ 7,900,345 | |
Leon County FL School District | 4.00 | 9-1-2026 | 6,000,000 | 6,351,575 | |
14,251,920 | |||||
Transportation revenue: 0.05% | |||||
Osceola County FL Transportation Improvement Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2024 | 300,000 | 336,296 | |
Osceola County FL Transportation Improvement Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2026 | 735,000 | 879,665 | |
1,215,961 | |||||
Utilities revenue: 0.11% | |||||
JEA Bulk Power Supply System Scherer 4 Project Series A | 3.00 | 10-1-2022 | 1,800,000 | 1,803,758 | |
Orlando FL Commission Utility System Series B | 1.25 | 10-1-2046 | 1,000,000 | 1,012,116 | |
2,815,874 | |||||
Water & sewer revenue: 0.80% | |||||
North Sumter County FL Sumter County Utility Dependent District Utility Revenue Bonds Series 2021 (AGM Insured) | 5.00 | 10-1-2027 | 680,000 | 821,566 | |
North Sumter County FL Sumter County Utility Dependent District Utility Revenue Bonds Series 2021 (AGM Insured) | 5.00 | 10-1-2028 | 1,360,000 | 1,683,584 | |
Tohopekaliga Water Authority Florida Utility System Series 2020 144A | 5.00 | 10-1-2025 | 14,160,000 | 16,536,740 | |
Wildwood Utility Dependent District Utility South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2026 | 200,000 | 238,097 | |
Wildwood Utility Dependent District Utility South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2027 | 200,000 | 243,869 | |
Wildwood Utility Dependent District Utility South Sumter Utility Project | 5.00 | 10-1-2028 | 250,000 | 311,125 | |
19,834,981 | |||||
121,126,103 | |||||
Georgia: 2.90% | |||||
GO revenue: 0.00% | |||||
Georgia State Series D | 5.00 | 2-1-2022 | 145,000 | 145,535 | |
Health revenue: 0.05% | |||||
Cobb County GA Kennestone Hospital Authority Series 2020B | 5.00 | 4-1-2026 | 1,000,000 | 1,181,077 | |
Industrial development revenue: 0.22% | |||||
Savannah GA EDA PCR International Paper Company Project Series B | 1.90 | 8-1-2024 | 4,250,000 | 4,387,245 | |
Savannah GA EDA Recovery Zone Facility International | 2.00 | 11-1-2033 | 1,000,000 | 1,040,016 | |
5,427,261 | |||||
Utilities revenue: 2.63% | |||||
Burke County Development Authority Oglethorpe Power Corporation Vogtle Project Series F | 3.00 | 11-1-2045 | 22,050,000 | 22,644,397 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 1.55% | 12-1-2049 | $ 4,000,000 | $ 4,031,328 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2025 | 200,000 | 226,060 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project M | 5.00 | 1-1-2026 | 300,000 | 350,229 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2023 | 250,000 | 261,136 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2024 | 400,000 | 434,424 | |
Georgia Municipal Electric Authority Plant Vogtle Units 3&4 Project P | 5.00 | 1-1-2025 | 1,000,000 | 1,125,214 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2018C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 6,225,000 | 6,611,258 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021A | 4.00 | 7-1-2052 | 16,000,000 | 18,491,467 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021C | 4.00 | 12-1-2026 | 1,100,000 | 1,258,431 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021C | 4.00 | 12-1-2027 | 1,215,000 | 1,412,665 | |
Monroe County GA Development Authority PCR Georgia Power Company Plant Scherer Project First Series 2009 | 1.00 | 7-1-2049 | 2,500,000 | 2,505,015 | |
Monroe County GA Development Authority PCR Oglethorpe Power Corporation Scherer Project Series A | 1.50 | 1-1-2039 | 1,500,000 | 1,534,893 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Bonds Series 2021A (AGM Insured) | 5.00 | 1-1-2027 | 165,000 | 198,702 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Bonds Series 2021A | 5.00 | 1-1-2028 | 200,000 | 246,609 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2847 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.14 | 1-1-2056 | 4,315,000 | 4,315,000 | |
65,646,828 | |||||
72,400,701 | |||||
Guam: 0.07% | |||||
Tax revenue: 0.07% | |||||
Government of Guam Business Privilege Series F | 5.00 | 1-1-2028 | 500,000 | 602,306 | |
Government of Guam Business Privilege Series F | 5.00 | 1-1-2029 | 1,000,000 | 1,226,467 | |
1,828,773 | |||||
Hawaii: 0.54% | |||||
GO revenue: 0.18% | |||||
Honolulu HI General Obligation Bonds Series 2022A %% | 5.00 | 11-1-2024 | 1,000,000 | 1,092,768 | |
Honolulu HI General Obligation Bonds Series 2022A %% | 5.00 | 11-1-2025 | 3,000,000 | 3,390,198 | |
4,482,966 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue: 0.36% | |||||
Hawaii Department of Transportation Airports Division Series 2013 | 5.25% | 8-1-2025 | $ 1,945,000 | $ 2,086,774 | |
Hawaii Department of Transportation Airports Division Series 2013 | 5.25 | 8-1-2026 | 6,350,000 | 6,812,862 | |
8,899,636 | |||||
13,382,602 | |||||
Illinois: 9.09% | |||||
Airport revenue: 1.34% | |||||
Chicago IL Midway Airport Refunding Bond Second Lien Series A | 5.00 | 1-1-2022 | 6,100,000 | 6,100,000 | |
Chicago IL Midway Airport Refunding Bond Second Lien Series A | 5.00 | 1-1-2025 | 5,000,000 | 5,435,513 | |
Chicago IL O'Hare International Airport Refunding Bond General Senior Lien Series B | 5.00 | 1-1-2023 | 5,000,000 | 5,000,000 | |
Chicago IL O'Hare International Airport Refunding Bond General Senior Lien Series B | 5.00 | 1-1-2024 | 1,550,000 | 1,550,000 | |
Chicago IL O'Hare International Airport Refunding Bond Passenger Facility | 5.00 | 1-1-2023 | 13,720,000 | 13,933,601 | |
Chicago IL O'Hare International Airport Refunding Bond Passenger Facility | 5.00 | 1-1-2024 | 1,335,000 | 1,451,282 | |
33,470,396 | |||||
Education revenue: 0.51% | |||||
Illinois Finance Authority Benedictine University Refunding Bond | 5.00 | 10-1-2027 | 630,000 | 742,771 | |
Illinois State University Auxiliary Facilities System Series A | 5.00 | 4-1-2024 | 2,325,000 | 2,460,253 | |
Illinois State University Auxiliary Facilities System Series A (AGM Insured) | 5.00 | 4-1-2025 | 700,000 | 793,750 | |
Illinois State University Auxiliary Facilities System Series B | 5.00 | 4-1-2024 | 415,000 | 454,467 | |
Southern Illinois University Board of Trustees Southern Illnois University Housing and Auxiliary Facilities System Series A | 4.00 | 4-1-2027 | 780,000 | 894,975 | |
Southern Illnois University Board of Trustees Southern Illnois University Housing and Auxiliary Facilities System Series A (BAM Insured) | 4.00 | 4-1-2026 | 825,000 | 929,234 | |
University of Illinois Refunding Bond Auxiliary Facilities Series A | 5.00 | 4-1-2027 | 5,000,000 | 5,279,913 | |
Western Illinois University Refunding Bond Auxiliary Facilities System (BAM Insured) | 4.00 | 4-1-2024 | 1,000,000 | 1,077,559 | |
12,632,922 | |||||
GO revenue: 2.56% | |||||
Chicago IL Board of Education Refunding Bond Series A (AGM Insured) | 5.00 | 12-1-2022 | 500,000 | 520,810 | |
Chicago IL Board of Education Refunding Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,000,000 | 2,168,151 | |
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2030 | 2,250,000 | 2,841,561 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2022 | 10,505,000 | 10,505,000 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2023 | 1,450,000 | 1,517,706 | |
Chicago IL Refunding Bond Series A | 5.00 | 1-1-2026 | 5,000,000 | 5,754,986 | |
Chicago IL Refunding Bond Series B (Ambac Insured) | 5.13 | 1-1-2022 | 525,000 | 525,000 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2022 | 5,340,000 | 5,340,000 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2023 | 3,300,000 | 3,454,089 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Community Unit School District #100 Boone, McHenry and Dekalb Counties ILL General Obligation Refunding School Bonds, Series 2021B | 4.00% | 1-1-2027 | $ 4,525,000 | $ 5,211,590 | |
Community Unit School District #100 Boone, McHenry and Dekalb Counties ILL General Obligation Refunding School Bonds, Series 2021B | 4.00 | 1-1-2028 | 2,100,000 | 2,454,178 | |
Cook County IL Refunding Bond Series A | 5.00 | 11-15-2025 | 1,000,000 | 1,166,860 | |
Cook County IL Refunding Bond Series A | 5.00 | 11-15-2027 | 2,000,000 | 2,463,604 | |
Dekalb & Kane Counties IL Community Unit School District Series B (AGM Insured) ¤ | 0.00 | 1-1-2025 | 3,235,000 | 3,121,358 | |
Grundy Dendall & Will Counties IL Community High School District #111 Minooka Refund Bond %% | 4.00 | 5-1-2027 | 500,000 | 574,897 | |
Grundy Kendall & Will Counties IL Community High School District #111 Minooka Refunding Bond %% | 4.00 | 5-1-2026 | 635,000 | 715,690 | |
Illinois Series 2014 | 5.00 | 4-1-2022 | 3,000,000 | 3,034,401 | |
Illinois Series 2020 | 5.13 | 5-1-2022 | 2,000,000 | 2,031,587 | |
Illinois Series 2020 | 5.38 | 5-1-2023 | 1,000,000 | 1,065,264 | |
Kane, Cook, DuPage, McHenry & Dekalb Counties Refunding Bond Series B | 4.00 | 12-15-2026 | 960,000 | 1,114,738 | |
Kane, Cook, DuPage, McHenry & Dekalb Counties Refunding Bond Series B | 4.00 | 12-15-2027 | 795,000 | 940,460 | |
Kendall, Kane & Will Counties IL Refunding Bond Series B | 5.00 | 10-1-2022 | 1,660,000 | 1,716,440 | |
Kendall, Kane & Will Counties IL Refunding Bond Series B | 5.00 | 10-1-2023 | 825,000 | 884,598 | |
Waukegan IL Series B (AGM Insured) | 4.00 | 12-30-2023 | 500,000 | 533,109 | |
Whiteside & Lee Counties IL Community Unit School District Series A | 4.00 | 12-1-2024 | 1,490,000 | 1,632,580 | |
Will County IL Community High School District #161 | 4.00 | 1-1-2024 | 2,000,000 | 2,134,665 | |
Winnebago Boone County IL Community College District Rock Valley College Series A (AGM Insured) | 5.00 | 1-1-2022 | 500,000 | 500,000 | |
63,923,322 | |||||
Health revenue: 0.54% | |||||
Illinois Finance Authority Health Services Facility Series 2020 | 5.00 | 10-1-2025 | 500,000 | 574,872 | |
Illinois Finance Authority Health Services Facility Series 2020 | 5.00 | 10-1-2026 | 500,000 | 591,157 | |
Illinois Finance Authority Presbyterian Homes Obligated Group Series B (SIFMA Municipal Swap +0.70%) ± | 0.80 | 5-1-2042 | 2,250,000 | 2,255,142 | |
Illinois Finance Authority Revenue Advocate Health Care Network | 4.00 | 11-1-2030 | 3,600,000 | 4,116,554 | |
Illinois Finance Authority Series 2020B-2 | 5.00 | 5-15-2050 | 4,000,000 | 4,715,840 | |
Southwestern Illinois Development Authority Health Facility Memorial Group Incorporated | 6.38 | 11-1-2023 | 1,035,000 | 1,114,673 | |
13,368,238 | |||||
Housing revenue: 0.31% | |||||
Illinois Housing Development Authority (SIFMA Municipal Swap +1.00%)(FNMA LOC, FNMA LIQ) ± | 1.10 | 5-15-2050 | 7,500,000 | 7,680,101 | |
Miscellaneous revenue: 1.61% | |||||
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2024 | 2,270,000 | 2,541,404 | |
Chicago IL Board of Education Refunding Bond Series B | 5.00 | 12-1-2025 | 2,460,000 | 2,834,226 | |
Illinois Refunding Bond | 5.00 | 2-1-2022 | 4,895,000 | 4,912,645 | |
Illinois Refunding Bond | 5.00 | 2-1-2023 | 8,775,000 | 9,209,317 | |
Illinois Series 2017D | 5.00 | 11-1-2026 | 8,025,000 | 9,522,539 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Illinois Series 2021A | 5.00% | 3-1-2028 | $ 2,500,000 | $ 3,044,848 | |
Will County IL Community Unit School District #201 | 5.00 | 1-1-2041 | 8,000,000 | 8,001,539 | |
40,066,518 | |||||
Tax revenue: 1.57% | |||||
Build Illinois Bond Junior Obligation Series C | 5.00 | 6-15-2022 | 2,985,000 | 3,048,243 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2022 | 955,000 | 955,000 | |
Hillside IL Refunding Bond Series 2018 | 5.00 | 1-1-2024 | 650,000 | 669,044 | |
Huntley IL Special Service Area #6 Special Tax Refunding Bond (BAM Insured) | 2.20 | 3-1-2024 | 1,165,000 | 1,187,171 | |
Illinois Sales Tax Revenue Junior Obligation Series A | 5.00 | 6-15-2023 | 5,825,000 | 6,202,487 | |
Illinois Sales Tax Revenue Junior Obligation Series C | 4.00 | 6-15-2025 | 4,000,000 | 4,442,468 | |
Illinois Sales Tax Revenue Refunding Bond Series C | 4.00 | 6-15-2023 | 3,315,000 | 3,482,087 | |
Illinois Series 2013 | 5.00 | 6-15-2024 | 585,000 | 622,801 | |
Macon County IL Decatur School District #61 Series 2020 C (AGM Insured) | 4.00 | 1-1-2024 | 475,000 | 507,865 | |
Macon County IL Decatur School District #61 Series 2020 C (AGM Insured) | 4.00 | 1-1-2027 | 600,000 | 693,581 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B | 5.00 | 12-15-2022 | 7,000,000 | 7,301,721 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Refunding Bonds Series A %% | 3.00 | 6-15-2025 | 2,000,000 | 2,118,744 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 5.00 | 1-1-2028 | 5,000,000 | 6,152,141 | |
Village of Matteson IL General Obligation Refunding Bonds Series 2021A (BAM Insured) | 4.00 | 12-1-2025 | 500,000 | 557,616 | |
Village of Matteson IL General Obligation Refunding Bonds Series 2021A (BAM Insured) | 4.00 | 12-1-2026 | 200,000 | 227,160 | |
Village of Matteson IL General Obligation Refunding Bonds Series 2021A | 4.00 | 12-1-2027 | 300,000 | 346,024 | |
Village of Matteson IL General Obligation Refunding Bonds Series 2021A | 4.00 | 12-1-2027 | 575,000 | 663,213 | |
39,177,366 | |||||
Tobacco revenue: 0.49% | |||||
Illinois Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2022 | 12,000,000 | 12,230,830 | |
Transportation revenue: 0.10% | |||||
Illinois Toll Highway Authority Senior Refunding Bond Series C | 5.00 | 1-1-2027 | 2,050,000 | 2,473,185 | |
Water & sewer revenue: 0.06% | |||||
Geneva IL Waterworks Sewage Alternate | 4.00 | 2-1-2027 | 450,000 | 518,890 | |
Geneva IL Waterworks Sewage Alternate | 4.00 | 2-1-2028 | 280,000 | 327,345 | |
Village of Matteson IL General Obligation Refunding Bonds Series 2021A (BAM Insured) | 4.00 | 12-1-2025 | 400,000 | 446,093 | |
Waukegan Lake County IL First Lien Water & Sewer System Revenue Bonds Series 2020 | 5.00 | 12-30-2027 | 280,000 | 342,129 | |
1,634,457 | |||||
226,657,335 |
Interest rate | Maturity date | Principal | Value | ||
Indiana: 1.69% | |||||
Health revenue: 0.85% | |||||
Indiana Finance Authority Deaconess Health System Series B (SIFMA Municipal Swap +0.30%) ± | 0.40% | 3-1-2039 | $ 6,000,000 | $ 6,000,000 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2022 | 1,000,000 | 1,039,469 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2023 | 1,270,000 | 1,376,752 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B | 5.00 | 11-1-2024 | 3,000,000 | 3,377,774 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C | 5.00 | 11-1-2023 | 800,000 | 867,245 | |
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C | 5.00 | 11-1-2024 | 1,000,000 | 1,125,925 | |
Indiana Finance Authority Parkview Health Series A | 5.00 | 5-1-2023 | 1,010,000 | 1,073,385 | |
Indiana Finance Authority Refunding Bond University Health Obligated Group Series B | 1.65 | 12-1-2042 | 5,130,000 | 5,130,000 | |
Indiana Finance Authority Senior Living Series A | 5.00 | 11-15-2022 | 500,000 | 518,081 | |
Indiana Finance Authority Senior Living Series A | 5.00 | 11-15-2023 | 500,000 | 538,240 | |
21,046,871 | |||||
Industrial development revenue: 0.36% | |||||
Indiana Finance Authority Environmental Revenue Bonds Mittal Steel USA Project 2006 ø | 0.18 | 8-1-2030 | 9,000,000 | 9,000,000 | |
Miscellaneous revenue: 0.48% | |||||
Indianapolis Local Public Improvement Bond Series A | 5.00 | 6-1-2026 | 3,000,000 | 3,547,301 | |
Indianapolis Local Public Improvement Bond Series A | 5.00 | 6-1-2027 | 6,000,000 | 7,288,728 | |
Mishawaka Redevelopment Authority Lease Rental Revenue Bonds of 2021 (BAM Insured) | 5.00 | 2-15-2027 | 1,025,000 | 1,229,889 | |
12,065,918 | |||||
42,112,789 | |||||
Iowa: 0.65% | |||||
Education revenue: 0.10% | |||||
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2022 | 500,000 | 520,997 | |
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2023 | 700,000 | 758,573 | |
Iowa Student Loan Liquidity Corporation AMT Senior Series B | 5.00 | 12-1-2024 | 1,000,000 | 1,121,362 | |
2,400,932 | |||||
GO revenue: 0.08% | |||||
Indianola IA General Obligation Capital Loan Notes Series 2021 | 3.00 | 6-1-2027 | 855,000 | 951,019 | |
Indianola IA General Obligation Capital Loan Notes Series 2021 | 4.00 | 6-1-2028 | 880,000 | 1,043,009 | |
1,994,028 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.47% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00% | 9-1-2049 | $10,000,000 | $ 11,687,389 | |
16,082,349 | |||||
Kansas: 0.34% | |||||
Health revenue: 0.34% | |||||
Kansas Development Finance Authority Adventhealth Obligated Group Hospital Series B | 5.00 | 11-15-2054 | 5,000,000 | 6,317,922 | |
Wichita KS Health Care Facilities Presbyterian Manors Incorporated | 4.00 | 5-15-2024 | 1,015,000 | 1,055,885 | |
Wichita KS Health Care Facilities Presbyterian Manors Incorporated | 5.00 | 5-15-2025 | 1,055,000 | 1,145,244 | |
8,519,051 | |||||
Kentucky: 2.45% | |||||
Education revenue: 0.07% | |||||
Columbia KY Educational Development Refunding Revenue Bonds Lindsey Wilson College Project Series 2021 | 4.00 | 12-1-2027 | 525,000 | 595,305 | |
Columbia KY Educational Development Refunding Revenue Bonds Lindsey Wilson College Project Series 2021 | 4.00 | 12-1-2028 | 545,000 | 624,119 | |
Kentucky Bond Development Corporation City of Danville Centre College Series 2021 | 4.00 | 6-1-2026 | 210,000 | 237,376 | |
Kentucky Bond Development Corporation City of Danville Centre College Series 2021 | 4.00 | 6-1-2028 | 250,000 | 292,921 | |
1,749,721 | |||||
Health revenue: 0.19% | |||||
Louisville & Jefferson Counties KY Metro Health System Revenue Norton Healthcare Incorporated Series C | 5.00 | 10-1-2047 | 4,000,000 | 4,788,260 | |
Housing revenue: 0.48% | |||||
Kentucky Housing Corporation MFHR Chapel House Apartments Project ��ø | 0.80 | 9-1-2022 | 3,070,000 | 3,072,882 | |
Kentucky Housing Corporation MFHR City View Park Project | 1.16 | 2-1-2023 | 9,000,000 | 9,006,257 | |
12,079,139 | |||||
Miscellaneous revenue: 0.02% | |||||
Kentucky State University Certificates of Participation Series 2021 (BAM Insured) | 5.00 | 11-1-2027 | 160,000 | 195,481 | |
Kentucky State University Certificates of Participation Series 2021 (BAM Insured) | 5.00 | 11-1-2028 | 200,000 | 250,097 | |
445,578 | |||||
Utilities revenue: 1.69% | |||||
Kentucky Public Energy Authority Gas Supply Series B | 4.00 | 1-1-2049 | 26,085,000 | 28,424,097 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Louisville & Jefferson Counties KY Metro Government PCR Series B | 1.35% | 11-1-2027 | $ 7,500,000 | $ 7,536,263 | |
Trimble County KY PCR Refunding Bonds Louisville Gas and Electric Company | 1.30 | 9-1-2044 | 6,000,000 | 6,052,300 | |
42,012,660 | |||||
61,075,358 | |||||
Louisiana: 1.35% | |||||
Health revenue: 0.29% | |||||
Louisiana Public Facilities Authority Hospital Revenue Louisiana Children's Medical Center Project | 5.00 | 6-1-2045 | 6,695,000 | 7,117,967 | |
Industrial development revenue: 0.60% | |||||
St John Baptist Parish Louisiana Marathon Oil Corporation Project | 2.10 | 6-1-2037 | 14,450,000 | 14,894,385 | |
Miscellaneous revenue: 0.27% | |||||
Louisiana Local Government Environmental Facilities and CDA Subordinated Lien East Baton Rouge øø | 0.88 | 2-1-2046 | 5,000,000 | 5,013,496 | |
Louisiana State General Obligation Bonds Series A | 5.00 | 2-1-2027 | 1,570,000 | 1,717,483 | |
6,730,979 | |||||
Utilities revenue: 0.15% | |||||
Lafayette LA Refunding Bond | 5.00 | 11-1-2023 | 3,680,000 | 3,824,932 | |
Water & sewer revenue: 0.04% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A | 1.30 | 2-1-2041 | 1,000,000 | 1,016,416 | |
33,584,679 | |||||
Maine: 0.08% | |||||
Education revenue: 0.02% | |||||
Maine Finance Authority Supplemental Education Loan Program Class A Series A-1 (AGM Insured) | 5.00 | 12-1-2025 | 425,000 | 486,006 | |
Health revenue: 0.06% | |||||
Maine Health and Higher Educational Facilities Authority Revenue Bonds Series 2020A | 5.00 | 7-1-2025 | 255,000 | 294,647 | |
Maine Health and Higher Educational Facilities Authority Revenue Bonds Series 2020A | 5.00 | 7-1-2025 | 545,000 | 623,817 | |
Maine Health and Higher Educational Facilities Authority Revenue Bonds Series 2020A | 5.00 | 7-1-2026 | 500,000 | 593,422 | |
1,511,886 | |||||
1,997,892 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 1.42% | |||||
Housing revenue: 0.75% | |||||
Maryland CDA Department of Housing & Community Multifamily Development Park View | 1.75% | 2-1-2022 | $ 7,700,000 | $ 7,707,417 | |
Maryland CDA Department of Housing & Community Multifamily Development Windsor Valley III Apartments Series G (FHA Insured) | 1.05 | 12-1-2023 | 11,000,000 | 10,997,062 | |
18,704,479 | |||||
Transportation revenue: 0.12% | |||||
Maryland Transportation Authority Refunding Bond AMT | 5.00 | 3-1-2022 | 2,995,000 | 3,017,367 | |
Utilities revenue: 0.55% | |||||
Maryland Economic Development Corporation PCR Potomac Electric Power Company Project | 1.70 | 9-1-2022 | 13,500,000 | 13,615,510 | |
35,337,356 | |||||
Massachusetts: 2.63% | |||||
Education revenue: 0.28% | |||||
Massachusetts Development Finance Agency Lasell University Series 2021 | 4.00 | 7-1-2027 | 250,000 | 283,959 | |
Massachusetts Development Finance Agency Lasell University Series 2021 | 4.00 | 7-1-2028 | 330,000 | 378,869 | |
Massachusetts Development Finance Agency Springfield College Issue Series 2021A | 5.00 | 6-1-2026 | 420,000 | 492,040 | |
Massachusetts Development Finance Agency Springfield College Issue Series 2021A | 5.00 | 6-1-2027 | 440,000 | 528,327 | |
Massachusetts Educational Financing Authority AMT Issue I Series 2015A | 5.00 | 1-1-2022 | 4,115,000 | 4,115,000 | |
Massachusetts Educational Financing Authority AMT Issue K Series 2017A | 5.00 | 7-1-2022 | 1,000,000 | 1,023,151 | |
6,821,346 | |||||
Health revenue: 0.76% | |||||
Massachusetts Development Finance Agency Partners Healthcare System Series S-3 (SIFMA Municipal Swap +0.50%) ± | 0.60 | 7-1-2038 | 5,000,000 | 5,006,239 | |
Massachusetts Development Finance Agency Partners Healthcare System Series S-5 (SIFMA Municipal Swap +0.42%) ± | 0.52 | 7-1-2044 | 11,230,000 | 11,230,764 | |
Massachusetts Development Finance Agency Revenue Bonds Boston Medical Center Issue Series C | 5.25 | 7-1-2027 | 1,850,000 | 1,892,907 | |
Massachusetts Development Finance Agency Wellforce Issue Series C | 5.00 | 10-1-2026 | 300,000 | 357,300 | |
Massachusetts Development Finance Agency Wellforce Issue Series C (AGM Insured) | 5.00 | 10-1-2027 | 410,000 | 501,212 | |
18,988,422 | |||||
Miscellaneous revenue: 0.99% | |||||
Massachusetts Consolidated Loan Subordinate Bond Series D-2 øø | 1.70 | 8-1-2043 | 24,550,000 | 24,762,814 | |
Tax revenue: 0.11% | |||||
Massachusetts Bay Transportation Authority Series B Subseries B-1 | 5.00 | 7-1-2025 | 2,300,000 | 2,659,333 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.49% | |||||
Massachusetts Department of Transportation Refunding Bond | 5.00% | 1-1-2039 | $11,685,000 | $ 12,223,435 | |
65,455,350 | |||||
Michigan: 1.68% | |||||
Education revenue: 0.09% | |||||
Board of Trustees of Northern Michigan University General Revenue Bonds Series 2018A | 5.00 | 12-1-2027 | 640,000 | 787,571 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2026 | 390,000 | 445,366 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2027 | 405,000 | 470,293 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2028 | 405,000 | 477,900 | |
2,181,130 | |||||
GO revenue: 0.03% | |||||
Clawson MI Public School Building and Site (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2026 | 285,000 | 324,963 | |
Clawson MI Public School Building and Site (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2028 | 300,000 | 353,431 | |
678,394 | |||||
Health revenue: 0.59% | |||||
Kalamazoo MI Economic Development Corporation Series 2020B-2 | 2.63 | 5-15-2025 | 1,150,000 | 1,150,824 | |
Michigan Finance Authority Bronson Healthcare Group Series B & C | 3.75 | 11-15-2049 | 7,600,000 | 8,522,390 | |
Michigan Finance Authority Crittenden Hospital Medical Center Series A | 4.13 | 6-1-2032 | 4,290,000 | 4,358,821 | |
Michigan Strategic Fund Limited Obligation Refunding Bond Holland Home Project | 4.00 | 11-15-2024 | 580,000 | 626,261 | |
14,658,296 | |||||
Industrial development revenue: 0.89% | |||||
Michigan Strategic Fund Limited Obligation Consumers Energy Company Project | 1.80 | 10-1-2049 | 19,500,000 | 20,056,901 | |
Michigan Strategic Fund Limited Obligation Revenue Graphic Packaging International LLC | 4.00 | 10-1-2061 | 2,000,000 | 2,228,939 | |
22,285,840 | |||||
Miscellaneous revenue: 0.08% | |||||
Michigan Finance Authority Local Government Loan Program Series 2014H-1 | 5.00 | 10-1-2022 | 815,000 | 817,935 | |
Michigan Finance Authority Senior Lien Distributable State Aid Charter County of Wayne Criminal Justice Center Project | 5.00 | 11-1-2022 | 1,150,000 | 1,193,141 | |
2,011,076 | |||||
41,814,736 |
Interest rate | Maturity date | Principal | Value | ||
Minnesota: 0.68% | |||||
GO revenue: 0.17% | |||||
Hastings MN Independent School District #200 Series A ¤ | 0.00% | 2-1-2023 | $ 815,000 | $ 812,625 | |
Hastings MN Independent School District #200 Series A ¤ | 0.00 | 2-1-2024 | 1,015,000 | 1,006,176 | |
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (JPMorgan Chase & Company LIQ) 144Aø | 0.27 | 3-20-2024 | 2,300,000 | 2,300,000 | |
4,118,801 | |||||
Housing revenue: 0.43% | |||||
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%)(GNMA / FNMA / FHLMC Insured) ± | 0.53 | 1-1-2045 | 10,830,000 | 10,845,088 | |
Miscellaneous revenue: 0.04% | |||||
Duluth MN Independent School District Certificate of Participation Series B (State School District Credit Program Insured) | 5.00 | 2-1-2024 | 425,000 | 461,922 | |
Duluth MN Independent School District Certificate of Participation Series B (State School District Credit Program Insured) | 5.00 | 2-1-2025 | 375,000 | 422,038 | |
883,960 | |||||
Utilities revenue: 0.04% | |||||
Central Minnesota Municipal Power Agency Brookings Southeast Twin (AGM Insured) | 5.00 | 1-1-2027 | 400,000 | 480,833 | |
Central Minnesota Municipal Power Agency Brookings Southeast Twin (AGM Insured) | 5.00 | 1-1-2028 | 500,000 | 614,235 | |
1,095,068 | |||||
16,942,917 | |||||
Mississippi: 0.33% | |||||
Health revenue: 0.31% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project øø | 0.20 | 9-1-2036 | 5,000,000 | 4,997,796 | |
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project | 5.00 | 9-1-2044 | 2,500,000 | 2,819,236 | |
7,817,032 | |||||
Industrial development revenue: 0.02% | |||||
Mississippi Business Finance Corporation Solid Waste Disposal Facilities Mississippi Power Company Project ø | 0.15 | 5-1-2028 | 520,000 | 520,000 | |
8,337,032 | |||||
Missouri: 1.32% | |||||
GO revenue: 0.20% | |||||
St. Louis MO Special Administrative Board The Transitional School Direct Deposit Program | 4.00 | 4-1-2022 | 5,030,000 | 5,077,261 | |
Health revenue: 0.17% | |||||
Residual Interest Bond Floater Trust Various States Certificate 2019-016 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.14 | 6-1-2045 | 4,200,000 | 4,200,000 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.95% | |||||
Missouri Environmental Improvement and Energy Resources Authority Kansas City Power and Light Company Project | 2.75% | 5-1-2038 | $23,400,000 | $ 23,677,685 | |
32,954,946 | |||||
Montana: 0.11% | |||||
Health revenue: 0.11% | |||||
Montana Facility Finance Authority Billings Clinic Obligated Group Series 2022A %% | 5.00 | 8-15-2024 | 375,000 | 410,251 | |
Montana Facility Finance Authority Billings Clinic Obligated Group Series 2022A %% | 5.00 | 8-15-2025 | 325,000 | 367,557 | |
Montana Facility Finance Authority Billings Clinic Obligated Group Series 2022A %% | 5.00 | 8-15-2027 | 500,000 | 596,665 | |
Montana Facility Finance Authority Billings Clinic Obligated Group Series 2022A %% | 5.00 | 8-15-2028 | 1,145,000 | 1,392,231 | |
2,766,704 | |||||
Nebraska: 0.90% | |||||
Airport revenue: 0.05% | |||||
Airport Authority of the City of Lincoln Airport Bonds Series 2021 | 5.00 | 7-1-2028 | 1,000,000 | 1,245,385 | |
Education revenue: 0.09% | |||||
Douglas County NE Educational Facilities SIFMA Index Creighton University (SIFMA Municipal Swap +0.53%) ± | 0.63 | 7-1-2035 | 2,250,000 | 2,258,232 | |
Health revenue: 0.15% | |||||
Douglas County NE Hospital Authority Children's Hospital Obligated Group Series B | 5.00 | 11-15-2053 | 3,250,000 | 3,745,856 | |
Utilities revenue: 0.61% | |||||
Central Plains Energy Project Nebraska Refunding Bond Project #3 Series 2012 | 5.00 | 9-1-2042 | 1,075,000 | 1,108,004 | |
Tender Option Bond Trust Receipts/Certificates Series 2016 XF1053 (Deutsche Bank LIQ) 144Aø | 0.16 | 2-1-2049 | 14,000,000 | 14,000,000 | |
15,108,004 | |||||
22,357,477 | |||||
Nevada: 0.43% | |||||
GO revenue: 0.33% | |||||
Clark County NV School District Series B (AGM Insured) | 5.00 | 6-15-2027 | 5,000,000 | 6,115,623 | |
Clark County NV School District Series C | 5.00 | 6-15-2022 | 2,000,000 | 2,043,315 | |
8,158,938 | |||||
Utilities revenue: 0.10% | |||||
Washoe County NV Sierra Pacific Power Series B | 3.00 | 3-1-2036 | 560,000 | 565,951 | |
Washoe County NV Water Facility Refunding Bond Series F | 2.05 | 3-1-2036 | 2,000,000 | 2,008,716 | |
2,574,667 | |||||
10,733,605 |
Interest rate | Maturity date | Principal | Value | ||
New Hampshire: 0.60% | |||||
Resource recovery revenue: 0.60% | |||||
National Finance Authority Solid Waste Disposal Waste Management Incorporated Project Series 2020A-3 øø | 0.18% | 4-1-2024 | $15,000,000 | $ 14,999,150 | |
New Jersey: 5.31% | |||||
Airport revenue: 0.23% | |||||
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2022 | 1,755,000 | 1,813,378 | |
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2023 | 1,500,000 | 1,614,985 | |
New Jersey EDA Refunding Bond Port Newark Container Terminal LLC Project | 5.00 | 10-1-2024 | 2,000,000 | 2,236,012 | |
5,664,375 | |||||
GO revenue: 0.68% | |||||
New Jersey EDA Series G 144A | 5.25 | 9-1-2023 | 15,000,000 | 16,184,648 | |
The Board of Education of the City of Newark New Jersey School Energy Savings Obligation Refunding Bonds Series 2021 (BAM Insured) | 5.00 | 7-15-2027 | 350,000 | 424,183 | |
The Board of Education of the City of Newark New Jersey School Energy Savings Obligation Refunding Bonds Series 2021 | 5.00 | 7-15-2028 | 350,000 | 434,532 | |
17,043,363 | |||||
Housing revenue: 1.09% | |||||
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.70 | 4-1-2022 | 5,190,000 | 5,214,476 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.80 | 10-1-2022 | 4,845,000 | 4,912,733 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.90 | 4-1-2023 | 5,345,000 | 5,469,813 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 2.95 | 10-1-2023 | 5,000,000 | 5,157,893 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 3.10 | 4-1-2024 | 2,370,000 | 2,468,452 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series B | 3.25 | 4-1-2025 | 2,690,000 | 2,846,643 | |
New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue Series D | 2.90 | 10-1-2025 | 1,200,000 | 1,272,638 | |
27,342,648 | |||||
Miscellaneous revenue: 2.33% | |||||
New Jersey EDA School Facilities Construction Bond Series DDD | 5.00 | 6-15-2023 | 3,000,000 | 3,197,228 | |
New Jersey EDA School Facilities Construction Bond Series DDD | 5.00 | 6-15-2024 | 2,605,000 | 2,882,356 | |
New Jersey EDA School Facilities Construction Bond Series NN | 5.00 | 3-1-2022 | 405,000 | 408,038 | |
New Jersey EDA School Facilities Construction Refunding Bond Series XX | 5.00 | 6-15-2022 | 7,500,000 | 7,658,315 | |
New Jersey EDA Series BBB | 5.00 | 6-15-2022 | 6,000,000 | 6,126,652 | |
New Jersey EDA Series BBB | 5.00 | 6-15-2023 | 4,000,000 | 4,262,970 | |
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B | 5.00 | 11-1-2022 | 26,000,000 | 27,006,275 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2525 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø | 0.13% | 6-15-2047 | $ 5,000,000 | $ 5,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0226 (BHAC / NPFGC Insured, Bank of America NA LIQ) 144Aø | 0.14 | 7-1-2026 | 1,500,000 | 1,500,000 | |
58,041,834 | |||||
Tax revenue: 0.10% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 2,000,000 | 2,430,755 | |
Transportation revenue: 0.88% | |||||
New Jersey Turnpike Authority Series C-6 (1 Month LIBOR +0.75%) ± | 0.82 | 1-1-2030 | 21,820,000 | 21,858,997 | |
132,381,972 | |||||
New Mexico: 0.02% | |||||
Health revenue: 0.02% | |||||
Santa Fe NM Retirement Facility El Castillo Retirement | 2.25 | 5-15-2024 | 600,000 | 600,462 | |
New York: 7.77% | |||||
Airport revenue: 0.47% | |||||
Albany County NY Airport Authority Airport Revenue Refunding Bonds, Series 2020B | 5.00 | 12-15-2026 | 1,070,000 | 1,277,732 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2026 | 490,000 | 580,892 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2027 | 500,000 | 604,425 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2028 | 500,000 | 616,684 | |
New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Series 2020A | 5.00 | 12-1-2029 | 500,000 | 627,946 | |
Port of New York & Port of New Jersey Authority Consolidated Bonds 185th Series AMT | 5.00 | 9-1-2026 | 7,150,000 | 7,926,107 | |
11,633,786 | |||||
Education revenue: 0.22% | |||||
Hempstead Town NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series A | 4.05 | 2-1-2031 | 1,000,000 | 1,027,030 | |
Hempstead Town NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series B | 4.76 | 2-1-2027 | 1,640,000 | 1,715,059 | |
New York Dormitory Authority Iona College Series 2022 %% | 5.00 | 7-1-2028 | 825,000 | 987,312 | |
New York Housing Finance Agency Affordable Housing Series K2 %% | 5.00 | 7-1-2025 | 600,000 | 673,584 | |
St. Lawrence County NY Industrial Development Clarkson University Project Series B | 1.55 | 9-1-2042 | 1,000,000 | 1,003,103 | |
5,406,088 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.30% | |||||
City of Tonawanda Erie County NY BAN Series 2021 | 1.00% | 6-2-2022 | $ 3,000,000 | $ 3,008,125 | |
Poughkeepsie Dutchess County NY Public Improvement Refunding Bond | 4.00 | 4-15-2027 | 480,000 | 543,210 | |
Suffolk County NY Series A (BAM Insured) | 5.00 | 6-15-2028 | 3,215,000 | 4,015,547 | |
7,566,882 | |||||
Health revenue: 0.73% | |||||
Broome County NY Local Development Corporation Series 2020 (AGM Insured) | 5.00 | 4-1-2026 | 500,000 | 588,471 | |
Broome County NY Local Development Corporation Series 2020 (AGM Insured) | 5.00 | 4-1-2027 | 950,000 | 1,149,072 | |
New York Dormitory Authority Catholic Health Systems Obligated Group Revenue Bond Series 2019B (Manufacturers & Traders LOC) ø | 0.20 | 7-1-2048 | 9,925,000 | 9,925,000 | |
New York Dormitory Authority Montefiore Obligated Group Series 2018A | 5.00 | 8-1-2026 | 1,000,000 | 1,180,892 | |
New York Dormitory Authority Non State Supported Debt Northwell Health | 5.00 | 5-1-2048 | 4,000,000 | 4,328,572 | |
Westchester County NY Local Development Corporation Purchase Senior Learning Community Incorporated 144A | 2.88 | 7-1-2026 | 1,000,000 | 1,005,633 | |
18,177,640 | |||||
Housing revenue: 0.23% | |||||
New York Housing Finance Agency Affordable Housing Series K2 | 1.00 | 11-1-2061 | 3,000,000 | 3,000,116 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.75 | 11-1-2023 | 400,000 | 408,528 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.80 | 5-1-2024 | 400,000 | 410,386 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.85 | 11-1-2024 | 400,000 | 412,676 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.90 | 5-1-2025 | 515,000 | 534,160 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 1.95 | 11-1-2025 | 520,000 | 541,120 | |
New York NY Housing Development Corporation MFHR AMT Sustainable Neighborhood | 2.00 | 5-1-2026 | 535,000 | 555,683 | |
5,862,669 | |||||
Industrial development revenue: 1.35% | |||||
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment Project | 5.00 | 1-1-2024 | 7,205,000 | 7,828,630 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment Project | 5.00 | 1-1-2025 | 22,925,000 | 25,816,773 | |
33,645,403 | |||||
Miscellaneous revenue: 0.14% | |||||
New York Liberty Development Corporation Tax-Exempt Liberty Revenue Refunding Bonds Series 2021A | 1.20 | 11-15-2028 | 2,500,000 | 2,473,107 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Public Housing Capital Fund Trust I 144A | 4.50% | 7-1-2022 | $ 868,096 | $ 871,909 | |
Public Housing Capital Fund Trust II (Department of Housing and Urban Development Insured) 144A | 4.50 | 7-1-2022 | 136,058 | 137,333 | |
3,482,349 | |||||
Tax revenue: 1.58% | |||||
New York Metropolitan Transportation Authority Subordinate Bond Series A2A (SIFMA Municipal Swap +0.45%) ± | 0.55 | 11-1-2026 | 5,050,000 | 5,054,875 | |
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ± | 0.90 | 11-1-2022 | 4,975,000 | 5,012,447 | |
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series 2021C-1B | 5.00 | 5-15-2051 | 10,000,000 | 11,827,357 | |
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series A | 2.00 | 5-15-2045 | 6,000,000 | 6,367,758 | |
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series B-2 | 5.00 | 5-15-2050 | 9,500,000 | 11,235,989 | |
39,498,426 | |||||
Transportation revenue: 2.25% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 9,600,000 | 9,627,373 | |
New York Metropolitan Transportation Authority BAN | 5.00 | 2-1-2023 | 10,400,000 | 10,920,219 | |
New York Metropolitan Transportation Authority Subordinate Bond Series 2012A-2 (Bank of Montreal LOC) ø | 0.14 | 11-15-2041 | 7,700,000 | 7,700,000 | |
New York Metropolitan Transportation Authority Subordinate Bond Series D2 (SIFMA Municipal Swap +0.45%) ± | 0.55 | 11-15-2044 | 22,545,000 | 22,562,928 | |
New York Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D | 5.00 | 11-15-2026 | 4,475,000 | 5,318,734 | |
56,129,254 | |||||
Utilities revenue: 0.39% | |||||
Long Island Power Authority Electric System General Series B | 1.65 | 9-1-2049 | 6,000,000 | 6,144,231 | |
Long Island Power Authority Electric System Revenue General Series B | 1.50 | 9-1-2051 | 3,500,000 | 3,586,351 | |
9,730,582 | |||||
Water & sewer revenue: 0.11% | |||||
New York City Municipal Water Finance Authority Water & Sewer System Series DD | 5.00 | 6-15-2026 | 2,225,000 | 2,655,470 | |
193,788,549 | |||||
North Carolina: 0.81% | |||||
Health revenue: 0.47% | |||||
Charlotte Mecklenburg Hospital Authority North Carolina Health Care System Atrium Health Series E | 0.80 | 1-15-2048 | 1,500,000 | 1,500,108 | |
Charlotte-Mecklenburg NC Hospital Authority Atrium Health Series B | 5.00 | 1-15-2048 | 7,000,000 | 7,051,824 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00 | 3-1-2026 | 245,000 | 278,483 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00% | 3-1-2027 | $ 295,000 | $ 341,928 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 5.00 | 3-1-2028 | 305,000 | 359,115 | |
North Carolina Medical Care Commission Retirement Facilities Entrance Fee Series 2020B-2 | 2.30 | 9-1-2025 | 1,250,000 | 1,259,722 | |
North Carolina Medical Care Commission Retirement Facilities First Mortgage Series 2020B-2 | 2.50 | 10-1-2024 | 740,000 | 741,603 | |
11,532,783 | |||||
Industrial development revenue: 0.04% | |||||
Columbus County Industrial Facilities & PCFA Environmental Improvement Revenue Refunding Bond International Paper Company Project Series A | 2.00 | 11-1-2033 | 1,000,000 | 1,040,016 | |
Resource recovery revenue: 0.30% | |||||
North Carolina Capital Finance Republic Services Incorporated Project Series 2013 øø | 0.22 | 6-1-2038 | 7,500,000 | 7,500,027 | |
20,072,826 | |||||
North Dakota: 0.16% | |||||
Health revenue: 0.16% | |||||
Grand Forks ND Health Care System Revenue Bonds (Altru Health System) Series 2021 | 5.00 | 12-1-2025 | 165,000 | 191,633 | |
Grand Forks ND Health Care System Revenue Bonds (Altru Health System) Series 2021 | 5.00 | 12-1-2026 | 225,000 | 268,638 | |
Grand Forks ND Health Care System Revenue Bonds (Altru Health System) Series 2021 | 5.00 | 12-1-2027 | 1,125,000 | 1,372,115 | |
Grand Forks ND Health Care System Revenue Bonds (Altru Health System) Series 2021 | 5.00 | 12-1-2028 | 1,650,000 | 2,049,771 | |
3,882,157 | |||||
Ohio: 1.78% | |||||
Health revenue: 0.17% | |||||
Hamilton County OH Hospital Facilities UC Health Series 2020 | 5.00 | 9-15-2026 | 655,000 | 779,108 | |
Ohio Hospital Revenue Bonds Series 2020 | 5.00 | 11-15-2025 | 265,000 | 305,265 | |
Ohio Hospital University Hospital Health System Series B | 5.00 | 1-15-2050 | 2,905,000 | 3,282,361 | |
4,366,734 | |||||
Industrial development revenue: 0.16% | |||||
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series A | 2.88 | 2-1-2026 | 3,750,000 | 3,938,622 | |
Miscellaneous revenue: 0.03% | |||||
Dayton OH City School District Certificate of Participation School Facilities Project | 3.00 | 12-1-2026 | 180,000 | 197,776 | |
Dayton OH City School District Certificate of Participation School Facilities Project | 3.00 | 12-1-2027 | 270,000 | 299,850 | |
Dayton OH City School District Certificate of Participation School Facilities Project | 4.00 | 12-1-2028 | 230,000 | 273,092 | |
770,718 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.50% | |||||
Ohio Air Quality Development Authority Refunding Bond American Electric Power Company Project | 1.90% | 5-1-2026 | $12,000,000 | $ 12,346,458 | |
Tax revenue: 0.25% | |||||
Akron OH Community Learning Centers Income Tax Revenue Refunding Bonds, Series 2022 %% | 4.00 | 12-1-2026 | 3,350,000 | 3,825,103 | |
Akron OH Community Learning Centers Income Tax Revenue Refunding Bonds, Series 2022 %% | 4.00 | 12-1-2028 | 2,000,000 | 2,366,160 | |
6,191,263 | |||||
Utilities revenue: 0.67% | |||||
American Municipal Power Ohio Incorporated Fremont Energy Center | 5.00 | 2-15-2027 | 400,000 | 484,182 | |
American Municipal Power Ohio Incorporated Fremont Energy Center | 5.00 | 2-15-2029 | 350,000 | 442,013 | |
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2025 | 1,200,000 | 1,367,732 | |
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2026 | 1,500,000 | 1,764,444 | |
American Municipal Power Ohio Incorporated Hydroelectric Projects Series A | 5.00 | 2-15-2027 | 1,600,000 | 1,936,727 | |
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 9,500,000 | 10,693,407 | |
16,688,505 | |||||
44,302,300 | |||||
Oklahoma: 1.05% | |||||
Education revenue: 0.02% | |||||
Oklahoma Development Finance Authority Refunding Bond Oklahoma City University Project | 4.00 | 8-1-2022 | 535,000 | 545,296 | |
GO revenue: 0.27% | |||||
Oklahoma County OK Independent School District #52 Series A | 3.00 | 1-1-2022 | 3,535,000 | 3,535,000 | |
Oklahoma County OK Independent School District #52 Series A | 3.00 | 1-1-2023 | 3,135,000 | 3,221,238 | |
6,756,238 | |||||
Health revenue: 0.14% | |||||
Oklahoma Development Finance Authority Health System Revenue ø | 0.18 | 8-15-2031 | 1,850,000 | 1,850,000 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2022 | 500,000 | 513,351 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2023 | 500,000 | 534,121 | |
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B | 5.00 | 8-15-2024 | 600,000 | 664,442 | |
3,561,914 | |||||
Miscellaneous revenue: 0.62% | |||||
Kay County OK Public Buildings Authority | 2.25 | 4-1-2024 | 720,000 | 732,886 | |
Kay County OK Public Buildings Authority | 2.25 | 4-1-2025 | 735,000 | 751,768 | |
Kay County OK Public Buildings Authority | 2.38 | 4-1-2026 | 750,000 | 770,520 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Kingfisher OK Special Projects Authority Educational Facilities Kingfisher Public Schools Project | 4.00% | 3-1-2026 | $ 2,005,000 | $ 2,254,244 | |
Oklahoma County OK Finance Authority Educational Facilities Jones Public Schools Project | 4.00 | 9-1-2025 | 550,000 | 606,194 | |
Oklahoma County OK Finance Authority Educational Facilities Jones Public Schools Project | 4.00 | 9-1-2026 | 590,000 | 663,217 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2023 | 830,000 | 890,978 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2024 | 1,080,000 | 1,196,325 | |
Ottawa County OK Educational Facilities Authority Educational Facilities Lease Miami Public Schools Project | 5.00 | 9-1-2025 | 930,000 | 1,062,562 | |
Tulsa County OK Industrial Authority Educational Broken Arrow Public Schools Project | 5.00 | 9-1-2025 | 3,000,000 | 3,225,594 | |
Wagoner County OK School Development Authority Wagoner Public Schools Project | 4.00 | 9-1-2025 | 1,255,000 | 1,378,959 | |
Weatherford OK Industrial Trust Educational Facilities Lease Weatherford Public Schools Project | 5.00 | 3-1-2027 | 1,475,000 | 1,753,100 | |
15,286,347 | |||||
26,149,795 | |||||
Oregon: 0.15% | |||||
Airport revenue: 0.06% | |||||
Port of Portland International Airport Series C | 5.00 | 7-1-2026 | 1,240,000 | 1,463,860 | |
GO revenue: 0.04% | |||||
Port of Morrow County OR Full Faith Refunding Bond Series A | 4.00 | 6-1-2026 | 345,000 | 389,020 | |
Port of Morrow County OR Full Faith Refunding Bond Series A | 4.00 | 6-1-2027 | 535,000 | 613,221 | |
1,002,241 | |||||
Health revenue: 0.05% | |||||
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds Terwilliger Plaza Parkview | 0.95 | 6-1-2027 | 1,200,000 | 1,185,578 | |
3,651,679 | |||||
Other: 0.52% | |||||
Miscellaneous revenue: 0.52% | |||||
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1A øø | 1.60 | 8-15-2051 | 2,282,046 | 2,292,608 | |
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1B1 øø | 2.25 | 8-15-2051 | 10,554,464 | 10,633,947 | |
12,926,555 | |||||
Pennsylvania: 6.26% | |||||
Airport revenue: 0.93% | |||||
Allegheny County PA Airport Authority Airport Revenue Bonds, Series 2021A | 5.00 | 1-1-2026 | 1,600,000 | 1,858,971 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
Allegheny County PA Airport Authority Airport Revenue Bonds, Series 2021A | 5.00% | 1-1-2027 | $ 2,000,000 | $ 2,389,029 | |
Allegheny County PA Airport Authority Airport Revenue Bonds, Series 2021A | 5.00 | 1-1-2028 | 2,000,000 | 2,443,936 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2015A | 5.00 | 6-15-2023 | 1,410,000 | 1,502,697 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2026 | 1,160,000 | 1,378,434 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020A | 5.00 | 7-1-2027 | 1,400,000 | 1,711,047 | |
Philadelphia PA Airport Revenue Refunding Bonds Series 2020C | 5.00 | 7-1-2024 | 10,745,000 | 11,902,182 | |
23,186,296 | |||||
Education revenue: 0.53% | |||||
Huntingdon County PA General Authority Juniata College Project Series 2021-TT3 | 5.00 | 10-1-2027 | 385,000 | 461,841 | |
Huntingdon County PA General Authority Juniata College Project Series 2021-TT3 | 5.00 | 10-1-2028 | 415,000 | 505,362 | |
Lehigh County PA General Purpose Authority (SIFMA Municipal Swap +0.58%) ± | 0.68 | 11-1-2037 | 10,050,000 | 10,033,284 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2026 | 1,475,000 | 1,713,455 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2028 | 500,000 | 606,956 | |
13,320,898 | |||||
GO revenue: 1.14% | |||||
Albert Gallatin School District Series A (AGM Insured) | 4.00 | 9-1-2025 | 1,130,000 | 1,253,610 | |
Albert Gallatin School District Series B (AGM Insured) | 4.00 | 9-1-2025 | 350,000 | 388,286 | |
Butler PA Area School District (AGM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,382,934 | |
Butler PA Area School District | 5.00 | 10-1-2024 | 2,965,000 | 3,309,923 | |
Butler PA Area School District (AGM Insured) | 5.00 | 10-1-2025 | 4,695,000 | 5,414,926 | |
Canon-McMillan School District PA General Obligation Bonds, Series B of 2014 (AGM Insured) | 4.50 | 12-15-2028 | 2,000,000 | 2,153,077 | |
Coatesville PA Area School District (AGM Insured) | 5.00 | 8-1-2023 | 1,000,000 | 1,071,767 | |
Dunmore Pennsylvania Series A (AGM Insured) | 2.00 | 9-1-2025 | 220,000 | 228,042 | |
Dunmore Pennsylvania Series A (AGM Insured) | 2.00 | 9-1-2027 | 200,000 | 206,536 | |
Dunmore Pennsylvania Series A (AGM Insured) | 2.00 | 9-1-2028 | 220,000 | 225,292 | |
Laurel Highlands School District Series A (BAM Insured) | 4.00 | 2-1-2027 | 1,325,000 | 1,496,199 | |
Oil City Venango County General Obligation Bonds Series A of 2021 (AGM Insured) | 4.00 | 12-1-2026 | 200,000 | 229,323 | |
Oil City Venango County General Obligation Bonds Series A of 2021 | 4.00 | 12-1-2027 | 195,000 | 227,088 | |
Oil City Venango County General Obligation Bonds Series A of 2021 (AGM Insured) | 4.00 | 12-1-2028 | 200,000 | 236,743 | |
Peoria PA GO Series 2016B | 5.00 | 1-1-2023 | 715,000 | 747,069 | |
Philadelphia PA School District Refunding Bond | 5.00 | 9-1-2023 | 4,500,000 | 4,845,416 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2022 | 1,000,000 | 1,031,581 | |
Philadelphia PA School District Series A | 5.00 | 9-1-2024 | 800,000 | 894,026 | |
Scranton PA School District Series A | 5.00 | 6-1-2022 | 730,000 | 743,281 | |
Scranton PA School District Series A | 5.00 | 6-1-2023 | 835,000 | 886,167 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2022 | 870,000 | 886,553 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2023 | 615,000 | 654,484 | |
28,512,323 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 1.66% | |||||
Berks County PA IDA Health System Tower Health Project | 5.00% | 11-1-2023 | $ 1,000,000 | $ 1,058,030 | |
Berks County PA IDA Health System Tower Health Project | 5.00 | 11-1-2024 | 1,000,000 | 1,094,549 | |
Geisinger Authority Health System Series B | 5.00 | 4-1-2043 | 10,000,000 | 11,901,485 | |
Montgomery County PA Higher Education & Health Authority Series 2018D ø | 0.20 | 9-1-2050 | 10,000,000 | 10,000,000 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series A | 5.00 | 9-1-2023 | 1,050,000 | 1,130,597 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ± | 0.82 | 9-1-2051 | 10,000,000 | 10,000,353 | |
Philadelphia PA Hospitals & HEFAR Temple University Health System | 5.00 | 7-1-2022 | 2,000,000 | 2,045,799 | |
Southcentral Pennsylvania General Authority Wellspan Health Obligation Group | 5.00 | 6-1-2027 | 2,085,000 | 2,315,199 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XM0876 144Aø | 0.14 | 8-15-2027 | 1,750,000 | 1,750,000 | |
41,296,012 | |||||
Housing revenue: 1.20% | |||||
Pennsylvania HFA Limited Norris Homes Phase V | 1.40 | 1-1-2043 | 10,000,000 | 10,092,749 | |
Pennsylvania HFA Single Family Series 125A | 2.38 | 10-1-2025 | 12,625,000 | 12,963,125 | |
Pennsylvania HFA Single Family Series 128A | 4.75 | 4-1-2033 | 5,645,000 | 6,117,982 | |
Pennsylvania HFA Single Family Series 137 | 5.00 | 10-1-2024 | 265,000 | 296,520 | |
Pennsylvania HFA Single Family Series 137 | 5.00 | 10-1-2025 | 220,000 | 254,440 | |
Pennsylvania HFA Single Family Series 137 | 5.00 | 4-1-2026 | 240,000 | 281,478 | |
30,006,294 | |||||
Industrial development revenue: 0.17% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds, Series 2022 %% | 5.00 | 5-1-2026 | 500,000 | 574,174 | |
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds, Series 2022 %% | 5.00 | 5-1-2027 | 500,000 | 587,223 | |
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds, Series 2022 %% | 5.00 | 5-1-2028 | 500,000 | 598,441 | |
Lehigh County PA IDA Electric Utilities Corporation Series B | 1.80 | 2-15-2027 | 2,500,000 | 2,520,295 | |
4,280,133 | |||||
Miscellaneous revenue: 0.37% | |||||
Delaware Valley Regional Finance Authority Local Government Series D (TD Bank NA LOC) ø | 0.10 | 11-1-2055 | 1,000,000 | 1,000,000 | |
Pennsylvania EDFA Sewage Sludge Disposal Series 2020 | 3.00 | 1-1-2025 | 505,000 | 534,097 | |
Pennsylvania EDFA Sewage Sludge Disposal Series 2020 | 4.00 | 1-1-2026 | 615,000 | 683,550 | |
Pittsburgh & Allegheny Counties Sports & Exhibition Authority Series 2020 (AGM Insured) | 4.00 | 2-1-2024 | 1,700,000 | 1,821,888 | |
Pittsburgh & Allegheny Counties Sports & Exhibition Authority Series 2020 (AGM Insured) | 5.00 | 2-1-2026 | 2,000,000 | 2,344,451 | |
State Public School Building Authority Prerefunded Bond Series A | 5.00 | 12-1-2023 | 375,000 | 407,924 | |
State Public School Building Authority Prerefunded Bond Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,130,000 | 2,299,746 | |
9,091,656 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.20% | |||||
Lancaster PA Parking Authority Series A | 4.00% | 9-1-2025 | $ 530,000 | $ 587,976 | |
Lancaster PA Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2026 | 545,000 | 617,656 | |
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +0.70%) ± | 0.80 | 12-1-2023 | 2,880,000 | 2,893,404 | |
Pennsylvania Turnpike Commission Series B 2020 | 5.00 | 12-1-2025 | 300,000 | 350,952 | |
Pennsylvania Turnpike Commission Series B 2020 | 5.00 | 12-1-2026 | 350,000 | 421,238 | |
4,871,226 | |||||
Water & sewer revenue: 0.06% | |||||
Allegheny County Sanitary Authority Sewer Revenue Series A 2020 | 5.00 | 6-1-2026 | 850,000 | 1,006,692 | |
Allegheny County Sanitary Authority Sewer Revenue Series A 2020 | 5.00 | 6-1-2027 | 300,000 | 364,260 | |
1,370,952 | |||||
155,935,790 | |||||
Rhode Island: 0.38% | |||||
Education revenue: 0.05% | |||||
Rhode Island Student Loan Authority AMT Series A | 5.00 | 12-1-2023 | 1,175,000 | 1,272,147 | |
Miscellaneous revenue: 0.33% | |||||
Rhode Island & Providence Plantations Consolidated Capital Development Series A | 5.00 | 8-1-2023 | 8,045,000 | 8,269,127 | |
9,541,274 | |||||
South Carolina: 0.67% | |||||
Health revenue: 0.46% | |||||
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.21 | 5-1-2048 | 11,450,000 | 11,450,000 | |
Utilities revenue: 0.21% | |||||
Piedmont SC Municipal Power Agency | 5.38 | 1-1-2025 | 4,645,000 | 5,281,115 | |
16,731,115 | |||||
Tennessee: 2.58% | |||||
Health revenue: 0.35% | |||||
Greeneville TN Health and Educational Ballad Health Series A | 5.00 | 7-1-2023 | 1,600,000 | 1,710,522 | |
Knox County TN Health Educational & Housing Facility University Health System Incorporate | 5.00 | 4-1-2024 | 1,000,000 | 1,096,278 | |
Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aøø | 0.13 | 1-1-2045 | 5,910,000 | 5,910,000 | |
8,716,800 | |||||
Housing revenue: 0.32% | |||||
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Richland Hills Apartments Project (Department of Housing and Urban Development Insured) | 1.25 | 12-1-2024 | 8,000,000 | 8,107,060 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 1.91% | |||||
Memphis TN Light, Gas & Water Division Series 2020A | 5.00% | 12-1-2025 | $ 600,000 | $ 703,174 | |
Memphis TN Light, Gas & Water Division Series 2020A | 5.00 | 12-1-2026 | 600,000 | 725,666 | |
Memphis TN Light, Gas & Water Division Series 2020A | 5.00 | 12-1-2027 | 450,000 | 559,314 | |
Tennessee Energy Acquisition Corporation Gas Project | 4.00 | 11-1-2049 | 7,500,000 | 8,277,689 | |
Tennessee Energy Acquisition Corporation Series A | 4.00 | 5-1-2048 | 35,840,000 | 37,273,360 | |
47,539,203 | |||||
64,363,063 | |||||
Texas: 11.03% | |||||
Airport revenue: 1.62% | |||||
City of Austin Airport System Revenue Refunding Bonds, Series 2019 | 5.00 | 11-15-2025 | 1,500,000 | 1,740,927 | |
Dallas-Fort Worth TX International Airport Series A | 5.00 | 11-1-2025 | 1,000,000 | 1,166,210 | |
Dallas-Fort Worth TX International Airport Series B | 5.00 | 11-1-2023 | 500,000 | 519,266 | |
Dallas-Fort Worth TX International Airport Series B | 5.00 | 11-1-2025 | 10,000,000 | 11,653,836 | |
El Paso TX Airport Series 2018 | 5.00 | 8-15-2025 | 3,110,000 | 3,580,884 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020A | 5.00 | 7-1-2026 | 1,000,000 | 1,181,500 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020A | 5.00 | 7-1-2027 | 1,000,000 | 1,212,005 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020B | 5.00 | 7-1-2026 | 1,500,000 | 1,783,921 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series 2020B | 5.00 | 7-1-2027 | 3,000,000 | 3,668,335 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series A | 5.00 | 7-1-2024 | 3,620,000 | 3,704,534 | |
Houston TX Airport System Refunding Bond Subordinated Lien Bond Series B | 5.00 | 7-1-2027 | 6,090,000 | 6,235,277 | |
Love Field Airport Modernization Corporation Texas General Airport Revenue Refunding Bonds Series 2021 | 5.00 | 11-1-2026 | 3,250,000 | 3,868,011 | |
40,314,706 | |||||
Education revenue: 0.29% | |||||
Arlington TX Higher Education Finance Corporation Education Revenue Bonds, Series 2021A | 4.00 | 2-15-2027 | 350,000 | 403,493 | |
Arlington TX Higher Education Finance Corporation Education Revenue Bonds, Series 2021A | 4.00 | 2-15-2028 | 290,000 | 338,882 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2022 | 1,000,000 | 1,025,786 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2023 | 1,510,000 | 1,608,958 | |
Clifton TX Higher Education Finance Corporation Education International Leadership Series D | 5.00 | 8-15-2024 | 3,125,000 | 3,446,675 | |
Odessa College District Consolidated Fund Revenue Bonds Series 2021 | 4.00 | 7-1-2028 | 400,000 | 472,864 | |
7,296,658 | |||||
GO revenue: 3.80% | |||||
Andrews County Texas Hospital District Refunding Bond | 5.00 | 3-15-2027 | 1,750,000 | 2,080,888 | |
Denton TX Independent School District School Building Series B | 2.00 | 8-1-2044 | 4,070,000 | 4,227,743 | |
Eanes TX Independent School District School Building Series B | 1.75 | 8-1-2039 | 7,465,000 | 7,648,534 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Fort Bend TX Independent School District Various Refunding Series B øø | 0.72% | 8-1-2051 | $ 1,500,000 | $ 1,495,962 | |
Hays Consolidated Independent School District TX School Building Bonds Series 2018B | 2.70 | 8-15-2042 | 2,370,000 | 2,402,738 | |
Hays Consolidated Independent School District TX School Building Bonds Series 2018B | 2.70 | 8-15-2042 | 4,395,000 | 4,455,711 | |
Hays TX School District Unlimited Tax School Building Series B | 2.70 | 8-15-2042 | 605,000 | 613,320 | |
Houston TX Public Improvement Series A | 5.00 | 3-1-2022 | 5,000,000 | 5,038,720 | |
Houston TX Public Improvement Series A | 5.00 | 3-1-2023 | 3,500,000 | 3,692,922 | |
Katy TX Independent School District School Building Bonds Series 2021C | 1.50 | 8-15-2050 | 4,500,000 | 4,617,063 | |
Lake Travis Independent School District Prefunded Bond Series B | 2.63 | 2-15-2048 | 1,010,000 | 1,012,875 | |
Lake Travis Independent School District Series 2018B | 2.63 | 2-15-2048 | 2,125,000 | 2,130,313 | |
Lake Travis Independent School District Series B | 1.53 | 2-15-2048 | 5,145,000 | 5,159,466 | |
Lake Travis Independent School District Unrefunded Bond Series B | 2.63 | 2-15-2048 | 1,720,000 | 1,724,796 | |
Leander TX Independent School District Refunding CAB ¤ | 0.00 | 8-15-2023 | 1,065,000 | 1,059,021 | |
McAllen TX Independent School District Series A | 5.00 | 2-15-2024 | 2,620,000 | 2,760,102 | |
North East Independent School District Texas Series 2017 | 2.38 | 8-1-2047 | 7,135,000 | 7,225,343 | |
North East Independent School District Texas Series 2019 | 2.20 | 8-1-2049 | 4,800,000 | 4,996,743 | |
Northside Texas Independent School District School Building Bond Series 2012 | 1.75 | 6-1-2032 | 5,290,000 | 5,298,671 | |
Northside Texas Independent School District School Building Bond Series 2018 | 2.75 | 8-1-2048 | 20,305,000 | 21,019,779 | |
Northside Texas Independent School District School Building Bond Series 2020 øø | 0.70 | 6-1-2050 | 5,000,000 | 5,006,140 | |
Port Arthur TX Jefferson and Orange Counties Combination Tax and Revenue Certificates of Obligation Series 2021 (BAM Insured) | 5.00 | 2-15-2028 | 365,000 | 448,991 | |
Port Arthur TX Jefferson and Orange Counties Series 2021 (BAM Insured) | 5.00 | 2-15-2026 | 290,000 | 339,450 | |
Port Arthur TX Jefferson and Orange Counties Series 2021 (BAM Insured) | 5.00 | 2-15-2027 | 310,000 | 372,653 | |
94,827,944 | |||||
Health revenue: 0.44% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Hospital Memorial Hermann Health System (SIFMA Municipal Swap +0.57%) ± | 0.67 | 12-1-2049 | 11,000,000 | 11,041,319 | |
Housing revenue: 0.53% | |||||
Dallas TX Housing Finance Corporation Multifamily Housing Estates at Shiloh | 1.25 | 7-1-2037 | 7,000,000 | 7,092,056 | |
Odessa TX Housing Finance Corporation Multifamily Housing Vera Odessa Apartments (FHA Insured) øø | 0.35 | 9-1-2023 | 6,000,000 | 6,002,287 | |
13,094,343 | |||||
Industrial development revenue: 0.08% | |||||
Port of Beaumont Navigation District Jefferson County Dock and Wharf Facility Revenue Bonds Series 2021A 144A | 1.88 | 1-1-2026 | 800,000 | 801,379 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue (continued) | |||||
Port of Beaumont Navigation District Jefferson County Dock and Wharf Facility Revenue Bonds Series 2021A 144A | 2.00% | 1-1-2027 | $ 525,000 | $ 525,673 | |
Port of Beaumont Navigation District Jefferson County Dock and Wharf Facility Revenue Bonds Series 2021A 144A | 2.13 | 1-1-2028 | 575,000 | 575,613 | |
1,902,665 | |||||
Resource recovery revenue: 1.13% | |||||
Mission TX Economic Development Corporation Republic Services Incorporated Project øø | 0.20 | 1-1-2026 | 16,000,000 | 15,999,978 | |
Mission TX Economic Development Corporation Solid Waste Disposal Revenue Bonds Series 2020A ø | 0.18 | 5-1-2046 | 4,000,000 | 3,999,773 | |
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø | 0.18 | 11-1-2040 | 8,100,000 | 8,100,000 | |
28,099,751 | |||||
Tax revenue: 0.22% | |||||
Baytown TX Municipal Development District Combination Limited Sales Tax Revenue and Third-Lien Hotel Revenue Bonds Series 2021C | 5.00 | 10-1-2025 | 480,000 | 555,334 | |
Baytown TX Municipal Development District Combination Limited Sales Tax Revenue and Third-Lien Hotel Revenue Bonds Series 2021C | 5.00 | 10-1-2026 | 510,000 | 606,886 | |
Baytown TX Municipal Development District Combination Limited Sales Tax Revenue and Third-Lien Hotel Revenue Bonds Series 2021C | 5.00 | 10-1-2027 | 845,000 | 1,029,295 | |
Old Spanish Trail Almeda Corridors Redevelopment Authority Texas Refunding Bond Tax Increment Contract | 5.00 | 9-1-2025 | 2,805,000 | 3,223,375 | |
5,414,890 | |||||
Utilities revenue: 1.87% | |||||
Lower Colorado River Authority Refunding Bond | 5.00 | 5-15-2027 | 2,000,000 | 2,436,145 | |
Lower Colorado River Authority Series 2022 (AGM Insured) %% | 5.00 | 5-15-2027 | 1,385,000 | 1,665,450 | |
Lower Colorado River Authority Series 2022 (AGM Insured) %% | 5.00 | 5-15-2028 | 2,285,000 | 2,806,878 | |
San Antonio TX Electric & Gas Revenue Various Refunding Bonds Junior Lien Series 2020 | 1.75 | 2-1-2049 | 11,500,000 | 12,016,027 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond Series 2015D | 1.13 | 12-1-2045 | 10,000,000 | 10,138,374 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bonds Series 2018 | 2.75 | 2-1-2048 | 6,000,000 | 6,132,426 | |
Texas Municipal Gas Acquisition & Supply Corporation Series A (SIFMA Municipal Swap +0.55%) ± | 0.65 | 9-15-2027 | 8,515,000 | 8,624,397 | |
Texas Municipal Power Agency Transmission System Series 2021 | 3.00 | 9-1-2026 | 950,000 | 1,046,788 | |
Texas Municipal Power Agency Transmission System Series 2021 (AGM Insured) | 3.00 | 9-1-2027 | 1,600,000 | 1,752,782 | |
46,619,267 | |||||
Water & sewer revenue: 1.05% | |||||
San Antonio TX Water System Junior Lien Series A | 2.63 | 5-1-2049 | 12,490,000 | 13,155,588 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
San Antonio TX Water System Junior Lien Series B | 2.00% | 5-1-2044 | $ 5,930,000 | $ 6,012,552 | |
San Antonio TX Water System Junior Lien Series F | 1.00 | 5-1-2043 | 7,000,000 | 7,063,636 | |
26,231,776 | |||||
274,843,319 | |||||
Utah: 0.42% | |||||
Airport revenue: 0.41% | |||||
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2023 | 3,150,000 | 3,368,080 | |
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2024 | 2,000,000 | 2,215,390 | |
Salt Lake City UT International Airport Series A | 5.00 | 7-1-2025 | 2,300,000 | 2,637,768 | |
Salt Lake City UT Salt Lake City International Airport Revenue Bonds Series 2021A | 5.00 | 7-1-2026 | 1,650,000 | 1,949,476 | |
10,170,714 | |||||
Miscellaneous revenue: 0.01% | |||||
Utah Infrastructure Agency Telecommunications Bond | 3.00 | 10-15-2026 | 310,000 | 337,917 | |
10,508,631 | |||||
Vermont: 0.02% | |||||
Education revenue: 0.02% | |||||
Vermont Educational & Health Buildings Financing Agency Saint Michael's College Project | 5.00 | 10-1-2026 | 575,000 | 592,213 | |
Virginia: 2.60% | |||||
Education revenue: 0.04% | |||||
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00 | 6-1-2026 | 300,000 | 349,482 | |
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00 | 6-1-2027 | 275,000 | 327,658 | |
Virginia College Building Authority Educational Facilities Regent University Project Series 2021 | 5.00 | 6-1-2028 | 300,000 | 364,174 | |
1,041,314 | |||||
Health revenue: 0.18% | |||||
Floater/Residual Trust Tender Option Bond Series 2020-MIZ9025 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) ø | 0.17 | 11-1-2035 | 3,855,000 | 3,855,000 | |
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond | 4.00 | 1-1-2022 | 525,000 | 525,000 | |
4,380,000 | |||||
Housing revenue: 1.16% | |||||
Fairfax County VA Redevelopment and Housing Authority Multifamily Housing One University Senior Apartments | 1.25 | 12-1-2025 | 15,000,000 | 15,240,642 | |
Spotsylvania County VA EDA Palmers Creek Apartments Project (FHA / GNMA Insured) | 1.45 | 8-1-2022 | 13,700,000 | 13,711,674 | |
28,952,316 | |||||
Industrial development revenue: 0.13% | |||||
Peninsula VA Ports Authority Coal Terminal Refunding Bond Dominion Terminal Associates Project | 1.70 | 10-1-2033 | 3,300,000 | 3,333,062 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.06% | |||||
Marquis VA CDA CAB Series 2015 144A | 7.50% | 9-1-2045 | $ 680,000 | $ 331,697 | |
Marquis VA CDA CAB Series A | 5.10 | 9-1-2036 | 2,169,000 | 1,038,823 | |
Marquis VA CDA CAB Series C ¤ | 0.00 | 9-1-2041 | 3,493,000 | 214,731 | |
1,585,251 | |||||
Transportation revenue: 0.68% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 14,115,000 | 15,255,574 | |
Virginia Commonwealth Transportation Board Refunding Bond Series A | 5.00 | 5-15-2023 | 1,500,000 | 1,597,429 | |
16,853,003 | |||||
Utilities revenue: 0.35% | |||||
York County EDA PCR Virginia Electric & Power Company Project Series A | 1.90 | 5-1-2033 | 8,500,000 | 8,683,387 | |
64,828,333 | |||||
Washington: 3.61% | |||||
Airport revenue: 0.17% | |||||
Port of Seattle Refunding Bond Series B | 5.00 | 8-1-2023 | 4,155,000 | 4,264,819 | |
Education revenue: 0.83% | |||||
University of Washington Series A | 5.00 | 5-1-2048 | 20,500,000 | 20,662,516 | |
GO revenue: 0.32% | |||||
Washington Refunding Bond | 5.00 | 6-1-2025 | 1,000,000 | 1,152,490 | |
Washington Refunding Bond | 5.00 | 6-1-2026 | 1,570,000 | 1,869,957 | |
Washington Series A | 5.00 | 8-1-2022 | 4,800,000 | 4,935,708 | |
7,958,155 | |||||
Health revenue: 0.79% | |||||
Washington Health Care Facilities Authority CommonSpirit Health Series B1 | 5.00 | 8-1-2049 | 2,500,000 | 2,729,449 | |
Washington Health Care Facilities Authority CommonSpirit Health Series B3 | 5.00 | 8-1-2049 | 4,000,000 | 4,664,234 | |
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ± | 1.17 | 1-1-2042 | 9,500,000 | 9,502,575 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 5.00 | 12-1-2025 | 275,000 | 320,313 | |
Washington Health Care Facilities Authority Seattle Cancer Care Alliance 144A | 5.00 | 12-1-2026 | 285,000 | 341,638 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Eliseo Project Series B-2 144A | 2.13 | 7-1-2027 | 1,250,000 | 1,250,182 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Rockwood Retirement Communities 144A | 3.00 | 7-1-2027 | 1,000,000 | 1,001,649 | |
19,810,040 | |||||
Housing revenue: 0.31% | |||||
Housing Authority of the County of King Workforce Housing Preservation Pooled Refunding Revenue Bonds 2021 | 4.00 | 10-1-2027 | 300,000 | 346,417 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00% | 4-1-2025 | $ 500,000 | $ 565,589 | |
Snohomish County WA Housing Authority Carvel Apartments Project | 5.00 | 4-1-2026 | 730,000 | 849,857 | |
Washington Housing Finance Commission MFHR College Glen Apartments Project Series A (FHA Insured) | 1.55 | 7-1-2022 | 5,880,000 | 5,880,000 | |
7,641,863 | |||||
Miscellaneous revenue: 0.05% | |||||
FYI Properties Refunding Bond State of Washington District Project | 5.00 | 6-1-2027 | 1,000,000 | 1,201,324 | |
Tax revenue: 0.10% | |||||
Central Puget Sound Washington Regional Refunding & Improvement Series S1 | 5.00 | 11-1-2036 | 2,110,000 | 2,470,322 | |
Utilities revenue: 1.04% | |||||
Seattle WA Municipal Light & Power Refunding Bond Series B (SIFMA Municipal Swap +0.25%) ± | 0.35 | 5-1-2045 | 2,750,000 | 2,773,123 | |
Seattle WA Municipal Light & Power Refunding Bond Series C-1 (SIFMA Municipal Swap +0.49%) ± | 0.59 | 11-1-2046 | 23,190,000 | 23,265,637 | |
26,038,760 | |||||
90,047,799 | |||||
West Virginia: 0.42% | |||||
GO revenue: 0.08% | |||||
Berkeley County WV Board of Education Public School Series 2020 | 2.00 | 5-1-2023 | 1,000,000 | 1,022,429 | |
Berkeley County WV Board of Education Public School Series 2020 | 2.00 | 5-1-2024 | 1,000,000 | 1,036,222 | |
2,058,651 | |||||
Utilities revenue: 0.34% | |||||
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A | 3.00 | 6-1-2037 | 8,300,000 | 8,354,887 | |
10,413,538 | |||||
Wisconsin: 3.03% | |||||
Airport revenue: 0.07% | |||||
Wisconsin Airport Facilities PFA Senior Obligation Group Series B | 5.00 | 7-1-2022 | 1,655,000 | 1,668,725 | |
Education revenue: 0.02% | |||||
Wisconsin PFA Guilford College | 5.00 | 1-1-2022 | 625,000 | 625,000 | |
Health revenue: 2.21% | |||||
PFA Entrance Fee Principal Searstone Project Series B-2 | 2.25 | 6-1-2027 | 1,845,000 | 1,851,538 | |
PFA WI Revenue Bonds Series 2021A | 5.00 | 6-1-2027 | 200,000 | 241,197 | |
PFA WI Revenue Bonds Series 2021A | 5.00 | 6-1-2028 | 225,000 | 276,995 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series B-3 | 5.00 | 8-15-2054 | 2,000,000 | 2,191,249 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series B-4 | 5.00 | 8-15-2054 | 1,450,000 | 1,648,155 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Wisconsin HEFA Advocate Aurora Health Credit Group Series C-4 (SIFMA Municipal Swap +0.65%) ± | 0.75% | 8-15-2054 | $ 4,200,000 | $ 4,234,276 | |
Wisconsin HEFA Ascension Health Alliance | 5.00 | 11-15-2033 | 12,000,000 | 13,540,524 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2025 | 1,000,000 | 1,150,595 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2026 | 1,060,000 | 1,258,054 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 3,000,000 | 3,338,744 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated Series B2 | 5.00 | 2-15-2051 | 18,300,000 | 21,633,770 | |
Wisconsin HEFA Marshfield Clinic Series 2012B | 5.00 | 2-15-2026 | 630,000 | 633,371 | |
Wisconsin HEFA Saint John's Communities Incorporated Series 2022 %% | 4.00 | 9-15-2026 | 795,000 | 865,394 | |
Wisconsin HEFA Saint John's Communities Incorporated Series 2022 %% | 4.00 | 9-15-2028 | 860,000 | 942,396 | |
Wisconsin HEFA Saint John's Communities Incorporated Series B | 4.00 | 9-15-2027 | 140,000 | 157,411 | |
Wisconsin HEFA Saint John's Communities Incorporated Series B | 4.00 | 9-15-2028 | 195,000 | 220,765 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2024 | 155,000 | 167,884 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2025 | 245,000 | 271,452 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2026 | 355,000 | 401,647 | |
55,025,417 | |||||
Miscellaneous revenue: 0.67% | |||||
Wisconsin State Refunding Bond Series A | 5.00 | 5-1-2022 | 8,040,000 | 8,167,309 | |
Wisconsin State Refunding Bond Series A | 5.00 | 5-1-2023 | 8,015,000 | 8,522,426 | |
16,689,735 | |||||
Water & sewer revenue: 0.06% | |||||
Clayton WI Water System and Sewer System Series C | 2.00 | 6-1-2026 | 1,600,000 | 1,626,782 | |
75,635,659 | |||||
Total Municipal obligations (Cost $2,428,122,229) | 2,464,799,753 |
Yield | Shares | ||||
Short-term investments: 0.60% | |||||
Investment companies: 0.60% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 15,005,804 | 15,014,808 | ||
Total Short-term investments (Cost $15,013,340) | 15,014,808 | ||||
Total investments in securities (Cost $2,467,535,569) | 100.47% | 2,504,214,561 | |||
Other assets and liabilities, net | (0.47) | (11,619,202) | |||
Total net assets | 100.00% | $2,492,595,359 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
BHAC | Berkshire Hathaway Assurance Corporation |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
SIFMA | Securities Industry and Financial Markets Association |
SPA | Standby purchase agreement |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $41,242,575 | $518,964,621 | $(545,207,732) | $13,876 | $1,468 | $15,014,808 | 15,005,804 | $4,138 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,452,522,229) | $ 2,489,199,753 |
Investments in affiliated securities, at value (cost $15,013,340) | 15,014,808 |
Receivable for interest | 19,441,052 |
Receivable for Fund shares sold | 2,874,927 |
Receivable for investments sold | 2,144,252 |
Total assets | 2,528,674,792 |
Liabilities | |
Payable for when-issued transactions | 28,925,750 |
Payable for Fund shares redeemed | 4,958,420 |
Management fee payable | 621,154 |
Dividends payable | 562,260 |
Administration fees payable | 207,628 |
Distribution fee payable | 3,712 |
Overdraft due to custodian bank | 2,995 |
Trustees’ fees and expenses payable | 1,858 |
Accrued expenses and other liabilities | 795,656 |
Total liabilities | 36,079,433 |
Total net assets | $2,492,595,359 |
Net assets consist of | |
Paid-in capital | $ 2,508,430,932 |
Total distributable loss | (15,835,573) |
Total net assets | $2,492,595,359 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 636,589,010 |
Shares outstanding – Class A1 | 64,340,674 |
Net asset value per share – Class A | $9.89 |
Maximum offering price per share – Class A2 | $10.09 |
Net assets – Class C | $ 5,476,998 |
Shares outstanding – Class C1 | 553,582 |
Net asset value per share – Class C | $9.89 |
Net assets – Class R6 | $ 477,809,600 |
Shares outstanding – Class R61 | 48,202,036 |
Net asset value per share – Class R6 | $9.91 |
Net assets – Administrator Class | $ 8,706,668 |
Shares outstanding – Administrator Class1 | 879,963 |
Net asset value per share – Administrator Class | $9.89 |
Net assets – Institutional Class | $ 1,364,013,083 |
Shares outstanding – Institutional Class1 | 137,607,665 |
Net asset value per share – Institutional Class | $9.91 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 20,750,519 |
Income from affiliated securities | 4,138 |
Total investment income | 20,754,657 |
Expenses | |
Management fee | 4,343,804 |
Administration fees | |
Class A | 539,142 |
Class C | 4,923 |
Class R6 | 73,718 |
Administrator Class | 5,113 |
Institutional Class | 565,180 |
Shareholder servicing fees | |
Class A | 842,154 |
Class C | 7,646 |
Administrator Class | 12,625 |
Distribution fee | |
Class C | 22,928 |
Custody and accounting fees | 68,773 |
Professional fees | 33,970 |
Registration fees | 76,516 |
Shareholder report expenses | 62,925 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 31,317 |
Total expenses | 6,700,555 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (580,137) |
Class A | (241,120) |
Class C | (1,999) |
Administrator Class | (2,642) |
Net expenses | 5,874,657 |
Net investment income | 14,880,000 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 621,033 |
Affiliated securities | 13,876 |
Net realized gains on investments | 634,909 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (16,298,313) |
Affiliated securities | 1,468 |
Net change in unrealized gains (losses) on investments | (16,296,845) |
Net realized and unrealized gains (losses) on investments | (15,661,936) |
Net decrease in net assets resulting from operations | $ (781,936) |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 14,880,000 | $ 38,727,118 | ||
Net realized gains on investments | 634,909 | 362,169 | ||
Net change in unrealized gains (losses) on investments | (16,296,845) | 13,129,059 | ||
Net increase (decrease) in net assets resulting from operations | (781,936) | 52,218,346 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,279,465) | (8,650,299) | ||
Class C | (6,796) | (45,155) | ||
Class R6 | (3,074,370) | (7,553,665) | ||
Administrator Class | (56,987) | (174,423) | ||
Institutional Class | (8,472,852) | (22,698,377) | ||
Total distributions to shareholders | (14,890,470) | (39,121,919) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 3,277,535 | 32,525,135 | 9,382,943 | 93,467,640 |
Class C | 10,107 | 100,343 | 123,795 | 1,233,557 |
Class R6 | 17,562,445 | 174,628,280 | 14,404,730 | 143,772,237 |
Administrator Class | 11,946 | 118,567 | 530,194 | 5,285,151 |
Institutional Class | 28,640,806 | 284,966,242 | 53,939,339 | 538,375,527 |
492,338,567 | 782,134,112 | |||
Reinvestment of distributions | ||||
Class A | 315,365 | 3,129,458 | 837,695 | 8,344,092 |
Class C | 667 | 6,619 | 4,355 | 43,381 |
Class R6 | 114,347 | 1,136,876 | 391,799 | 3,909,923 |
Administrator Class | 5,210 | 51,726 | 16,340 | 162,837 |
Institutional Class | 785,389 | 7,805,836 | 1,938,996 | 19,350,456 |
12,130,515 | 31,810,689 | |||
Payment for shares redeemed | ||||
Class A | (8,125,960) | (80,677,096) | (16,283,444) | (162,192,261) |
Class C | (156,543) | (1,555,942) | (1,129,453) | (11,242,141) |
Class R6 | (13,543,543) | (134,424,578) | (33,755,005) | (337,160,574) |
Administrator Class | (432,922) | (4,309,235) | (1,120,885) | (11,177,262) |
Institutional Class | (31,248,296) | (310,788,434) | (109,671,860) | (1,094,609,637) |
(531,755,285) | (1,616,381,875) | |||
Net decrease in net assets resulting from capital share transactions | (27,286,203) | (802,437,074) | ||
Total decrease in net assets | (42,958,609) | (789,340,647) | ||
Net assets | ||||
Beginning of period | 2,535,553,968 | 3,324,894,615 | ||
End of period | $2,492,595,359 | $ 2,535,553,968 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 | $9.96 |
Net investment income | 0.05 | 0.12 | 0.15 | 0.15 | 0.13 | 0.12 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.03 | (0.01) | 0.10 | (0.02) | (0.11) |
Total from investment operations | (0.01) | 0.15 | 0.14 | 0.25 | 0.11 | 0.01 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.12) | (0.14) | (0.16) | (0.13) | (0.12) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.05) | (0.12) | (0.14) | (0.16) | (0.13) | (0.12) |
Net asset value, end of period | $9.89 | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 |
Total return2 | (0.11)% | 1.52% | 1.47% | 2.57% | 1.15% | 0.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.77% | 0.76% | 0.76% | 0.77% | 0.76% |
Net expenses | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Net investment income | 0.97% | 1.20% | 1.52% | 1.59% | 1.34% | 1.23% |
Supplemental data | ||||||
Portfolio turnover rate | 20% | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $636,589 | $685,618 | $743,254 | $991,514 | $1,209,079 | $1,619,974 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 | $9.96 |
Net investment income | 0.01 | 0.05 | 0.08 | 0.08 | 0.06 | 0.05 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.03 | (0.01) | 0.10 | (0.02) | (0.11) |
Total from investment operations | (0.05) | 0.08 | 0.07 | 0.18 | 0.04 | (0.06) |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.05) | (0.07) | (0.09) | (0.06) | (0.05) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Total distributions to shareholders | (0.01) | (0.05) | (0.07) | (0.09) | (0.06) | (0.05) |
Net asset value, end of period | $9.89 | $9.95 | $9.92 | $9.92 | $9.83 | $9.85 |
Total return2 | (0.49)% | 0.76% | 0.71% | 1.81% | 0.40% | (0.61)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.51% | 1.51% | 1.50% | 1.51% | 1.52% | 1.51% |
Net expenses | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Net investment income | 0.22% | 0.45% | 0.77% | 0.84% | 0.59% | 0.49% |
Supplemental data | ||||||
Portfolio turnover rate | 20% | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $5,477 | $6,962 | $16,870 | $34,381 | $48,101 | $62,796 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.97 | $9.94 | $9.94 | $9.86 |
Net investment income | 0.06 | 0.15 | 0.18 | 0.17 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.03 | (0.01) | 0.08 |
Total from investment operations | 0.00 | 0.18 | 0.17 | 0.25 |
Distributions to shareholders from | ||||
Net investment income | (0.06) | (0.15) | (0.17) | (0.17) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.06) | (0.15) | (0.17) | (0.17) |
Net asset value, end of period | $9.91 | $9.97 | $9.94 | $9.94 |
Total return3 | 0.03% | 1.80% | 1.75% | 2.60% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.39% | 0.39% | 0.38% | 0.38% |
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.25% | 1.48% | 1.80% | 1.94% |
Supplemental data | ||||
Portfolio turnover rate | 20% | 20% | 35% | 33% |
Net assets, end of period (000s omitted) | $477,810 | $439,530 | $626,312 | $787,524 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.96 | $9.92 | $9.93 | $9.84 | $9.86 | $9.97 |
Net investment income | 0.06 | 0.12 1 | 0.16 | 0.16 | 0.14 | 0.13 |
Net realized and unrealized gains (losses) on investments | (0.07) | 0.04 | (0.02) | 0.09 | (0.02) | (0.11) |
Total from investment operations | (0.01) | 0.16 | 0.14 | 0.25 | 0.12 | 0.02 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.12) | (0.15) | (0.16) | (0.14) | (0.13) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.00) 2 | 0.00 | 0.00 |
Total distributions to shareholders | (0.06) | (0.12) | (0.15) | (0.16) | (0.14) | (0.13) |
Net asset value, end of period | $9.89 | $9.96 | $9.92 | $9.93 | $9.84 | $9.86 |
Total return | (0.14)% | 1.65% | 1.39% | 2.60% | 1.18% | 0.17% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.70% | 0.71% | 0.69% | 0.70% | 0.71% | 0.70% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 1.00% | 1.23% | 1.55% | 1.62% | 1.36% | 1.27% |
Supplemental data | ||||||
Portfolio turnover rate | 20% | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $8,707 | $12,906 | $18,560 | $35,517 | $44,186 | $68,621 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.97 | $9.94 | $9.94 | $9.85 | $9.87 | $9.98 |
Net investment income | 0.06 | 0.14 | 0.17 | 0.18 | 0.16 | 0.15 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.03 | (0.00) 1 | 0.09 | (0.02) | (0.11) |
Total from investment operations | 0.00 | 0.17 | 0.17 | 0.27 | 0.14 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.14) | (0.17) | (0.18) | (0.16) | (0.15) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | (0.00) 2 | 0.00 | 0.00 |
Total distributions to shareholders | (0.06) | (0.14) | (0.17) | (0.18) | (0.16) | (0.15) |
Net asset value, end of period | $9.91 | $9.97 | $9.94 | $9.94 | $9.85 | $9.87 |
Total return | 0.00% | 1.75% | 1.70% | 2.81% | 1.39% | 0.37% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.44% | 0.44% | 0.43% | 0.43% | 0.44% | 0.43% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.20% | 1.42% | 1.74% | 1.80% | 1.58% | 1.48% |
Supplemental data | ||||||
Portfolio turnover rate | 20% | 20% | 35% | 33% | 31% | 23% |
Net assets, end of period (000s omitted) | $1,364,013 | $1,390,537 | $1,919,898 | $2,159,113 | $3,421,249 | $3,427,060 |
1 | Amount is more than $(0.005) |
2 | Amount is less than $0.005. |
Gross unrealized gains | $40,427,853 |
Gross unrealized losses | (3,748,863) |
Net unrealized gains | $36,678,990 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 24,400,000 | $0 | $ 24,400,000 |
Municipal obligations | 0 | 2,464,799,753 | 0 | 2,464,799,753 |
Short-term investments | ||||
Investment companies | 15,014,808 | 0 | 0 | 15,014,808 |
Total assets | $15,014,808 | $2,489,199,753 | $0 | $2,504,214,561 |
Average daily net assets | Management fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Next $3 billion | 0.290 |
Next $2 billion | 0.265 |
Over $10 billion | 0.255 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.63% |
Class C | 1.38 |
Class R6 | 0.35 |
Administrator Class | 0.60 |
Institutional Class | 0.40 |
Shares voted “For” | 143,801,460 | |
Shares voted “Against” | 1,797,872 | |
Shares voted “Abstain” | 2,069,547 |
Shares voted “For” | 143,797,644 | |
Shares voted “Against” | 1,745,629 | |
Shares voted “Abstain” | 2,125,606 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g247807imgc87171a41.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA256/SAR256 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g249720img59269e3f1.jpg)
Strategic Municipal Bond Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g249720imgd6355ed92.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from regular federal income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Terry J. Goode, Robert J. Miller, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (VMPAX) | 12-1-1994 | -3.15 | 1.90 | 2.08 | 0.90 | 2.73 | 2.50 | 0.79 | 0.79 | ||
Class C (DHICX) | 8-18-1997 | -0.85 | 1.96 | 1.73 | 0.15 | 1.96 | 1.73 | 1.54 | 1.54 | ||
Class R6 (VMPRX)3 | 7-31-2018 | – | – | – | 1.29 | 3.05 | 2.71 | 0.41 | 0.41 | ||
Administrator Class (VMPYX) | 10-6-1997 | – | – | – | 1.01 | 2.88 | 2.63 | 0.73 | 0.68 | ||
Institutional Class (STRIX)4 | 11-30-2012 | – | – | – | 1.24 | 3.08 | 2.82 | 0.46 | 0.46 | ||
Bloomberg Short-Intermediate Municipal Bond Index5 | – | – | – | – | 0.43 | 2.86 | 2.32 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.81% for Class A, 1.56% for Class C, 0.43% for Class R6, 0.68% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
5 | The Bloomberg Short-Intermediate Municipal Bond Index is a rules-based, market-value-weighted index composed of publicly traded municipal bonds that cover the U.S. dollar–denominated short-term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and prefunded bonds. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g249720img32ce5c754.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g249720imgc4302fe55.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 999.83 | $3.98 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.22 | $4.02 | 0.79% |
Class C | ||||
Actual | $1,000.00 | $ 996.07 | $7.75 | 1.54% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.44 | $7.83 | 1.54% |
Class R6 | ||||
Actual | $1,000.00 | $1,001.74 | $2.07 | 0.41% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.14 | $2.09 | 0.41% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.44 | $3.43 | 0.68% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.78 | $3.47 | 0.68% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.56 | $2.32 | 0.46% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.89 | $2.35 | 0.46% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 0.80% | |||||
Other: 0.80% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (100 shares) 0.30% 144Aø | $10,000,000 | $ 10,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (100 shares) 0.16% 144Aø | 10,000,000 | 10,000,000 | |||
Nuveen AMT-Free Quality Municipal Income Fund Preferred Shares Series C (50 shares) 0.25% 144Aø | 5,000,000 | 5,000,000 | |||
Total Closed end municipal bond fund obligations (Cost $25,000,000) | 25,000,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 97.94% | |||||
Alabama: 1.42% | |||||
Health revenue: 0.18% | |||||
Birmingham AL Special Care Facilities Ascension Senior Credit Group Series C-1 | 1.85% | 11-15-2046 | 5,395,000 | 5,466,587 | |
Housing revenue: 0.33% | |||||
Alabama HFA MFHR South Oak Residences Series A | 1.25 | 12-1-2025 | 10,000,000 | 10,157,527 | |
Industrial development revenue: 0.12% | |||||
Selma AL Industrial Development Board Refunding Bonds Gulf Opportunity Zone International Paper Company | 2.00 | 11-1-2033 | 3,675,000 | 3,822,060 | |
Utilities revenue: 0.79% | |||||
Alabama Black Belt Energy Gas District Series A | 4.00 | 12-1-2048 | 2,000,000 | 2,113,961 | |
Lower Alabama Gas Supply District Project #2 | 4.00 | 12-1-2050 | 8,660,000 | 9,603,536 | |
Southeast Alabama Gas Supply District Project #2 Series 2018A | 4.00 | 6-1-2049 | 12,150,000 | 13,026,307 | |
24,743,804 | |||||
44,189,978 | |||||
Alaska: 0.74% | |||||
Airport revenue: 0.38% | |||||
Alaska International Airports Series C | 5.00 | 10-1-2029 | 3,600,000 | 4,574,633 | |
Alaska International Airports Series C | 5.00 | 10-1-2030 | 5,570,000 | 7,202,677 | |
11,777,310 | |||||
Health revenue: 0.21% | |||||
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2027 | 1,455,000 | 1,761,504 | |
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2028 | 1,530,000 | 1,894,020 | |
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Project Series 2019A | 5.00 | 10-1-2029 | 2,220,000 | 2,802,378 | |
6,457,902 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.15% | |||||
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015 | 5.00% | 1-1-2022 | $ 1,735,000 | $ 1,735,000 | |
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015 | 5.00 | 1-1-2023 | 2,835,000 | 2,944,566 | |
4,679,566 | |||||
22,914,778 | |||||
Arizona: 2.29% | |||||
Education revenue: 0.58% | |||||
Arizona Board of Regents University Arizona System Revenue Refunding Bonds Speed Series C | 5.00 | 8-1-2023 | 1,000,000 | 1,074,730 | |
Arizona Board of Regents University Arizona System Revenue Refunding Bonds Speed Series C | 5.00 | 8-1-2025 | 600,000 | 695,748 | |
Arizona IDA Agribusiness & Equine Center Incorporated Project Series 2017B 144A | 4.00 | 3-1-2027 | 1,170,000 | 1,247,719 | |
Arizona IDA Education Facility Leman Academy of Excellence Incorporated Project 144A | 4.50 | 7-1-2029 | 765,000 | 802,281 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 4.00 | 7-1-2034 | 230,000 | 248,990 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 5.00 | 7-1-2029 | 160,000 | 182,049 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 5.00 | 7-1-2030 | 190,000 | 215,382 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 5.00 | 7-1-2031 | 200,000 | 226,006 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 5.00 | 7-1-2032 | 210,000 | 236,873 | |
Arizona IDA Education Revenue Jerome Facility Project Series B | 5.00 | 7-1-2033 | 220,000 | 247,808 | |
Pima County AZ IDA American Leadership Academy Project Series 2015 144A | 4.60 | 6-15-2025 | 770,000 | 816,514 | |
Pima County AZ IDA Charter Schools Project Series 2013 | 4.50 | 7-1-2022 | 995,000 | 1,004,807 | |
Pima County AZ IDA Education Revenue Refunding Bonds 144A%% | 4.00 | 6-15-2026 | 2,585,000 | 2,781,203 | |
Pima County AZ IDA Education Revenue Refunding Bonds American Leadership Project 144A%% | 4.00 | 6-15-2024 | 2,140,000 | 2,243,060 | |
Pima County AZ IDA Education Revenue Refunding Bonds Facility Edkey Charter 144A | 3.50 | 7-1-2025 | 2,605,000 | 2,683,847 | |
Pima County AZ IDA Education Revenue Refunding Bondsr 144A%% | 4.00 | 6-15-2028 | 2,785,000 | 2,957,929 | |
Pima County AZ IDA Noah Webster Schools Project Series A | 5.50 | 12-15-2023 | 415,000 | 437,249 | |
18,102,195 | |||||
Health revenue: 0.87% | |||||
Arizona Health Facilities Authority Banner Health Series B (SIFMA Municipal Swap +0.25%) ± | 0.36 | 1-1-2046 | 5,000,000 | 5,000,002 | |
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project | 5.00 | 1-1-2022 | 1,065,000 | 1,065,000 | |
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project | 5.00 | 1-1-2023 | 1,120,000 | 1,170,234 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Maricopa County AZ IDA Senior Living Facilities Christian Care Surprise Incorporated Project 144A | 5.00% | 1-1-2026 | $ 2,570,000 | $ 2,574,931 | |
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.57%) ± | 0.67 | 1-1-2035 | 5,485,000 | 5,511,875 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.13 | 2-1-2025 | 10,000,000 | 10,000,000 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2022 | 205,000 | 210,168 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2023 | 215,000 | 226,071 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2024 | 220,000 | 236,439 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2025 | 270,000 | 295,419 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2026 | 245,000 | 271,791 | |
Tempe AZ IDA Friendship Village of Tempe Project Series A | 4.00 | 12-1-2027 | 350,000 | 391,720 | |
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A | 4.00 | 10-1-2023 | 10,000 | 10,004 | |
26,963,654 | |||||
Industrial development revenue: 0.41% | |||||
Chandler AZ IDA Intel Corporation Project | 5.00 | 6-1-2049 | 11,645,000 | 12,850,238 | |
Miscellaneous revenue: 0.43% | |||||
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 2-1-2027 | 1,255,000 | 1,512,970 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 5-1-2027 | 1,125,000 | 1,365,277 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 8-1-2027 | 1,205,000 | 1,471,786 | |
Arizona IDA Revenue Lincoln South Beltway Project | 5.00 | 11-1-2027 | 1,000,000 | 1,229,011 | |
Navajo Nation Series A 144A | 4.00 | 12-1-2022 | 3,235,000 | 3,300,992 | |
Navajo Nation Series A 144A | 5.00 | 12-1-2025 | 4,110,000 | 4,471,572 | |
13,351,608 | |||||
71,267,695 | |||||
Arkansas: 0.11% | |||||
Tax revenue: 0.11% | |||||
Bentonville AR Sales & Use Tax Refunding and Improvement Bonds Series 2021B | 1.05 | 11-1-2046 | 3,000,000 | 2,998,861 | |
Cabot AR Sales & Use Tax Refunding Bonds Series B | 4.00 | 12-1-2029 | 230,000 | 274,433 | |
Cabot AR Sales & Use Tax Refunding Bonds Series B | 4.00 | 12-1-2030 | 125,000 | 148,374 | |
3,421,668 | |||||
California: 7.38% | |||||
Airport revenue: 0.27% | |||||
Port of Oakland | 5.00 | 5-1-2024 | 225,000 | 248,969 | |
Port of Oakland | 5.00 | 5-1-2024 | 2,875,000 | 3,170,670 | |
San Francisco County AMT Series A | 5.00 | 5-1-2027 | 4,775,000 | 4,848,227 | |
8,267,866 | |||||
Education revenue: 0.03% | |||||
California Municipal Finance Authority Charter School Nova Academy Project Series 2016A 144A | 4.00 | 6-15-2026 | 645,000 | 684,310 | |
California School Finance Authority Charter School Rocketship Education Obligated Group Series 2017A 144A | 4.50 | 6-1-2027 | 250,000 | 276,689 | |
960,999 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 1.13% | |||||
California CDA Health Facilities Catholic Series D (AGM Insured) € | 0.23% | 7-1-2041 | $ 8,700,000 | $ 8,700,000 | |
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.29 | 7-1-2040 | 8,525,000 | 8,525,000 | |
California PFA Revenue Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2026 | 415,000 | 473,123 | |
California PFA Revenue Henry Mayo Newhall Hospital Series A | 4.00 | 10-15-2027 | 400,000 | 464,351 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Project Series A 144A | 5.00 | 11-15-2036 | 1,000,000 | 1,174,242 | |
California PFA Senior Living Revenue Refunding Bond Enso Village Projext Series B2 144A | 2.38 | 11-15-2028 | 1,000,000 | 1,010,134 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0119 (Deutsche Bank LIQ) 144Aø | 0.16 | 7-1-2044 | 14,900,000 | 14,900,000 | |
35,246,850 | |||||
Housing revenue: 1.78% | |||||
California CDA Uptown Newport Apartments Series 2017 AA & BB (East West Bank LOC) ø | 0.14 | 3-1-2057 | 22,500,000 | 22,500,000 | |
California HFA Municipal Certificate of Participation Series 2 Class A | 4.00 | 3-20-2033 | 1,453,520 | 1,674,172 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2024 | 500,000 | 551,361 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2025 | 400,000 | 456,810 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2026 | 400,000 | 471,019 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2027 | 500,000 | 604,362 | |
California Municipal Finance Authority Student Hosing Orchard Park Studing Housing Project Series 2021 (BAM Insured) | 5.00 | 5-15-2028 | 400,000 | 494,976 | |
California Statewide CDA MFHR Refunding Bonds 2021 Series A (Landesbank Hessen-Thüringen LOC) ø | 0.16 | 3-1-2057 | 28,730,000 | 28,730,000 | |
55,482,700 | |||||
Industrial development revenue: 0.70% | |||||
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series 2020A 144Aøø | 0.20 | 1-1-2050 | 21,890,000 | 21,889,801 | |
Miscellaneous revenue: 0.99% | |||||
California Infrastructure and Economic Development Bank J Paul Getty Trust Series 2021-B2 | 3.00 | 10-1-2047 | 1,000,000 | 1,110,299 | |
Compton CA PFA Refunding Bond 144A | 4.00 | 9-1-2022 | 1,175,000 | 1,196,182 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2022 | 300,000 | 304,186 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2024 | 310,000 | 332,231 | |
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00 | 6-1-2026 | 350,000 | 391,607 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Independent Cities Finance Authority California Sales Tax Revenue (AGM Insured) 144A | 4.00% | 6-1-2036 | $ 800,000 | $ 944,416 | |
Tender Option Bond Trust Receipts/Certifcates (Deutsche Bank LIQ) 144Aø | 0.16 | 6-15-2055 | 7,997,500 | 7,997,500 | |
Turlock CA PFA Water Revenue BAN | 4.00 | 3-1-2027 | 18,500,000 | 18,554,235 | |
30,830,656 | |||||
Resource recovery revenue: 0.48% | |||||
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 10,000,000 | 9,999,986 | |
California PCFA Solid Waste Disposal Revenue Republic Services Incorporate Project Series 144Aøø | 0.18 | 11-1-2042 | 5,000,000 | 5,000,035 | |
15,000,021 | |||||
Tax revenue: 1.39% | |||||
Riverside County CA Public Financing Project Area #1 (BAM Insured) | 5.00 | 10-1-2026 | 1,250,000 | 1,451,254 | |
Tender Option Bond Trust Receipts/Floater Certificates (Mizuho Capital Markets LLC LIQ) 144Aø | 0.15 | 7-11-2040 | 3,825,000 | 3,825,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 7-7-2036 | 37,000,000 | 37,000,000 | |
Transbay Joint Powers Authority Green Subordinated Bond Tax Allocation Bond Series B | 2.40 | 10-1-2049 | 1,095,000 | 1,095,687 | |
43,371,941 | |||||
Transportation revenue: 0.51% | |||||
Bay Area Toll Authority Toll Bridge Sanitary Francisco Bay Area Series C (SIFMA Municipal Swap +0.45%) ± | 0.55 | 4-1-2056 | 2,000,000 | 2,017,594 | |
Bay Area Toll Authority Toll Bridge Sanitary Francisco Bay Area Series D (SIFMA Municipal Swap +0.30%) ± | 0.41 | 4-1-2056 | 14,000,000 | 13,999,999 | |
16,017,593 | |||||
Utilities revenue: 0.10% | |||||
California Community Choice Financing Authority Clean Energy Project Revenue Series 2021A | 4.00 | 10-1-2052 | 2,600,000 | 3,001,330 | |
230,069,757 | |||||
Colorado: 1.16% | |||||
Airport revenue: 0.21% | |||||
Denver CO City & County Airport System Revenue Series 2012B | 5.00 | 12-1-2030 | 5,000,000 | 6,486,091 | |
Education revenue: 0.27% | |||||
Colorado ECFA Charter School New Summit Charter 144A | 4.00 | 7-1-2031 | 310,000 | 341,536 | |
Colorado ECFA Eagle Ridge Academy Project 144A | 3.63 | 11-1-2026 | 1,250,000 | 1,252,302 | |
Colorado ECFA Rocky Mountain Classical Academy Project | 6.38 | 9-1-2023 | 630,000 | 674,277 | |
Colorado ECFA Vanguard School Project | 4.00 | 6-15-2022 | 515,000 | 523,360 | |
Colorado School of Mines Institutional Enterprise Refunding Bonds Series 2018A (1 Month LIBOR +0.50%) ± | 0.57 | 2-1-2023 | 5,595,000 | 5,588,675 | |
8,380,150 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.13% | |||||
Aviation Station North Metropolitan District #2 Colorado Improvement & Refunding Bonds Limited Tax Series A | 4.00% | 12-1-2029 | $ 500,000 | $ 529,771 | |
Grand River CO Hospital District (AGM Insured) | 5.00 | 12-1-2025 | 1,000,000 | 1,147,670 | |
Mirabelle Metropolitan District #2 Colorado Senior Series A | 5.00 | 12-1-2039 | 700,000 | 755,647 | |
Peak Metropolitan District #1 Colorado Limited Tax Series A 144A | 4.00 | 12-1-2035 | 500,000 | 532,975 | |
Sterling Ranch Community Authority Board Colorado Supported Revenue Refunding Bonds and Improvement Limited Tax District #2 | 3.38 | 12-1-2030 | 500,000 | 545,488 | |
Thompson Crossing Metropolitan District #4 Colorado Improvement & Refunding Bonds Limited Tax | 3.50 | 12-1-2029 | 515,000 | 546,333 | |
4,057,884 | |||||
Health revenue: 0.40% | |||||
Colorado HFA Catholic Health Initiatives Series 2015-XF2195 (Morgan Stanley Bank LIQ) 144Aø | 0.18 | 10-1-2037 | 9,000,000 | 9,000,000 | |
Colorado HFA Hospital CommonSpirit Health Series B-2 øø | 5.00 | 8-1-2049 | 3,000,000 | 3,498,176 | |
12,498,176 | |||||
Miscellaneous revenue: 0.05% | |||||
Colorado Bridge Enterprise Senior Revenue Bonds AMT Central 70 Project Private Activity | 4.00 | 12-31-2024 | 1,610,000 | 1,768,097 | |
Tax revenue: 0.07% | |||||
Centerra CO Metropolitan District #1 Series 2017 144A | 5.00 | 12-1-2022 | 1,940,000 | 1,996,897 | |
Pueblo CO Urban Renewal Authority Evraz Project Series B 144A¤ | 0.00 | 12-1-2025 | 200,000 | 175,849 | |
2,172,746 | |||||
Transportation revenue: 0.03% | |||||
Colorado E-470 Public Highway Authority Senior Revenue Bond Series 2020-A | 5.00 | 9-1-2040 | 800,000 | 888,938 | |
36,252,082 | |||||
Connecticut: 2.46% | |||||
Education revenue: 0.20% | |||||
Connecticut HEFA University of Hartford Project Series N | 5.00 | 7-1-2026 | 575,000 | 666,963 | |
Connecticut HEFA University of Hartford Project Series N | 5.00 | 7-1-2027 | 430,000 | 510,038 | |
Connecticut HEFA University of Hartford Project Series N | 5.00 | 7-1-2028 | 530,000 | 641,190 | |
Connecticut HEFAR Yale University Issue Series A-2 øø | 2.00 | 7-1-2042 | 1,500,000 | 1,592,184 | |
Connecticut Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2025 | 480,000 | 553,131 | |
Connecticut Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2026 | 385,000 | 454,274 | |
Connecticut Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2026 | 940,000 | 1,114,028 | |
Connecticut Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2027 | 125,000 | 146,458 | |
Connecticut Higher Education Supplemental Loan Authority AMT Chelsea Loan Program Series B | 5.00 | 11-15-2027 | 500,000 | 605,408 | |
6,283,674 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.31% | |||||
Bridgeport CT Series A | 5.00% | 6-1-2026 | $ 1,220,000 | $ 1,440,824 | |
Bridgeport CT Series A | 5.00 | 6-1-2027 | 1,425,000 | 1,725,207 | |
Bridgeport CT Series A | 5.00 | 6-1-2028 | 1,605,000 | 1,988,172 | |
Hartford CT Series A | 5.00 | 4-1-2025 | 2,500,000 | 2,642,098 | |
Hartford CT Series A | 5.00 | 4-1-2027 | 1,650,000 | 1,741,184 | |
9,537,485 | |||||
Health revenue: 0.32% | |||||
Connecticut HEFA Revenue Hartford Healthcare Series B2 øø | 5.00 | 7-1-2053 | 7,800,000 | 9,322,841 | |
Connecticut HEFA Revenue McLean Affiliates Incorporated Series B2 144A | 2.75 | 1-1-2026 | 650,000 | 653,869 | |
9,976,710 | |||||
Housing revenue: 0.31% | |||||
Meriden CT MFHR Yale Acres Project | 1.73 | 8-1-2022 | 9,635,000 | ��� 9,645,229 | |
Tax revenue: 1.32% | |||||
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series A | 5.00 | 8-1-2029 | 17,125,000 | 19,739,142 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2030 | 3,000,000 | 3,777,731 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2031 | 9,000,000 | 11,312,958 | |
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose Series B | 5.00 | 10-1-2032 | 5,000,000 | 6,273,557 | |
41,103,388 | |||||
76,546,486 | |||||
Delaware: 0.04% | |||||
Education revenue: 0.04% | |||||
Delaware EDA Odyssey Charter School Project Series A 144A | 6.25 | 9-1-2025 | 1,225,000 | 1,335,851 | |
District of Columbia: 0.95% | |||||
Airport revenue: 0.23% | |||||
Metropolitan Washington Airports Authority Series A | 5.00 | 10-1-2026 | 6,000,000 | 7,149,074 | |
Education revenue: 0.07% | |||||
District of Columbia Revenue Two Rivers Public Charter School Incorporated | 3.00 | 6-1-2030 | 1,100,000 | 1,161,506 | |
District of Columbia Revenue Two Rivers Public Charter School Incorporated | 4.00 | 6-1-2030 | 1,000,000 | 1,123,923 | |
2,285,429 | |||||
Housing revenue: 0.52% | |||||
District of Columbia HFA MFHR 1550 First Street Project øø | 1.46 | 6-1-2039 | 16,100,000 | 16,157,717 | |
Water & sewer revenue: 0.13% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C øø | 1.75 | 10-1-2054 | 4,000,000 | 4,118,971 | |
29,711,191 |
Interest rate | Maturity date | Principal | Value | ||
Florida: 3.45% | |||||
Airport revenue: 1.25% | |||||
Broward County FL Port Facilities Revenue Refunding Bonds Series C | 5.00% | 9-1-2027 | $ 2,330,000 | $ 2,862,761 | |
Miami-Dade County Aviation Refunding Bonds AMT | 5.00 | 10-1-2029 | 11,000,000 | 12,250,984 | |
Miami-Dade County Aviation Refunding Bonds AMT | 5.00 | 10-1-2030 | 1,325,000 | 1,475,304 | |
Miami-Dade County FL Seaport Revenue Bond AMT Series B | 6.00 | 10-1-2033 | 1,500,000 | 1,645,536 | |
Miami-Dade County Seaport AMT Series B | 6.00 | 10-1-2032 | 1,385,000 | 1,519,378 | |
Tender Option Bond Trust Receipts/Certificates (Barclays Bank plc LIQ) 144Aø | 0.16 | 10-1-2050 | 19,350,000 | 19,350,000 | |
39,103,963 | |||||
Education revenue: 0.34% | |||||
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series 2017A 144A | 4.38 | 6-15-2027 | 1,035,000 | 1,095,493 | |
Capital Trust Agency Educational Facilities Renaissance Charter School Incorporated Projects Series A 144A | 4.00 | 6-15-2029 | 2,335,000 | 2,487,608 | |
Capital Trust Agency Educational Facilities Renaissance Imagine School at Land O' Lakes 144A | 3.00 | 12-15-2029 | 420,000 | 437,102 | |
Florida Development Finance Corporation Educational Facilities Revenue Renaissance Charter School Incorporated 144A | 4.00 | 9-15-2030 | 470,000 | 509,286 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2027 | 650,000 | 783,830 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2028 | 1,050,000 | 1,292,348 | |
Florida State HEFAR Educational Facilities Florida Institute of Technology | 5.00 | 10-1-2029 | 1,000,000 | 1,254,063 | |
Miami-Dade County FL IDA Youth Charter Schools Project Series 2015A 144A | 5.00 | 9-15-2025 | 550,000 | 583,604 | |
Palm Beach County FL Educational Facilities Authority Revenue Atlantic University Incorporated | 4.00 | 10-1-2029 | 420,000 | 486,788 | |
Palm Beach County FL Educational Facilities Authority Revenue Atlantic University Incorporated | 4.00 | 10-1-2030 | 870,000 | 1,019,398 | |
Palm Beach County FL Educational Facilities Authority Revenue Atlantic University Incorporated | 4.00 | 10-1-2031 | 660,000 | 779,351 | |
10,728,871 | |||||
Health revenue: 0.21% | |||||
Florida Development Finance Corporation Senior Living Revenue Mayflower Retirement Community 144A | 1.75 | 6-1-2026 | 510,000 | 509,136 | |
Palm Beach County FL HFA Revenue Toby and Leon Cooperman Sinai Residences Project | 2.63 | 6-1-2025 | 4,000,000 | 4,076,629 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A | 4.00 | 12-15-2029 | 225,000 | 254,063 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A | 4.00 | 12-15-2030 | 200,000 | 224,511 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A | 4.00 | 12-15-2031 | 205,000 | 229,144 | |
St. Johns County FL IDA Senior Living Vicars Landing Project Series A | 4.00 | 12-15-2036 | 1,000,000 | 1,106,515 | |
6,399,998 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.38% | |||||
Capital Trust Agency Florida College Park Towers Apartments Project (Department of Housing and Urban Development Insured) | 1.25% | 5-1-2024 | $ 9,000,000 | $ 9,094,705 | |
University of West Florida Foundation Incorporated Dormitory Series A | 5.00 | 6-1-2022 | 1,325,000 | 1,349,326 | |
University of West Florida Foundation Incorporated Dormitory Series A | 5.00 | 6-1-2023 | 1,190,000 | 1,263,267 | |
11,707,298 | |||||
Industrial development revenue: 0.15% | |||||
Escambia County FL Environmental Improvement Refunding Bonds International Paper Company Project Series B | 2.00 | 11-1-2033 | 825,000 | 858,014 | |
Florida Development Finance Corporation 144A | 5.00 | 5-1-2029 | 2,000,000 | 2,118,546 | |
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated | 3.00 | 6-1-2032 | 1,500,000 | 1,569,578 | |
4,546,138 | |||||
Miscellaneous revenue: 0.14% | |||||
Capital Trust Agency Florida College Park Towers Apartments Project 144A | 4.00 | 6-15-2024 | 1,000,000 | 1,040,946 | |
Capital Trust Agency Florida College Park Towers Apartments Project 144A | 4.00 | 6-15-2025 | 350,000 | 368,299 | |
Florida Village Community Development District #10 Special Assessment Bonds | 5.13 | 5-1-2024 | 1,370,000 | 1,441,010 | |
Florida Village Community Development District #13 Special Assessment Bonds | 2.63 | 5-1-2024 | 370,000 | 376,759 | |
Pinellas County FL IDA 2017 Foundation for Global Understanding Incorporated Project | 5.00 | 7-1-2029 | 910,000 | 1,027,338 | |
4,254,352 | |||||
Resource recovery revenue: 0.11% | |||||
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A | 5.00 | 8-1-2029 | 3,500,000 | 3,559,474 | |
Transportation revenue: 0.09% | |||||
Miami-Dade County FL Expressway Authority Toll System (AGM Insured, Citibank NA LIQ) 144Aø | 0.17 | 7-1-2035 | 1,050,000 | 1,050,000 | |
Osceola County FL Transportation Revenue Improvement & Refunding Bonds Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2027 | 950,000 | 1,169,352 | |
Osceola County FL Transportation Revenue Improvement & Refunding Bonds Osceola Parkway Series 2019A-1 | 5.00 | 10-1-2029 | 450,000 | 580,499 | |
2,799,851 | |||||
Water & sewer revenue: 0.78% | |||||
Charlotte County FL IDA 144A | 4.00 | 10-1-2041 | 1,250,000 | 1,351,956 | |
North Sumter County Utility Dependent District Florida Utility Revenue Sumter Water Conservation Authority Project (AGM Insured) | 5.00 | 10-1-2029 | 1,055,000 | 1,336,183 | |
North Sumter County Utility Dependent District Florida Utility Revenue Sumter Water Conservation Authority Project (AGM Insured) | 5.00 | 10-1-2030 | 1,760,000 | 2,279,242 | |
North Sumter County Utility Dependent District Florida Utility Revenue Sumter Water Conservation Authority Project (AGM Insured) | 5.00 | 10-1-2031 | 1,980,000 | 2,615,907 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
North Sumter County Utility Dependent District Florida Utility Revenue Sumter Water Conservation Authority Project (AGM Insured) | 5.00% | 10-1-2032 | $ 2,080,000 | $ 2,723,593 | |
Tohopekaliga Water Authority Florida Utility System Series 2020 144A | 5.00 | 10-1-2025 | 12,000,000 | 14,014,187 | |
24,321,068 | |||||
107,421,013 | |||||
Georgia: 5.19% | |||||
Health revenue: 0.46% | |||||
Fulton County GA Residential Care Facilities Elderly Authority Revenue Entrance Fee Canterbury Court 144A | 2.25 | 10-1-2028 | 3,665,000 | 3,674,300 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF1016 (Barclays Bank plc LIQ) 144Aø | 0.14 | 8-15-2049 | 10,520,000 | 10,520,000 | |
14,194,300 | |||||
Industrial development revenue: 0.19% | |||||
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 3.63 | 1-1-2031 | 2,000,000 | 2,175,179 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2036 | 1,750,000 | 2,085,464 | |
George L Smith II Georgia World Congress Center Authority Convention Center Hotel Series B 144A | 5.00 | 1-1-2054 | 1,500,000 | 1,745,232 | |
6,005,875 | |||||
Transportation revenue: 0.05% | |||||
Georgia Road & Tollway Authority I-75 S Express Lanes Project Series A 144A¤ | 0.00 | 6-1-2024 | 1,770,000 | 1,655,972 | |
Utilities revenue: 4.49% | |||||
Appling County Development Authority Oglethorpe Power Corporation Hatch Project øø | 1.50 | 1-1-2038 | 2,500,000 | 2,557,851 | |
Bartow County Development Authority Georgia Power Company Plant Bowen Project øø | 1.55 | 8-1-2043 | 6,500,000 | 6,550,909 | |
Bartow County Development Authority Pollution Control Georgia Power Company Plant Bowen Project øø | 1.80 | 9-1-2029 | 1,000,000 | 1,003,181 | |
Bartow County Development Authority Pollution Control Georgia Power Company Plant Bowen Project øø | 2.75 | 12-1-2032 | 4,950,000 | 5,085,953 | |
Burke County Development Authority Oglethorpe Power Corporation Vogtle Project Series F øø | 3.00 | 11-1-2045 | 14,955,000 | 15,358,139 | |
Burke County Development Authority PCR Bonds Georgia Power Company Plant Vogtle Project øø | 1.70 | 12-1-2049 | 3,500,000 | 3,604,559 | |
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project øø | 2.25 | 10-1-2032 | 1,500,000 | 1,537,187 | |
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series E øø | 3.25 | 11-1-2045 | 3,000,000 | 3,229,613 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2023 | 625,000 | 658,249 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2024 | 350,000 | 383,542 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2025 | 400,000 | 454,752 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2026 | 600,000 | 703,821 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2027 | 700,000 | 843,653 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2028 | 850,000 | 1,050,156 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2029 | 1,000,000 | 1,264,130 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2030 | 1,100,000 | 1,418,942 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Dalton GA Utilities Revenue Combined Bonds | 5.00% | 3-1-2031 | $ 1,000,000 | $ 1,284,883 | |
Dalton GA Utilities Revenue Combined Bonds | 5.00 | 3-1-2032 | 1,000,000 | 1,276,834 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2018C (Royal Bank of Canada LIQ) øø | 4.00 | 8-1-2048 | 14,485,000 | 15,383,786 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2021A øø | 4.00 | 7-1-2052 | 21,000,000 | 24,270,051 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series B øø | 4.00 | 8-1-2049 | 10,000,000 | 10,913,682 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C øø | 4.00 | 3-1-2050 | 10,500,000 | 11,886,796 | |
Main Street Natural Gas Incorporated Georgia Gas Project Series C øø | 4.00 | 5-1-2052 | 7,000,000 | 8,214,770 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ) øø | 4.00 | 4-1-2048 | 2,640,000 | 2,783,233 | |
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series B (1 Month LIBOR +0.75%) ± | 0.82 | 4-1-2048 | 4,700,000 | 4,723,430 | |
Municipal Electric Authority Georgia General Resolution Projects Subordinate Bonds Series A | 5.00 | 1-1-2028 | 1,035,000 | 1,270,117 | |
Municipal Electric Authority Georgia General Resolution Projects Subordinated Bonds Series A | 5.00 | 1-1-2027 | 1,010,000 | 1,211,914 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2027 | 300,000 | 359,974 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2028 | 400,000 | 490,866 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project M Series A | 5.00 | 1-1-2029 | 400,000 | 496,702 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project P Series B | 5.00 | 1-1-2028 | 1,000,000 | 1,217,440 | |
Municipal Electric Authority Georgia Plant Vogtle Units 3&4 Project P Series B | 5.00 | 1-1-2029 | 910,000 | 1,117,207 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2027 | 1,150,000 | 1,379,902 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2028 | 1,270,000 | 1,558,501 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2029 | 1,140,000 | 1,423,839 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2030 | 1,025,000 | 1,271,613 | |
Municipal Electric Authority Georgia Project One Subordinated Bonds Series A | 5.00 | 1-1-2031 | 1,385,000 | 1,719,134 | |
139,959,311 | |||||
161,815,458 | |||||
Guam: 0.13% | |||||
Miscellaneous revenue: 0.07% | |||||
Guam Government Department Education Certificate of Participation Refunding Bonds John F Kennedy High School | 3.63 | 2-1-2025 | 750,000 | 783,471 | |
Guam Government Department Education Certificate of Participation Refunding Bonds John F Kennedy High School | 4.25 | 2-1-2030 | 1,355,000 | 1,505,987 | |
2,289,458 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.06% | |||||
Guam Governmnet Business Privilege Tax Refunding Bonds Series F | 5.00% | 1-1-2030 | $ 750,000 | $ 933,680 | |
Guam Governmnet Business Privilege Tax Refunding Bonds Series F | 5.00 | 1-1-2031 | 750,000 | 954,145 | |
1,887,825 | |||||
4,177,283 | |||||
Hawaii: 0.28% | |||||
Airport revenue: 0.01% | |||||
Hawaii State Airports System Revenue Unrefunded Balance Refunding Bonds AMT | 5.00 | 7-1-2024 | 445,000 | 457,830 | |
Health revenue: 0.27% | |||||
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ± | 0.55 | 7-1-2039 | 8,350,000 | 8,350,000 | |
8,807,830 | |||||
Illinois: 16.24% | |||||
Airport revenue: 1.80% | |||||
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2013A | 5.50 | 1-1-2027 | 3,925,000 | 4,120,036 | |
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A | 5.00 | 1-1-2026 | 7,000,000 | 7,606,800 | |
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A | 5.00 | 1-1-2030 | 5,925,000 | 6,429,976 | |
Chicago IL O'Hare International Airport AMT Passenger Facility Charge Refunding Bonds Series B | 5.00 | 1-1-2032 | 5,125,000 | 5,204,828 | |
Chicago IL O'Hare International Airport Customer Facility Charge | 5.25 | 1-1-2023 | 1,350,000 | 1,412,367 | |
Chicago IL O'Hare International Airport Customer Facility Charge | 5.25 | 1-1-2024 | 1,665,000 | 1,742,724 | |
Chicago IL O'Hare International Airport Passenger Facility Charge | 4.00 | 1-1-2029 | 10,955,000 | 11,073,225 | |
Chicago IL O'Hare International Airport Senior Lien Bonds Series 2015 C | 5.00 | 1-1-2022 | 695,000 | 695,000 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2013A | 5.00 | 1-1-2026 | 2,690,000 | 2,809,004 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2015A | 5.00 | 1-1-2028 | 10,820,000 | 12,167,957 | |
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2017D | 5.00 | 1-1-2025 | 2,450,000 | 2,762,995 | |
56,024,912 | |||||
Education revenue: 0.91% | |||||
Illinois Finance Authority Charter School Revenue Series A 144A | 4.00 | 7-1-2031 | 1,735,000 | 1,745,908 | |
Illinois Finance Authority Charter School Revenue Series A 144A | 5.00 | 7-1-2041 | 4,475,000 | 4,709,878 | |
Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series C | 5.00 | 8-1-2028 | 1,860,000 | 2,226,183 | |
Illinois Finance Authority Revenue University Chicago Series A | 5.00 | 10-1-2031 | 4,000,000 | 5,362,011 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Illinois Finance Authority Revenue University Chicago Series A | 5.00% | 10-1-2032 | $ 3,750,000 | $ 5,117,358 | |
Southern Illinois University Board of Trustees Housing & Auxiliary Facilities System Series A (BAM Insured) | 4.00 | 4-1-2028 | 725,000 | 843,840 | |
University of Illinois Auxiliary Facilities System Series A | 5.00 | 4-1-2026 | 3,000,000 | 3,172,585 | |
University of Illinois Board of Trustees Auxiliary Facilities System Refunding Bonds | 4.00 | 4-1-2030 | 5,000,000 | 5,192,666 | |
28,370,429 | |||||
GO revenue: 6.20% | |||||
Berwyn IL Series A | 5.00 | 12-1-2028 | 3,000,000 | 3,433,219 | |
Berwyn IL Series A | 5.00 | 12-1-2029 | 2,345,000 | 2,668,546 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2031 | 2,500,000 | 3,151,240 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2032 | 2,875,000 | 3,616,329 | |
Chicago IL Board of Education Dedicated Revenues Series A | 5.00 | 12-1-2033 | 3,400,000 | 4,269,670 | |
Chicago IL Board of Education Unlimited Tax General Obligation Refunding Bonds Series 2018A (AGM Insured) | 5.00 | 12-1-2024 | 3,000,000 | 3,370,553 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 14,800,000 | 14,527,806 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 7,720,000 | 7,195,021 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2022 | 400,000 | 400,000 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2023 | 800,000 | 836,454 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2024 | 550,000 | 598,365 | |
Chicago IL Park District General Obligation Limited Series A | 5.00 | 1-1-2025 | 625,000 | 705,044 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2022 | 1,000,000 | 1,000,000 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2023 | 1,000,000 | 1,045,568 | |
Chicago IL Park District General Obligation Limited Series C | 5.00 | 1-1-2024 | 410,000 | 446,054 | |
Chicago IL Park District Harbor Facilities Series D | 5.00 | 1-1-2022 | 1,645,000 | 1,645,000 | |
Chicago IL Park District Harbor Facilities Series D | 5.00 | 1-1-2023 | 1,175,000 | 1,230,467 | |
Chicago IL Park District Limited Tax Series B | 5.00 | 1-1-2022 | 4,675,000 | 4,675,000 | |
Chicago IL Park District Unlimited Tax Series E | 5.00 | 11-15-2022 | 1,235,000 | 1,284,908 | |
Chicago IL Park District Unlimited Tax Series E | 5.00 | 11-15-2023 | 1,295,000 | 1,402,998 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2022 | 1,490,000 | 1,490,000 | |
Chicago IL Prerefunded Refunding Bonds Series C | 5.00 | 1-1-2023 | 765,000 | 800,721 | |
Chicago IL Refunding Bonds Project Series B | 5.13 | 1-1-2027 | 1,700,000 | 1,913,601 | |
Chicago IL Refunding Bonds Project Series B | 5.50 | 1-1-2032 | 1,145,000 | 1,301,803 | |
Chicago IL Series A | 5.00 | 1-1-2025 | 2,000,000 | 2,241,334 | |
Chicago IL Series A | 5.00 | 1-1-2027 | 8,000,000 | 9,429,557 | |
Chicago IL Series A | 5.00 | 1-1-2028 | 6,125,000 | 7,364,791 | |
Chicago IL Series C | 5.00 | 1-1-2026 | 970,000 | 1,116,467 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2022 | 760,000 | 760,000 | |
Chicago IL Unrefunded Balance Refunding Bonds Series C | 5.00 | 1-1-2023 | 1,735,000 | 1,816,014 | |
Cook County IL Community Consolidated School District #15 Limited Tax | 5.00 | 12-1-2026 | 2,540,000 | 2,984,317 | |
Cook County IL Refunding Bonds Series A | 5.00 | 11-15-2028 | 2,300,000 | 2,888,892 | |
Cook County IL Refunding Bonds Series A | 5.00 | 11-15-2031 | 3,650,000 | 4,781,542 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Cook County IL School District #153 Homewood Series A (AGM Insured) ¤ | 0.00% | 12-15-2023 | $ 1,225,000 | $ 1,205,425 | |
Cook County IL School District #227 Rich Township Refunding Bonds Series 2015 | 3.00 | 12-1-2024 | 965,000 | 1,029,597 | |
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00 | 12-1-2026 | 3,030,000 | 3,611,231 | |
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00 | 12-1-2027 | 2,950,000 | 3,603,653 | |
Cook County IL School District #99 Cicero Limited Tax (BAM Insured) | 5.00 | 12-1-2028 | 2,285,000 | 2,855,734 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2022 | 1,000,000 | 1,041,058 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2024 | 1,000,000 | 1,120,746 | |
Cook County IL School District #99 Cicero Refunding Bonds Limited Tax Series B | 5.00 | 12-1-2025 | 1,000,000 | 1,154,726 | |
Cook County IL Series A (AGM Insured) | 5.00 | 11-15-2026 | 3,000,000 | 3,634,682 | |
Cook County IL Series A | 5.00 | 11-15-2030 | 2,200,000 | 2,615,480 | |
Decatur IL Macon County General Obligation Refunding Bonds Series 2013 | 5.00 | 3-1-2024 | 1,405,000 | 1,480,756 | |
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Bond Balance CAB (AGM Insured) ¤ | 0.00 | 1-1-2024 | 455,000 | 450,486 | |
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Bond Balance CAB (AGM Insured) ¤ | 0.00 | 1-1-2024 | ���2,345,000 | 2,321,737 | |
DeKalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Bond Balance CAB (AGM Insured) ¤ | 0.00 | 1-1-2024 | 2,830,000 | 2,771,903 | |
DuPage & Cook Counties IL Township High School District #86 Hinsdale | 4.00 | 1-15-2034 | 2,815,000 | 3,236,382 | |
Illinois Land Refunding Bonds Series A | 5.00 | 10-1-2026 | 3,000,000 | 3,552,028 | |
Illinois Series 2012 | 5.00 | 3-1-2028 | 6,465,000 | 6,511,521 | |
Illinois Series 2016 | 5.00 | 11-1-2025 | 5,000,000 | 5,778,555 | |
Illinois Series A | 5.00 | 4-1-2023 | 3,500,000 | 3,698,729 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015A | 5.00 | 1-1-2028 | 1,555,000 | 1,694,016 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Series 2015D | 5.00 | 1-1-2032 | 1,025,000 | 1,114,922 | |
Kane, Cook & DuPage Counties IL School District #46 Elgin Unrefunded Bond Balance Series 2012B | 4.50 | 1-1-2025 | 4,295,000 | 4,295,000 | |
Madison-Macoupin Etc Counties IL Community College District #536 Series A (BAM Insured) | 5.00 | 11-1-2025 | 1,620,000 | 1,823,023 | |
Madison-Macoupin Etc Counties IL Community College District #536 Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,410,000 | 1,585,433 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2027 | 1,000,000 | 1,152,448 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2028 | 950,000 | 1,089,663 | |
Peoria County IL School District #150 Peoria Series A (AGM Insured) | 4.00 | 12-1-2029 | 4,000,000 | 4,565,246 | |
Rockford IL Waterworks System Series B (BAM Insured) | 5.00 | 12-15-2022 | 1,065,000 | 1,111,602 | |
Waukegan IL Series 2015A (AGM Insured) | 5.00 | 12-30-2031 | 1,000,000 | 1,129,550 | |
Will & Cook County IL Lincoln-Way Community High School District #210 Refunding School Bonds (AGM Insured) | 4.00 | 1-1-2022 | 600,000 | 600,000 | |
Will County IL | 4.00 | 11-15-2035 | 2,490,000 | 2,790,083 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Will County IL Lincoln-Way Community High School District #210 Unrefunded Bond CAB (AGM Insured) ¤ | 0.00% | 1-1-2025 | $14,385,000 | $ 13,912,738 | |
Will County IL Lincoln-Way Community High School District #210 Unrefunded Bond CAB (AGM Insured) ¤ | 0.00 | 1-1-2026 | 8,695,000 | 8,264,604 | |
193,194,038 | |||||
Health revenue: 0.40% | |||||
Illinois Finance Authority Revenue Advocate Health Care Network | 4.00 | 11-1-2030 | 3,000,000 | 3,430,461 | |
Illinois Finance Authority Revenue Bonds Lutheran Life Communities | 4.00 | 11-1-2022 | 390,000 | 398,185 | |
Illinois Finance Authority Revenue Bonds Lutheran Life Communities | 4.00 | 11-1-2024 | 420,000 | 448,327 | |
Illinois Finance Authority Revenue Bonds Series 2014 | 5.00 | 8-1-2038 | 1,520,000 | 1,698,788 | |
Illinois Finance Authority Rosalind Franklin University of Medicine & Science Series A | 3.25 | 2-15-2022 | 130,000 | 130,272 | |
Illinois Finance Authority The Carle Foundation Series B øø | 5.00 | 8-15-2053 | 4,800,000 | 6,386,404 | |
12,492,437 | |||||
Housing revenue: 0.09% | |||||
Illinois Housing Development Authority Homeowner Mortgage 2016 Series C | 2.90 | 8-1-2031 | 1,000,000 | 1,045,633 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) | 5.00 | 10-1-2027 | 350,000 | 423,946 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) | 5.00 | 10-1-2029 | 650,000 | 821,060 | |
Northern Illinois University Auxiliary Facilities System Series 2021 (BAM Insured) | 5.00 | 10-1-2030 | 325,000 | 418,414 | |
2,709,053 | |||||
Miscellaneous revenue: 0.96% | |||||
Brookfield IL Revenue Adjusted Brookfield Zoo Project (Northern Trust Company LOC) ø | 0.10 | 6-1-2038 | 1,430,000 | 1,430,000 | |
Chicago IL Board of Education Refunding Bonds Series B | 5.00 | 12-1-2026 | 2,000,000 | 2,360,725 | |
Chicago IL Board of Education Refunding Bonds Series B | 5.00 | 12-1-2027 | 1,625,000 | 1,958,507 | |
Illinois Refunding Bonds Series 2016 | 5.00 | 2-1-2026 | 2,000,000 | 2,327,008 | |
Illinois Series 2013 (AGM Insured) | 5.00 | 7-1-2023 | 4,875,000 | 5,216,517 | |
Illinois Series 2013 | 5.50 | 7-1-2033 | 4,000,000 | 4,288,760 | |
Illinois Series 2017D | 5.00 | 11-1-2022 | 1,805,000 | 1,874,305 | |
Illinois Series A | 5.00 | 11-1-2023 | 8,955,000 | 9,682,690 | |
Illinois Series A | 5.00 | 12-1-2035 | 650,000 | 777,553 | |
29,916,065 | |||||
Tax revenue: 4.46% | |||||
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2022 | 1,810,000 | 1,810,000 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2023 | 2,400,000 | 2,512,065 | |
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013 | 5.00 | 1-1-2024 | 2,475,000 | 2,700,407 | |
Chicago IL Tax Increment Bond Pilson Redevelopment Project Series A | 5.00 | 6-1-2022 | 1,635,000 | 1,661,064 | |
Cook County IL Sales Tax Revenue | 5.00 | 11-15-2029 | 1,000,000 | 1,232,719 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2029 | 675,000 | 863,741 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2030 | 1,775,000 | 2,314,342 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2031 | 2,250,000 | 2,930,003 | |
Cook County IL Sales Tax Revenue Series A | 5.00 | 11-15-2032 | 1,315,000 | 1,707,487 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Illinois Regional Transportation Authority Series A (AGM Insured) | 5.25% | 6-1-2024 | $ 9,995,000 | $ 11,160,920 | |
Illinois Regional Transportation Authority Series B-RMKT øø | 0.40 | 6-1-2025 | 6,900,000 | 6,900,000 | |
Illinois Sales Tax Build IL-Junior Obligation | 5.00 | 6-15-2025 | 9,025,000 | 9,596,306 | |
Illinois Sales Tax First Series (NPFGC Insured) | 6.00 | 6-15-2024 | 515,000 | 583,228 | |
Illinois Sales Tax First Series (NPFGC Insured) | 6.00 | 6-15-2025 | 8,365,000 | 9,874,808 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported | 5.00 | 6-15-2028 | 1,000,000 | 1,207,161 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2028 | 1,500,000 | 1,855,550 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2028 | 1,515,000 | 1,874,105 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2030 | 2,000,000 | 2,483,341 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported (BAM Insured) | 5.00 | 6-15-2030 | 3,250,000 | 4,035,430 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2022 | 3,795,000 | 3,785,966 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported CAB (Ambac Insured) ¤ | 0.00 | 6-15-2026 | 1,740,000 | 1,649,384 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2022 | 3,395,000 | 3,457,219 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2023 | 3,220,000 | 3,405,649 | |
Illinois Sports Facilities Authority Refunding Bonds Insured State Tax Supported Series 2014 | 5.00 | 6-15-2024 | 4,135,000 | 4,518,829 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2022 | 1,390,000 | 1,380,466 | |
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (NPFGC Insured) ¤ | 0.00 | 12-15-2029 | 1,750,000 | 1,510,118 | |
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00 | 12-15-2028 | 19,090,000 | 19,493,234 | |
Metropolitan Pier & Exposition Authority Prerefunded Bond (NPFGC Insured) ¤ | 0.00 | 12-15-2023 | 20,000 | 19,773 | |
Metropolitan Pier & Exposition Authority Prerefunded Bond (NPFGC Insured) | 5.70 | 6-15-2025 | 220,000 | 227,532 | |
Metropolitan Pier & Exposition Authority Revenue Refunding Bonds Mccormick Place Expansion Project Series A %% | 4.00 | 12-15-2042 | 5,000,000 | 5,748,018 | |
Metropolitan Pier & Exposition Authority Unrefunded Bond (NPFGC Insured) ¤ | 0.00 | 12-15-2023 | 1,105,000 | 1,085,237 | |
Metropolitan Pier & Exposition Authority Unrefunded Bond (NPFGC Insured) | 5.70 | 6-15-2025 | 780,000 | 806,705 | |
Sales Tax Securitization Corporation Second Lien Sales Tax | 5.00 | 1-1-2028 | 5,000,000 | 6,152,141 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2026 | 4,815,000 | 5,610,839 | |
Sales Tax Securitization Corporation Series 2017A | 5.00 | 1-1-2028 | 5,265,000 | 6,478,204 | |
Sales Tax Securitization Corporation Series A | 5.00 | 1-1-2027 | 1,000,000 | 1,199,914 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2022 | 820,000 | 820,000 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2023 | 855,000 | 866,894 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2024 | 885,000 | 907,410 | |
St. Charles, Kane & DuPage Counties IL Series 2016 | 4.00 | 1-1-2025 | 925,000 | 956,103 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-YX1099 (Barclays Bank plc LIQ) 144Aø | 0.20 | 1-1-2035 | 1,820,000 | 1,820,000 | |
139,202,312 |
Interest rate | Maturity date | Principal | Value | ||
Tobacco revenue: 0.61% | |||||
Railsplitter Tobacco Settlement Authority | 5.00% | 6-1-2023 | $18,000,000 | $ 19,155,622 | |
Transportation revenue: 0.49% | |||||
Illinois State Toll Highway Authority Senior Revenue Refunding Bonds Series B | 5.00 | 1-1-2029 | 11,990,000 | 15,176,934 | |
Water & sewer revenue: 0.32% | |||||
Chicago IL Wastewater Transmission Series B (AGM Insured) | 5.00 | 1-1-2031 | 3,140,000 | 3,748,425 | |
Chicago IL Waterworks Second Lien | 5.00 | 11-1-2028 | 2,560,000 | 3,046,415 | |
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured) | 5.00 | 11-1-2030 | 2,620,000 | 3,208,566 | |
10,003,406 | |||||
506,245,208 | |||||
Indiana: 1.15% | |||||
Education revenue: 0.01% | |||||
Indiana Finance Authority Environmental Facilities Revenue Refunding Bonds Kipp Indianapolis Incorporated Project Series A | 4.00 | 7-1-2030 | 210,000 | 232,215 | |
Health revenue: 0.00% | |||||
Indiana HFFA Ancilla System Incorporated (NPFGC Insured) | 5.25 | 7-1-2022 | 95,000 | 95,371 | |
Miscellaneous revenue: 0.85% | |||||
Indiana Bond Bank Revenue CAB Hamilton Company Projects Series B ¤ | 0.00 | 7-15-2026 | 735,000 | 704,259 | |
Indiana Bond Bank Revenue CAB Hamilton Company Projects Series B ¤ | 0.00 | 7-15-2027 | 630,000 | 592,403 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2028 | 5,710,000 | 7,097,138 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2029 | 6,600,000 | 8,359,956 | |
Indianapolis Industry Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2030 | 6,300,000 | 8,117,182 | |
Michigan IN City School Building Corporation Series 2016A | 5.00 | 1-15-2025 | 1,000,000 | 1,111,147 | |
Westfield-Washington IN Multi-School Building Corporation First Mortgage Series B 144A | 1.50 | 1-15-2022 | 455,000 | 455,179 | |
26,437,264 | |||||
Resource recovery revenue: 0.13% | |||||
Indiana Finance Authority Economic Development Republic Services Incorporated Project Series A øø | 0.22 | 5-1-2034 | 4,000,000 | 4,000,022 | |
Utilities revenue: 0.16% | |||||
Indiana Finance Authority Environmental Facilities Revenue Refunding Bonds Indianapolisland Power and Light Company Project Series A øø | 0.75 | 12-1-2038 | 3,000,000 | 2,986,427 | |
Indiana Finance Authority Midwestern Disaster Relief Revenue Various Ohio Valley Electric Corporation Project | 3.00 | 11-1-2030 | 2,000,000 | 2,128,008 | |
5,114,435 | |||||
35,879,307 |
Interest rate | Maturity date | Principal | Value | ||
Iowa: 1.35% | |||||
Education revenue: 0.10% | |||||
Iowa Student Loan Liquidity Corporation Senior Revenue Bonds AMT Series B | 5.00% | 12-1-2025 | $ 1,295,000 | $ 1,494,292 | |
Iowa Student Loan Liquidity Corporation Senior Revenue Bonds AMT Series B | 5.00 | 12-1-2026 | 1,215,000 | 1,435,272 | |
2,929,564 | |||||
GO revenue: 0.31% | |||||
Coralville IA Taxable-Annual Appropriation Series 2018E | 7.00 | 6-1-2025 | 8,485,000 | 9,173,192 | |
Coralville IA Taxable-Annual Appropriation Series B | 4.40 | 5-1-2023 | 410,000 | 417,562 | |
9,590,754 | |||||
Industrial development revenue: 0.64% | |||||
Iowa Finance Authority Midwestern Disaster Area Bio-America Incorporated Project (Korea Development Bank LOC) 144Aø | 0.17 | 12-1-2041 | 20,000,000 | 20,000,000 | |
Utilities revenue: 0.24% | |||||
Iowa Gas Project Public Expenditure and Financial Accountability Incorporated | 5.00 | 9-1-2049 | 6,500,000 | 7,596,803 | |
Water & sewer revenue: 0.06% | |||||
Xenia Dallas County IA Rural Water District Capital Loan Notes | 5.00 | 12-1-2031 | 1,615,000 | 1,873,230 | |
41,990,351 | |||||
Kansas: 0.37% | |||||
Health revenue: 0.08% | |||||
Wichita KS Health Care Facilities Presbyterian Manors Obligated Group | 5.00 | 5-15-2026 | 1,105,000 | 1,219,949 | |
Wichita KS Health Care Facilities Presbyterian Manors Obligated Group | 5.00 | 5-15-2028 | 1,220,000 | 1,361,373 | |
2,581,322 | |||||
Tax revenue: 0.29% | |||||
Wyandotte County & Kansas City KS Special Obligation Improvement & Refunding Bonds Plaza Redevelopment Project | 4.00 | 12-1-2028 | 455,000 | 461,731 | |
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A¤ | 0.00 | 9-1-2034 | 24,725,000 | 8,405,190 | |
8,866,921 | |||||
11,448,243 | |||||
Kentucky: 2.81% | |||||
Education revenue: 0.14% | |||||
Columbia KY Educational Development Lindsey Wilson College Incorporated Project | 3.00 | 12-1-2024 | 2,345,000 | 2,420,210 | |
Columbia KY Educational Development Lindsey Wilson College Incorporated Project | 4.00 | 12-1-2029 | 570,000 | 657,081 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Columbia KY Educational Development Lindsey Wilson College Incorporated Project | 4.00% | 12-1-2030 | $ 590,000 | $ 684,593 | |
Columbia KY Educational Development Lindsey Wilson College Incorporated Project | 4.00 | 12-1-2031 | 615,000 | 717,260 | |
4,479,144 | |||||
Health revenue: 0.28% | |||||
Kentucky EDFA Health System Revenue Norton Healthcare Incorporate Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2026 | 3,000,000 | 2,779,265 | |
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015 | 5.00 | 11-15-2025 | 1,230,000 | 1,272,795 | |
Kentucky EDFA Norton Healthcare Incorporated Series B (NPFGC Insured) ¤ | 0.00 | 10-1-2022 | 1,000,000 | 993,264 | |
Louisville & Jefferson Counties KY Metro Health System Revenue Norton Healthcare Incorporated Series C | 5.00 | 10-1-2047 | 3,000,000 | 3,591,195 | |
8,636,519 | |||||
Industrial development revenue: 0.36% | |||||
Boone Country KY PCR Various Refunding Bonds Duke Energy (Sumitomo Mitsui Banking Corporation LOC) ø | 0.12 | 8-1-2027 | 11,295,000 | 11,295,000 | |
Miscellaneous revenue: 0.04% | |||||
Kentucky State University Certificate of Participation (BAM Insured) | 3.00 | 11-1-2032 | 320,000 | 359,482 | |
Kentucky State University Certificate of Participation (BAM Insured) | 4.00 | 11-1-2033 | 130,000 | 159,481 | |
Kentucky State University Certificate of Participation (BAM Insured) | 4.00 | 11-1-2034 | 130,000 | 159,117 | |
Kentucky State University Certificate of Participation (BAM Insured) | 5.00 | 11-1-2029 | 200,000 | 255,225 | |
Kentucky State University Certificate of Participation (BAM Insured) | 5.00 | 11-1-2030 | 175,000 | 227,836 | |
1,161,141 | |||||
Utilities revenue: 1.99% | |||||
Kentucky Public Energy Authority Gas Supply Series A-1 øø | 4.00 | 12-1-2049 | 3,755,000 | 4,116,476 | |
Kentucky Public Energy Authority Gas Supply Series B øø | 4.00 | 1-1-2049 | 14,725,000 | 16,045,422 | |
Kentucky Public Energy Authority Gas Supply Series C øø | 4.00 | 12-1-2049 | 4,605,000 | �� 5,043,837 | |
Kentucky Public Energy Authority Gas Supply Series C-1 øø | 4.00 | 2-1-2050 | 17,150,000 | 19,858,870 | |
Louisville & Jefferson Counties KY Metro Government PCR Series B | 1.35 | 11-1-2027 | 2,000,000 | 2,009,670 | |
Trimble County KY PCR Louisville Gas & Electric Project Series A | 0.63 | 9-1-2026 | 3,250,000 | 3,218,265 | |
Trimble County KY PCR Louisville Gas and Electric Project | 1.35 | 11-1-2027 | 5,500,000 | 5,554,461 | |
Trimble County KY PCR Refunding Bonds Louisville Gas and Electric Company | 1.30 | 9-1-2044 | 6,250,000 | 6,304,479 | |
62,151,480 | |||||
87,723,284 | |||||
Louisiana: 1.17% | |||||
Airport revenue: 0.16% | |||||
New Orleans LA Aviation Board General North Terminal Project Series A | 5.00 | 1-1-2032 | 1,000,000 | 1,127,753 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Bonds Consolidated Rental Car Project (AGM Insured) | 5.00% | 1-1-2031 | $ 1,250,000 | $ 1,525,458 | |
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Bonds Consolidated Rental Car Project (AGM Insured) | 5.00 | 1-1-2032 | 2,000,000 | 2,437,714 | |
5,090,925 | |||||
Education revenue: 0.05% | |||||
Louisiana Public Facilities Authority Loyola University Project Series 2017 ¤ | 0.00 | 10-1-2022 | 1,500,000 | 1,480,704 | |
Industrial development revenue: 0.52% | |||||
St. John the Baptist Parish LA Revenue Refunding Bonds Marathon Oil Corporation Project | 2.38 | 6-1-2037 | 8,330,000 | 8,760,484 | |
St. John the Baptist Parish LA Series A | 2.20 | 6-1-2037 | 7,000,000 | 7,308,328 | |
16,068,812 | |||||
Miscellaneous revenue: 0.12% | |||||
Louisiana Local Government Environmental Facilities and CDA Jefferson Parish Gomesa Project 144A | 4.00 | 11-1-2044 | 1,415,000 | 1,529,400 | |
Louisiana State General Obligation Bonds Series A | 5.00 | 2-1-2027 | 2,000,000 | 2,187,877 | |
3,717,277 | |||||
Water & sewer revenue: 0.32% | |||||
East Baton Rouge LA Refunding Bonds Multi Modal Series A øø | 1.30 | 2-1-2041 | 3,500,000 | 3,557,456 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 3.00 | 9-1-2023 | 250,000 | 260,294 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 5.00 | 9-1-2024 | 460,000 | 513,287 | |
Greater Ouachita Water Company Incorporated Louisiana Waterworks and Sewer System Refunding Bonds (BAM Insured) | 5.00 | 9-1-2025 | 510,000 | 589,063 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2026 | 350,000 | 412,186 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2027 | 600,000 | 726,051 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2028 | 400,000 | 495,774 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2029 | 600,000 | 760,482 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2030 | 600,000 | 770,867 | |
New Orleans LA Sewage Service Revenue Series B | 5.00 | 6-1-2031 | 1,520,000 | 1,966,870 | |
10,052,330 | |||||
36,410,048 | |||||
Maine: 0.03% | |||||
Health revenue: 0.03% | |||||
Maine HEFA | 5.00 | 7-1-2027 | 180,000 | 221,295 | |
Maine HEFA | 5.00 | 7-1-2027 | 570,000 | 689,826 | |
911,121 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 1.28% | |||||
Education revenue: 0.10% | |||||
Maryland Health and HEFAR Stevenson University Series A | 5.00% | 6-1-2029 | $ 300,000 | $ 373,506 | |
Maryland Health and HEFAR Stevenson University Series A | 5.00 | 6-1-2031 | 350,000 | 451,156 | |
Maryland Health and HEFAR Stevenson University Series A | 5.00 | 6-1-2033 | 425,000 | 544,807 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2015 144A | 5.25 | 8-1-2022 | 565,000 | 574,489 | |
Prince George's County MD Chesapeake Lighthouse Charter School Project Series 2016 | 5.00 | 8-1-2026 | 1,180,000 | 1,253,891 | |
3,197,849 | |||||
GO revenue: 0.44% | |||||
Prince George's County MD Consolidated Public Improvement Bonds Series C | 4.00 | 8-1-2028 | 12,960,000 | 13,722,785 | |
Health revenue: 0.07% | |||||
Maryland Health and HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2026 | 495,000 | 576,815 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2027 | 430,000 | 514,801 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2028 | 300,000 | 367,174 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2029 | 290,000 | 361,985 | |
Maryland Health and HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2030 | 285,000 | 361,371 | |
2,182,146 | |||||
Housing revenue: 0.35% | |||||
Maryland CDA Department of Housing & Community Multifamily Development Windsor Valley III Apartments Series G (FHA Insured) | 1.05 | 12-1-2023 | 11,000,000 | 10,997,062 | |
Tax revenue: 0.32% | |||||
Maryland State Department of Transportation | 4.00 | 12-15-2027 | 9,260,000 | 9,922,918 | |
40,022,760 | |||||
Massachusetts: 3.65% | |||||
Airport revenue: 0.34% | |||||
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2031 | 1,000,000 | 1,314,621 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2032 | 1,500,000 | 1,966,495 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2033 | 3,000,000 | 3,925,511 | |
Massachusetts Port Authority Revenue AMT Series E | 5.00 | 7-1-2034 | 2,615,000 | 3,414,986 | |
10,621,613 | |||||
Education revenue: 1.24% | |||||
Lowell MA Collegiate Charter School Revenue | 4.00 | 6-15-2024 | 320,000 | 328,720 | |
Lowell MA Collegiate Charter School Revenue | 5.00 | 6-15-2029 | 490,000 | 542,120 | |
Massachusetts Development Finance Agency Harvard University Series A | 5.00 | 7-15-2033 | 22,560,000 | 26,876,910 | |
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00 | 7-1-2029 | 340,000 | 394,012 | |
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00 | 7-1-2030 | 355,000 | 414,419 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Massachusetts Development Finance Agency Lasell University Issue Series 2021 | 4.00% | 7-1-2031 | $ 370,000 | $ 435,785 | |
Massachusetts Development Finance Agency Sabis International Charter School Series 2015 | 5.00 | 4-15-2025 | 820,000 | 878,912 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2026 | 1,000,000 | 1,161,360 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2027 | 1,500,000 | 1,783,563 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2028 | 1,250,000 | 1,517,396 | |
Massachusetts Educational Financing Authority Education Loan Revenue AMT Issue Lien Senior Series B | 5.00 | 7-1-2029 | 1,400,000 | 1,731,122 | |
Massachusetts Educational Financing Authority Series B | 5.00 | 7-1-2023 | 2,460,000 | 2,617,343 | |
38,681,662 | |||||
Health revenue: 0.64% | |||||
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A | 4.00 | 11-15-2023 | 580,000 | 598,607 | |
Massachusetts Development Finance Agency Partners Healthcare System Series S-3 (SIFMA Municipal Swap +0.50%) ± | 0.60 | 7-1-2038 | 14,870,000 | 14,888,555 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2026 | 150,000 | 173,516 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2027 | 160,000 | 189,281 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2028 | 175,000 | 211,148 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2029 | 300,000 | 368,331 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2030 | 320,000 | 399,292 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2031 | 350,000 | 438,099 | |
Massachusetts Development Finance Agency Revenue Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2032 | 400,000 | 499,454 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2891 (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.14 | 10-1-2045 | 2,245,000 | 2,245,000 | |
20,011,283 | |||||
Miscellaneous revenue: 0.67% | |||||
Massachusetts Water Pollution Abatement Trust Series 17 | 5.00 | 2-1-2031 | 10,000,000 | 10,491,613 | |
Massachusetts Water Pollution Abatement Trust Series 17 | 5.00 | 2-1-2032 | 10,000,000 | 10,489,391 | |
20,981,004 | |||||
Tax revenue: 0.30% | |||||
Massachusetts Bay Transportation Authority Assessment Bonds Series A | 4.00 | 7-1-2037 | 9,000,000 | 9,154,695 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.46% | |||||
Greater Attleboro Taunton Regional Transit Authority Massachusetts Revenue BAN | 1.00% | 8-19-2022 | $ 8,200,000 | $ 8,238,320 | |
Lowell MA Regional Transit Authority Revenue BAN | 1.00 | 8-19-2022 | 6,000,000 | 6,028,417 | |
14,266,737 | |||||
113,716,994 | |||||
Michigan: 2.03% | |||||
Airport revenue: 0.03% | |||||
Wayne County MI Airport Authority AMT Detroit Metropolitan Airport Series C | 5.00 | 12-1-2022 | 1,000,000 | 1,017,363 | |
Education revenue: 0.16% | |||||
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2029 | 405,000 | 483,325 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2030 | 405,000 | 489,824 | |
Lake Superior State University Board of Trustees Series 2021 (AGM Insured) | 4.00 | 11-15-2031 | 400,000 | 489,817 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2026 | 840,000 | 890,748 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2027 | 585,000 | 619,629 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2028 | 535,000 | 566,335 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2029 | 590,000 | 623,963 | |
Michigan Finance Authority Limited Obligation Refunding Bonds Higher Education College Creative | 5.00 | 12-1-2030 | 400,000 | 422,450 | |
Michigan Finance Authority Limited Obligation Revenue Refunding Bonds Public School Academy Cesar Chavez Academy Project | 3.25 | 2-1-2024 | 195,000 | 199,288 | |
4,785,379 | |||||
GO revenue: 0.09% | |||||
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured) | 5.00 | 5-1-2022 | 610,000 | 619,578 | |
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2024 | 1,025,000 | 1,106,021 | |
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured) | 4.00 | 5-1-2025 | 1,000,000 | 1,109,500 | |
2,835,099 | |||||
Health revenue: 0.47% | |||||
Kalamazoo MI Economic Development Corporation Revenue Limited Obligation Heritage Community | 2.88 | 5-15-2026 | 1,520,000 | 1,526,035 | |
Michigan Finance Authority Bronson Healthcare Group Series B & C | 3.75 | 11-15-2049 | 4,800,000 | 5,382,562 | |
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (AGM Insured, JPMorgan Chase & Company SPA) ø | 0.11 | 1-1-2032 | 7,640,000 | 7,640,000 | |
14,548,597 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.07% | |||||
Michigan Strategic Fund Limited Obligation Revenue Graphic Packaging International LLC | 4.00% | 10-1-2061 | $ 2,000,000 | $ 2,228,939 | |
Miscellaneous revenue: 0.48% | |||||
Michigan Finance Authority Detroit Recovery Project Series 2014F | 3.80 | 10-1-2022 | 500,000 | 508,616 | |
Michigan Finance Authority Detroit Recovery Project Series 2014F | 3.88 | 10-1-2023 | 2,500,000 | 2,598,856 | |
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bonds Series F | 4.50 | 10-1-2029 | 5,685,000 | 6,029,189 | |
Michigan Finance Authority Revenue Taxable Detroit Financial Recovery | 4.60 | 10-1-2022 | 335,000 | 340,125 | |
Michigan Finance Authority Senior Lien Distributable State Aid | 5.00 | 11-1-2028 | 865,000 | 1,086,835 | |
Michigan Finance Authority Senior Lien Distributable State Aid | 5.00 | 11-1-2029 | 1,500,000 | 1,905,060 | |
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured) | 5.00 | 5-1-2023 | 1,375,000 | 1,377,698 | |
Michigan Public Educational Facilities Authority Chandler Park Academy Project | 6.35 | 11-1-2028 | 1,140,000 | 1,142,534 | |
14,988,913 | |||||
Tax revenue: 0.10% | |||||
Michigan Finance Authority Series 2014B | 5.00 | 7-1-2032 | 3,000,000 | 3,208,880 | |
Water & sewer revenue: 0.63% | |||||
Detroit MI Water & Sewage Department Series A | 5.00 | 7-1-2022 | 1,000,000 | 1,023,251 | |
Michigan Financial Authority Great Lakes Water Authority Series C-3 (AGM Insured) | 5.00 | 7-1-2031 | 3,000,000 | 3,331,773 | |
Michigan Financial Authority Local Government Loan Program Series C7 (NPFGC Insured) | 5.00 | 7-1-2022 | 2,000,000 | 2,046,503 | |
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured) | 5.00 | 7-1-2022 | 2,700,000 | 2,763,865 | |
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured) | 5.00 | 7-1-2023 | 2,000,000 | 2,137,841 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2022 | 2,080,000 | 2,128,363 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2023 | 3,670,000 | 3,918,377 | |
Michigan Financial Authority Local Government Loan Program Series D6 (NPFGC Insured) | 5.00 | 7-1-2024 | 2,130,000 | 2,364,436 | |
19,714,409 | |||||
63,327,579 | |||||
Minnesota: 0.40% | |||||
Education revenue: 0.21% | |||||
Cologne MN Charter School Lease Academy Project Series 2014A | 4.00 | 7-1-2023 | 260,000 | 270,298 | |
Minneapolis MN Charter School Lease Revenue Northeast College Preparatory Project | 5.00 | 7-1-2040 | 875,000 | 967,312 | |
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00 | 10-1-2024 | 545,000 | 607,454 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00% | 10-1-2027 | $ 1,035,000 | $ 1,256,874 | |
Minnesota State HEFAR Refunding Bonds St. Catherine University Series A | 5.00 | 10-1-2029 | 660,000 | 814,207 | |
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A | 5.00 | 9-1-2026 | 1,000,000 | 1,093,258 | |
Woodbury MN Charter School Woodbury Leadership Academy Project Series A | 4.00 | 7-1-2031 | 690,000 | 771,782 | |
Woodbury MN Charter School Woodbury Leadership Academy Project Series A | 4.00 | 7-1-2041 | 850,000 | 931,985 | |
6,713,170 | |||||
Health revenue: 0.19% | |||||
Shakopee MN Senior Housing Revenue Benedictine Living Community LLC Project 144A | 5.85 | 11-1-2058 | 5,500,000 | 5,896,705 | |
12,609,875 | |||||
Mississippi: 0.39% | |||||
GO revenue: 0.13% | |||||
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 4.00 | 9-1-2029 | 620,000 | 729,396 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 4.00 | 9-1-2030 | 565,000 | 661,361 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 4.00 | 9-1-2031 | 400,000 | 466,759 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 4.00 | 9-1-2032 | 435,000 | 506,629 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2024 | 355,000 | 396,724 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2025 | 255,000 | 294,632 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2026 | 225,000 | 267,452 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2027 | 385,000 | 468,751 | |
Mississippi Development Bank Special Obligation Gulfport Mississippi Public Improvement Project | 5.00 | 9-1-2028 | 315,000 | 391,527 | |
4,183,231 | |||||
Health revenue: 0.26% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project | 5.00 | 9-1-2044 | 3,000,000 | 3,383,083 | |
Mississippi Hospital Equipment and Facilities Authority Revenue North Mississippi Health Services Series LI | 5.00 | 10-1-2040 | 3,930,000 | 4,632,203 | |
8,015,286 | |||||
12,198,517 | |||||
Missouri: 2.27% | |||||
Education revenue: 0.31% | |||||
Missouri State HEFAR University Health Science | 5.00 | 10-1-2026 | 925,000 | 1,084,741 | |
Missouri State HEFAR University Health Science | 5.00 | 10-1-2027 | 975,000 | 1,167,215 | |
Missouri State HEFAR University Health Science | 5.00 | 10-1-2028 | 1,025,000 | 1,248,915 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2022 | 775,000 | 782,832 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Missouri State HEFAR Webster University Project | 5.00% | 4-1-2023 | $ 1,050,000 | $ 1,102,594 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2024 | 2,820,000 | 3,064,129 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2025 | 600,000 | 672,064 | |
Missouri State HEFAR Webster University Project | 5.00 | 4-1-2026 | 500,000 | 574,757 | |
9,697,247 | |||||
Health revenue: 1.33% | |||||
Missouri State HEFAR Barnes-Jewish Christian Health System Series C | 5.00 | 5-1-2052 | 18,000,000 | 22,390,619 | |
Missouri State HEFAR St. Lukes Health System Incorporated | 5.00 | 11-15-2030 | 5,425,000 | 6,370,361 | |
RBC Municipal Products Incorporated (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø | 0.16 | 9-1-2039 | 12,700,000 | 12,700,000 | |
41,460,980 | |||||
Housing revenue: 0.07% | |||||
Missouri Southern State University Auxiliary Enterprise Revenue System | 3.00 | 10-1-2026 | 1,000,000 | 1,012,839 | |
Missouri Southern State University Auxiliary Enterprise Revenue System | 4.00 | 10-1-2031 | 1,000,000 | 1,061,537 | |
2,074,376 | |||||
Miscellaneous revenue: 0.34% | |||||
Kansas City MO IDA International Airport Terminal Modernization Project Series B | 5.00 | 3-1-2028 | 3,000,000 | 3,680,317 | |
Kansas City MO IDA International Airport Terminal Modernization Project Series B | 5.00 | 3-1-2030 | 2,000,000 | 2,491,785 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 4.00 | 3-1-2022 | 970,000 | 974,585 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 4.00 | 3-1-2023 | 1,010,000 | 1,044,061 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 5.00 | 3-1-2024 | 1,000,000 | 1,080,300 | |
Platte County MO Riverside-Quindaro Bend Levee District Project L-385 | 5.00 | 3-1-2025 | 1,105,000 | 1,224,684 | |
10,495,732 | |||||
Tax revenue: 0.13% | |||||
Branson MO IDA Branson Shoppes Series A | 4.00 | 11-1-2022 | 350,000 | 355,028 | |
Branson MO IDA Branson Shoppes Series A | 4.00 | 11-1-2023 | 750,000 | 771,467 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 1.00 | 10-1-2027 | 290,000 | 290,005 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 1.63 | 10-1-2033 | 700,000 | 700,772 | |
Hanley Road Corridor Transportation Development District Missouri Transportation Sales Tax Revenue Refunding Bonds | 2.00 | 10-1-2039 | 750,000 | 753,156 | |
Lees Summit MO Summit Fair Project Series 2017 144A | 3.50 | 11-1-2023 | 95,000 | 95,919 | |
Richmond Heights MO Francis Place Redevelopment Project | 5.63 | 11-1-2025 | 1,070,000 | 1,070,858 | |
4,037,205 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue: 0.09% | |||||
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00% | 1-1-2023 | $ 805,000 | $ 843,661 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2025 | 810,000 | 919,684 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2027 | 700,000 | 849,862 | |
Kansas City MO Sanitation Sewer System Revenue Series B | 5.00 | 1-1-2028 | 275,000 | 341,620 | |
2,954,827 | |||||
70,720,367 | |||||
Nebraska: 0.87% | |||||
Airport revenue: 0.04% | |||||
Lincoln NE Airport Authority | 5.00 | 7-1-2029 | 835,000 | 1,060,797 | |
Education revenue: 0.07% | |||||
Douglas County NE Educational Facilities SIFMA Index Creighton University (SIFMA Municipal Swap +0.53%) ± | 0.63 | 7-1-2035 | 2,250,000 | 2,258,232 | |
Utilities revenue: 0.76% | |||||
Central Plains Energy Nebraska Gas Project #1 (Royal Bank of Canada LIQ) øø | 4.00 | 12-1-2049 | 6,355,000 | 7,054,849 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2025 | 3,290,000 | 3,780,714 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2026 | 3,750,000 | 4,427,421 | |
Central Plains Energy Nebraska Gas Project #3 | 5.00 | 9-1-2027 | 1,000,000 | 1,205,317 | |
Tender Option Bond Trust Receipts/Certificates Series 2016 XF1053 (Deutsche Bank LIQ) 144Aø | 0.16 | 2-1-2049 | 7,345,000 | 7,345,000 | |
23,813,301 | |||||
27,132,330 | |||||
Nevada: 0.12% | |||||
Miscellaneous revenue: 0.09% | |||||
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.00 | 6-1-2022 | 315,000 | 316,361 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.00 | 6-1-2024 | 150,000 | 152,445 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.00 | 6-1-2025 | 180,000 | 182,738 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.00 | 6-1-2026 | 225,000 | 226,802 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.25 | 6-1-2027 | 250,000 | 252,417 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.50 | 6-1-2028 | 250,000 | 254,307 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.50 | 6-1-2029 | 200,000 | 202,572 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.63 | 6-1-2030 | 300,000 | 303,964 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.75% | 6-1-2031 | $ 225,000 | $ 228,929 | |
Las Vegas NV Special Improvement District #816 Local Improvement Summerlin Village 22 | 2.75 | 6-1-2033 | 515,000 | 520,974 | |
2,641,509 | |||||
Tax revenue: 0.03% | |||||
Sparks NV Tourism Improvement District #1 Senior Revenue Refunding Bonds Sales Tax Anticipation Notes 144A | 2.50 | 6-15-2024 | 1,015,000 | 1,029,832 | |
3,671,341 | |||||
New Hampshire: 0.25% | |||||
Housing revenue: 0.09% | |||||
New Hampshire National Finance Authority Municipal Certificates Series A | 4.13 | 1-20-2034 | 2,433,904 | 2,897,596 | |
Industrial development revenue: 0.16% | |||||
New Hampshire Finance Authority Lonza Biologics Incorporated (Landesbank Hessen-Thüringen LOC) ø | 0.15 | 9-1-2030 | 5,000,000 | 5,000,000 | |
7,897,596 | |||||
New Jersey: 3.68% | |||||
Airport revenue: 0.48% | |||||
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2025 | 2,750,000 | 3,179,297 | |
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2026 | 2,130,000 | 2,535,551 | |
New Jersey EDA Refunding Bonds Port Newark Container | 5.00 | 10-1-2027 | 1,675,000 | 2,040,608 | |
South Jersey NJ Port Corporation Marine Terminal Series B | 5.00 | 1-1-2027 | 1,000,000 | 1,182,608 | |
South Jersey NJ Port Corporation Marine Terminal Series B | 5.00 | 1-1-2028 | 500,000 | 605,410 | |
South Jersey NJ Port Corporation Marine Terminal Series R | 4.00 | 1-1-2022 | 1,600,000 | 1,600,000 | |
South Jersey NJ Port Corporation Marine Terminal Series S-2 | 5.00 | 1-1-2023 | 1,665,000 | 1,736,790 | |
South Jersey NJ Port Corporation Marine Terminal Series S-2 | 5.00 | 1-1-2024 | 1,750,000 | 1,894,061 | |
14,774,325 | |||||
Education revenue: 0.47% | |||||
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2036 | 425,000 | 513,416 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2037 | 150,000 | 180,773 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 4.00 | 7-1-2038 | 200,000 | 240,575 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 5.00 | 7-1-2032 | 225,000 | 297,076 | |
Atlantic County NJ Improvement Authority Atlantic City Campus Phase II Project Series A (AGM Insured) | 5.00 | 7-1-2034 | 225,000 | 295,924 | |
New Jersey EDA Revenue School Facilities Construction Series QQQ | 5.00 | 6-15-2030 | 1,000,000 | 1,283,174 | |
New Jersey EDA Revenue School Facilities Construction Series QQQ | 5.00 | 6-15-2031 | 500,000 | 646,369 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
New Jersey EDA School Facilities Construction Refunding Bonds (SIFMA Municipal Swap +1.60%) ± | 1.70% | 3-1-2028 | $10,000,000 | $ 10,111,802 | |
Newark NJ Higher Educational Finance Corporation Charter Schools Incorporated Series 2015 A 144A | 4.63 | 8-15-2025 | 950,000 | 1,014,978 | |
14,584,087 | |||||
GO revenue: 0.23% | |||||
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2027 | 400,000 | 461,610 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2029 | 400,000 | 474,245 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2031 | 350,000 | 407,981 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2033 | 300,000 | 346,043 | |
Atlantic City NJ Board Education Refunding Bonds (AGM Insured) | 4.00 | 4-1-2034 | 260,000 | 299,458 | |
New Jersey EDA Revenue Refunding Bonds School Facilities Construction Series GGG 144A | 5.25 | 9-1-2026 | 2,000,000 | 2,392,751 | |
Newark NJ Board of Education Refunding School Energy Savings Obligation (BAM Insured) | 5.00 | 7-15-2029 | 340,000 | 431,151 | |
Newark NJ Board of Education Refunding School Energy Savings Obligation (BAM Insured) | 5.00 | 7-15-2030 | 325,000 | 420,370 | |
Newark NJ Board of Education Refunding School Energy Savings Obligation (BAM Insured) | 5.00 | 7-15-2031 | 400,000 | 527,924 | |
Newark NJ Board of Education Refunding School Energy Savings Obligation (BAM Insured) | 5.00 | 7-15-2032 | 430,000 | 565,978 | |
Newark NJ Board of Education Refunding School Energy Savings Obligation (BAM Insured) | 5.00 | 7-15-2033 | 520,000 | 683,143 | |
7,010,654 | |||||
Industrial development revenue: 0.06% | |||||
New Jersey EDA Elite Pharmaceuticals Project Series A | 6.50 | 9-1-2030 | 305,000 | 301,596 | |
New Jersey EDA The Goethals Bridge Replacement Project | 5.00 | 1-1-2023 | 1,520,000 | 1,590,630 | |
1,892,226 | |||||
Miscellaneous revenue: 0.71% | |||||
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.13 | 7-1-2029 | 5,620,000 | 5,690,479 | |
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bonds Series A | 3.38 | 7-1-2030 | 9,705,000 | 10,251,766 | |
New Jersey EDA School Facilities Construction Project Series NN (AGM Insured) | 5.00 | 3-1-2024 | 1,645,000 | 1,733,987 | |
New Jersey EDA School Facilities Construction Refunding Bonds Project Series I (SIFMA Municipal Swap +1.25%) ± | 1.35 | 9-1-2025 | 4,500,000 | 4,559,373 | |
22,235,605 | |||||
Tax revenue: 0.53% | |||||
New Jersey Covid-19 Emergency Series A | 4.00 | 6-1-2032 | 3,000,000 | 3,745,022 | |
New Jersey Garden State Preservation Trust Open & Farmland Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 6,096,292 | |
New Jersey TTFA Transportation Program Series AA | 4.00 | 6-15-2035 | 2,000,000 | 2,348,889 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
New Jersey TTFA Transportation Program Series AA | 5.00% | 6-15-2035 | $ 2,000,000 | $ 2,554,916 | |
New Jersey TTFA Transportation Program Series BB | 5.00 | 6-15-2030 | 1,500,000 | 1,868,511 | |
16,613,630 | |||||
Transportation revenue: 0.95% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2026 | 12,000,000 | 11,248,738 | |
New Jersey TTFA CAB Transportation System Series C (Ambac Insured) ¤ | 0.00 | 12-15-2026 | 3,500,000 | 3,297,051 | |
New Jersey TTFA Series 2012AA | 5.00 | 6-15-2023 | 1,350,000 | 1,378,516 | |
New Jersey TTFA Series 2013AA | 5.00 | 6-15-2023 | 4,740,000 | 5,051,619 | |
New Jersey TTFA Series A | 5.00 | 12-15-2025 | 1,000,000 | 1,163,118 | |
New Jersey TTFA Series D | 5.00 | 12-15-2023 | 6,960,000 | 7,574,818 | |
29,713,860 | |||||
Water & sewer revenue: 0.25% | |||||
New Jersey EDA øø | 2.20 | 10-1-2039 | 5,500,000 | 5,830,679 | |
New Jersey EDA Water Facilities Revenue Refunding Bonds AMT New Jersey American Water Company Incorporated øø | 1.10 | 11-1-2029 | 2,075,000 | 2,064,366 | |
7,895,045 | |||||
114,719,432 | |||||
New Mexico: 0.57% | |||||
Utilities revenue: 0.57% | |||||
Farmington NM Pollution Control Refunding Bonds Series 4 | 1.80 | 4-1-2029 | 10,000,000 | 10,118,843 | |
New Mexico Municipal Energy Acquisition Authority Gas Supply Revenue Refunding & Acquisition Bond Subordinated Series A (Royal Bank of Canada LIQ) øø | 5.00 | 11-1-2039 | 6,660,000 | 7,558,936 | |
17,677,779 | |||||
New York: 7.54% | |||||
Airport revenue: 1.36% | |||||
New York Transportation Development Corporation Special Facility John F Kennedy International Airport Project | 2.25 | 8-1-2026 | 2,000,000 | 2,071,458 | |
New York Transportation Development Corporation Special Refunding Bonds Terminal One Group Association | 5.00 | 1-1-2022 | 3,000,000 | 3,000,000 | |
Port Authority of New York & New Jersey Consolidated Bonds 205 Series | 5.00 | 11-15-2025 | 475,000 | 555,649 | |
Port Authority of New York & New Jersey Consolidated Bonds 172 Series | 5.00 | 10-1-2027 | 5,000,000 | 5,057,324 | |
Port Authority of New York & New Jersey Consolidated Bonds 185 Series | 5.00 | 9-1-2028 | 5,000,000 | 5,530,176 | |
Port Authority of New York & New Jersey Consolidated Bonds 207 Series | 5.00 | 9-15-2027 | 21,380,000 | 26,094,478 | |
42,309,085 | |||||
Education revenue: 0.44% | |||||
Build New York City Resource Corporation Bronx Charter School for International Cultures & Arts Series A | 3.88 | 4-15-2023 | 410,000 | 418,544 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Build New York City Resource Corporation Richmond Preparatory Charter School Social Impact Project Series A 144A | 4.00% | 6-1-2031 | $ 650,000 | $ 705,471 | |
Build New York City Resource Corporation Richmond Preparatory Charter School Social Impact Project Series A 144A | 5.00 | 6-1-2036 | 525,000 | 602,157 | |
Build New York City Resource Corporation Richmond Preparatory Charter School Social Impact Project Series A 144A | 5.00 | 6-1-2041 | 400,000 | 452,495 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series A | 4.05 | 2-1-2031 | 2,415,000 | 2,480,277 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series A | 4.76 | 2-1-2027 | 970,000 | 1,038,714 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series A | 5.45 | 2-1-2027 | 2,880,000 | 3,136,011 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series A | 6.47 | 2-1-2033 | 1,435,000 | 1,720,197 | |
Hempstead NY Local Development Corporation Education Revenue Refunding Bonds The Academy Charter School Project Series B | 4.76 | 2-1-2027 | 180,000 | 188,238 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 500,000 | 518,529 | |
New York Dormitory Authority Revenues Non-State Supported Debt Montefiore Obligation Group Series A %% | 5.00 | 7-1-2030 | 625,000 | 772,951 | |
New York Dormitory Authority Revenues Non-State Supported Debt Montefiore Obligation Group Series A %% | 5.00 | 7-1-2037 | 200,000 | 252,644 | |
New York Dormitory Authority Revenues Non-State Supported Debt Montefiore Obligation Group Series A %% | 5.00 | 7-1-2042 | 275,000 | 343,266 | |
New York NY IDA Civic Facility Stars Churchill School Center Project (AGC Insured) ø | 2.25 | 10-1-2029 | 1,180,000 | 1,197,530 | |
13,827,024 | |||||
GO revenue: 0.81% | |||||
Cortland NY Enlarged City School District Revenue BAN | 2.00 | 7-29-2022 | 3,780,000 | 3,817,266 | |
Kenmore Tonawanda NY Union Free School District BAN Series A | 1.25 | 6-29-2022 | 16,000,000 | 16,078,562 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 4.00 | 4-15-2029 | 245,000 | 284,708 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2024 | 340,000 | 372,028 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2025 | 235,000 | 265,376 | |
Poughkeepsie City NY Refunding Bonds Public Improvement | 5.00 | 6-1-2031 | 600,000 | 682,434 | |
Suffolk County NY Series A (BAM Insured) | 5.00 | 6-15-2028 | 3,000,000 | 3,747,011 | |
25,247,385 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.44% | |||||
Huntington NY Local Development Corporation Revenue Gurwin Independent Housing Incorporated | 3.00% | 7-1-2025 | $ 1,725,000 | $ 1,734,682 | |
New York Dormitory Authority Non-State Supported Debt Northwell Health Obligated Group øø | 5.00 | 5-1-2048 | 6,000,000 | 6,955,238 | |
New York Dormitory Authority Revenues Non-State Supported Debit Montefiore Obligation Group Series A | 5.00 | 9-1-2029 | 1,350,000 | 1,706,052 | |
New York Dormitory Authority Revenues Non-State Supported Debt Montefiore Obligation Group Series A | 5.00 | 9-1-2028 | 1,400,000 | 1,735,062 | |
Westchester County NY Local Development Corporation Purchase Senior Learning Community Incorporated 144A | 2.88 | 7-1-2026 | 1,500,000 | 1,508,450 | |
13,639,484 | |||||
Housing revenue: 0.43% | |||||
New York Housing Finance Agency Affordable Housing Series K2 øø | 1.00 | 11-1-2061 | 3,000,000 | 3,000,116 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.25 | 4-1-2022 | 325,000 | 324,992 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.30 | 10-1-2022 | 465,000 | 464,885 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.40 | 4-1-2023 | 480,000 | 479,631 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.55 | 10-1-2023 | 760,000 | 758,769 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.65 | 4-1-2024 | 710,000 | 708,497 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.75 | 10-1-2024 | 825,000 | 823,264 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 0.88 | 4-1-2025 | 1,705,000 | 1,701,159 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 1.00 | 10-1-2025 | 2,415,000 | 2,409,768 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 1.05 | 4-1-2026 | 1,275,000 | 1,271,133 | |
New York Mortgage Agency Homeowner Mortgage Revenue AMT Social Bonds Series 235 | 1.15 | 10-1-2026 | 1,335,000 | 1,333,257 | |
13,275,471 | |||||
Industrial development revenue: 0.89% | |||||
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.80 | 9-15-2069 | 2,000,000 | 2,070,209 | |
New York Transportation Development Corporation Exempt Facility Revenue New York Thruway Service Areas Project | 2.50 | 10-31-2031 | 750,000 | 791,811 | |
New York Transportation Development Corporation Exempt Facility Revenue New York Thruway Service Areas Project | 4.00 | 10-31-2034 | 500,000 | 592,452 | |
New York Transportation Development Corporation Special Delta Air Lines Incorporated LaGuardia | 5.00 | 10-1-2035 | 9,250,000 | 11,473,560 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment | 5.00 | 1-1-2026 | 11,030,000 | 12,810,232 | |
27,738,264 | |||||
Miscellaneous revenue: 0.38% | |||||
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 1.70 | 11-15-2030 | 4,000,000 | 3,983,320 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 1.90% | 11-15-2031 | $ 2,000,000 | $ 2,000,355 | |
New York Liberty Development Corporation Refunding Bonds 4 World Trade Center Project | 2.10 | 11-15-2032 | 5,000,000 | 5,037,133 | |
Public Housing Capital Fund Trust II (Department of Housing and Urban Development Insured) 144A | 4.50 | 7-1-2022 | 98,951 | 99,878 | |
Western Regional Off-Track Betting Corporation 144A | 3.00 | 12-1-2026 | 670,000 | 672,594 | |
11,793,280 | |||||
Resource recovery revenue: 0.07% | |||||
New York Environmental Facilities Corporation Solid Waste Disposal Revenue Casella Waste System Incorporate Project øø | 2.75 | 9-1-2050 | 2,000,000 | 2,066,034 | |
Tax revenue: 0.85% | |||||
New York City Transitional Future Tax Secured Subordinated Bond Series E | 5.00 | 2-1-2031 | 10,000,000 | 10,036,026 | |
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series A øø | 2.00 | 5-15-2045 | 5,000,000 | 5,306,465 | |
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Series B-2 øø | 5.00 | 5-15-2050 | 9,500,000 | 11,235,989 | |
26,578,480 | |||||
Transportation revenue: 1.66% | |||||
New York Metropolitan Transportation Authority Refunding Bond Series D1 | 5.00 | 9-1-2022 | 5,000,000 | 5,155,401 | |
New York Metropolitan Transportation Authority Revenue Various Refunding Bonds | 4.00 | 11-15-2032 | 10,000,000 | 11,423,470 | |
New York Metropolitan Transportation Authority Revenue Various Refunding Bonds Transportation Subordinated Series G3 (SIFMA Municipal Swap +0.43%) ± | 0.53 | 11-1-2031 | 20,000,000 | 20,018,284 | |
New York Metropolitan Transportation Authority Subordinated Bond Series 2002G-1F (U.S. SOFR +0.43%) ± | 0.46 | 11-1-2026 | 1,250,000 | 1,240,190 | |
New York Metropolitan Transportation Authority Subordinated Bond Series A1 øø | 5.00 | 11-15-2048 | 800,000 | 895,073 | |
New York Metropolitan Transportation Authority Subordinated Bond Series C1 | 5.00 | 11-15-2024 | 3,535,000 | 3,970,361 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.20 | 1-1-2053 | 5,000,000 | 5,000,000 | |
Triborough Bridge & Tunnel Authority New York Revenues Various Refunding Bond Subordinated Series B-2 (State Street Bank & Trust Company LOC) ø | 0.12 | 1-1-2032 | 4,200,000 | 4,200,000 | |
51,902,779 | |||||
Utilities revenue: 0.21% | |||||
Long Island Power Authority Electric System Revenue General Series B øø | 0.85 | 9-1-2050 | 3,000,000 | 3,006,838 | |
Long Island Power Authority Electric System Revenue General Series B | 1.50 | 9-1-2051 | 3,500,000 | 3,586,351 | |
6,593,189 | |||||
234,970,475 |
Interest rate | Maturity date | Principal | Value | ||
North Carolina: 0.97% | |||||
Education revenue: 0.76% | |||||
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Campbell University Series A | 5.00% | 10-1-2028 | $ 450,000 | $ 554,780 | |
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Campbell University Series A | 5.00 | 10-1-2029 | 550,000 | 690,613 | |
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue Refunding Campbell University Series A | 5.00 | 10-1-2030 | 450,000 | 574,679 | |
University of North Carolina Chapel Hill Series A (1 Month LIBOR +0.13%) ± | 0.19 | 12-1-2041 | 11,100,000 | 11,103,127 | |
University of North Carolina Chapel Hill Series B (1 Month LIBOR +0.13%) ± | 0.19 | 12-1-2034 | 10,925,000 | 10,927,394 | |
23,850,593 | |||||
Health revenue: 0.18% | |||||
Charlotte Mecklenburg Hospital Authority North Carolina Health Care System Atrium Health Series E øø | 0.80 | 1-15-2048 | 2,000,000 | 2,000,145 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2029 | 275,000 | 310,137 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2030 | 285,000 | 321,329 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2031 | 290,000 | 324,992 | |
North Carolina Medical Care Commission Health Care Facilities First Mortgage Lutheran Services Series A | 4.00 | 3-1-2036 | 900,000 | 995,919 | |
North Carolina Medical Care Commission Retirement Facilities Revenue Entrance Fee Friends Homes Series B1 | 2.55 | 9-1-2026 | 1,575,000 | 1,588,161 | |
5,540,683 | |||||
Industrial development revenue: 0.03% | |||||
Columbus County NC Industrial Facilities and PCFA Refunding Bonds Recovery Zone Facility International Paper Company Project øø | 2.00 | 11-1-2033 | 850,000 | 884,014 | |
30,275,290 | |||||
North Dakota: 0.71% | |||||
GO revenue: 0.38% | |||||
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2025 | 960,000 | 1,096,654 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2026 | 1,115,000 | 1,311,220 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2027 | 1,170,000 | 1,407,564 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2028 | 1,225,000 | 1,502,392 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2029 | 1,290,000 | 1,567,864 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2030 | 1,355,000 | 1,638,590 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
McKenzie County ND Public School District #1 School Building Series A | 5.00% | 8-1-2031 | $ 1,420,000 | $ 1,711,791 | |
McKenzie County ND Public School District #1 School Building Series A | 5.00 | 8-1-2032 | 1,490,000 | 1,792,717 | |
12,028,792 | |||||
Health revenue: 0.25% | |||||
Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | 12-1-2029 | 1,650,000 | 2,084,837 | |
Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | 12-1-2030 | 1,600,000 | 2,057,030 | |
Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | 12-1-2031 | 1,300,000 | 1,700,781 | |
Grand Forks ND Health Care System Revenue Altru Health System | 5.00 | 12-1-2032 | 1,400,000 | 1,827,420 | |
7,670,068 | |||||
Miscellaneous revenue: 0.08% | |||||
Cass County ND Joint Water Resources District Refunding Temporary Improvement Series A | 0.48 | 5-1-2024 | 2,500,000 | 2,501,183 | |
22,200,043 | |||||
Ohio: 1.72% | |||||
Airport revenue: 0.08% | |||||
Port of Greater Cincinnati Development Authority | 4.38 | 6-15-2056 | 2,340,000 | 2,339,948 | |
Education revenue: 0.09% | |||||
Allen County OH Port Authority Economic Development Revenue Refunding Bonds University Northwestern | 4.00 | 12-1-2031 | 710,000 | 803,562 | |
Portage County OH Port Authority Northeast Ohio Medical University Project | 5.00 | 12-1-2026 | 1,980,000 | 2,011,847 | |
2,815,409 | |||||
Health revenue: 0.58% | |||||
Akron OH Bath and Copley Joint Township Hospital District | 5.00 | 1-1-2031 | 2,000,000 | 2,000,000 | |
Allen County OH Hospital Facilities Revenue Bonds Series B øø | 5.00 | 8-1-2047 | 2,500,000 | 2,538,694 | |
Hamilton County OH Healthcare Series 2017 | 3.00 | 1-1-2022 | 235,000 | 235,000 | |
Hamilton County OH Hospital Facilities Revenue UC Health | 5.00 | 9-15-2027 | 615,000 | 750,232 | |
Hamilton County OH Hospital Facilities Revenue UC Health | 5.00 | 9-15-2028 | 650,000 | 810,966 | |
Montgomery County OH Hospital Refunding Bonds Facilities Premier Health Partners | 5.00 | 11-15-2033 | 4,000,000 | 4,968,148 | |
Montgomery County OH Hospital Refunding Bonds Facilities Premier Health Partners | 5.00 | 11-15-2034 | 5,460,000 | 6,768,979 | |
18,072,019 | |||||
Resource recovery revenue: 0.16% | |||||
Ohio Air Quality Development Authority Revenue Refunding Bonds AMT American Electric Power Company | 2.10 | 12-1-2027 | 4,930,000 | 5,096,036 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.24% | |||||
Akron OH Income Tax Revenue %% | 4.00% | 12-1-2029 | $ 4,515,000 | $ 5,417,902 | |
Akron OH Income Tax Revenue %% | 4.00 | 12-1-2030 | 1,830,000 | 2,177,450 | |
7,595,352 | |||||
Utilities revenue: 0.36% | |||||
American Municipal Power Ohio Incorporated Refunding Bonds | 5.00 | 2-15-2030 | 2,000,000 | 2,577,392 | |
American Municipal Power Ohio Incorporated Refunding Bonds | 5.00 | 2-15-2031 | 1,700,000 | 2,241,447 | |
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Project Series A øø | 3.25 | 9-1-2029 | 4,000,000 | 4,329,219 | |
Ohio Air Quality Development Authority Revenue Various Ohio Valley Electric Corporation øø | 1.50 | 2-1-2026 | 2,000,000 | 2,019,021 | |
11,167,079 | |||||
Water & sewer revenue: 0.21% | |||||
Columbus OH Sewerage System | 5.00 | 6-1-2031 | 5,825,000 | 6,564,287 | |
53,650,130 | |||||
Oklahoma: 0.60% | |||||
Education revenue: 0.18% | |||||
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2025 | 925,000 | 1,042,393 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2026 | 975,000 | 1,125,798 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2027 | 1,370,000 | 1,614,174 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2028 | 715,000 | 857,504 | |
Oklahoma Development Finance Authority Revenue Refunding Bonds Oklahoma City University Project | 5.00 | 8-1-2029 | 755,000 | 919,254 | |
5,559,123 | |||||
Miscellaneous revenue: 0.27% | |||||
Carter County OK Public Facilities Authority Dickson Public Schools Project | 4.00 | 9-1-2025 | 350,000 | 390,697 | |
Carter County OK Public Facilities Authority Dickson Public Schools Project | 5.00 | 9-1-2025 | 365,000 | 413,788 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2028 | 2,500,000 | 2,887,170 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 4.00 | 9-1-2034 | 670,000 | 770,320 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2024 | 890,000 | 983,876 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2025 | 855,000 | 973,564 | |
Muskogee OK Industrial Trust Educational Facilities Lease Muskogee Public Schools Project | 5.00 | 9-1-2026 | 1,810,000 | 2,113,590 | |
8,533,005 | |||||
Tax revenue: 0.15% | |||||
Tulsa OK Public Facilities Authority Capital Improvements | 4.00 | 10-1-2027 | 4,050,000 | 4,679,845 | |
18,771,973 |
Interest rate | Maturity date | Principal | Value | ||
Oregon: 0.65% | |||||
Health revenue: 0.65% | |||||
Clackamas County OR Hospital Facility Authority Revenue Senior Living Rose Villa Project | 2.75% | 11-15-2025 | $ 500,000 | $ 500,357 | |
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds Terwilliger Plaza Parkview | 0.95 | 6-1-2027 | 1,900,000 | 1,877,165 | |
Multnomah County OR Hospital Facilities Authority Revenue Refunding Bonds Adventist Health System/West øø | 5.00 | 3-1-2040 | 9,500,000 | 10,525,884 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2025 | 400,000 | 462,457 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2026 | 125,000 | 148,939 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2027 | 300,000 | 366,365 | |
Oregon State Facilities Authority Revenue Refunding Bonds Samaritan Health Services Project | 5.00 | 10-1-2031 | 1,750,000 | 2,074,936 | |
YamHill County OR Hospital Authority Friendsview Series A | 5.00 | 11-15-2036 | 1,220,000 | 1,454,115 | |
YamHill County OR Hospital Authority Friendsview Series A | 5.00 | 11-15-2046 | 1,540,000 | 1,794,703 | |
YamHill County OR Hospital Authority Friendsview Series B2 | 2.13 | 11-15-2027 | 1,000,000 | 1,000,799 | |
20,205,720 | |||||
Other: 0.06% | |||||
Miscellaneous revenue: 0.06% | |||||
FHLMC Multiclass Mortgage Certificate of Participation Series M012 Class A1A øø | 1.60 | 8-15-2051 | 1,996,790 | 2,006,032 | |
Pennsylvania: 4.45% | |||||
Airport revenue: 0.54% | |||||
Allegheny County PA Airport Authority Series A | 5.00 | 1-1-2029 | 4,000,000 | 4,998,962 | |
Allegheny County PA Airport Authority Series A | 5.00 | 1-1-2030 | 3,000,000 | 3,822,084 | |
Allegheny County PA Airport Authority Series A | 5.00 | 1-1-2031 | 2,250,000 | 2,923,337 | |
Allegheny County PA Airport Authority Series A | 5.00 | 1-1-2032 | 4,000,000 | 5,172,319 | |
16,916,702 | |||||
Education revenue: 0.52% | |||||
Chester County PA IDA Avon Grove Charter School Project Series 2017A | 4.00 | 12-15-2027 | 1,485,000 | 1,602,996 | |
Chester County PA IDA Collegium Charter School Project Series A | 3.70 | 10-15-2022 | 400,000 | 406,608 | |
Lycoming County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program øø | 2.00 | 11-1-2035 | 3,000,000 | 3,027,571 | |
Montgomery County PA HEFAR Arcadia University | 5.00 | 4-1-2022 | 1,575,000 | 1,591,616 | |
Montgomery County PA HEFAR Arcadia University | 5.00 | 4-1-2023 | 1,555,000 | 1,637,460 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2028 | 600,000 | 728,347 | |
Pennsylvania Higher Education Assistance Agency Education Loan Series A | 5.00 | 6-1-2030 | 800,000 | 1,003,299 | |
Philadelphia PA IDA Charter School Project Series 2016B | 4.88 | 8-1-2026 | 1,465,000 | 1,578,678 | |
Philadelphia PA IDA Charter School Project Series A | 4.50 | 8-1-2026 | 2,240,000 | 2,425,205 | |
Philadelphia PA IDA Independence Charter School Project Series 2019 | 4.00 | 6-15-2029 | 350,000 | 378,692 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Philadelphia PA IDA Tacony Academy Christian School Project Series A-1 | 6.25% | 6-15-2023 | $ 275,000 | $ 288,393 | |
South Central Pennsylvania General Authority Association of Independent Colleges & Universities Financing Program Series TT2 | 5.00 | 5-1-2029 | 245,000 | 309,417 | |
South Central Pennsylvania General Authority Association of Independent Colleges & Universities Financing Program Series TT2 | 5.00 | 5-1-2030 | 395,000 | 507,003 | |
South Central Pennsylvania General Authority Association of Independent Colleges & Universities Financing Program Series TT2 | 5.00 | 5-1-2031 | 485,000 | 634,941 | |
16,120,226 | |||||
GO revenue: 0.97% | |||||
Allegheny County PA Penn Hills Schools District Series 2015 (BAM Insured) | 5.00 | 11-15-2022 | 340,000 | 353,135 | |
Allegheny County PA Penn Hills Schools District Series 2015 (BAM Insured) | 5.00 | 11-15-2023 | 1,025,000 | 1,107,883 | |
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00 | 3-15-2027 | 745,000 | 903,010 | |
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00 | 3-15-2029 | 920,000 | 1,171,226 | |
Armstrong PA School District Refunding Bonds Series A (BAM Insured) | 5.00 | 3-15-2030 | 1,800,000 | 2,283,995 | |
Bristol Township PA School District | 5.25 | 6-1-2031 | 6,990,000 | 7,472,520 | |
Laurel Highlands PA School District (BAM Insured) | 3.00 | 2-1-2030 | 675,000 | 737,502 | |
Laurel Highlands PA School District (BAM Insured) | 4.00 | 2-1-2027 | 980,000 | 1,119,554 | |
Laurel Highlands PA School District (BAM Insured) | 4.00 | 2-1-2029 | 1,150,000 | 1,345,694 | |
Philadelphia PA School District Series D | 5.00 | 9-1-2022 | 3,565,000 | 3,677,585 | |
Philadelphia PA School District Series F | 5.00 | 9-1-2022 | 5,000,000 | 5,157,904 | |
Scranton PA School District Series A | 5.00 | 6-1-2024 | 750,000 | 825,371 | |
Scranton PA School District Series A | 5.00 | 6-1-2025 | 1,000,000 | 1,138,267 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2024 | 665,000 | 733,512 | |
Scranton PA School District Series B (NPFGC Insured) | 5.00 | 6-1-2025 | 710,000 | 810,745 | |
Scranton PA Series 2017 144A | 5.00 | 9-1-2023 | 1,355,000 | 1,424,053 | |
30,261,956 | |||||
Health revenue: 1.00% | |||||
Berks County PA Municipal Authority Tower Health Project Series B2 øø | 5.00 | 2-1-2040 | 6,000,000 | 6,781,890 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2026 | 1,350,000 | 1,560,167 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2028 | 1,500,000 | 1,808,524 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2031 | 1,120,000 | 1,420,081 | |
Bucks County PA IDA Hospital Revenue Grand View Hospital Project | 5.00 | 7-1-2032 | 955,000 | 1,212,296 | |
Bucks County PA IDA Hospital St. Lukes University Health Network | 4.00 | 8-15-2031 | 750,000 | 871,896 | |
Bucks County PA IDA Hospital St. Lukes University Health Network | 4.00 | 8-15-2032 | 1,390,000 | 1,612,776 | |
Lancaster PA IDA Health Center Revenue Refunding Landis Homes Retirement | 4.00 | 7-1-2031 | 430,000 | 472,411 | |
Lancaster PA IDA Health Center Revenue Refunding Landis Homes Retirement | 4.00 | 7-1-2037 | 345,000 | 375,155 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Montgomery County PA Higher Education & Health Authority Series 2018D ø | 0.20% | 9-1-2050 | $10,000,000 | $ 10,000,000 | |
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ± | 0.82 | 9-1-2051 | 3,500,000 | 3,500,124 | |
Westmoreland County PA IDA Health System Revenue Excela Health Project Series A | 5.00 | 7-1-2027 | 1,200,000 | 1,455,121 | |
31,070,441 | |||||
Housing revenue: 0.08% | |||||
East Hempfield Township Pennsylvania Industrial Development Student Services Incorporate Student Housing | 5.00 | 7-1-2025 | 1,065,000 | 1,157,157 | |
Pennsylvania HFA Single Family Series 128A | 4.75 | 4-1-2033 | 1,255,000 | 1,360,154 | |
2,517,311 | |||||
Industrial development revenue: 0.09% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Foward Delivery %% | 5.00 | 5-1-2029 | 500,000 | 608,868 | |
Allentown PA Neighborhood Improvement Zone Development Authority Foward Delivery %% | 5.00 | 5-1-2030 | 500,000 | 617,729 | |
Allentown PA Neighborhood Improvement Zone Development Authority Foward Delivery %% | 5.00 | 5-1-2031 | 550,000 | 690,053 | |
Allentown PA Neighborhood Improvement Zone Development Authority Foward Delivery %% | 5.00 | 5-1-2032 | 600,000 | 761,466 | |
2,678,116 | |||||
Miscellaneous revenue: 0.14% | |||||
Delaware Valley Regional Finance Authority Local Government Series B (Ambac Insured) | 5.70 | 7-1-2027 | 1,780,000 | 2,226,990 | |
Delaware Valley Regional Finance Authority Local Government Series C (Ambac Insured) | 7.75 | 7-1-2027 | 125,000 | 170,293 | |
Delaware Valley Regional Finance Authority Local Government Series D (TD Bank NA LOC) ø | 0.10 | 11-1-2055 | 2,000,000 | 2,000,000 | |
4,397,283 | |||||
Resource recovery revenue: 0.63% | |||||
Pennsylvania EDFA Solid Waste Disposal Republic Services Incorporated Project Series A øø | 0.23 | 6-1-2044 | 6,000,000 | 6,000,000 | |
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporate Project Series A øø | 1.75 | 8-1-2038 | 13,500,000 | 13,819,981 | |
19,819,981 | |||||
Transportation revenue: 0.11% | |||||
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2027 | 570,000 | 657,657 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2028 | 590,000 | 687,013 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2029 | 410,000 | 474,280 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2030 | 425,000 | 490,257 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue (continued) | |||||
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00% | 9-1-2031 | $ 440,000 | $ 504,893 | |
Lancaster PA Guaranteed Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2032 | 460,000 | 524,276 | |
3,338,376 | |||||
Utilities revenue: 0.13% | |||||
Pennsylvania EDFA Exempt Facilities Refunding Bond Energy Supply LLC (MUFG Bank Limited LOC) ø | 0.17 | 12-1-2038 | 4,000,000 | 4,000,000 | |
Water & sewer revenue: 0.24% | |||||
Luzerne County PA IDA Refunding Bonds AMT Pennsylvania American Water Company Project øø | 2.45 | 12-1-2039 | 3,250,000 | 3,531,505 | |
Pittsburgh PA Water & Sewer Authority Series C (SIFMA Municipal Swap +0.65%)(AGM Insured) ± | 0.75 | 9-1-2040 | 4,000,000 | 4,027,003 | |
7,558,508 | |||||
138,678,900 | |||||
Puerto Rico: 0.30% | |||||
Water & sewer revenue: 0.30% | |||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Senior Lien Series A 144A | 4.00 | 7-1-2022 | 5,000,000 | 5,089,822 | |
Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Senior Lien Series A 144A | 4.00 | 7-1-2023 | 4,000,000 | 4,196,145 | |
9,285,967 | |||||
Rhode Island: 0.17% | |||||
GO revenue: 0.07% | |||||
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2022 | 300,000 | 300,406 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2023 | 425,000 | 443,658 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2024 | 400,000 | 433,282 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2025 | 450,000 | 503,839 | |
Providence RI Refunding Bonds Series A | 5.00 | 1-15-2026 | 450,000 | 517,845 | |
2,199,030 | |||||
Housing revenue: 0.00% | |||||
Rhode Island Housing & Mortgage Finance | 6.50 | 4-1-2027 | 15,000 | 15,054 | |
Miscellaneous revenue: 0.10% | |||||
Providence RI Public Buildings Authority Revenue Capital Improvement Program Projects Series A (AGM Insured) | 4.00 | 9-15-2023 | 1,000,000 | 1,059,625 | |
Providence RI RDA Series A | 5.00 | 4-1-2022 | 1,940,000 | 1,960,180 | |
3,019,805 | |||||
5,233,889 | |||||
South Carolina: 0.28% | |||||
Education revenue: 0.01% | |||||
South Carolina Jobs EDA York Preparatory Academy Project Series A | 5.75 | 11-1-2023 | 270,000 | 289,024 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue: 0.09% | |||||
Greenville Hospital System South Carolina Hospital Refunding Bonds | 5.00% | 5-1-2029 | $ 2,725,000 | $ 2,766,064 | |
Miscellaneous revenue: 0.01% | |||||
Berkeley County SC Assessment Revenue Bonds Nexton Improvement District | 4.00 | 11-1-2030 | 425,000 | 479,159 | |
Resource recovery revenue: 0.05% | |||||
South Carolina Jobs EDA | 8.00 | 12-6-2029 | 260,000 | 235,470 | |
South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC 144A† | 5.25 | 2-1-2027 | 3,310,000 | 1,324,000 | |
1,559,470 | |||||
Utilities revenue: 0.12% | |||||
South Carolina Public Service Authority Revenue Refunding Bonds and Improvement Series A | 5.00 | 12-1-2031 | 2,850,000 | 3,723,257 | |
8,816,974 | |||||
South Dakota: 0.47% | |||||
Health revenue: 0.27% | |||||
South Dakota HEFA Avera Health Series A | 5.00 | 7-1-2033 | 7,675,000 | 8,422,973 | |
Resource recovery revenue: 0.20% | |||||
South Dakota EDA Riverview Project (AgCountry Farm Credit Services LOC) ø | 0.16 | 11-1-2051 | 6,250,000 | 6,250,000 | |
14,672,973 | |||||
Tennessee: 0.98% | |||||
Housing revenue: 0.26% | |||||
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board Richland Hills Apartments Project (Department of Housing and Urban Development Insured) øø | 1.25 | 12-1-2024 | 8,000,000 | 8,107,060 | |
Utilities revenue: 0.72% | |||||
Tennergy Corporation Tennessee Gas Series A øø | 4.00 | 12-1-2051 | 5,000,000 | 5,841,132 | |
Tennessee Energy Acquisition Corporation Gas Project øø | 4.00 | 11-1-2049 | 2,210,000 | 2,439,159 | |
Tennessee Energy Acquisition Corporation Series A øø | 4.00 | 5-1-2048 | 12,390,000 | 12,885,517 | |
Tennessee Energy Acquisition Corporation Series B | 5.63 | 9-1-2026 | 925,000 | 1,117,394 | |
22,283,202 | |||||
30,390,262 | |||||
Texas: 7.32% | |||||
Airport revenue: 0.54% | |||||
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A | 5.00 | 11-1-2024 | 4,000,000 | 4,503,699 | |
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A | 5.00 | 11-1-2032 | 3,125,000 | 3,364,430 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2023 | 690,000 | 742,193 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2024 | 725,000 | 810,682 |
Interest rate | Maturity date | Principal | Value | ||
Airport revenue (continued) | |||||
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00% | 8-15-2027 | $ 835,000 | $ 1,023,720 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2028 | 880,000 | 1,101,597 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2029 | 920,000 | 1,174,664 | |
El Paso TX Airport Revenue Refunding Bonds El Paso International Airport | 5.00 | 8-15-2030 | 970,000 | 1,263,128 | |
Houston TX Airport System Subordinate Refunding Bonds AMT Series A | 5.00 | 7-1-2031 | 2,750,000 | 2,814,218 | |
16,798,331 | |||||
Education revenue: 0.98% | |||||
Alamo TX Community College District Various Financing System øø | 1.70 | 11-1-2042 | 435,000 | 436,231 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 2-15-2029 | 300,000 | 356,172 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2029 | 80,000 | 88,014 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 2-15-2030 | 305,000 | 366,719 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2030 | 85,000 | 93,115 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 2-15-2031 | 315,000 | 384,083 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 2-15-2031 | 1,240,000 | 1,279,886 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 4.00 | 8-15-2031 | 80,000 | 87,469 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2022 | 60,000 | 61,401 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2023 | 155,000 | 164,179 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2024 | 195,000 | 212,743 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2025 | 205,000 | 229,376 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2026 | 200,000 | 228,974 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2027 | 205,000 | 238,079 | |
Arlington TX Higher Education Finance Corporation Edcuation Series A | 5.00 | 8-15-2028 | 75,000 | 86,638 | |
Austin TX Community College District Series A | 4.00 | 2-1-2023 | 320,000 | 333,010 | |
Clifton TX Higher Education Finance Corporation Education Revenue International Leadership Texas Series A | 6.00 | 3-1-2029 | 2,150,000 | 2,351,296 | |
Clifton TX Higher Education Finance Corporation International Leadership Series 2015A | 4.63 | 8-15-2025 | 7,040,000 | 7,568,880 | |
Clifton TX Higher Education Finance Corporation Uplift Education Series 2018D | 5.00 | 8-15-2025 | 6,565,000 | 7,467,112 | |
Clifton TX Higher Education Finance Corporation Uplift Education Series A | 4.00 | 12-1-2025 | 1,965,000 | 2,087,822 | |
New Hope TX Cultural Education Facilities Finance Corporation Education Revenue Cumberland Academy Series A 144A | 4.00 | 8-15-2030 | 1,735,000 | 1,864,792 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue (continued) | |||||
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00% | 7-1-2029 | $ 650,000 | $ 780,386 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2030 | 870,000 | 1,057,952 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2031 | 220,000 | 271,522 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2032 | 460,000 | 562,002 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2033 | 710,000 | 864,342 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2034 | 500,000 | 607,458 | |
Odessa TX College District Revenue Consolidated Fund (AGM Insured) | 4.00 | 7-1-2035 | 290,000 | 351,400 | |
30,481,053 | |||||
GO revenue: 2.93% | |||||
Brazosporight TX Independent School District School Building Series A | 4.00 | 2-15-2029 | 2,355,000 | 2,723,952 | |
Denton TX Independent School District Refunding Bonds Series B | 5.00 | 8-15-2032 | 5,000,000 | 5,148,711 | |
Fort Bend TX Independent School District Various Refunding Series B øø | 0.72 | 8-1-2051 | 1,500,000 | 1,495,962 | |
Grapevine Colleyville TX Independent School Building | 5.00 | 8-15-2034 | 2,890,000 | 3,329,811 | |
Grapevine Colleyville TX Independent School Building | 5.00 | 8-15-2035 | 1,600,000 | 1,841,636 | |
Harris County TX Cypress-Fairbanks Independent High School Series B-1 øø | 0.28 | 2-15-2040 | 3,000,000 | 2,968,422 | |
Houston TX Public Improvement Refunding Bonds Series A | 4.00 | 3-1-2031 | 10,110,000 | 10,904,935 | |
Leander TX Independent School District CAB Bonds Series 2014C ¤ | 0.00 | 8-15-2035 | 2,975,000 | 1,689,706 | |
Northside Texas Independent School District School Building Bond Series 2018 øø | 2.75 | 8-1-2048 | 11,275,000 | 11,671,904 | |
Northwest Texas Independent School District Refunding Bonds | 5.00 | 2-15-2032 | 1,750,000 | 1,997,696 | |
Texas State College Student Loan | 4.00 | 8-1-2032 | 1,500,000 | 1,777,499 | |
Texas Transportation Commission Mobility Fund Refunding Bonds Series A | 5.00 | 10-1-2030 | 40,760,000 | 45,845,980 | |
91,396,214 | |||||
Health revenue: 0.24% | |||||
Harris County TX Cultural Education Facilities Finance Corporation Revenue Texas Medical Center Series A øø | 0.90 | 5-15-2050 | 1,500,000 | 1,500,920 | |
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A | 5.00 | 8-15-2024 | 1,000,000 | 1,118,182 | |
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A | 5.00 | 8-15-2026 | 2,000,000 | 2,391,337 | |
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project | 5.00 | 10-1-2023 | 1,570,000 | 1,647,416 | |
Tarrant County TX Cultural Education Facilities Finance Corporation Retirement Facility Revenue MRC Stevenson Oaks Project | 3.00 | 11-15-2026 | 1,000,000 | 1,005,187 | |
7,663,042 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.11% | |||||
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Tarleton State University Project | 5.38% | 4-1-2028 | $ 1,845,000 | $ 1,961,853 | |
New Hope TX ECFA Collegiate Housing Tarleton State University Series A | 4.00 | 4-1-2022 | 870,000 | 878,024 | |
New Hope TX ECFA Collegiate Housing Tarleton State University Series A | 5.00 | 4-1-2025 | 480,000 | 549,773 | |
3,389,650 | |||||
Industrial development revenue: 0.10% | |||||
Port Beaumont TX Navigation District Dock and Wharf Facility Revenue Jefferson Gulf Coast Energy 144A | 2.50 | 1-1-2030 | 800,000 | 800,337 | |
Port Beaumont TX Navigation District Dock and Wharf Facility Revenue Jefferson Gulf Coast Energy 144A | 2.63 | 1-1-2031 | 800,000 | 801,516 | |
Port Beaumont TX Navigation District Dock and Wharf Facility Revenue Jefferson Gulf Coast Energy 144A | 2.75 | 1-1-2036 | 1,500,000 | 1,491,365 | |
3,093,218 | |||||
Miscellaneous revenue: 0.46% | |||||
Houston TX Airport System Revenue Refunding Bonds AMT Special Facilities United | 5.00 | 7-1-2027 | 1,750,000 | 2,044,907 | |
Lower Colorado River Authority Texas Transmission Contract Transmission Services Corporation Project | 5.00 | 5-15-2028 | 1,845,000 | 2,040,045 | |
Texas Transportation Commission Highway Improvement | 5.00 | 4-1-2027 | 3,010,000 | 3,320,427 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2025 | 505,000 | 580,010 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2028 | 1,630,000 | 1,995,957 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2031 | 680,000 | 869,226 | |
Wise County TX Parker County Junior College District Project | 5.00 | 8-15-2034 | 980,000 | 1,237,913 | |
Wood Glen TX Housing Finance Corporation Mortgage Copperwood Project Series A (NPFGC / FHA Insured) | 7.65 | 7-1-2022 | 2,125,000 | 2,173,862 | |
14,262,347 | |||||
Transportation revenue: 0.82% | |||||
Central Texas Regional Mobility Authority Revenue Subordinated Lien BAN Series F | 5.00 | 1-1-2025 | 2,000,000 | 2,211,064 | |
Central Texas Regional Mobility Authority Senior Lien Series A | 5.00 | 1-1-2023 | 500,000 | 523,091 | |
Harris County TX Cultural Education Facilities Finance Corporation Revenue Texas Medical Center Series A | 5.00 | 8-15-2026 | 1,280,000 | 1,484,748 | |
North Texas Thruway Authority Revenue Convertible CAB Special PJS System C | 6.75 | 9-1-2045 | 10,000,000 | 15,060,064 | |
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00 | 12-31-2030 | 1,000,000 | 1,267,002 | |
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00 | 12-31-2032 | 1,000,000 | 1,260,114 | |
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Revenue Refunding Bonds Notes Mobility | 5.00 | 12-31-2033 | 3,000,000 | 3,772,227 | |
25,578,310 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.45% | |||||
Lower Colorado River Authority Texas Transmission Contract Transmission Services Corporation Project (AGM Insured) %% | 5.00% | 5-15-2029 | $ 1,745,000 | $ 2,183,268 | |
Lower Colorado River Authority Texas Transmission Contract Transmission Services Corporation Project (AGM Insured) %% | 5.00 | 5-15-2030 | 990,000 | 1,257,297 | |
San Antonio TX Electric & Gas Revenue Various Refunding Bonds Junior Lien Series 2020 øø | 1.75 | 2-1-2049 | 4,250,000 | 4,440,706 | |
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bonds Series 2018 øø | 2.75 | 2-1-2048 | 6,000,000 | 6,132,426 | |
14,013,697 | |||||
Water & sewer revenue: 0.69% | |||||
Dallas TX Waterworks Refunding Bonds Series A øø | 5.00 | 10-1-2029 | 16,225,000 | 19,508,142 | |
San Antonio TX Water System Junior Lien Series F | 1.00 | 5-1-2043 | 2,000,000 | 2,018,182 | |
21,526,324 | |||||
228,202,186 | |||||
Utah: 0.40% | |||||
Airport revenue: 0.15% | |||||
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A | 5.00 | 7-1-2029 | 1,000,000 | 1,230,809 | |
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A | 5.00 | 7-1-2031 | 2,705,000 | 3,301,366 | |
4,532,175 | |||||
Education revenue: 0.05% | |||||
Utah Charter School Finance Authority Freedom Academy Foundation St. George 144A | 3.25 | 6-15-2031 | 540,000 | 560,499 | |
Utah Charter School Finance Authority Ronald Wilson Reagan Academy Project Series A 144A | 3.50 | 2-15-2026 | 1,080,000 | 1,111,925 | |
1,672,424 | |||||
Miscellaneous revenue: 0.20% | |||||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2024 | 1,000,000 | 1,053,127 | |
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2026 | 1,000,000 | 1,078,914 | |
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2028 | 1,000,000 | 1,092,328 | |
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2029 | 580,000 | 634,621 | |
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area #2 144A | 4.00 | 8-1-2030 | 680,000 | 743,749 | |
Mida Mountain Village Public Infrastructure District Utah Special Assessment Revenue Bonds Area #2 Series 2021 144A | 4.00 | 8-1-2050 | 1,500,000 | 1,554,964 | |
6,157,703 | |||||
12,362,302 |
Interest rate | Maturity date | Principal | Value | ||
Vermont: 0.12% | |||||
Education revenue: 0.06% | |||||
Vermont Student Assistance Corporation Series A | 5.00% | 6-15-2022 | $ 550,000 | $ 560,957 | |
Vermont Student Assistance Corporation Series A | 5.00 | 6-15-2023 | 1,200,000 | 1,273,667 | |
1,834,624 | |||||
Housing revenue: 0.06% | |||||
Vermont Housing Finance Agency Multiple Purpose Series A (GNMA / FNMA / FHLMC Insured) | 3.75 | 11-1-2050 | 1,700,000 | 1,860,763 | |
3,695,387 | |||||
Virginia: 1.44% | |||||
Education revenue: 0.04% | |||||
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2029 | 330,000 | 407,728 | |
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2030 | 350,000 | 439,254 | |
Virginia College Building Authority Educational Facilities Regent University Project | 5.00 | 6-1-2031 | 300,000 | 382,507 | |
1,229,489 | |||||
Health revenue: 0.17% | |||||
Roanoke VA EDA Residential Care Facility Revenue Richfield Living | 4.30 | 9-1-2030 | 770,000 | 715,517 | |
Tender Option Bond Trust Residual/Floater Certificates Series 2020-MIZ9025 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) ø | 0.17 | 11-1-2035 | 4,655,000 | 4,655,000 | |
5,370,517 | |||||
Transportation revenue: 0.93% | |||||
Chesapeake VA Bay Bridge & Tunnel District First Tier Generation Resolution | 5.00 | 11-1-2023 | 20,000,000 | 21,616,116 | |
Toll Road Investors Partnership II LP Series 1999-B (National Public Finance Guaranty Insured) 144A¤ | 0.00 | 2-15-2029 | 10,000,000 | 7,326,102 | |
28,942,218 | |||||
Utilities revenue: 0.30% | |||||
Chesapeake VA EDA Pollution Control Electric & Power Company Series 2008A øø | 1.90 | 2-1-2032 | 4,250,000 | 4,341,693 | |
Wise County VA IDA Solid Waste & Sewage Disposal Revenue Bond Virginia Electric & Power Company Project Series A | 0.75 | 10-1-2040 | 5,000,000 | 5,044,048 | |
9,385,741 | |||||
44,927,965 | |||||
Washington: 2.54% | |||||
Airport revenue: 0.08% | |||||
Port of Seattle WA Intermediate Lien Revenue Bonds AMT Series 2018A | 5.00 | 5-1-2036 | 2,030,000 | 2,407,616 | |
GO revenue: 0.20% | |||||
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2027 | 1,120,000 | 1,373,836 | |
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2028 | 1,500,000 | 1,887,681 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00% | 6-1-2029 | $ 1,000,000 | $ 1,288,741 | |
Washington State Refunding Bonds Motor Vehicle Fuel Tax | 5.00 | 6-1-2030 | 1,150,000 | 1,512,680 | |
6,062,938 | |||||
Health revenue: 0.89% | |||||
Skagit County WA Public Hospital District Refunding Bonds and Improvement Skagit Regional Health | 5.00 | 12-1-2029 | 3,975,000 | 4,672,250 | |
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ± | 1.50 | 1-1-2035 | 11,000,000 | 11,053,711 | |
Washington Health Care Facilities Authority CommonSpirit Health Series B3 | 5.00 | 8-1-2049 | 3,000,000 | 3,498,176 | |
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ± | 1.17 | 1-1-2042 | 6,150,000 | 6,151,667 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Eliseo Project Series B-2 144A | 2.13 | 7-1-2027 | 1,500,000 | 1,500,218 | |
Washington Housing Finance Commission Nonprofit Housing Revenue Rockwood Retirement Communities 144A | 3.00 | 7-1-2027 | 1,000,000 | 1,001,649 | |
27,877,671 | |||||
Housing revenue: 0.83% | |||||
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 2.00 | 10-1-2033 | 600,000 | 598,369 | |
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 2.13 | 10-1-2036 | 2,000,000 | 1,997,241 | |
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 2.38 | 10-1-2041 | 4,000,000 | 3,967,756 | |
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 4.00 | 10-1-2029 | 225,000 | 267,398 | |
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 4.00 | 10-1-2030 | 200,000 | 240,781 | |
King County WA Housing Authority Workforce Housing Preservation Pooled Revenue Refunding Bond | 4.00 | 10-1-2031 | 290,000 | 353,940 | |
Seattle WA Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,000,000 | 2,002,463 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2027 | 1,130,000 | 1,348,878 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2028 | 1,610,000 | 1,962,684 | |
Snohomish County WA Housing Authority | 5.00 | 4-1-2029 | 1,690,000 | 2,102,921 | |
Washington Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,631,514 | |
Washington Housing Finance Commission Municipal Certificates Series 1 Class A | 3.50 | 12-20-2035 | 4,711,054 | 5,457,424 | |
25,931,369 | |||||
Tax revenue: 0.44% | |||||
Central Puget Sound Washington Regional Refunding & Improvement Series S1 | 5.00 | 11-1-2036 | 1,000,000 | 1,170,769 | |
Central Puget Sound Washington Regional Refunding & Improvement Series S-1 | 5.00 | 11-1-2050 | 810,000 | 948,323 | |
Washington Convention Center Junior Lodging Tax Notes | 4.00 | 7-1-2031 | 10,000,000 | 11,597,992 | |
13,717,084 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.10% | |||||
Seattle WA Municipal Light & Power Refunding Bond Series B (SIFMA Municipal Swap +0.25%) ± | 0.35% | 5-1-2045 | $ 3,000,000 | $ 3,025,225 | |
79,021,903 | |||||
West Virginia: 0.38% | |||||
Education revenue: 0.04% | |||||
West Virginia University Revenues Refunding Bonds West Virginia University Projects Series B øø | 5.00 | 10-1-2041 | 1,000,000 | 1,261,433 | |
Tax revenue: 0.13% | |||||
Monongalia County WV Commission Improvement & Refunding Bonds University Town Center Series A 144A | 4.13 | 6-1-2043 | 900,000 | 1,002,736 | |
Monongalia County WV Commission Special District University Town Center Series A 144A | 4.50 | 6-1-2027 | 2,815,000 | 3,052,534 | |
4,055,270 | |||||
Utilities revenue: 0.18% | |||||
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A øø | 3.00 | 6-1-2037 | 5,450,000 | 5,486,040 | |
Water & sewer revenue: 0.03% | |||||
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) | 3.00 | 8-1-2022 | 250,000 | 253,801 | |
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) | 3.00 | 8-1-2024 | 400,000 | 424,243 | |
Parkersburg WV Waterworks and Sewerage System Series A (BAM Insured) | 3.00 | 8-1-2025 | 400,000 | 431,668 | |
1,109,712 | |||||
11,912,455 | |||||
Wisconsin: 2.61% | |||||
Airport revenue: 0.01% | |||||
Wisconsin PFA Airport Series C | 5.00 | 7-1-2022 | 360,000 | 366,821 | |
Education revenue: 0.23% | |||||
Corvian County WI Community School Revenue 144A | 4.25 | 6-15-2029 | 945,000 | 977,180 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 4.75 | 8-1-2023 | 435,000 | 451,408 | |
Pine Lake WI PFA Pine Lake Preparatory School Series 2015 144A | 4.35 | 3-1-2025 | 1,475,000 | 1,553,129 | |
Wisconsin PFA Charter School Revenue American Preparatory Academy 144A | 4.00 | 7-15-2029 | 650,000 | 706,576 | |
Wisconsin PFA Conference Center & Hotel Revenue Foundation of The University of North Carolina at Charlotte Incorporated Series A 144A | 4.00 | 9-1-2036 | 1,000,000 | 1,095,067 | |
Wisconsin PFA Education Revenue Corvian Community School Series A 144A | 4.00 | 6-15-2029 | 965,000 | 1,013,093 | |
Wisconsin PFA Educational Facility Revenue Estancia Valley Classical Academy Project Series A 144A | 4.00 | 7-1-2031 | 1,150,000 | 1,190,450 | |
Wisconsin PFA Roseman University of Health Sciences Project Series 2012 | 5.00 | 4-1-2022 | 305,000 | 307,902 | |
7,294,805 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.79% | |||||
Eau Claire WI Area School District Refunding Bonds | 5.00% | 4-1-2022 | $ 1,245,000 | $ 1,259,520 | |
Eau Claire WI Area School District Refunding Bonds | 5.00 | 4-1-2023 | 1,860,000 | 1,966,523 | |
Eau Claire WI Area School District Refunding Bonds | 5.00 | 4-1-2024 | 1,000,000 | 1,100,053 | |
Wisconsin Series B | 5.00 | 5-1-2031 | 12,230,000 | 14,476,460 | |
Wisconsin Series B | 5.00 | 5-1-2034 | 5,000,000 | 5,713,423 | |
24,515,979 | |||||
Health revenue: 0.78% | |||||
PFA Entrance Fee Principal Searstone Project Series B-2 | 2.25 | 6-1-2027 | 1,840,000 | 1,846,521 | |
Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | 11-15-2034 | 2,000,000 | 2,270,566 | |
Wisconsin HEFA Bellin Memorial Hospital Series 2015 | 5.00 | 12-1-2022 | 755,000 | 787,059 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2027 | 1,145,000 | 1,395,955 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2028 | 600,000 | 748,937 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 3,000,000 | 3,338,744 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 2.25 | 11-1-2026 | 4,000,000 | 4,013,347 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2027 | 375,000 | 431,215 | |
Wisconsin HEFA St. Camillus Health System Incorporated | 5.00 | 11-1-2028 | 470,000 | 539,784 | |
Wisconsin HEFA St. John's Community Incorporated Project %% | 4.00 | 9-15-2029 | 895,000 | 983,860 | |
Wisconsin PFA Hospital Revenue Carson Valley Medical Center Series A | 4.00 | 12-1-2031 | 700,000 | 835,006 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 4.00 | 6-1-2035 | 600,000 | 704,869 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 4.00 | 10-1-2041 | 3,000,000 | 3,654,358 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2029 | 175,000 | 219,412 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2030 | 175,000 | 222,925 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2031 | 275,000 | 355,033 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2032 | 350,000 | 448,126 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2033 | 550,000 | 702,302 | |
Wisconsin PFA Revenue Texas Biomedical Research Institute Series A | 5.00 | 6-1-2034 | 570,000 | 725,888 | |
24,223,907 | |||||
Miscellaneous revenue: 0.18% | |||||
Monona WI Anticipation Notes Series D | 3.63 | 9-1-2022 | 1,925,000 | 1,929,782 | |
Wisconsin State Series 2 | 5.00 | 11-1-2029 | 3,000,000 | 3,553,872 | |
5,483,654 | |||||
Tax revenue: 0.56% | |||||
Wisconsin Center District Tax Revenue CAB Junior Dedicated Series D ¤ | 0.00 | 12-15-2028 | 260,000 | 231,582 | |
Wisconsin Center District Tax Revenue CAB Junior Dedicated Series D ¤ | 0.00 | 12-15-2029 | 390,000 | 337,337 | |
Wisconsin Center District Tax Revenue CAB Junior Dedicated Series D ¤ | 0.00 | 12-15-2030 | 550,000 | 462,061 | |
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C (AGM Insured) ¤ | 0.00 | 12-15-2029 | 1,050,000 | 902,511 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C (AGM Insured) ¤ | 0.00% | 12-15-2031 | $ 1,350,000 | $ 1,092,451 | |
Wisconsin State General Fund Annual Appropriations Series A | 5.00 | 5-1-2028 | 11,775,000 | 14,382,979 | |
17,408,921 | |||||
Water & sewer revenue: 0.06% | |||||
Wisconsin Clean Water Refunding Bonds Series 2012 | 5.00 | 6-1-2023 | 310,000 | 330,571 | |
Wisconsin Clean Water Refunding Bonds Series 2015 | 5.00 | 6-1-2026 | 1,525,000 | 1,693,371 | |
2,023,942 | |||||
81,318,029 | |||||
Total Municipal obligations (Cost $2,959,920,704) | 3,052,832,057 |
Yield | Shares | ||||
Short-term investments: 1.29% | |||||
Investment companies: 1.29% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 40,358,678 | 40,382,894 | ||
Total Short-term investments (Cost $40,376,075) | 40,382,894 | ||||
Total investments in securities (Cost $3,025,296,779) | 100.03% | 3,118,214,951 | |||
Other assets and liabilities, net | (0.03) | (1,074,303) | |||
Total net assets | 100.00% | $3,117,140,648 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
† | Non-income-earning security |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $83,256,830 | $394,585,067 | $(437,474,791) | $9,715 | $6,073 | $40,382,894 | 40,358,678 | $6,838 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short | ||||||
10-Year U.S. Ultra Treasury Notes | (150) | 3-22-2022 | $(21,939,589) | $(21,965,625) | $0 | $(26,036) |
Assets | |
Investments in unaffiliated securities, at value (cost $2,984,920,704) | $ 3,077,832,057 |
Investments in affiliated securities, at value (cost $40,376,075) | 40,382,894 |
Cash at broker segregated for futures contracts | 367,500 |
Receivable for interest | 26,448,810 |
Receivable for Fund shares sold | 9,022,408 |
Receivable for investments sold | 1,169,436 |
Prepaid expenses and other assets | 42,921 |
Total assets | 3,155,266,026 |
Liabilities | |
Payable for when-issued transactions | 29,759,595 |
Payable for Fund shares redeemed | 3,072,161 |
Payable for investments purchased | 3,000,000 |
Management fee payable | 1,012,500 |
Dividends payable | 690,240 |
Administration fees payable | 275,765 |
Payable for daily variation margin on open futures contracts | 39,705 |
Distribution fee payable | 35,422 |
Accrued expenses and other liabilities | 239,990 |
Total liabilities | 38,125,378 |
Total net assets | $3,117,140,648 |
Net assets consist of | |
Paid-in capital | $ 3,032,289,957 |
Total distributable earnings | 84,850,691 |
Total net assets | $3,117,140,648 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 626,454,376 |
Shares outstanding – Class A1 | 67,571,998 |
Net asset value per share – Class A | $9.27 |
Maximum offering price per share – Class A2 | $9.66 |
Net assets – Class C | $ 51,722,955 |
Shares outstanding – Class C1 | 5,559,967 |
Net asset value per share – Class C | $9.30 |
Net assets – Class R6 | $ 15,522,664 |
Shares outstanding – Class R61 | 1,674,262 |
Net asset value per share – Class R6 | $9.27 |
Net assets – Administrator Class | $ 106,207,091 |
Shares outstanding – Administrator Class1 | 11,462,712 |
Net asset value per share – Administrator Class | $9.27 |
Net assets – Institutional Class | $ 2,317,233,562 |
Shares outstanding – Institutional Class1 | 250,009,978 |
Net asset value per share – Institutional Class | $9.27 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 32,382,534 |
Income from affiliated securities | 6,838 |
Total investment income | 32,389,372 |
Expenses | |
Management fee | 5,752,815 |
Administration fees | |
Class A | 515,004 |
Class C | 44,711 |
Class R6 | 2,426 |
Administrator Class | 57,354 |
Institutional Class | 942,750 |
Shareholder servicing fees | |
Class A | 804,694 |
Class C | 69,782 |
Administrator Class | 142,852 |
Distribution fee | |
Class C | 209,345 |
Custody and accounting fees | 54,896 |
Professional fees | 36,876 |
Registration fees | 94,341 |
Shareholder report expenses | 47,119 |
Trustees’ fees and expenses | 9,821 |
Other fees and expenses | 29,224 |
Total expenses | 8,814,010 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (754) |
Administrator Class | (27,206) |
Net expenses | 8,786,050 |
Net investment income | 23,603,322 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 497,546 |
Affiliated securities | 9,715 |
Futures contracts | 308,502 |
Net realized gains on investments | 815,763 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (20,025,389) |
Affiliated securities | 6,073 |
Futures contracts | (26,036) |
Net change in unrealized gains (losses) on investments | (20,045,352) |
Net realized and unrealized gains (losses) on investments | (19,229,589) |
Net increase in net assets resulting from operations | $ 4,373,733 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 23,603,322 | $ 48,317,416 | ||
Net realized gains on investments | 815,763 | 2,109,518 | ||
Net change in unrealized gains (losses) on investments | (20,045,352) | 44,670,512 | ||
Net increase in net assets resulting from operations | 4,373,733 | 95,097,446 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,005,793) | (8,720,081) | ||
Class C | (138,106) | (448,752) | ||
Class R6 | (131,336) | (382,035) | ||
Administrator Class | (775,434) | (1,856,941) | ||
Institutional Class | (18,552,084) | (37,234,619) | ||
Total distributions to shareholders | (23,602,753) | (48,642,428) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,132,373 | 66,412,430 | 20,714,962 | 192,340,071 |
Class C | 489,424 | 4,574,864 | 1,499,230 | 13,959,853 |
Class R6 | 416,417 | 3,864,071 | 605,823 | 5,608,705 |
Administrator Class | 2,458,637 | 22,949,550 | 3,675,293 | 34,067,514 |
Institutional Class | 43,635,674 | 406,183,401 | 116,362,031 | 1,079,938,083 |
503,984,316 | 1,325,914,226 | |||
Reinvestment of distributions | ||||
Class A | 383,287 | 3,563,044 | 847,490 | 7,868,254 |
Class C | 13,557 | 126,476 | 43,525 | 405,245 |
Class R6 | 7,836 | 72,842 | 18,022 | 167,297 |
Administrator Class | 80,375 | 746,851 | 194,043 | 1,799,801 |
Institutional Class | 1,722,917 | 16,015,921 | 3,427,679 | 31,814,419 |
20,525,134 | 42,055,016 | |||
Payment for shares redeemed | ||||
Class A | (6,675,450) | (62,058,288) | (14,333,244) | (133,073,086) |
Class C | (978,234) | (9,131,028) | (3,057,048) | (28,421,728) |
Class R6 | (635,922) | (5,922,186) | (968,596) | (9,001,156) |
Administrator Class | (3,006,020) | (27,978,975) | (4,583,793) | (42,503,136) |
Institutional Class | (37,966,750) | (353,051,634) | (76,704,450) | (712,279,926) |
(458,142,111) | (925,279,032) | |||
Net increase in net assets resulting from capital share transactions | 66,367,339 | 442,690,210 | ||
Total increase in net assets | 47,138,319 | 489,145,228 | ||
Net assets | ||||
Beginning of period | 3,070,002,329 | 2,580,857,101 | ||
End of period | $3,117,140,648 | $3,070,002,329 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.33 | $9.17 | $9.14 | $8.93 | $8.94 | $9.06 |
Net investment income | 0.06 | 0.14 | 0.17 | 0.18 | 0.15 | 0.13 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.16 | 0.03 | 0.21 | 0.01 | (0.07) |
Total from investment operations | 0.00 1 | 0.30 | 0.20 | 0.39 | 0.16 | 0.06 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.14) | (0.16) | (0.18) | (0.15) | (0.13) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.06) | (0.14) | (0.17) | (0.18) | (0.17) | (0.18) |
Net asset value, end of period | $9.27 | $9.33 | $9.17 | $9.14 | $8.93 | $8.94 |
Total return2 | (0.02)% | 3.26% | 2.23% | 4.41% | 1.82% | 0.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.79% | 0.79% | 0.80% | 0.82% | 0.81% |
Net expenses | 0.79% | 0.79% | 0.79% | 0.80% | 0.82% | 0.81% |
Net investment income | 1.24% | 1.47% | 1.81% | 1.99% | 1.69% | 1.45% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $626,454 | $622,409 | $545,670 | $528,004 | $491,128 | $550,965 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.36 | $9.20 | $9.17 | $8.96 | $8.97 | $9.09 |
Net investment income | 0.02 | 0.07 | 0.10 | 0.11 1 | 0.08 1 | 0.07 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.16 | 0.04 | 0.21 | 0.01 | (0.07) |
Total from investment operations | (0.04) | 0.23 | 0.14 | 0.32 | 0.09 | (0.00) |
Distributions to shareholders from | ||||||
Net investment income | (0.02) | (0.07) | (0.10) | (0.11) | (0.08) | (0.07) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.02) | (0.07) | (0.11) | (0.11) | (0.10) | (0.12) |
Net asset value, end of period | $9.30 | $9.36 | $9.20 | $9.17 | $8.96 | $8.97 |
Total return2 | (0.39)% | 2.49% | 1.47% | 3.62% | 1.06% | (0.10)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.54% | 1.54% | 1.54% | 1.55% | 1.57% | 1.56% |
Net expenses | 1.54% | 1.54% | 1.54% | 1.55% | 1.57% | 1.56% |
Net investment income | 0.49% | 0.72% | 1.06% | 1.24% | 0.94% | 0.72% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $51,723 | $56,483 | $69,472 | $82,331 | $115,518 | $137,955 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.33 | $9.17 | $9.15 | $8.94 |
Net investment income | 0.08 | 0.17 | 0.20 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.06) | 0.16 | 0.03 | 0.21 |
Total from investment operations | 0.02 | 0.33 | 0.23 | 0.41 |
Distributions to shareholders from | ||||
Net investment income | (0.08) | (0.17) | (0.20) | (0.20) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 |
Total distributions to shareholders | (0.08) | (0.17) | (0.21) | (0.20) |
Net asset value, end of period | $9.27 | $9.33 | $9.17 | $9.15 |
Total return2 | 0.17% | 3.65% | 2.51% | 4.61% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.41% | 0.41% | 0.41% | 0.41% |
Net expenses | 0.41% | 0.41% | 0.41% | 0.41% |
Net investment income | 1.62% | 1.85% | 2.19% | 2.39% |
Supplemental data | ||||
Portfolio turnover rate | 14% | 11% | 26% | 29% |
Net assets, end of period (000s omitted) | $15,523 | $17,590 | $20,459 | $13,291 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.32 | $9.17 | $9.14 | $8.93 | $8.93 | $9.06 |
Net investment income | 0.06 | 0.15 | 0.17 | 0.19 | 0.16 | 0.14 |
Net realized and unrealized gains (losses) on investments | (0.05) | 0.15 | 0.04 | 0.21 | 0.02 | (0.08) |
Total from investment operations | 0.01 | 0.30 | 0.21 | 0.40 | 0.18 | 0.06 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.15) | (0.17) | (0.19) | (0.16) | (0.14) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.06) | (0.15) | (0.18) | (0.19) | (0.18) | (0.19) |
Net asset value, end of period | $9.27 | $9.32 | $9.17 | $9.14 | $8.93 | $8.93 |
Total return1 | 0.14% | 3.27% | 2.34% | 4.53% | 2.07% | 0.67% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.73% | 0.73% | 0.73% | 0.73% | 0.76% | 0.75% |
Net expenses | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Net investment income | 1.35% | 1.58% | 1.92% | 2.10% | 1.80% | 1.51% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $106,207 | $111,200 | $115,889 | $149,097 | $191,723 | $195,138 |
1 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.32 | $9.17 | $9.14 | $8.93 | $8.94 | $9.06 |
Net investment income | 0.07 | 0.17 | 0.20 | 0.21 | 0.18 | 0.16 |
Net realized and unrealized gains (losses) on investments | (0.05) | 0.15 | 0.04 | 0.21 | 0.01 | (0.07) |
Total from investment operations | 0.02 | 0.32 | 0.24 | 0.42 | 0.19 | 0.09 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.17) | (0.20) | (0.21) | (0.18) | (0.16) |
Net realized gains | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (0.05) |
Total distributions to shareholders | (0.07) | (0.17) | (0.21) | (0.21) | (0.20) | (0.21) |
Net asset value, end of period | $9.27 | $9.32 | $9.17 | $9.14 | $8.93 | $8.94 |
Total return1 | 0.26% | 3.49% | 2.57% | 4.75% | 2.16% | 0.99% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.46% | 0.46% | 0.46% | 0.47% | 0.49% | 0.48% |
Net expenses | 0.46% | 0.46% | 0.46% | 0.47% | 0.48% | 0.48% |
Net investment income | 1.57% | 1.80% | 2.14% | 2.32% | 2.05% | 1.85% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 11% | 26% | 29% | 33% | 31% |
Net assets, end of period (000s omitted) | $2,317,234 | $2,262,320 | $1,829,368 | $1,647,093 | $1,224,170 | $1,033,007 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $217,183,135 |
Gross unrealized losses | (11,353,508) |
Net unrealized gains | $205,829,627 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 25,000,000 | $0 | $ 25,000,000 |
Municipal obligations | 0 | 3,052,832,057 | 0 | 3,052,832,057 |
Short-term investments | ||||
Investment companies | 40,382,894 | 0 | 0 | 40,382,894 |
Total assets | $40,382,894 | $3,077,832,057 | $0 | $3,118,214,951 |
Liabilities | ||||
Futures contracts | $ 26,036 | $ 0 | $0 | $ 26,036 |
Total liabilities | $ 26,036 | $ 0 | $0 | $ 26,036 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.81% |
Class C | 1.56 |
Class R6 | 0.43 |
Administrator Class | 0.68 |
Institutional Class | 0.48 |
Shares voted “For” | 147,817,862 |
Shares voted “Against” | 2,788,754 |
Shares voted “Abstain” | 5,864,454 |
Shares voted “Uninstructed” | 6,801,520 |
Shares voted “For” | 147,803,653 |
Shares voted “Against” | 2,736,826 |
Shares voted “Abstain” | 5,930,591 |
Shares voted “Uninstructed” | 6,801,520 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g249720img59269e3f1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA257/SAR257 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441img4ef5d8dc1.jpg)
Municipal Income Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441imgef10bde02.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441imgf63f2f2d3.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax, consistent with capital preservation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce R. Johns, James Randazzo, Nicholos Venditti |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SMAVX) | 10-2-2000 | -1.97 | 0.53 | 0.38 | 0.03 | 0.93 | 0.58 | 0.66 | 0.50 | ||
Class A2 (WFUNX)3 | 5-29-2020 | – | – | – | 0.02 | 0.93 | 0.58 | 0.66 | 0.50 | ||
Class C (WFUSX) | 3-31-2008 | -1.20 | 0.39 | -0.06 | -0.20 | 0.39 | -0.06 | 1.41 | 1.25 | ||
Class R6 (WUSRX)4 | 7-31-2018 | – | – | – | 0.32 | 1.25 | 0.89 | 0.28 | 0.20 | ||
Administrator Class (WUSMX) | 7-30-2010 | – | – | – | 0.02 | 0.98 | 0.64 | 0.60 | 0.50 | ||
Institutional Class (SMAIX) | 7-31-2000 | – | – | – | 0.27 | 1.22 | 0.87 | 0.33 | 0.25 | ||
Ultra Short-Term Municipal Income Blended Index5 | – | – | – | – | 0.16 | 1.11 | 0.73 | – | – | ||
Bloomberg 1-Year Municipal Bond Index6 | – | – | – | – | 0.31 | 1.44 | 1.03 | – | – | ||
iMoneyNet Tax-Free National Institutional Money Market Funds Average7 | – | – | – | – | 0.01 | 0.79 | 0.42 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.50% for Class A, 0.50% for Class A2, 1.25% for Class C, 0.20% for Class R6, 0.50% for Administrator Class, and 0.25% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A2 shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Class A2 shares would be higher. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | Source: Allspring Funds Management LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1-Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index. |
6 | The Bloomberg 1-Year Municipal Bond Index is the one-year component of the Bloomberg Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | iMoneyNet Tax-Free National Institutional Money Market Funds Average is the return of an unmanaged group of money market funds. You cannot invest directly in this average. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441imgec3b74274.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441img7eb7de605.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 998.72 | $2.52 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Class A2 | ||||
Actual | $1,000.00 | $ 998.71 | $2.52 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Class C | ||||
Actual | $1,000.00 | $ 997.96 | $3.27 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Class R6 | ||||
Actual | $1,000.00 | $1,000.22 | $1.01 | 0.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.20 | $1.02 | 0.20% |
Administrator Class | ||||
Actual | $1,000.00 | $ 998.71 | $2.52 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Institutional Class | ||||
Actual | $1,000.00 | $ 999.97 | $1.26 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.95 | $1.28 | 0.25% |
Principal | Value | ||||
Closed end municipal bond fund obligations: 2.59% | |||||
California: 0.36% | |||||
Nuveen California AMT-Free Quality Municipal Income Fund MuniFund Preferred Shares Series A (70 shares) 0.30% 144Aø | $ 7,000,000 | $ 7,000,000 | |||
New York: 1.25% | |||||
Nuveen New York Quality Municipal Income Fund Institutional MuniFund Term Preferred Shares (242 shares) 0.31% 144Aø | 24,200,000 | 24,200,000 | |||
Other: 0.98% | |||||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series B (50 shares) 0.30% ø | 5,000,000 | 5,000,000 | |||
Nuveen AMT-Free Municipal Credit Income Fund MuniFund Preferred Shares Series D (110 shares) 0.30% 144Aø | 11,000,000 | 11,000,000 | |||
Nuveen Quality Municipal Income Fund Series 1-2118 (30 shares) 0.19% 144Aø | 3,000,000 | 3,000,000 | |||
19,000,000 | |||||
Total Closed end municipal bond fund obligations (Cost $50,200,000) | 50,200,000 |
Interest rate | Maturity date | ||||
Municipal obligations: 96.39% | |||||
Alabama: 3.69% | |||||
Education revenue: 0.03% | |||||
University of South Alabama Series 2021 (BAM Insured) | 4.00% | 4-1-2025 | 500,000 | 553,543 | |
Health revenue: 1.34% | |||||
Alabama Health Care Authority for Baptist Health Series B ø | 0.25 | 11-1-2042 | 5,500,000 | 5,500,000 | |
Alabama Health Care Authority for Baptist Health Series B (AGC Insured) € | 0.27 | 11-15-2037 | 19,425,000 | 19,425,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2020 XG0301 (Bank of America NA LOC, AGM Insured, Bank of America NA LIQ) 144Aø | 0.14 | 6-1-2050 | 1,135,000 | 1,135,000 | |
26,060,000 | |||||
Utilities revenue: 2.32% | |||||
Black Belt Energy Gas District Project 4 Series A-1 | 4.00 | 6-1-2022 | 500,000 | 507,371 | |
Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ) | 4.00 | 8-1-2047 | 4,415,000 | 4,478,029 | |
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) ø | 0.25 | 8-1-2037 | 12,195,000 | 12,195,000 | |
Southeast Alabama Gas Supply District Project #1 Series A | 4.00 | 4-1-2049 | 4,000,000 | 4,263,716 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0184 (Morgan Stanley Bank LIQ) 144Aø | 0.30 | 9-1-2046 | 23,550,000 | 23,550,000 | |
44,994,116 | |||||
71,607,659 |
Interest rate | Maturity date | Principal | Value | ||
Alaska: 0.70% | |||||
Airport revenue: 0.15% | |||||
Alaska International Airports System Revenue Refunding Bonds Series 2021C | 5.00% | 10-1-2022 | $ 500,000 | $ 517,725 | |
Alaska International Airports System Revenue Refunding Bonds Series 2021C | 5.00 | 10-1-2025 | 2,000,000 | 2,312,287 | |
2,830,012 | |||||
Housing revenue: 0.18% | |||||
Alaska Housing Finance Corporation Series 2021 144Aøø | 0.40 | 7-1-2024 | 3,500,000 | 3,500,074 | |
Miscellaneous revenue: 0.37% | |||||
Alaska Municipal Bond Bank Series 1 | 5.00 | 12-1-2022 | 3,000,000 | 3,129,636 | |
Alaska Municipal Bond Bank Series 1 | 5.00 | 12-1-2023 | 1,900,000 | 2,067,350 | |
Alaska Municipal Bond Bank Series 1 | 5.00 | 12-1-2024 | 1,750,000 | 1,977,529 | |
7,174,515 | |||||
13,504,601 | |||||
Arizona: 0.88% | |||||
Education revenue: 0.10% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2862 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 12-15-2047 | 1,985,299 | 1,985,299 | |
Health revenue: 0.46% | |||||
Arizona Health Facilities Authority Banner Health Series B (SIFMA Municipal Swap +0.25%) ± | 0.36 | 1-1-2046 | 4,000,000 | 4,000,002 | |
Maricopa County AZ IDA Series 2021A | 5.00 | 9-1-2024 | 150,000 | 168,054 | |
Maricopa County AZ IDA Series 2021A | 5.00 | 9-1-2025 | 500,000 | 580,270 | |
Maricopa County AZ IDA Series A | 5.00 | 1-1-2048 | 3,910,000 | 4,056,374 | |
8,804,700 | |||||
Industrial development revenue: 0.32% | |||||
Chandler AZ IDA Intel Corporation Project | 2.70 | 12-1-2037 | 3,415,000 | 3,531,604 | |
Chandler AZ IDA Intel Corporation Project | 5.00 | 6-1-2049 | 2,425,000 | 2,675,983 | |
6,207,587 | |||||
16,997,586 | |||||
Arkansas: 0.75% | |||||
Health revenue: 0.32% | |||||
Batesville AK Public Facilities Board Hospital White River Health System Incorporated | 5.00 | 6-1-2024 | 1,345,000 | 1,465,974 | |
Boone County AR Hospital Construction Series 2006 (Bank of America NA LOC) ø | 3.00 | 5-1-2037 | 4,700,000 | 4,700,000 | |
6,165,974 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.40% | |||||
Arkansas Development Finance Authority Multifamily Housing Homes Project (Department of Housing and Urban Development Insured) | 1.20% | 3-1-2024 | $ 6,000,000 | $ 6,034,013 | |
Arkansas Development Finance Authority Multifmily Housing Cottages Apartments (Department of Housing and Urban Development Insured) | 1.25 | 12-1-2024 | 1,835,000 | 1,859,908 | |
7,893,921 | |||||
Tax revenue: 0.03% | |||||
Cabot AR Series 2021B | 5.00 | 12-1-2023 | 200,000 | 217,576 | |
Cabot AR Series 2021B | 5.00 | 12-1-2025 | 275,000 | 321,241 | |
538,817 | |||||
14,598,712 | |||||
California: 11.31% | |||||
Airport revenue: 0.14% | |||||
Port of Oakland Prerefunded Bond Series 2021H | 5.00 | 5-1-2022 | 195,000 | 198,029 | |
Port of Oakland Unrefunded Bond Series 2021H | 5.00 | 5-1-2022 | 2,505,000 | 2,543,415 | |
2,741,444 | |||||
GO revenue: 0.01% | |||||
Oceanside CA Unified School District Series 2012-C ¤ | 0.00 | 8-1-2051 | 1,255,000 | 200,473 | |
Health revenue: 3.47% | |||||
California CDA Emanate Health Series A | 5.00 | 4-1-2025 | 750,000 | 856,151 | |
California CDA Health Facilities Catholic Series D (AGM Insured) € | 0.23 | 7-1-2041 | 25,175,000 | 25,175,000 | |
California CDA Health Facilities Catholic Series E (AGM Insured) € | 0.29 | 7-1-2040 | 1,925,000 | 1,925,000 | |
California CDA Health Facilities Catholic Series F (AGM Insured) € | 0.29 | 7-1-2040 | 16,200,000 | 16,200,000 | |
California HFFA | 0.11 | 2-9-2022 | 4,500,000 | 4,499,852 | |
California HFFA Kaiser Permanente Series C øø | 0.29 | 8-1-2031 | 2,740,000 | 2,849,078 | |
California HFFA Stanford Heath Care Series A | 3.00 | 8-15-2054 | 4,000,000 | 4,347,831 | |
California PFA Kaiser Permanente Series 2021A | 4.00 | 10-15-2025 | 400,000 | 446,246 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series A (AGM Insured) € | 0.75 | 11-1-2036 | 8,975,000 | 8,975,000 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series B (AGM Insured) € | 0.72 | 11-1-2036 | 1,225,000 | 1,225,000 | |
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) € | 0.79 | 11-1-2036 | 725,000 | 725,000 | |
67,224,158 | |||||
Housing revenue: 2.09% | |||||
California HFA MFHR | 1.45 | 4-1-2024 | 3,700,000 | 3,701,795 | |
California Statewide CDA Kaiser Permanente Revenue Bonds 2004 Series I øø | 0.12 | 3-10-2022 | 3,800,000 | 3,799,712 | |
Deutsche Bank SPEARs/LIFERs Trust Series DBE-8061 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.50 | 1-1-2060 | 2,046,154 | 2,046,154 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-MIZ9012 (Mizuho Capital Markets LLC LIQ) 144Aø | 0.35% | 10-1-2036 | $ 881,000 | $ 881,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 5-1-2049 | 30,000,000 | 30,000,000 | |
40,428,661 | |||||
Industrial development revenue: 0.63% | |||||
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series 2020A 144Aøø | 0.20 | 1-1-2050 | 12,260,000 | 12,259,888 | |
Miscellaneous revenue: 1.44% | |||||
California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series 2021B øø | 0.39 | 10-1-2047 | 2,000,000 | 1,997,853 | |
California School Cash Reserve Program Authority Series L | 2.00 | 1-31-2022 | 17,000,000 | 17,023,418 | |
City of Riverside CA Refunding Certificate of Participation Riverside Renaissance Projects Series 2008 (Bank of America NA LOC) ø | 0.11 | 3-1-2037 | 890,000 | 890,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF2954 (Morgan Stanley Bank LIQ) 144Aø | 0.20 | 5-1-2051 | 8,010,000 | 8,010,000 | |
27,921,271 | |||||
Resource recovery revenue: 0.77% | |||||
California PCFA Series A 144Aøø | 0.20 | 8-1-2023 | 15,000,000 | 14,999,979 | |
Tax revenue: 2.40% | |||||
Cathedral City CA Redevelopment Agency Series 2021C | 4.00 | 8-1-2025 | 600,000 | 663,249 | |
Tender Option Bond Trust Receipts/Certificates Various States Floaters Series 2021-XF1238 (Royal Bank of Canada LIQ) 144Aø | 0.12 | 6-1-2028 | 1,700,000 | 1,700,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9002 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 7-7-2036 | 23,000,000 | 23,000,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-MIZ9003 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.35 | 3-1-2036 | 21,225,000 | 21,225,000 | |
46,588,249 | |||||
Transportation revenue: 0.18% | |||||
Bay Area Toll Authority Series B (SIFMA Municipal Swap +0.28%) ± | 0.38 | 4-1-2056 | 3,500,000 | 3,509,811 | |
Utilities revenue: 0.18% | |||||
California Community Choice Financing Authority Clean Energy Project Series 2021A | 4.00 | 12-1-2023 | 800,000 | 852,414 | |
Vernon CA Electric System Series A | 5.00 | 10-1-2023 | 1,250,000 | 1,348,697 | |
Vernon CA Electric System Series A | 5.00 | 10-1-2024 | 1,200,000 | 1,343,083 | |
3,544,194 | |||||
219,418,128 |
Interest rate | Maturity date | Principal | Value | ||
Colorado: 0.54% | |||||
Airport revenue: 0.11% | |||||
Denver CO City and County Airport Revenue AMT Series B-2 | 5.00% | 11-15-2031 | $ 1,840,000 | $ 2,137,064 | |
Health revenue: 0.03% | |||||
Colorado Health Facilities Authority Catholic Health Initiatives Series B-3 | 4.00 | 1-1-2024 | 530,000 | 558,689 | |
Miscellaneous revenue: 0.25% | |||||
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 12-31-2023 | 1,385,000 | 1,479,690 | |
Colorado Bridge Enterprise Central 70 Project Series 2017 | 4.00 | 6-30-2024 | 2,000,000 | 2,165,844 | |
Colorado Bridge Enterprise Senior Revenue Bonds AMT Central 70 Project Private Activity | 4.00 | 12-31-2024 | 1,000,000 | 1,098,197 | |
4,743,731 | |||||
Tax revenue: 0.02% | |||||
Regional Transportation District Private Activity Revenue Denver Transit Partners Eagle P3 | 5.00 | 7-15-2024 | 300,000 | 331,981 | |
Transportation revenue: 0.10% | |||||
E-470 Public Highway Authority Revenue Series B (U.S. SOFR +0.35%) ± | 0.38 | 9-1-2039 | 2,000,000 | 2,004,945 | |
Water & sewer revenue: 0.03% | |||||
Central Weld County CO Water District Water Revenue (AGM Insured) | 5.00 | 12-1-2025 | 520,000 | 605,464 | |
10,381,874 | |||||
Connecticut: 2.18% | |||||
Education revenue: 0.94% | |||||
Connecticut HEFAR Yale University Issue Series A | 1.10 | 7-1-2048 | 7,405,000 | 7,472,412 | |
Connecticut HEFAR Yale University issue Series B øø | 0.55 | 7-1-2037 | 8,150,000 | 8,176,284 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program | 5.00 | 11-15-2022 | 1,350,000 | 1,403,954 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program | 5.00 | 11-15-2024 | 585,000 | 654,984 | |
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B | 5.00 | 11-15-2023 | 440,000 | 476,093 | |
18,183,727 | |||||
GO revenue: 0.78% | |||||
Bridgeport CT Series A | 5.00 | 6-1-2023 | 655,000 | 697,532 | |
Bridgeport CT Series A | 5.00 | 6-1-2024 | 800,000 | 885,265 | |
Bridgeport CT Series A | 5.00 | 6-1-2025 | 2,695,000 | 3,088,198 | |
Bridgeport CT Series C | 5.00 | 2-15-2024 | 445,000 | 486,906 | |
Bridgeport CT Series C | 5.00 | 2-15-2025 | 750,000 | 850,836 | |
Connecticut Series A | 3.00 | 1-15-2025 | 3,000,000 | 3,227,815 | |
Connecticut Series C | 3.00 | 6-1-2022 | 1,050,000 | 1,062,156 | |
Connecticut Series C | 3.00 | 6-1-2023 | 600,000 | 622,899 | |
Connecticut Series C | 3.00 | 6-1-2024 | 1,055,000 | 1,120,952 | |
Connecticut Series C | 4.00 | 6-1-2023 | 435,000 | 457,711 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Connecticut Series C | 4.00% | 6-1-2024 | $ 500,000 | $ 543,230 | |
North Branford CT BAN | 2.00 | 8-4-2022 | 2,000,000 | 2,021,023 | |
15,064,523 | |||||
Health revenue: 0.04% | |||||
Connecticut HEFA Revenue Bonds Stamford Hospital Issue Series M %% | 5.00 | 7-1-2023 | 175,000 | 184,459 | |
Connecticut HEFA Stamford Hospital Series L-1 | 4.00 | 7-1-2024 | 600,000 | 650,898 | |
835,357 | |||||
Housing revenue: 0.27% | |||||
Connecticut HFA Series 25 | 2.50 | 6-15-2022 | 840,000 | 848,125 | |
Connecticut HFA Series A Subseries A-1 | 0.20 | 5-15-2022 | 700,000 | 700,004 | |
Connecticut HFA Series A Subseries A-1 | 0.30 | 11-15-2024 | 500,000 | 495,912 | |
Connecticut HFA Series A Subseries A-1 | 0.40 | 11-15-2023 | 300,000 | 299,339 | |
Connecticut HFA Series A Subseries A-1 | 0.40 | 5-15-2025 | 500,000 | 495,535 | |
Waterbury CT Housing Authority MFHR Exchange Place Project | 0.40 | 2-1-2023 | 2,500,000 | 2,500,128 | |
5,339,043 | |||||
Tax revenue: 0.15% | |||||
Connecticut Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2023 | 375,000 | 398,275 | |
Connecticut Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2024 | 1,000,000 | 1,105,545 | |
Connecticut Tax Obligation Revenue Transportation Infrastructure Purpose | 5.00 | 5-1-2025 | 1,150,000 | 1,319,417 | |
2,823,237 | |||||
42,245,887 | |||||
Delaware: 0.15% | |||||
Miscellaneous revenue: 0.15% | |||||
Tender Option Bond Trust Receipts/Floater Certifcates Series 2021-XF2945 144Aø | 0.23 | 6-15-2043 | 2,840,000 | 2,840,000 | |
District of Columbia: 2.27% | |||||
Airport revenue: 0.40% | |||||
Metropolitan Washington DC Airports Authority System Revenue Refunding AMT Series A | 5.00 | 10-1-2022 | 2,000,000 | 2,070,595 | |
Metropolitan Washington DC Airports Authority System Revenue Refunding AMT Series A | 5.00 | 10-1-2025 | 5,000,000 | 5,780,718 | |
7,851,313 | |||||
Housing revenue: 1.54% | |||||
District of Columbia HFA MFHR Liberty Place Apartments Project øø | 0.50 | 2-1-2022 | 9,800,000 | 9,801,379 | |
District of Columbia HFA Park Southern Apartments Project (FHA Insured) | 0.70 | 6-1-2024 | 20,000,000 | 20,031,530 | |
29,832,909 |
Interest rate | Maturity date | Principal | Value | ||
Transportation revenue: 0.31% | |||||
Washington DC Metropolitan Area Transit Authority Series A | 5.00% | 7-15-2023 | $ 3,600,000 | $ 3,861,183 | |
Washington DC Metropolitan Area Transit Authority Series A | 5.00 | 7-15-2024 | 2,000,000 | 2,233,560 | |
6,094,743 | |||||
Water & sewer revenue: 0.02% | |||||
District of Columbia Water and Sewer Authority Public Utility Subordinated Lien Bond Series C | 1.75 | 10-1-2054 | 300,000 | 308,923 | |
44,087,888 | |||||
Florida: 2.27% | |||||
Airport revenue: 0.15% | |||||
Miami-Dade County FL Aviation Revenue Refunding Bond Series A | 5.00 | 10-1-2024 | 2,500,000 | 2,807,562 | |
Education revenue: 0.42% | |||||
Florida HEFAR Florida Institute of Technology | 5.00 | 10-1-2023 | 500,000 | 536,605 | |
Florida HEFAR Florida Institute of Technology | 5.00 | 10-1-2024 | 250,000 | 277,477 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.20 | 4-1-2053 | 7,325,000 | 7,325,000 | |
8,139,082 | |||||
Health revenue: 0.05% | |||||
Jacksonville FL Heath Care Facilities Revenue Seires E ø | 0.10 | 8-1-2036 | 1,000,000 | 1,000,000 | |
Housing revenue: 1.29% | |||||
Capital Trust Agency Florida College Park Towers Apartments Project (Department of Housing and Urban Development Insured) | 1.25 | 5-1-2024 | 9,000,000 | 9,094,705 | |
Deutsche Bank SPEARs/LIFERs Trust Series DBE-8055 144Aø | 0.50 | 11-1-2058 | 10,000,000 | 10,000,000 | |
Florida Housing Finance Corporation Multifamily Mortgage Parrish Oaks Series A | 1.25 | 2-1-2023 | 500,000 | 500,351 | |
Florida Housing Finance Corporation Series 1 (GNMA / FNMA / FHLMC Insured) | 2.05 | 1-1-2022 | 435,000 | 435,000 | |
Miami-Dade County FL HFA MFHR øø | 0.25 | 12-1-2023 | 5,000,000 | 4,998,512 | |
25,028,568 | |||||
Miscellaneous revenue: 0.13% | |||||
Refunding Certificate of Participation School Board of Hillsborough County FL Series 2015A | 5.00 | 7-1-2026 | 2,235,000 | 2,559,056 | |
Transportation revenue: 0.02% | |||||
Miami-Dade County FL Expressway Authority Series B | 5.00 | 7-1-2022 | 460,000 | 470,603 | |
Water & sewer revenue: 0.21% | |||||
North Sumter County Utility Dependent District Utility Revenue Bonds Series 2021 (AGM Insured) | 5.00 | 10-1-2025 | 635,000 | 730,341 |
Interest rate | Maturity date | Principal | Value | ||
Water & sewer revenue (continued) | |||||
North Sumter County Utility Dependent District Utility Revenue Bonds Series 2021 | 5.00% | 10-1-2026 | $ 1,100,000 | $ 1,299,426 | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XM0941 (Bank of America NA LIQ) 144Aø | 0.14 | 10-1-2046 | 2,000,000 | 2,000,000 | |
4,029,767 | |||||
44,034,638 | |||||
Georgia: 1.86% | |||||
Health revenue: 0.15% | |||||
Cobb County GA Kennestone Hospital Authority Anticipation Certificate Wellstar | 5.00 | 4-1-2024 | 1,300,000 | 1,431,914 | |
Cobb County GA Kennestone Hospital Authority Anticipation Certificate Wellstar | 5.00 | 4-1-2025 | 660,000 | 754,559 | |
The Hospital Authority of Hall County & the City of Gainesville Revenue Anticipation Certificate Series 2021A | 5.00 | 2-15-2026 | 700,000 | 822,472 | |
3,008,945 | |||||
Housing revenue: 0.99% | |||||
Augusta GA Housing Authority Georgia Multifamily Housing Series 2021 (Department of Housing and Urban Development Insured) | 1.25 | 12-1-2024 | 8,875,000 | 8,995,467 | |
College Park GA Business & IDA Series 2021B | 1.25 | 7-1-2025 | 10,000,000 | 10,141,453 | |
19,136,920 | |||||
Transportation revenue: 0.11% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1117 (Deutsche Bank LIQ) 144Aø | 0.16 | 7-15-2051 | 2,160,000 | 2,160,000 | |
Utilities revenue: 0.61% | |||||
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project | 1.55 | 12-1-2049 | 4,100,000 | 4,132,112 | |
Main Street Natural Gas Incorporated Gas Supply Revenue Bonds Series 2018C (Royal Bank of Canada LIQ) | 4.00 | 8-1-2048 | 680,000 | 722,194 | |
Main Street Natural Gas, Inc. Gas Supply Revenue Bonds Series 2021C | 4.00 | 12-1-2024 | 700,000 | 766,559 | |
Main Street Natural Gas, Inc. Gas Supply Revenue Bonds Series 2021C | 4.00 | 12-1-2025 | 1,000,000 | 1,121,367 | |
Monroe County GA Development Authority PCR Georgia Power Company Plant Scherer Project First Series 2009 | 1.00 | 7-1-2049 | 1,875,000 | 1,878,761 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Bonds Series 2021A | 5.00 | 1-1-2024 | 165,000 | 179,441 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Bonds Series 2021A (AGM Insured) | 5.00 | 1-1-2025 | 200,000 | 226,634 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Bonds Series 2021A (AGM Insured) | 5.00 | 1-1-2026 | 225,000 | 263,059 | |
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 5.00 | 1-1-2022 | 2,500,000 | 2,500,000 | |
11,790,127 | |||||
36,095,992 |
Interest rate | Maturity date | Principal | Value | ||
Guam: 0.13% | |||||
Airport revenue: 0.13% | |||||
Guam International Airport Authority AMT Refunding Bond Series A | 5.00% | 10-1-2022 | $ 1,000,000 | $ 1,034,130 | |
Guam International Airport Authority AMT Refunding Bond Series A | 5.00 | 10-1-2023 | 1,395,000 | 1,504,942 | |
2,539,072 | |||||
Hawaii: 0.32% | |||||
GO revenue: 0.22% | |||||
Honolulu HI General Obligation Bonds Series 2022A %% | 5.00 | 11-1-2023 | 2,250,000 | 2,370,133 | |
Honolulu HI General Obligation Bonds Series 2022A %% | 5.00 | 11-1-2024 | 1,750,000 | 1,912,344 | |
4,282,477 | |||||
Health revenue: 0.10% | |||||
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ± | 0.55 | 7-1-2039 | 1,855,000 | 1,855,000 | |
6,137,477 | |||||
Idaho: 0.15% | |||||
Housing revenue: 0.15% | |||||
Idaho Housing & Finance Association Series A ø | 0.16 | 1-1-2038 | 2,815,000 | 2,815,000 | |
Illinois: 5.92% | |||||
Airport revenue: 0.23% | |||||
Chicago IL O'Hare International Airport Senior Lien Refunding Bonds Series 2013A | 5.00 | 1-1-2026 | 4,205,000 | 4,391,026 | |
Education revenue: 0.32% | |||||
Illinois Finance Authority Benedictine University Series 2021 | 5.00 | 10-1-2025 | 600,000 | 677,543 | |
Illinois Finance Authority University of Chicago Series 2021A | 5.00 | 10-1-2023 | 1,400,000 | 1,513,095 | |
Illinois Finance Authority University of Chicago Series 2021A | 5.00 | 10-1-2025 | 1,500,000 | 1,745,089 | |
Southern Illinois University Housing and Auziliary Facilities Refunding Revenue Bonds Series A (BAM Insured) | 4.00 | 4-1-2024 | 1,200,000 | 1,289,995 | |
University of Illinois Auxiliary Facilities Series A | 5.00 | 4-1-2022 | 1,070,000 | 1,082,373 | |
6,308,095 | |||||
GO revenue: 1.50% | |||||
Chicago IL Board of Education Series 2020A | 5.00 | 12-1-2022 | 400,000 | 416,455 | |
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2024 | 3,670,000 | 3,602,503 | |
Chicago IL Series A | 5.00 | 1-1-2025 | 2,500,000 | 2,801,668 | |
Cook County IL Refunding Bond Series 2021A | 5.00 | 11-15-2022 | 4,000,000 | 4,164,141 | |
Cook County IL Refunding Bond Series 2021A | 5.00 | 11-15-2024 | 2,500,000 | 2,818,848 | |
Cook County IL Refunding Bond Series C | 5.00 | 11-15-2022 | 3,045,000 | 3,169,952 | |
Illinois Series 2016 | 5.00 | 1-1-2022 | 5,915,000 | 5,915,000 | |
Kane & Cook Counties IL Community College District #509 Series 2021B | 4.00 | 12-15-2025 | 1,200,000 | 1,360,361 | |
Peoria IL Refunding Bonds Series A | 4.00 | 1-1-2025 | 1,250,000 | 1,368,833 | |
Peoria IL Refunding Bonds Series A (BAM Insured) | 4.00 | 1-1-2026 | 500,000 | 561,982 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Whiteside & Lee Counties IL Community Unit School District 5 Series A | 4.00% | 12-1-2022 | $ 1,375,000 | $ 1,420,285 | |
Whiteside & Lee Counties IL Community Unit School District 5 Series A | 4.00 | 12-1-2023 | 1,435,000 | 1,527,884 | |
29,127,912 | |||||
Health revenue: 0.13% | |||||
Illinois Finance Authority Healthcare System Series B-1 | 5.00 | 5-15-2050 | 1,200,000 | 1,325,360 | |
Illinois Finance Authority Rehabilitation Institute of Chicago | 5.00 | 7-1-2023 | 1,100,000 | 1,162,742 | |
2,488,102 | |||||
Miscellaneous revenue: 0.79% | |||||
Chicago IL Board of Education Series B | 5.00 | 12-1-2022 | 1,500,000 | 1,561,704 | |
Chicago IL Board of Education Series B | 5.00 | 12-1-2023 | 1,150,000 | 1,245,703 | |
Illinois Refunding Bond | 5.00 | 8-1-2022 | 2,290,000 | 2,351,920 | |
Illinois Series A | 5.00 | 3-1-2023 | 3,000,000 | 3,159,629 | |
Will County IL Community Unit School District #201 | 5.00 | 1-1-2041 | 7,000,000 | 7,001,347 | |
15,320,303 | |||||
Tax revenue: 2.69% | |||||
Illinois Regional Transportation Authority Series B-RMKT øø | 0.40 | 6-1-2025 | 23,740,000 | 23,740,000 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B | 5.00 | 12-15-2022 | 5,925,000 | 6,180,385 | |
Metropolitan Pier & Exposition Authority McCormick Place Project Refunding Bonds Series A %% | 3.00 | 6-15-2024 | 2,100,000 | 2,184,966 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-YX1099 (Barclays Bank plc LIQ) 144Aø | 0.20 | 1-1-2035 | 9,750,000 | 9,750,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Royal Bank of Canada LIQ) 144Aø | 0.24 | 1-1-2026 | 2,265,000 | 2,265,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) 144Aø | 0.20 | 1-1-2048 | 8,000,000 | 8,000,000 | |
52,120,351 | |||||
Water & sewer revenue: 0.26% | |||||
Chicago IL Wastewater Transmission Revenue CAB Refunding Series A (NPFGC Insured) ¤ | 0.00 | 1-1-2022 | 3,265,000 | 3,265,000 | |
Geneva IL Series 2021 | 4.00 | 2-1-2024 | 650,000 | 696,324 | |
South Sangamon IL Water Commission (AGM Insured) | 4.00 | 1-1-2023 | 500,000 | 515,613 | |
South Sangamon IL Water Commission (AGM Insured) | 4.00 | 1-1-2026 | 500,000 | 553,667 | |
5,030,604 | |||||
114,786,393 | |||||
Indiana: 1.61% | |||||
Education revenue: 0.03% | |||||
Town of Upland Indiana Economic Development Revenue Bonds Series 2021 | 4.00 | 9-1-2025 | 590,000 | 654,315 | |
GO revenue: 0.11% | |||||
Center Grove IN Community School Corporation Series 2021B | 4.00 | 7-1-2023 | 2,025,000 | 2,126,069 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.65% | |||||
Indiana Finance Authority Environmental Revenue Bonds Mittal Steel USA Project 2006 ø | 0.18% | 8-1-2030 | $10,000,000 | $ 10,000,000 | |
Whiting IN Environmental Facilities North America Incorporated Project | 5.00 | 11-1-2047 | 2,250,000 | 2,539,081 | |
12,539,081 | |||||
Miscellaneous revenue: 0.19% | |||||
Indianapolis IN Series 2021A | 5.00 | 6-1-2024 | 1,700,000 | 1,880,324 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2022 | 95,000 | 96,853 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2023 | 210,000 | 221,398 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 1-15-2024 | 215,000 | 229,968 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2024 | 220,000 | 238,816 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 1-15-2025 | 225,000 | 247,559 | |
Marion Industry High School Building Corporation First Mortgage Bonds Series B | 4.00 | 7-15-2025 | 225,000 | 250,792 | |
Tippecanoe County IN Vinton-Tecumseh School Building Corporation Series 2021 | 3.00 | 1-15-2025 | 505,000 | 540,504 | |
3,706,214 | |||||
Resource recovery revenue: 0.21% | |||||
Indiana Finance Authority Economic Development Republic Services Incorporated Project Series A øø | 0.22 | 5-1-2034 | 4,000,000 | 4,000,022 | |
Utilities revenue: 0.29% | |||||
Mount Vernon Industry Environmental Southern Industry Gas and Electric Company øø | 0.88 | 9-1-2055 | 5,750,000 | 5,745,421 | |
Water & sewer revenue: 0.13% | |||||
Columbus City IN Waterworks Revenue Bond | 0.50 | 6-3-2022 | 2,500,000 | 2,502,138 | |
31,273,260 | |||||
Iowa: 0.16% | |||||
Industrial development revenue: 0.16% | |||||
Iowa Finance Authority Solid Waste Facilities Revenue (Citibank NA LOC) | 1.50 | 1-1-2042 | 3,000,000 | 3,019,520 | |
Kansas: 0.27% | |||||
Health revenue: 0.12% | |||||
Wichita KS HCFR Presbyterian Manors Obligated Group | 4.00 | 5-15-2022 | 1,250,000 | 1,258,662 | |
Wichita KS HCFR Series I | 3.75 | 5-15-2023 | 955,000 | 967,783 | |
2,226,445 | |||||
Utilities revenue: 0.15% | |||||
Burlington KS Environmental Impact Series A ø | 0.19 | 9-1-2035 | 3,000,000 | 3,000,000 | |
5,226,445 |
Interest rate | Maturity date | Principal | Value | ||
Kentucky: 0.79% | |||||
Education revenue: 0.06% | |||||
City of Columbia KY Kentucky Educational Development Funding Revenue Bonds Series 2021 | 4.00% | 12-1-2022 | $ 175,000 | $ 180,438 | |
City of Columbia KY Kentucky Educational Development Funding Revenue Bonds Series 2021 | 4.00 | 12-1-2023 | 450,000 | 476,208 | |
City of Columbia KY Kentucky Educational Development Funding Revenue Bonds Series 2021 | 4.00 | 12-1-2025 | 485,000 | 535,971 | |
1,192,617 | |||||
Housing revenue: 0.52% | |||||
Kentucky Housing Corporation MFHR City View Park Project | 1.16 | 2-1-2023 | 10,000,000 | 10,006,952 | |
Utilities revenue: 0.11% | |||||
Paducah KY Electric Plant Board Refunding Bond | 5.00 | 10-1-2023 | 1,995,000 | 2,144,539 | |
Water & sewer revenue: 0.10% | |||||
Kentucky Rural Water Financing Agency Series 2021A | 0.40 | 5-1-2023 | 2,000,000 | 2,000,010 | |
15,344,118 | |||||
Louisiana: 1.11% | |||||
Airport revenue: 0.29% | |||||
Louisiana Offshore Terminal Authority Deepwater Loop LLC Project Series B-1A | 2.00 | 10-1-2040 | 5,540,000 | 5,584,363 | |
Health revenue: 0.27% | |||||
Louisiana Public Facilities Authority Hospital Revenue Louisiana Children's Medical Center Project | 5.00 | 6-1-2045 | 5,000,000 | 5,315,883 | |
Miscellaneous revenue: 0.55% | |||||
Louisiana Local Government Environmental Facilities and CDA Subordinated Lien East Baton Rouge øø | 0.88 | 2-1-2046 | 9,000,000 | 9,024,293 | |
Lousiana Stadium & Exposition District Revenue BAN | 4.00 | 7-3-2023 | 1,600,000 | 1,665,883 | |
10,690,176 | |||||
21,590,422 | |||||
Maine: 0.09% | |||||
Education revenue: 0.02% | |||||
Maine Student Loan Authority AMT Refunding Student Loan Revenue Bond Class A Series 2019A-1 (AGM Insured) | 5.00 | 12-1-2022 | 370,000 | 385,018 | |
Health revenue: 0.07% | |||||
Maine HEFAR Bonds Series 2020A | 4.00 | 7-1-2024 | 335,000 | 362,376 | |
Maine HEFAR Bonds Series 2020A | 4.00 | 7-1-2024 | 420,000 | 457,488 | |
Maine HEFAR Bonds Series 2020A | 5.00 | 7-1-2023 | 255,000 | 272,694 | |
Maine HEFAR Bonds Series 2020A | 5.00 | 7-1-2023 | 320,000 | 342,403 | |
1,434,961 | |||||
1,819,979 |
Interest rate | Maturity date | Principal | Value | ||
Maryland: 2.86% | |||||
Health revenue: 0.13% | |||||
Maryland Health & HEFAR Adventist Healthcare Series 2021 | 5.00% | 1-1-2022 | $ 1,110,000 | $ 1,110,000 | |
Maryland Health & HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2023 | 795,000 | 831,389 | |
Maryland Health & HEFAR Adventist Healthcare Series 2021 | 5.00 | 1-1-2024 | 540,000 | 588,163 | |
2,529,552 | |||||
Housing revenue: 2.42% | |||||
Community Development Administration Department of Housing & Community Development Multifamily Development Revenue Bonds Series 2021B | 0.80 | 9-1-2023 | 15,000,000 | 14,962,209 | |
Maryland CDA Department of Housing & Community Multifamily Development Windsor Valley III Apartments Series G (FHA Insured) | 1.05 | 12-1-2023 | 10,000,000 | 9,997,329 | |
Maryland Community Development Department Housing Rosemont Tower LLC Series A (GNMA Insured) 144A | 0.83 | 5-1-2023 | 7,400,000 | 7,391,970 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2832 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 7-1-2037 | 14,595,000 | 14,595,000 | |
46,946,508 | |||||
Transportation revenue: 0.31% | |||||
Maryland Transportation Authority Refunding Bond AMT | 5.00 | 3-1-2022 | 6,000,000 | 6,044,809 | |
55,520,869 | |||||
Massachusetts: 1.89% | |||||
Education revenue: 0.04% | |||||
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2022 | 205,000 | 208,325 | |
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2023 | 210,000 | 220,041 | |
Massachusetts Development Finance Agency Lasell University Revenue Refunding Bonds | 4.00 | 7-1-2024 | 225,000 | 241,916 | |
670,282 | |||||
Health revenue: 0.51% | |||||
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2022 | 115,000 | 117,435 | |
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2023 | 125,000 | 132,402 | |
Massachusetts Development Finance Agency Milford Regional Medical Center Series G 144A | 5.00 | 7-15-2024 | 125,000 | 136,771 | |
Massachusetts Development Finance Agency Wellforce Incorporate Series C | 5.00 | 10-1-2023 | 635,000 | 683,751 | |
Massachusetts HEFA Partners Healthcare Series G-2 (AGM Insured) € | 0.28 | 7-1-2042 | 5,020,000 | 5,020,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2891 (Barclays Bank plc LOC, AGM Insured, Barclays Bank plc LIQ) 144Aø | 0.14 | 10-1-2045 | 3,845,000 | 3,845,000 | |
9,935,359 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.31% | |||||
Boston Housing Authority Capital Program Revenue Refunding Series B | 5.00% | 10-1-2024 | $ 650,000 | $ 729,018 | |
Boston Housing Authority Capital Program Revenue Refunding Series B | 5.00 | 10-1-2025 | 380,000 | 440,098 | |
Massachusetts Development Finance Agency MFHR Bonds Salem Heights Series B øø | 0.25 | 7-1-2024 | 2,750,000 | 2,738,782 | |
Massachusetts HFA Series 212 | 1.45 | 12-1-2049 | 2,000,000 | 2,007,781 | |
5,915,679 | |||||
Tax revenue: 0.22% | |||||
Massachusetts Bay Transportation Authority Series B-1 | 5.00 | 7-1-2023 | 1,775,000 | 1,900,373 | |
Massachusetts Bay Transportation Authority Series B-1 | 5.00 | 7-1-2024 | 2,200,000 | 2,452,021 | |
4,352,394 | |||||
Transportation revenue: 0.81% | |||||
Massachusetts Department of Transportation Refunding Bond | 5.00 | 1-1-2039 | 14,990,000 | 15,680,727 | |
36,554,441 | |||||
Michigan: 1.52% | |||||
Education revenue: 0.13% | |||||
Lake Superior State University Michigan Revenue Refunding General | 4.00 | 11-15-2023 | 525,000 | 558,954 | |
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Morgan Stanley Bank LIQ) 144Aø | 0.25 | 11-1-2028 | 2,000,000 | 2,000,000 | |
2,558,954 | |||||
GO revenue: 0.21% | |||||
Genesee County MI Carman-Ainsworth Community School | 4.00 | 5-1-2022 | 1,025,000 | 1,037,223 | |
Genesee County MI Carman-Ainsworth Community School | 4.00 | 5-1-2025 | 2,685,000 | 2,974,322 | |
4,011,545 | |||||
Health revenue: 0.54% | |||||
Kent MI Hospital Finance Authority Series 2015A ø | 0.35 | 1-15-2047 | 2,000,000 | 2,000,000 | |
Michigan Finance Authority Bronson Healthcare Group Incorporated Series 2019B | 3.50 | 11-15-2044 | 800,000 | 821,633 | |
Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Heath Care Series A | 5.00 | 6-1-2025 | 1,350,000 | 1,376,025 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XG0319 144Aø | 0.18 | 7-1-2051 | 6,295,000 | 6,295,000 | |
10,492,658 | |||||
Miscellaneous revenue: 0.15% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1115 144Aø | 0.16 | 10-15-2051 | 3,000,000 | 3,000,000 | |
Tax revenue: 0.49% | |||||
Tender Option Bond Trust Receipts/Certificates 144Aø | 0.30 | 7-1-2043 | 9,410,000 | 9,410,000 | |
29,473,157 |
Interest rate | Maturity date | Principal | Value | ||
Minnesota: 2.14% | |||||
GO revenue: 2.06% | |||||
JPMorgan Chase Puttable Tax-Exempt Receipts Trust Series 5027 (JPMorgan Chase & Company LIQ) 144Aø | 0.27% | 3-20-2024 | $40,000,000 | $ 40,000,000 | |
Health revenue: 0.04% | |||||
Minnesota HCFR Maple Grove Hospital Corporation | 4.00 | 5-1-2022 | 390,000 | 394,586 | |
Minnesota HCFR Maple Grove Hospital Corporation | 5.00 | 5-1-2023 | 390,000 | 413,347 | |
807,933 | |||||
Miscellaneous revenue: 0.04% | |||||
Lake Agassiz Education Cooperative Certificate of Participation Series A | 3.00 | 2-1-2022 | 205,000 | 205,314 | |
Lake Agassiz Education Cooperative Certificate of Participation Series A | 3.00 | 2-1-2023 | 255,000 | 260,296 | |
Lake Agassiz Education Cooperative Certificate of Participation Series A | 3.00 | 2-1-2024 | 265,000 | 275,015 | |
740,625 | |||||
41,548,558 | |||||
Mississippi: 0.48% | |||||
Health revenue: 0.46% | |||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Project øø | 0.20 | 9-1-2036 | 9,000,000 | 8,996,032 | |
Miscellaneous revenue: 0.02% | |||||
Mississippi Development Bank Series 2010B ø | 0.12 | 1-1-2045 | 300,000 | 300,000 | |
9,296,032 | |||||
Missouri: 0.52% | |||||
Miscellaneous revenue: 0.52% | |||||
Missouri Public Utilities Commission Interim Construction Notes | 0.50 | 3-1-2022 | 10,000,000 | 10,001,715 | |
Nebraska: 0.69% | |||||
Miscellaneous revenue: 0.17% | |||||
Gretna NE Series 2021 | 4.00 | 12-15-2025 | 3,000,000 | 3,302,042 | |
Utilities revenue: 0.52% | |||||
Nebraska Public Power District Revenue General Series A øø | 0.60 | 1-1-2051 | 10,075,000 | 10,100,763 | |
13,402,805 | |||||
Nevada: 1.42% | |||||
Airport revenue: 0.19% | |||||
Clark County NV Airport System Junior Subordinate Lien Revenue Notes Series 2021B | 5.00 | 7-1-2025 | 3,200,000 | 3,669,938 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.14% | |||||
Clark County NV School District Refunding Bond Limited Tax Series A | 5.00% | 6-15-2023 | $ 2,095,000 | $ 2,237,785 | |
Clark County NV School District Refunding Bond Limited Tax Series C | 5.00 | 6-15-2023 | 500,000 | 534,078 | |
2,771,863 | |||||
Housing revenue: 0.31% | |||||
Nevada Housing Division Multi Unit Housing Whittell Pointe øø | 0.30 | 10-1-2023 | 6,000,000 | 6,001,253 | |
Industrial development revenue: 0.26% | |||||
Nevada Brightline West Rail Project Series A 144Aøø | 0.25 | 1-1-2050 | 5,000,000 | 5,000,145 | |
Utilities revenue: 0.52% | |||||
Washoe County NV Water Facility Refunding Bond Series F | 2.05 | 3-1-2036 | 6,000,000 | 6,026,147 | |
Washoe County NV Water Facility Revenue Refunding Bond AMT Sierra Pacific Power Company | 2.05 | 3-1-2036 | 2,500,000 | 2,510,895 | |
Washoe County NV Water Facility Revenue Refunding Bond Sierra Pacific Power Company øø | 0.63 | 3-1-2036 | 1,500,000 | 1,500,555 | |
10,037,597 | |||||
27,480,796 | |||||
New Hampshire: 0.77% | |||||
Resource recovery revenue: 0.77% | |||||
National Finance Authority Solid Waste Disposal Waste Management Incorporated Project Series 2020A-3 ø | 0.18 | 4-1-2024 | 15,000,000 | 14,999,150 | |
New Jersey: 2.62% | |||||
Education revenue: 0.07% | |||||
New Jersey Higher Education Assistance Authority Series B | 5.00 | 12-1-2023 | 300,000 | 325,103 | |
New Jersey Higher Education Assistance Authority Series B | 5.00 | 12-1-2025 | 850,000 | 982,580 | |
1,307,683 | |||||
GO revenue: 1.28% | |||||
New Jersey EDA School Facilities Construction Notes Series GGG 144A | 5.25 | 9-1-2022 | 10,000,000 | 10,313,286 | |
New Jersey EDA Series G 144A | 5.25 | 9-1-2023 | 10,000,000 | 10,789,765 | |
Newark NJ Refunding Bond Qualified General Improvement Series A | 5.00 | 10-1-2022 | 750,000 | 773,503 | |
Ramsey Borough NJ BAN | 1.25 | 1-7-2022 | 3,000,000 | 3,000,336 | |
24,876,890 | |||||
Housing revenue: 0.15% | |||||
New Jersey Housing & Mortgage Finance Agency Multifamily Conduit Post Road Gardens Series A øø | 0.75 | 5-1-2023 | 3,000,000 | 3,005,228 | |
Miscellaneous revenue: 0.40% | |||||
Burlington County NJ Bridge Commission Series 2021C | 2.00 | 11-10-2022 | 4,000,000 | 4,062,195 | |
New Jersey EDA School Facilities Construction Notes Series DDD | 5.00 | 6-15-2022 | 780,000 | 796,465 | |
New Jersey Transportation Trust Fund Series D | 5.25 | 12-15-2023 | 2,600,000 | 2,842,262 | |
7,700,922 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.16% | |||||
New Jersey Covid-19 Emergency Series A | 4.00% | 6-1-2023 | $ 3,000,000 | $ 3,150,526 | |
Transportation revenue: 0.30% | |||||
New Brunswick NJ Parking Authority City Guaranteed Series B (Municipal Government Guaranty Insured) | 5.00 | 9-1-2022 | 700,000 | 721,065 | |
New Brunswick NJ Parking Authority City Guaranteed Series B | 5.00 | 9-1-2024 | 875,000 | 977,840 | |
New Jersey TTFA Series A | 5.00 | 6-15-2042 | 1,000,000 | 1,021,352 | |
New Jersey TTFA Series A | 5.25 | 12-15-2022 | 1,295,000 | 1,355,485 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2032 | 1,655,000 | 1,689,958 | |
5,765,700 | |||||
Water & sewer revenue: 0.26% | |||||
New Jersey EDA Refunding Bond AMT American Water Company Incorporated | 1.20 | 11-1-2034 | 5,000,000 | 5,036,889 | |
50,843,838 | |||||
New Mexico: 0.06% | |||||
Health revenue: 0.06% | |||||
New Mexico Hospital Equipment Loan Council Hospital Improvement System Sanitary Juan Regional | 5.00 | 6-1-2022 | 445,000 | 453,318 | |
New Mexico Hospital Equipment Loan Council Hospital Improvement System Sanitary Juan Regional | 5.00 | 6-1-2023 | 665,000 | 706,915 | |
1,160,233 | |||||
New York: 10.07% | |||||
Airport revenue: 0.14% | |||||
New York Transportation Development Corporation Special Facility Revenue Terminal 4 John F Kennedy International | 5.00 | 12-1-2023 | 1,260,000 | 1,362,418 | |
New York Transportation Development Corporation Special Facility Revenue Terminal 4 John F Kennedy International | 5.00 | 12-1-2024 | 1,250,000 | 1,403,241 | |
New York Transportation Development Corporation Special Refunding Bonds Terminal One Group Association | 5.00 | 1-1-2022 | 50,000 | 50,000 | |
2,815,659 | |||||
Education revenue: 0.15% | |||||
New York Dormitory Authority Iona College Series 2022 %% | 5.00 | 7-1-2023 | 550,000 | 578,323 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2022 | 550,000 | 563,148 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2023 | 575,000 | 614,898 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2024 | 600,000 | 667,305 | |
Saratoga County NY Capital Resource Corporation Revenue Refunding Skidmore College Series A | 5.00 | 7-1-2025 | 425,000 | 490,119 | |
2,913,793 | |||||
GO revenue: 3.08% | |||||
City of Tonawanda Erie County NY BAN Series 2021 | 1.00 | 6-2-2022 | 3,878,000 | 3,888,502 | |
Corinth NY Central School District BAN | 1.25 | 7-22-2022 | 3,340,000 | 3,359,653 | |
Cortland NY Enlarged City School District Revenue BAN | 2.00 | 7-29-2022 | 3,780,000 | 3,817,266 | |
East Ramapo NY Central School District Deficiency Notes | 1.25 | 5-5-2022 | 2,150,000 | 2,155,927 | |
Long Beach NY Public Improvement Series A | 5.00 | 9-1-2022 | 1,770,000 | 1,823,623 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue (continued) | |||||
Long Beach NY Public Improvement Series A | 5.00% | 9-1-2023 | $ 2,075,000 | $ 2,215,647 | |
New York NY Adjusted Fiscal 2008 Subordinate Bond Series A-4 (AGM Insured) € | 0.19 | 8-1-2026 | 775,000 | 775,000 | |
New York NY Adjusted Fiscal 2008 Subordinate Bond Series C-4 € | 0.26 | 10-1-2027 | 22,650,000 | 22,650,000 | |
New York NY Series 3 ø | 0.15 | 4-1-2042 | 6,500,000 | 6,500,000 | |
New York NY Series J Subordinate Bond Series J-2 (AGM Insured) € | 0.30 | 6-1-2036 | 1,200,000 | 1,200,000 | |
New York NY Series J Subordinate Bond Series J3 (AGM Insured) € | 0.26 | 6-1-2036 | 9,100,000 | 9,100,000 | |
New York NY Subordinate Bond Series C-4 € | 0.23 | 1-1-2032 | 800,000 | 800,000 | |
Poughkeepsie NY Series 2021 | 2.50 | 4-29-2022 | 800,000 | 803,857 | |
Yonkers NY Series 2021A (AGM Insured) | 5.00 | 2-15-2025 | 315,000 | 358,084 | |
Yonkers NY Series 2021B | 5.00 | 2-15-2025 | 305,000 | 346,818 | |
59,794,377 | |||||
Health revenue: 0.27% | |||||
Broome County NY Local Development Corporation United Health Services Hospital Incorporated Project | 5.00 | 4-1-2024 | 500,000 | 549,908 | |
Broome County NY Local Development Corporation United Health Services Hospital Incorporated Project | 5.00 | 4-1-2025 | 500,000 | 569,900 | |
New York NY Health & Hospital Corporation Revenue Health System Series A | 5.00 | 2-15-2025 | 3,615,000 | 4,116,672 | |
5,236,480 | |||||
Housing revenue: 1.42% | |||||
Deutsche Bank SPEARs/LIFERs Trust Series DBE-8063 144Aø | 0.50 | 10-1-2045 | 10,718,814 | 10,718,814 | |
East Rochester NY Housing Authority Home Good Shepherd Project Series A ø | 0.24 | 12-1-2036 | 2,260,000 | 2,260,000 | |
New York Housing Finance Agency Revenue Affordable Housing Series J Climate | 0.75 | 5-1-2025 | 8,250,000 | 8,260,740 | |
New York Mortgage Agency Homeowner Revenue Series 183 | 3.50 | 4-1-2022 | 1,200,000 | 1,208,618 | |
New York NY Housing Development Corporation Series A-3 | 1.13 | 5-1-2060 | 4,000,000 | 4,007,907 | |
New York NY Housing Development Corporation Series C-2 øø | 0.70 | 11-1-2060 | 1,000,000 | 1,002,041 | |
27,458,120 | |||||
Industrial development revenue: 1.13% | |||||
New York Energy Research & Development Authority PCR Keyspan Generation Series A € | 1.50 | 10-1-2028 | 900,000 | 900,000 | |
New York Transportation Development Corporation Series 2018 | 5.00 | 1-1-2022 | 2,000,000 | 2,000,000 | |
New York Transportation Development Corporation Series 2018 | 5.00 | 1-1-2023 | 12,750,000 | 13,315,545 | |
New York Transportation Development Corporation Special Facilities Revenue Delta Airlines Incorporated LaGuardia Airport Terminals C&D Redevelopment Project | 5.00 | 1-1-2024 | 5,250,000 | 5,704,414 | |
21,919,959 | |||||
Miscellaneous revenue: 0.06% | |||||
New York IDA Series 2021A (AGM Insured) | 5.00 | 1-1-2026 | 1,000,000 | 1,167,861 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 1.01% | |||||
New York NY Transitional Finance Authority Subordinate Bond Series 1-B (SIFMA Municipal Swap +0.80%) ± | 0.90% | 11-1-2022 | $ 3,525,000 | $ 3,551,533 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1109 (Deutsche Bank LIQ) 144Aø | 0.16 | 3-15-2048 | 1,447,500 | 1,447,500 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1125 (Deutsche Bank LIQ) 144Aø | 0.16 | 5-15-2051 | 4,270,000 | 4,270,000 | |
Triborough Bridge & Tunnel Authority Series A-2 | 2.00 | 5-15-2045 | 10,000,000 | 10,324,306 | |
19,593,339 | |||||
Transportation revenue: 2.55% | |||||
New York Metropolitan Transportation Authority BAN | 4.00 | 2-1-2022 | 3,950,000 | 3,961,263 | |
New York Metropolitan Transportation Authority BAN | 5.00 | 2-1-2023 | 4,050,000 | 4,252,585 | |
New York Metropolitan Transportation Authority Series B (1 Month LIBOR +0.55%) ± | 0.62 | 11-1-2041 | 6,255,000 | 6,272,204 | |
New York Metropolitan Transportation Authority Subordinate Bond Series D2 (SIFMA Municipal Swap +0.45%) ± | 0.55 | 11-15-2044 | 18,460,000 | 18,474,679 | |
Tender Option Bond Trust Receipts/Certificates (Morgan Stanley Bank LIQ) 144Aø | 0.20 | 1-1-2053 | 4,250,000 | 4,250,000 | |
Triborough Bridge & Tunnel Authority New York Revenues Various Refunding Bond Subordinated Series B-2 (State Street Bank & Trust Company LOC) ø | 0.12 | 1-1-2032 | 6,500,000 | 6,500,000 | |
Triborough Bridge & Tunnel Authority Series 2013A (U.S. SOFR +0.38%) ± | 0.41 | 1-1-2032 | 4,000,000 | 4,006,392 | |
Triborough Bridge & Tunnel Authority Series A | 5.00 | 11-15-2023 | 1,570,000 | 1,669,041 | |
49,386,164 | |||||
Water & sewer revenue: 0.26% | |||||
New York Municipal Water Finance Authority Water & Sewer System Revenue Second General Resolution | 4.00 | 6-15-2024 | 3,000,000 | 3,265,589 | |
New York Water Finance Authority Series DD | 5.00 | 6-15-2025 | 1,535,000 | 1,773,181 | |
5,038,770 | |||||
195,324,522 | |||||
North Carolina: 1.16% | |||||
Health revenue: 0.12% | |||||
Charlotte Mecklenburg Hospital Authority North Carolina Health Care System Atrium Health Series E øø | 0.80 | 1-15-2048 | 1,500,000 | 1,500,108 | |
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 3.00 | 3-1-2023 | 200,000 | 204,383 | |
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 4.00 | 3-1-2024 | 215,000 | 227,596 | |
North Carolina Health Care Facilities First Mortgage Revenue Bonds Series A | 4.00 | 3-1-2025 | 265,000 | 286,039 | |
2,218,126 | |||||
Industrial development revenue: 0.09% | |||||
Columbus County NC PCFA International Paper Company Project Series 2019C | 2.10 | 3-1-2027 | 1,750,000 | 1,820,908 | |
Miscellaneous revenue: 0.05% | |||||
Tender Option Bond Trust Receipts/Certificates Series 2021 XG0331 (Deutsche Bank LIQ) 144Aø | 0.16 | 6-1-2048 | 1,015,500 | 1,015,500 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.90% | |||||
North Carolina Capital Finance Republic Services Incorporated Project Series 2013 øø | 0.22% | 6-1-2038 | $17,500,000 | $ 17,500,063 | |
22,554,597 | |||||
North Dakota: 0.88% | |||||
Miscellaneous revenue: 0.88% | |||||
Cass County ND Joint Water Resources District Refunding Temporary Improvement Series A | 0.48 | 5-1-2024 | 5,000,000 | 5,002,366 | |
Mercer County ND Pollution Central Notes | 0.18 | 1-19-2022 | 12,000,000 | 11,999,813 | |
17,002,179 | |||||
Ohio: 4.64% | |||||
Education revenue: 0.05% | |||||
Ohio Higher Educational Facility Commission | 5.00 | 5-1-2025 | 885,000 | 1,007,821 | |
GO revenue: 1.37% | |||||
Akron OH Refunding Bonds Series 2020 | 2.00 | 12-1-2022 | 1,135,000 | 1,151,815 | |
Coshocton County OH Series 2021 | 1.00 | 12-29-2022 | 10,000,000 | 10,057,727 | |
Newark City OH Series 2021 | 1.50 | 3-24-2022 | 1,675,000 | 1,679,726 | |
Newark City OH Various Purpose BAN Series 2021 | 1.10 | 9-27-2022 | 2,900,000 | 2,916,031 | |
Newark City OH Various Purpose BAN Series 2021 | 1.10 | 9-27-2022 | 3,000,000 | 3,016,584 | |
Newark City OH Various Purpose BAN Series 2021 | 1.25 | 9-29-2022 | 3,500,000 | 3,523,365 | |
Northwood OH BAN | 1.00 | 4-21-2022 | 3,450,000 | 3,459,056 | |
Toledo OH Refunding Bond Limited Tax Various Purpose | 3.00 | 12-1-2022 | 310,000 | 317,544 | |
Toledo OH Refunding Bond Limited Tax Various Purpose | 3.00 | 12-1-2023 | 440,000 | 460,572 | |
26,582,420 | |||||
Health revenue: 0.24% | |||||
Allen County OH Mercy Health Hospital | 5.00 | 12-1-2024 | 2,325,000 | 2,625,845 | |
Ohio State Hospital Series 2021B ø | 0.15 | 1-15-2049 | 2,000,000 | 2,000,000 | |
4,625,845 | |||||
Housing revenue: 0.37% | |||||
Ohio HFA MFHR Lima Apartments Project Series A øø | 0.45 | 2-1-2023 | 2,600,000 | 2,600,268 | |
Ohio HFA Series 2021 | 1.25 | 8-1-2024 | 4,500,000 | 4,553,366 | |
7,153,634 | |||||
Industrial development revenue: 1.50% | |||||
Ohio Air Quality Development Authority Exempt Facilities Revenue Bond ø | 0.16 | 4-1-2051 | 29,000,000 | 29,000,000 | |
Miscellaneous revenue: 0.63% | |||||
American Municipal Power Incorporated BAN Electric System Improvement | 1.00 | 6-23-2022 | 2,500,000 | 2,509,264 | |
American Municipal Power Incorporated BAN Electric System Improvement | 1.25 | 11-30-2022 | 500,000 | 504,468 | |
American Municipal Power Incorporated BAN Electric System Improvement | 1.25 | 12-1-2022 | 600,000 | 605,267 | |
Board of Education of Southeast Local School District Counties of Wayne Holmes & Stark Certificate of Participation Series 2021 | 3.00 | 12-1-2022 | 440,000 | 450,708 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Board of Education of Southeast Local School District Counties of Wayne Holmes & Stark Certificate of Participation Series 2021 | 3.00% | 12-1-2023 | $ 585,000 | $ 612,808 | |
Board of Education of Southeast Local School District Counties of Wayne Holmes & Stark Certificate of Participation Series 2021 | 3.00 | 12-1-2024 | 230,000 | 245,740 | |
Lorain County OH BAN | 1.50 | 5-4-2022 | 4,000,000 | 4,016,858 | |
Orange Village OH Recreational Trail Special Assessment BAN Series 2021 | 0.20 | 8-25-2022 | 3,275,000 | 3,274,063 | |
12,219,176 | |||||
Tax revenue: 0.16% | |||||
Akron OH Ohio Community Learning Centers Income Tax Revenue Refunding Bonds Series 2022 %% | 4.00 | 12-1-2022 | 3,075,000 | 3,158,011 | |
Utilities revenue: 0.32% | |||||
American Municipal Power Incorporated BAN Electric System Improvement | 5.00 | 2-15-2025 | 500,000 | 569,888 | |
Lancaster OH Port Authority Gas Supply (Royal Bank of Canada LIQ) | 5.00 | 8-1-2049 | 5,000,000 | 5,628,109 | |
6,197,997 | |||||
89,944,904 | |||||
Oklahoma: 1.24% | |||||
Education revenue: 0.03% | |||||
University Oklahoma Revenue Refunding Bond General Series B | 5.00 | 7-1-2025 | 510,000 | 585,849 | |
GO revenue: 0.33% | |||||
Independent School District Number 1 Tulsa County Combined Purpose General Obligation Bonds Series 2021B | 0.25 | 9-1-2024 | 6,530,000 | 6,461,071 | |
Health revenue: 0.68% | |||||
Oklahoma Development Finance Authority Health System Revenue ø | 0.18 | 8-15-2031 | 13,260,000 | 13,260,000 | |
Miscellaneous revenue: 0.20% | |||||
Canadian County OK Educational Facilities Authority Mustang Public Schools Project | 3.00 | 9-1-2022 | 2,000,000 | 2,036,994 | |
Kay County OK Public Building Authority | 4.00 | 4-1-2022 | 400,000 | 402,569 | |
Kay County OK Public Building Authority | 4.00 | 4-1-2023 | 450,000 | 464,897 | |
Oklahoma County OK Finance Authority Jones Public School Project | 4.00 | 9-1-2023 | 330,000 | 346,555 | |
Oklahoma County OK Finance Authority Jones Public School Project | 4.00 | 9-1-2024 | 525,000 | 565,625 | |
3,816,640 | |||||
24,123,560 | |||||
Oregon: 0.76% | |||||
Airport revenue: 0.06% | |||||
Port of Portland OR Portland International Airport AMT | 5.00 | 7-1-2022 | 1,200,000 | 1,227,058 |
Interest rate | Maturity date | Principal | Value | ||
Education revenue: 0.08% | |||||
Yamhill County OR Linfield University Project Series A | 4.00% | 10-1-2022 | $ 500,000 | $ 512,545 | |
Yamhill County OR Linfield University Project Series A | 4.00 | 10-1-2024 | 850,000 | 921,006 | |
1,433,551 | |||||
GO revenue: 0.04% | |||||
Morrow County OR Series 2021A | 4.00 | 6-1-2024 | 325,000 | 349,922 | |
Morrow County OR Series 2021A | 4.00 | 6-1-2025 | 325,000 | 358,470 | |
708,392 | |||||
Health revenue: 0.05% | |||||
Multnomah County Hospital Facilities Authority Revenue Refunding Bonds Terwilliger Plaza Parkview | 0.95 | 6-1-2027 | 1,000,000 | 987,982 | |
Industrial development revenue: 0.53% | |||||
Oregon Business Development Commission Intel Corporation Project Series 232 | 2.40 | 12-1-2040 | 10,000,000 | 10,301,575 | |
14,658,558 | |||||
Pennsylvania: 3.73% | |||||
Airport revenue: 0.24% | |||||
Philadelphia PA Airport Revenue Refunding Bond AMT Series C Private Activity | 5.00 | 7-1-2022 | 2,750,000 | 2,812,836 | |
Philadelphia PA Airport Revenue Refunding Bond Series A Private Activity | 5.00 | 7-1-2025 | 1,545,000 | 1,778,249 | |
4,591,085 | |||||
Education revenue: 0.96% | |||||
Cumberland County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-1 øø | 3.75 | 5-1-2044 | 2,000,000 | 2,003,113 | |
Delaware County PA Authority University Revenue Neumann University | 5.00 | 10-1-2024 | 500,000 | 550,974 | |
Delaware County PA Authority University Revenue Neumann University | 5.00 | 10-1-2025 | 525,000 | 595,314 | |
Huntington County PA General Authority Revenue Bond Series 2021 TT3 | 5.00 | 10-1-2025 | 355,000 | 406,747 | |
Huntington County PA General Authority Revenue Bond Series 2021 TT3 | 5.00 | 10-1-2026 | 430,000 | 505,343 | |
Northampton County General Purpose Authority College Revenue Refunding Bonds Series of 2003 (U.S. Bank NA SPA) ø | 0.11 | 11-1-2023 | 150,000 | 150,000 | |
Pennsylvania HEFA Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-3 øø | 3.00 | 5-1-2033 | 1,880,000 | 1,890,580 | |
Pennsylvania Higher Educational Facilities Authority Thomas Jefferson University Revenue Bonds Series 2015B ø | 0.20 | 9-1-2045 | 150,000 | 150,000 | |
Philadelphia PA IDA Thomas Jefferson University Series B ø | 0.20 | 9-1-2050 | 8,500,000 | 8,500,000 | |
Tender Option Bond Trust Receipts/Floater Certificates Series 2019-XF2836 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.23 | 6-15-2039 | 3,935,000 | 3,935,000 | |
18,687,071 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 0.37% | |||||
Albert Gallatin PA Area School District Series A (AGM Insured) | 4.00% | 9-1-2023 | $ 1,000,000 | $ 1,057,667 | |
Albert Gallatin PA Area School District Series A (AGM Insured) | 4.00 | 9-1-2024 | 725,000 | 785,483 | |
Allentown PA City School District Tax and Revenue Anticipation Notes | 1.00 | 3-31-2022 | 1,500,000 | 1,500,000 | |
Dunmore PA Series A | 2.00 | 9-1-2022 | 440,000 | 444,602 | |
Dunmore PA Series A (AGM Insured) | 2.00 | 9-1-2024 | 765,000 | 788,264 | |
Dunmore PA Series A (AGM Insured) | 2.00 | 9-1-2026 | 170,000 | 176,699 | |
Hollidaysburg PA Area School District | 4.00 | 7-15-2023 | 525,000 | 554,326 | |
Octorara PA Area School District (AGM Insured) | 4.00 | 4-1-2025 | 600,000 | 664,252 | |
Riverside PA School District GO Bonds (BAM Insured) | 3.00 | 10-15-2023 | 480,000 | 501,081 | |
Riverside PA School District GO Bonds (BAM Insured) | 4.00 | 10-15-2025 | 550,000 | 615,769 | |
7,088,143 | |||||
Health revenue: 0.27% | |||||
Berks County PA Municipal Authority Tower Health Project Series A | 5.00 | 2-1-2022 | 500,000 | 501,275 | |
Central Bradford PA Progress Authority Revenue Bond Series 2021D ø | 0.22 | 12-1-2041 | 2,500,000 | 2,500,000 | |
Montgomery County PA Higher Education & Health Authority Series 2018A | 5.00 | 9-1-2022 | 1,250,000 | 1,289,391 | |
Montgomery County PA Higher Education & Health Authority Series 2018D ø | 0.20 | 9-1-2050 | 1,050,000 | 1,050,000 | |
5,340,666 | |||||
Housing revenue: 0.58% | |||||
Pennsylvania HFA Limited Norris Homes Phase V | 1.40 | 1-1-2043 | 10,500,000 | 10,597,386 | |
Pennsylvania HFA Single Family Series 2021-137 | 0.40 | 4-1-2023 | 325,000 | 324,911 | |
Pennsylvania HFA Single Family Series 2021-137 | 0.45 | 10-1-2023 | 325,000 | 324,754 | |
11,247,051 | |||||
Industrial development revenue: 0.04% | |||||
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 %% | 5.00 | 5-1-2024 | 150,000 | 163,095 | |
Allentown PA Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 %% | 5.00 | 5-1-2025 | 500,000 | 560,127 | |
723,222 | |||||
Miscellaneous revenue: 0.37% | |||||
Pennsylvania EDFA Rapid Bridge Project | 5.00 | 6-30-2022 | 2,000,000 | 2,044,644 | |
Pennsylvania EDFA Refunding Bond Philadelphia Bioslides Facility | 3.00 | 1-1-2024 | 865,000 | 901,577 | |
Pittsburgh & Allegheny Counties PA Sports and Exhibition Authority Regional Asset District | 4.00 | 2-1-2025 | 1,860,000 | 2,051,917 | |
Southeastern Pennsylvania Transportation | 5.00 | 6-1-2024 | 1,000,000 | 1,108,110 | |
Southeastern Pennsylvania Transportation | 5.00 | 6-1-2025 | 1,000,000 | 1,148,823 | |
7,255,071 |
Interest rate | Maturity date | Principal | Value | ||
Resource recovery revenue: 0.57% | |||||
Pennsylvania EDFA Solid Waste Disposal Republic Services Incorporated Project Series A øø | 0.23% | 6-1-2044 | $ 2,000,000 | $ 2,000,000 | |
Pennsylvania EDFA Solid Waste Disposal Waste Management Incorporated Project øø | 0.18 | 8-1-2045 | 9,000,000 | 8,999,782 | |
10,999,782 | |||||
Transportation revenue: 0.05% | |||||
Pennsylvania Turnpike Series B | 5.00 | 12-1-2023 | 425,000 | 462,775 | |
Pennsylvania Turnpike Series B | 5.00 | 12-1-2024 | 450,000 | 508,787 | |
971,562 | |||||
Water & sewer revenue: 0.28% | |||||
Allegheny County PA Sanitary Authority Series A | 4.00 | 6-1-2024 | 300,000 | 325,108 | |
Allegheny County PA Sanitary Authority Series A | 4.00 | 6-1-2025 | 150,000 | 167,215 | |
Pittsburgh PA Water & Sewer Authority Series C (SIFMA Municipal Swap +0.65%)(AGM Insured) ± | 0.75 | 9-1-2040 | 5,000,000 | 5,033,754 | |
5,526,077 | |||||
72,429,730 | |||||
Rhode Island: 0.33% | |||||
Health revenue: 0.28% | |||||
Rhode Island Health & Educational Building Corporation Refunding Bond Hospital Financing Lifespan Obligated Group | 5.00 | 5-15-2022 | 1,250,000 | 1,270,795 | |
Rhode Island Health & Educational Building Corporation Refunding Bond Hospital Financing Lifespan Obligated Group | 5.00 | 5-15-2023 | 1,300,000 | 1,379,273 | |
Rhode Island Health & Educational Building Corporation Refunding Bond Hospital Financing Lifespan Obligated Group | 5.00 | 5-15-2024 | 2,475,000 | 2,729,236 | |
5,379,304 | |||||
Miscellaneous revenue: 0.05% | |||||
Providence RI Public Buildings Authority Revenue Capital Improvement Program Projects Series A (AGM Insured) | 4.00 | 9-15-2023 | 1,000,000 | 1,059,625 | |
6,438,929 | |||||
South Carolina: 0.37% | |||||
Education revenue: 0.09% | |||||
South Carolina EDA Brashier Charter LLC Project ø | 0.13 | 12-1-2038 | 1,805,000 | 1,805,000 | |
Health revenue: 0.28% | |||||
South Carolina Jobs EDA Episcopal Home at Still Hopes Series A | 5.00 | 4-1-2022 | 455,000 | 458,791 | |
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø | 0.21 | 5-1-2048 | 5,000,000 | 5,000,000 | |
5,458,791 | |||||
7,263,791 |
Interest rate | Maturity date | Principal | Value | ||
South Dakota: 0.19% | |||||
Health revenue: 0.19% | |||||
Tender Option Bond Trust Receipts Series 2020-XG0302 (Barclays Bank plc LIQ) 144Aø | 0.17% | 9-1-2050 | $ 3,675,000 | $ 3,675,000 | |
Tennessee: 0.81% | |||||
Airport revenue: 0.16% | |||||
Shelby County TN Airport Authority Series 2021A | 5.00 | 7-1-2025 | 2,750,000 | 3,153,853 | |
Health revenue: 0.07% | |||||
Greeneville TN HEFA Board Series 2018A | 5.00 | 7-1-2022 | 1,280,000 | 1,309,826 | |
Housing revenue: 0.15% | |||||
Memphis TN Health Educational & Housing Facility Board MFHR Collateralized Memphis Towers øø | 0.25 | 12-1-2023 | 3,000,000 | 3,002,324 | |
Utilities revenue: 0.43% | |||||
Memphis TN Electric System Series A | 4.00 | 12-1-2022 | 435,000 | 449,934 | |
Memphis TN Electric System Series A | 5.00 | 12-1-2023 | 425,000 | 462,690 | |
Memphis TN Electric System Series A | 5.00 | 12-1-2024 | 500,000 | 566,097 | |
Tennessee Energy Acquisition Corporation Series A | 4.00 | 5-1-2048 | 5,250,000 | 5,459,965 | |
Tennessee Energy Acquisition Corporation Series A | 5.00 | 2-1-2022 | 1,300,000 | 1,304,464 | |
8,243,150 | |||||
15,709,153 | |||||
Texas: 13.09% | |||||
Airport revenue: 1.25% | |||||
City of Austin Airport System Revenue Refunding Bonds, Series 2019 | 5.00 | 11-15-2025 | 5,000,000 | 5,803,090 | |
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A | 5.00 | 11-1-2024 | 5,000,000 | 5,629,624 | |
Dallas TX Fort Worth International Airport Series A | 5.00 | 11-1-2024 | 1,500,000 | 1,690,695 | |
Houston TX Airport System Series C | 5.00 | 7-1-2022 | 2,500,000 | 2,558,883 | |
Love Field Airport Modernization Corporation Texas General Airport Revenue Refunding Bonds Series 2021 | 5.00 | 11-1-2024 | 3,000,000 | 3,363,358 | |
Love Field Airport Modernization Corporation Texas General Airport Revenue Refunding Bonds Series 2021 | 5.00 | 11-1-2025 | 4,530,000 | 5,241,916 | |
24,287,566 | |||||
Education revenue: 0.62% | |||||
Arlington TX Higher Education Finance Corporation Education Revenue Bonds Series 2021A | 4.00 | 2-15-2024 | 110,000 | 118,001 | |
Arlington TX Higher Education Finance Corporation Education Revenue Bonds Series 2021A | 4.00 | 2-15-2025 | 170,000 | 187,567 | |
Arlington TX Higher Education Finance Corporation Education Revenue Bonds Series 2021A | 4.00 | 2-15-2026 | 280,000 | 316,188 | |
Odessa College District Consolidated Fund Revenue Bonds Series 2021 (AGM Insured) | 4.00 | 7-1-2023 | 500,000 | 527,183 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 MS0002 (Morgan Stanley Bank LIQ) 144Aø | 0.30 | 6-15-2056 | 8,000,000 | 8,000,000 | |
Texas Board of Regents Texas A&M University Series 2021A | 5.00 | 5-15-2025 | 2,500,000 | 2,880,333 | |
12,029,272 |
Interest rate | Maturity date | Principal | Value | ||
GO revenue: 2.97% | |||||
Andrews County TX Hospital District Series 2021 | 5.00% | 3-15-2025 | $ 1,140,000 | $ 1,288,857 | |
Burleson TX Independent School District | 2.50 | 2-1-2047 | 7,885,000 | 7,985,915 | |
City of Beaumont TX Certificate of Obligation Series 2021 | 5.00 | 3-1-2022 | 270,000 | 272,047 | |
City of Beaumont TX Certificate of Obligation Series 2021 | 5.00 | 3-1-2025 | 1,065,000 | 1,214,377 | |
City of Beaumont TX Certificate of Obligation Series 2021 | 5.00 | 3-1-2026 | 1,120,000 | 1,319,340 | |
Fort Bend TX District #58 Series 2021 (BAM Insured) | 3.00 | 4-1-2022 | 1,085,000 | 1,092,202 | |
Fort Bend TX Independent School District School Building Series B øø | 0.88 | 8-1-2050 | 3,180,000 | 3,236,831 | |
Harris County TX Cypress-Fairbanks Independent High School Series B-1 øø | 0.28 | 2-15-2040 | 4,000,000 | 3,957,896 | |
Katy TX Independent School District School Building Bonds Series 2021C | 1.50 | 8-15-2050 | 4,500,000 | 4,617,063 | |
Little Elm TX Independent School Series 2020 øø | 0.15 | 8-15-2048 | 2,000,000 | 2,000,488 | |
North East Texas Independent School District Unlimited Tax School Building Bonds Series 2013B ø | 0.25 | 8-1-2032 | 3,325,000 | 3,325,000 | |
Northside Texas Independent School District Building Project | 1.60 | 8-1-2049 | 3,195,000 | 3,279,529 | |
Northside Texas Independent School District School Building Bond Series 2020 øø | 0.70 | 6-1-2050 | 2,885,000 | 2,888,543 | |
Plainview TX Independent School District Series B | 1.50 | 2-15-2050 | 9,000,000 | 9,122,880 | |
Port Arthur TX Certificate Obligation (BAM Insured) | 5.00 | 2-15-2023 | 565,000 | 594,263 | |
Port Arthur TX Certificate Obligation (BAM Insured) | 5.00 | 2-15-2025 | 445,000 | 504,534 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1118 (Deutsche Bank LIQ) 144Aø | 0.16 | 2-15-2056 | 3,935,000 | 3,935,000 | |
Tender Option Bond Trust Receipts/Floater Certifcates Series 2021-XL0182 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.16 | 7-1-2046 | 5,000,000 | 5,000,000 | |
Tomball TX Independent School District School Building Series B-1 øø | 0.45 | 2-15-2036 | 2,000,000 | 1,998,134 | |
57,632,899 | |||||
Health revenue: 1.12% | |||||
Coastal Bend TX Health Facilities Development Corporation (AGM Insured) € | 0.26 | 7-1-2031 | 5,725,000 | 5,725,000 | |
Harris County TX Cultural Education Facilities Finance Corporation Hospital Memorial Hermann | 5.00 | 6-1-2032 | 3,000,000 | 3,386,866 | |
Harris County TX Cultural Education Facilities Finance Corporation Revenue Texas Medical Center Series A | 0.90 | 5-15-2050 | 2,100,000 | 2,101,288 | |
Harris County TX Health Facilities Development Corporation Series A3 (AGM Insured) € | 0.24 | 7-1-2031 | 6,825,000 | 6,825,000 | |
Harris County TX Health Facilities Development Corporation Series A4 € | 0.26 | 7-1-2031 | 3,700,000 | 3,700,000 | |
21,738,154 | |||||
Housing revenue: 3.67% | |||||
Alamito TX Public Facilities Corporation MFHR Housing Authority of El Paso Rental Assistance Demonstration Conversion Program (Department of Housing and Urban Development Insured) | 1.51 | 5-1-2037 | 10,000,000 | 10,004,967 | |
Austin TX Affordable PFC Incorporated MFHR Bridge Granada Apartments | 1.46 | 6-1-2023 | 2,125,000 | 2,135,726 | |
Deutsche Bank SPEARs/LIFERs Trust Series DBE-8054 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø | 0.50 | 8-1-2060 | 10,000,000 | 10,000,000 | |
Galveston TX Public Facility Corporation MFHR Bonds Series 2021 (Department of Housing and Urban Development Insured) øø | 0.47 | 8-1-2025 | 5,200,000 | 5,169,056 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Housing Options Incorporated MFHR Bonds Brooks Manor The Oaks Project Series 2021 øø | 0.50% | 8-1-2041 | $ 6,250,000 | $ 6,220,481 | |
Midland County TX Public Facility Corporation MFHR Palladium West Francis | 0.35 | 6-1-2024 | 4,000,000 | 3,993,120 | |
Odessa TX Housing Finance Corporation Multifamily Housing Vera Odessa Apartments (FHA Insured) | 0.35 | 9-1-2023 | 6,500,000 | 6,502,478 | |
Port Aransas TX Public Facilities Corporation MFHR Palladium Port Aransas Apartments | 0.70 | 1-1-2024 | 6,400,000 | 6,405,430 | |
San Antonio TX Housing Trust Finance Corporation Majestic Ranch Apartments LP (FHA Insured) | 1.40 | 7-1-2022 | 6,000,000 | 6,000,000 | |
Tender Option Bond Trust Receipts/Certificates Series 2021 XF1109 144Aø | 0.35 | 7-1-2061 | 5,000,000 | 5,000,000 | |
Texas Capital Area Housing Finance Agency MFHR Mission Trail at El Camino Real Apartments | 2.10 | 9-1-2037 | 9,750,000 | 9,760,893 | |
71,192,151 | |||||
Industrial development revenue: 0.84% | |||||
Austin TX Convention First Tier Series A | 5.00 | 1-1-2022 | 400,000 | 400,000 | |
Austin TX Convention First Tier Series A | 5.00 | 1-1-2023 | 750,000 | 775,882 | |
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project ø | 0.16 | 6-1-2041 | 15,000,000 | 15,000,000 | |
16,175,882 | |||||
Miscellaneous revenue: 0.06% | |||||
Dallas TX Performing Arts Cultural Facilities Corporation Revenue Bonds Series 2008A (Bank of America NA LOC) ø | 0.13 | 9-1-2041 | 548,000 | 548,000 | |
Wise County TX Lease Revenue Refunding Parker County Junior College | 5.00 | 8-15-2024 | 450,000 | 500,401 | |
1,048,401 | |||||
Resource recovery revenue: 0.79% | |||||
Mission TX Economic Development Corporation Solid Waste Disposal Revenue Bonds Series 2020A ø | 0.18 | 5-1-2046 | 4,400,000 | 4,399,751 | |
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series E ø | 0.18 | 11-1-2040 | 11,000,000 | 11,000,000 | |
15,399,751 | |||||
Tax revenue: 0.04% | |||||
Houston TX East Downtown Redevelopment Authority Series 2021 | 5.00 | 9-1-2022 | 725,000 | 746,279 | |
Transportation revenue: 0.95% | |||||
Central Texas Regional Mobility Authority Revenue Subordinated Lien BAN Series F | 5.00 | 1-1-2025 | 2,500,000 | 2,763,830 | |
Tender Option Bond Trust Receipts Series 2019-XM0753 (Deutsche Bank LIQ) 144Aø | 0.25 | 8-1-2057 | 9,635,000 | 9,635,000 | |
Tender Option Bond Trust Receipts Series 2019-XM0756 (Deutsche Bank LIQ) 144Aø | 0.29 | 6-30-2058 | 6,000,000 | 6,000,000 | |
18,398,830 | |||||
Utilities revenue: 0.47% | |||||
Lower Colorado River Authority Series 2022 %% | 5.00 | 5-15-2023 | 395,000 | 417,391 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue (continued) | |||||
Lower Colorado River Authority Series 2022 %% | 5.00% | 5-15-2025 | $ 2,670,000 | $ 3,031,277 | |
Lower Colorado River Authority Series 2022 (AGM Insured) %% | 5.00 | 5-15-2026 | 1,805,000 | 2,116,853 | |
Texas Municipal Gas Acquisition & Supply Corporation Series 2021 | 5.00 | 12-15-2024 | 1,500,000 | 1,681,488 | |
Texas Municipal Power Agency Transmission System (AGM Insured) | 3.00 | 9-1-2024 | 750,000 | 799,436 | |
Texas Municipal Power Agency Transmission System (AGM Insured) | 3.00 | 9-1-2025 | 1,000,000 | 1,084,808 | |
9,131,253 | |||||
Water & sewer revenue: 0.31% | |||||
San Antonio TX Water System Junior Lien Series F øø | 1.00 | 5-1-2043 | 6,000,000 | 6,054,545 | |
253,834,983 | |||||
Utah: 0.08% | |||||
Airport revenue: 0.08% | |||||
Salt Lake City UT Salt Lake City International Airport Airport Revenue Bonds Series 2021A | 5.00 | 7-1-2025 | 1,325,000 | 1,519,584 | |
Vermont: 0.10% | |||||
Education revenue: 0.10% | |||||
Vermont Educational & Health Buildings St. Michaels College Project | 5.00 | 10-1-2023 | 1,185,000 | 1,223,483 | |
Vermont Educational & Health Buildings St. Michaels College Project | 5.00 | 10-1-2024 | 675,000 | 696,387 | |
1,919,870 | |||||
Virginia: 1.38% | |||||
Education revenue: 0.05% | |||||
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2022 | 150,000 | 152,791 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2023 | 250,000 | 265,684 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2024 | 225,000 | 247,327 | |
Virginia College Building Authority Regent University Project | 5.00 | 6-1-2025 | 250,000 | 283,664 | |
949,466 | |||||
Health revenue: 0.05% | |||||
Virginia Small Business Financing Authority Revenue National Senior Campuses Incorporate Series A | 5.00 | 1-1-2023 | 500,000 | 523,142 | |
Virginia Small Business Financing Authority Revenue National Senior Campuses Incorporate Series A | 5.00 | 1-1-2024 | 500,000 | 544,700 | |
1,067,842 |
Interest rate | Maturity date | Principal | Value | ||
Industrial development revenue: 0.31% | |||||
Louisa VA IDA Pollution Control Virginia Electric & Power Company Series A | 1.90% | 11-1-2035 | $ 4,000,000 | $ 4,086,300 | |
Peninsula VA Ports Authority Coal Terminal Refunding Bond Dominion Terminal Associates Project | 1.70 | 10-1-2033 | 2,000,000 | 2,020,038 | |
6,106,338 | |||||
Miscellaneous revenue: 0.16% | |||||
Louisa VA IDA Electric and Power Company Project Series A | 0.75 | 11-1-2035 | 3,000,000 | 3,009,344 | |
Utilities revenue: 0.81% | |||||
Halifax County VA Electric and Power Company Project | 0.45 | 12-1-2041 | 4,000,000 | 4,001,737 | |
Wise County VA IDA Solid Waste & Sewage Disposal Revenue Bond | 1.20 | 11-1-2040 | 3,525,000 | 3,582,562 | |
Wise County VA IDA Solid Waste & Sewage Disposal Revenue Bond Virginia Electric & Power Company Project Series A øø | 0.75 | 10-1-2040 | 8,000,000 | 8,070,477 | |
15,654,776 | |||||
26,787,766 | |||||
Washington: 0.42% | |||||
Airport revenue: 0.14% | |||||
Port of Seattle WA AMT Intermediate Lien Series C | 5.00 | 4-1-2025 | 2,500,000 | 2,794,456 | |
Health revenue: 0.04% | |||||
Washington HCFR Series 2021 144A | 5.00 | 12-1-2022 | 230,000 | 239,852 | |
Washington HCFR Series 2021 144A | 5.00 | 12-1-2023 | 250,000 | 271,419 | |
Washington HCFR Series 2021 144A | 5.00 | 12-1-2024 | 195,000 | 219,749 | |
731,020 | |||||
Housing revenue: 0.24% | |||||
Everett WA Housing Authority MFHR Baker Heights Legacy øø | 0.30 | 9-1-2024 | 2,500,000 | 2,494,084 | |
Seattle WA Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,175,000 | 2,177,679 | |
4,671,763 | |||||
8,197,239 | |||||
West Virginia: 1.27% | |||||
Health revenue: 0.44% | |||||
West Virginia Hospital Finance Authority United Health System | 5.00 | 6-1-2022 | 4,000,000 | 4,076,943 | |
West Virginia Hospital Finance Authority United Health System | 5.00 | 6-1-2024 | 4,000,000 | 4,431,420 | |
8,508,363 | |||||
Industrial development revenue: 0.15% | |||||
West Virginia EDA Solid Waste Disposal Facilities Revenue Refunding Appalachian Power Company | 0.63 | 12-1-2038 | 3,000,000 | 2,972,833 |
Interest rate | Maturity date | Principal | Value | ||
Utilities revenue: 0.68% | |||||
West Virginia EDA Solid Waste Disposal Facilities Appalachian Power Company Amos Project | 1.00% | 1-1-2041 | $ 9,900,000 | $ 9,968,892 | |
West Virginia EDA Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Series A | 3.00 | 6-1-2037 | 3,250,000 | 3,271,492 | |
13,240,384 | |||||
24,721,580 | |||||
Wisconsin: 3.58% | |||||
GO revenue: 0.25% | |||||
Dane County WI AMT Promissory Notes Apartment Project Series D | 2.50 | 6-1-2022 | 445,000 | 445,739 | |
Dane County WI AMT Promissory Notes Apartment Project Series D | 2.63 | 6-1-2023 | 980,000 | 981,578 | |
Waukesha WI Series 2021A | 2.00 | 7-1-2022 | 3,500,000 | 3,521,984 | |
4,949,301 | |||||
Health revenue: 1.42% | |||||
PFA Wisconsin Hospital Renown Regional Medical Center Project Series A | 5.00 | 6-1-2025 | 385,000 | 442,015 | |
Wisconsin HEFA Advocate Aurora Health Credit Group Series C3 (SIFMA Municipal Swap +0.55%) ± | 0.65 | 8-15-2054 | 7,065,000 | 7,078,942 | |
Wisconsin HEFA Marshfield Clinic Health System Incorporated | 5.00 | 2-15-2052 | 10,000,000 | 11,129,146 | |
Wisconsin HEFA Series 2022 %% | 4.00 | 9-15-2023 | 710,000 | 728,605 | |
Wisconsin HEFA Series 2022 %% | 4.00 | 9-15-2024 | 735,000 | 771,907 | |
Wisconsin HEFA Series 2053 ø | 0.21 | 2-15-2053 | 6,000,000 | 6,000,000 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 11-1-2022 | 120,000 | 123,108 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 11-1-2023 | 125,000 | 131,938 | |
Wisconsin HEFA St. Camillus Health System Series A | 5.00 | 7-1-2024 | 945,000 | 1,050,007 | |
27,455,668 | |||||
Housing revenue: 1.78% | |||||
Tender Option Bond Trust Receipts/Floater Certificates Series 2020-XF2871 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ) 144Aø | 0.30 | 11-1-2025 | 33,485,000 | 33,485,000 | |
Wisconsin Housing & EDA Series A | 2.80 | 3-1-2022 | 1,070,000 | 1,073,480 | |
34,558,480 | |||||
Miscellaneous revenue: 0.05% | |||||
Clayton Town WI Anticipation Notes Series B | 2.00 | 6-1-2026 | 1,000,000 | 1,016,739 | |
Water & sewer revenue: 0.08% | |||||
Clayton WI Water System and Sewer System Series C | 2.00 | 6-1-2026 | 1,500,000 | 1,525,108 | |
69,505,296 | |||||
Wyoming: 0.17% | |||||
Health revenue: 0.05% | |||||
Laramie County WY Series 2021 | 4.00 | 5-1-2025 | 750,000 | 832,649 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue: 0.12% | |||||
Wyoming CDA Housing Revenue Bonds 2021 Series B | 0.25% | 12-1-2022 | $ 1,135,000 | $ 1,134,232 | |
Wyoming CDA Housing Revenue Bonds 2021 Series B | 0.35 | 12-1-2023 | 1,235,000 | 1,231,390 | |
2,365,622 | |||||
3,198,271 | |||||
Total Municipal obligations (Cost $1,864,727,767) | 1,869,455,757 |
Yield | Shares | ||||
Short-term investments: 1.32% | |||||
Investment companies: 1.32% | |||||
Allspring Municipal Cash Management Money Market Fund Institutional Class ♠∞## | 0.01 | 25,660,635 | 25,676,032 | ||
Total Short-term investments (Cost $25,675,823) | 25,676,032 | ||||
Total investments in securities (Cost $1,940,603,590) | 100.30% | 1,945,331,789 | |||
Other assets and liabilities, net | (0.30) | (5,749,631) | |||
Total net assets | 100.00% | $1,939,582,158 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
€ | The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
## | All or a portion of this security is segregated for when-issued securities. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation notes |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HCFR | Healthcare facilities revenue |
HEFA | Health & Educational Facilities Authority |
HEFAR | Higher Education Facilities Authority Revenue |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity agreement |
LOC | Letter of credit |
MFHR | Multifamily housing revenue |
NPFGC | National Public Finance Guarantee Corporation |
PCFA | Pollution Control Financing Authority |
PCR | Pollution control revenue |
PFA | Public Finance Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | $22,974,666 | $574,508,547 | $(571,812,958) | $5,568 | $209 | $25,676,032 | 25,660,635 | $1,333 |
Assets | |
Investments in unaffiliated securities, at value (cost $1,914,927,767) | $ 1,919,655,757 |
Investments in affiliated securities, at value (cost $25,675,823) | 25,676,032 |
Receivable for investments sold | 22,430,108 |
Receivable for interest | 8,062,808 |
Receivable for Fund shares sold | 1,168,723 |
Total assets | 1,976,993,428 |
Liabilities | |
Payable for when-issued transactions | 18,180,789 |
Overdraft due to custodian bank | 9,791,585 |
Payable for Fund shares redeemed | 7,044,231 |
Payable for investments purchased | 1,000,000 |
Dividends payable | 356,423 |
Management fee payable | 261,065 |
Administration fees payable | 139,077 |
Trustees’ fees and expenses payable | 751 |
Distribution fee payable | 609 |
Accrued expenses and other liabilities | 636,740 |
Total liabilities | 37,411,270 |
Total net assets | $1,939,582,158 |
Net assets consist of | |
Paid-in capital | $ 1,962,242,810 |
Total distributable loss | (22,660,652) |
Total net assets | $1,939,582,158 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 284,513,483 |
Shares outstanding – Class A1 | 29,663,271 |
Net asset value per share – Class A | $9.59 |
Maximum offering price per share – Class A2 | $9.79 |
Net assets – Class A2 | $ 52,955,966 |
Shares outstanding – Class A21 | 5,521,089 |
Net asset value per share – Class A2 | $9.59 |
Net assets – Class C | $ 895,893 |
Shares outstanding – Class C1 | 94,730 |
Net asset value per share – Class C | $9.46 |
Net assets – Class R6 | $ 765,775,944 |
Shares outstanding – Class R61 | 79,846,566 |
Net asset value per share – Class R6 | $9.59 |
Net assets – Administrator Class | $ 12,995,382 |
Shares outstanding – Administrator Class1 | 1,354,715 |
Net asset value per share – Administrator Class | $9.59 |
Net assets – Institutional Class | $ 822,445,490 |
Shares outstanding – Institutional Class1 | 85,747,015 |
Net asset value per share – Institutional Class | $9.59 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/98 of net asset value. On investments of $100,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 7,325,898 |
Income from affiliated securities | 1,333 |
Total investment income | 7,327,231 |
Expenses | |
Management fee | 2,640,371 |
Administration fees | |
Class A | 249,607 |
Class A2 | 37,726 |
Class C | 1,025 |
Class R6 | 148,727 |
Administrator Class | 7,431 |
Institutional Class | 346,774 |
Shareholder servicing fees | |
Class A | 388,715 |
Class A2 | 58,946 |
Class C | 1,591 |
Administrator Class | 18,494 |
Distribution fee | |
Class C | 4,773 |
Custody and accounting fees | 38,438 |
Professional fees | 28,791 |
Registration fees | 61,728 |
Shareholder report expenses | 35,523 |
Trustees’ fees and expenses | 9,819 |
Other fees and expenses | 17,675 |
Total expenses | 4,096,154 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (930,104) |
Class A | (134,933) |
Class A2 | (19,359) |
Class C | (1,024) |
Administrator Class | (1,574) |
Net expenses | 3,009,160 |
Net investment income | 4,318,071 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 172,202 |
Affiliated securities | 5,568 |
Net realized gains on investments | 177,770 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,543,743) |
Affiliated securities | 209 |
Net change in unrealized gains (losses) on investments | (4,543,534) |
Net realized and unrealized gains (losses) on investments | (4,365,764) |
Net decrease in net assets resulting from operations | $ (47,693) |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 4,318,071 | $ 14,242,899 | ||
Payment from affiliate | 0 | 12,001 | ||
Net realized gains on investments | 177,770 | 339,117 | ||
Net change in unrealized gains (losses) on investments | (4,543,534) | 4,485,904 | ||
Net increase (decrease) in net assets resulting from operations | (47,693) | 19,079,921 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (249,491) | (1,412,794) | ||
Class A2 | (36,713) | (156,384) | ||
Class C | (81) | (253) | ||
Class R6 | (2,260,293) | (6,808,565) | ||
Administrator Class | (11,664) | (69,078) | ||
Institutional Class | (1,759,670) | (5,707,681) | ||
Total distributions to shareholders | (4,317,912) | (14,154,755) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,609,853 | 15,460,218 | 5,093,988 | 48,928,927 |
Class A2 | 1,903,778 | 18,272,806 | 7,328,354 | 70,341,559 |
Class C | 4,421 | 41,909 | 61,571 | 583,244 |
Class R6 | 47,367,854 | 454,807,057 | 158,459,210 | 1,522,217,879 |
Administrator Class | 56,213 | 539,722 | 543,811 | 5,227,119 |
Institutional Class | 37,531,901 | 360,397,455 | 92,746,825 | 890,877,143 |
849,519,167 | 2,538,175,871 | |||
Reinvestment of distributions | ||||
Class A | 24,835 | 238,451 | 141,373 | 1,357,877 |
Class A2 | 3,780 | 36,294 | 16,269 | 156,288 |
Class C | 6 | 58 | 18 | 167 |
Class R6 | 19,590 | 188,113 | 19,480 | 187,146 |
Administrator Class | 1,192 | 11,443 | 7,113 | 68,323 |
Institutional Class | 151,982 | 1,459,013 | 497,683 | 4,781,327 |
1,933,372 | 6,551,128 | |||
Payment for shares redeemed | ||||
Class A | (5,021,375) | (48,200,771) | (11,426,668) | (109,720,519) |
Class A2 | (793,333) | (7,618,412) | (2,940,369) | (28,246,076) |
Class C | (84,813) | (803,051) | (197,232) | (1,866,537) |
Class R6 | (74,980,412) | (719,668,237) | (136,889,668) | (1,315,002,785) |
Administrator Class | (279,743) | (2,684,734) | (876,603) | (8,422,649) |
Institutional Class | (33,480,508) | (321,412,341) | (83,148,500) | (798,973,174) |
(1,100,387,546) | (2,262,231,740) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (248,935,007) | 282,495,259 | ||
Total increase (decrease) in net assets | (253,300,612) | 287,420,425 | ||
Net assets | ||||
Beginning of period | 2,192,882,770 | 1,905,462,345 | ||
End of period | $ 1,939,582,158 | $ 2,192,882,770 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 | $9.63 |
Net investment income | 0.01 | 0.04 | 0.12 | 0.12 1 | 0.08 | 0.06 |
Net realized and unrealized gains (losses) on investments | (0.02) | 0.02 | (0.01) | 0.03 | 0.00 2 | (0.06) |
Total from investment operations | (0.01) | 0.06 | 0.11 | 0.15 | 0.08 | 0.00 |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.04) | (0.12) | (0.12) | (0.08) | (0.06) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.01) | (0.04) | (0.12) | (0.12) | (0.08) | (0.06) |
Net asset value, end of period | $9.59 | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 |
Total return3 | (0.13)% | 0.62% | 1.13% | 1.63% | 0.88% | (0.04)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.66% | 0.66% | 0.77% | 0.77% | 0.77% | 0.75% |
Net expenses | 0.50% | 0.50% | 0.65% | 0.67% | 0.67% | 0.67% |
Net investment income | 0.16% | 0.42% | 1.21% | 1.28% | 0.86% | 0.57% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $284,513 | $317,609 | $376,203 | $444,581 | $702,570 | $971,189 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | |||
Class A2 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $9.61 | $9.59 | $9.58 |
Net investment income | 0.01 | 0.04 | 0.01 |
Net realized and unrealized gains (losses) on investments | (0.02) | 0.02 | 0.01 |
Total from investment operations | (0.01) | 0.06 | 0.02 |
Distributions to shareholders from | |||
Net investment income | (0.01) | (0.04) | (0.01) |
Net asset value, end of period | $9.59 | $9.61 | $9.59 |
Total return2 | (0.13)% | 0.62% | 0.18% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.66% | 0.66% | 0.65% |
Net expenses | 0.50% | 0.50% | 0.50% |
Net investment income | 0.16% | 0.40% | 0.88% |
Supplemental data | |||
Portfolio turnover rate | 28% | 30% | 55% |
Net assets, end of period (000s omitted) | $52,956 | $42,354 | $25 |
1 | For the period from May 29, 2020 (commencement of class operations) to June 30, 2020 |
2 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.48 | $9.41 | $9.43 | $9.40 | $9.40 | $9.47 |
Net investment income (loss) | 0.00 1,2 | 0.00 1,2 | 0.04 1 | 0.05 1 | 0.01 1 | (0.02) 1 |
Payment from affiliate | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.02) | 0.00 | (0.02) | 0.03 | 0.00 2 | (0.05) |
Total from investment operations | (0.02) | 0.07 | 0.02 | 0.08 | 0.01 | (0.07) |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 2 | (0.00) 2 | (0.04) | (0.05) | (0.01) | (0.00) 2 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.00) 2 | (0.00) 2 | (0.04) | (0.05) | (0.01) | (0.00) 2 |
Net asset value, end of period | $9.46 | $9.48 | $9.41 | $9.43 | $9.40 | $9.40 |
Total return3 | (0.20)% | 0.76% 4 | 0.26% | 0.87% | 0.16% | (0.73)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.41% | 1.41% | 1.51% | 1.52% | 1.52% | 1.50% |
Net expenses | 0.65% * | 0.92% * | 1.41% | 1.42% | 1.42% | 1.42% |
Net investment income (loss) | 0.01% | 0.02% | 0.47% | 0.54% | 0.11% | (0.18)% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $896 | $1,659 | $2,925 | $10,135 | $17,154 | $23,650 |
* | Ratios include class-level expenses which were voluntarily waived by the investment manager. Without this voluntary waiver, the net expense ratio would be increased by the following amounts: |
Six months ended December 31, 2021 (unaudited) | 0.60% |
Year ended June 30, 2021 | 0.33% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the year ended June 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.73% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $9.61 | $9.59 | $9.60 | $9.58 |
Net investment income | 0.02 | 0.07 | 0.15 | 0.15 2 |
Net realized and unrealized gains (losses) on investments | (0.02) | 0.02 | (0.01) | 0.02 |
Total from investment operations | 0.00 3 | 0.09 | 0.14 | 0.17 |
Distributions to shareholders from | ||||
Net investment income | (0.02) | (0.07) | (0.15) | (0.15) |
Net asset value, end of period | $9.59 | $9.61 | $9.59 | $9.60 |
Total return4 | 0.02% | 0.92% | 1.47% | 1.76% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.28% | 0.28% | 0.38% | 0.39% |
Net expenses | 0.20% | 0.20% | 0.31% | 0.32% |
Net investment income | 0.46% | 0.71% | 1.54% | 1.73% |
Supplemental data | ||||
Portfolio turnover rate | 28% | 30% | 55% | 55% |
Net assets, end of period (000s omitted) | $765,776 | $1,032,413 | $822,986 | $770,634 |
1 | For the period from July 31, 2018 (commencement of class operations) to June 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Administrator Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 | $9.63 |
Net investment income | 0.02 | 0.04 | 0.12 1 | 0.13 1 | 0.08 1 | 0.06 |
Net realized and unrealized gains (losses) on investments | (0.03) | 0.02 | (0.01) | 0.03 | 0.01 | (0.06) |
Total from investment operations | (0.01) | 0.06 | 0.11 | 0.16 | 0.09 | 0.00 |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.04) | (0.12) | (0.13) | (0.09) | (0.06) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.01) | (0.04) | (0.12) | (0.13) | (0.09) | (0.06) |
Net asset value, end of period | $9.59 | $9.61 | $9.59 | $9.60 | $9.57 | $9.57 |
Total return3 | (0.13)% | 0.62% | 1.19% | 1.70% | 0.95% | 0.03% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.60% | 0.60% | 0.70% | 0.70% | 0.70% | 0.70% |
Net expenses | 0.50% | 0.50% | 0.59% | 0.60% | 0.60% | 0.60% |
Net investment income | 0.16% | 0.42% | 1.28% | 1.34% | 0.82% | 0.69% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $12,995 | $15,157 | $18,243 | $25,649 | $53,746 | $1,946,987 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.61 | $9.59 | $9.60 | $9.57 | $9.58 | $9.63 |
Net investment income | 0.02 | 0.06 | 0.14 | 0.15 1 | 0.11 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | (0.02) | 0.02 | 0.00 | 0.03 | (0.01) | (0.05) |
Total from investment operations | 0.00 2 | 0.08 | 0.14 | 0.18 | 0.10 | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.02) | (0.06) | (0.15) | (0.15) | (0.11) | (0.08) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) 2 |
Total distributions to shareholders | (0.02) | (0.06) | (0.15) | (0.15) | (0.11) | (0.08) |
Net asset value, end of period | $9.59 | $9.61 | $9.59 | $9.60 | $9.57 | $9.58 |
Total return3 | 0.00% | 0.87% | 1.42% | 1.93% | 1.07% | 0.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.33% | 0.33% | 0.43% | 0.44% | 0.44% | 0.42% |
Net expenses | 0.25% | 0.25% | 0.36% | 0.37% | 0.37% | 0.37% |
Net investment income | 0.41% | 0.66% | 1.50% | 1.56% | 1.16% | 0.86% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 30% | 55% | 55% | 50% | 56% |
Net assets, end of period (000s omitted) | $822,445 | $783,690 | $685,081 | $643,762 | $2,141,197 | $2,713,317 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $5,482,684 |
Gross unrealized losses | (754,565) |
Net unrealized gains | $4,728,119 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed end municipal bond fund obligations | $ 0 | $ 50,200,000 | $0 | $ 50,200,000 |
Municipal obligations | 0 | 1,869,455,757 | 0 | 1,869,455,757 |
Short-term investments | ||||
Investment companies | 25,676,032 | 0 | 0 | 25,676,032 |
Total assets | $25,676,032 | $1,919,655,757 | $0 | $1,945,331,789 |
Average daily net assets | Management fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.16% |
Class A2 | 0.16 |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.50% |
Class A2 | 0.50 |
Class C | 1.25 |
Class R6 | 0.20 |
Administrator Class | 0.50 |
Institutional Class | 0.25 |
Shares voted “For” | 136,655,615 | |
Shares voted “Against” | 298,755 | |
Shares voted “Abstain” | 2,162,421 |
Shares voted “For” | 136,654,509 | |
Shares voted “Against” | 300,813 | |
Shares voted “Abstain” | 2,161,469 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g250441img4ef5d8dc1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA258/SAR258 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g253332imga1109d191.jpg)
Wisconsin Tax-Free Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g253332img48d2e0c22.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks current income exempt from federal income tax and Wisconsin individual income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Bruce R. Johns, Kerry Laurin, Thomas Stoeckmann |
Average annual total returns (%) as of December 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WWTFX) | 3-31-2008 | -3.16 | 2.39 | 2.43 | 1.39 | 3.33 | 2.91 | 0.92 | 0.70 | ||
Class C (WWTCX) | 12-26-2002 | -0.38 | 2.55 | 2.14 | 0.62 | 2.55 | 2.14 | 1.67 | 1.45 | ||
Institutional Class (WWTIX)3 | 10-31-2016 | – | – | – | 1.56 | 3.51 | 3.00 | 0.59 | 0.52 | ||
Bloomberg Municipal Bond Index4 | – | – | – | – | 1.52 | 4.17 | 3.72 | – | – | ||
Bloomberg Wisconsin Municipal Bond Index5 | – | – | – | – | 1.33 | 3.76 | 3.36 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
5 | The Bloomberg Wisconsin Municipal Bond Index is the Wisconsin component of the Bloomberg Municipal Bond Index. You cannot invest directly in an index. |
Credit quality as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g253332imgc8239fb64.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of December 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g253332imgda4330585.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,003.97 | $3.49 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.73 | $3.52 | 0.69% |
Class C | ||||
Actual | $1,000.00 | $1,000.12 | $7.31 | 1.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $7.38 | 1.45% |
Institutional Class | ||||
Actual | $1,000.00 | $1,004.82 | $2.63 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.58 | $2.65 | 0.52% |
Interest rate | Maturity date | Principal | Value | ||
Municipal obligations: 94.03% | |||||
Alabama: 1.26% | |||||
Utilities revenue: 1.26% | |||||
Alabama Black Belt Energy Gas District Alabama Gas Project #7 Series C1 | 4.00% | 12-1-2025 | $1,000,000 | $ 1,114,825 | |
Black Belt Energy Gas District Alabama Gas Project #6 Series B | 4.00 | 10-1-2052 | 1,000,000 | 1,130,543 | |
2,245,368 | |||||
Guam: 5.28% | |||||
Airport revenue: 2.91% | |||||
Guam International Airport Authority Revenue A.B. Won Pat International Airport Series C | 6.38 | 10-1-2043 | 1,670,000 | 1,840,477 | |
Guam International Airport Authority Revenue Prerefunded Bond AMT General Series C | 6.13 | 10-1-2043 | 270,000 | 293,371 | |
Guam International Airport Authority Revenue Prerefunded Bond AMT General Series C (AGM Insured) | 6.13 | 10-1-2043 | 1,230,000 | 1,350,235 | |
Guam Port Authority AMT Series A | 5.00 | 7-1-2048 | 1,000,000 | 1,167,018 | |
Guam Port Authority AMT Series B | 5.00 | 7-1-2034 | 445,000 | 522,471 | |
5,173,572 | |||||
Miscellaneous revenue: 0.81% | |||||
Guam Education Financing Foundation Refunding Bond Certificate of Participation Series 2016A | 5.00 | 10-1-2022 | 1,400,000 | 1,433,414 | |
Tax revenue: 1.03% | |||||
Guam Government Business Privilege Tax Revenue Refunding Bond Series F | 4.00 | 1-1-2036 | 500,000 | 575,885 | |
Guam Government Hotel Occupancy Tax Revenue Refunding Series A | 5.00 | 11-1-2040 | 1,000,000 | 1,246,630 | |
1,822,515 | |||||
Water & sewer revenue: 0.53% | |||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 300,000 | 366,886 | |
Guam Government Waterworks Authority Water and Wastewater Refunding Bond | 5.00 | 7-1-2034 | 500,000 | 584,000 | |
950,886 | |||||
9,380,387 | |||||
Illinois: 2.33% | |||||
GO revenue: 1.19% | |||||
Chicago IL CAB City Colleges (NPFGC Insured) ¤ | 0.00 | 1-1-2027 | 1,000,000 | 931,998 | |
Chicago IL Park District Special Recreation Activity Series E | 5.00 | 11-15-2027 | 1,000,000 | 1,187,911 | |
2,119,909 | |||||
Miscellaneous revenue: 0.58% | |||||
Illinois Series 2013 | 5.50 | 7-1-2026 | 250,000 | 268,982 | |
Illinois Series C | 5.00 | 11-1-2029 | 630,000 | 756,822 | |
1,025,804 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue: 0.56% | |||||
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B | 5.00% | 12-15-2028 | $ 970,000 | $ 990,489 | |
4,136,202 | |||||
New Jersey: 1.17% | |||||
Tax revenue: 0.24% | |||||
New Jersey COVID-19 Emergency Series A | 5.00 | 6-1-2027 | 350,000 | 425,382 | |
Transportation revenue: 0.93% | |||||
New Jersey TTFA CAB Series A ¤ | 0.00 | 12-15-2031 | 2,000,000 | 1,647,087 | |
2,072,469 | |||||
New York: 0.93% | |||||
Education revenue: 0.93% | |||||
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 4.45 | 2-1-2041 | 500,000 | 518,529 | |
Hempstead NY Local Development Corporation The Academy Charter School Project Series A | 6.24 | 2-1-2047 | 1,000,000 | 1,143,852 | |
1,662,381 | |||||
Puerto Rico: 1.27% | |||||
Health revenue: 1.27% | |||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Auxilio Mutuo Obligated Group Project 2021 | 5.00 | 7-1-2026 | 205,000 | 239,054 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Auxilio Mutuo Obligated Group Project 2021 | 5.00 | 7-1-2031 | 435,000 | 559,834 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Auxilio Mutuo Obligated Group Project 2021 | 5.00 | 7-1-2032 | 925,000 | 1,183,459 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Hospital Auxilio Mutuo Obligated Group Project 2021 | 5.00 | 7-1-2034 | 220,000 | 279,290 | |
2,261,637 | |||||
South Carolina: 0.67% | |||||
Utilities revenue: 0.67% | |||||
South Carolina Statewide Public Service Authority Revenue Refunding Bond and Improvement Series A | 4.00 | 12-1-2033 | 1,000,000 | 1,198,549 | |
Texas: 1.29% | |||||
GO revenue: 1.29% | |||||
Denton TX Independent School District School Building | 4.00 | 8-15-2048 | 2,000,000 | 2,302,410 |
Interest rate | Maturity date | Principal | Value | ||
Virgin Islands: 0.65% | |||||
Tax revenue: 0.65% | |||||
Virgin Islands PFA Gross Receipts Taxes Loan Notes (AGM Insured) ## | 4.00% | 10-1-2022 | $ 140,000 | $ 142,943 | |
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured) | 5.00 | 10-1-2025 | 970,000 | 1,004,460 | |
1,147,403 | |||||
Wisconsin: 79.18% | |||||
Education revenue: 10.14% | |||||
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured) | 4.10 | 4-1-2032 | 1,500,000 | 1,514,013 | |
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A | 6.25 | 8-1-2043 | 2,100,000 | 2,222,741 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2022 | 355,000 | 362,479 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2032 | 1,500,000 | 1,527,110 | |
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated | 5.00 | 7-1-2042 | 1,000,000 | 1,017,079 | |
Wisconsin HEFA Milwaukee School Engineering Project | 2.00 | 4-1-2038 | 1,200,000 | 1,183,738 | |
Wisconsin HEFA Milwaukee School Engineering Project | 2.13 | 4-1-2039 | 1,000,000 | 997,136 | |
Wisconsin HEFA Milwaukee School Engineering Project | 2.13 | 4-1-2040 | 1,000,000 | 989,242 | |
Wisconsin HEFA Milwaukee School Engineering Project (AGM Insured) | 2.25 | 4-1-2041 | 750,000 | 750,205 | |
Wisconsin HEFA Milwaukee School Engineering Project | 2.25 | 4-1-2042 | 1,000,000 | 993,705 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 2-1-2022 | 280,000 | 280,613 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 3-15-2040 | 1,555,000 | 1,771,762 | |
Wisconsin HEFA Revenue Lawrence University | 4.00 | 2-1-2045 | 1,685,000 | 1,910,565 | |
Wisconsin HEFA Revenue Various Refunding Bond Medical College Series B ø | 0.07 | 12-1-2033 | 2,500,000 | 2,500,000 | |
18,020,388 | |||||
GO revenue: 1.23% | |||||
Milwaukee WI Series B6 | 3.00 | 4-1-2024 | 570,000 | 600,473 | |
Milwaukee WI Series B6 ## | 5.00 | 4-1-2022 | 350,000 | 354,056 | |
Milwaukee WI Series B6 | 5.00 | 4-1-2023 | 580,000 | 613,890 | |
Milwaukee WI Series B6 | 5.00 | 4-1-2025 | 550,000 | 625,938 | |
2,194,357 | |||||
Health revenue: 18.23% | |||||
Wisconsin HEFA Bellin Memorial Hospital Incorporated Refunding Revenue Bond Series 2015 | 3.38 | 12-1-2031 | 180,000 | 188,784 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Series 2015 | 3.13 | 12-1-2029 | 150,000 | 156,726 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Series A | 5.00 | 12-1-2027 | 175,000 | 215,238 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Series A | 5.00 | 12-1-2028 | 200,000 | 251,615 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Series A | 5.00 | 12-1-2029 | 150,000 | 192,368 | |
Wisconsin HEFA Bellin Memorial Hospital Incorporated Series A | 5.00 | 12-1-2030 | 275,000 | 351,376 | |
Wisconsin HEFA Beloit Health System Incorporated | 4.00 | 7-1-2036 | 3,000,000 | 3,507,377 | |
Wisconsin HEFA Beloit Health System Incorporated | 5.00 | 7-1-2028 | 50,000 | 62,411 |
Interest rate | Maturity date | Principal | Value | ||
Health revenue (continued) | |||||
Wisconsin HEFA Beloit Health System Incorporated | 5.00% | 7-1-2029 | $1,270,000 | $ 1,618,644 | |
Wisconsin HEFA Marshfield Clinic Health System | 3.00 | 2-15-2031 | 230,000 | 243,567 | |
Wisconsin HEFA Marshfield Clinic Health System | 3.25 | 2-15-2032 | 185,000 | 199,868 | |
Wisconsin HEFA Marshfield Clinic Health System | 5.00 | 2-15-2047 | 3,385,000 | 3,976,568 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2027 | 400,000 | 482,843 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2028 | 650,000 | 782,971 | |
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2029 | 500,000 | 599,412 | |
Wisconsin HEFA Marshfield Clininc Health System | 4.00 | 2-15-2042 | 500,000 | 560,548 | |
Wisconsin HEFA Milwaukee School Engineering Project | 5.00 | 12-1-2025 | 135,000 | 157,301 | |
Wisconsin HEFA Monroe Clinic Incorporated | 3.00 | 2-15-2035 | 520,000 | 564,211 | |
Wisconsin HEFA Monroe Clinic Incorporated | 4.00 | 2-15-2031 | 900,000 | 1,009,665 | |
Wisconsin HEFA Monroe Clinic Incorporated | 4.00 | 2-15-2033 | 550,000 | 617,017 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2028 | 900,000 | 1,041,799 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2029 | 575,000 | 665,594 | |
Wisconsin HEFA Monroe Clinic Incorporated | 5.00 | 2-15-2030 | 340,000 | 393,569 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 4.00 | 12-1-2035 | 1,000,000 | 1,066,138 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 5.00 | 12-1-2025 | 1,500,000 | 1,650,743 | |
Wisconsin HEFA Refunding Bond Bellin Memorial Hospital Incorporated | 5.00 | 12-1-2026 | 1,740,000 | 1,913,103 | |
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series A | 5.00 | 7-1-2044 | 200,000 | 232,466 | |
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series A | 5.00 | 7-1-2049 | 250,000 | 289,573 | |
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series B | 5.00 | 7-1-2044 | 3,485,000 | 3,837,500 | |
Wisconsin HEFA Saint John's Communities Incorporated Series 2022 %% | 4.00 | 9-15-2045 | 650,000 | 677,580 | |
Wisconsin HEFA Saint John's Communities Incorporated Series B | 4.00 | 9-15-2045 | 475,000 | 518,560 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2023 | 125,000 | 131,359 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2024 | 125,000 | 135,055 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2031 | 75,000 | 89,871 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2041 | 2,145,000 | 2,483,923 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2046 | 850,000 | 974,770 | |
Wisconsin HEFA Three Pillars Senior Living Communities Series 2021A | 4.00 | 8-15-2051 | 500,000 | 571,076 | |
32,411,189 | |||||
Housing revenue: 22.54% | |||||
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2023 | 50,000 | 50,794 | |
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2028 | 125,000 | 128,934 | |
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00 | 4-1-2029 | 250,000 | 256,216 |
Interest rate | Maturity date | Principal | Value | ||
Housing revenue (continued) | |||||
Green Bay WI Housing Authority Housing Revenue Refunding Bond Student University Village Housing Incorporated | 2.00% | 4-1-2030 | $ 875,000 | $ 886,108 | |
Whitewater WI CDA Multifamily Revenue Various Housing Wisconsin Housing Preservation (BMO Harris Bank NA LOC) ø | 0.12 | 6-1-2042 | 1,030,000 | 1,030,000 | |
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group Series 2004B (JPMorgan Chase & Company LOC) ø | 0.08 | 8-15-2034 | 4,000,000 | 4,000,000 | |
Wisconsin Housing & EDA AMT Series A | 4.63 | 11-1-2037 | 10,000 | 10,017 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.55 | 7-1-2037 | 165,000 | 175,247 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.70 | 7-1-2047 | 2,300,000 | 2,445,388 | |
Wisconsin Housing & EDA Madison Pool Project Series A | 4.85 | 7-1-2052 | 3,000,000 | 3,191,252 | |
Wisconsin Housing & EDA President House Project (Associated Trust Company NA LOC) ø | 0.21 | 8-1-2046 | 1,425,000 | 1,425,000 | |
Wisconsin Housing & EDA Series A (FHLB SPA) ø | 0.10 | 4-1-2046 | 2,875,000 | 2,875,000 | |
Wisconsin Housing & EDA Series A | 1.70 | 11-1-2052 | 1,700,000 | 1,706,479 | |
Wisconsin Housing & EDA Series A | 3.00 | 5-1-2022 | 100,000 | 100,865 | |
Wisconsin Housing & EDA Series A | 3.00 | 11-1-2022 | 125,000 | 127,706 | |
Wisconsin Housing & EDA Series A | 3.38 | 5-1-2057 | 635,000 | 672,126 | |
Wisconsin Housing & EDA Series A | 3.40 | 11-1-2032 | 2,450,000 | 2,633,236 | |
Wisconsin Housing & EDA Series A | 3.95 | 11-1-2038 | 2,000,000 | 2,246,302 | |
Wisconsin Housing & EDA Series A | 4.05 | 12-1-2049 | 800,000 | 830,460 | |
Wisconsin Housing & EDA Series A | 5.75 | 11-1-2043 | 2,530,000 | 2,572,477 | |
Wisconsin Housing & EDA Series B ø | 0.10 | 5-1-2055 | 5,510,000 | 5,510,000 | |
Wisconsin Housing & EDA Series B (Department of Housing and Urban Development Insured) øø | 0.40 | 5-1-2045 | 1,445,000 | 1,443,325 | |
Wisconsin Housing & EDA Series C øø | 0.61 | 11-1-2042 | 2,900,000 | 2,899,167 | |
Wisconsin Housing & EDA Series C | 0.80 | 5-1-2025 | 275,000 | 274,868 | |
Wisconsin Housing & EDA Series C (Department of Housing and Urban Development Insured) | 0.85 | 11-1-2025 | 320,000 | 319,423 | |
Wisconsin Housing & EDA Series C | 0.95 | 5-1-2026 | 205,000 | 204,805 | |
Wisconsin Housing & EDA Series C (Department of Housing and Urban Development Insured) | 1.00 | 11-1-2026 | 330,000 | 329,573 | |
Wisconsin Housing & EDA Series C (Department of Housing and Urban Development Insured) | 1.20 | 5-1-2027 | 310,000 | 310,175 | |
Wisconsin Housing & EDA Series C | 1.35 | 11-1-2027 | 345,000 | 344,930 | |
Wisconsin Housing & EDA Series C | 3.88 | 11-1-2035 | 1,000,000 | 1,062,869 | |
40,062,742 | |||||
Miscellaneous revenue: 15.71% | |||||
Appleton WI RDA Fox Cities Performing Arts Center Project Series B ø | 0.18 | 6-1-2036 | 5,000,000 | 5,000,000 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00 | 6-1-2031 | 1,310,000 | 1,558,232 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00 | 6-1-2035 | 900,000 | 1,056,724 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project | 4.00 | 6-1-2036 | 265,000 | 310,558 | |
Ashwaubenon WI CDA Lease Revenue Brown County Expo Center Project CAB ¤ | 0.00 | 6-1-2049 | 8,000,000 | 3,128,774 | |
Kaukauna WI RDA | 3.75 | 6-1-2032 | 850,000 | 915,240 | |
Kaukauna WI RDA | 4.00 | 6-1-2022 | 235,000 | 238,621 | |
Kaukauna WI RDA | 4.00 | 6-1-2023 | 200,000 | 209,427 | |
Kaukauna WI RDA | 4.00 | 6-1-2025 | 425,000 | 469,674 | |
Kaukauna WI RDA | 4.00 | 6-1-2028 | 425,000 | 468,855 | |
Kaukauna WI RDA | 4.00 | 6-1-2035 | 900,000 | 984,320 |
Interest rate | Maturity date | Principal | Value | ||
Miscellaneous revenue (continued) | |||||
Manitowoc WI Anticipation Notes | 2.00% | 6-1-2022 | $ 775,000 | $ 776,118 | |
Milwaukee WI RDA Lease Public Schools | 5.00 | 11-15-2033 | 750,000 | 889,635 | |
Milwaukee WI RDA Lease Public Schools Series A | 5.00 | 11-15-2026 | 220,000 | 261,420 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2028 | 325,000 | 388,235 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2034 | 675,000 | 799,263 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2035 | 1,000,000 | 1,182,011 | |
Milwaukee WI RDA Milwaukee Public Schools | 5.00 | 11-15-2036 | 500,000 | 589,966 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2024 | 280,000 | 314,602 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2027 | 1,020,000 | 1,221,151 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2028 | 1,000,000 | 1,194,571 | |
Milwaukee WI RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2031 | 750,000 | 891,203 | |
Milwaukee WI RDA Revenue Refunding Bond Milwaukee Public Schools | 4.00 | 8-1-2023 | 1,100,000 | 1,164,025 | |
Weston WI CDA Series A ## | 1.75 | 10-1-2022 | 200,000 | 202,186 | |
Weston WI CDA Series A | 1.90 | 10-1-2023 | 800,000 | 821,036 | |
Weston WI CDA Series A | 2.00 | 10-1-2024 | 625,000 | 650,708 | |
Weston WI CDA Series A | 2.15 | 10-1-2025 | 615,000 | 650,706 | |
Weston WI CDA Series A | 2.25 | 10-1-2026 | 940,000 | 994,846 | |
Weston WI CDA Series A | 2.40 | 10-1-2027 | 570,000 | 603,705 | |
27,935,812 | |||||
Tax revenue: 11.33% | |||||
Southeast Wisconsin Professional Baseball Park District Series A | 5.50 | 12-15-2023 | 1,600,000 | 1,758,837 | |
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 | 12-15-2026 | 2,435,000 | 2,867,076 | |
Warrens WI CDA Interim Community Development Workout Extension | 3.70 | 11-1-2029 | 137,240 | 87,835 | |
Wisconsin Center District Appropriation Milwaukee Arena Project 2016 | 5.00 | 12-15-2023 | 500,000 | 543,963 | |
Wisconsin Center District CAB (AGM Insured) ¤ | 0.00 | 12-15-2030 | 295,000 | 246,737 | |
Wisconsin Center District CAB Junior Dedicated Series D ¤ | 0.00 | 12-15-2045 | 1,250,000 | 557,632 | |
Wisconsin Center District CAB Senior Dedicated Milwaukee Arena Project Series A (BAM Insured) ¤ | 0.00 | 12-15-2033 | 2,985,000 | 2,111,105 | |
Wisconsin Center District CAB Series A ¤ | 0.00 | 12-15-2027 | 100,000 | 90,799 | |
Wisconsin Center District Junior Dedicated Bond Series A | 5.00 | 12-15-2022 | 730,000 | 762,609 | |
Wisconsin Center District Junior Dedicated Bond Series A | 5.00 | 12-15-2030 | 2,100,000 | 2,193,806 | |
Wisconsin Center District Junior Dedicated Tax Revenue Prerefunded Bond | 5.25 | 12-15-2023 | 570,000 | 589,842 | |
Wisconsin Center District Junior Dedicated Tax Revenue Prerefunded Bond | 5.25 | 12-15-2027 | 220,000 | 262,377 | |
Wisconsin Center District Junior Dedicated Tax Revenue Unrefunded Balance Refunding Bond (AGM Insured) | 5.25 | 12-15-2023 | 605,000 | 645,811 | |
Wisconsin Center District Junior Dedicated Tax Revenue Unrefunded Balance Refunding Bond (AGM Insured) | 5.25 | 12-15-2027 | 785,000 | 931,913 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2032 | 1,100,000 | 1,239,675 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2033 | 920,000 | 1,035,462 | |
Wisconsin Center District Milwaukee Arena Project | 4.00 | 12-15-2034 | 2,000,000 | 2,245,615 | |
Wisconsin Center District Milwaukee Arena Project | 5.00 | 12-15-2032 | 85,000 | 100,215 |
Interest rate | Maturity date | Principal | Value | ||
Tax revenue (continued) | |||||
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C ¤ | 0.00% | 12-15-2028 | $1,075,000 | $ 952,897 | |
Wisconsin Center District Tax Revenue CAB Senior Dedicated Series C ¤ | 0.00 | 12-15-2030 | 1,095,000 | 915,855 | |
20,140,061 | |||||
140,764,549 | |||||
Total Municipal obligations (Cost $159,592,893) | 167,171,355 | ||||
Total investments in securities (Cost $159,592,893) | 94.03% | 167,171,355 | |||
Other assets and liabilities, net | 5.97 | 10,604,910 | |||
Total net assets | 100.00% | $177,776,265 |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
## | All or a portion of this security is segregated for when-issued securities. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
EDA | Economic Development Authority |
FHLB | Federal Home Loan Bank |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SPA | Standby purchase agreement |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $159,592,893) | $ 167,171,355 |
Cash | 9,365,991 |
Cash due from broker | 14,999 |
Receivable for interest | 1,321,778 |
Receivable for Fund shares sold | 773,518 |
Receivable for investments sold | 30,039 |
Prepaid expenses and other assets | 49,084 |
Total assets | 178,726,764 |
Liabilities | |
Payable for when-issued transactions | 674,804 |
Payable for Fund shares redeemed | 139,055 |
Management fee payable | 41,739 |
Dividends payable | 31,997 |
Administration fees payable | 18,769 |
Distribution fee payable | 3,775 |
Trustees’ fees and expenses payable | 690 |
Accrued expenses and other liabilities | 39,670 |
Total liabilities | 950,499 |
Total net assets | $177,776,265 |
Net assets consist of | |
Paid-in capital | $ 170,196,440 |
Total distributable earnings | 7,579,825 |
Total net assets | $177,776,265 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 77,163,379 |
Shares outstanding – Class A1 | 6,876,791 |
Net asset value per share – Class A | $11.22 |
Maximum offering price per share – Class A2 | $11.75 |
Net assets – Class C | $ 5,564,305 |
Shares outstanding – Class C1 | 495,894 |
Net asset value per share – Class C | $11.22 |
Net assets – Institutional Class | $ 95,048,581 |
Shares outstanding – Institutional Class1 | 8,469,650 |
Net asset value per share – Institutional Class | $11.22 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 2,076,529 |
Expenses | |
Management fee | 355,785 |
Administration fees | |
Class A | 62,974 |
Class C | 4,594 |
Institutional Class | 37,373 |
Shareholder servicing fees | |
Class A | 98,383 |
Class C | 7,117 |
Distribution fee | |
Class C | 21,350 |
Custody and accounting fees | 3,682 |
Professional fees | 31,261 |
Registration fees | 30,479 |
Shareholder report expenses | 17,816 |
Trustees’ fees and expenses | 9,820 |
Other fees and expenses | 4,698 |
Total expenses | 685,332 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (76,722) |
Class A | (50,005) |
Class C | (3,033) |
Net expenses | 555,572 |
Net investment income | 1,520,957 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 22,599 |
Futures contracts | 11,528 |
Net realized gains on investments | 34,127 |
Net change in unrealized gains (losses) on investments | (793,197) |
Net realized and unrealized gains (losses) on investments | (759,070) |
Net increase in net assets resulting from operations | $ 761,887 |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment income | $ 1,520,957 | $ 3,085,902 | ||
Net realized gains on investments | 34,127 | 168,026 | ||
Net change in unrealized gains (losses) on investments | (793,197) | 2,114,690 | ||
Net increase in net assets resulting from operations | 761,887 | 5,368,618 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (724,491) | (1,436,866) | ||
Class C | (30,920) | (61,394) | ||
Institutional Class | (941,107) | (1,589,155) | ||
Total distributions to shareholders | (1,696,518) | (3,087,415) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 376,118 | 4,238,620 | 1,001,834 | 11,225,322 |
Class C | 46,550 | 523,987 | 147,885 | 1,660,980 |
Institutional Class | 1,360,579 | 15,319,739 | 3,206,169 | 36,011,523 |
20,082,346 | 48,897,825 | |||
Reinvestment of distributions | ||||
Class A | 56,052 | 630,670 | 113,871 | 1,277,627 |
Class C | 2,679 | 30,136 | 5,397 | 60,528 |
Institutional Class | 80,795 | 908,990 | 135,932 | 1,525,501 |
1,569,796 | 2,863,656 | |||
Payment for shares redeemed | ||||
Class A | (366,852) | (4,127,927) | (1,603,254) | (17,980,789) |
Class C | (40,582) | (455,937) | (191,338) | (2,141,864) |
Institutional Class | (826,927) | (9,309,529) | (1,621,298) | (18,213,318) |
(13,893,393) | (38,335,971) | |||
Net increase in net assets resulting from capital share transactions | 7,758,749 | 13,425,510 | ||
Total increase in net assets | 6,824,118 | 15,706,713 | ||
Net assets | ||||
Beginning of period | 170,952,147 | 155,245,434 | ||
End of period | $177,776,265 | $170,952,147 |
Year ended June 30 | ||||||
Class A | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 | $11.16 |
Net investment income | 0.09 | 0.21 | 0.25 | 0.29 | 0.28 | 0.26 |
Net realized and unrealized gains (losses) on investments | (0.05) | 0.16 | 0.08 | 0.30 | (0.09) | (0.32) |
Total from investment operations | 0.04 | 0.37 | 0.33 | 0.59 | 0.19 | (0.06) |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.21) | (0.25) | (0.29) | (0.28) | (0.26) |
Net realized gains | (0.01) | 0.00 | (0.00) 1 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.10) | (0.21) | (0.25) | (0.29) | (0.28) | (0.27) |
Net asset value, end of period | $11.22 | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return2 | 0.40% | 3.37% | 3.05% | 5.56% | 1.76% | (0.48)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.92% | 0.95% | 0.94% | 0.88% | 0.93% |
Net expenses | 0.69% | 0.68% | 0.69% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.65% | 1.88% | 2.24% | 2.66% | 2.57% | 2.41% |
Supplemental data | ||||||
Portfolio turnover rate | 8% | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $77,163 | $76,836 | $81,173 | $84,924 | $87,790 | $131,518 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Class C | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 | $11.16 |
Net investment income | 0.05 | 0.13 | 0.17 1 | 0.21 | 0.20 | 0.18 |
Net realized and unrealized gains (losses) on investments | (0.05) | 0.16 | 0.08 | 0.30 | (0.09) | (0.32) |
Total from investment operations | 0.00 | 0.29 | 0.25 | 0.51 | 0.11 | (0.14) |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.13) | (0.17) | (0.21) | (0.20) | (0.18) |
Net realized gains | (0.01) | 0.00 | (0.00) 2 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.06) | (0.13) | (0.17) | (0.21) | (0.20) | (0.19) |
Net asset value, end of period | $11.22 | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return3 | 0.01% | 2.58% | 2.27% | 4.78% | 1.01% | (1.22)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.66% | 1.67% | 1.70% | 1.69% | 1.63% | 1.68% |
Net expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Net investment income | 0.88% | 1.12% | 1.49% | 1.92% | 1.83% | 1.67% |
Supplemental data | ||||||
Portfolio turnover rate | 8% | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $5,564 | $5,496 | $5,842 | $6,687 | $8,105 | $9,449 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 | $10.99 |
Net investment income | 0.10 | 0.23 | 0.27 | 0.31 | 0.30 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.05) | 0.16 | 0.08 | 0.30 | (0.09) | (0.15) |
Total from investment operations | 0.05 | 0.39 | 0.35 | 0.61 | 0.21 | 0.05 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.23) | (0.27) | (0.31) | (0.30) | (0.20) |
Net realized gains | (0.01) | 0.00 | (0.00) 2 | 0.00 | 0.00 | (0.01) |
Total distributions to shareholders | (0.11) | (0.23) | (0.27) | (0.31) | (0.30) | (0.21) |
Net asset value, end of period | $11.22 | $11.28 | $11.12 | $11.04 | $10.74 | $10.83 |
Total return3 | 0.48% | 3.54% | 3.23% | 5.75% | 1.95% | 0.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.59% | 0.59% | 0.62% | 0.61% | 0.55% | 0.54% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Net investment income | 1.81% | 2.04% | 2.40% | 2.85% | 2.79% | 2.74% |
Supplemental data | ||||||
Portfolio turnover rate | 8% | 10% | 24% | 8% | 11% | 27% |
Net assets, end of period (000s omitted) | $95,049 | $88,620 | $68,230 | $43,978 | $36,181 | $13,573 |
1 | For the period from October 31, 2016 (commencement of class operations) to June 30, 2017 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $7,641,342 |
Gross unrealized losses | (62,481) |
Net unrealized gains | $7,578,861 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $167,171,355 | $0 | $167,171,355 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.70% |
Class C | 1.45 |
Institutional Class | 0.52 |
Shares voted “For” | 6,074,678 | |
Shares voted “Against” | 422,590 | |
Shares voted “Abstain” | 431,141 | |
Shares voted “Uninstructed” | 703,925 |
Shares voted “For” | 6,064,566 | |
Shares voted “Against” | 421,843 | |
Shares voted “Abstain” | 442,000 | |
Shares voted “Uninstructed” | 703,925 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g253332imga1109d191.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA259/SAR259 12-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226369img917dfc7b1.jpg)
Alternative Risk Premia Fund
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226369img38a6975e2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226369img257758093.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadvisers | Allspring Global Investments, LLC |
Allspring Global Investments (UK) Limited | |
Portfolio managers | Petros N. Bocray, CFA®‡, FRM, Eddie Cheng, CFA®‡, Monisha Jayakumar |
Average annual total returns (%) as of December 31, 2021 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net 2 | |
Class R6 (WRPRX) | 1-29-2019 | 6.96 | -5.26 | 1.12 | 0.65 |
Institutional Class (WRPIX) | 1-29-2019 | 6.84 | -5.37 | 1.22 | 0.75 |
ICE BofA 3-Month U.S. Treasury Bill Index3 | – | 0.05 | 0.96 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through October 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.62% for Class R6 and 0.72% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Net asset exposure as of December 31, 20211 | ||
% of net assets | ||
Long positions | Short positions | |
Stocks | 35 | 24 |
Bond futures | 111 | 57 |
Currency forwards | 52 | 70 |
Equity index futures | 10 | 6 |
Commodity futures | 17 | 16 |
1 | Figures are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2021 | Ending account value 12-31-2021 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class R6 | ||||
Actual | $1,000.00 | $ 995.29 | $3.12 | 0.62% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.08 | $3.16 | 0.62% |
Institutional Class | ||||
Actual | $1,000.00 | $ 995.28 | $3.62 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.58 | $3.67 | 0.72% |
Yield | Shares | Value | |||
Short-term investments: 88.68% | |||||
Investment companies: 37.97% | |||||
Allspring Government Money Market Fund Select Class ♠∞* | 0.03% | 27,194,961 | $27,194,961 |
Maturity date | Principal | ||||
U.S. Treasury securities: 50.71% | |||||
U.S. Treasury Bill ☼ | 0.04 | 1-13-2022 | $14,900,000 | 14,899,938 | |
U.S. Treasury Bill ☼ | 0.04 | 1-27-2022 | 10,919,000 | 10,918,800 | |
U.S. Treasury Bill ☼# | 0.04 | 3-17-2022 | 5,500,000 | 5,499,384 | |
U.S. Treasury Bill ☼ | 0.17 | 6-30-2022 | 5,000,000 | 4,995,426 | |
36,313,548 | |||||
Total Short-term investments (Cost $63,508,778) | 63,508,509 | ||||
Total investments in securities (Cost $63,508,778) | 88.68% | 63,508,509 | |||
Other assets and liabilities, net | 11.32 | 8,108,294 | |||
Total net assets | 100.00% | $71,616,803 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
∞ | The rate represents the 7-day annualized yield at period end. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
# | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $19,278,685 | $82,302,465 | $(74,386,189) | $0 | $0 | $27,194,961 | 27,194,961 | $3,890 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
47,769,000 MXN | 2,268,018 USD | Goldman Sachs International | 1-19-2022 | $ 59,169 | $ 0 | |
13,657,000 BRL | 2,439,316 USD | Goldman Sachs International | 1-19-2022 | 4,306 | 0 | |
210,045,000 RUB | 2,825,278 USD | Goldman Sachs International | 1-19-2022 | 0 | (33,474) | |
655,252,000 JPY | 5,758,852 USD | Goldman Sachs International | 1-19-2022 | 0 | (61,926) | |
34,067,594,000 IDR | 2,370,414 USD | Goldman Sachs International | 1-19-2022 | 17,250 | 0 | |
332,846,000 INR | 4,398,594 USD | Goldman Sachs International | 1-19-2022 | 71,949 | 0 | |
5,470,000 CAD | 4,321,357 USD | Goldman Sachs International | 1-19-2022 | 2,867 | 0 | |
31,074,000 ZAR | 1,966,236 USD | Goldman Sachs International | 1-19-2022 | 0 | (20,288) | |
3,011,000 EUR | 3,416,293 USD | Goldman Sachs International | 1-19-2022 | 12,750 | 0 | |
1,082,186,000 CLP | 1,281,482 USD | Goldman Sachs International | 1-19-2022 | 0 | (13,768) | |
4,564,000 GBP | 6,031,915 USD | Goldman Sachs International | 1-19-2022 | 145,500 | 0 | |
5,893,896 USD | 53,246,000 SEK | Goldman Sachs International | 1-19-2022 | 675 | 0 | |
1,764,706 USD | 7,209,000 PLN | Goldman Sachs International | 1-19-2022 | 0 | (22,812) | |
10,724,425 USD | 95,425,000 NOK | Goldman Sachs International | 1-19-2022 | 0 | (108,298) | |
10,534,694 USD | 9,702,000 CHF | Goldman Sachs International | 1-19-2022 | 0 | (116,872) | |
1,089,757 USD | 353,192,000 HUF | Goldman Sachs International | 1-19-2022 | 2,769 | 0 | |
10,617,390 USD | 14,830,000 AUD | Goldman Sachs International | 1-19-2022 | 0 | (172,611) | |
467,561 USD | 10,529,000 CZK | Goldman Sachs International | 1-19-2022 | 0 | (13,658) | |
1,300,298 USD | 1,526,589,000 KRW | Goldman Sachs International | 1-19-2022 | 16,551 | 0 | |
6,964,947 USD | 10,247,000 NZD | Goldman Sachs International | 1-19-2022 | 0 | (52,165) | |
$333,786 | $(615,872) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
London Metal Exchange Aluminium Futures** | 29 | 1-17-2022 | $ 1,921,567 | $ 2,032,175 | $ 110,608 | $ 0 | |
London Metal Exchange Lead Futures** | 13 | 1-17-2022 | 762,311 | 756,519 | 0 | (5,792) | |
London Metal Exchange Nickel Futures** | 9 | 1-17-2022 | 1,071,753 | 1,127,169 | 55,416 | 0 | |
London Metal Exchange Zinc Futures** | 14 | 1-17-2022 | 1,124,328 | 1,253,000 | 128,672 | 0 | |
WTI Crude Futures** | 9 | 1-20-2022 | 643,772 | 676,890 | 33,118 | 0 | |
CAC 40 Index | 12 | 1-21-2022 | 954,794 | 975,876 | 21,082 | 0 | |
Brent Crude Futures** | 9 | 1-31-2022 | 640,193 | 700,020 | 59,827 | 0 | |
Gasoline RBOB Futures** | 11 | 1-31-2022 | 979,737 | 1,027,765 | 48,028 | 0 | |
NY Harbor Ultra-Low Sulfur Diesel Futures** | 22 | 1-31-2022 | 2,057,426 | 2,148,577 | 91,151 | 0 | |
Low Sugar Gas Oil Futures** | 7 | 2-10-2022 | 449,068 | 466,375 | 17,307 | 0 | |
Lean Hogs Futures** | 10 | 2-14-2022 | 332,822 | 325,900 | 0 | (6,922) | |
Natural Gas Futures** | 22 | 2-24-2022 | 829,242 | 782,540 | 0 | (46,702) | |
10-Year Japanese Treasury Bonds | 30 | 3-14-2022 | 39,649,879 | 39,534,904 | 0 | (114,975) | |
London Metal Exchange Copper Futures** | 3 | 3-14-2022 | 707,883 | 729,863 | 21,980 | 0 | |
10-Year Australian Treasury Bonds | 257 | 3-15-2022 | 26,038,821 | 26,021,556 | 0 | (17,265) | |
S&P/TSX 60 Index | 5 | 3-17-2022 | 1,002,433 | 1,012,609 | 10,176 | 0 | |
SPI 200 Index | 8 | 3-17-2022 | 1,057,731 | 1,069,062 | 11,331 | 0 | |
E-Mini Nasdaq 100 Index | 3 | 3-18-2022 | 979,824 | 979,245 | 0 | (579) | |
E-Mini S&P 500 Index | 4 | 3-18-2022 | 940,586 | 951,700 | 11,114 | 0 | |
Euro STOXX 50 Futures | 20 | 3-18-2022 | 948,527 | 976,263 | 27,736 | 0 | |
FTSE 100 Index | 11 | 3-18-2022 | 1,068,239 | 1,090,474 | 22,235 | 0 | |
Coffee C Futures** | 9 | 3-21-2022 | 785,735 | 763,088 | 0 | (22,647) | |
10-Year Canadian Treasury Bonds | 109 | 3-22-2022 | 12,135,754 | 12,289,482 | 153,728 | 0 | |
10-Year U.S. Treasury Notes | 12 | 3-22-2022 | 1,565,282 | 1,565,625 | 343 | 0 | |
Short | |||||||
London Metal Exchange Aluminium Futures** | (9) | 1-17-2022 | (581,774) | (630,675) | 0 | (48,901) | |
Gold 100 Ounces Futures** | (19) | 2-24-2022 | (3,541,917) | (3,474,340) | 67,577 | 0 | |
Live Cattle Futures** | (27) | 2-28-2022 | (1,496,767) | (1,508,760) | 0 | (11,993) | |
Sugar #11 World Futures** | (3) | 2-28-2022 | (63,123) | (63,437) | 0 | (314) | |
Euro-Bund Futures | (2) | 3-8-2022 | (394,704) | (390,209) | 4,495 | 0 | |
Cotton #2 Futures** | (9) | 3-9-2022 | (476,335) | (506,700) | 0 | (30,365) | |
TOPIX Index | (6) | 3-10-2022 | (1,012,387) | (1,039,033) | 0 | (26,646) | |
Corn Futures** | (26) | 3-14-2022 | (755,528) | (771,225) | 0 | (15,697) | |
KC Hard Red Winter Wheat Futures** | (20) | 3-14-2022 | (836,675) | (801,500) | 35,175 | 0 | |
Soybean Futures** | (14) | 3-14-2022 | (894,898) | (937,475) | 0 | (42,577) | |
Soybean Meal Futures** | (9) | 3-14-2022 | (331,706) | (359,190) | 0 | (27,484) | |
Soybean Oil Futures** | (28) | 3-14-2022 | (919,695) | (949,704) | 0 | (30,009) | |
Wheat Futures** | (53) | 3-14-2022 | (2,084,027) | (2,042,488) | 41,539 | 0 | |
Cocoa Futures** | (5) | 3-16-2022 | (118,238) | (126,000) | 0 | (7,762) | |
DAX Futures Index | (2) | 3-18-2022 | (888,365) | (902,603) | 0 | (14,238) | |
E-Mini Russell 2000 Index | (6) | 3-18-2022 | (662,684) | (672,840) | 0 | (10,156) | |
MSCI Emerging Markets Index | (14) | 3-18-2022 | (853,473) | (858,410) | 0 | (4,937) | |
Long Gilt Bonds | (238) | 3-29-2022 | (40,508,947) | (40,235,897) | 273,050 | 0 | |
Silver Futures** | (9) | 3-29-2022 | (1,127,985) | (1,050,840) | 77,145 | 0 | |
$1,322,833 | $(485,961) |
** | Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
Reference asset/index | Counterparty | Payment frequency | Maturity date | Notional amount | Value | Unrealized gains | Unrealized losses |
Synthetic total return swap† | Goldman Sachs International | Monthly | 2-1-2024 | $7,073,456 | $7,255,880 | $182,424 | $0 |
† | The Fund receives or pays the difference between the total return on a portfolio of long and short positions underlying the total return swap and the return on a specified benchmark (either the Federal Funds Effective Rate or the One Month LIBOR), plus or minus a spread in a typical range of 20-75 basis points (bps; 100 bps equal 1.00%). The spread is determined based upon the country and/or currency of the individual underlying positions. Certain short positions may be subject to higher market rates. |
Reference asset | Shares | Value | % of swap basket value | |
Long positions | ||||
Common stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
Proximus SA | 13,908 | $ 271,399 | 3.74% | |
Spark New Zealand Limited | 32,364 | 100,191 | 1.38 | |
Interactive media & services | ||||
Auto Trader Group plc | 31,866 | 319,178 | 4.40 | |
Wireless telecommunication services | ||||
Tele2 AB Class B | 6,369 | 90,858 | 1.25 | |
781,626 | ||||
Consumer discretionary | ||||
Automobiles | ||||
Mazda Motor Corporation | 17,900 | 137,345 | 1.89 | |
Hotels, restaurants & leisure | ||||
Domino's Pizza Enterprises Limited | 1,187 | 101,931 | 1.41 | |
Domino's Pizza Incorporated | 416 | 234,761 | 3.24 | |
La Francaise Des Jeux SA | 6,902 | 305,988 | 4.22 | |
McDonald's Holdings Company Japan Limited | 2,400 | 106,214 | 1.47 | |
Tabcorp Holdings Limited | 20,324 | 74,229 | 1.02 | |
Yum! Brands Incorporated | 1,403 | 194,821 | 2.69 | |
Specialty retail | ||||
Yamada Denki Company Limited | 37,200 | 127,176 | 1.75 | |
Textiles, apparel & luxury goods | ||||
Pandora AS | 641 | 79,735 | 1.10 | |
1,362,200 | ||||
Consumer staples | ||||
Food & staples retailing | ||||
Carrefour SA | 5,909 | 108,345 | 1.49 | |
Empire Company Limited Class A | 9,200 | 280,302 | 3.87 | |
J Sainsbury plc | 81,343 | 303,661 | 4.19 | |
The Kroger Company | 3,076 | 139,220 | 1.92 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Food products | ||||
Archer Daniels Midland Company | 1,335 | $ 90,233 | 1.24% | |
Bunge Limited | 4,090 | 381,842 | 5.27 | |
NH Foods Limited | 3,500 | 126,196 | 1.74 | |
Household products | ||||
Pigeon Corporation | 4,200 | 80,377 | 1.11 | |
Personal products | ||||
Pola Orbis Holdings Incorporated | 8,800 | 146,659 | 2.02 | |
1,656,835 | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Idemitsu Kosan Company Limited | 6,300 | 160,774 | 2.22 | |
Financials | ||||
Banks | ||||
Shizuoka Bank Limited | 13,500 | 96,377 | 1.33 | |
Capital markets | ||||
IGM Financial Incorporated | 2,300 | 82,949 | 1.14 | |
SEI Investments Company | 5,077 | 309,392 | 4.27 | |
T. Rowe Price Group Incorporated | 426 | 83,769 | 1.16 | |
The Carlyle Group Incorporated | 3,487 | 191,436 | 2.64 | |
Tradeweb Markets Incorporated Class A | 917 | 91,828 | 1.27 | |
Insurance | ||||
American Financial Group Incorporated | 1,260 | 173,023 | 2.39 | |
Direct Line Insurance Group plc | 27,023 | 102,050 | 1.41 | |
Medibank Private Limited | 146,819 | 357,841 | 4.94 | |
1,488,665 | ||||
Health care | ||||
Health care equipment & supplies | ||||
IDEXX Laboratories Incorporated | 173 | 113,914 | 1.57 | |
West Pharmaceutical Services Incorporated | 288 | 135,075 | 1.86 | |
William Demant Holding | 1,889 | 96,728 | 1.33 | |
Health care providers & services | ||||
Molina Healthcare Incorporated | 391 | 124,369 | 1.72 | |
Health care technology | ||||
Cerner Corporation | 4,358 | 404,727 | 5.58 | |
Life sciences tools & services | ||||
Waters Corporation | 697 | 259,702 | 3.58 | |
Pharmaceuticals | ||||
Hikma Pharmaceuticals plc | 5,835 | 175,256 | 2.42 | |
Ipsen SA | 1,821 | 166,893 | 2.30 | |
Jazz Pharmaceuticals plc | 860 | 109,564 | 1.51 | |
Merck KGaA | 805 | 207,092 | 2.86 | |
Orion Oyj Class B | 5,179 | 215,129 | 2.97 | |
Recordati SpA | 2,094 | 134,464 | 1.85 | |
Roche Holding AG | 272 | 121,742 | 1.68 | |
2,264,655 | ||||
Industrials | ||||
Aerospace & defense | ||||
Huntington Ingalls Industries Incorporated | 1,634 | 305,133 | 4.21 | |
Air freight & logistics | ||||
Bolloré SA | 20,716 | 116,039 | 1.60 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Air freight & logistics (continued) | ||||
C.H. Robinson Worldwide Incorporated | 922 | $ 99,235 | 1.37% | |
Expeditors International of Washington Incorporated | 828 | 111,192 | 1.53 | |
Building products | ||||
A.O. Smith Corporation | 1,486 | 127,573 | 1.76 | |
Commercial services & supplies | ||||
Securitas AB Class B | 14,961 | 205,810 | 2.84 | |
Electrical equipment | ||||
Fuji Electric Holdings Company Limited | 1,600 | 87,405 | 1.21 | |
Industrial conglomerates | ||||
DCC plc | 904 | 74,028 | 1.02 | |
Machinery | ||||
Pentair plc | 4,516 | 329,803 | 4.55 | |
Professional services | ||||
Persol Holdings Company Limited | 7,100 | 206,420 | 2.85 | |
Randstad Holdings NV | 4,033 | 275,678 | 3.80 | |
Robert Half International Incorporated | 3,147 | 350,953 | 4.84 | |
Road & rail | ||||
AMERCO | 331 | 240,382 | 3.32 | |
J.B. Hunt Transport Services Incorporated | 1,299 | 265,516 | 3.66 | |
Knight-Swift Transportation Holdings Incorporated | 3,349 | 204,088 | 2.82 | |
Old Dominion Freight Line Incorporated | 659 | 236,172 | 3.26 | |
Trading companies & distributors | ||||
Toromont Industries Limited | 2,100 | 189,854 | 2.62 | |
3,425,281 | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Arrow Electronics Incorporated | 2,692 | 361,455 | 4.99 | |
IT services | ||||
Bechtle AG | 2,934 | 208,782 | 2.88 | |
Broadridge Financial Solutions Incorporated | 1,804 | 329,807 | 4.55 | |
EPAM Systems Incorporated | 210 | 140,375 | 1.94 | |
Gartner Incorporated | 548 | 183,207 | 2.53 | |
Jack Henry & Associates Incorporated | 636 | 106,206 | 1.46 | |
Paychex Incorporated | 1,050 | 143,325 | 1.98 | |
SCSK Corporation | 5,400 | 107,472 | 1.48 | |
The Western Union Company | 8,259 | 147,341 | 2.03 | |
Software | ||||
Bentley Systems Incorporated Class B | 2,084 | 100,720 | 1.39 | |
Dropbox Incorporated Class A | 5,518 | 135,412 | 1.87 | |
TIS Incorporated | 12,300 | 365,753 | 5.05 | |
2,329,855 | ||||
Materials | ||||
Chemicals | ||||
Mitsui Chemicals Incorporated | 3,600 | 96,769 | 1.33 | |
Metals & mining | ||||
BlueScope Steel Limited | 12,477 | 189,723 | 2.62 | |
EVRAZ plc | 30,491 | 248,287 | 3.42 | |
Steel Dynamics Incorporated | 2,532 | 157,161 | 2.17 | |
691,940 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Real estate | ||||
Equity REITs | ||||
Extra Space Storage Incorporated | 767 | $ 173,902 | 2.40% | |
Iron Mountain Incorporated | 4,136 | 216,437 | 2.99 | |
Real estate management & development | ||||
Daito Trust Construction Company Limited | 1,700 | 195,026 | 2.69 | |
FirstService Corporation | 1,200 | 235,835 | 3.25 | |
821,200 | ||||
Utilities | ||||
Electric utilities | ||||
CK Infrastructure Holdings Limited | 21,000 | 133,715 | 1.84 | |
NRG Energy Incorporated | 2,809 | 121,012 | 1.67 | |
Gas utilities | ||||
Altagas Limited | 5,100 | 110,108 | 1.52 | |
UGI Corporation | 3,984 | 182,905 | 2.52 | |
Independent power & renewable electricity producers | ||||
Uniper SE | 6,588 | 312,799 | 4.31 | |
Multi-utilities | ||||
ATCO Limited Class I | 11,200 | 378,070 | 5.21 | |
Canadian Utilities Limited Class A | 3,800 | 110,219 | 1.52 | |
1,348,828 |
Dividend yield | ||||
Preferred stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
Telecom Italia RSP | 6.90% | 231,643 | 109,967 | 1.52 |
Materials | ||||
Chemicals | ||||
Fuchs Petrolub SE | 2.63 | 6,450 | 291,469 | 4.02 |
Short positions | ||||
Common stocks | ||||
Communication services | ||||
Entertainment | ||||
Live Nation Entertainment Incorporated | (1,193) | (142,790) | (1.97) | |
The Walt Disney Company | (607) | (94,018) | (1.30) | |
Interactive media & services | ||||
Z Holdings Corporation | (29,000) | (167,330) | (2.31) | |
Media | ||||
Informa plc | (12,568) | (87,881) | (1.21) | |
(492,019) | ||||
Consumer discretionary | ||||
Automobiles | ||||
Tesla Motors Incorporated | (137) | (144,779) | (2.00) | |
Toyota Motor Corporation | (10,000) | (184,826) | (2.55) | |
Hotels, restaurants & leisure | ||||
Draftkings Incorporated Class A | (2,734) | (75,103) | (1.04) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Hotels, restaurants & leisure (continued) | ||||
Las Vegas Sands Corporation | (2,709) | $ (101,967) | (1.41)% | |
Oriental Land Company Limited | (700) | (118,039) | (1.63) | |
Whitbread plc | (2,169) | (87,929) | (1.21) | |
Household durables | ||||
Sony Corporation | (2,600) | (328,323) | (4.53) | |
Internet & direct marketing retail | ||||
Just Eat Takeaway.com NV | (1,438) | (79,353) | (1.09) | |
Prosus NV | (2,737) | (229,125) | (3.16) | |
Specialty retail | ||||
Fast Retailing Company Limited | (200) | (113,689) | (1.57) | |
Hennes & Mauritz AB Class B | (6,973) | (136,825) | (1.89) | |
Textiles, apparel & luxury goods | ||||
LVMH Moet Hennessy Louis Vuitton SE | (162) | (134,086) | (1.85) | |
(1,734,044) | ||||
Consumer staples | ||||
Beverages | ||||
Anheuser Busch InBev SA | (3,447) | (208,661) | (2.88) | |
Food & staples retailing | ||||
Aeon Company Limited | (4,300) | (101,335) | (1.40) | |
Ocado Group plc | (6,148) | (139,637) | (1.93) | |
Woolworths Group Limited | (3,511) | (97,094) | (1.34) | |
Food products | ||||
Nestle SA | (993) | (138,640) | (1.91) | |
(685,367) | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Chevron Corporation | (1,041) | (122,161) | (1.69) | |
Pembina Pipeline Corporation | (2,900) | (87,966) | (1.21) | |
Suncor Energy Incorporated | (3,300) | (82,568) | (1.14) | |
(292,695) | ||||
Financials | ||||
Capital markets | ||||
Brookfield Asset Management Incorporated Class A | (3,200) | (193,247) | (2.67) | |
Credit Suisse Group AG | (8,614) | (83,518) | (1.15) | |
Deutsche Boerse AG | (2,503) | (417,937) | (5.76) | |
Japan Exchange Group Incorporated | (4,200) | (92,019) | (1.27) | |
London Stock Exchange Group PLC | (3,105) | (291,252) | (4.02) | |
Consumer finance | ||||
American Express Company | (1,047) | (171,289) | (2.36) | |
Diversified financial services | ||||
Berkshire Hathaway Incorporated Class B | (470) | (140,530) | (1.94) | |
Equitable Holdings Incorporated | (2,777) | (91,058) | (1.26) | |
Insurance | ||||
AIA Group Limited | (8,000) | (80,641) | (1.11) | |
Allianz SE | (1,144) | (269,822) | (3.72) | |
Japan Post Holdings Company Limited | (26,100) | (203,326) | (2.80) | |
Legal & General Group plc | (42,027) | (169,235) | (2.33) | |
(2,203,874) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Health care | ||||
Health care providers & services | ||||
Ramsay Health Care Limited | (2,035) | $ (105,860) | (1.46)% | |
Industrials | ||||
Aerospace & defense | ||||
Airbus SE | (1,060) | (135,597) | (1.87) | |
Raytheon Technologies Corporation | (1,472) | (126,680) | (1.75) | |
Safran SA | (1,371) | (168,045) | (2.32) | |
The Boeing Company | (450) | (90,594) | (1.25) | |
Building products | ||||
Assa Abloy AB Class B | (3,326) | (101,380) | (1.40) | |
Daikin Industries Limited | (900) | (203,867) | (2.81) | |
Nibe Industrier AB Series B | (7,317) | (110,559) | (1.52) | |
Construction & engineering | ||||
Vinci SA | (2,342) | (247,732) | (3.42) | |
Electrical equipment | ||||
Ballard Power Systems Incorporated | (8,100) | (101,750) | (1.40) | |
Plug Power Incorporated | (6,321) | (178,442) | (2.46) | |
Machinery | ||||
SMC Corporation | (300) | (202,757) | (2.80) | |
Professional services | ||||
Clarivate plc | (8,310) | (195,451) | (2.70) | |
Costar Group Incorporated | (1,814) | (143,360) | (1.98) | |
Experian plc | (2,556) | (125,655) | (1.73) | |
Road & rail | ||||
Central Japan Railway Company | (700) | (93,150) | (1.28) | |
Uber Technologies Incorporated | (4,733) | (198,455) | (2.74) | |
(2,423,474) | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Keyence Corporation | (500) | (314,379) | (4.34) | |
IT services | ||||
Fidelity National Information Service | (1,296) | (141,458) | (1.95) | |
Mastercard Incorporated Class A | (232) | (83,362) | (1.15) | |
Twilio Incorporated Class A | (301) | (79,265) | (1.09) | |
Visa Incorporated Class A | (544) | (117,890) | (1.63) | |
Semiconductors & semiconductor equipment | ||||
Infineon Technologies AG | (5,771) | (265,688) | (3.66) | |
Intel Corporation | (1,691) | (87,087) | (1.20) | |
Marvell Technology Incorporated | (1,890) | (165,356) | (2.28) | |
Nvidia Corporation | (386) | (113,526) | (1.57) | |
Software | ||||
Splunk Incorporated | (882) | (102,065) | (1.41) | |
Technology hardware, storage & peripherals | ||||
Apple Incorporated | (454) | (80,617) | (1.11) | |
(1,550,693) | ||||
Materials | ||||
Chemicals | ||||
Air Products & Chemicals Incorporated | (872) | (265,315) | (3.66) | |
Chr Hansen Holding AS | (1,448) | (114,175) | (1.57) | |
Ecolab Incorporated | (338) | (79,291) | (1.09) | |
International Flavors & Fragrances Incorporated | (819) | (123,382) | (1.70) |
Reference asset | Shares | Value | % of swapbasket value | |
Short positions (continued) | ||||
Chemicals (continued) | ||||
Linde plc | (796) | $ (275,758) | (3.80)% | |
Nippon Paint Holdings Company Limited | (11,700) | (127,773) | (1.76) | |
Metals & mining | ||||
Barrick Gold Corporation | (10,500) | (199,632) | (2.75) | |
Franco-Nevada Corporation | (600) | (82,979) | (1.14) | |
Ivanhoe Mines Limited Class A | (21,100) | (172,143) | (2.37) | |
Newcrest Mining Limited | (10,202) | (181,702) | (2.51) | |
(1,622,150) | ||||
Real estate | ||||
Equity REITs | ||||
Equinix Incorporated REIT | (118) | (99,809) | (1.38) | |
Scentre Group Limited | (63,786) | (146,648) | (2.02) | |
Real estate management & development | ||||
Vonovia SE | (1,698) | (93,563) | (1.29) | |
Wharf Real Estate Investment Company Limited | (24,000) | (121,884) | (1.68) | |
(461,904) | ||||
Utilities | ||||
Gas utilities | ||||
APA Group Stapled Security | (12,036) | (88,093) | (1.22) | |
Independent power & renewable electricity producers | ||||
Brookfield Renewable Corporation Class A | (4,100) | (150,879) | (2.08) | |
(238,972) |
Abbreviations: | |
REIT | Real estate investment trust |
Assets | |
Investments in unaffiliated securities, at value (cost $36,313,817) | $ 36,313,548 |
Investments in affiliated securities, at value (cost $27,194,961) | 27,194,961 |
Segregated cash for forward foreign currency contracts | 320,000 |
Cash at broker segregated for futures contracts | 8,147,640 |
Unrealized gains on forward foreign currency contracts | 333,786 |
Unrealized gains on swap contracts | 182,424 |
Receivable for daily variation margin on open futures contracts | 133,765 |
Receivable for interest | 857 |
Prepaid expenses and other assets | 33,512 |
Total assets | 72,660,493 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 615,872 |
Payable for daily variation margin on open futures contracts | 364,168 |
Management fee payable | 6,005 |
Payable for Fund shares redeemed | 4,201 |
Trustees’ fees and expenses payable | 4,196 |
Administration fees payable | 1,936 |
Accrued expenses and other liabilities | 47,312 |
Total liabilities | 1,043,690 |
Total net assets | $71,616,803 |
Net assets consist of | |
Paid-in capital | $ 73,100,859 |
Total distributable loss | (1,484,056) |
Total net assets | $71,616,803 |
Computation of net asset value per share | |
Net assets – Class R6 | $ 71,595,723 |
Shares outstanding – Class R61 | 8,471,755 |
Net asset value per share – Class R6 | $8.45 |
Net assets – Institutional Class | $ 21,080 |
Shares outstanding – Institutional Class1 | 2,500 |
Net asset value per share – Institutional Class | $8.43 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 8,292 |
Income from affiliated securities | 3,890 |
Total investment income | 12,182 |
Expenses | |
Management fee | 219,455 |
Administration fees | |
Class R6 | 10,969 |
Institutional Class | 14 |
Custody and accounting fees | 37,957 |
Professional fees | 41,461 |
Registration fees | 22,352 |
Shareholder report expenses | 22,619 |
Trustees’ fees and expenses | 10,666 |
Other fees and expenses | 44,975 |
Total expenses | 410,468 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (183,685) |
Institutional Class | (2) |
Net expenses | 226,781 |
Net investment loss | (214,599) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (41,127) |
Forward foreign currency contracts | (250,772) |
Futures contracts | (1,097,348) |
Swap contracts | 1,070,264 |
Net realized losses on investments | (318,983) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (175) |
Forward foreign currency contracts | (542,668) |
Futures contracts | 975,314 |
Swap contracts | 18,495 |
Net change in unrealized gains (losses) on investments | 450,966 |
Net realized and unrealized gains (losses) on investments | 131,983 |
Net decrease in net assets resulting from operations | $ (82,616) |
Six months ended December 31, 2021 (unaudited) | Year ended June 30, 2021 | |||
Operations | ||||
Net investment loss | $ (214,599) | $ (402,351) | ||
Net realized gains (losses) on investments | (318,983) | 2,101,490 | ||
Net change in unrealized gains (losses) on investments | 450,966 | 929,303 | ||
Net increase (decrease) in net assets resulting from operations | (82,616) | 2,628,442 | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class R6 | 74,947 | 634,178 | 6,163,717 | 50,264,988 |
Payment for shares redeemed | ||||
Class R6 | (117,466) | (994,383) | (5,848,516) | (46,618,904) |
Net increase (decrease) in net assets resulting from capital share transactions | (360,205) | 3,646,084 | ||
Total increase (decrease) in net assets | (442,821) | 6,274,526 | ||
Net assets | ||||
Beginning of period | 72,059,624 | 65,785,098 | ||
End of period | $71,616,803 | $ 72,059,624 |
Year ended June 30 | ||||
Class R6 | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.46 | $8.02 | $9.75 | $10.00 |
Net investment income (loss) | (0.03) | (0.05) 2 | 0.10 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.02 | 0.49 | (1.73) | (0.32) |
Total from investment operations | (0.01) | 0.44 | (1.63) | (0.25) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | 0.00 | (0.03) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.07) | 0.00 |
Total distributions to shareholders | 0.00 | 0.00 | (0.10) | 0.00 |
Net asset value, end of period | $8.45 | $8.46 | $8.02 | $9.75 |
Total return3 | (0.12)% | 5.49% | (16.78)% | (2.50)% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.12% | 1.09% | 1.04% | 1.56% |
Net expenses | 0.62% | 0.62% | 0.62% | 0.62% |
Net investment income (loss) | (0.59)% | (0.58)% | 1.03% | 1.78% |
Supplemental data | ||||
Portfolio turnover rate | 0% | 0% | 0% | 0% |
Net assets, end of period (000s omitted) | $71,596 | $72,039 | $65,765 | $38,957 |
1 | For the period from January 29, 2019 (commencement of class operations) to June 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended June 30 | ||||
Institutional Class | Six months ended December 31, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.44 | $8.02 | $9.74 | $10.00 |
Net investment income (loss) | (0.03) | (0.05) | 0.09 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.02 | 0.47 | (1.72) | (0.33) |
Total from investment operations | (0.01) | 0.42 | (1.63) | (0.26) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | 0.00 | (0.02) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.07) | 0.00 |
Total distributions to shareholders | 0.00 | 0.00 | (0.09) | 0.00 |
Net asset value, end of period | $8.43 | $8.44 | $8.02 | $9.74 |
Total return2 | (0.12)% | 5.24% | (16.87)% | (2.60)% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.23% | 1.21% | 1.15% | 1.68% |
Net expenses | 0.72% | 0.72% | 0.72% | 0.72% |
Net investment income (loss) | (0.69)% | (0.68)% | 0.95% | 1.69% |
Supplemental data | ||||
Portfolio turnover rate | 0% | 0% | 0% | 0% |
Net assets, end of period (000s omitted) | $21 | $21 | $20 | $24 |
1 | For the period from January 29, 2019 (commencement of class operations) to June 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 1,990,355 |
Gross unrealized losses | (1,916,232) |
Net unrealized gains | $ 74,123 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inpouts (level 3) | Total | |
Assets | ||||
Investments in: | ||||
Short-term investments | ||||
Investment companies | $ 27,194,961 | $ 0 | $0 | $ 27,194,961 |
U.S. Treasury securities | 36,313,548 | 0 | 0 | 36,313,548 |
63,508,509 | 0 | 0 | 63,508,509 | |
Forward foreign currency contracts | 0 | 333,786 | 0 | 333,786 |
Futures contracts | 1,322,833 | 0 | 0 | 1,322,833 |
Swap contracts | 0 | 182,424 | 0 | 182,424 |
Total assets | $64,831,342 | $516,210 | $0 | $65,347,552 |
Liabilitites | ||||
Forward foreign currency contracts | $ 0 | $ 615,872 | $0 | $ 615,872 |
Futures contracts | 485,961 | 0 | 0 | 485,961 |
Total liabilities | $ 485,961 | $615,872 | $0 | $ 1,101,833 |
Average daily net assets | Management fee |
First $500 million | 0.600% |
Next $500 million | 0.575 |
Next $2 billion | 0.550 |
Next $2 billion | 0.525 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class R6 | 0.03% |
Institutional Class | 0.13 |
Expense ratio caps | |
Class R6 | 0.62% |
Institutional Class | 0.72 |
Futures contracts | |
Average notional balance on long futures | $107,883,039 |
Average notional balance on short futures | 93,389,683 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 75,555,201 |
Average contract amounts to sell | 80,621,866 |
Swap contracts | |
Average notional balance | $ 5,681,244 |
Asset derivatives | Liability derivatives | ||||
Consolidated Statement of Assets and Liabilities location | Fair value | Consolidated Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 431,616* | Unrealized losses on futures contracts | $ 132,240* | |
Commodity risk | Unrealized gains on futures contracts | 787,543* | Unrealized losses on futures contracts | 297,165* | |
Equity risk | Unrealized gains on futures contracts | 103,674* | Unrealized losses on futures contracts | 56,556* | |
Unrealized gains on swaps contracts | 182,424 | Unrealized losses on swaps contracts | 0 | ||
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 333,786 | Unrealized losses on forward foreign currency contracts | 615,872 | |
$1,839,043 | $1,101,833 |
Amount of net realized gains (losses) on derivatives | ||||
Futures contracts | Forward foreign currency contracts | Swap contracts | Total | |
Interest rate risk | $ (251,241) | $ 0 | $ 0 | $ (251,241) |
Commodity risk | (1,052,640) | 0 | 0 | (1,052,640) |
Equity risk | 206,533 | 0 | 1,070,264 | 1,276,797 |
Foreign currency risk | 0 | (250,772) | 0 | (250,772) |
$(1,097,348) | $(250,772) | $1,070,264 | $ (277,856) |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | Forward foreign currency contracts | Swap contracts | Total | |
Interest rate risk | $ 600,989 | $ 0 | $ 0 | $ 600,989 |
Commodity risk | 316,607 | 0 | 0 | 316,607 |
Equity risk | 57,718 | 0 | 18,495 | 76,213 |
Foreign currency risk | 0 | (542,668) | 0 | (542,668) |
$975,314 | $(542,668) | $18,495 | $ 451,141 |
Counterparty | Gross amounts of assets in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount of assets |
Goldman Sachs International | $516,210 | $(516,210) | $0 | $0 |
Counterparty | Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged1 | Net amount of assets |
Goldman Sachs International | $615,872 | $(516,210) | $(99,662) | $0 |
Shares voted “For” | 4,691,172 | |
Shares voted “Against” | 0 | |
Shares voted “Abstain” | 0 |
Shares voted “For” | 4,691,172 | |
Shares voted “Against” | 0 | |
Shares voted “Abstain” | 0 |
Shares voted “For” | 4,691,172 | |
Shares voted “Against” | 0 | |
Shares voted “Abstain” | 0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-070544/g226369img917dfc7b1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA295/SAR295 12-21
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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.
Allspring Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | February 25, 2022 |
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 date indicated.
Allspring Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | February 25, 2022 |
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | February 25, 2022 |