UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(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: June 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g758473img5ed42df22.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g758473img75c4dc6b3.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net2 | |
Class R6 (WRPRX) | 1-29-2019 | 4.44 | -0.83 | 1.18 | 0.65 |
Institutional Class (WRPIX) | 1-29-2019 | 4.43 | -0.93 | 1.28 | 0.75 |
ICE BofA 3-Month U.S. Treasury Bill Index3 | – | 3.62 | 1.48 * | – | – |
* | 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, 2023, 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 2023. ICE Data Indices, LLC. All rights reserved. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $1,000,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g758473img011590c94.jpg)
1 | The chart compares the performance of Institutional Class shares since inception with the ICE BofA 3-Month U.S. Treasury Bill Index. The chart assumes a hypothetical investment of $1,000,000 in Institutional Class shares and reflects all operating expenses. |
Net asset exposure as of June 30, 20231 | ||
% of net assets | ||
Long positions | Short positions | |
Stocks | 55 | 42 |
Bond futures | 16 | 29 |
Commodity futures | 25 | 24 |
Currency forwards | 65 | 75 |
Equity index futures | 15 | 3 |
1 | Figures are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class R6 | ||||
Actual | $1,000.00 | $1,022.28 | $3.11 | 0.62 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.72 | $3.11 | 0.62 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,021.09 | $3.61 | 0.72 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.22 | $3.61 | 0.72 % |
1 | Consolidated expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Yield | Shares | Value | ||||
Short-term investments: 76.67% | ||||||
Investment companies: 14.88% | ||||||
Allspring Government Money Market Fund Select Class♠∞* | 5.02 % | 5,629,388 | $5,629,388 |
Maturity date | Principal | |||||
U.S. Treasury securities: 61.79% | ||||||
U.S. Treasury Bills☼ | 3.56 | 7-13-2023 | $ | 14,900,000 | 14,879,280 | |
U.S. Treasury Bills☼# | 4.53 | 12-28-2023 | 2,750,000 | 2,678,802 | ||
U.S. Treasury Bills☼# | 5.00 | 3-21-2024 | 3,000,000 | 2,888,262 | ||
U.S. Treasury Bills☼ | 5.12 | 11-24-2023 | 3,000,000 | 2,937,818 | ||
23,384,162 | ||||||
Total short-term investments (Cost $29,033,331) | 29,013,550 | |||||
Total investments in securities (Cost $29,033,331) | 76.67 % | 29,013,550 | ||||
Other assets and liabilities, net | 23.33 | 8,828,368 | ||||
Total net assets | 100.00 % | $37,841,918 |
♠ | 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. |
* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
☼ | 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 | $26,833,161 | $60,080,200 | $(81,283,973 ) | $0 | $0 | $5,629,388 | 5,629,388 | $399,139 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | ||
USD | 5,865,651 | AUD | 8,582,000 | Goldman Sachs International | 7-19-2023 | $146,506 | $0 |
BRL | 6,842,000 | USD | 1,405,260 | Goldman Sachs International | 7-19-2023 | 20,071 | 0 |
USD | 5,173,907 | CAD | 6,871,000 | Goldman Sachs International | 7-19-2023 | 0 | (13,787 ) |
USD | 5,031,766 | CHF | 4,501,000 | Goldman Sachs International | 7-19-2023 | 0 | (4,078 ) |
CLP | 1,165,583,000 | USD | 1,451,138 | Goldman Sachs International | 7-19-2023 | 104 | 0 |
CZK | 5,356,000 | USD | 244,091 | Goldman Sachs International | 7-19-2023 | 1,619 | 0 |
EUR | 5,851,000 | USD | 6,361,465 | Goldman Sachs International | 7-19-2023 | 27,470 | 0 |
GBP | 3,223,000 | USD | 4,093,568 | Goldman Sachs International | 7-19-2023 | 23 | 0 |
HUF | 573,058,000 | USD | 1,658,959 | Goldman Sachs International | 7-19-2023 | 13,203 | 0 |
USD | 1,118,686 | INR | 91,871,000 | Goldman Sachs International | 7-19-2023 | 0 | (657 ) |
JPY | 407,713,000 | USD | 2,940,721 | Goldman Sachs International | 7-19-2023 | 0 | (109,245 ) |
USD | 1,037,011 | KRW | 1,315,510,000 | Goldman Sachs International | 7-19-2023 | 38,033 | 0 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | ||
MXN | 35,095,000 | USD | 2,037,202 | Goldman Sachs International | 7-19-2023 | $7,595 | $0 |
USD | 8,076,363 | NOK | 84,991,000 | Goldman Sachs International | 7-19-2023 | 154,269 | 0 |
USD | 1,471,982 | NZD | 2,364,000 | Goldman Sachs International | 7-19-2023 | 21,285 | 0 |
PLN | 7,261,000 | USD | 1,768,841 | Goldman Sachs International | 7-19-2023 | 15,695 | 0 |
SEK | 12,688,000 | USD | 1,191,062 | Goldman Sachs International | 7-19-2023 | 0 | (13,921 ) |
ZAR | 4,793,000 | USD | 261,423 | Goldman Sachs International | 7-19-2023 | 0 | (7,112 ) |
IDR | 3,703,715,000 | USD | 248,872 | Goldman Sachs International | 7-20-2023 | 0 | (1,867 ) |
$445,873 | $(150,667 ) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
LME Copper Futures** | 6 | 7-17-2023 | $1,257,636 | $1,248,563 | $0 | $(9,073 ) |
LME Lead Futures** | 11 | 7-17-2023 | 556,796 | 577,913 | 21,117 | 0 |
CAC 40 Index | 7 | 7-21-2023 | 555,746 | 566,044 | 10,298 | 0 |
NY Harbor ULSD Futures** | 2 | 7-31-2023 | 208,713 | 205,598 | 0 | (3,115 ) |
Reformulated Gasoline Blendstock for Oxygen Blending Futures** | 6 | 7-31-2023 | 624,783 | 641,315 | 16,532 | 0 |
Lean Hogs Futures** | 33 | 8-14-2023 | 1,200,078 | 1,222,320 | 22,242 | 0 |
Live Cattle Futures** | 5 | 8-31-2023 | 324,090 | 354,350 | 30,260 | 0 |
TOPIX Index | 4 | 9-7-2023 | 612,519 | 634,256 | 21,737 | 0 |
S&P/TSX 60 Index | 4 | 9-14-2023 | 725,153 | 735,897 | 10,744 | 0 |
DAX Index | 1 | 9-15-2023 | 443,685 | 443,900 | 215 | 0 |
E-Mini NASDAQ 100 Index | 1 | 9-15-2023 | 294,750 | 306,740 | 11,990 | 0 |
E-Mini S&P 500 Index | 3 | 9-15-2023 | 652,380 | 673,238 | 20,858 | 0 |
Euro STOXX 50 Index | 12 | 9-15-2023 | 569,173 | 579,689 | 10,516 | 0 |
FTSE 100 Index | 7 | 9-15-2023 | 674,277 | 670,439 | 0 | (3,838 ) |
S&P ASX Share Price Index 200 | 6 | 9-21-2023 | 706,565 | 715,545 | 8,980 | 0 |
Long Gilt Futures | 5 | 9-27-2023 | 618,373 | 605,155 | 0 | (13,218 ) |
Silver Futures** | 5 | 9-27-2023 | 606,467 | 575,500 | 0 | (30,967 ) |
Number 11 World Sugar Futures** | 2 | 9-29-2023 | 56,635 | 51,050 | 0 | (5,585 ) |
Soybean Futures** | 23 | 11-14-2023 | 1,531,140 | 1,544,738 | 13,598 | 0 |
Number 2 Cotton Futures** | 6 | 12-6-2023 | 239,463 | 241,110 | 1,647 | 0 |
Corn Futures** | 63 | 12-14-2023 | 1,667,945 | 1,558,462 | 0 | (109,483 ) |
Soybean Meal Futures** | 24 | 12-14-2023 | 919,873 | 953,520 | 33,647 | 0 |
10-Year U.S. Treasury Notes | 3 | 9-20-2023 | 344,399 | 336,797 | 0 | (7,602 ) |
10-Year Canadian Bond | 52 | 9-20-2023 | 4,871,719 | 4,809,632 | 0 | (62,087 ) |
Short | ||||||
LME Nickel Futures** | (2 ) | 7-17-2023 | (248,571 ) | (244,728 ) | 3,843 | 0 |
LME Primary Aluminum Futures** | (15 ) | 7-17-2023 | (869,045 ) | (795,375 ) | 73,670 | 0 |
LME Zinc Futures** | (16 ) | 7-17-2023 | (1,032,720 ) | (954,500 ) | 78,220 | 0 |
Light Sweet Crude Oil Futures** | (11 ) | 7-20-2023 | (800,654 ) | (777,040 ) | 23,614 | 0 |
Henry Hub Natural Gas Futures** | (45 ) | 7-27-2023 | (1,126,212 ) | (1,259,100 ) | 0 | (132,888 ) |
Brent Crude Oil Futures** | (10 ) | 7-31-2023 | (725,584 ) | (754,100 ) | 0 | (28,516 ) |
Gas Oil Futures** | (2 ) | 8-10-2023 | (140,245 ) | (140,500 ) | 0 | (255 ) |
Gold 100 Troy Ounces Futures** | (10 ) | 8-29-2023 | (2,002,567 ) | (1,929,400 ) | 73,167 | 0 |
10-Year Euro BUND Index | (65 ) | 9-7-2023 | (9,512,742 ) | (9,485,914 ) | 26,828 | 0 |
Cocoa Futures** | (3 ) | 9-14-2023 | (94,428 ) | (100,590 ) | 0 | (6,162 ) |
Hard Red Winter Wheat Futures** | (16 ) | 9-14-2023 | (634,338 ) | (640,000 ) | 0 | (5,662 ) |
Wheat Futures** | (2 ) | 9-14-2023 | (64,092 ) | (65,100 ) | 0 | (1,008 ) |
10-Year Australian Bond | (13 ) | 9-15-2023 | (1,011,383 ) | (1,006,047 ) | 5,336 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short (continued) | ||||||
E-Mini Russell 2000 Index | (5 ) | 9-15-2023 | $(471,675 ) | $(475,925 ) | $0 | $(4,250 ) |
MSCI Emerging Markets Index | (11 ) | 9-15-2023 | (554,481 ) | (548,845 ) | 5,636 | 0 |
C Coffee Futures** | (14 ) | 9-19-2023 | (960,789 ) | (834,750 ) | 126,039 | 0 |
Soybean Oil Futures** | (3 ) | 12-14-2023 | (102,030 ) | (106,146 ) | 0 | (4,116 ) |
$650,734 | $(427,825 ) |
** | 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 | $4,797,823 | $4,641,640 | $0 | $(156,183 ) |
† | 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 1D USD-SOFR), 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 | ||||
Bandwidth, Inc. Class A | 6,294 | $86,102 | 1.86 % | |
IDT Corp. Class B | 2,090 | 54,026 | 1.16 | |
Liberty Global PLC Class A | 3,884 | 65,484 | 1.41 | |
Liberty Global PLC Class C | 5,390 | 95,780 | 2.06 | |
Entertainment | ||||
Bollore SE | 12,360 | 77,080 | 1.66 | |
Square Enix Holdings Co. Ltd. | 1,200 | 55,834 | 1.20 | |
Interactive media & services | ||||
Auto Trader Group PLC | 6,741 | 52,341 | 1.13 | |
QuinStreet, Inc. | 7,822 | 69,068 | 1.49 | |
Scout24 SE | 2,582 | 163,610 | 3.53 | |
Wireless telecommunication services | ||||
Tele2 AB Class B | 9,876 | 81,678 | 1.76 | |
801,003 | ||||
Consumer discretionary | ||||
Automobiles | ||||
Mazda Motor Corp. | 15,100 | 145,929 | 3.14 | |
Renault SA | 1,262 | 53,248 | 1.15 | |
Yamaha Motor Co. Ltd. | 2,500 | 71,871 | 1.55 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Consumer discretionary (continued) | ||||
Broadline retail | ||||
Canadian Tire Corp. Ltd. Class A | 400 | $54,688 | 1.18 % | |
Dollarama, Inc. | 700 | 47,408 | 1.02 | |
Next PLC | 550 | 48,227 | 1.04 | |
Pan Pacific International Holdings Corp. | 6,200 | 111,040 | 2.39 | |
Hotels, restaurants & leisure | ||||
Domino’s Pizza, Inc. | 460 | 155,015 | 3.34 | |
Monogatari Corp. | 3,900 | 94,658 | 2.04 | |
Starbucks Corp. | 487 | 48,242 | 1.04 | |
Tabcorp Holdings Ltd. | 135,379 | 100,418 | 2.16 | |
Yum! Brands, Inc. | 431 | 59,715 | 1.29 | |
Household durables | ||||
NVR, Inc. | 18 | 114,311 | 2.46 | |
Specialty retail | ||||
Chewy, Inc. Class A | 2,637 | 104,082 | 2.24 | |
Haverty Furniture Cos., Inc. | 3,073 | 92,866 | 2.00 | |
PAL Group Holdings Co. Ltd. | 2,100 | 56,842 | 1.22 | |
Winmark Corp. | 299 | 99,409 | 2.14 | |
Textiles, apparel & luxury goods | ||||
Pandora AS | 976 | 87,236 | 1.88 | |
1,545,205 | ||||
Consumer staples | ||||
Beverages | ||||
Carlsberg AS Class B | 627 | 100,402 | 2.16 | |
Consumer staples distribution & retail | ||||
Empire Co. Ltd. Class A | 2,100 | 59,651 | 1.28 | |
Food products | ||||
Campbell Soup Co. | 1,566 | 71,582 | 1.54 | |
General Mills, Inc. | 894 | 68,570 | 1.48 | |
J M Smucker Co. | 386 | 57,001 | 1.23 | |
Lamb Weston Holdings, Inc. | 772 | 88,741 | 1.91 | |
Household products | ||||
Clorox Co. | 534 | 84,927 | 1.83 | |
Tobacco | ||||
Imperial Brands PLC | 2,667 | 59,033 | 1.27 | |
589,907 | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Marathon Petroleum Corp. | 503 | 58,650 | 1.26 | |
58,650 | ||||
Financials | ||||
Banks | ||||
Bank of Ireland Group PLC | 6,053 | 57,790 | 1.24 | |
Commerzbank AG | 4,975 | 55,152 | 1.19 | |
Swedbank AB Class A | 3,288 | 55,489 | 1.19 | |
Capital markets | ||||
Amundi SA | 837 | 49,449 | 1.07 | |
BlackRock, Inc. | 68 | 46,998 | 1.01 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Financials (continued) | ||||
Capital markets (continued) | ||||
Brightsphere Investment Group, Inc. | 4,906 | $102,781 | 2.21 % | |
Cboe Global Markets, Inc. | 788 | 108,752 | 2.34 | |
Hargreaves Lansdown PLC | 16,053 | 166,409 | 3.59 | |
IGM Financial, Inc. | 2,100 | 63,931 | 1.38 | |
Invesco Ltd. | 4,890 | 82,201 | 1.77 | |
MarketAxess Holdings, Inc. | 444 | 116,071 | 2.50 | |
MSCI, Inc. | 128 | 60,069 | 1.29 | |
Perella Weinberg Partners | 10,328 | 86,032 | 1.85 | |
SEI Investments Co. | 2,110 | 125,798 | 2.71 | |
StoneX Group, Inc. | 916 | 76,101 | 1.64 | |
Tradeweb Markets, Inc. Class A | 992 | 67,932 | 1.46 | |
Financial services | ||||
Element Fleet Management Corp. | 10,400 | 158,424 | 3.41 | |
Equitable Holdings, Inc. | 2,349 | 63,799 | 1.37 | |
Kinnevik AB Class B | 3,723 | 51,643 | 1.11 | |
Wendel SE | 1,030 | 105,787 | 2.28 | |
Insurance | ||||
American Financial Group, Inc. | 672 | 79,800 | 1.72 | |
Erie Indemnity Co. Class A | 743 | 156,037 | 3.36 | |
Globe Life, Inc. | 921 | 100,960 | 2.17 | |
iA Financial Corp., Inc. | 1,200 | 81,751 | 1.76 | |
Willis Towers Watson PLC | 254 | 59,817 | 1.29 | |
2,178,973 | ||||
Health care | ||||
Biotechnology | ||||
Allakos, Inc. | 15,247 | 66,477 | 1.43 | |
Gilead Sciences, Inc. | 1,426 | 109,902 | 2.37 | |
Kodiak Sciences, Inc. | 10,342 | 71,360 | 1.54 | |
Swedish Orphan Biovitrum AB | 2,767 | 54,082 | 1.17 | |
Health care equipment & supplies | ||||
DENTSPLY SIRONA, Inc. | 1,712 | 68,514 | 1.48 | |
Zynex, Inc. | 7,090 | 67,993 | 1.46 | |
Health care providers & services | ||||
Addus HomeCare Corp. | 538 | 49,873 | 1.07 | |
Life sciences tools & services | ||||
Agilent Technologies, Inc. | 408 | 49,062 | 1.06 | |
Bio-Rad Laboratories, Inc. Class A | 173 | 65,588 | 1.41 | |
Mettler-Toledo International, Inc. | 40 | 52,466 | 1.13 | |
Waters Corp. | 246 | 65,569 | 1.41 | |
Pharmaceuticals | ||||
Amneal Pharmaceuticals, Inc. | 17,281 | 53,571 | 1.15 | |
Ligand Pharmaceuticals, Inc. | 924 | 66,620 | 1.44 | |
Orion Oyj Class B | 2,604 | 108,069 | 2.33 | |
Viatris, Inc. | 10,673 | 106,517 | 2.29 | |
1,055,663 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Industrials | ||||
Commercial services & supplies | ||||
Dai Nippon Printing Co. Ltd. | 2,000 | $56,811 | 1.22 % | |
TOPPAN, Inc. | 3,100 | 66,996 | 1.44 | |
Construction & engineering | ||||
Argan, Inc. | 2,061 | 81,224 | 1.75 | |
Monadelphous Group Ltd. | 9,114 | 71,299 | 1.54 | |
Electrical equipment | ||||
Hubbell, Inc. | 336 | 111,404 | 2.40 | |
Thermon Group Holdings, Inc. | 3,461 | 92,063 | 1.98 | |
TPI Composites, Inc. | 4,925 | 51,072 | 1.10 | |
Ground transportation | ||||
Covenant Logistics Group, Inc. | 1,148 | 50,317 | 1.09 | |
Keisei Electric Railway Co. Ltd. | 1,900 | 78,754 | 1.70 | |
Kintetsu Group Holdings Co. Ltd. | 2,600 | 90,044 | 1.94 | |
Industrial conglomerates | ||||
Nisshinbo Holdings, Inc. | 6,100 | 50,587 | 1.09 | |
Machinery | ||||
CIRCOR International, Inc. | 1,338 | 75,530 | 1.63 | |
Otis Worldwide Corp. | 1,095 | 97,466 | 2.10 | |
Toro Co. | 524 | 53,265 | 1.15 | |
Professional services | ||||
Barrett Business Services, Inc. | 1,329 | 115,889 | 2.50 | |
Booz Allen Hamilton Holding Corp. | 1,259 | 140,504 | 3.03 | |
Randstad NV | 1,943 | 102,473 | 2.21 | |
Trading companies & distributors | ||||
WW Grainger, Inc. | 72 | 56,778 | 1.22 | |
1,442,476 | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Arlo Technologies, Inc. | 5,122 | 55,881 | 1.21 | |
Arrow Electronics, Inc. | 364 | 52,136 | 1.12 | |
Azbil Corp. | 1,800 | 56,970 | 1.23 | |
Venture Corp. Ltd. | 9,300 | 101,535 | 2.19 | |
IT services | ||||
CGI, Inc. | 1,300 | 137,090 | 2.95 | |
Gartner, Inc. | 163 | 57,101 | 1.23 | |
Otsuka Corp. | 2,900 | 112,960 | 2.43 | |
VeriSign, Inc. | 428 | 96,715 | 2.08 | |
Wix.com Ltd. | 735 | 57,506 | 1.24 | |
Semiconductors & semiconductor equipment | ||||
Teradyne, Inc. | 1,063 | 118,344 | 2.55 | |
Software | ||||
Adeia, Inc. | 5,475 | 60,280 | 1.30 | |
Descartes Systems Group, Inc. | 1,000 | 80,106 | 1.72 | |
Dropbox, Inc. Class A | 8,062 | 215,013 | 4.63 | |
Fair Isaac Corp. | 199 | 161,033 | 3.47 | |
OneSpan, Inc. | 5,052 | 74,972 | 1.61 | |
Oracle Corp. Japan | 2,600 | 193,371 | 4.17 |
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Information technology (continued) | ||||
Software (continued) | ||||
Telos Corp. | 23,027 | $58,949 | 1.27 % | |
Yext, Inc. | 8,203 | 92,776 | 2.00 | |
1,782,738 | ||||
Materials | ||||
Chemicals | ||||
Clariant AG | 3,743 | 54,148 | 1.17 | |
Johnson Matthey PLC | 5,951 | 132,110 | 2.85 | |
Koppers Holdings, Inc. | 1,928 | 65,745 | 1.42 | |
Orica Ltd. | 6,171 | 61,135 | 1.32 | |
Metals & mining | ||||
Reliance Steel & Aluminum Co. | 306 | 83,106 | 1.79 | |
396,244 | ||||
Real estate | ||||
Diversified REITs | ||||
British Land Co. PLC | 15,663 | 60,402 | 1.30 | |
H&R Real Estate Investment Trust | 11,200 | 86,658 | 1.87 | |
Stockland | 24,779 | 66,613 | 1.44 | |
Health care REITs | ||||
Medical Properties Trust, Inc. | 5,443 | 50,402 | 1.08 | |
Industrial REITs | ||||
CapitaLand Ascendas REIT | 40,600 | 81,946 | 1.77 | |
Office REITs | ||||
Covivio | 1,547 | 73,080 | 1.57 | |
Gecina SA | 535 | 57,073 | 1.23 | |
Ichigo Office REIT Investment Corp. | 95 | 58,947 | 1.27 | |
Real estate management & development | ||||
Swire Pacific Ltd. Class A | 7,000 | 53,779 | 1.16 | |
Retail REITs | ||||
CBL & Associates Properties, Inc. | 3,510 | 77,360 | 1.67 | |
Klepierre SA | 3,877 | 96,321 | 2.08 | |
Mercialys SA | 8,783 | 79,371 | 1.71 | |
RioCan Real Estate Investment Trust | 6,600 | 96,054 | 2.07 | |
Vicinity Ltd. | 57,170 | 70,406 | 1.52 | |
Waypoint REIT Ltd. | 52,189 | 90,265 | 1.95 | |
1,098,677 | ||||
Utilities | ||||
Gas utilities | ||||
Enagas SA | 2,609 | 51,276 | 1.10 | |
Independent power and renewable electricity producers | ||||
Orron Energy AB | 84,314 | 88,808 | 1.91 | |
Multi-utilities | ||||
Canadian Utilities Ltd. Class A | 2,500 | 64,748 | 1.40 | |
204,832 |
Reference asset | Dividend yield | Shares | Value | % of swap basket value |
Long positions (continued) | ||||
Preferred stocks | ||||
Consumer discretionary | ||||
Automobile components | ||||
Schaeffler AG | 0.20 % | 10,565 | $65,215 | 1.41 % |
Short positions | ||||
Common stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
BCE, Inc. | (1,300 ) | $(59,272 ) | (1.28 )% | |
Cellnex Telecom SA | (3,614 ) | (146,019 ) | (3.14 ) | |
Entertainment | ||||
Warner Bros Discovery, Inc. | (6,571 ) | (82,400 ) | (1.78 ) | |
Media | ||||
Trade Desk, Inc. Class A | (1,631 ) | (125,946 ) | (2.71 ) | |
(413,637 ) | ||||
Consumer discretionary | ||||
Automobile components | ||||
Aptiv PLC | (696 ) | (71,055 ) | (1.53 ) | |
Denso Corp. | (1,600 ) | (107,923 ) | (2.33 ) | |
Automobiles | ||||
Rivian Automotive, Inc. Class A | (4,296 ) | (71,571 ) | (1.54 ) | |
Tesla, Inc. | (429 ) | (112,299 ) | (2.42 ) | |
Toyota Motor Corp. | (8,900 ) | (143,042 ) | (3.08 ) | |
Broadline retail | ||||
Rakuten Group, Inc. | (31,200 ) | (108,717 ) | (2.34 ) | |
Hotels, restaurants & leisure | ||||
Carnival Corp. | (5,116 ) | (96,334 ) | (2.08 ) | |
Dave & Buster’s Entertainment, Inc. | (1,302 ) | (58,017 ) | (1.25 ) | |
DoorDash, Inc. Class A | (1,286 ) | (98,276 ) | (2.12 ) | |
MGM Resorts International | (1,696 ) | (74,488 ) | (1.60 ) | |
Norwegian Cruise Line Holdings Ltd. | (2,339 ) | (50,920 ) | (1.10 ) | |
Planet Fitness, Inc. Class A | (1,499 ) | (101,093 ) | (2.18 ) | |
Royal Caribbean Cruises Ltd. | (635 ) | (65,875 ) | (1.42 ) | |
Household durables | ||||
GN Store Nord AS | (2,731 ) | (68,298 ) | (1.47 ) | |
Panasonic Holdings Corp. | (5,500 ) | (67,441 ) | (1.45 ) | |
Sony Group Corp. | (1,700 ) | (153,459 ) | (3.31 ) | |
Leisure products | ||||
Mattel, Inc. | (2,447 ) | (47,814 ) | (1.03 ) | |
Specialty retail | ||||
Floor & Decor Holdings, Inc. Class A | (987 ) | (102,609 ) | (2.21 ) | |
RH | (370 ) | (121,948 ) | (2.63 ) | |
Valvoline, Inc. | (1,380 ) | (51,764 ) | (1.11 ) | |
Textiles, apparel & luxury goods | ||||
LVMH Moet Hennessy Louis Vuitton SE | (52 ) | (49,032 ) | (1.06 ) | |
(1,821,975 ) |
Reference asset | Shares | Value | % of swap basket value | |
Short positions (continued) | ||||
Common stocks (continued) | ||||
Consumer staples | ||||
Beverages | ||||
Diageo PLC | (1,956 ) | $(84,090 ) | (1.81 )% | |
Consumer staples distribution & retail | ||||
Seven & i Holdings Co. Ltd. | (1,800 ) | (77,764 ) | (1.68 ) | |
Food products | ||||
Nestle SA | (1,003 ) | (120,652 ) | (2.60 ) | |
(282,506 ) | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Enbridge, Inc. | (3,700 ) | (137,526 ) | (2.96 ) | |
Energy Fuels, Inc. | (8,100 ) | (50,321 ) | (1.08 ) | |
Gevo, Inc. | (36,697 ) | (55,779 ) | (1.20 ) | |
Santos Ltd. | (15,955 ) | (79,831 ) | (1.72 ) | |
TC Energy Corp. | (1,800 ) | (72,747 ) | (1.57 ) | |
(396,204 ) | ||||
Financials | ||||
Banks | ||||
National Australia Bank Ltd. | (2,881 ) | (50,671 ) | (1.09 ) | |
Royal Bank of Canada | (600 ) | (57,303 ) | (1.24 ) | |
Toronto-Dominion Bank | (1,100 ) | (68,180 ) | (1.47 ) | |
Capital markets | ||||
Brookfield Corp. | (2,100 ) | (70,700 ) | (1.52 ) | |
Coinbase Global, Inc. Class A | (1,438 ) | (102,889 ) | (2.22 ) | |
Deutsche Boerse AG | (297 ) | (54,830 ) | (1.18 ) | |
EQT AB | (5,848 ) | (112,584 ) | (2.43 ) | |
Macquarie Group Ltd. | (1,010 ) | (120,178 ) | (2.59 ) | |
S&P Global, Inc. | (387 ) | (155,144 ) | (3.34 ) | |
Consumer finance | ||||
SoFi Technologies, Inc. | (7,745 ) | (64,593 ) | (1.39 ) | |
Financial services | ||||
Apollo Global Management, Inc. | (1,427 ) | (109,608 ) | (2.36 ) | |
Berkshire Hathaway, Inc. Class B | (209 ) | (71,269 ) | (1.54 ) | |
Investor AB Class A | (3,646 ) | (72,969 ) | (1.57 ) | |
Investor AB Class B | (6,951 ) | (139,055 ) | (3.00 ) | |
Nexi SpA | (13,386 ) | (105,023 ) | (2.26 ) | |
Insurance | ||||
Brown & Brown, Inc. | (805 ) | (55,416 ) | (1.19 ) | |
Legal & General Group PLC | (37,967 ) | (109,926 ) | (2.37 ) | |
Tryg AS | (3,064 ) | (66,354 ) | (1.43 ) | |
Mortgage real estate investment trusts (REITs) | ||||
ARMOUR Residential REIT, Inc. | (11,461 ) | (61,087 ) | (1.32 ) | |
(1,647,779 ) | ||||
Health care | ||||
Biotechnology | ||||
Argenx SE | (159 ) | (62,009 ) | (1.34 ) | |
CSL Ltd. | (693 ) | (128,329 ) | (2.76 ) |
Reference asset | Shares | Value | % of swap basket value | |
Short positions (continued) | ||||
Common stocks (continued) | ||||
Health care (continued) | ||||
Health care providers & services | ||||
R1 RCM, Inc. | (3,074 ) | $(56,715 ) | (1.22 )% | |
UnitedHealth Group, Inc. | (175 ) | (84,112 ) | (1.81 ) | |
Pharmaceuticals | ||||
AstraZeneca PLC | (387 ) | (55,478 ) | (1.19 ) | |
JCR Pharmaceuticals Co. Ltd. | (6,000 ) | (53,182 ) | (1.15 ) | |
(439,825 ) | ||||
Industrials | ||||
Aerospace & defense | ||||
Safran SA | (620 ) | (97,160 ) | (2.09 ) | |
Building products | ||||
Daikin Industries Ltd. | (400 ) | (81,962 ) | (1.77 ) | |
Construction & engineering | ||||
Ferrovial SE | (1,563 ) | (49,410 ) | (1.06 ) | |
Electrical equipment | ||||
Emerson Electric Co. | (614 ) | (55,500 ) | (1.19 ) | |
ITM Power PLC | (75,203 ) | (69,175 ) | (1.49 ) | |
NIDEC Corp. | (1,100 ) | (60,616 ) | (1.31 ) | |
Ground transportation | ||||
Canadian Pacific Kansas City Ltd. | (1,800 ) | (145,386 ) | (3.13 ) | |
Grab Holdings Ltd. Class A | (50,252 ) | (172,364 ) | (3.71 ) | |
Machinery | ||||
Makita Corp. | (1,800 ) | (50,879 ) | (1.10 ) | |
SMC Corp. | (100 ) | (55,576 ) | (1.20 ) | |
Stanley Black & Decker, Inc. | (1,129 ) | (105,799 ) | (2.28 ) | |
Toyota Industries Corp. | (1,200 ) | (85,973 ) | (1.85 ) | |
Professional services | ||||
TransUnion | (805 ) | (63,056 ) | (1.36 ) | |
Trading companies & distributors | ||||
AerCap Holdings NV | (2,713 ) | (172,330 ) | (3.71 ) | |
Transportation infrastructure | ||||
Transurban Group | (5,702 ) | (54,291 ) | (1.17 ) | |
(1,319,477 ) | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Coherent Corp. | (2,457 ) | (125,258 ) | (2.70 ) | |
Hexagon AB Class B | (13,337 ) | (164,049 ) | (3.53 ) | |
Keyence Corp. | (100 ) | (47,516 ) | (1.02 ) | |
IT services | ||||
Nomura Research Institute Ltd. | (1,700 ) | (46,967 ) | (1.01 ) | |
Shopify, Inc. Class A | (1,100 ) | (71,094 ) | (1.53 ) | |
Snowflake, Inc. Class A | (621 ) | (109,284 ) | (2.36 ) | |
Semiconductors & semiconductor equipment | ||||
Advanced Micro Devices, Inc. | (1,166 ) | (132,819 ) | (2.86 ) | |
MKS Instruments Inc | (1,140 ) | (123,234 ) | (2.66 ) | |
Software | ||||
BILL Holdings, Inc. | (789 ) | (92,195 ) | (1.99 ) | |
Datadog, Inc. Class A | (557 ) | (54,798 ) | (1.18 ) | |
Unity Software, Inc. | (1,969 ) | (85,494 ) | (1.84 ) |
Reference asset | Shares | Value | % of swap basket value | |
Short positions (continued) | ||||
Common stocks (continued) | ||||
Information technology (continued) | ||||
Technology hardware, storage & peripherals | ||||
Fujifilm Holdings Corp. | (800 ) | $(47,666 ) | (1.03 )% | |
(1,100,374 ) | ||||
Materials | ||||
Chemicals | ||||
Air Liquide SA | (295 ) | (52,904 ) | (1.14 ) | |
Metals & mining | ||||
Agnico Eagle Mines Ltd. | (1,100 ) | (54,927 ) | (1.18 ) | |
Lithium Americas Corp. | (5,200 ) | (105,236 ) | (2.27 ) | |
Sayona Mining Ltd. | (688,044 ) | (81,134 ) | (1.75 ) | |
(294,201 ) | ||||
Real estate | ||||
Health care REITs | ||||
Welltower, Inc. | (912 ) | (73,772 ) | (1.59 ) | |
Industrial REITs | ||||
Rexford Industrial Realty, Inc. | (2,022 ) | (105,589 ) | (2.28 ) | |
Office REITs | ||||
Nippon Building Fund, Inc. | (14 ) | (55,050 ) | (1.19 ) | |
Orix JREIT, Inc. | (72 ) | (88,632 ) | (1.91 ) | |
Real estate management & development | ||||
Mitsubishi Estate Co. Ltd. | (5,100 ) | (60,590 ) | (1.30 ) | |
Vonovia SE | (4,360 ) | (85,149 ) | (1.83 ) | |
Retail REITs | ||||
Realty Income Corp. | (1,622 ) | (96,979 ) | (2.09 ) | |
(565,761 ) | ||||
Utilities | ||||
Independent power and renewable electricity producers | ||||
RWE AG | (1,496 ) | (65,190 ) | (1.41 ) | |
(65,190 ) |
Abbreviations: | |
REIT | Real estate investment trust |
Assets | |
Investments in unaffiliated securities, at value (cost $23,403,943) | $23,384,162 |
Investments in affiliated securities, at value (cost $5,629,388) | 5,629,388 |
Cash | 10 |
Cash due from broker | 168,011 |
Cash at broker segregated for futures contracts | 7,885,297 |
Segregated cash for swap contracts | 1,117,000 |
Foreign currency, at value (cost $32) | 31 |
Unrealized gains on forward foreign currency contracts | 445,873 |
Receivable for daily variation margin on open futures contracts | 273,072 |
Receivable from manager | 48,558 |
Receivable for interest | 27,685 |
Receivable for Fund shares sold | 7,018 |
Prepaid expenses and other assets | 91,338 |
Total assets | 39,077,443 |
Liabilities | |
Cash collateral due to broker for forward foreign currency contracts | 330,000 |
Payable for swap contracts | 326,494 |
Payable for daily variation margin on open futures contracts | 207,395 |
Unrealized losses on swap contracts | 156,183 |
Unrealized losses on forward foreign currency contracts | 150,667 |
Payable for Fund shares redeemed | 47,602 |
Administration fees payable | 1,088 |
Trustees’ fees and expenses payable | 292 |
Accrued expenses and other liabilities | 15,804 |
Total liabilities | 1,235,525 |
Total net assets | $37,841,918 |
Net assets consist of | |
Paid-in capital | $38,435,365 |
Total distributable loss | (593,447 ) |
Total net assets | $37,841,918 |
Computation of net asset value per share | |
Net assets–Class R6 | $36,890,522 |
Shares outstanding–Class R61 | 4,466,947 |
Net asset value per share–Class R6 | $8.26 |
Net assets–Institutional Class | $951,396 |
Shares outstanding–Institutional Class1 | 115,595 |
Net asset value per share–Institutional Class | $8.23 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $1,033,331 |
Income from affiliated securities | 399,139 |
Total investment income | 1,432,470 |
Expenses | |
Management fee | 269,535 |
Administration fees | |
Class R6 | 13,195 |
Institutional Class | 1,221 |
Custody and accounting fees | 101,096 |
Professional fees | 96,954 |
Registration fees | 43,607 |
Shareholder report expenses | 27,918 |
Trustees’ fees and expenses | 20,431 |
Other fees and expenses | 93,732 |
Total expenses | 667,689 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (387,802 ) |
Institutional Class | (428 ) |
Net expenses | 279,459 |
Net investment income | 1,153,011 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (5,699 ) |
Foreign currency and foreign currency translations | (85,980 ) |
Payment from affiliate | 130,877 |
Forward foreign currency contracts | 1,917,523 |
Futures contracts | (669,436 ) |
Swap contracts | 124,251 |
Net realized gains on investments | 1,411,536 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (14,840 ) |
Foreign currency and foreign currency translations | 940 |
Forward foreign currency contracts | 411,670 |
Futures contracts | (879,434 ) |
Swap contracts | (395,230 ) |
Net change in unrealized gains (losses) on investments | (876,894 ) |
Net realized and unrealized gains (losses) on investments | 534,642 |
Net increase in net assets resulting from operations | $1,687,653 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income (loss) | $1,153,011 | $(378,293 ) | ||
Net realized gains on investments | 1,411,536 | 3,935,291 | ||
Net change in unrealized gains (losses) on investments | (876,894 ) | 934,009 | ||
Net increase in net assets resulting from operations | 1,687,653 | 4,491,007 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class R6 | (5,243,974 ) | 0 | ||
Institutional Class | (126,693 ) | 0 | ||
Total distributions to shareholders | (5,370,667 ) | 0 | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class R6 | 2,093,518 | 19,055,274 | 104,165 | 886,741 |
Institutional Class | 0 | 0 | 100,000 | 853,000 |
19,055,274 | 1,739,741 | |||
Reinvestment of distributions | ||||
Class R6 | 638,607 | 5,243,974 | 0 | 0 |
Institutional Class | 15,484 | 126,693 | 0 | 0 |
5,370,667 | 0 | |||
Payment for shares redeemed | ||||
Class R6 | (4,204,500 ) | (38,017,325 ) | (2,679,117 ) | (23,152,340 ) |
Institutional Class | (2,389 ) | (21,716 ) | 0 | 0 |
(38,039,041 ) | (23,152,340 ) | |||
Net decrease in net assets resulting from capital share transactions | (13,613,100 ) | (21,412,599 ) | ||
Total decrease in net assets | (17,296,114 ) | (16,921,592 ) | ||
Net assets | ||||
Beginning of period | 55,138,032 | 72,059,624 | ||
End of period | $37,841,918 | $55,138,032 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.13 | $8.46 | $8.02 | $9.75 | $10.00 |
Net investment income (loss) | 0.33 | (0.11 ) | (0.05 )2 | 0.10 | 0.07 |
Payment from affiliate | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.01 | 0.78 | 0.49 | (1.73 ) | (0.32 ) |
Total from investment operations | 0.36 | 0.67 | 0.44 | (1.63 ) | (0.25 ) |
Distributions to shareholders from | |||||
Net investment income | (0.83 ) | 0.00 | 0.00 | (0.03 ) | 0.00 |
Net realized gains | (0.40 ) | 0.00 | 0.00 | (0.07 ) | 0.00 |
Total distributions to shareholders | (1.23 ) | 0.00 | 0.00 | (0.10 ) | 0.00 |
Net asset value, end of period | $8.26 | $9.13 | $8.46 | $8.02 | $9.75 |
Total return3 | 4.44 %* | 7.92 % | 5.49 % | (16.78 )% | (2.50 )% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.48 % | 1.15 % | 1.09 % | 1.04 % | 1.56 % |
Net expenses | 0.62 % | 0.62 % | 0.62 % | 0.62 % | 0.62 % |
Net investment income (loss) | 2.56 % | (0.56 )% | (0.58 )% | 1.03 % | 1.78 % |
Supplemental data | |||||
Portfolio turnover rate | 0 % | 0 % | 0 % | 0 % | 0 % |
Net assets, end of period (000s omitted) | $36,891 | $54,205 | $72,039 | $65,765 | $38,957 |
* | For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return. See Note 5 in the Notes to Financial Statements for additional information. |
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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.10 | $8.44 | $8.02 | $9.74 | $10.00 |
Net investment income (loss) | 0.29 | (0.10 ) | (0.05 ) | 0.09 | 0.07 |
Payment from affiliate | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.05 | 0.76 | 0.47 | (1.72 ) | (0.33 ) |
Total from investment operations | 0.36 | 0.66 | 0.42 | (1.63 ) | (0.26 ) |
Distributions to shareholders from | |||||
Net investment income | (0.83 ) | 0.00 | 0.00 | (0.02 ) | 0.00 |
Net realized gains | (0.40 ) | 0.00 | 0.00 | (0.07 ) | 0.00 |
Total distributions to shareholders | (1.23 ) | 0.00 | 0.00 | (0.09 ) | 0.00 |
Net asset value, end of period | $8.23 | $9.10 | $8.44 | $8.02 | $9.74 |
Total return2 | 4.43 %* | 7.82 % | 5.24 % | (16.87 )% | (2.60 )% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.62 % | 1.35 % | 1.21 % | 1.15 % | 1.68 % |
Net expenses | 0.72 % | 0.72 % | 0.72 % | 0.72 % | 0.72 % |
Net investment income (loss) | 2.65 % | (0.53 )% | (0.68 )% | 0.95 % | 1.69 % |
Supplemental data | |||||
Portfolio turnover rate | 0 % | 0 % | 0 % | 0 % | 0 % |
Net assets, end of period (000s omitted) | $951 | $933 | $21 | $20 | $24 |
* | For year ended June 30, 2023, the Fund received a payment from an affiliate that had an impact of 0.25% on total return. See Note 5 in the Notes to Financial Statements for additional information. |
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. |
The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Gross unrealized gains | $98,889 |
Gross unrealized losses | (17,245 ) |
Net unrealized gains | $81,644 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Short-term investments | ||||
Investment companies | $5,629,388 | $0 | $0 | $5,629,388 |
U.S. Treasury securities | 23,384,162 | 0 | 0 | 23,384,162 |
29,013,550 | 0 | 0 | 29,013,550 | |
Forward foreign currency contracts | 0 | 445,873 | 0 | 445,873 |
Futures contracts | 650,734 | 0 | 0 | 650,734 |
Total assets | $29,664,284 | $445,873 | $0 | $30,110,157 |
Liabilities | ||||
Forward foreign currency contracts | $0 | $150,667 | $0 | $150,667 |
Futures contracts | 427,825 | 0 | 0 | 427,825 |
Swap contracts | 0 | 156,183 | 0 | 156,183 |
Total liabilities | $427,825 | $306,850 | $0 | $734,675 |
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 | $24,899,706 |
Average notional balance on short futures | 35,814,574 |
Forward foreign currency contracts | |
Average contract amounts to buy | $20,172,757 |
Average contract amounts to sell | 28,406,580 |
Swap contracts | |
Average notional balance | $4,414,781 |
Interest rate risk | Commodity risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | |||||
Futures contracts | $32,164 * | $517,596 * | $100,974 * | $0 | $650,734 |
Forward foreign currency contracts | 0 | 0 | 0 | 445,873 | 445,873 |
$32,164 | $517,596 | $100,974 | $445,873 | $1,096,607 | |
Liability derivatives | |||||
Futures contracts | $82,907 * | $336,830 * | $8,088 * | $0 | $427,825 |
Forward foreign currency contracts | 0 | 0 | 0 | 150,667 | 150,667 |
Swap contracts | 0 | 0 | 156,183 | 0 | 156,183 |
$82,907 | $336,830 | $164,271 | $150,667 | $734,675 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Consolidated Portfolio of Investments. For futures contracts, only the current day’s variation margin as of June 30, 2023 is reported separately on the Consolidated Statement of Assets and Liabilities. |
Interest rate risk | Commodity risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | |||||
Futures contracts | $(629,956 ) | $393,170 | $(432,650 ) | $0 | $(669,436 ) |
Forward foreign currency contracts | 0 | 0 | 0 | 1,917,523 | 1,917,523 |
Swap contracts | 0 | 0 | 124,251 | 0 | 124,251 |
$(629,956 ) | $393,170 | $(308,399 ) | $1,917,523 | $1,372,338 | |
Net change in unrealized gains (losses) on derivatives | |||||
Futures contracts | $(805,872 ) | $(162,886 ) | $89,324 | $0 | $(879,434 ) |
Forward foreign currency contracts | 0 | 0 | 0 | 411,670 | 411,670 |
Swap contracts | 0 | 0 | (395,230 ) | 0 | (395,230 ) |
$(805,872 ) | $(162,886 ) | $(305,906 ) | $411,670 | $(862,994 ) |
Counterparty | Gross amounts of assets in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received1 | Net amount of assets |
Goldman Sachs International | $445,873 | $(306,850 ) | $(139,023 ) | $0 |
Counterparty | Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
Goldman Sachs International | $306,850 | $(306,850 ) | $0 | $0 |
1 | Collateral received within this table is limited to the collateral for the net transaction with the counterparty. |
Year ended June 30 | ||
2023 | 2022 | |
Ordinary income | $3,927,235 | $0 |
Long-term capital gain | 1,443,432 | 0 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$1,195,159 | $82,634 | $(1,871,240 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g758473img845bf5c85.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g758473img4e0e83731.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g758473img29a8900c6.gif)
AR4723 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527747img98ef3ad02.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527747img2b363ee93.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 manager | Terry J. Goode, Kim Nakahara, Adrian Van Poppel |
Average annual total returns (%) as of June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (SFCIX) | 11-18-1992 | -0.25 | 0.13 | 0.83 | 1.73 | 0.54 | 1.04 | 0.85 | 0.80 |
Class C (SFCCX) | 8-30-2002 | -0.13 | -0.23 | 0.44 | 0.87 | -0.23 | 0.44 | 1.60 | 1.55 |
Administrator Class (SCTIX) | 9-6-1996 | – | – | – | 1.83 | 0.72 | 1.24 | 0.79 | 0.60 |
Institutional Class (SFCNX)3 | 10-31-2014 | – | – | – | 2.04 | 0.84 | 1.33 | 0.52 | 0.50 |
Bloomberg Municipal Bond 1-5 Year Blend Index4 | – | – | – | – | 1.17 | 1.19 | 1.30 | – | – |
Bloomberg California Municipal 1-5 Year Blend Index5 | – | – | – | – | 1.20 | 0.98 | 1.21 | – | – |
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, 2023, 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 Municipal Bond 1–5 Year Blend 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. |
5 | The Bloomberg California Municipal 1-5 Year Blend Index is the 1-5 Year component of the Bloomberg California Municipal Bond Index. You cannot invest directly in an index. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527747img73f03cc04.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond 1-5 Year Blend Index and Bloomberg California Municipal 1-5 Year Blend Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527747img2487d1225.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527747img5a28d5f06.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.23 | $3.99 | 0.80 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80 % |
Class C | ||||
Actual | $1,000.00 | $1,008.46 | $7.72 | 1.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.11 | $7.75 | 1.55 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,013.26 | $3.00 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,013.76 | $2.50 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 93.81% | ||||||
California: 89.80% | ||||||
Airport revenue: 7.36% | ||||||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 % | 12-31-2023 | $ | 1,100,000 | $1,104,192 | |
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 6-30-2024 | 1,115,000 | 1,124,223 | ||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 12-31-2024 | 750,000 | 759,620 | ||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 6-30-2027 | 450,000 | 469,080 | ||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 6-30-2028 | 390,000 | 411,781 | ||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 12-31-2029 | 3,815,000 | 4,039,947 | ||
City of Los Angeles Department of Airports Series B AMT | 5.00 | 5-15-2025 | 6,000,000 | 6,149,736 | ||
City of Los Angeles Department of Airports Series B AMT | 5.00 | 5-15-2026 | 2,500,000 | 2,602,630 | ||
City of Los Angeles Department of Airports Series C AMT | 5.00 | 5-15-2028 | 2,000,000 | 2,142,089 | ||
City of Los Angeles Department of Airports Series D AMT | 5.00 | 5-15-2028 | 2,705,000 | 2,897,176 | ||
City of Palm Springs Passenger Facility Charge Revenue AMT (BAM Insured) | 5.00 | 6-1-2027 | 1,205,000 | 1,233,240 | ||
County of Sacramento Airport System Revenue Series F AMT | 5.00 | 7-1-2024 | 1,760,000 | 1,778,008 | ||
Port of Oakland Series E | 5.00 | 11-1-2023 | 200,000 | 201,096 | ||
Port of Oakland Series E | 5.00 | 11-1-2026 | 1,200,000 | 1,275,773 | ||
San Diego County Regional Airport Authority Series C AMT | 5.00 | 7-1-2027 | 750,000 | 787,204 | ||
San Diego County Regional Airport Authority Series C AMT | 5.00 | 7-1-2028 | 1,000,000 | 1,062,899 | ||
San Diego County Regional Airport Authority Series C AMT | 5.00 | 7-1-2029 | 1,000,000 | 1,077,501 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 5.50 | 5-1-2028 | 250,000 | 250,241 | ||
29,366,436 | ||||||
Education revenue: 6.99% | ||||||
California Educational Facilities Authority Loma Linda University Series A | 5.00 | 4-1-2024 | 550,000 | 556,056 | ||
California Educational Facilities Authority Loma Linda University Series A | 5.00 | 4-1-2026 | 325,000 | 337,731 | ||
California Infrastructure & Economic Development Bank Colburn School (SIFMA Municipal Swap+0.90%)± | 4.91 | 8-1-2072 | 5,000,000 | 4,848,225 | ||
California Municipal Finance Authority Albert Einstein Academy Charter School/Charter Middle School Series A | 6.00 | 8-1-2023 | 155,000 | 155,285 | ||
California Municipal Finance Authority Biola University, Inc. | 5.00 | 10-1-2027 | 790,000 | 821,667 | ||
California Municipal Finance Authority California Institute of the Arts | 4.00 | 10-1-2033 | 250,000 | 245,097 | ||
California Municipal Finance Authority California Institute of the Arts | 4.00 | 10-1-2035 | 350,000 | 337,439 | ||
California Municipal Finance Authority California Lutheran University | 5.00 | 10-1-2023 | 225,000 | 225,464 | ||
California Municipal Finance Authority California Lutheran University | 5.00 | 10-1-2024 | 275,000 | 278,213 | ||
California Municipal Finance Authority California Lutheran University | 5.00 | 10-1-2025 | 275,000 | 281,018 | ||
California Municipal Finance Authority California Lutheran University | 5.00 | 10-1-2026 | 300,000 | 310,221 | ||
California Municipal Finance Authority Palmdale Aerospace Academy, Inc. Series A144A | 3.88 | 7-1-2028 | 1,075,000 | 1,025,830 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
California Municipal Finance Authority University of the Pacific Series A | 5.00 % | 11-1-2024 | $ | 600,000 | $612,568 | |
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2025 | 600,000 | 627,053 | ||
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2026 | 625,000 | 667,529 | ||
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2027 | 650,000 | 709,884 | ||
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2028 | 700,000 | 777,416 | ||
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2029 | 470,000 | 526,427 | ||
California Municipal Finance Authority University of the Pacific Series A | 5.00 | 11-1-2030 | 500,000 | 568,980 | ||
California School Finance Authority Aspire Public Schools Obligated Group Series A144A | 2.13 | 8-1-2031 | 500,000 | 425,453 | ||
California School Finance Authority Bright Star Schools Obligated Group144A | 5.00 | 6-1-2027 | 855,000 | 856,704 | ||
California School Finance Authority Classical Academy Obligated Group Series A144A | 3.00 | 10-1-2031 | 375,000 | 345,244 | ||
California School Finance Authority Granada Hills Charter High School Obligated Group Series A144A | 4.00 | 7-1-2029 | 535,000 | 532,409 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2023 | 285,000 | 285,000 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2024 | 380,000 | 382,656 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2026 | 420,000 | 426,514 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2027 | 440,000 | 448,271 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2028 | 465,000 | 475,492 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2029 | 485,000 | 497,093 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2030 | 510,000 | 521,374 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2031 | 535,000 | 545,247 | ||
California School Finance Authority Hawking STEAM Charter Schools, Inc.144A | 5.00 | 7-1-2032 | 565,000 | 574,050 | ||
California School Finance Authority Rocketship Education Obligated Group Series A144A | 5.00 | 6-1-2026 | 295,000 | 295,623 | ||
California School Finance Authority Santa Clarita Valley International Charter School Series A144A | 4.00 | 6-1-2031 | 260,000 | 245,131 | ||
California State University Series B-2øø | 0.55 | 11-1-2049 | 6,500,000 | 5,766,181 | ||
California Statewide Communities Development Authority California Baptist University Series A144A | 5.13 | 11-1-2023 | 175,000 | 175,162 | ||
Fullerton Public Financing Authority Marshall B Ketchum University Series A | 4.00 | 2-1-2029 | 360,000 | 379,544 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Fullerton Public Financing Authority Marshall B Ketchum University Series A | 4.00 % | 2-1-2031 | $ | 415,000 | $437,203 | |
Fullerton Public Financing Authority Marshall B Ketchum University Series A | 4.00 | 2-1-2033 | 325,000 | 340,909 | ||
27,867,363 | ||||||
GO revenue: 20.02% | ||||||
Aromas-San Juan Unified School District CAB BAN¤ | 0.00 | 8-1-2027 | 1,375,000 | 1,172,677 | ||
Bassett Unified School District Series B (BAM Insured) | 5.00 | 8-1-2023 | 725,000 | 725,824 | ||
Cajon Valley Union School District | 5.00 | 8-1-2026 | 340,000 | 361,658 | ||
Cajon Valley Union School District | 5.00 | 8-1-2027 | 200,000 | 217,177 | ||
Carlsbad Unified School District Series B | 3.00 | 8-1-2031 | 300,000 | 299,029 | ||
Carlsbad Unified School District Series B | 3.00 | 8-1-2032 | 350,000 | 345,995 | ||
Carlsbad Unified School District Series B | 3.00 | 8-1-2034 | 300,000 | 292,370 | ||
Carlsbad Unified School District Series B | 3.00 | 8-1-2035 | 250,000 | 237,521 | ||
Carlsbad Unified School District Series B | 3.00 | 8-1-2036 | 350,000 | 326,273 | ||
Hayward Unified School District (AGM Insured) | 5.00 | 8-1-2023 | 805,000 | 806,016 | ||
Inglewood Unified School District Series B (BAM Insured) | 5.00 | 8-1-2023 | 195,000 | 195,222 | ||
Inglewood Unified School District Series B (BAM Insured) | 5.00 | 8-1-2024 | 150,000 | 152,774 | ||
Inglewood Unified School District Series B (BAM Insured) | 5.00 | 8-1-2025 | 170,000 | 176,433 | ||
Inglewood Unified School District Series B (BAM Insured) | 5.00 | 8-1-2026 | 235,000 | 248,973 | ||
Local Public Schools Funding Authority School Improvement District No. 2016-1 Series B (AGM Insured) | 3.00 | 8-1-2033 | 225,000 | 216,304 | ||
Local Public Schools Funding Authority School Improvement District No. 2016-1 Series B (AGM Insured) | 3.00 | 8-1-2034 | 375,000 | 355,444 | ||
Local Public Schools Funding Authority School Improvement District No. 2016-1 Series B (AGM Insured) | 3.00 | 8-1-2035 | 520,000 | 483,279 | ||
Los Angeles Unified School District Series C | 4.00 | 7-1-2032 | 1,000,000 | 1,085,655 | ||
Newman-Crows Landing Unified School District CAB BAN¤ | 0.00 | 8-1-2025 | 2,000,000 | 1,856,939 | ||
Oak Valley Hospital District | 5.00 | 7-1-2023 | 755,000 | 755,000 | ||
Oakland Unified School District/Alameda County | 5.00 | 8-1-2025 | 1,540,000 | 1,596,706 | ||
Oakland Unified School District/Alameda County | 5.00 | 8-1-2029 | 10,125,000 | 10,772,891 | ||
Oakland Unified School District/Alameda County Series A | 5.00 | 8-1-2024 | 600,000 | 611,350 | ||
Oakland Unified School District/Alameda County Series B | 5.00 | 8-1-2026 | 500,000 | 528,976 | ||
Oakland Unified School District/Alameda County Series C | 5.00 | 8-1-2025 | 795,000 | 824,274 | ||
Palomar Health Obligated Group Series A (NPFGC Insured)¤ | 0.00 | 8-1-2025 | 1,000,000 | 928,092 | ||
Pittsburg Unified School District (AGM Insured) | 4.00 | 8-1-2031 | 150,000 | 159,709 | ||
Pittsburg Unified School District (AGM Insured) | 4.00 | 8-1-2032 | 250,000 | 264,267 | ||
Sacramento City Unified School District Series E | 5.00 | 8-1-2029 | 1,500,000 | 1,626,104 | ||
Sacramento City Unified School District Series G (AGM Insured) | 4.00 | 8-1-2030 | 150,000 | 159,747 | ||
Sacramento City Unified School District Series G (AGM Insured) | 4.00 | 8-1-2031 | 200,000 | 211,160 | ||
Sacramento City Unified School District Series G (AGM Insured) | 4.00 | 8-1-2032 | 200,000 | 210,010 | ||
Sacramento City Unified School District Series G (AGM Insured) | 4.00 | 8-1-2033 | 200,000 | 209,384 | ||
San Bernardino City Unified School District Series A (AGM Insured) | 1.25 | 8-1-2029 | 435,000 | 377,996 | ||
San Bernardino City Unified School District Series A (AGM Insured) | 4.00 | 8-1-2031 | 875,000 | 926,678 | ||
San Diego Unified School District Series F2 | 5.00 | 7-1-2024 | 20,000,000 | 20,403,628 | ||
San Gorgonio Memorial Health Care District | 4.00 | 8-1-2027 | 1,090,000 | 1,026,654 | ||
San Gorgonio Memorial Health Care District | 4.00 | 8-1-2030 | 580,000 | 530,652 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Sierra Kings Health Care District | 4.00 % | 8-1-2023 | $ | 405,000 | $405,107 | |
Sierra Kings Health Care District | 4.00 | 8-1-2024 | 420,000 | 422,186 | ||
State of California | 4.00 | 9-1-2026 | 6,000,000 | 6,188,876 | ||
State of California | 5.00 | 10-1-2023 | 8,400,000 | 8,439,364 | ||
State of California | 5.00 | 8-1-2025 | 3,500,000 | 3,645,331 | ||
State of California (BAM Insured) | 5.00 | 9-1-2027 | 8,500,000 | 9,082,312 | ||
79,862,017 | ||||||
Health revenue: 13.77% | ||||||
California HFFA Adventist Health System/West Obligated Group Series 2011-Aøø | 3.00 | 3-1-2041 | 6,125,000 | 6,094,139 | ||
California HFFA Adventist Health System/West Obligated Group Series Aøø | 5.00 | 3-1-2040 | 4,000,000 | 4,252,357 | ||
California HFFA CommonSpirit Health Obligated Group Series A | 5.00 | 4-1-2032 | 1,500,000 | 1,633,485 | ||
California HFFA El Camino Hospital | 5.00 | 2-1-2025 | 1,000,000 | 1,026,162 | ||
California HFFA On Lok Senior Health Services Obligated Group | 3.00 | 8-1-2025 | 475,000 | 465,549 | ||
California HFFA On Lok Senior Health Services Obligated Group | 3.00 | 8-1-2028 | 400,000 | 385,967 | ||
California HFFA On Lok Senior Health Services Obligated Group | 3.00 | 8-1-2030 | 210,000 | 199,210 | ||
California HFFA Providence St. Joseph Health Obligated Group Series B-3øø | 2.00 | 10-1-2036 | 5,000,000 | 4,815,112 | ||
California HFFA Stanford Health Care Obligated Group Series Aøø | 3.00 | 8-15-2054 | 4,700,000 | 4,692,032 | ||
California Municipal Finance Authority Aldersly Series B | 3.75 | 11-15-2028 | 2,990,000 | 2,996,739 | ||
California Municipal Finance Authority Aldersly Series B | 4.00 | 11-15-2028 | 595,000 | 596,317 | ||
California Municipal Finance Authority Carmel Valley Manor Obligated Group | 5.00 | 5-15-2024 | 185,000 | 187,652 | ||
California Municipal Finance Authority Carmel Valley Manor Obligated Group | 5.00 | 5-15-2025 | 200,000 | 206,303 | ||
California Municipal Finance Authority Carmel Valley Manor Obligated Group | 5.00 | 5-15-2026 | 185,000 | 194,398 | ||
California Municipal Finance Authority Community Hospitals of Central California Obligated Group Series A | 5.00 | 2-1-2024 | 500,000 | 505,555 | ||
California Municipal Finance Authority Community Hospitals of Central California Obligated Group Series A | 5.00 | 2-1-2025 | 1,000,000 | 1,018,463 | ||
California Municipal Finance Authority Community Hospitals of Central California Obligated Group Series A | 5.00 | 2-1-2027 | 1,000,000 | 1,039,170 | ||
California Municipal Finance Authority Congregational Homes, Inc. Obligated Group Series B | 2.13 | 11-15-2026 | 565,000 | 533,467 | ||
California Municipal Finance Authority Congregational Homes, Inc. Obligated Group Series B-1 | 2.75 | 11-15-2027 | 520,000 | 492,377 | ||
California Municipal Finance Authority Eisenhower Medical Center Series A | 5.00 | 7-1-2027 | 1,650,000 | 1,729,975 | ||
California Municipal Finance Authority Eisenhower Medical Center Series A | 5.00 | 7-1-2029 | 400,000 | 420,150 | ||
California Municipal Finance Authority Healthright 360 Series A144A | 5.00 | 11-1-2029 | 1,170,000 | 1,202,726 | ||
California Municipal Finance Authority Northern California Retired Officers Community Series B1 | 2.25 | 7-1-2025 | 1,190,000 | 1,160,577 | ||
California Municipal Finance Authority Open Door Community Health Centers | 4.00 | 9-15-2030 | 790,000 | 843,854 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
California Municipal Finance Authority Open Door Community Health Centers | 4.00 % | 9-15-2033 | $ | 890,000 | $936,983 | |
California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | 10-15-2030 | 1,165,000 | 1,212,189 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group Series A | 4.00 | 10-15-2028 | 360,000 | 363,334 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group Series Bøø | 4.00 | 10-15-2051 | 690,000 | 676,092 | ||
California PFA Kendal at Sonoma Obligated Group Series B-2144A | 2.38 | 11-15-2028 | 1,000,000 | 957,724 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series F (AGM Insured)€øø | 4.03 | 7-1-2040 | 1,000,000 | 1,000,000 | ||
California Statewide Communities Development Authority Adventist Health System/West Obligated Group Series A | 5.00 | 3-1-2024 | 800,000 | 806,736 | ||
California Statewide Communities Development Authority Cedars- Sinai Medical Center Obligated Group | 5.00 | 7-1-2025 | 500,000 | 516,027 | ||
California Statewide Communities Development Authority Cedars- Sinai Medical Center Obligated Group | 5.00 | 7-1-2026 | 500,000 | 525,008 | ||
California Statewide Communities Development Authority Emanate Health Obligated Group Series A | 5.00 | 4-1-2028 | 755,000 | 805,000 | ||
California Statewide Communities Development Authority Emanate Health Obligated Group Series A | 5.00 | 4-1-2029 | 795,000 | 859,628 | ||
California Statewide Communities Development Authority Hebrew Home for Aged Disabled | 5.00 | 11-1-2030 | 900,000 | 966,954 | ||
California Statewide Communities Development Authority Henry Mayo Newhall Hospital Obligated Group Series A (AGM Insured) | 5.00 | 10-1-2023 | 500,000 | 501,572 | ||
California Statewide Communities Development Authority HumanGood California Obligated Group | 5.00 | 10-1-2026 | 720,000 | 736,180 | ||
California Statewide Communities Development Authority HumanGood California Obligated Group | 5.00 | 10-1-2027 | 1,000,000 | 1,024,129 | ||
California Statewide Communities Development Authority HumanGood California Obligated Group | 5.00 | 10-1-2028 | 1,125,000 | 1,154,231 | ||
California Statewide Communities Development Authority Loma Linda University Medical Center Obligated Group Series A144A | 5.00 | 12-1-2026 | 250,000 | 256,218 | ||
California Statewide Communities Development Authority Loma Linda University Medical Center Obligated Group Series A144A | 5.00 | 12-1-2027 | 300,000 | 307,146 | ||
California Statewide Communities Development Authority Loma Linda University Medical Center Obligated Group Series A144A | 5.00 | 12-1-2028 | 250,000 | 256,253 | ||
Sierra View Local Health Care District | 4.00 | 7-1-2023 | 500,000 | 500,000 | ||
Sierra View Local Health Care District | 4.00 | 7-1-2025 | 580,000 | 582,079 | ||
Sierra View Local Health Care District | 5.00 | 7-1-2027 | 630,000 | 663,643 | ||
Sierra View Local Health Care District | 5.00 | 7-1-2029 | 630,000 | 680,943 | ||
Washington Township Health Care District Series A | 4.00 | 7-1-2033 | 275,000 | 276,909 | ||
Washington Township Health Care District Series A | 5.00 | 7-1-2023 | 600,000 | 600,000 | ||
Washington Township Health Care District Series A | 5.00 | 7-1-2029 | 350,000 | 374,203 | ||
Washington Township Health Care District Series A | 5.00 | 7-1-2030 | 300,000 | 324,082 | ||
Washington Township Health Care District Series A | 5.00 | 7-1-2031 | 325,000 | 349,112 | ||
54,904,111 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 8.53% | ||||||
California Enterprise Development Authority Provident Group-SDSU Properties LLC Series A | 5.00 % | 8-1-2029 | $ | 200,000 | $213,123 | |
California Enterprise Development Authority Provident Group-SDSU Properties LLC Series A | 5.00 | 8-1-2030 | 325,000 | 348,979 | ||
California Housing Finance Agency Series 2 | 4.00 | 3-20-2033 | 4,935,888 | 4,847,031 | ||
California Housing Finance Agency Series 2021-1 | 3.50 | 11-20-2035 | 2,900,173 | 2,713,451 | ||
California Infrastructure & Economic Development Bank California State Teachers’ Retirement System | 5.00 | 8-1-2027 | 400,000 | 432,750 | ||
California Municipal Finance Authority CHF-Davis I LLC | 5.00 | 5-15-2024 | 1,200,000 | 1,210,304 | ||
California Municipal Finance Authority CHF-Davis I LLC | 5.00 | 5-15-2025 | 3,435,000 | 3,503,893 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2032 | 700,000 | 720,104 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2029 | 400,000 | 432,867 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2030 | 450,000 | 491,743 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2031 | 400,000 | 440,547 | ||
California State Public Works Board State of California Department of Corrections & Rehabilitation Series D | 5.00 | 9-1-2025 | 1,160,000 | 1,186,459 | ||
California Statewide Communities Development Authority CHF- Irvine LLC (BAM Insured) | 5.00 | 5-15-2026 | 1,605,000 | 1,674,894 | ||
California Statewide Communities Development Authority Lancer Educational Housing LLC Series A144A | 3.00 | 6-1-2029 | 635,000 | 575,280 | ||
City of Long Beach Harbor Revenue Series C AMT | 5.00 | 5-15-2027 | 500,000 | 514,578 | ||
Compton PFA144A | 4.00 | 9-1-2027 | 2,000,000 | 1,966,101 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2026 | 140,000 | 143,064 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2027 | 365,000 | 376,281 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2028 | 255,000 | 264,820 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2029 | 265,000 | 277,280 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2030 | 275,000 | 289,006 | ||
El Centro Financing Authority Series B | 4.00 | 10-1-2031 | 285,000 | 300,153 | ||
FHLMC Multifamily VRD Certificates Series M-057 | 2.40 | 10-15-2029 | 5,975,000 | 5,519,807 | ||
Independent Cities Finance Authority Millennium Housing of California | 4.25 | 5-15-2024 | 745,000 | 749,651 | ||
Los Angeles County Public Works Financing Authority Series D | 5.00 | 12-1-2027 | 1,605,000 | 1,688,530 | ||
Municipal Improvement Corp. of Los Angeles Series C | 5.00 | 11-1-2030 | 2,340,000 | 2,723,188 | ||
Sacramento County Housing Authority Series C (FNMA LIQ, FNMA Insured)ø | 2.72 | 7-15-2029 | 405,000 | 405,000 | ||
34,008,884 | ||||||
Industrial development revenue: 0.76% | ||||||
San Francisco City & County Airport Commission San Francisco International Airport SFO Fuel Co. LLC Series A AMT | 5.00 | 1-1-2025 | 3,000,000 | 3,050,195 | ||
Miscellaneous revenue: 6.17% | ||||||
California Housing Finance Agency Series N | 5.00 | 4-1-2029 | 630,000 | 698,521 | ||
California Housing Finance Agency Series N | 5.00 | 4-1-2031 | 730,000 | 827,811 | ||
California Municipal Finance Authority Southwestern Law School | 4.00 | 11-1-2031 | 175,000 | 175,020 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
California Municipal Finance Authority Southwestern Law School | 5.00 % | 11-1-2026 | $ | 275,000 | $283,910 | |
California Municipal Finance Authority Southwestern Law School | 5.00 | 11-1-2027 | 290,000 | 302,853 | ||
California Municipal Finance Authority Southwestern Law School | 5.00 | 11-1-2028 | 200,000 | 211,050 | ||
California Municipal Finance Authority Southwestern Law School | 5.00 | 11-1-2029 | 210,000 | 223,587 | ||
California Municipal Finance Authority Southwestern Law School | 5.00 | 11-1-2030 | 220,000 | 235,781 | ||
California Statewide Communities Development Authority (BAM Insured) | 5.00 | 8-1-2027 | 2,185,000 | 2,325,826 | ||
California Statewide Communities Development Authority Series 2021-A | 4.00 | 9-2-2027 | 390,000 | 383,557 | ||
California Statewide Communities Development Authority Series 2021-A | 4.00 | 9-2-2028 | 260,000 | 254,523 | ||
City of Irvine Assessment District No. 21-1 | 4.00 | 9-2-2029 | 1,220,000 | 1,277,650 | ||
City of Irvine Assessment District No. 21-1 (BAM Insured) | 4.00 | 9-2-2033 | 270,000 | 283,535 | ||
City of Irvine Reassessment District No. 15-2 | 5.00 | 9-2-2023 | 800,000 | 801,243 | ||
City of Irvine Reassessment District No. 15-2 | 5.00 | 9-2-2024 | 850,000 | 860,219 | ||
County of Santa Barbara Series B AMT | 5.00 | 12-1-2029 | 600,000 | 646,546 | ||
Desert Sands Unified School District (BAM Insured) | 5.00 | 3-1-2024 | 1,500,000 | 1,516,722 | ||
Independent Cities Finance Authority City of Compton Sales Tax Revenue (AGM Insured)144A | 4.00 | 6-1-2028 | 500,000 | 512,843 | ||
Independent Cities Finance Authority City of Compton Sales Tax Revenue (AGM Insured)144A | 4.00 | 6-1-2030 | 550,000 | 568,452 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2029 | 485,000 | 493,770 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2030 | 505,000 | 512,850 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2031 | 525,000 | 531,931 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2032 | 550,000 | 554,154 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2033 | 570,000 | 574,828 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2034 | 595,000 | 603,153 | ||
Lodi Public Financing Authority (AGM Insured) | 5.00 | 9-1-2024 | 1,100,000 | 1,121,941 | ||
Mountain House Public Financing Authority Mountain House Community Services District Series A | 5.00 | 12-1-2029 | 520,000 | 566,717 | ||
Mountain House Public Financing Authority Mountain House Community Services District Series A | 5.00 | 12-1-2030 | 710,000 | 769,576 | ||
Mountain House Public Financing Authority Mountain House Community Services District Series A | 5.00 | 12-1-2031 | 745,000 | 802,879 | ||
Palomar Health Obligated Group COP | 5.00 | 11-1-2023 | 300,000 | 300,966 | ||
Palomar Health Obligated Group COP | 5.00 | 11-1-2024 | 300,000 | 304,067 | ||
Palomar Health Obligated Group COP | 5.00 | 11-1-2025 | 330,000 | 339,118 | ||
San Joaquin Area Flood Control Agency Smith Canal Area Assessment District (AGM Insured) | 5.00 | 10-1-2025 | 250,000 | 259,439 | ||
San Joaquin Area Flood Control Agency Smith Canal Area Assessment District (AGM Insured) | 5.00 | 10-1-2027 | 350,000 | 377,916 | ||
San Joaquin Area Flood Control Agency Smith Canal Area Assessment District (AGM Insured) | 5.00 | 10-1-2029 | 380,000 | 426,193 | ||
Sutter Butte Flood Control Agency Assessment District (BAM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,285,566 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Sutter Butte Flood Control Agency Assessment District (BAM Insured) | 5.00 % | 10-1-2024 | $ | 715,000 | $731,628 | |
Sutter Butte Flood Control Agency Assessment District (BAM Insured) | 5.00 | 10-1-2025 | 1,575,000 | 1,641,397 | ||
24,587,738 | ||||||
Tax revenue: 11.10% | ||||||
California Statewide Communities Development Authority Community Facilities District No. 2015-01 | 5.00 | 9-1-2027 | 335,000 | 345,212 | ||
Cathedral City Redevelopment Successor Agency Bond Merged Redevelopment Project Series C (BAM Insured) | 4.00 | 8-1-2027 | 580,000 | 596,766 | ||
Cathedral City Redevelopment Successor Agency Bond Merged Redevelopment Project Series C (BAM Insured) | 4.00 | 8-1-2029 | 500,000 | 522,955 | ||
Cathedral City Redevelopment Successor Agency Bond Merged Redevelopment Project Series C (BAM Insured) | 4.00 | 8-1-2031 | 600,000 | 627,271 | ||
Cathedral City Redevelopment Successor Agency Merged Redevelopment Project Series A (AGM Insured) | 5.00 | 8-1-2024 | 1,770,000 | 1,798,981 | ||
Chino Public Financing Authority Series A (AGM Insured) | 5.00 | 9-1-2024 | 660,000 | 674,071 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series 2021 | 4.00 | 9-1-2032 | 350,000 | 347,810 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series 2021 | 4.00 | 9-1-2033 | 865,000 | 856,879 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series 2021 | 4.00 | 9-1-2034 | 700,000 | 692,245 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series A144A | 4.00 | 9-1-2032 | 1,150,000 | 1,120,493 | ||
City & County of San Francisco Infrastructure & Revitalization Financing District No. 1 Series A144A | 5.00 | 9-1-2027 | 500,000 | 513,762 | ||
City of Fontana Community Facilities District No. 90 | 3.00 | 9-1-2025 | 110,000 | 105,948 | ||
City of Fontana Community Facilities District No. 90 | 4.00 | 9-1-2026 | 110,000 | 109,675 | ||
City of Fontana Community Facilities District No. 90 | 4.00 | 9-1-2027 | 125,000 | 125,001 | ||
City of Fontana Community Facilities District No. 90 | 4.00 | 9-1-2028 | 255,000 | 255,331 | ||
City of Fontana Community Facilities District No. 90 | 4.00 | 9-1-2030 | 140,000 | 139,513 | ||
City of Fontana Community Facilities District No. 90 | 4.00 | 9-1-2032 | 300,000 | 298,350 | ||
City of Fremont Community Facilities District No. 1 | 5.00 | 9-1-2024 | 1,000,000 | 1,013,008 | ||
City of Lincoln Community Facilities District No. 2003-1 | 4.00 | 9-1-2024 | 600,000 | 603,862 | ||
City of Lincoln Community Facilities District No. 2003-1 | 5.00 | 9-1-2025 | 550,000 | 568,377 | ||
City of Roseville Fiddyment Ranch Community Facilities District No. 1 Series A | 5.00 | 9-1-2024 | 1,905,000 | 1,929,781 | ||
City of Roseville Fiddyment Ranch Community Facilities District No. 1 Series A | 5.00 | 9-1-2029 | 1,595,000 | 1,684,225 | ||
City of Sacramento Transient Occupancy Tax Revenue Series A | 5.00 | 6-1-2027 | 575,000 | 612,855 | ||
City of San Diego Community Facilities District No. 2 | 4.00 | 9-1-2030 | 435,000 | 455,913 | ||
Commerce Community Development Commission Successor Agency Series A (AGM Insured) | 5.00 | 8-1-2023 | 600,000 | 600,660 | ||
Compton Community Redevelopment Successor Agency Series A (AGM Insured) | 5.00 | 8-1-2025 | 4,095,000 | 4,246,623 | ||
Fairfield Redevelopment Agency | 5.00 | 8-1-2023 | 1,025,000 | 1,026,263 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Hollister Redevelopment Successor Agency Hollister Community Development Project (BAM Insured) | 5.00 % | 10-1-2026 | $ | 700,000 | $717,742 | |
Inglewood Redevelopment Successor Agency Refunding Bond Subordinate Lien Merged Redevelopment Project Series A (BAM Insured) | 5.00 | 5-1-2025 | 1,000,000 | 1,028,319 | ||
Irwindale Community Redevelopment Agency City Industrial Development Project (AGM Insured) | 5.00 | 7-15-2023 | 375,000 | 375,177 | ||
Lancaster Redevelopment Successor Agency Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2024 | 870,000 | 885,626 | ||
Lancaster Redevelopment Successor Agency Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2029 | 400,000 | 426,447 | ||
Oakdale Community Redevelopment Agency Series A (AGM Insured) | 5.00 | 6-1-2027 | 350,000 | 376,105 | ||
Orange County Community Facilities District No. 2015-1 Series A | 5.00 | 8-15-2023 | 365,000 | 365,391 | ||
Orange County Community Facilities District No. 2015-1 Series A | 5.00 | 8-15-2025 | 325,000 | 332,538 | ||
Pittsburg Successor Agency Redevelopment Agency (AGM Insured) | 5.00 | 8-1-2023 | 780,000 | 780,886 | ||
Poway Unified School District Public Financing Authority District No. 6 Series B (BAM Insured) | 5.00 | 9-1-2024 | 1,115,000 | 1,138,515 | ||
Poway Unified School District Public Financing Authority District No. 6 Series B (BAM Insured) | 5.00 | 9-1-2025 | 775,000 | 807,955 | ||
Richmond County Redevelopment Successor Agency Series A (BAM Insured) | 4.50 | 9-1-2025 | 160,000 | 162,202 | ||
Richmond County Redevelopment Successor Agency Series A (BAM Insured) | 5.00 | 9-1-2023 | 265,000 | 265,625 | ||
Richmond County Redevelopment Successor Agency Series A (BAM Insured) | 5.00 | 9-1-2025 | 150,000 | 152,934 | ||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Series A-1 (AGM Insured) | 5.00 | 9-1-2026 | 130,000 | 137,528 | ||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Series A-1 (AGM Insured) | 5.00 | 9-1-2027 | 225,000 | 243,011 | ||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Series A-1 (AGM Insured) | 5.00 | 9-1-2028 | 200,000 | 220,364 | ||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Series A-1 (AGM Insured) | 5.00 | 9-1-2029 | 200,000 | 224,601 | ||
River Islands Public Financing Authority Community Facilities District No. 2003-1 Series A-1 (AGM Insured) | 5.00 | 9-1-2030 | 325,000 | 371,157 | ||
River Islands Public Financing Authority Community Facilities District No. 2021-1 | 4.00 | 9-1-2030 | 200,000 | 196,139 | ||
River Islands Public Financing Authority Community Facilities District No. 2021-1 | 4.00 | 9-1-2031 | 500,000 | 488,915 | ||
Riverside County Redevelopment Successor Agency Desert Communities Project Series D | 5.00 | 10-1-2023 | 470,000 | 471,760 | ||
Riverside County Redevelopment Successor Agency Project Area No. 1 Series A | 5.00 | 10-1-2023 | 460,000 | 461,723 | ||
Roseville Finance Authority Series A | 5.00 | 9-1-2023 | 400,000 | 401,121 | ||
Roseville Finance Authority Series A | 5.00 | 9-1-2029 | 300,000 | 327,443 | ||
San Francisco City & County Redevelopment Successor Agency Community Facilities District No. 6 Series A | 5.00 | 8-1-2025 | 1,600,000 | 1,607,272 | ||
South Orange County Public Financing Authority Series A | 5.00 | 8-15-2024 | 1,425,000 | 1,447,629 | ||
Stockton Redevelopment Successor Agency Series A (AGM Insured) | 5.00 | 9-1-2025 | 1,675,000 | 1,732,025 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Successor Agency to the Richmond County Redevelopment Agency Series A (BAM Insured) | 4.00 % | 9-1-2027 | $ | 1,150,000 | $1,188,569 | |
Successor Agency to the Upland Community Redevelopment Agency Merged Project Tax Allocation Bond (AGM Insured) | 5.00 | 9-1-2023 | 1,000,000 | 1,002,517 | ||
Tracy Community Facilities District No. 2016-01 | 4.00 | 9-1-2024 | 135,000 | 134,596 | ||
Tracy Community Facilities District No. 2016-01 | 4.00 | 9-1-2025 | 155,000 | 154,305 | ||
Tracy Community Facilities District No. 2016-01 | 5.00 | 9-1-2028 | 425,000 | 447,187 | ||
Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Series A | 5.00 | 10-1-2029 | 500,000 | 542,615 | ||
Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Series A | 5.00 | 10-1-2030 | 500,000 | 546,052 | ||
Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment Series A | 5.00 | 10-1-2031 | 400,000 | 436,567 | ||
Tustin Community Facilities District No. 6-1 Series A | 5.00 | 9-1-2025 | 1,000,000 | 1,031,939 | ||
Yuba City Redevelopment Agency (AGM Insured) | 5.00 | 9-1-2025 | 750,000 | 775,534 | ||
44,277,861 | ||||||
Tobacco revenue: 1.88% | ||||||
California County Tobacco Securitization Agency Series A | 5.00 | 6-1-2030 | 450,000 | 496,590 | ||
California County Tobacco Securitization Agency Series A | 5.00 | 6-1-2031 | 550,000 | 605,874 | ||
California County Tobacco Securitization Agency Series A | 5.00 | 6-1-2032 | 300,000 | 329,700 | ||
California County Tobacco Securitization Agency Sonoma County Securitization Corp. Series A | 5.00 | 6-1-2029 | 950,000 | 1,035,986 | ||
California County Tobacco Securitization Agency Sonoma County Securitization Corp. Series A | 5.00 | 6-1-2030 | 200,000 | 220,707 | ||
California County Tobacco Securitization Agency Sonoma County Securitization Corp. Series A | 5.00 | 6-1-2031 | 225,000 | 249,319 | ||
California County Tobacco Securitization Agency Sonoma County Securitization Corp. Series A | 5.00 | 6-1-2032 | 250,000 | 276,330 | ||
Golden State Tobacco Securitization Corp. Series A-1 | 5.00 | 6-1-2026 | 3,000,000 | 3,185,236 | ||
Golden State Tobacco Securitization Corp. Series A-1 | 5.00 | 6-1-2028 | 1,000,000 | 1,086,901 | ||
7,486,643 | ||||||
Transportation revenue: 1.64% | ||||||
Bay Area Toll Authority Series A (Barclays Bank PLC LOC)ø | 3.00 | 4-1-2055 | 2,000,000 | 2,000,000 | ||
Bay Area Toll Authority Series E (SIFMA Municipal Swap+0.41%)± | 4.42 | 4-1-2056 | 1,500,000 | 1,458,741 | ||
Sacramento Regional Transit District Series A | 5.00 | 3-1-2031 | 410,000 | 473,787 | ||
Sacramento Regional Transit District Series A | 5.00 | 3-1-2033 | 1,425,000 | 1,639,615 | ||
San Joaquin Hills Transportation Corridor Agency Series A | 5.00 | 1-15-2030 | 865,000 | 955,334 | ||
6,527,477 | ||||||
Utilities revenue: 9.47% | ||||||
California Community Choice Financing Authority Series A-1 | 4.00 | 2-1-2027 | 2,290,000 | 2,307,722 | ||
California Community Choice Financing Authority Series A-1 | 4.00 | 2-1-2028 | 2,810,000 | 2,826,901 | ||
California Community Choice Financing Authority Series A-1øø | 5.00 | 12-1-2053 | 6,000,000 | 6,260,469 | ||
California Community Choice Financing Authority Series B-2 (SIFMA Municipal Swap+0.45%)± | 4.46 | 2-1-2052 | 7,000,000 | 6,600,712 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Aøø | 4.00 | 10-1-2052 | 11,650,000 | 11,600,232 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Cøø | 5.25 % | 1-1-2054 | $ | 6,000,000 | $6,276,593 | |
California Statewide Communities Development Authority Southern California Edison Co. Series A | 1.75 | 9-1-2029 | 1,500,000 | 1,273,091 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2026 | 600,000 | 617,163 | ||
37,762,883 | ||||||
Water & sewer revenue: 2.11% | ||||||
California Pollution Control Financing Authority Poseidon Resources Channelside LP AMT144A | 5.00 | 7-1-2031 | 2,885,000 | 3,092,843 | ||
Lower Tule River Irrigation District Series A | 5.00 | 8-1-2027 | 680,000 | 731,067 | ||
Lower Tule River Irrigation District Series A | 5.00 | 8-1-2031 | 700,000 | 794,165 | ||
Middle Fork Project Finance Authority | 5.00 | 4-1-2029 | 3,525,000 | 3,788,739 | ||
8,406,814 | ||||||
358,108,422 | ||||||
Guam: 1.29% | ||||||
Airport revenue: 0.33% | ||||||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2023 | 540,000 | 540,000 | ||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2024 | 750,000 | 756,079 | ||
1,296,079 | ||||||
Miscellaneous revenue: 0.96% | ||||||
Guam Education Financing Foundation Series A COP | 5.00 | 10-1-2023 | 3,840,000 | 3,838,046 | ||
5,134,125 | ||||||
Illinois: 0.56% | ||||||
Housing revenue: 0.17% | ||||||
Metropolitan Pier & Exposition Authority Series B | 5.00 | 12-15-2025 | 650,000 | 667,187 | ||
Tax revenue: 0.39% | ||||||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2026 | 1,500,000 | 1,556,775 | ||
2,223,962 | ||||||
New York: 1.41% | ||||||
Airport revenue: 0.11% | ||||||
New York Transportation Development Corp. JFK International Airport Terminal LLC Series A AMT | 5.00 | 12-1-2032 | 400,000 | 429,220 | ||
Industrial development revenue: 1.30% | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2029 | 5,000,000 | 5,186,924 | ||
5,616,144 | ||||||
Texas: 0.75% | ||||||
Industrial development revenue: 0.75% | ||||||
City of Houston Airport System Revenue United Airlines, Inc. AMT | 5.00 | 7-1-2029 | 3,000,000 | 3,009,886 | ||
Total municipal obligations (Cost $386,498,755) | 374,092,539 |
Yield | Shares | Value | ||||
Short-term investments: 5.05% | ||||||
Investment companies: 5.05% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞ | 4.07 % | 20,146,985 | $20,151,015 | |||
Total short-term investments (Cost $20,151,015) | 20,151,015 | |||||
Total investments in securities (Cost $406,649,770) | 98.86 % | 394,243,554 | ||||
Other assets and liabilities, net | 1.14 | 4,562,316 | ||||
Total net assets | 100.00 % | $398,805,870 |
± | 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. |
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. |
€ | 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. |
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 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. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation note |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
COP | Certificate of participation |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GO | General obligation |
HFFA | Health Facilities Financing Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance 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 | $26,507,817 | $312,934,301 | $(319,278,737 ) | $(11,315 ) | $(1,051 ) | $20,151,015 | 20,146,985 | $341,335 |
Assets | |
Investments in unaffiliated securities, at value (cost $386,498,755) | $374,092,539 |
Investments in affiliated securities, at value (cost $20,151,015) | 20,151,015 |
Cash | 97,968 |
Receivable for interest | 4,860,981 |
Receivable for investments sold | 320,000 |
Receivable for Fund shares sold | 170,856 |
Prepaid expenses and other assets | 33,733 |
Total assets | 399,727,092 |
Liabilities | |
Payable for Fund shares redeemed | 493,991 |
Dividends payable | 245,320 |
Management fee payable | 94,919 |
Administration fees payable | 35,136 |
Distribution fee payable | 1,301 |
Trustees’ fees and expenses payable | 202 |
Accrued expenses and other liabilities | 50,353 |
Total liabilities | 921,222 |
Total net assets | $398,805,870 |
Net assets consist of | |
Paid-in capital | $427,138,263 |
Total distributable loss | (28,332,393 ) |
Total net assets | $398,805,870 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $77,257,706 |
Shares outstanding–Class A1 | 7,721,234 |
Net asset value per share–Class A | $10.01 |
Maximum offering price per share – Class A2 | $10.21 |
Net assets–Class C | $2,017,581 |
Shares outstanding–Class C1 | 201,663 |
Net asset value per share–Class C | $10.00 |
Net assets–Administrator Class | $68,022,765 |
Shares outstanding–Administrator Class1 | 6,903,488 |
Net asset value per share–Administrator Class | $9.85 |
Net assets–Institutional Class | $251,507,818 |
Shares outstanding–Institutional Class1 | 25,531,363 |
Net asset value per share–Institutional Class | $9.85 |
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 | $12,305,915 |
Income from affiliated securities | 341,335 |
Total investment income | 12,647,250 |
Expenses | |
Management fee | 1,869,022 |
Administration fees | |
Class A | 164,213 |
Class C | 4,294 |
Administrator Class | 61,102 |
Institutional Class | 241,085 |
Shareholder servicing fees | |
Class A | 256,224 |
Class C | 6,682 |
Administrator Class | 152,734 |
Distribution fee | |
Class C | 20,046 |
Custody and accounting fees | 25,223 |
Professional fees | 76,097 |
Registration fees | 58,277 |
Shareholder report expenses | 33,826 |
Trustees’ fees and expenses | 22,016 |
Other fees and expenses | 15,235 |
Total expenses | 3,006,076 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (134,875 ) |
Class A | (29,268 ) |
Class C | (619 ) |
Administrator Class | (104,951 ) |
Net expenses | 2,736,363 |
Net investment income | 9,910,887 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (3,357,764 ) |
Affiliated securities | (11,315 ) |
Net realized losses on investments | (3,369,079 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (180,469 ) |
Affiliated securities | (1,051 ) |
Net change in unrealized gains (losses) on investments | (181,520 ) |
Net realized and unrealized gains (losses) on investments | (3,550,599 ) |
Net increase in net assets resulting from operations | $6,360,288 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $9,910,887 | $8,592,270 | ||
Net realized losses on investments | (3,369,079 ) | (3,552,858 ) | ||
Net change in unrealized gains (losses) on investments | (181,520 ) | (31,547,062 ) | ||
Net increase (decrease) in net assets resulting from operations | 6,360,288 | (26,507,650 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,970,855 ) | (1,417,298 ) | ||
Class C | (30,531 ) | (31,263 ) | ||
Administrator Class | (1,313,609 ) | (523,074 ) | ||
Institutional Class | (6,593,300 ) | (6,623,021 ) | ||
Total distributions to shareholders | (9,908,295 ) | (8,594,656 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,496,273 | 45,256,530 | 1,227,534 | 13,008,495 |
Class C | 24,111 | 241,756 | 33,146 | 337,374 |
Administrator Class | 4,741,382 | 46,670,346 | 605,760 | 6,178,113 |
Institutional Class | 14,335,725 | 140,995,894 | 27,358,468 | 278,656,194 |
233,164,526 | 298,180,176 | |||
Reinvestment of distributions | ||||
Class A | 185,862 | 1,856,224 | 123,975 | 1,295,806 |
Class C | 2,977 | 29,737 | 2,931 | 30,594 |
Administrator Class | 132,628 | 1,304,260 | 50,858 | 522,681 |
Institutional Class | 412,877 | 4,060,303 | 401,807 | 4,129,632 |
7,250,524 | 5,978,713 | |||
Payment for shares redeemed | ||||
Class A | (5,426,559 ) | (54,188,980 ) | (2,790,407 ) | (29,285,529 ) |
Class C | (199,423 ) | (1,997,044 ) | (169,911 ) | (1,775,351 ) |
Administrator Class | (1,204,247 ) | (11,826,273 ) | (469,763 ) | (4,841,204 ) |
Institutional Class | (28,090,055 ) | (274,521,818 ) | (26,317,874 ) | (269,536,298 ) |
(342,534,115 ) | (305,438,382 ) | |||
Net decrease in net assets resulting from capital share transactions | (102,119,065 ) | (1,279,493 ) | ||
Total decrease in net assets | (105,667,072 ) | (36,381,799 ) | ||
Net assets | ||||
Beginning of period | 504,472,942 | 540,854,741 | ||
End of period | $398,805,870 | $504,472,942 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.03 | $10.76 | $10.71 | $10.76 | $10.61 |
Net investment income | 0.19 1 | 0.15 1 | 0.16 | 0.19 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (0.73 ) | 0.05 | (0.05 ) | 0.15 |
Total from investment operations | 0.17 | (0.58 ) | 0.21 | 0.14 | 0.35 |
Distributions to shareholders from | |||||
Net investment income | (0.19 ) | (0.15 ) | (0.16 ) | (0.19 ) | (0.20 ) |
Net asset value, end of period | $10.01 | $10.03 | $10.76 | $10.71 | $10.76 |
Total return2 | 1.73 % | (5.42 )% | 1.99 % | 1.30 % | 3.33 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Net expenses | 0.80 % | 0.80 % | 0.80 % | 0.80 % | 0.80 % |
Net investment income | 1.92 % | 1.44 % | 1.51 % | 1.76 % | 1.87 % |
Supplemental data | |||||
Portfolio turnover rate | 35 % | 32 % | 18 % | 27 % | 11 % |
Net assets, end of period (000s omitted) | $77,258 | $84,928 | $106,602 | $108,189 | $101,765 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.03 | $10.76 | $10.71 | $10.76 | $10.61 |
Net investment income | 0.11 1 | 0.07 1 | 0.08 1 | 0.11 1 | 0.12 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (0.73 ) | 0.05 | (0.05 ) | 0.15 |
Total from investment operations | 0.09 | (0.66 ) | 0.13 | 0.06 | 0.27 |
Distributions to shareholders from | |||||
Net investment income | (0.12 ) | (0.07 ) | (0.08 ) | (0.11 ) | (0.12 ) |
Net asset value, end of period | $10.00 | $10.03 | $10.76 | $10.71 | $10.76 |
Total return2 | 0.87 % | (6.13 )% | 1.23 % | 0.54 % | 2.56 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.60 % | 1.59 % | 1.59 % | 1.60 % | 1.60 % |
Net expenses | 1.55 % | 1.55 % | 1.55 % | 1.55 % | 1.55 % |
Net investment income | 1.14 % | 0.68 % | 0.75 % | 1.01 % | 1.12 % |
Supplemental data | |||||
Portfolio turnover rate | 35 % | 32 % | 18 % | 27 % | 11 % |
Net assets, end of period (000s omitted) | $2,018 | $3,751 | $5,464 | $11,981 | $19,929 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.88 | $10.60 | $10.55 | $10.60 | $10.45 |
Net investment income | 0.21 1 | 0.17 1 | 0.18 1 | 0.21 1 | 0.22 |
Net realized and unrealized gains (losses) on investments | (0.03 ) | (0.72 ) | 0.05 | (0.05 ) | 0.15 |
Total from investment operations | 0.18 | (0.55 ) | 0.23 | 0.16 | 0.37 |
Distributions to shareholders from | |||||
Net investment income | (0.21 ) | (0.17 ) | (0.18 ) | (0.21 ) | (0.22 ) |
Net asset value, end of period | $9.85 | $9.88 | $10.60 | $10.55 | $10.60 |
Total return | 1.83 % | (5.24 )% | 2.21 % | 1.50 % | 3.56 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80 % | 0.79 % | 0.79 % | 0.78 % | 0.79 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 2.15 % | 1.65 % | 1.71 % | 1.95 % | 2.07 % |
Supplemental data | |||||
Portfolio turnover rate | 35 % | 32 % | 18 % | 27 % | 11 % |
Net assets, end of period (000s omitted) | $68,023 | $31,947 | $32,294 | $36,591 | $108,484 |
1 | Calculated based upon average shares outstanding |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.87 | $10.59 | $10.54 | $10.59 | $10.44 |
Net investment income | 0.22 1 | 0.18 | 0.19 | 0.22 | 0.23 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (0.72 ) | 0.05 | (0.05 ) | 0.15 |
Total from investment operations | 0.20 | (0.54 ) | 0.24 | 0.17 | 0.38 |
Distributions to shareholders from | |||||
Net investment income | (0.22 ) | (0.18 ) | (0.19 ) | (0.22 ) | (0.23 ) |
Net asset value, end of period | $9.85 | $9.87 | $10.59 | $10.54 | $10.59 |
Total return | 2.04 % | (5.15 )% | 2.31 % | 1.60 % | 3.66 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.53 % | 0.52 % | 0.52 % | 0.52 % | 0.52 % |
Net expenses | 0.50 % | 0.50 % | 0.50 % | 0.50 % | 0.50 % |
Net investment income | 2.19 % | 1.74 % | 1.81 % | 2.06 % | 2.17 % |
Supplemental data | |||||
Portfolio turnover rate | 35 % | 32 % | 18 % | 27 % | 11 % |
Net assets, end of period (000s omitted) | $251,508 | $383,847 | $396,495 | $380,649 | $322,273 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $718,447 |
Gross unrealized losses | (13,184,765 ) |
Net unrealized losses | $(12,466,318 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $374,092,539 | $0 | $374,092,539 |
Short-term investments | ||||
Investment companies | 20,151,015 | 0 | 0 | 20,151,015 |
Total assets | $20,151,015 | $374,092,539 | $0 | $394,243,554 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$1,134,726 | $(12,466,318 ) | $(16,755,481 ) |
Allspring Funds Trust:
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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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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
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AR0033 06-23
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Allspring Funds
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President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 manager | Terry J. Goode, Kim Nakahara, Adrian Van Poppel |
Average annual total returns (%) as of June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (SCTAX) | 10-6-1988 | -2.67 | -0.05 | 1.97 | 1.90 | 0.88 | 2.44 | 0.81 | 0.75 |
Class C (SCTCX) | 7-1-1993 | 0.16 | 0.13 | 1.83 | 1.16 | 0.13 | 1.83 | 1.56 | 1.50 |
Administrator Class (SGCAX) | 12-15-1997 | – | – | – | 2.11 | 1.09 | 2.65 | 0.75 | 0.55 |
Institutional Class (SGTIX)3 | 10-31-2014 | – | – | – | 2.18 | 1.16 | 2.71 | 0.48 | 0.48 |
Bloomberg California Municipal Bond Index4 | – | – | – | – | 3.49 | 1.76 | 2.84 | – | – |
Bloomberg Municipal Bond Index5 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
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, 2023, 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g446934img3b9b486d4.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg California Municipal Bond Index and Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g446934img111b78665.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g446934img7c9aab946.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,019.67 | $3.76 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75 % |
Class C | ||||
Actual | $1,000.00 | $1,016.76 | $7.50 | 1.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.36 | $7.50 | 1.50 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,020.68 | $2.76 | 0.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.07 | $2.76 | 0.55 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,021.03 | $2.41 | 0.48 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.41 | $2.41 | 0.48 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 0.71% | ||||||
California: 0.71% | ||||||
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A (54 shares) 4.46%144Aø | $ | 5,400,000 | $5,400,000 | |||
Total closed-end fund obligations (Cost $5,400,000) | 5,400,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 96.43% | ||||||
California: 92.55% | ||||||
Airport revenue: 5.81% | ||||||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 % | 12-31-2043 | 5,730,000 | 5,820,779 | ||
City of Los Angeles Department of Airports Series A AMT | 5.00 | 5-15-2047 | 5,000,000 | 5,124,111 | ||
County of Sacramento Airport System Revenue Series C AMT | 5.00 | 7-1-2038 | 3,000,000 | 3,130,837 | ||
Norman Y Mineta San Jose International Airport Series A AMT | 5.00 | 3-1-2047 | 4,000,000 | 4,080,812 | ||
Norman Y Mineta San Jose International Airport Series B | 5.00 | 3-1-2042 | 1,750,000 | 1,824,153 | ||
San Diego County Regional Airport Authority Series A | 5.00 | 7-1-2044 | 3,045,000 | 3,239,587 | ||
San Diego County Regional Airport Authority Series B AMT | 5.00 | 7-1-2056 | 6,040,000 | 6,244,869 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 4.00 | 5-1-2052 | 1,500,000 | 1,403,339 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 5.00 | 5-1-2047 | 7,715,000 | 7,877,388 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 5.00 | 5-1-2049 | 5,000,000 | 5,155,799 | ||
43,901,674 | ||||||
Education revenue: 8.44% | ||||||
California Educational Facilities Authority Loma Linda University Series A | 5.00 | 4-1-2042 | 2,645,000 | 2,730,525 | ||
California Municipal Finance Authority Biola University, Inc. | 5.00 | 10-1-2035 | 600,000 | 619,567 | ||
California Municipal Finance Authority California Baptist University Series A144A | 5.00 | 11-1-2025 | 660,000 | 663,101 | ||
California Municipal Finance Authority California Institute of the Arts | 4.00 | 10-1-2046 | 1,930,000 | 1,654,747 | ||
California Municipal Finance Authority California Institute of the Arts | 4.00 | 10-1-2051 | 1,150,000 | 955,547 | ||
California Municipal Finance Authority Literacy First Charter School Issuer LLC Series A | 5.00 | 12-1-2039 | 1,390,000 | 1,419,231 | ||
California Municipal Finance Authority Samuel Merritt University | 5.25 | 6-1-2053 | 9,500,000 | 10,161,441 | ||
California Municipal Finance Authority STREAM Charter School Series A144A | 5.00 | 6-15-2041 | 925,000 | 870,630 | ||
California Municipal Finance Authority STREAM Charter School Series A144A | 5.00 | 6-15-2051 | 1,265,000 | 1,132,190 | ||
California Municipal Finance Authority University of the Pacific Series A | 4.00 | 11-1-2042 | 1,600,000 | 1,570,879 | ||
California School Finance Authority Aspire Public Schools Obligated Group Series A144A | 4.00 | 8-1-2051 | 775,000 | 637,355 | ||
California School Finance Authority Aspire Public Schools Obligated Group Series A144A | 5.00 | 8-1-2050 | 3,540,000 | 3,491,249 | ||
California School Finance Authority Bright Star Schools Obligated Group144A | 5.00 | 6-1-2047 | 1,000,000 | 917,943 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
California School Finance Authority Bright Star Schools Obligated Group144A | 5.00 % | 6-1-2054 | $ | 1,000,000 | $895,092 | |
California School Finance Authority Girls Athletic Leadership Schools Los Angeles Series A144A | 4.00 | 6-1-2051 | 905,000 | 644,128 | ||
California School Finance Authority Green Dot Public Schools Obligated Group Series A144A | 4.00 | 8-1-2025 | 475,000 | 472,291 | ||
California School Finance Authority Green Dot Public Schools Obligated Group Series A144A | 5.00 | 8-1-2035 | 2,525,000 | 2,566,109 | ||
California School Finance Authority Kipp SoCal Public Schools Obligated Group Series A144A | 5.00 | 7-1-2035 | 1,000,000 | 1,020,285 | ||
California School Finance Authority Lifeline Education Charter School, Inc. Series A144A | 5.00 | 7-1-2045 | 800,000 | 741,632 | ||
California School Finance Authority Rocketship Education Obligated Group Series A144A | 5.00 | 6-1-2036 | 945,000 | 931,710 | ||
California School Finance Authority Rocketship Education Obligated Group Series A144A | 5.00 | 6-1-2046 | 2,100,000 | 1,933,307 | ||
California School Finance Authority Santa Clarita Valley International Charter School Series A144A | 4.00 | 6-1-2041 | 500,000 | 415,231 | ||
California School Finance Authority Santa Clarita Valley International Charter School Series A144A | 4.00 | 6-1-2051 | 650,000 | 495,027 | ||
California State University Series A | 5.00 | 11-1-2045 | 6,400,000 | 6,660,485 | ||
California State University Series A | 5.00 | 11-1-2047 | 1,000,000 | 1,052,668 | ||
California Statewide Communities Development Authority California Baptist University Series A144A | 5.00 | 11-1-2032 | 1,135,000 | 1,163,266 | ||
California Statewide Communities Development Authority California Baptist University Series A144A | 5.00 | 11-1-2041 | 2,875,000 | 2,854,350 | ||
Fullerton Public Financing Authority Marshall B Ketchum University Series A | 4.00 | 2-1-2051 | 2,500,000 | 2,355,928 | ||
University of California Series BN | 5.00 | 5-15-2043 | 4,000,000 | 4,535,734 | ||
University of California Series BN | 5.00 | 5-15-2044 | 2,630,000 | 2,973,616 | ||
University of California Series K | 4.00 | 5-15-2046 | 5,295,000 | 5,279,642 | ||
63,814,906 | ||||||
GO revenue: 17.47% | ||||||
Barstow Unified School District Series C (AGM Insured) | 5.00 | 8-1-2050 | 1,195,000 | 1,293,501 | ||
Bassett Unified School District Series B (BAM Insured) | 5.00 | 8-1-2027 | 1,050,000 | 1,096,917 | ||
Centinela Valley Union High School District Series C | 5.00 | 8-1-2035 | 2,000,000 | 2,042,722 | ||
Cerritos Community College District Series D CAB¤ | 0.00 | 8-1-2029 | 1,750,000 | 1,445,434 | ||
Cerritos Community College District Series D CAB¤ | 0.00 | 8-1-2033 | 1,500,000 | 1,059,858 | ||
College of the Sequoias Tulare Area Improvement District No. 3 Series A (AGC Insured)¤ | 0.00 | 8-1-2024 | 1,000,000 | 962,230 | ||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2035 | 3,445,000 | 2,180,164 | ||
Delano Joint Union High School District Series B (AGM Insured) | 5.75 | 8-1-2035 | 4,510,000 | 4,518,361 | ||
Escondido Union High School District Series A (AGC Insured)¤ | 0.00 | 8-1-2027 | 8,385,000 | 7,362,517 | ||
Inglewood Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2036 | 200,000 | 212,027 | ||
Inglewood Unified School District Election of 2012 Series B (BAM Insured) | 5.00 | 8-1-2038 | 500,000 | 524,685 | ||
Long Beach Unified School District Series A | 5.50 | 8-1-2026 | 95,000 | 95,154 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Long Beach Unified School District Series B¤ | 0.00 % | 8-1-2035 | $ | 2,000,000 | $1,276,238 | |
Long Beach Unified School District Series C | 4.00 | 8-1-2053 | 10,000,000 | 9,772,697 | ||
Lynwood Unified School District Series A (AGM Insured) | 5.00 | 8-1-2033 | 5,000 | 5,006 | ||
Merced City School District | 5.00 | 8-1-2045 | 1,000,000 | 1,030,277 | ||
Merced Union High School District Series C CAB¤ | 0.00 | 8-1-2032 | 3,380,000 | 2,436,998 | ||
Mount San Antonio Community College District Series A CAB¤ | 0.00 | 8-1-2024 | 1,610,000 | 1,555,408 | ||
Norwalk-La Mirada Unified School District Series D (AGM Insured)¤ | 0.00 | 8-1-2023 | 1,500,000 | 1,496,398 | ||
Norwalk-La Mirada Unified School District Series F | 5.00 | 8-1-2051 | 7,000,000 | 7,653,731 | ||
Oakland Unified School District/Alameda County | 5.50 | 8-1-2023 | 260,000 | 260,396 | ||
Oakland Unified School District/Alameda County Series A | 5.00 | 8-1-2040 | 3,600,000 | 3,751,698 | ||
Paramount Unified School District CAB¤ | 0.00 | 8-1-2033 | 2,500,000 | 1,724,979 | ||
Pleasanton Unified School District | 4.00 | 8-1-2052 | 9,340,000 | 9,171,361 | ||
Pomona Unified School District Series A (NPFGC Insured) | 6.55 | 8-1-2029 | 1,295,000 | 1,445,915 | ||
Poway Unified School District Facilities Improvement District No. 2007-1 Series A¤ | 0.00 | 8-1-2024 | 1,800,000 | 1,739,042 | ||
Rialto Unified School District Series A (AGM Insured)¤ | 0.00 | 8-1-2026 | 3,320,000 | 3,001,358 | ||
Sacramento City Unified School District Series 2013-A (BAM Insured) | 5.25 | 8-1-2033 | 1,000,000 | 1,001,321 | ||
Sacramento City Unified School District Series C-1 (AGM Insured) | 5.00 | 8-1-2033 | 2,735,000 | 2,856,976 | ||
San Bernardino City Unified School District Series C (AGM Insured) | 5.00 | 8-1-2040 | 8,000,000 | 8,226,784 | ||
San Bernardino Community College District Series D | 5.00 | 8-1-2045 | 2,000,000 | 2,084,277 | ||
San Diego Unified School District Series I | 4.00 | 7-1-2047 | 2,025,000 | 1,999,155 | ||
San Gorgonio Memorial Health Care District | 5.00 | 8-1-2032 | 1,750,000 | 1,731,012 | ||
San Gorgonio Memorial Health Care District | 5.50 | 8-1-2028 | 2,525,000 | 2,526,548 | ||
San Rafael City High School District Series B (NPFGC Insured)¤ | 0.00 | 8-1-2023 | 1,260,000 | 1,256,775 | ||
San Rafael City High School District Series C | 4.00 | 8-1-2043 | 1,500,000 | 1,505,170 | ||
Sanger Unified School District (NPFGC Insured) | 5.60 | 8-1-2023 | 5,000 | 5,008 | ||
Santa Ana Unified School District Series B (AGC Insured)¤ | 0.00 | 8-1-2038 | 15,000,000 | 7,986,773 | ||
Sierra Joint Community College District Series C | 4.00 | 8-1-2053 | 4,000,000 | 3,924,376 | ||
Sierra Kings Health Care District | 5.00 | 8-1-2028 | 1,000,000 | 1,035,059 | ||
Sierra Kings Health Care District | 5.00 | 8-1-2032 | 1,500,000 | 1,554,274 | ||
Sierra Kings Health Care District | 5.00 | 8-1-2037 | 1,750,000 | 1,795,626 | ||
Sonoma Valley Unified School District Series A¤ | 0.00 | 8-1-2027 | 1,020,000 | 885,278 | ||
State of California | 5.00 | 9-1-2032 | 5,100,000 | 5,112,195 | ||
State of California | 5.00 | 8-1-2046 | 10,000,000 | 10,477,946 | ||
Stockton Unified School District Series A (AGM Insured) | 5.00 | 8-1-2038 | 1,025,000 | 1,038,107 | ||
Tulare Local Health Care District (BAM Insured) | 4.00 | 8-1-2039 | 1,850,000 | 1,872,998 | ||
Washington Township Health Care District Series B | 5.50 | 8-1-2038 | 1,500,000 | 1,534,983 | ||
West Contra Costa Unified School District Series B | 6.00 | 8-1-2027 | 1,080,000 | 1,207,899 | ||
Wiseburn School District (AGC Insured)¤ | 0.00 | 8-1-2027 | 1,525,000 | 1,336,358 | ||
132,069,970 | ||||||
Health revenue: 13.15% | ||||||
ABAG Finance Authority for Nonprofit Corps Odd Fellows Home of California Series A | 5.00 | 4-1-2042 | 1,100,000 | 1,101,391 | ||
California HFFA Cedars-Sinai Medical Center Obligated Group Series B | 4.00 | 8-15-2039 | 10,500,000 | 10,549,632 | ||
California HFFA Children’s Hospital Los Angeles Obligated Group Series A | 5.00 | 8-15-2047 | 10,050,000 | 10,081,300 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
California HFFA El Camino Hospital | 5.00 % | 2-1-2035 | $ | 3,000,000 | $3,175,966 | |
California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | 11-1-2051 | 3,000,000 | 2,915,011 | ||
California HFFA Lundquist Institute For Biomedical Innovation at Harbor-UCLA Medical Center | 5.00 | 9-1-2048 | 6,095,000 | 6,172,705 | ||
California HFFA Marshall Medical Center Series A | 4.00 | 11-1-2040 | 1,375,000 | 1,387,593 | ||
California HFFA On Lok Senior Health Services Obligated Group | 5.00 | 8-1-2040 | 700,000 | 724,093 | ||
California HFFA On Lok Senior Health Services Obligated Group | 5.00 | 8-1-2050 | 1,000,000 | 1,014,590 | ||
California HFFA Sutter Health Obligated Group Series A | 4.00 | 11-15-2048 | 5,000,000 | 4,892,711 | ||
California HFFA Sutter Health Obligated Group Series B | 5.00 | 11-15-2046 | 5,000,000 | 5,235,411 | ||
California Municipal Finance Authority Channing House Series A | 5.00 | 5-15-2034 | 1,000,000 | 1,080,058 | ||
California Municipal Finance Authority Community Hospitals of Central California Obligated Group Series A | 4.00 | 2-1-2051 | 1,500,000 | 1,377,463 | ||
California Municipal Finance Authority Eisenhower Medical Center Series A | 5.00 | 7-1-2047 | 1,400,000 | 1,419,477 | ||
California Municipal Finance Authority HumanGood California Obligated Group | 4.00 | 10-1-2049 | 2,250,000 | 2,018,015 | ||
California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | 12-1-2039 | 1,240,000 | 1,256,041 | ||
California Municipal Finance Authority Inland Christian Home, Inc. | 4.00 | 12-1-2049 | 2,915,000 | 2,883,642 | ||
California Municipal Finance Authority Open Door Community Health Centers | 4.00 | 9-15-2046 | 3,300,000 | 3,285,266 | ||
California Municipal Finance Authority Open Door Community Health Centers | 4.00 | 9-15-2051 | 3,885,000 | 3,820,030 | ||
California Municipal Finance Authority Town & Country Manor of the Christian & Missionary Alliance | 5.00 | 7-1-2039 | 1,000,000 | 1,080,619 | ||
California Municipal Finance Authority Town and Country Manor of the Christian and Missionary Alliance | 5.00 | 7-1-2049 | 2,650,000 | 2,793,266 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | 10-15-2037 | 500,000 | 508,646 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group | 5.00 | 10-15-2047 | 5,365,000 | 5,368,767 | ||
California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | 11-15-2051 | 1,255,000 | 1,101,827 | ||
California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | 11-15-2056 | 1,235,000 | 1,067,200 | ||
California Statewide Communities Development Authority Adventist Health System/West Obligated Group Series A | 5.00 | 3-1-2045 | 2,500,000 | 2,531,329 | ||
California Statewide Communities Development Authority Adventist Health System/West Obligated Group Series A | 5.00 | 3-1-2048 | 5,000,000 | 5,070,701 | ||
California Statewide Communities Development Authority Enloe Medical Center Obligated Group Series A (AGM Insured) | 5.25 | 8-15-2052 | 2,000,000 | 2,130,057 | ||
California Statewide Communities Development Authority Loma Linda University Medical Center Obligated Group Series A | 5.25 | 12-1-2044 | 5,150,000 | 5,099,512 | ||
California Statewide Communities Development Authority Marin General Hospital Obligated Group Series A | 5.00 | 8-1-2036 | 700,000 | 726,659 | ||
California Statewide Communities Development Authority Marin General Hospital Obligated Group Series A | 5.00 | 8-1-2037 | 500,000 | 515,622 | ||
California Statewide Communities Development Authority Marin General Hospital Obligated Group Series A | 5.00 | 8-1-2038 | 450,000 | 462,066 | ||
California Statewide Communities Development Authority Redwoods a Community of Seniors | 5.13 | 11-15-2035 | 1,500,000 | 1,511,583 | ||
Palomar Health Obligated Group | 5.00 | 11-1-2042 | 4,000,000 | 4,051,273 | ||
Washington Township Health Care District Series A | 5.00 | 7-1-2042 | 1,000,000 | 994,250 | ||
99,403,772 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 13.09% | ||||||
Alameda County Joint Powers Authority Multiple Capital Projects Series A | 5.00 % | 12-1-2034 | $ | 1,005,000 | $1,012,932 | |
Anaheim Public Financing Authority Series A | 5.00 | 5-1-2039 | 3,000,000 | 3,049,503 | ||
Anaheim Public Financing Authority Series C (AGM Insured)¤ | 0.00 | 9-1-2025 | 10,000,000 | 9,275,554 | ||
California Community Housing Agency Annadel Apartments Series A144A | 5.00 | 4-1-2049 | 3,000,000 | 2,479,672 | ||
California Community Housing Agency Creekwood Apartments Series A144A | 4.00 | 2-1-2056 | 3,000,000 | 2,086,116 | ||
California Community Housing Agency Serenity at Larkspur Apartments Series A144A | 5.00 | 2-1-2050 | 3,000,000 | 2,469,946 | ||
California Enterprise Development Authority County of Riverside CA | 4.00 | 11-1-2049 | 1,900,000 | 1,838,155 | ||
California Housing Finance Agency Series 2 | 4.00 | 3-20-2033 | 8,139,968 | 7,993,431 | ||
California Housing Finance Agency Series 2021-2 (FHLMC Insured) | 3.75 | 3-25-2035 | 124,081 | 120,588 | ||
California Infrastructure & Economic Development Bank California State Teachers’ Retirement System | 5.00 | 8-1-2044 | 4,000,000 | 4,299,085 | ||
California Infrastructure & Economic Development Bank South Monterey County Joint Union High School District | 5.75 | 8-15-2029 | 2,150,000 | 2,151,643 | ||
California Municipal Finance Authority Caritas Corp. Series B | 4.00 | 8-15-2051 | 870,000 | 747,455 | ||
California Municipal Finance Authority CHF-Davis I LLC | 5.00 | 5-15-2051 | 6,700,000 | 6,784,393 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2033 | 600,000 | 612,018 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2034 | 700,000 | 714,322 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2035 | 700,000 | 709,243 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2036 | 600,000 | 602,751 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2037 | 700,000 | 695,673 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2038 | 750,000 | 737,893 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 4.00 | 5-15-2040 | 1,100,000 | 1,064,863 | ||
California Municipal Finance Authority CHF-Riverside II LLC | 5.00 | 5-15-2029 | 625,000 | 670,155 | ||
California Municipal Finance Authority CHF-Riverside II LLC | 5.00 | 5-15-2052 | 5,650,000 | 5,729,533 | ||
California Municipal Finance Authority Senior Caritas Projects Series A | 5.00 | 8-15-2029 | 500,000 | 523,976 | ||
California Municipal Finance Authority Special Finance Agency Latitude33 Series A144A | 4.00 | 12-1-2045 | 1,500,000 | 1,182,764 | ||
California Municipal Finance Authority Special Finance Agency XII Allure Apartments Series A2144A | 4.38 | 8-1-2049 | 1,800,000 | 1,393,287 | ||
California State Public Works Board Various Capital Projects Series I | 5.50 | 11-1-2033 | 2,000,000 | 2,012,961 | ||
California Statewide Communities Development Authority Poway RHF Housing, Inc. Series A | 5.25 | 11-15-2035 | 1,500,000 | 1,512,250 | ||
California Statewide Communities Development Authority Uptown Newport Building Owner LP Series BB (East West Bank LOC)ø | 4.09 | 3-1-2057 | 3,020,000 | 3,020,000 | ||
California Statewide Communities Development Authority Community Improvement Authority 1818 Platinum Triangle- Anaheim Series B144A | 4.00 | 4-1-2057 | 1,000,000 | 690,309 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
California Statewide Communities Development Authority Community Improvement Authority Altana Apartments Series A-2144A | 4.00 % | 10-1-2056 | $ | 2,000,000 | $1,474,289 | |
California Statewide Communities Development Authority Community Improvement Authority Theo Apartments Series B144A | 4.00 | 5-1-2057 | 1,500,000 | 1,021,022 | ||
California Statewide Communities Development Authority Community Improvement Authority Towne at Glendale Apartments144A | 5.00 | 9-1-2037 | 965,000 | 962,997 | ||
Compton PFA144A | 4.00 | 9-1-2027 | 5,620,000 | 5,524,744 | ||
Fresno Joint Powers Financing Authority Series A (AGM Insured) | 4.00 | 4-1-2046 | 1,225,000 | 1,220,309 | ||
Independent Cities Finance Authority Millennium Housing of California | 5.00 | 5-15-2048 | 2,000,000 | 2,059,510 | ||
Independent Cities Finance Authority San Juan Mobile Estates | 5.00 | 8-15-2030 | 1,000,000 | 1,024,984 | ||
Independent Cities Finance Authority Santa Rosa Leisure Mobile Home Park | 5.00 | 8-15-2046 | 1,570,000 | 1,588,433 | ||
Los Angeles County Public Works Financing Authority Series A | 5.00 | 12-1-2039 | 2,860,000 | 2,921,485 | ||
Montclair Financing Authority Public Facilities Project (AGM Insured) | 5.00 | 10-1-2035 | 2,400,000 | 2,441,142 | ||
Riverside County Asset Leasing Corp. (NPFGC Insured)¤ | 0.00 | 6-1-2026 | 10,000,000 | 9,020,477 | ||
Sacramento City Financing Authority (BAM Insured) | 5.00 | 12-1-2035 | 1,300,000 | 1,360,405 | ||
Sacramento City Schools Joint Powers Financing Authority Series A (BAM Insured) | 5.00 | 3-1-2040 | 2,165,000 | 2,182,247 | ||
98,982,515 | ||||||
Miscellaneous revenue: 7.73% | ||||||
California Municipal Finance Authority Palomar Health Obligated Group Series A (AGM Insured) | 5.25 | 11-1-2052 | 1,500,000 | 1,601,724 | ||
California Municipal Finance Authority Southwestern Law School | 4.00 | 11-1-2041 | 575,000 | 519,704 | ||
California Statewide Communities Development Authority Series A | 4.00 | 9-2-2041 | 995,000 | 862,696 | ||
California Statewide Communities Development Authority Series A | 5.00 | 9-2-2047 | 1,995,000 | 2,027,125 | ||
City of Irvine Reassessment District No. 15-2 | 5.00 | 9-2-2025 | 725,000 | 741,819 | ||
City of Irvine Reassessment District No. 15-2 | 5.00 | 9-2-2026 | 400,000 | 410,348 | ||
City of Irvine Reassessment District No. 15-2 | 5.00 | 9-2-2042 | 1,495,000 | 1,510,203 | ||
City of Porterville Water Revenue Water System Financing Project (AGM Insured) | 4.00 | 8-15-2050 | 1,000,000 | 985,414 | ||
City of Torrance COP | 5.25 | 6-1-2039 | 5,385,000 | 5,490,963 | ||
City of Upland San Antonio Regional Hospital Obligated Group COP | 5.00 | 1-1-2047 | 1,955,000 | 1,995,597 | ||
Fullerton Joint Union High School District (BAM Insured) | 5.00 | 9-1-2035 | 1,385,000 | 1,444,686 | ||
Hayward Unified School District COP | 5.25 | 8-1-2052 | 8,000,000 | 8,297,146 | ||
Independent Cities Finance Authority (AGM Insured)144A | 4.00 | 6-1-2051 | 750,000 | 738,224 | ||
Independent Cities Finance Authority City of Compton Sales Tax Revenue (AGM Insured)144A | 4.00 | 6-1-2041 | 1,700,000 | 1,713,950 | ||
Jefferson Union High School District (BAM Insured) | 4.00 | 8-1-2045 | 1,400,000 | 1,398,850 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2038 | 2,615,000 | 2,486,458 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2041 | 2,250,000 | 2,122,454 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2046 | 4,395,000 | 4,089,822 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2051 | 2,340,000 | 2,130,656 | ||
Modesto Irrigation District Electric System Revenue Series A | 5.00 | 10-1-2040 | 3,500,000 | 3,612,132 | ||
Mountain House Public Financing Authority Series A | 5.00 | 12-1-2034 | 535,000 | 567,247 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
North Coast County Water District (AGM Insured) | 4.00 % | 10-1-2051 | $ | 1,745,000 | $1,721,314 | |
Pajaro Valley Water Management Agency Series C (BAM Insured) | 4.13 | 3-1-2053 | 4,250,000 | 4,234,027 | ||
San Jose Unified School District (AGM Insured)¤ | 0.00 | 1-1-2026 | 3,175,000 | 2,936,597 | ||
San Marino Unified School District Series A COP | 5.00 | 12-1-2041 | 500,000 | 500,428 | ||
Stockton Unified School District COP | 5.00 | 2-1-2033 | 550,000 | 595,956 | ||
Sutter Butte Flood Control Agency Assessment District (BAM Insured) | 5.00 | 10-1-2040 | 3,545,000 | 3,658,574 | ||
58,394,114 | ||||||
Tax revenue: 13.67% | ||||||
California Statewide Communities Development Authority | 4.00 | 9-1-2051 | 1,150,000 | 981,659 | ||
California Statewide Communities Development Authority | 5.00 | 9-1-2047 | 1,420,000 | 1,442,037 | ||
California Statewide Communities Development Authority | 5.00 | 9-1-2048 | 5,000,000 | 5,075,172 | ||
Cathedral City Redevelopment Successor Agency Merged Redevelopment Project Series A (AGM Insured) | 5.00 | 8-1-2032 | 1,450,000 | 1,473,564 | ||
Cathedral City Redevelopment Successor Agency Merged Redevelopment Project Series A (AGM Insured) | 5.00 | 8-1-2033 | 880,000 | 894,219 | ||
Chino Community Facilities District | 5.00 | 9-1-2048 | 2,500,000 | 2,535,299 | ||
Chula Vista Community Facilities District No. 06-1 | 5.00 | 9-1-2043 | 445,000 | 455,722 | ||
Chula Vista Community Facilities District No. 06-1 | 5.00 | 9-1-2048 | 895,000 | 910,507 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series 2021 | 4.00 | 9-1-2041 | 1,000,000 | 906,647 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series 2021 | 4.00 | 9-1-2051 | 1,250,000 | 1,058,647 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series A144A | 4.00 | 9-1-2052 | 1,750,000 | 1,469,593 | ||
City & County of San Francisco Community Facilities District No. 2016-1 Improvement Area No. 1 Series A | 5.00 | 9-1-2052 | 1,000,000 | 1,049,664 | ||
City of Beaumont Community Facilities District No. 93-1 | 5.00 | 9-1-2043 | 750,000 | 762,888 | ||
City of Beaumont Community Facilities District No. 93-1 | 5.00 | 9-1-2048 | 1,100,000 | 1,111,517 | ||
City of Beaumont Community Facilities District No. 93-1 Series A | 5.00 | 9-1-2043 | 750,000 | 762,888 | ||
City of Beaumont Community Facilities District No. 93-1 Series A | 5.00 | 9-1-2048 | 1,035,000 | 1,045,836 | ||
City of Belmont Community Facilities District No. 2000-1 (Ambac Insured) | 5.75 | 8-1-2030 | 3,190,000 | 3,620,513 | ||
City of Fremont Community Facilities District No. 1 | 5.00 | 9-1-2040 | 2,700,000 | 2,729,088 | ||
City of Los Angeles Community Facilities District No. 11 | 4.00 | 9-1-2046 | 1,250,000 | 1,086,433 | ||
City of Roseville Creekview Community Facilities District No. 1 | 5.00 | 9-1-2045 | 1,280,000 | 1,306,011 | ||
City of Sacramento Transient Occupancy Tax Revenue Series A | 5.00 | 6-1-2048 | 3,750,000 | 3,917,582 | ||
City of San Clemente Community Facilities District No. 2006-1 | 5.00 | 9-1-2040 | 965,000 | 975,396 | ||
City of San Clemente Community Facilities District No. 2006-1 | 5.00 | 9-1-2046 | 1,175,000 | 1,184,013 | ||
Corona Community Facilities District City of Corona No. 2018-1 Series A | 5.00 | 9-1-2048 | 1,000,000 | 1,013,511 | ||
Corona-Norco Unified School District Community Facilities District No. 16-1 | 5.00 | 9-1-2048 | 1,500,000 | 1,522,552 | ||
County of San Bernardino | 5.00 | 9-1-2048 | 1,200,000 | 1,218,041 | ||
Dinuba Redevelopment Agency Merged City Redevelopment Project (BAM Insured) | 5.00 | 9-1-2033 | 1,500,000 | 1,541,475 | ||
Elk Grove Finance Authority (BAM Insured) | 5.00 | 9-1-2038 | 1,500,000 | 1,559,043 | ||
Fairfield Community Facilities District No. 2019-1 Series A144A | 5.00 | 9-1-2050 | 3,000,000 | 3,042,307 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Folsom Ranch Financing Authority City of Folsom Community Facilities District No. 20 | 5.00 % | 9-1-2048 | $ | 1,650,000 | $1,654,562 | |
Inglewood Redevelopment Successor Agency Subordinate Lien Merged Redevelopment Project Series A (BAM Insured) | 5.00 | 5-1-2034 | 500,000 | 536,301 | ||
Inglewood Redevelopment Successor Agency Subordinate Lien Merged Redevelopment Project Series A (BAM Insured) | 5.00 | 5-1-2038 | 305,000 | 322,830 | ||
Inland Valley Development Agency Series A | 5.25 | 9-1-2037 | 4,000,000 | 4,037,866 | ||
Irvine Facilities Financing Authority City of Irvine Community Facilities District No. 2013-3 Series A (BAM Insured) | 4.00 | 9-1-2058 | 2,200,000 | 2,138,127 | ||
Lafayette Redevelopment Successor Agency (AGM Insured) | 5.00 | 8-1-2033 | 1,500,000 | 1,538,606 | ||
Lafayette Redevelopment Successor Agency (AGM Insured) | 5.00 | 8-1-2038 | 1,635,000 | 1,671,719 | ||
Lancaster Redevelopment Successor Agency Combined Redevelopment Project Areas (AGM Insured) | 5.00 | 8-1-2033 | 1,200,000 | 1,278,650 | ||
Lee Lake Water District Financing Corp. Temescal Valley Water District Community Facilities District No. 4 Terramor | 4.00 | 9-1-2051 | 930,000 | 787,812 | ||
Marina Redevelopment Successor Agency Series A | 5.00 | 9-1-2033 | 340,000 | 358,095 | ||
Marina Redevelopment Successor Agency Series A | 5.00 | 9-1-2038 | 400,000 | 413,620 | ||
Marina Redevelopment Successor Agency Series B | 5.00 | 9-1-2033 | 250,000 | 263,359 | ||
Marina Redevelopment Successor Agency Series B | 5.00 | 9-1-2038 | 250,000 | 258,513 | ||
Oakland Redevelopment Successor Agency Series TE (AGM Insured) | 5.00 | 9-1-2035 | 2,545,000 | 2,646,553 | ||
Oakland Redevelopment Successor Agency Series TE (AGM Insured) | 5.00 | 9-1-2036 | 4,000,000 | 4,161,510 | ||
Orange County Community Facilities District No. 2015-1 Series A | 5.25 | 8-15-2045 | 1,950,000 | 1,978,584 | ||
Rancho Cucamonga Redevelopment Successor Agency Project Area (AGM Insured) | 5.00 | 9-1-2032 | 1,870,000 | 1,919,363 | ||
Redwood City Redevelopment Successor Agency (Ambac Insured)¤ | 0.00 | 7-15-2030 | 3,505,000 | 2,757,260 | ||
Rio Vista Community Facilities District No. 2018-1 | 5.00 | 9-1-2048 | 1,185,000 | 1,192,026 | ||
River Islands Public Financing Authority No. 2016 (AGM Insured) | 5.25 | 9-1-2052 | 2,000,000 | 2,201,105 | ||
Riverside County Community Facilities Districts No. 5-8 | 5.00 | 9-1-2048 | 1,600,000 | 1,624,055 | ||
Romoland School District Community Facilities District No. 2004-1 | 5.00 | 9-1-2048 | 3,000,000 | 3,019,145 | ||
San Diego Redevelopment Successor Agency (AGM Insured)¤ | 0.00 | 9-1-2023 | 885,000 | 880,231 | ||
San Francisco City & County Redevelopment Successor Agency Mission Bay South Redevelopment Project Series A | 5.00 | 8-1-2043 | 2,500,000 | 2,553,639 | ||
San Francisco City & County Redevelopment Successor Agency Mission Bay South Redevelopment Project Subordinate Bond Series D CAB144A¤ | 0.00 | 8-1-2026 | 4,000,000 | 3,478,854 | ||
San Francisco City & County Redevelopment Successor Agency Transbay Infrastructure Project Third Lien Series B (AGM Insured) | 5.00 | 8-1-2046 | 1,500,000 | 1,582,974 | ||
San Marcos Unified School District Community Facilities District No. 4 (BAM Insured) | 5.00 | 9-1-2034 | 1,705,000 | 1,739,593 | ||
San Marcos Unified School District Community Facilities District No. 5 (BAM Insured) | 5.00 | 9-1-2028 | 1,290,000 | 1,315,436 | ||
San Marcos Unified School District Community Facilities District No. 5 (BAM Insured) | 5.00 | 9-1-2029 | 1,325,000 | 1,351,126 | ||
Sonoma Community Development Successor Agency Sonoma Redevelopment Project (NPFGC Insured) | 5.00 | 6-1-2033 | 1,325,000 | 1,410,570 | ||
Tracy Community Facilities District No. 2016-01 | 5.00 | 9-1-2048 | 2,750,000 | 2,788,829 | ||
Tustin Community Facilities District No. 14-1 Series A | 5.00 | 9-1-2040 | 750,000 | 757,926 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Tustin Community Facilities District No. 14-1 Series A | 5.00 % | 9-1-2045 | $ | 1,000,000 | $1,007,412 | |
Union City Community Redevelopment Successor Agency Community Redevelopment Project Series A | 5.00 | 10-1-2036 | 1,000,000 | 1,041,647 | ||
103,319,722 | ||||||
Tobacco revenue: 0.82% | ||||||
California County Tobacco Securitization Agency Series B | 5.00 | 6-1-2050 | 1,125,000 | 1,128,400 | ||
California County Tobacco Securitization Agency Series B-2 CAB¤ | 0.00 | 6-1-2055 | 14,000,000 | 2,373,719 | ||
Golden State Tobacco Securitization Corp. Series A-1 | 5.00 | 6-1-2028 | 2,000,000 | 2,173,802 | ||
Tobacco Securitization Authority of Northern California Sacramento County Tobacco Securitization Corp. Series B2 CAB¤ | 0.00 | 6-1-2060 | 3,250,000 | 504,832 | ||
6,180,753 | ||||||
Transportation revenue: 2.10% | ||||||
Bay Area Toll Authority Series A (Barclays Bank PLC LOC)ø | 3.00 | 4-1-2055 | 14,000,000 | 14,000,000 | ||
Riverside County Transportation Commission Series B1 | 4.00 | 6-1-2046 | 2,000,000 | 1,893,776 | ||
15,893,776 | ||||||
Utilities revenue: 5.19% | ||||||
Banning Financing Authority Refunding Bond Electric System Project (AGM Insured) | 5.00 | 6-1-2037 | 5,000,000 | 5,170,213 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Cøø | 5.25 | 1-1-2054 | 2,500,000 | 2,615,247 | ||
City of Burbank Electric Revenue | 5.00 | 6-1-2053 | 5,620,000 | 6,084,609 | ||
Imperial Irrigation District Electric System Revenue Series A | 5.00 | 11-1-2040 | 3,715,000 | 3,853,441 | ||
Imperial Irrigation District Electric System Revenue Series A | 5.00 | 11-1-2045 | 1,060,000 | 1,098,192 | ||
Imperial Irrigation District Electric System Revenue Series C | 5.00 | 11-1-2038 | 2,500,000 | 2,613,779 | ||
M-S-R Energy Authority Series B | 7.00 | 11-1-2034 | 4,000,000 | 4,893,016 | ||
M-S-R Energy Authority Series C | 6.13 | 11-1-2029 | 935,000 | 1,003,284 | ||
Redding Joint Powers Financing Authority Series A | 5.00 | 6-1-2032 | 440,000 | 463,218 | ||
Roseville Natural Gas Financing Authority | 5.00 | 2-15-2025 | 1,930,000 | 1,950,285 | ||
Sacramento Municipal Utility District Series K | 5.00 | 8-15-2053 | 3,000,000 | 3,329,055 | ||
Southern California Public Power Authority Los Angeles Department of Water & Power Power System Revenue Series 1 | 5.25 | 7-1-2053 | 1,700,000 | 1,932,072 | ||
Southern California Public Power Authority Project No. 1 Series A | 5.25 | 11-1-2025 | 1,000,000 | 1,026,188 | ||
Walnut Energy Center Authority Series A | 5.00 | 1-1-2034 | 3,115,000 | 3,163,526 | ||
39,196,125 | ||||||
Water & sewer revenue: 5.08% | ||||||
Adelanto Public Utility Authority Series A (AGM Insured) | 5.00 | 7-1-2039 | 2,000,000 | 2,127,924 | ||
California Pollution Control Financing Authority Poseidon Resources Channelside LP AMT144A | 5.00 | 11-21-2045 | 2,615,000 | 2,670,677 | ||
City of Compton Sewer Revenue | 6.00 | 9-1-2039 | 1,775,000 | 1,762,829 | ||
City of Tulare Sewer Revenue (AGM Insured) | 5.00 | 11-15-2041 | 1,500,000 | 1,555,187 | ||
El Dorado Irrigation District Series A (AGM Insured) | 5.25 | 3-1-2039 | 2,000,000 | 2,028,120 | ||
Florin Resource Conservation District Series A (NPFGC Insured) | 5.00 | 9-1-2032 | 2,000,000 | 2,036,240 | ||
Los Angeles Department of Water & Power Water System Revenue Series B-4ø | 3.00 | 7-1-2035 | 11,000,000 | 11,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
Merced Irrigation District Series A (AGM Insured) | 5.00 % | 10-1-2038 | $ | 4,000,000 | $4,073,933 | |
Metropolitan Water District of Southern California Series A | 5.00 | 4-1-2053 | 10,000,000 | 11,149,716 | ||
38,404,626 | ||||||
699,561,953 | ||||||
Guam: 0.26% | ||||||
Miscellaneous revenue: 0.13% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2036 | 1,000,000 | 954,156 | ||
Water & sewer revenue: 0.13% | ||||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,000,000 | 1,015,068 | ||
1,969,224 | ||||||
Illinois: 1.48% | ||||||
GO revenue: 1.48% | ||||||
State of Illinois | 5.00 | 2-1-2025 | 10,000,000 | 10,214,013 | ||
State of Illinois Series B | 4.50 | 5-1-2048 | 1,000,000 | 983,389 | ||
11,197,402 | ||||||
New York: 1.99% | ||||||
Industrial development revenue: 0.68% | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2029 | 5,000,000 | 5,186,924 | ||
Tax revenue: 0.65% | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Series E1 | 3.00 | 2-1-2051 | 3,360,000 | 2,558,495 | ||
New York State Dormitory Authority State of New York Personal Income Tax Revenue Series A | 3.00 | 3-15-2050 | 3,000,000 | 2,331,259 | ||
4,889,754 | ||||||
Water & sewer revenue: 0.66% | ||||||
New York City Municipal Water Finance Authority Series DD | 4.13 | 6-15-2047 | 5,000,000 | 4,985,570 | ||
15,062,248 | ||||||
Ohio: 0.08% | ||||||
Tobacco revenue: 0.08% | ||||||
Buckeye Tobacco Settlement Financing Authority Series B-3 CAB¤ | 0.00 | 6-1-2057 | 5,000,000 | 618,448 | ||
Texas: 0.07% | ||||||
Resource recovery revenue: 0.07% | ||||||
Port of Port Arthur Navigation District Motiva Enterprises LLCø | 4.31 | 4-1-2040 | 500,000 | 500,000 | ||
Total municipal obligations (Cost $740,309,403) | 728,909,275 |
Yield | Shares | Value | ||||
Short-term investments: 2.17% | ||||||
Investment companies: 2.17% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞ | 4.07 % | 16,406,337 | $16,409,618 | |||
Total short-term investments (Cost $16,409,371) | 16,409,618 | |||||
Total investments in securities (Cost $762,118,774) | 99.31 % | 750,718,893 | ||||
Other assets and liabilities, net | 0.69 | 5,196,920 | ||||
Total net assets | 100.00 % | $755,915,813 |
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 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. |
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 |
COP | Certificate of participation |
FHLMC | Federal Home Loan Mortgage Corporation |
GO | General obligation |
HFFA | Health Facilities Financing Authority |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance 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 | $11,287,598 | $371,693,843 | $(366,570,085 ) | $(1,442 ) | $(296 ) | $16,409,618 | 16,406,337 | $361,500 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year U.S. Treasury Notes | 298 | 9-20-2023 | $34,054,826 | $33,455,156 | $0 | $(599,670 ) |
Assets | |
Investments in unaffiliated securities, at value (cost $745,709,403) | $734,309,275 |
Investments in affiliated securities, at value (cost $16,409,371) | 16,409,618 |
Cash | 143,288 |
Cash at broker segregated for futures contracts | 680,000 |
Receivable for interest | 8,221,168 |
Receivable for Fund shares sold | 467,329 |
Receivable for investments sold | 55,000 |
Receivable for daily variation margin on open futures contracts | 41,906 |
Prepaid expenses and other assets | 48,314 |
Total assets | 760,375,898 |
Liabilities | |
Payable for Fund shares redeemed | 3,472,265 |
Dividends payable | 573,417 |
Management fee payable | 173,515 |
Administration fees payable | 79,675 |
Distribution fee payable | 6,535 |
Trustees’ fees and expenses payable | 289 |
Accrued expenses and other liabilities | 154,389 |
Total liabilities | 4,460,085 |
Total net assets | $755,915,813 |
Net assets consist of | |
Paid-in capital | $848,941,365 |
Total distributable loss | (93,025,552 ) |
Total net assets | $755,915,813 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $331,000,042 |
Shares outstanding–Class A1 | 31,467,022 |
Net asset value per share–Class A | $10.52 |
Maximum offering price per share – Class A2 | $11.02 |
Net assets–Class C | $9,863,564 |
Shares outstanding–Class C1 | 919,529 |
Net asset value per share–Class C | $10.73 |
Net assets–Administrator Class | $172,773,691 |
Shares outstanding–Administrator Class1 | 16,393,421 |
Net asset value per share–Administrator Class | $10.54 |
Net assets–Institutional Class | $242,278,516 |
Shares outstanding–Institutional Class1 | 22,989,173 |
Net asset value per share–Institutional Class | $10.54 |
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 | $32,139,007 |
Income from affiliated securities | 361,500 |
Total investment income | 32,500,507 |
Expenses | |
Management fee | 3,297,452 |
Administration fees | |
Class A | 568,444 |
Class C | 17,111 |
Administrator Class | 218,897 |
Institutional Class | 209,290 |
Shareholder servicing fees | |
Class A | 886,832 |
Class C | 26,680 |
Administrator Class | 542,819 |
Distribution fee | |
Class C | 80,041 |
Custody and accounting fees | 49,173 |
Professional fees | 82,720 |
Registration fees | 60,295 |
Shareholder report expenses | 40,353 |
Trustees’ fees and expenses | 23,191 |
Other fees and expenses | 16,606 |
Total expenses | 6,119,904 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (173,019 ) |
Class A | (221,359 ) |
Class C | (6,396 ) |
Administrator Class | (435,551 ) |
Net expenses | 5,283,579 |
Net investment income | 27,216,928 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (33,468,976 ) |
Affiliated securities | (1,442 ) |
Futures contracts | (541,577 ) |
Net realized losses on investments | (34,011,995 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 19,025,228 |
Affiliated securities | (296 ) |
Futures contracts | (599,670 ) |
Net change in unrealized gains (losses) on investments | 18,425,262 |
Net realized and unrealized gains (losses) on investments | (15,586,733 ) |
Net increase in net assets resulting from operations | $11,630,195 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $27,216,928 | $33,632,993 | ||
Net realized losses on investments | (34,011,995 ) | (19,017,886 ) | ||
Net change in unrealized gains (losses) on investments | 18,425,262 | (139,862,538 ) | ||
Net increase (decrease) in net assets resulting from operations | 11,630,195 | (125,247,431 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (11,004,801 ) | (12,231,031 ) | ||
Class C | (251,461 ) | (290,228 ) | ||
Administrator Class | (7,166,876 ) | (10,633,943 ) | ||
Institutional Class | (8,793,753 ) | (10,482,832 ) | ||
Total distributions to shareholders | (27,216,891 ) | (33,638,034 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,788,917 | 18,756,448 | 8,830,381 | 104,258,640 |
Class C | 113,070 | 1,205,517 | 77,931 | 931,768 |
Administrator Class | 10,394,387 | 110,089,691 | 7,732,532 | 89,652,025 |
Institutional Class | 12,102,657 | 128,041,745 | 13,875,016 | 158,722,682 |
258,093,401 | 353,565,115 | |||
Reinvestment of distributions | ||||
Class A | 991,921 | 10,425,233 | 1,008,834 | 11,677,026 |
Class C | 23,289 | 249,534 | 24,246 | 287,042 |
Administrator Class | 664,062 | 6,992,839 | 907,189 | 10,502,816 |
Institutional Class | 365,863 | 3,853,429 | 392,088 | 4,547,445 |
21,521,035 | 27,014,329 | |||
Payment for shares redeemed | ||||
Class A | (10,050,368 ) | (106,466,759 ) | (11,212,029 ) | (130,013,134 ) |
Class C | (280,111 ) | (3,014,550 ) | (579,735 ) | (6,824,136 ) |
Administrator Class | (26,824,331 ) | (280,817,286 ) | (7,910,999 ) | (89,148,723 ) |
Institutional Class | (18,032,227 ) | (189,734,272 ) | (17,310,888 ) | (195,721,790 ) |
(580,032,867 ) | (421,707,783 ) | |||
Net decrease in net assets resulting from capital share transactions | (300,418,431 ) | (41,128,339 ) | ||
Total decrease in net assets | (316,005,127 ) | (200,013,804 ) | ||
Net assets | ||||
Beginning of period | 1,071,920,940 | 1,271,934,744 | ||
End of period | $755,915,813 | $1,071,920,940 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.65 | $12.13 | $11.91 | $11.91 | $11.64 |
Net investment income | 0.33 | 0.30 | 0.32 | 0.35 | 0.37 |
Net realized and unrealized gains (losses) on investments | (0.13 ) | (1.48 ) | 0.22 | 0.00 1 | 0.28 |
Total from investment operations | 0.20 | (1.18 ) | 0.54 | 0.35 | 0.65 |
Distributions to shareholders from | |||||
Net investment income | (0.33 ) | (0.30 ) | (0.32 ) | (0.35 ) | (0.38 ) |
Net asset value, end of period | $10.52 | $10.65 | $12.13 | $11.91 | $11.91 |
Total return2 | 1.90 % | (9.90 )% | 4.59 % | 2.93 % | 5.70 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83 % | 0.81 % | 0.81 % | 0.81 % | 0.83 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 3.10 % | 2.57 % | 2.66 % | 2.92 % | 3.22 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 17 % | 9 % | 23 % | 9 % |
Net assets, end of period (000s omitted) | $331,000 | $412,553 | $486,668 | $494,450 | $482,395 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.86 | $12.37 | $12.14 | $12.15 | $11.87 |
Net investment income | 0.26 | 0.22 | 0.24 | 0.27 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.14 ) | (1.51 ) | 0.23 | (0.02 ) | 0.29 |
Total from investment operations | 0.12 | (1.29 ) | 0.47 | 0.25 | 0.58 |
Distributions to shareholders from | |||||
Net investment income | (0.25 ) | (0.22 ) | (0.24 ) | (0.26 ) | (0.30 ) |
Net asset value, end of period | $10.73 | $10.86 | $12.37 | $12.14 | $12.15 |
Total return1 | 1.16 % | (10.58 )% | 3.86 % | 2.08 % | 4.95 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.58 % | 1.56 % | 1.56 % | 1.56 % | 1.58 % |
Net expenses | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 2.35 % | 1.80 % | 1.91 % | 2.18 % | 2.47 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 17 % | 9 % | 23 % | 9 % |
Net assets, end of period (000s omitted) | $9,864 | $11,548 | $19,066 | $27,413 | $32,758 |
1 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.67 | $12.16 | $11.93 | $11.94 | $11.66 |
Net investment income | 0.35 | 0.32 | 0.34 | 0.37 | 0.40 |
Net realized and unrealized gains (losses) on investments | (0.13 ) | (1.49 ) | 0.24 | (0.01 ) | 0.28 |
Total from investment operations | 0.22 | (1.17 ) | 0.58 | 0.36 | 0.68 |
Distributions to shareholders from | |||||
Net investment income | (0.35 ) | (0.32 ) | (0.35 ) | (0.37 ) | (0.40 ) |
Net asset value, end of period | $10.54 | $10.67 | $12.16 | $11.93 | $11.94 |
Total return | 2.11 % | (9.77 )% | 4.89 % | 3.05 % | 5.99 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77 % | 0.75 % | 0.75 % | 0.75 % | 0.77 % |
Net expenses | 0.55 % | 0.55 % | 0.55 % | 0.55 % | 0.55 % |
Net investment income | 3.27 % | 2.78 % | 2.86 % | 3.13 % | 3.43 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 17 % | 9 % | 23 % | 9 % |
Net assets, end of period (000s omitted) | $172,774 | $343,154 | $382,093 | $301,919 | $231,252 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.67 | $12.16 | $11.93 | $11.94 | $11.66 |
Net investment income | 0.36 | 0.33 | 0.35 | 0.38 | 0.41 |
Net realized and unrealized gains (losses) on investments | (0.13 ) | (1.49 ) | 0.23 | (0.01 ) | 0.28 |
Total from investment operations | 0.23 | (1.16 ) | 0.58 | 0.37 | 0.69 |
Distributions to shareholders from | |||||
Net investment income | (0.36 ) | (0.33 ) | (0.35 ) | (0.38 ) | (0.41 ) |
Net asset value, end of period | $10.54 | $10.67 | $12.16 | $11.93 | $11.94 |
Total return | 2.18 % | (9.71 )% | 4.96 % | 3.12 % | 6.07 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.50 % | 0.48 % | 0.48 % | 0.48 % | 0.50 % |
Net expenses | 0.48 % | 0.48 % | 0.48 % | 0.48 % | 0.48 % |
Net investment income | 3.36 % | 2.83 % | 2.93 % | 3.19 % | 3.49 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 17 % | 9 % | 23 % | 9 % |
Net assets, end of period (000s omitted) | $242,279 | $304,666 | $384,108 | $328,107 | $293,180 |
Gross unrealized gains | $13,334,910 |
Gross unrealized losses | (24,865,385 ) |
Net unrealized losses | $(11,530,475 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $5,400,000 | $0 | $5,400,000 |
Municipal obligations | 0 | 728,909,275 | 0 | 728,909,275 |
Short-term investments | ||||
Investment companies | 16,409,618 | 0 | 0 | 16,409,618 |
Total assets | $16,409,618 | $734,309,275 | $0 | $750,718,893 |
Liabilities | ||||
Futures contracts | $599,670 | $0 | $0 | $599,670 |
Total liabilities | $599,670 | $0 | $0 | $599,670 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$632,048 | $(11,530,475 ) | $(81,552,885 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g446934imge4bb08937.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g446934img30fd04f01.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g446934img4aba3e418.gif)
AR0032 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img8af07d592.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img3aaa39ff3.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WHYMX) | 1-31-2013 | -1.91 | 0.66 | 3.47 | 2.71 | 1.59 | 3.95 | 1.11 | 0.80 |
Class C (WHYCX) | 1-31-2013 | 0.94 | 0.83 | 3.33 | 1.94 | 0.83 | 3.33 | 1.86 | 1.55 |
Class R6 (EKHRX)3 | 7-31-2018 | – | – | – | 3.01 ♠ | 1.90 | 4.23 | 0.73 | 0.50 |
Administrator Class (WHYDX) | 1-31-2013 | – | – | – | 2.71 | 1.70 | 4.05 | 1.05 | 0.70 |
Institutional Class (WHYIX) | 1-31-2013 | – | – | – | 2.97 | 1.84 | 4.21 | 0.78 | 0.55 |
High Yield Municipal Bond Blended Index4 | – | – | – | – | 3.01 | 2.43 | 3.59 | – | – |
Bloomberg High Yield Municipal Bond Index5 | – | – | – | – | 2.85 | 2.79 | 4.17 | – | – |
Bloomberg Municipal Bond Index6 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
♠ | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the Net Asset Value (NAV) at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
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, 2023, 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. 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img71b765454.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the High Yield Municipal Bond Blended Index, Bloomberg High Yield Municipal Bond Index and Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img60bd6b485.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img13339b8b6.jpg)
1 | Figures represent the percentage of the Fund’s total investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,035.38 | $3.99 | 0.79 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.88 | $3.96 | 0.79 % |
Class C | ||||
Actual | $1,000.00 | $1,031.55 | $7.76 | 1.54 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.16 | $7.70 | 1.54 % |
Class R6 | ||||
Actual | $1,000.00 | $1,036.90 | $2.47 | 0.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.37 | $2.46 | 0.49 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,034.78 | $3.48 | 0.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.37 | $3.46 | 0.69 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,036.65 | $2.73 | 0.54 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.12 | $2.71 | 0.54 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 99.73% | ||||||
Alabama: 1.32% | ||||||
Education revenue: 0.83% | ||||||
Jacksonville Public Educational Building Authority Jacksonville State University Series A (AGM Insured) | 5.00 % | 8-1-2054 | $ | 1,200,000 | $1,265,313 | |
Water & sewer revenue: 0.49% | ||||||
County of Jefferson Sewer Revenue Series B CAB (AGM Insured)¤ | 0.00 | 10-1-2027 | 920,000 | 740,643 | ||
2,005,956 | ||||||
Arizona: 1.66% | ||||||
Education revenue: 0.43% | ||||||
Florence Town, Inc. IDA Legacy Traditional School Obligated Group144A | 5.00 | 7-1-2023 | 55,000 | 55,000 | ||
IDA of the City of Phoenix Arizona Legacy Traditional School Obligated Group Series A144A | 6.50 | 7-1-2034 | 500,000 | 509,758 | ||
IDA of the County of Pima Partnership with Parents, Inc. | 6.00 | 5-1-2024 | 85,000 | 85,963 | ||
650,721 | ||||||
Health revenue: 1.23% | ||||||
IDA of the County of Pima La Posada at Park Centre, Inc. Obligated Group Series A144A | 7.00 | 11-15-2057 | 1,000,000 | 1,007,379 | ||
Tempe IDA Mirabella at ASU, Inc. Series A144A | 6.13 | 10-1-2052 | 1,400,000 | 853,103 | ||
1,860,482 | ||||||
2,511,203 | ||||||
Arkansas: 0.66% | ||||||
Industrial development revenue: 0.66% | ||||||
Arkansas Development Finance Authority United States Steel Corp. AMT | 5.45 | 9-1-2052 | 1,000,000 | 999,921 | ||
California: 5.12% | ||||||
Airport revenue: 0.67% | ||||||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 12-31-2043 | 1,000,000 | 1,015,843 | ||
Education revenue: 0.29% | ||||||
California Infrastructure & Economic Development Bank WFCS Holdings II LLC Series A-1144A | 5.00 | 1-1-2056 | 250,000 | 189,530 | ||
California Municipal Finance Authority Albert Einstein Academy Charter School/Charter Middle School Series A | 7.13 | 8-1-2043 | 250,000 | 250,684 | ||
440,214 | ||||||
Health revenue: 1.00% | ||||||
California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | 11-15-2046 | 500,000 | 449,725 | ||
California Statewide Communities Development Authority Enloe Medical Center Obligated Group Series A (AGM Insured) | 5.25 | 8-15-2052 | 1,000,000 | 1,065,028 | ||
1,514,753 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 1.34% | ||||||
California Community Housing Agency Creekwood Apartments Series A144A | 4.00 % | 2-1-2056 | $ | 500,000 | $347,686 | |
California Statewide Communities Development Authority Community Improvement Authority 1818 Platinum Triangle-Anaheim Series B144A | 4.00 | 4-1-2057 | 500,000 | 345,154 | ||
California Statewide Communities Development Authority Community Improvement Authority Waterscape Apartments Series B144A | 4.00 | 9-1-2046 | 425,000 | 353,765 | ||
Compton PFA144A | 4.00 | 9-1-2027 | 1,000,000 | 983,051 | ||
2,029,656 | ||||||
Miscellaneous revenue: 0.35% | ||||||
California Municipal Finance Authority Palomar Health Obligated Group Series A (AGM Insured) | 5.25 | 11-1-2052 | 500,000 | 533,908 | ||
Tax revenue: 0.57% | ||||||
San Francisco City & County Redevelopment Successor Agency Mission Bay South Redevelopment Project Subordinate Bond Series D CAB144A¤ | 0.00 | 8-1-2026 | 1,000,000 | 869,713 | ||
Tobacco revenue: 0.21% | ||||||
Tobacco Securitization Authority of Northern California Sacramento County Tobacco Securitization Corp. Series B2 CAB¤ | 0.00 | 6-1-2060 | 2,000,000 | 310,666 | ||
Utilities revenue: 0.69% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Cøø | 5.25 | 1-1-2054 | 1,000,000 | 1,046,099 | ||
7,760,852 | ||||||
Colorado: 6.82% | ||||||
Airport revenue: 0.69% | ||||||
City & County of Denver Airport System Revenue Series D AMT | 5.00 | 11-15-2053 | 1,000,000 | 1,045,582 | ||
Education revenue: 0.28% | ||||||
Colorado ECFA New Summit Academy Series A144A | 4.00 | 7-1-2061 | 600,000 | 426,614 | ||
GO revenue: 4.88% | ||||||
Berthoud-Heritage Metropolitan District No. 10 Series A | 4.75 | 12-1-2052 | 500,000 | 395,139 | ||
Chambers Highpoint Metropolitan District No. 2 | 5.00 | 12-1-2051 | 830,000 | 701,547 | ||
Clear Creek Transit Metropolitan District No. 2 Series A | 5.00 | 12-1-2050 | 1,000,000 | 866,159 | ||
Cornerstar Metropolitan District Series A | 5.25 | 12-1-2047 | 1,000,000 | 956,113 | ||
Cottonwood Highlands Metropolitan District No. 1 Series A | 5.00 | 12-1-2049 | 900,000 | 815,506 | ||
Denver International Business Center Metropolitan District No. 1 | 6.00 | 12-1-2048 | 1,145,000 | 1,140,769 | ||
Hogback Metropolitan District Series A | 5.00 | 12-1-2051 | 585,000 | 507,043 | ||
Murphy Creek Metropolitan District No. 5 Series A | 6.00 | 12-1-2052 | 1,000,000 | 973,028 | ||
Pronghorn Valley Metropolitan District Series A | 4.00 | 12-1-2051 | 250,000 | 186,855 | ||
Westgate Metropolitan District | 5.13 | 12-1-2051 | 1,000,000 | 855,504 | ||
7,397,663 | ||||||
Tax revenue: 0.64% | ||||||
Pueblo Urban Renewal Authority City of Pueblo Co. Sales Tax Revenue | 5.00 | 6-1-2036 | 1,000,000 | 978,561 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.33% | ||||||
Colorado High Performance Transportation Enterprise Plenary Roads Denver LLC AMT | 5.75 % | 1-1-2044 | $ | 500,000 | $499,988 | |
10,348,408 | ||||||
Delaware: 0.68% | ||||||
Education revenue: 0.68% | ||||||
Delaware State EDA Odyssey Charter School Series A144A | 7.00 | 9-1-2045 | 1,000,000 | 1,025,555 | ||
District of Columbia: 0.28% | ||||||
Tobacco revenue: 0.28% | ||||||
District of Columbia Tobacco Settlement Financing Corp. | 6.75 | 5-15-2040 | 420,000 | 431,089 | ||
Florida: 5.00% | ||||||
Education revenue: 2.20% | ||||||
Capital Trust Agency, Inc. Pineapple Cove Classical Academy Series A144A | 5.13 | 7-1-2039 | 2,000,000 | 1,902,518 | ||
Florida Development Finance Corp. Global Outreach Charter Academy Obligated Group Series A144A | 4.00 | 6-30-2056 | 625,000 | 439,477 | ||
Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 6.00 | 9-15-2045 | 1,000,000 | 1,000,707 | ||
3,342,702 | ||||||
Health revenue: 1.20% | ||||||
Holmes County Hospital Corp. | 6.00 | 11-1-2038 | 250,000 | 223,301 | ||
Lee County IDA Cypress Cove at Healthpark Florida Obligated Group Series A | 5.25 | 10-1-2052 | 1,000,000 | 848,690 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2046 | 1,000,000 | 747,955 | ||
1,819,946 | ||||||
Miscellaneous revenue: 1.35% | ||||||
Village Community Development District No. 14 | 5.13 | 5-1-2037 | 1,000,000 | 1,031,559 | ||
Village Community Development District No. 15144A%% | 5.25 | 5-1-2054 | 1,000,000 | 1,013,950 | ||
2,045,509 | ||||||
Water & sewer revenue: 0.25% | ||||||
Charlotte County IDA MSKP Town & Country Utility LLC Series A AMT144A | 4.00 | 10-1-2051 | 500,000 | 381,276 | ||
7,589,433 | ||||||
Georgia: 3.85% | ||||||
Education revenue: 0.87% | ||||||
Private Colleges & Universities Authority Mercer University | 5.25 | 10-1-2051 | 1,250,000 | 1,322,938 | ||
Housing revenue: 0.53% | ||||||
Development Authority of Cobb County Kennesaw State University Real Estate Obligated Group 2015 ABC Series C | 5.00 | 7-15-2028 | 800,000 | 805,818 | ||
Transportation revenue: 0.67% | ||||||
Georgia State Road & Tollway Authority Series B CAB144A¤ | 0.00 | 6-1-2049 | 1,000,000 | 1,019,490 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 1.78% | ||||||
Main Street Natural Gas, Inc. Series A | 5.00 % | 5-15-2049 | $ | 1,610,000 | $1,649,000 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.50 | 7-1-2064 | 1,000,000 | 1,041,244 | ||
2,690,244 | ||||||
5,838,490 | ||||||
Guam: 0.32% | ||||||
Airport revenue: 0.32% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.38 | 10-1-2043 | 500,000 | 492,969 | ||
Idaho: 0.16% | ||||||
Education revenue: 0.16% | ||||||
Idaho Housing & Finance Association Legacy Public Charter School, Inc. Series A | 6.25 | 5-1-2043 | 250,000 | 250,132 | ||
Illinois: 9.79% | ||||||
Education revenue: 0.97% | ||||||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2042 | 250,000 | 190,769 | ||
Illinois Finance Authority AIM Art in Motion Series A144A | 5.00 | 7-1-2051 | 1,000,000 | 770,917 | ||
Illinois Finance Authority Intrinsic Schools Series A144A | 5.25 | 12-1-2025 | 505,000 | 511,341 | ||
1,473,027 | ||||||
GO revenue: 4.35% | ||||||
Chicago Board of Education Series A (NPFGC Insured)¤ | 0.00 | 12-1-2025 | 500,000 | 453,251 | ||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | 4-1-2048 | 500,000 | 545,920 | ||
City of Chicago Series A | 5.50 | 1-1-2041 | 500,000 | 536,358 | ||
City of Chicago Series A | 5.50 | 1-1-2043 | 500,000 | 534,241 | ||
City of Chicago Series A | 6.00 | 1-1-2038 | 1,500,000 | 1,595,768 | ||
Cook County School District No. 144 Prairie Hills Series C CAB (AGM Insured)¤ | 0.00 | 12-1-2025 | 730,000 | 663,465 | ||
State of Illinois Series B | 4.50 | 5-1-2048 | 1,000,000 | 983,389 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2027 | 685,000 | 600,149 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2033 | 1,000,000 | 691,387 | ||
6,603,928 | ||||||
Health revenue: 1.39% | ||||||
Illinois Finance Authority University of Chicago Medical Center Obligated Group Series A | 5.00 | 8-15-2052 | 2,000,000 | 2,103,571 | ||
Housing revenue: 0.67% | ||||||
Metropolitan Pier & Exposition Authority Series A | 5.00 | 6-15-2050 | 1,000,000 | 1,016,608 | ||
Miscellaneous revenue: 0.45% | ||||||
Illinois Finance Authority Rogers Park Montessori School | 6.00 | 2-1-2034 | 680,000 | 682,654 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.88% | ||||||
Village of Hillside IL Mannheim Redevelopment Project Area | 5.00 % | 1-1-2030 | $ | 1,345,000 | $1,342,707 | |
Water & sewer revenue: 1.08% | ||||||
City of Chicago Wastewater Transmission Revenue Series A (AGM Insured) | 5.25 | 1-1-2053 | 1,500,000 | 1,633,805 | ||
14,856,300 | ||||||
Indiana: 1.36% | ||||||
Education revenue: 1.36% | ||||||
Indiana Finance Authority DePauw University Series A | 5.00 | 7-1-2047 | 2,055,000 | 2,067,707 | ||
Iowa: 0.92% | ||||||
Health revenue: 0.66% | ||||||
Iowa Finance Authority Iowa Health System Obligated Group Series F (JPMorgan Chase Bank N.A. LOC)ø | 3.75 | 7-1-2041 | 1,000,000 | 1,000,000 | ||
Tobacco revenue: 0.26% | ||||||
Iowa Tobacco Settlement Authority Series B-2 CAB¤ | 0.00 | 6-1-2065 | 3,490,000 | 401,097 | ||
1,401,097 | ||||||
Kansas: 1.37% | ||||||
Health revenue: 0.58% | ||||||
Kansas Development Finance Authority Village Shalom Obligated Group Series A | 5.25 | 11-15-2033 | 1,000,000 | 880,542 | ||
Tax revenue: 0.79% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue | 4.00 | 12-1-2028 | 205,000 | 191,999 | ||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB144A¤ | 0.00 | 9-1-2034 | 2,620,000 | 1,010,367 | ||
1,202,366 | ||||||
2,082,908 | ||||||
Kentucky: 0.61% | ||||||
Health revenue: 0.61% | ||||||
Kentucky EDFA Kenton Housing Obligated Group | 5.50 | 11-15-2035 | 1,000,000 | 923,834 | ||
Louisiana: 4.91% | ||||||
Airport revenue: 0.87% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series B AMT | 5.00 | 1-1-2048 | 1,305,000 | 1,322,181 | ||
Industrial development revenue: 1.65% | ||||||
East Baton Rouge Parish Industrial Development Board, Inc. Exxon Mobil Corp. Series Bø | 3.65 | 12-1-2040 | 2,500,000 | 2,500,000 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 2.39% | ||||||
Louisiana Stadium & Exposition District Series A | 5.25 % | 7-1-2053 | $ | 1,500,000 | $1,628,692 | |
State of Louisiana Gasoline & Fuels Tax Revenue Series A-1 (Toronto- Dominion Bank LOC)ø | 3.60 | 5-1-2043 | 2,000,000 | 2,000,000 | ||
3,628,692 | ||||||
7,450,873 | ||||||
Maryland: 2.25% | ||||||
Education revenue: 0.68% | ||||||
County of Prince George’s Chesapeake Lighthouse Charter School Obligated Group Series A144A | 6.90 | 8-1-2041 | 1,000,000 | 1,027,178 | ||
Miscellaneous revenue: 0.28% | ||||||
Maryland Economic Development Corp. City of Baltimore MD Port Covington Development District | 4.00 | 9-1-2050 | 500,000 | 424,812 | ||
Transportation revenue: 1.29% | ||||||
Maryland Economic Development Corp. Purple Line Transit Partners LLC Series B AMT | 5.25 | 6-30-2055 | 1,900,000 | 1,961,808 | ||
3,413,798 | ||||||
Massachusetts: 2.68% | ||||||
Health revenue: 2.68% | ||||||
Massachusetts Development Finance Agency Boston Medical Center Corp. Obligated Group Series G | 5.25 | 7-1-2052 | 3,000,000 | 3,145,876 | ||
Massachusetts Development Finance Agency Salem Community Corp. Obligated Group | 5.13 | 1-1-2040 | 1,000,000 | 915,050 | ||
4,060,926 | ||||||
Michigan: 2.09% | ||||||
Education revenue: 0.27% | ||||||
Michigan Finance Authority Bradford Academy | 4.80 | 9-1-2040 | 150,000 | 124,802 | ||
Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | 10-1-2036 | 277,500 | 277,596 | ||
402,398 | ||||||
Miscellaneous revenue: 1.47% | ||||||
Charyl Stockwell Academy | 4.88 | 10-1-2023 | 75,000 | 74,848 | ||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 4.50 | 10-1-2029 | 1,000,000 | 999,504 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,000,309 | ||
Michigan Public Educational Facilities Authority Chandler Park Academy | 6.35 | 11-1-2028 | 150,000 | 150,089 | ||
2,224,750 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.35% | ||||||
Detroit Downtown Development Authority Area No. 1¤ | 0.00 % | 7-1-2024 | $ | 20,000 | $18,966 | |
Detroit Downtown Development Authority Area No. 1¤ | 0.00 | 7-1-2025 | 580,000 | 519,362 | ||
538,328 | ||||||
3,165,476 | ||||||
Minnesota: 2.59% | ||||||
Education revenue: 1.78% | ||||||
City of Deephaven Eagle Ridge Academy Series A | 4.40 | 7-1-2025 | 45,000 | 44,637 | ||
City of Deephaven Eagle Ridge Academy Series A | 5.00 | 7-1-2030 | 195,000 | 195,767 | ||
City of Ramsey PACT Charter School Series A | 5.00 | 6-1-2032 | 1,000,000 | 1,003,503 | ||
City of St. Cloud Athlos Academy of St. Cloud Series A144A | 5.25 | 6-1-2032 | 1,000,000 | 980,462 | ||
City of Woodbury Woodbury Leadership Academy Series A | 4.00 | 7-1-2051 | 660,000 | 478,526 | ||
2,702,895 | ||||||
Health revenue: 0.32% | ||||||
City of Shakopee Senior Housing Revenue Benedictine Living Community of Shakopee LLC144Aøø | 5.85 | 11-1-2058 | 495,000 | 487,177 | ||
Housing revenue: 0.49% | ||||||
City of Minneapolis Riverton Community Housing | 4.70 | 8-1-2026 | 335,000 | 334,894 | ||
City of Minneapolis Riverton Community Housing | 4.80 | 8-1-2027 | 400,000 | 400,027 | ||
734,921 | ||||||
3,924,993 | ||||||
Missouri: 0.31% | ||||||
Tax revenue: 0.31% | ||||||
City of Richmond Heights | 5.63 | 11-1-2025 | 485,000 | 476,142 | ||
New Hampshire: 0.70% | ||||||
Education revenue: 0.70% | ||||||
New Hampshire Business Finance Authority University of Nevada Reno Series A (BAM Insured) | 4.50 | 6-1-2053 | 1,075,000 | 1,059,314 | ||
New Jersey: 4.77% | ||||||
Airport revenue: 0.33% | ||||||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2047 | 500,000 | 500,150 | ||
Education revenue: 1.11% | ||||||
Camden County Improvement Authority Camden Prep, Inc.144A | 5.00 | 7-15-2042 | 1,175,000 | 1,180,692 | ||
Passaic County Improvement Authority Paterson Arts & Science Charter School | 5.38 | 7-1-2053 | 500,000 | 503,709 | ||
1,684,401 | ||||||
GO revenue: 0.68% | ||||||
City of Newark Series A | 5.00 | 7-15-2027 | 1,000,000 | 1,030,117 | ||
Housing revenue: 1.73% | ||||||
New Jersey EDA New Jersey Transit Corp. Series A | 5.00 | 11-1-2044 | 1,000,000 | 1,050,934 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
New Jersey TTFA Series C | 5.25 % | 6-15-2032 | $ | 1,000,000 | $1,027,571 | |
New Jersey TTFA Series CC | 5.50 | 6-15-2050 | 500,000 | 552,530 | ||
2,631,035 | ||||||
Industrial development revenue: 0.17% | ||||||
New Jersey EDA United Airlines, Inc. | 5.25 | 9-15-2029 | 250,000 | 250,633 | ||
Transportation revenue: 0.75% | ||||||
South Jersey Transportation Authority Series A | 5.25 | 11-1-2052 | 1,075,000 | 1,136,923 | ||
7,233,259 | ||||||
New York: 10.89% | ||||||
Airport revenue: 2.44% | ||||||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2041 | 1,660,000 | 1,718,611 | ||
New York Transportation Development Corp. LaGuardia Gateway Partners LLC Series A AMT | 5.00 | 7-1-2046 | 1,000,000 | 988,009 | ||
New York Transportation Development Corp. LaGuardia Gateway Partners LLC Series A AMT | 5.25 | 1-1-2050 | 1,000,000 | 1,001,193 | ||
3,707,813 | ||||||
Education revenue: 4.25% | ||||||
Build NYC Resource Corp. East Harlem Scholars Academy Charter School Obligated Group144A | 5.75 | 6-1-2052 | 1,000,000 | 1,011,855 | ||
Build NYC Resource Corp. Hellenic Classical Charter Schools Series A144A | 5.00 | 12-1-2041 | 1,200,000 | 1,064,856 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.60 | 2-1-2051 | 500,000 | 369,723 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.73 | 2-1-2050 | 1,000,000 | 957,908 | ||
Hempstead Town Local Development Corp. Evergreen Charter School, Inc. Series A | 5.25 | 6-15-2052 | 2,000,000 | 1,908,455 | ||
New York State Dormitory Authority St. Joseph’s University/Brooklyn | 4.00 | 7-1-2035 | 400,000 | 384,513 | ||
New York State Dormitory Authority St. Joseph’s University/Brooklyn | 5.00 | 7-1-2051 | 750,000 | 750,384 | ||
6,447,694 | ||||||
Health revenue: 0.64% | ||||||
Westchester County Local Development Corp. Westchester County Health Care Corp. Obligated Group | 5.00 | 11-1-2046 | 1,000,000 | 969,268 | ||
Housing revenue: 1.32% | ||||||
MTA Hudson Rail Yards Trust Obligations Series A | 5.00 | 11-15-2056 | 2,000,000 | 2,001,471 | ||
Tax revenue: 1.02% | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Series E1 | 3.00 | 2-1-2051 | 1,000,000 | 761,457 | ||
New York State Dormitory Authority State of New York Personal Income Tax Revenue Series A | 3.00 | 3-15-2050 | 1,000,000 | 777,086 | ||
1,538,543 |
Interest rate | Maturity date | Principal | Value | |||
Tobacco revenue: 0.18% | ||||||
Suffolk Tobacco Asset Securitization Corp. Series B2 CAB¤ | 0.00 % | 6-1-2066 | $ | 2,500,000 | $278,615 | |
Transportation revenue: 1.04% | ||||||
Metropolitan Transportation Authority Series C | 5.25 | 11-15-2055 | 1,500,000 | 1,572,911 | ||
16,516,315 | ||||||
Ohio: 5.04% | ||||||
Education revenue: 1.18% | ||||||
Ohio Higher Educational Facility Commission Capital University | 6.00 | 9-1-2052 | 1,250,000 | 1,283,020 | ||
Ohio Higher Educational Facility Commission Cleveland Institute of Music | 5.38 | 12-1-2052 | 500,000 | 504,706 | ||
1,787,726 | ||||||
GO revenue: 1.33% | ||||||
Pickerington Local School District | 4.38 | 12-1-2049 | 2,000,000 | 2,018,120 | ||
Housing revenue: 1.28% | ||||||
State of Ohio Department of Transportation Series A AMT | 5.00 | 6-30-2053 | 2,000,000 | 1,939,576 | ||
Tobacco revenue: 1.25% | ||||||
Buckeye Tobacco Settlement Financing Authority Series B-2 | 5.00 | 6-1-2055 | 975,000 | 913,099 | ||
Buckeye Tobacco Settlement Financing Authority Series B-3 CAB¤ | 0.00 | 6-1-2057 | 8,000,000 | 989,516 | ||
1,902,615 | ||||||
7,648,037 | ||||||
Oregon: 1.30% | ||||||
Health revenue: 1.30% | ||||||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2040 | 1,685,000 | 1,732,536 | ||
Polk County Hospital Facility Authority Dallas Mennonite Retirement Community Obligated Group Series A | 5.00 | 7-1-2025 | 235,000 | 233,030 | ||
1,965,566 | ||||||
Pennsylvania: 4.61% | ||||||
Education revenue: 0.42% | ||||||
Allegheny County IDA Propel Charter School - Sunrise | 5.25 | 7-15-2023 | 25,000 | 25,009 | ||
Philadelphia IDA Independence Charter School West | 5.00 | 6-15-2039 | 250,000 | 240,425 | ||
Philadelphia IDA Tacony Academy Charter School | 6.88 | 6-15-2033 | 375,000 | 375,792 | ||
641,226 | ||||||
Health revenue: 1.25% | ||||||
Lancaster County Hospital Authority Penn State Health Obligated Group | 5.00 | 11-1-2051 | 1,000,000 | 1,026,569 | ||
Quakertown General Authority LifeQuest Obligated Group Series C | 5.30 | 7-1-2042 | 1,000,000 | 864,302 | ||
1,890,871 | ||||||
Housing revenue: 2.39% | ||||||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT## | 5.25 | 6-30-2053 | 3,500,000 | 3,632,412 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.55% | ||||||
Chester County IDA Woodlands at Greystone Neighborhood Improvement District144A | 5.13 % | 3-1-2048 | $ | 887,000 | $828,056 | |
6,992,565 | ||||||
South Carolina: 1.54% | ||||||
Education revenue: 0.67% | ||||||
South Carolina Jobs-EDA Columbia College/SC Obligated Group Series A | 5.75 | 10-1-2045 | 500,000 | 451,280 | ||
South Carolina Jobs-EDA York Preparatory Academy, Inc. Series A144A | 5.75 | 11-1-2023 | 35,000 | 35,242 | ||
South Carolina Jobs-EDA York Preparatory Academy, Inc. Series A144A | 7.25 | 11-1-2045 | 500,000 | 523,699 | ||
1,010,221 | ||||||
Health revenue: 0.55% | ||||||
South Carolina Jobs-EDA South Carolina Episcopal Home at Still Hopes Obligated Group Series A | 5.00 | 4-1-2048 | 1,000,000 | 838,035 | ||
Resource recovery revenue: 0.32% | ||||||
South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | 12-6-2029 | 100,000 | 81,952 | ||
South Carolina Jobs-EDA RePower South Berkeley LLC Series A AMT144A† | 6.25 | 2-1-2045 | 1,000,000 | 400,000 | ||
481,952 | ||||||
2,330,208 | ||||||
Tennessee: 0.74% | ||||||
Tax revenue: 0.74% | ||||||
Bristol Industrial Development Board Series B CAB144A¤ | 0.00 | 12-1-2031 | 1,000,000 | 620,966 | ||
Nashville Metropolitan Development & Housing Agency Fifth & Broadway Redevelopment Area144A | 5.13 | 6-1-2036 | 500,000 | 507,223 | ||
1,128,189 | ||||||
Texas: 4.68% | ||||||
Education revenue: 2.22% | ||||||
Arlington Higher Education Finance Corp. LTTS Charter School, Inc. Series A | 7.00 | 3-1-2034 | 320,000 | 321,298 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A144A | 6.38 | 2-15-2052 | 1,500,000 | 1,430,822 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | 8-15-2046 | 860,000 | 648,160 | ||
Pottsboro Higher Education Finance Corp. Imagine International Academy of North Texas LLC Series A | 3.88 | 8-15-2026 | 1,000,000 | 963,456 | ||
3,363,736 | ||||||
GO revenue: 0.62% | ||||||
City of Port Isabel144A | 5.10 | 2-15-2049 | 925,000 | 938,165 | ||
Tax revenue: 0.27% | ||||||
Baytown Municipal Development District Baytown Convention Center Hotel Revenue Series B144A | 5.00 | 10-1-2050 | 500,000 | 415,032 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 1.44% | ||||||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments 3 LLC AMT | 5.00 % | 6-30-2058 | $ | 2,000,000 | $1,990,188 | |
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments 3 LLC Series A AMT | 7.00 | 12-31-2038 | 200,000 | 200,901 | ||
2,191,089 | ||||||
Utilities revenue: 0.13% | ||||||
SA Energy Acquisition Public Facility Corp. | 5.50 | 8-1-2027 | 190,000 | 198,461 | ||
7,106,483 | ||||||
Utah: 1.68% | ||||||
Education revenue: 0.62% | ||||||
Utah Charter School Finance Authority Freedom Academy Foundation Series A144A | 5.00 | 6-15-2041 | 1,020,000 | 937,147 | ||
Miscellaneous revenue: 0.49% | ||||||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2050 | 1,000,000 | 753,727 | ||
Tax revenue: 0.57% | ||||||
Utah Inland Port Authority Crossroads Public Infrastructure District AJL Project Area144A | 4.38 | 6-1-2052 | 1,000,000 | 860,081 | ||
2,550,955 | ||||||
Virginia: 1.82% | ||||||
Health revenue: 0.49% | ||||||
Roanoke EDA Richfield Living Obligated Group Series 2020† | 5.13 | 9-1-2055 | 1,210,000 | 748,248 | ||
Transportation revenue: 1.33% | ||||||
Virginia Small Business Financing Authority I-66 Express Mobility Partners LLC AMT | 5.00 | 12-31-2052 | 2,000,000 | 2,015,775 | ||
2,764,023 | ||||||
Washington: 0.52% | ||||||
Health revenue: 0.52% | ||||||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 5.00 | 9-1-2050 | 750,000 | 783,690 | ||
West Virginia: 1.01% | ||||||
Tax revenue: 1.01% | ||||||
Monongalia County Commission Excise Tax District Series A144A | 5.75 | 6-1-2043 | 1,500,000 | 1,532,977 | ||
Wisconsin: 5.68% | ||||||
Education revenue: 4.53% | ||||||
PFA Contemporary Science Center, Inc. Series A144A | 5.63 | 7-1-2045 | 1,000,000 | 1,004,929 | ||
PFA Coral Academy of Science Las Vegas Series A | 5.00 | 7-1-2024 | 85,000 | 85,194 | ||
PFA Estancia Valley Classical Academy Series A144A | 4.25 | 7-1-2051 | 1,000,000 | 715,609 | ||
PFA Triad Educational Services, Inc. | 5.00 | 6-15-2042 | 1,140,000 | 1,094,469 | ||
PFA Triad Educational Services, Inc. | 5.25 | 6-15-2052 | 1,610,000 | 1,546,083 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
PFA Uwharrie Charter Academy Series A144A | 5.00 % | 6-15-2042 | $ | 1,310,000 | $1,197,464 | |
PFA Wilson Preparatory Academy Series A144A | 5.00 | 6-15-2039 | 1,285,000 | 1,227,828 | ||
6,871,576 | ||||||
Health revenue: 0.78% | ||||||
Wisconsin HEFA Wisconsin Illinois Senior Housing, Inc. Series A | 5.25 | 8-1-2048 | 1,500,000 | 1,187,292 | ||
Housing revenue: 0.37% | ||||||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.50 | 7-1-2052 | 500,000 | 552,732 | ||
8,611,600 | ||||||
Total municipal obligations (Cost $158,200,640) | 151,301,243 |
Yield | Shares | |||||
Short-term investments: 0.55% | ||||||
Investment companies: 0.55% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 832,184 | 832,351 | |||
Total short-term investments (Cost $832,351) | 832,351 | |||||
Total investments in securities (Cost $159,032,991) | 100.28 % | 152,133,594 | ||||
Other assets and liabilities, net | (0.28 ) | (419,274 ) | ||||
Total net assets | 100.00 % | $151,714,320 |
¤ | 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. |
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. |
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. |
## | 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. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance 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 | $5,593,920 | $106,124,814 | $(110,881,542 ) | $(4,841 ) | $0 | $832,351 | 832,184 | $120,001 |
Assets | |
Investments in unaffiliated securities, at value (cost $158,200,640) | $151,301,243 |
Investments in affiliated securities, at value (cost $832,351) | 832,351 |
Cash | 1,049,519 |
Receivable for interest | 1,775,991 |
Receivable for investments sold | 205,000 |
Receivable for Fund shares sold | 4,182 |
Prepaid expenses and other assets | 70,467 |
Total assets | 155,238,753 |
Liabilities | |
Payable for when-issued transactions | 1,491,185 |
Payable for investments purchased | 1,049,049 |
Payable for Fund shares redeemed | 865,806 |
Dividends payable | 55,856 |
Management fee payable | 15,986 |
Administration fees payable | 14,075 |
Distribution fee payable | 4,497 |
Trustees’ fees and expenses payable | 202 |
Accrued expenses and other liabilities | 27,777 |
Total liabilities | 3,524,433 |
Total net assets | $151,714,320 |
Net assets consist of | |
Paid-in capital | $161,627,820 |
Total distributable loss | (9,913,500 ) |
Total net assets | $151,714,320 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $41,963,448 |
Shares outstanding–Class A1 | 4,456,203 |
Net asset value per share–Class A | $9.42 |
Maximum offering price per share – Class A2 | $9.86 |
Net assets–Class C | $7,184,846 |
Shares outstanding–Class C1 | 762,906 |
Net asset value per share–Class C | $9.42 |
Net assets–Class R6 | $23,867 |
Shares outstanding–Class R61 | 2,528 |
Net asset value per share–Class R6 | $9.44 |
Net assets–Administrator Class | $7,795,606 |
Shares outstanding–Administrator Class1 | 827,510 |
Net asset value per share–Administrator Class | $9.42 |
Net assets–Institutional Class | $94,746,553 |
Shares outstanding–Institutional Class1 | 10,061,915 |
Net asset value per share–Institutional Class | $9.42 |
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 | $6,754,628 |
Income from affiliated securities | 120,001 |
Total investment income | 6,874,629 |
Expenses | |
Management fee | 696,175 |
Administration fees | |
Class A | 63,988 |
Class C | 10,839 |
Class R6 | 7 |
Administrator Class | 7,793 |
Institutional Class | 67,701 |
Shareholder servicing fees | |
Class A | 99,916 |
Class C | 16,605 |
Administrator Class | 19,454 |
Distribution fee | |
Class C | 49,816 |
Custody and accounting fees | 10,063 |
Professional fees | 72,584 |
Registration fees | 78,269 |
Shareholder report expenses | 34,127 |
Trustees’ fees and expenses | 22,004 |
Other fees and expenses | 811 |
Total expenses | 1,250,152 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (264,146 ) |
Class A | (33,042 ) |
Class C | (4,206 ) |
Administrator Class | (9,917 ) |
Net expenses | 938,841 |
Net investment income | 5,935,788 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (1,292,077 ) |
Affiliated securities | (4,841 ) |
Net realized losses on investments | (1,296,918 ) |
Net change in unrealized gains (losses) on investments | (231,205 ) |
Net realized and unrealized gains (losses) on investments | (1,528,123 ) |
Net increase in net assets resulting from operations | $4,407,665 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $5,935,788 | $3,790,032 | ||
Net realized losses on investments | (1,296,918 ) | (1,705,630 ) | ||
Net change in unrealized gains (losses) on investments | (231,205 ) | (13,871,298 ) | ||
Net increase (decrease) in net assets resulting from operations | 4,407,665 | (11,786,896 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,648,707 ) | (1,572,805 ) | ||
Class C | (228,896 ) | (252,745 ) | ||
Class R6 | (1,032 ) | (1,044 ) | ||
Administrator Class | (329,349 ) | (384,186 ) | ||
Institutional Class | (3,716,904 ) | (1,958,274 ) | ||
Total distributions to shareholders | (5,924,888 ) | (4,169,054 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,359,385 | 12,768,066 | 1,829,910 | 19,247,400 |
Class C | 271,122 | 2,545,911 | 121,872 | 1,282,715 |
Administrator Class | 349,013 | 3,274,829 | 874,425 | 8,646,964 |
Institutional Class | 10,722,836 | 100,289,845 | 5,497,610 | 54,759,627 |
118,878,651 | 83,936,706 | |||
Reinvestment of distributions | ||||
Class A | 169,012 | 1,587,162 | 141,735 | 1,500,548 |
Class C | 24,023 | 225,597 | 23,517 | 249,871 |
Class R6 | 110 | 1,032 | 62 | 645 |
Administrator Class | 18,067 | 169,831 | 20,739 | 219,472 |
Institutional Class | 394,967 | 3,705,001 | 185,327 | 1,946,947 |
5,688,623 | 3,917,483 | |||
Payment for shares redeemed | ||||
Class A | (955,363 ) | (8,926,103 ) | (1,451,197 ) | (15,179,217 ) |
Class C | (205,070 ) | (1,933,069 ) | (231,805 ) | (2,409,232 ) |
Administrator Class | (437,078 ) | (4,151,878 ) | (866,104 ) | (8,538,467 ) |
Institutional Class | (6,992,229 ) | (65,278,557 ) | (3,730,743 ) | (36,960,703 ) |
(80,289,607 ) | (63,087,619 ) | |||
Net increase in net assets resulting from capital share transactions | 44,277,667 | 24,766,570 | ||
Total increase in net assets | 42,760,444 | 8,810,620 | ||
Net assets | ||||
Beginning of period | 108,953,876 | 100,143,256 | ||
End of period | $151,714,320 | $108,953,876 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.56 | $11.16 | $10.43 | $10.97 | $10.59 |
Net investment income | 0.39 1 | 0.38 | 0.41 | 0.44 | 0.39 |
Net realized and unrealized gains (losses) on investments | (0.14 ) | (1.56 ) | 0.73 | (0.54 ) | 0.38 |
Total from investment operations | 0.25 | (1.18 ) | 1.14 | (0.10 ) | 0.77 |
Distributions to shareholders from | |||||
Net investment income | (0.39 ) | (0.38 ) | (0.41 ) | (0.44 ) | (0.39 ) |
Net realized gains | 0.00 | (0.04 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.39 ) | (0.42 ) | (0.41 ) | (0.44 ) | (0.39 ) |
Net asset value, end of period | $9.42 | $9.56 | $11.16 | $10.43 | $10.97 |
Total return2 | 2.71 % | (10.84 )% | 10.98 % | (0.98 )% | 7.43 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.07 % | 1.10 % | 1.14 % | 1.12 % | 1.09 % |
Net expenses | 0.80 % | 0.80 % | 0.80 % | 0.80 % | 0.80 % |
Net investment income | 4.13 % | 3.61 % | 3.74 % | 4.05 % | 3.68 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 30 % | 55 % | 14 % | 20 % |
Net assets, end of period (000s omitted) | $41,963 | $37,138 | $37,514 | $24,791 | $23,674 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.56 | $11.16 | $10.44 | $10.97 | $10.59 |
Net investment income | 0.32 1 | 0.30 | 0.32 | 0.36 | 0.31 |
Net realized and unrealized gains (losses) on investments | (0.14 ) | (1.55 ) | 0.72 | (0.53 ) | 0.38 |
Total from investment operations | 0.18 | (1.25 ) | 1.04 | (0.17 ) | 0.69 |
Distributions to shareholders from | |||||
Net investment income | (0.32 ) | (0.31 ) | (0.32 ) | (0.36 ) | (0.31 ) |
Net realized gains | 0.00 | (0.04 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.32 ) | (0.35 ) | (0.32 ) | (0.36 ) | (0.31 ) |
Net asset value, end of period | $9.42 | $9.56 | $11.16 | $10.44 | $10.97 |
Total return2 | 1.94 % | (11.51 )% | 10.14 % | (1.63 )% | 6.63 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.80 % | 1.84 % | 1.89 % | 1.87 % | 1.84 % |
Net expenses | 1.55 % | 1.55 % | 1.55 % | 1.55 % | 1.55 % |
Net investment income | 3.39 % | 2.84 % | 3.02 % | 3.29 % | 2.91 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 30 % | 55 % | 14 % | 20 % |
Net assets, end of period (000s omitted) | $7,185 | $6,435 | $8,471 | $9,250 | $9,955 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.59 | $11.16 | $10.44 | $10.98 | $10.61 |
Net investment income | 0.42 2 | 0.42 | 0.44 | 0.47 | 0.39 |
Net realized and unrealized gains (losses) on investments | (0.15 ) | (1.55 ) | 0.71 | (0.54 ) | 0.37 |
Total from investment operations | 0.27 | (1.13 ) | 1.15 | (0.07 ) | 0.76 |
Distributions to shareholders from | |||||
Net investment income | (0.42 ) | (0.40 ) | (0.43 ) | (0.47 ) | (0.39 ) |
Net realized gains | 0.00 | (0.04 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.42 ) | (0.44 ) | (0.43 ) | (0.47 ) | (0.39 ) |
Net asset value, end of period | $9.44 | $9.59 | $11.16 | $10.44 | $10.98 |
Total return3 | 2.90 % | (10.53 )% | 11.28 % | (0.68 )% | 7.29 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.69 % | 0.72 % | 0.76 % | 0.73 % | 0.71 % |
Net expenses | 0.50 % | 0.50 % | 0.50 % | 0.50 % | 0.50 % |
Net investment income | 4.43 % | 3.91 % | 4.07 % | 4.34 % | 3.96 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 30 % | 55 % | 14 % | 20 % |
Net assets, end of period (000s omitted) | $24 | $23 | $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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.57 | $11.16 | $10.44 | $10.98 | $10.59 |
Net investment income | 0.40 1 | 0.40 | 0.42 | 0.45 | 0.40 |
Net realized and unrealized gains (losses) on investments | (0.15 ) | (1.55 ) | 0.72 | (0.54 ) | 0.39 |
Total from investment operations | 0.25 | (1.15 ) | 1.14 | (0.09 ) | 0.79 |
Distributions to shareholders from | |||||
Net investment income | (0.40 ) | (0.40 ) | (0.42 ) | (0.45 ) | (0.40 ) |
Net realized gains | 0.00 | (0.04 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.40 ) | (0.44 ) | (0.42 ) | (0.45 ) | (0.40 ) |
Net asset value, end of period | $9.42 | $9.57 | $11.16 | $10.44 | $10.98 |
Total return | 2.71 % | (10.65 )% | 11.10 % | (0.87 )% | 7.64 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.01 % | 1.05 % | 1.08 % | 1.05 % | 1.03 % |
Net expenses | 0.69 % | 0.68 % | 0.69 % | 0.70 % | 0.71 % |
Net investment income | 4.24 % | 3.73 % | 3.88 % | 4.12 % | 3.69 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 30 % | 55 % | 14 % | 20 % |
Net assets, end of period (000s omitted) | $7,796 | $8,587 | $9,692 | $11,115 | $15,704 |
1 | Calculated based upon average shares outstanding |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.56 | $11.15 | $10.43 | $10.97 | $10.59 |
Net investment income | 0.42 1 | 0.41 | 0.43 | 0.46 | 0.42 |
Net realized and unrealized gains (losses) on investments | (0.14 ) | (1.55 ) | 0.72 | (0.53 ) | 0.38 |
Total from investment operations | 0.28 | (1.14 ) | 1.15 | (0.07 ) | 0.80 |
Distributions to shareholders from | |||||
Net investment income | (0.42 ) | (0.41 ) | (0.43 ) | (0.47 ) | (0.42 ) |
Net realized gains | 0.00 | (0.04 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.42 ) | (0.45 ) | (0.43 ) | (0.47 ) | (0.42 ) |
Net asset value, end of period | $9.42 | $9.56 | $11.15 | $10.43 | $10.97 |
Total return | 2.97 % | (10.54 )% | 11.15 % | (0.74 )% | 7.70 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.74 % | 0.77 % | 0.81 % | 0.78 % | 0.76 % |
Net expenses | 0.55 % | 0.55 % | 0.55 % | 0.55 % | 0.55 % |
Net investment income | 4.40 % | 3.87 % | 4.00 % | 4.24 % | 3.92 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 30 % | 55 % | 14 % | 20 % |
Net assets, end of period (000s omitted) | $94,747 | $56,771 | $44,440 | $37,049 | $85,187 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $2,370,708 |
Gross unrealized losses | (9,453,198 ) |
Net unrealized losses | $(7,082,490 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $151,301,243 | $0 | $151,301,243 |
Short-term investments | ||||
Investment companies | 832,351 | 0 | 0 | 832,351 |
Total assets | $832,351 | $151,301,243 | $0 | $152,133,594 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Year ended June 30 | ||
2023 | 2022 | |
Ordinary income | $0 | $363,427 |
Tax-exempt income | 5,924,888 | 3,800,802 |
Long-term capital gain | 0 | 4,825 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$232,219 | $(7,082,490 ) | $(3,007,373 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354img6b3328e87.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g476354imgb99680a81.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g476354imgfeb2ed288.gif)
AR3364 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408img6f13e5d52.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408imgda4081c83.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WFTAX) | 7-31-2007 | -0.57 | 0.85 | 1.69 | 2.50 | 1.46 | 2.00 | 0.81 | 0.67 |
Class C (WFTFX) | 7-31-2007 | 0.73 | 0.70 | 1.39 | 1.73 | 0.70 | 1.39 | 1.56 | 1.42 |
Class R6 (WFRTX)3 | 7-31-2018 | – | – | – | 2.82 | 1.75 | 2.28 | 0.43 | 0.30 |
Administrator Class (WFITX) | 3-31-2008 | – | – | – | 2.69 | 1.56 | 2.10 | 0.75 | 0.60 |
Institutional Class (WITIX) | 3-31-2008 | – | – | – | 2.87 | 1.72 | 2.27 | 0.48 | 0.35 |
Bloomberg Municipal Bond 1-15 Year Blend Index4 | – | – | – | – | 2.78 | 1.83 | 2.34 | – | – |
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, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.67% for Class A, 1.42% for Class C, 0.30% for Class R6, 0.60% for Administrator Class and 0.35% 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408img0374a7404.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond 1-15 Year Blend Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 3.00%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408imgfdfbcf3f5.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408img1eb1d07b6.jpg)
1 | Figures represent the percentage of the Fund’s total investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,017.49 | $3.45 | 0.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.37 | $3.46 | 0.69 % |
Class C | ||||
Actual | $1,000.00 | $1,013.70 | $7.19 | 1.44 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.65 | $7.20 | 1.44 % |
Class R6 | ||||
Actual | $1,000.00 | $1,019.14 | $1.80 | 0.36 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.01 | $1.81 | 0.36 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,017.92 | $3.00 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,018.88 | $2.05 | 0.41 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.76 | $2.06 | 0.41 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 0.56% | ||||||
New York: 0.37% | ||||||
Nuveen New York AMT-Free Quality Municipal Income Fund (40 shares) 4.63%144Aø | $ | 4,000,000 | $4,000,000 | |||
Other: 0.19% | ||||||
Nuveen AMT-Free Municipal Credit Income Fund Preferred Shares Series C (20 shares) 0.25%144Aø | 2,000,000 | 2,000,000 | ||||
Total closed-end fund obligations (Cost $6,000,000) | 6,000,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 99.11% | ||||||
Alabama: 2.12% | ||||||
Education revenue: 0.32% | ||||||
Auburn University Series A | 4.00 % | 6-1-2033 | 1,000,000 | 1,017,007 | ||
University of West Alabama (AGM Insured) | 4.00 | 1-1-2033 | 595,000 | 611,180 | ||
University of West Alabama (AGM Insured) | 4.00 | 1-1-2035 | 865,000 | 885,040 | ||
University of West Alabama (AGM Insured) | 4.00 | 1-1-2037 | 920,000 | 924,134 | ||
3,437,361 | ||||||
Utilities revenue: 1.80% | ||||||
Black Belt Energy Gas District Series Cøø | 5.25 | 2-1-2053 | 3,000,000 | 3,140,456 | ||
Southeast Alabama Gas Supply District Southeast Alabama Gas Supply District Series B (1 Month LIBOR+0.85%)± | 4.31 | 6-1-2049 | 10,000,000 | 10,000,185 | ||
Southeast Energy Authority A Cooperative District Project No. 2 Series Bøø | 4.00 | 12-1-2051 | 1,000,000 | 972,037 | ||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 5,000,000 | 5,227,977 | ||
19,340,655 | ||||||
22,778,016 | ||||||
Alaska: 0.36% | ||||||
Housing revenue: 0.36% | ||||||
Borough of Matanuska-Susitna State of Alaska Department of Administration | 4.00 | 9-1-2030 | 3,870,000 | 3,894,387 | ||
Arizona: 1.62% | ||||||
Education revenue: 0.32% | ||||||
Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | 7-1-2034 | 335,000 | 325,030 | ||
Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | 7-1-2035 | 345,000 | 331,021 | ||
Arizona IDA Kipp NYC Public Charter Schools Series A | 4.00 | 7-1-2036 | 315,000 | 297,639 | ||
Arizona IDA Kipp NYC Public Charter Schools Series A | 5.00 | 7-1-2033 | 315,000 | 333,364 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | 7-1-2035 | 240,000 | 230,275 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | 7-1-2036 | 220,000 | 207,875 | ||
Pima County Community College District | 5.00 | 7-1-2034 | 500,000 | 547,630 | ||
Pima County Community College District | 5.00 | 7-1-2035 | 600,000 | 653,781 | ||
Pima County Community College District | 5.00 | 7-1-2036 | 500,000 | 540,542 | ||
3,467,157 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 0.06% | ||||||
Estrella Mountain Ranch Community Facilities District (AGM Insured) | 5.00 % | 7-15-2025 | $ | 585,000 | $604,750 | |
Health revenue: 0.07% | ||||||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2028 | 370,000 | 347,135 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2029 | 385,000 | 356,516 | ||
703,651 | ||||||
Miscellaneous revenue: 0.53% | ||||||
City of Phoenix Civic Improvement Corp. Series D | 4.00 | 7-1-2040 | 5,000,000 | 4,928,823 | ||
City of Phoenix Civic Improvement Corp. Series D | 5.00 | 7-1-2024 | 190,000 | 193,331 | ||
State of Arizona COP | 5.00 | 9-1-2027 | 600,000 | 622,582 | ||
5,744,736 | ||||||
Tax revenue: 0.45% | ||||||
City of San Luis Series A (BAM Insured) | 5.00 | 7-1-2027 | 450,000 | 457,230 | ||
City of San Luis Series A (BAM Insured) | 5.00 | 7-1-2028 | 700,000 | 711,041 | ||
City of San Luis Series A (BAM Insured) | 5.00 | 7-1-2034 | 3,680,000 | 3,729,797 | ||
4,898,068 | ||||||
Utilities revenue: 0.19% | ||||||
Coconino County Pollution Control Corp. Series Bøø | 3.75 | 3-1-2039 | 2,000,000 | 2,006,315 | ||
17,424,677 | ||||||
Arkansas: 0.22% | ||||||
Miscellaneous revenue: 0.22% | ||||||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2033 | 500,000 | 511,762 | ||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2035 | 1,000,000 | 1,023,229 | ||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2036 | 850,000 | 865,053 | ||
2,400,044 | ||||||
California: 4.09% | ||||||
GO revenue: 1.52% | ||||||
Alisal Union School District Series A (BAM Insured) | 5.25 | 8-1-2042 | 1,500,000 | 1,607,765 | ||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2029 | 1,565,000 | 1,265,136 | ||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2031 | 2,400,000 | 1,798,710 | ||
New Haven Unified School District (AGC Insured)¤ | 0.00 | 8-1-2033 | 5,590,000 | 3,853,241 | ||
Patterson Joint Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2033 | 3,000,000 | 2,063,844 | ||
Rio Hondo Community College District Series C¤ | 0.00 | 8-1-2030 | 2,315,000 | 1,834,464 | ||
Sylvan Union School District (AGM Insured)¤ | 0.00 | 8-1-2031 | 2,590,000 | 1,944,189 | ||
Sylvan Union School District (AGM Insured)¤ | 0.00 | 8-1-2032 | 2,800,000 | 2,020,614 | ||
16,387,963 | ||||||
Housing revenue: 0.09% | ||||||
California Housing Finance Agency Series 2 | 4.00 | 3-20-2033 | 943,765 | 926,775 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.10% | ||||||
Foothill-De Anza Community College District COP | 5.00 % | 4-1-2033 | $ | 500,000 | $512,366 | |
Gold Coast Transit District COP | 5.00 | 7-1-2027 | 520,000 | 554,544 | ||
1,066,910 | ||||||
Transportation revenue: 0.92% | ||||||
Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 5.26 | 4-1-2036 | 9,810,000 | 9,866,684 | ||
Utilities revenue: 1.46% | ||||||
California Community Choice Financing Authority Series B-1øø | 4.00 | 2-1-2052 | 1,500,000 | 1,490,128 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series B-1øø | 5.00 | 7-1-2053 | 4,000,000 | 4,202,643 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2031 | 830,000 | 858,778 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2026 | 600,000 | 617,164 | ||
City of Vernon Electric System Revenue Series A | 5.00 | 8-1-2031 | 1,160,000 | 1,256,511 | ||
City of Victorville Electric Revenue Series A | 5.00 | 5-1-2033 | 500,000 | 576,034 | ||
City of Victorville Electric Revenue Series A | 5.00 | 5-1-2034 | 500,000 | 573,845 | ||
M-S-R Energy Authority Series B | 7.00 | 11-1-2034 | 2,035,000 | 2,489,322 | ||
M-S-R Energy Authority Series C | 7.00 | 11-1-2034 | 3,000,000 | 3,669,762 | ||
15,734,187 | ||||||
43,982,519 | ||||||
Colorado: 1.40% | ||||||
Airport revenue: 0.32% | ||||||
City & County of Denver Airport System Revenue Series C | 5.25 | 11-15-2039 | 1,295,000 | 1,477,152 | ||
City & County of Denver Airport System Revenue Series C | 5.25 | 11-15-2040 | 670,000 | 758,458 | ||
City & County of Denver Airport System Revenue Series C | 5.25 | 11-15-2041 | 570,000 | 642,988 | ||
City & County of Denver Airport System Revenue Series C | 5.25 | 11-15-2042 | 500,000 | 561,776 | ||
3,440,374 | ||||||
GO revenue: 0.22% | ||||||
Mesa County Valley School District No. 51 Grand Junction | 5.50 | 12-1-2035 | 2,175,000 | 2,378,196 | ||
Tax revenue: 0.25% | ||||||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 7-15-2028 | 885,000 | 947,879 | ||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 1-15-2029 | 600,000 | 646,781 | ||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 1-15-2030 | 1,000,000 | 1,091,510 | ||
2,686,170 | ||||||
Utilities revenue: 0.56% | ||||||
Public Authority for Colorado Energy | 6.50 | 11-15-2038 | 5,000,000 | 6,034,023 | ||
Water & sewer revenue: 0.05% | ||||||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2033 | 500,000 | 531,115 | ||
15,069,878 |
Interest rate | Maturity date | Principal | Value | |||
Connecticut: 1.57% | ||||||
Education revenue: 0.21% | ||||||
Connecticut State HEFA University of Hartford Series N | 5.00 % | 7-1-2029 | $ | 480,000 | $487,939 | |
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2030 | 1,745,000 | 1,772,951 | ||
2,260,890 | ||||||
GO revenue: 0.90% | ||||||
City of Bridgeport Series A | 5.00 | 6-1-2031 | 1,855,000 | 2,080,835 | ||
State of Connecticut Series B | 4.00 | 6-1-2034 | 750,000 | 800,329 | ||
State of Connecticut Series F | 5.00 | 11-15-2032 | 300,000 | 312,068 | ||
Town of Hamden (AGM Insured) | 5.00 | 8-15-2033 | 1,100,000 | 1,252,371 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-15-2026 | 2,000,000 | 2,093,948 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-15-2027 | 1,200,000 | 1,275,786 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-15-2029 | 500,000 | 538,442 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-15-2030 | 1,200,000 | 1,293,083 | ||
9,646,862 | ||||||
Health revenue: 0.27% | ||||||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | 7-1-2035 | 1,000,000 | 992,520 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 4.00 | 7-1-2038 | 2,000,000 | 1,903,104 | ||
2,895,624 | ||||||
Tax revenue: 0.19% | ||||||
State of Connecticut Special Tax Revenue Series A | 4.00 | 9-1-2036 | 1,000,000 | 1,011,153 | ||
State of Connecticut Special Tax Revenue Series A | 5.00 | 8-1-2030 | 1,000,000 | 1,036,887 | ||
2,048,040 | ||||||
16,851,416 | ||||||
Delaware: 0.19% | ||||||
Education revenue: 0.19% | ||||||
Delaware State EDA Odyssey Charter School Series A144A | 6.75 | 9-1-2035 | 2,000,000 | 2,050,301 | ||
District of Columbia: 0.86% | ||||||
GO revenue: 0.43% | ||||||
District of Columbia Series C | 5.00 | 6-1-2034 | 3,000,000 | 3,046,457 | ||
District of Columbia Series C | 5.00 | 6-1-2035 | 1,620,000 | 1,642,765 | ||
4,689,222 | ||||||
Miscellaneous revenue: 0.07% | ||||||
Washington Convention & Sports Authority Series A | 4.00 | 10-1-2034 | 750,000 | 777,499 | ||
Tax revenue: 0.23% | ||||||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2033 | 720,000 | 751,104 | ||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2034 | 650,000 | 673,833 | ||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2035 | 1,000,000 | 1,028,678 | ||
2,453,615 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.13% | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series B | 5.00 % | 10-1-2034 | $ | 1,250,000 | $1,353,121 | |
9,273,457 | ||||||
Florida: 7.03% | ||||||
Airport revenue: 0.55% | ||||||
County of Miami-Dade Aviation Revenue Series A | 4.00 | 10-1-2035 | 1,600,000 | 1,650,554 | ||
County of Miami-Dade Aviation Revenue Series A | 5.00 | 10-1-2041 | 2,000,000 | 2,053,088 | ||
Jacksonville Port Authority Series B | 5.00 | 11-1-2035 | 2,045,000 | 2,235,036 | ||
5,938,678 | ||||||
Health revenue: 1.36% | ||||||
City of Jacksonville Baptist Health System Obligated Group Series Eø | 4.10 | 8-1-2036 | 1,300,000 | 1,300,000 | ||
Highlands County Health Facilities Authority AdventHealth Obligated Group Series Aø | 4.10 | 11-15-2037 | 2,200,000 | 2,200,000 | ||
Lee County IDA Shell Point Obligated Group | 5.00 | 11-15-2039 | 4,140,000 | 4,107,777 | ||
Lee Memorial Health System Lee Memorial Health System Obligated Group Series A-1 | 5.00 | 4-1-2036 | 4,500,000 | 4,810,474 | ||
Miami-Dade County Health Facilities Authority Variety Children’s Hospital Obligated Group | 5.00 | 8-1-2031 | 500,000 | 526,797 | ||
Miami-Dade County Health Facilities Authority Variety Children’s Hospital Obligated Group | 5.00 | 8-1-2033 | 1,645,000 | 1,730,223 | ||
14,675,271 | ||||||
Miscellaneous revenue: 2.24% | ||||||
City of Orlando Tourist Development Tax Revenue Series A (AGM Insured) | 5.00 | 11-1-2032 | 2,000,000 | 2,134,600 | ||
City of Orlando Tourist Development Tax Revenue Series A (AGM Insured) | 5.00 | 11-1-2033 | 4,500,000 | 4,795,989 | ||
City of Orlando Tourist Development Tax Revenue Series A (AGM Insured) | 5.00 | 11-1-2034 | 600,000 | 635,895 | ||
County of Pasco Cigarette Tax Revenue Series A (AGM Insured) | 5.50 | 9-1-2042 | 500,000 | 562,654 | ||
Duval County Public Schools Series A (AGM Insured) | 5.00 | 7-1-2034 | 2,000,000 | 2,238,008 | ||
Duval County Public Schools Series A (AGM Insured) | 5.00 | 7-1-2035 | 2,000,000 | 2,221,274 | ||
Duval County Public Schools COP Series B | 5.00 | 7-1-2028 | 2,500,000 | 2,581,598 | ||
Duval County Public Schools COP Series B | 5.00 | 7-1-2029 | 5,000,000 | 5,160,272 | ||
Monroe County School District COP Series A | 5.00 | 6-1-2034 | 1,500,000 | 1,632,305 | ||
Monroe County School District COP Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,084,341 | ||
Village Community Development District No. 15144A%% | 4.85 | 5-1-2038 | 1,000,000 | 1,007,665 | ||
24,054,601 | ||||||
Tax revenue: 0.30% | ||||||
Polk County School District | 5.00 | 10-1-2033 | 2,915,000 | 3,267,684 | ||
Transportation revenue: 0.40% | ||||||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2034 | 375,000 | 398,041 | ||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2035 | 400,000 | 421,339 | ||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2036 | 600,000 | 627,302 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue (continued) | ||||||
County of Osceola Transportation Revenue Series A-1 | 5.00 % | 10-1-2037 | $ | 525,000 | $545,911 | |
Miami-Dade County Expressway Authority Series ZF2385 (AGM Insured, Citibank N.A. LIQ)144Aø | 4.09 | 7-1-2035 | 1,050,000 | 1,050,000 | ||
Mid-Bay Bridge Authority Series A | 5.00 | 10-1-2025 | 1,250,000 | 1,266,116 | ||
4,308,709 | ||||||
Utilities revenue: 0.16% | ||||||
Fort Pierce Utilities Authority Series A (AGM Insured) | 5.00 | 10-1-2035 | 500,000 | 567,983 | ||
Fort Pierce Utilities Authority Series A (AGM Insured) | 5.00 | 10-1-2037 | 1,040,000 | 1,156,775 | ||
1,724,758 | ||||||
Water & sewer revenue: 2.02% | ||||||
North Sumter County Utility Dependent District (BAM Insured) | 5.00 | 10-1-2031 | 500,000 | 562,965 | ||
North Sumter County Utility Dependent District (BAM Insured) | 5.00 | 10-1-2032 | 950,000 | 1,068,643 | ||
North Sumter County Utility Dependent District (BAM Insured) | 5.00 | 10-1-2035 | 1,290,000 | 1,434,086 | ||
North Sumter County Utility Dependent District (BAM Insured) | 5.00 | 10-1-2036 | 880,000 | 970,521 | ||
Tohopekaliga Water Authority144A | 5.00 | 10-1-2025 | 12,000,000 | 12,532,394 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2029 | 400,000 | 447,897 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2031 | 200,000 | 230,634 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2033 | 800,000 | 917,409 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2034 | 900,000 | 1,030,851 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2035 | 750,000 | 852,794 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2037 | 1,500,000 | 1,674,278 | ||
21,722,472 | ||||||
75,692,173 | ||||||
Georgia: 2.24% | ||||||
Industrial development revenue: 0.05% | ||||||
George L Smith II Congress Center Authority Signia Hotel Management LLC Series A | 4.00 | 1-1-2036 | 500,000 | 476,617 | ||
Utilities revenue: 2.19% | ||||||
Board of Water Light & Sinking Fund Commissioners of The City of Dalton | 4.00 | 3-1-2033 | 1,100,000 | 1,108,269 | ||
Board of Water Light & Sinking Fund Commissioners of The City of Dalton | 4.00 | 3-1-2034 | 1,200,000 | 1,201,528 | ||
Development Authority of Burke County Oglethorpe Power Corp. Series Aøø | 1.50 | 1-1-2040 | 3,000,000 | 2,834,448 | ||
Development Authority of Burke County Oglethorpe Power Corp. Series Eøø | 3.25 | 11-1-2045 | 6,000,000 | 5,912,198 | ||
Main Street Natural Gas, Inc. Series A | 5.00 | 5-15-2029 | 2,600,000 | 2,678,434 | ||
Main Street Natural Gas, Inc. Series Aøø | 5.00 | 6-1-2053 | 5,000,000 | 5,176,800 | ||
Municipal Electric Authority of Georgia Series A | 4.00 | 1-1-2036 | 1,500,000 | 1,502,563 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Municipal Electric Authority of Georgia Series A | 5.00 % | 1-1-2035 | $ | 925,000 | $989,621 | |
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Series A | 5.00 | 1-1-2032 | 525,000 | 561,986 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Series A | 5.00 | 1-1-2034 | 930,000 | 994,693 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Series A | 5.00 | 1-1-2035 | 600,000 | 638,427 | ||
23,598,967 | ||||||
24,075,584 | ||||||
Guam: 0.39% | ||||||
Airport revenue: 0.04% | ||||||
Antonio B Won Pat International Airport Authority Series B | 5.00 | 10-1-2023 | 400,000 | 401,421 | ||
Miscellaneous revenue: 0.12% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 1,500,000 | 1,325,789 | ||
Water & sewer revenue: 0.23% | ||||||
Guam Government Waterworks Authority | 5.25 | 7-1-2033 | 2,500,000 | 2,500,000 | ||
4,227,210 | ||||||
Hawaii: 0.10% | ||||||
Airport revenue: 0.10% | ||||||
State of Hawaii Harbor System Revenue Series C | 4.00 | 7-1-2036 | 500,000 | 511,733 | ||
State of Hawaii Harbor System Revenue Series C | 4.00 | 7-1-2037 | 600,000 | 609,731 | ||
1,121,464 | ||||||
Illinois: 16.25% | ||||||
Airport revenue: 0.70% | ||||||
Chicago Midway International Airport Series B | 4.00 | 1-1-2035 | 2,860,000 | 2,873,692 | ||
Chicago Midway International Airport Series B | 5.00 | 1-1-2046 | 2,000,000 | 2,033,219 | ||
Chicago O’Hare International Airport Series A | 4.00 | 1-1-2038 | 1,000,000 | 1,005,896 | ||
Chicago O’Hare International Airport Series B | 5.00 | 1-1-2036 | 1,530,000 | 1,658,538 | ||
7,571,345 | ||||||
Education revenue: 0.73% | ||||||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2034 | 440,000 | 385,186 | ||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2035 | 1,025,000 | 879,402 | ||
Illinois Finance Authority Bradley University Series A | 4.00 | 8-1-2035 | 805,000 | 759,894 | ||
Illinois Finance Authority Bradley University Series C | 5.00 | 8-1-2032 | 2,500,000 | 2,568,353 | ||
Illinois Finance Authority Illinois Wesleyan University | 5.00 | 9-1-2026 | 680,000 | 707,108 | ||
Illinois Finance Authority Provident Group - UIUC Properties LLC Series A | 5.00 | 10-1-2026 | 450,000 | 471,901 | ||
Illinois Finance Authority Provident Group - UIUC Properties LLC Series A | 5.00 | 10-1-2031 | 400,000 | 438,128 | ||
Illinois Finance Authority Provident Group - UIUC Properties LLC Series A | 5.00 | 10-1-2039 | 700,000 | 730,168 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Southern Illinois University Series A (BAM Insured) | 4.00 % | 4-1-2029 | $ | 400,000 | $409,248 | |
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2030 | 525,000 | 528,057 | ||
7,877,445 | ||||||
GO revenue: 4.71% | ||||||
Chicago Board of Education Series A | 5.00 | 12-1-2042 | 1,975,000 | 1,948,360 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2030 | 3,000,000 | 3,172,800 | ||
Chicago Board of Education Series B-1 (NPFGC Insured)¤ | 0.00 | 12-1-2025 | 3,380,000 | 3,063,975 | ||
Chicago Board of Education Series C | 5.25 | 12-1-2039 | 5,000,000 | 5,011,140 | ||
Chicago Board of Education Series H | 5.00 | 12-1-2036 | 1,650,000 | 1,672,026 | ||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.00 | 4-1-2041 | 2,250,000 | 2,346,295 | ||
Chicago Park District Series B (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,014,575 | ||
City of Chicago Series A | 5.00 | 1-1-2039 | 1,000,000 | 1,032,494 | ||
City of Chicago Series A | 5.50 | 1-1-2039 | 4,750,000 | 5,215,536 | ||
City of Chicago Series A | 5.50 | 1-1-2040 | 1,000,000 | 1,093,512 | ||
City of Waukegan Series B (AGM Insured) | 4.00 | 12-30-2024 | 1,030,000 | 1,040,325 | ||
Cook County Community College District No. 508 | 5.25 | 12-1-2025 | 1,665,000 | 1,670,513 | ||
Cook County Community College District No. 508 | 5.25 | 12-1-2027 | 1,295,000 | 1,299,054 | ||
Cook County Community College District No. 508 | 5.25 | 12-1-2028 | 1,250,000 | 1,253,773 | ||
Cook County Community College District No. 508 | 5.25 | 12-1-2030 | 3,000,000 | 3,005,827 | ||
Cook County Community College District No. 508 | 5.25 | 12-1-2031 | 3,200,000 | 3,205,713 | ||
County of Cook | 5.00 | 11-15-2034 | 1,300,000 | 1,333,342 | ||
County of Cook Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,052,239 | ||
County of Sangamon (BAM Insured) | 4.00 | 12-15-2036 | 450,000 | 455,498 | ||
County of Sangamon (BAM Insured) | 4.00 | 12-15-2040 | 300,000 | 297,986 | ||
Madison Bond Etc Counties Community Unit School District No. 5 Highland Series B (AGM Insured) | 5.50 | 2-1-2033 | 600,000 | 686,212 | ||
Madison Bond Etc Counties Community Unit School District No. 5 Highland Series B (AGM Insured) | 5.50 | 2-1-2038 | 1,635,000 | 1,811,673 | ||
Sangamon Logan & Menard Counties Community Unit School District No. 15 Williamsville Series B (BAM Insured) | 4.00 | 12-1-2037 | 700,000 | 704,137 | ||
Sangamon Logan & Menard Counties Community Unit School District No. 15 Williamsville Series B (BAM Insured) | 5.00 | 12-1-2034 | 400,000 | 433,532 | ||
Sangamon Logan & Menard Counties Community Unit School District No. 15 Williamsville Series B (BAM Insured) | 5.00 | 12-1-2035 | 450,000 | 484,867 | ||
Sangamon Logan & Menard Counties Community Unit School District No. 15 Williamsville Series B (BAM Insured) | 5.00 | 12-1-2036 | 500,000 | 534,979 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2029 | 525,000 | 542,210 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2030 | 600,000 | 618,890 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2031 | 625,000 | 641,935 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2033 | 500,000 | 510,802 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2036 | 570,000 | 571,341 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2037 | 525,000 | 520,630 | ||
State of Illinois Series A | 5.00 | 3-1-2033 | 1,000,000 | 1,128,168 | ||
Stephenson County School District No. 145 Freeport Series A (AGM Insured) | 5.00 | 2-1-2033 | 285,000 | 311,924 | ||
50,686,283 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.33% | ||||||
Illinois Finance Authority Ann & Robert H Lurie Children’s Hospital of Chicago Obligated Group | 5.00 % | 8-15-2034 | $ | 1,000,000 | $1,058,154 | |
Illinois Finance Authority Edward-Elmhurst Healthcare Obligated Group Series A | 5.00 | 1-1-2026 | 1,000,000 | 1,045,637 | ||
Illinois Finance Authority Lutheran Life Communities Obligated Group Series A | 5.00 | 11-1-2035 | 900,000 | 832,670 | ||
Illinois Finance Authority University of Illinois | 5.00 | 10-1-2032 | 520,000 | 557,663 | ||
3,494,124 | ||||||
Housing revenue: 4.58% | ||||||
Illinois Sports Facilities Authority | 5.00 | 6-15-2028 | 1,000,000 | 1,026,591 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 6-15-2029 | 10,000,000 | 7,988,324 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤## | 0.00 | 12-15-2029 | 33,200,000 | 26,040,460 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2030 | 12,800,000 | 9,605,313 | ||
Northern Illinois University (BAM Insured) | 4.00 | 10-1-2033 | 1,000,000 | 1,010,746 | ||
Northern Illinois University (BAM Insured) | 4.00 | 10-1-2036 | 1,650,000 | 1,631,691 | ||
Northern Illinois University (BAM Insured) | 5.00 | 10-1-2031 | 900,000 | 968,880 | ||
Peoria Public Building Commission Peoria City School District No. 150 (BAM Insured) | 5.00 | 12-1-2024 | 1,000,000 | 1,026,073 | ||
49,298,078 | ||||||
Miscellaneous revenue: 0.23% | ||||||
Illinois Finance Authority Field Museum of Natural History (U.S. SOFR+1.20%)± | 4.74 | 11-1-2034 | 1,480,000 | 1,478,878 | ||
Northern Illinois University (AGM Insured) | 5.00 | 9-1-2024 | 1,000,000 | 1,015,957 | ||
2,494,835 | ||||||
Tax revenue: 3.28% | ||||||
Chicago Transit Authority Sales Tax Receipts Fund | 5.25 | 12-1-2049 | 3,000,000 | 3,042,988 | ||
County of Cook Sales Tax Revenue | 5.00 | 11-15-2033 | 4,000,000 | 4,275,046 | ||
County of Cook Sales Tax Revenue | 5.25 | 11-15-2035 | 4,000,000 | 4,281,111 | ||
County of Cook Sales Tax Revenue Series A | 5.00 | 11-15-2036 | 1,160,000 | 1,256,741 | ||
County of Cook Sales Tax Revenue Series A | 5.00 | 11-15-2037 | 1,625,000 | 1,747,893 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2028 | 2,500,000 | 2,525,180 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.25 | 6-15-2030 | 4,000,000 | 4,052,810 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.25 | 6-15-2032 | 3,000,000 | 3,038,771 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2029 | 1,000,000 | 1,090,406 | ||
Sales Tax Securitization Corp. Series C%% | 5.00 | 1-1-2035 | 2,500,000 | 2,771,615 | ||
Sales Tax Securitization Corp. Series C | 5.25 | 1-1-2035 | 4,700,000 | 5,096,159 | ||
Southwestern Illinois Development Authority | 5.00 | 3-1-2025 | 2,560,000 | 2,170,803 | ||
35,349,523 | ||||||
Transportation revenue: 0.27% | ||||||
Illinois State Toll Highway Authority Series A | 5.00 | 1-1-2037 | 1,250,000 | 1,380,307 | ||
Illinois State Toll Highway Authority Series A | 5.00 | 1-1-2038 | 1,355,000 | 1,483,559 | ||
2,863,866 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 1.42% | ||||||
City of Chicago Wastewater Transmission Revenue | 5.00 % | 1-1-2027 | $ | 2,865,000 | $2,883,460 | |
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2032 | 1,000,000 | 1,005,988 | ||
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2033 | 1,000,000 | 1,005,907 | ||
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2034 | 1,000,000 | 1,003,536 | ||
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2039 | 865,000 | 867,739 | ||
City of Chicago Waterworks Revenue (AGM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,160,707 | ||
City of Chicago Waterworks Revenue Series B (AGM Insured) | 4.00 | 11-1-2040 | 2,000,000 | 1,983,927 | ||
City of Chicago Waterworks Revenue Second Lien Project | 5.00 | 11-1-2033 | 1,000,000 | 1,017,981 | ||
Illinois Finance Authority State of Illinois Water Revolving Fund - Clean Water Program | 5.25 | 7-1-2035 | 3,000,000 | 3,374,586 | ||
15,303,831 | ||||||
174,939,330 | ||||||
Indiana: 1.38% | ||||||
Airport revenue: 0.12% | ||||||
Indianapolis Local Public Improvement Bond Bank Series I-2 | 5.00 | 1-1-2033 | 1,120,000 | 1,260,505 | ||
Health revenue: 0.33% | ||||||
Indiana Finance Authority Indiana University Health, Inc. Obligated Group Series A | 4.00 | 12-1-2040 | 3,655,000 | 3,575,305 | ||
Housing revenue: 0.28% | ||||||
Indiana Finance Authority Marion County Capital Improvement Board Series A | 5.25 | 2-1-2028 | 2,000,000 | 2,081,962 | ||
North West Hendricks Multi-Building Corp. North West Hendricks School Corp. | 4.00 | 7-15-2031 | 900,000 | 939,883 | ||
3,021,845 | ||||||
Industrial development revenue: 0.24% | ||||||
Indiana Finance Authority Ohio Valley Electric Corp. Series B | 2.50 | 11-1-2030 | 2,925,000 | 2,557,544 | ||
Utilities revenue: 0.09% | ||||||
Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | 11-1-2030 | 1,000,000 | 994,666 | ||
Water & sewer revenue: 0.32% | ||||||
Indiana Finance Authority CWA Authority, Inc. Series A | 5.00 | 10-1-2030 | 2,315,000 | 2,362,313 | ||
Indiana Finance Authority CWA Authority, Inc. Series A | 5.00 | 10-1-2031 | 1,035,000 | 1,055,773 | ||
3,418,086 | ||||||
14,827,951 | ||||||
Iowa: 0.51% | ||||||
Housing revenue: 0.23% | ||||||
City of Altoona Series C | 5.00 | 6-1-2027 | 2,310,000 | 2,431,479 | ||
Utilities revenue: 0.28% | ||||||
PEFA, Inc.øø | 5.00 | 9-1-2049 | 3,000,000 | 3,058,829 | ||
5,490,308 |
Interest rate | Maturity date | Principal | Value | |||
Kansas: 0.11% | ||||||
Tax revenue: 0.11% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB144A¤ | 0.00 % | 9-1-2034 | $ | 3,030,000 | $1,168,478 | |
Kentucky: 0.37% | ||||||
Education revenue: 0.15% | ||||||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2030 | 170,000 | 176,888 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2031 | 260,000 | 270,138 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2032 | 230,000 | 237,108 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2033 | 180,000 | 184,112 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2035 | 460,000 | 461,878 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2036 | 235,000 | 233,435 | ||
1,563,559 | ||||||
Miscellaneous revenue: 0.12% | ||||||
Kentucky Interlocal School Transportation Association COP | 4.00 | 3-1-2033 | 1,300,000 | 1,321,239 | ||
Transportation revenue: 0.10% | ||||||
Kentucky Public Transportation Infrastructure Authority Series B CAB¤ | 0.00 | 7-1-2029 | 1,400,000 | 1,071,941 | ||
3,956,739 | ||||||
Louisiana: 3.19% | ||||||
Airport revenue: 0.27% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series A | 5.00 | 1-1-2033 | 750,000 | 792,517 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2035 | 2,000,000 | 2,124,775 | ||
2,917,292 | ||||||
Education revenue: 0.56% | ||||||
Louisiana Public Facilities Authority Loyola University New Orleans CAB¤ | 0.00 | 10-1-2027 | 3,380,000 | 3,433,254 | ||
Louisiana Public Facilities Authority Loyola University New Orleans CAB¤ | 0.00 | 10-1-2028 | 2,500,000 | 2,558,162 | ||
5,991,416 | ||||||
Housing revenue: 1.01% | ||||||
State of Louisiana 1-49 South Project | 5.00 | 9-1-2027 | 2,700,000 | 2,807,345 | ||
State of Louisiana 1-49 South Project | 5.00 | 9-1-2028 | 2,405,000 | 2,500,617 | ||
State of Louisiana 1-49 South Project | 5.00 | 9-1-2029 | 2,695,000 | 2,802,146 | ||
State of Louisiana 1-49 South Project | 5.00 | 9-1-2030 | 2,700,000 | 2,807,345 | ||
10,917,453 | ||||||
Miscellaneous revenue: 0.16% | ||||||
Louisiana Public Facilities Authority Roman Catholic Church of the Archdiocese of New Orleans | 5.00 | 7-1-2024 | 1,000,000 | 850,000 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Louisiana Public Facilities Authority Roman Catholic Church of the Archdiocese of New Orleans | 5.00 % | 7-1-2025 | $ | 600,000 | $510,000 | |
Louisiana Public Facilities Authority Roman Catholic Church of the Archdiocese of New Orleans | 5.00 | 7-1-2026 | 500,000 | 425,000 | ||
1,785,000 | ||||||
Tax revenue: 0.20% | ||||||
Jefferson Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2031 | 1,000,000 | 1,081,970 | ||
Jefferson Sales Tax District Series B (AGM Insured) | 5.00 | 12-1-2032 | 1,000,000 | 1,079,959 | ||
2,161,929 | ||||||
Transportation revenue: 0.29% | ||||||
Greater New Orleans Expressway Commission (AGM Insured) | 5.00 | 11-1-2031 | 1,000,000 | 1,038,016 | ||
Greater New Orleans Expressway Commission (AGM Insured) | 5.00 | 11-1-2032 | 1,000,000 | 1,037,561 | ||
Greater New Orleans Expressway Commission (AGM Insured) | 5.00 | 11-1-2033 | 1,000,000 | 1,036,653 | ||
3,112,230 | ||||||
Water & sewer revenue: 0.70% | ||||||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2032 | 1,000,000 | 1,106,925 | ||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2033 | 695,000 | 768,577 | ||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2034 | 600,000 | 662,931 | ||
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 | 6-1-2035 | 400,000 | 415,731 | ||
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 | 6-1-2036 | 325,000 | 334,251 | ||
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 | 6-1-2037 | 335,000 | 339,801 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2030 | 500,000 | 521,352 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2031 | 600,000 | 623,640 | ||
Greater Ouachita Water Co. (BAM Insured) | 4.00 | 9-1-2032 | 1,655,000 | 1,713,197 | ||
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Sewerage Commission Series A | 5.00 | 2-1-2030 | 1,000,000 | 1,010,256 | ||
7,496,661 | ||||||
34,381,981 | ||||||
Maine: 0.79% | ||||||
Education revenue: 0.51% | ||||||
Maine Health & Higher Educational Facilities Authority University of New England Series A | 5.00 | 7-1-2029 | 1,015,000 | 1,075,802 | ||
Maine Health & Higher Educational Facilities Authority University of New England Series A | 5.00 | 7-1-2030 | 1,200,000 | 1,271,213 | ||
Maine Health & Higher Educational Facilities Authority University of New England Series A | 5.00 | 7-1-2032 | 1,415,000 | 1,498,278 | ||
Maine Health & Higher Educational Facilities Authority University of New England Series A | 5.00 | 7-1-2033 | 1,485,000 | 1,572,611 | ||
5,417,904 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.28% | ||||||
Maine Health & Higher Educational Facilities Authority Series A | 5.00 % | 7-1-2035 | $ | 1,000,000 | $1,087,146 | |
Maine Health & Higher Educational Facilities Authority Maine Health Obligated Group Series A | 4.00 | 7-1-2036 | 800,000 | 805,961 | ||
Maine Health & Higher Educational Facilities Authority Maine Health Obligated Group Series A | 4.00 | 7-1-2037 | 1,150,000 | 1,139,743 | ||
3,032,850 | ||||||
8,450,754 | ||||||
Maryland: 0.59% | ||||||
Education revenue: 0.40% | ||||||
City of Westminster McDaniel College, Inc. | 5.00 | 11-1-2026 | 2,450,000 | 2,540,978 | ||
Maryland Economic Development Corp. University Park Phase I & II at Salisbury University | 5.00 | 6-1-2027 | 410,000 | 410,113 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 4.00 | 6-1-2035 | 470,000 | 464,766 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 4.00 | 6-1-2037 | 450,000 | 432,597 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 4.00 | 6-1-2039 | 500,000 | 470,919 | ||
4,319,373 | ||||||
Tax revenue: 0.14% | ||||||
County of Howard Downtown Columbia Development District Series A144A | 4.00 | 2-15-2028 | 480,000 | 471,655 | ||
County of Howard Downtown Columbia Development District Series A144A | 4.13 | 2-15-2034 | 1,000,000 | 952,346 | ||
1,424,001 | ||||||
Water & sewer revenue: 0.05% | ||||||
City of Baltimore Water Utility Fund Series A | 5.00 | 7-1-2035 | 500,000 | 562,643 | ||
6,306,017 | ||||||
Massachusetts: 0.10% | ||||||
Health revenue: 0.10% | ||||||
Massachusetts Development Finance Agency Tufts Medicine Obligated Group Series C (AGM Insured) | 5.00 | 10-1-2033 | 525,000 | 573,631 | ||
Massachusetts Development Finance Agency Tufts Medicine Obligated Group Series C (AGM Insured) | 5.00 | 10-1-2034 | 500,000 | 545,067 | ||
1,118,698 | ||||||
Michigan: 3.51% | ||||||
Airport revenue: 0.14% | ||||||
Wayne County Airport Authority Detroit Metropolitan Wayne County Airport Series A | 5.00 | 12-1-2032 | 800,000 | 856,466 | ||
Wayne County Airport Authority Detroit Metropolitan Wayne County Airport Series A | 5.00 | 12-1-2034 | 600,000 | 641,591 | ||
1,498,057 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 0.48% | ||||||
Flint International Academy | 5.50 % | 10-1-2027 | $ | 1,985,000 | $1,962,195 | |
Michigan State University Series B | 5.00 | 2-15-2036 | 1,325,000 | 1,441,635 | ||
Western Michigan University | 5.25 | 11-15-2029 | 1,000,000 | 1,007,442 | ||
Western Michigan University (AGM Insured) | 5.25 | 11-15-2033 | 750,000 | 755,581 | ||
5,166,853 | ||||||
GO revenue: 0.34% | ||||||
County of Kent | 5.00 | 6-1-2030 | 1,040,000 | 1,094,988 | ||
Pinckney Community Schools (SBLF Insured) | 5.00 | 5-1-2026 | 2,505,000 | 2,536,726 | ||
3,631,714 | ||||||
Health revenue: 0.28% | ||||||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series 2013-2 | 4.00 | 12-1-2035 | 3,000,000 | 3,041,813 | ||
Miscellaneous revenue: 0.28% | ||||||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 4.00 | 10-1-2024 | 3,000,000 | 2,984,144 | ||
Water & sewer revenue: 1.99% | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue Series C | 5.00 | 7-1-2030 | 3,350,000 | 3,517,005 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D1 (AGM Insured) | 5.00 | 7-1-2035 | 2,750,000 | 2,785,875 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D1 (AGM Insured) | 5.00 | 7-1-2037 | 2,000,000 | 2,021,044 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D4 | 5.00 | 7-1-2030 | 12,000,000 | 12,146,051 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D6 (NPFGC Insured) | 5.00 | 7-1-2025 | 1,000,000 | 1,013,857 | ||
21,483,832 | ||||||
37,806,413 | ||||||
Minnesota: 0.05% | ||||||
Health revenue: 0.05% | ||||||
City of Rochester Mayo Clinicø | 4.20 | 11-15-2047 | 500,000 | 500,000 | ||
Mississippi: 0.55% | ||||||
Health revenue: 0.29% | ||||||
Mississippi Hospital Equipment & Facilities Authority North Mississippi Medical Center Obligated Group Series IV | 5.00 | 10-1-2037 | 1,000,000 | 1,048,349 | ||
Mississippi Hospital Equipment & Facilities Authority North Mississippi Medical Center Obligated Group Series IV | 5.00 | 10-1-2038 | 1,000,000 | 1,042,541 | ||
Mississippi Hospital Equipment & Facilities Authority North Mississippi Medical Center Obligated Group Series IV | 5.00 | 10-1-2039 | 1,000,000 | 1,036,431 | ||
3,127,321 | ||||||
Water & sewer revenue: 0.26% | ||||||
West Rankin Utility Authority (AGM Insured) | 5.00 | 1-1-2026 | 525,000 | 538,764 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
West Rankin Utility Authority (AGM Insured) | 5.00 % | 1-1-2027 | $ | 435,000 | $446,405 | |
West Rankin Utility Authority (AGM Insured) | 5.00 | 1-1-2034 | 750,000 | 769,663 | ||
West Rankin Utility Authority (AGM Insured) | 5.00 | 1-1-2035 | 1,000,000 | 1,026,218 | ||
2,781,050 | ||||||
5,908,371 | ||||||
Missouri: 0.66% | ||||||
Education revenue: 0.23% | ||||||
HEFA of the State of Missouri Webster University | 5.00 | 4-1-2027 | 2,450,000 | 2,462,247 | ||
Health revenue: 0.20% | ||||||
HEFA of the State of Missouri BJC Healthcare Obligated Group Series Cøø | 5.00 | 5-1-2052 | 2,000,000 | 2,163,844 | ||
Miscellaneous revenue: 0.23% | ||||||
Poplar Bluff R-I School District Series I (AGM Insured) | 5.00 | 3-1-2032 | 1,500,000 | 1,514,478 | ||
Poplar Bluff R-I School District Series I (AGM Insured) | 5.00 | 3-1-2034 | 1,000,000 | 1,009,717 | ||
2,524,195 | ||||||
7,150,286 | ||||||
Nebraska: 0.30% | ||||||
Health revenue: 0.11% | ||||||
Douglas County Hospital Authority No. 2 Children’s Hospital Obligated Group Series A | 4.00 | 11-15-2038 | 1,200,000 | 1,184,190 | ||
Utilities revenue: 0.19% | ||||||
Central Plains Energy Project No. 4øø | 5.00 | 3-1-2050 | 2,000,000 | 2,008,277 | ||
3,192,467 | ||||||
Nevada: 0.68% | ||||||
GO revenue: 0.66% | ||||||
City of Las Vegas Series A | 5.00 | 5-1-2031 | 1,985,000 | 2,011,757 | ||
Clark County School District Series A | 4.00 | 6-15-2034 | 5,000,000 | 5,078,420 | ||
7,090,177 | ||||||
Miscellaneous revenue: 0.02% | ||||||
City of Las Vegas Special Improvement District No. 607 | 4.25 | 6-1-2024 | 200,000 | 200,685 | ||
7,290,862 | ||||||
New Hampshire: 0.23% | ||||||
Housing revenue: 0.23% | ||||||
New Hampshire Business Finance Authority Series 1A | 4.13 | 1-20-2034 | 2,374,299 | 2,315,672 | ||
New Hampshire HFA Series E AMT | 4.80 | 7-1-2028 | 205,000 | 207,999 | ||
2,523,671 | ||||||
New Jersey: 2.77% | ||||||
Airport revenue: 0.20% | ||||||
South Jersey Port Corp. Series S-1 | 5.00 | 1-1-2028 | 2,130,000 | 2,185,486 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 0.35% | ||||||
City of Trenton (BAM Insured) | 5.00 % | 12-1-2024 | $ | 1,775,000 | $1,820,539 | |
City of Trenton (BAM Insured) | 5.00 | 12-1-2025 | 1,860,000 | 1,942,906 | ||
3,763,445 | ||||||
Housing revenue: 1.59% | ||||||
Garden State Preservation Trust Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 5,430,451 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | 7-1-2029 | 445,000 | 424,788 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 5.00 | 7-1-2033 | 2,500,000 | 2,634,134 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A (NPFGC Insured) | 5.25 | 7-1-2026 | 2,320,000 | 2,427,488 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2030 | 2,000,000 | 1,517,366 | ||
New Jersey TTFA Series A | 5.00 | 12-15-2036 | 2,000,000 | 2,118,471 | ||
New Jersey TTFA Series C | 5.25 | 6-15-2032 | 2,500,000 | 2,568,927 | ||
17,121,625 | ||||||
Miscellaneous revenue: 0.11% | ||||||
North Hudson Sewerage Authority (AGM Insured) | 5.00 | 6-1-2038 | 1,000,000 | 1,147,117 | ||
Tax revenue: 0.52% | ||||||
New Jersey TTFA Series AA | 5.00 | 6-15-2036 | 2,000,000 | 2,174,324 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2038 | 3,250,000 | 3,479,812 | ||
5,654,136 | ||||||
29,871,809 | ||||||
New Mexico: 1.29% | ||||||
GO revenue: 0.12% | ||||||
Albuquerque Municipal School District No. 12 | 5.00 | 8-1-2034 | 1,150,000 | 1,264,043 | ||
Industrial development revenue: 0.20% | ||||||
City of Farmington Southern California Edison Co. | 1.80 | 4-1-2029 | 2,540,000 | 2,182,845 | ||
Miscellaneous revenue: 0.97% | ||||||
Town of Clayton (NPFGC Insured) | 5.00 | 11-1-2028 | 9,265,000 | 9,459,513 | ||
Town of Clayton (NPFGC Insured) | 5.00 | 11-1-2029 | 1,000,000 | 1,021,092 | ||
10,480,605 | ||||||
13,927,493 | ||||||
New York: 8.52% | ||||||
Airport revenue: 0.52% | ||||||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2029 | 1,160,000 | 1,267,702 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2035 | 1,000,000 | 1,083,998 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2038 | 3,000,000 | 3,197,226 | ||
5,548,926 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 1.73% | ||||||
Dutchess County Local Development Corp. Culinary Institute of America Series A-1 | 5.00 % | 7-1-2027 | $ | 335,000 | $344,327 | |
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.45 | 2-1-2041 | 5,500,000 | 4,328,838 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.53 | 2-1-2040 | 2,725,000 | 2,624,744 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.89 | 2-1-2032 | 2,745,000 | 2,780,932 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 6.24 | 2-1-2047 | 1,750,000 | 1,783,452 | ||
Hempstead Town Local Development Corp. Academy Charter School Series B | 5.57 | 2-1-2041 | 4,140,000 | 3,987,206 | ||
Monroe County Industrial Development Corp. Monroe Community College Association, Inc. (AGM Insured) | 5.00 | 1-15-2024 | 905,000 | 913,460 | ||
Westchester County Local Development Corp. Pace University Series Bøø | 4.73 | 5-1-2044 | 1,910,000 | 1,910,000 | ||
18,672,959 | ||||||
GO revenue: 0.40% | ||||||
City of New York Series D | 5.25 | 5-1-2040 | 1,500,000 | 1,704,120 | ||
City of Yonkers Series C (AGM Insured) | 5.00 | 3-15-2035 | 1,000,000 | 1,154,295 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2035 | 425,000 | 491,755 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2036 | 450,000 | 513,693 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2037 | 425,000 | 480,519 | ||
4,344,382 | ||||||
Industrial development revenue: 0.08% | ||||||
New York Liberty Development Corp. One Bryant Park LLC | 2.80 | 9-15-2069 | 1,000,000 | 910,978 | ||
Tax revenue: 2.20% | ||||||
Metropolitan Transportation Authority Dedicated Tax Fund Series A | 5.25 | 11-15-2034 | 2,000,000 | 2,139,165 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series C-1 | 4.00 | 5-1-2044 | 2,000,000 | 1,975,697 | ||
New York Convention Center Development Corp. New York City Hotel Unit Fee Revenue | 5.00 | 11-15-2028 | 8,000,000 | 8,275,090 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series D | 4.00 | 2-15-2039 | 5,000,000 | 5,026,918 | ||
New York State Dormitory Authority State of New York Personal Income Tax Revenue Series A | 5.00 | 2-15-2031 | 3,000,000 | 3,177,322 | ||
New York State Urban Development Corp. State of New York Personal Income Tax Revenue Series C | 4.00 | 3-15-2037 | 3,000,000 | 3,068,235 | ||
23,662,427 | ||||||
Transportation revenue: 3.35% | ||||||
Metropolitan Transportation Authority Series A2 | 5.00 | 11-15-2027 | 12,640,000 | 13,264,794 | ||
Metropolitan Transportation Authority Series B | 5.00 | 11-15-2033 | 2,175,000 | 2,250,590 | ||
Metropolitan Transportation Authority Series B | 5.25 | 11-15-2037 | 1,000,000 | 1,006,879 | ||
Metropolitan Transportation Authority Series C1 | 5.25 | 11-15-2031 | 11,540,000 | 11,921,159 | ||
Metropolitan Transportation Authority Series D | 5.00 | 11-15-2031 | 3,415,000 | 3,538,043 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue (continued) | ||||||
Metropolitan Transportation Authority Series Døø | 5.00 % | 11-15-2034 | $ | 2,000,000 | $2,030,958 | |
Metropolitan Transportation Authority Series D-1 | 5.00 | 11-15-2030 | 2,010,000 | 2,066,518 | ||
36,078,941 | ||||||
Utilities revenue: 0.19% | ||||||
New York State Energy Research & Development Authority Electric & Gas Corp. Series C%% | 4.00 | 4-1-2034 | 2,000,000 | 2,012,902 | ||
Water & sewer revenue: 0.05% | ||||||
New York City Municipal Water Finance Authority New York City Water & Sewer Systemø | 3.65 | 6-15-2035 | 200,000 | 200,000 | ||
Western Nassau County Water Authority Series A | 5.00 | 4-1-2028 | 300,000 | 308,653 | ||
508,653 | ||||||
91,740,168 | ||||||
Ohio: 1.84% | ||||||
Education revenue: 0.57% | ||||||
Northeast Ohio Medical University (BAM Insured) | 5.00 | 12-1-2032 | 315,000 | 353,222 | ||
Northeast Ohio Medical University (BAM Insured) | 5.00 | 12-1-2033 | 890,000 | 994,256 | ||
Northeast Ohio Medical University (BAM Insured) | 5.00 | 12-1-2036 | 1,025,000 | 1,114,692 | ||
Northeast Ohio Medical University (BAM Insured) | 5.00 | 12-1-2038 | 1,070,000 | 1,150,873 | ||
Northeast Ohio Medical University (BAM Insured) | 5.00 | 12-1-2040 | 1,260,000 | 1,342,927 | ||
Ohio Higher Educational Facility Commission Xavier University | 5.00 | 5-1-2029 | 1,080,000 | 1,184,781 | ||
6,140,751 | ||||||
Health revenue: 0.11% | ||||||
County of Hamilton UC Health Obligated Group | 5.00 | 9-15-2035 | 1,100,000 | 1,118,307 | ||
Housing revenue: 0.28% | ||||||
Clermont County Port Authority West Clermont Local School District (BAM Insured) | 5.00 | 12-1-2025 | 500,000 | 521,696 | ||
Clermont County Port Authority West Clermont Local School District (BAM Insured) | 5.00 | 12-1-2026 | 600,000 | 625,043 | ||
Clermont County Port Authority West Clermont Local School District (BAM Insured) | 5.00 | 12-1-2028 | 1,250,000 | 1,302,763 | ||
RiverSouth Authority Series A | 5.75 | 12-1-2027 | 550,000 | 549,968 | ||
2,999,470 | ||||||
Miscellaneous revenue: 0.09% | ||||||
Warrensville Heights City School District Series B (BAM Insured) | 4.00 | 12-1-2037 | 1,000,000 | 976,241 | ||
Tobacco revenue: 0.19% | ||||||
Buckeye Tobacco Settlement Financing Authority Series A-2 | 4.00 | 6-1-2038 | 2,100,000 | 2,079,561 | ||
Utilities revenue: 0.60% | ||||||
City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | 10-1-2034 | 710,000 | 742,945 | ||
City of Hamilton Electric System Revenue (BAM Insured) | 4.00 | 10-1-2035 | 1,000,000 | 1,041,734 | ||
Cleveland Department of Public Utilities Division of Public Power (AGM Insured) | 5.00 | 11-15-2033 | 625,000 | 679,846 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Lancaster Port Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 % | 8-1-2049 | $ | 3,000,000 | $3,045,802 | |
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series A | 3.25 | 9-1-2029 | 1,000,000 | 932,413 | ||
6,442,740 | ||||||
19,757,070 | ||||||
Oklahoma: 3.58% | ||||||
Education revenue: 0.07% | ||||||
Oklahoma State University Series A | 4.00 | 9-1-2036 | 750,000 | 760,160 | ||
Health revenue: 0.13% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022-034 (Barclays Bank PLC LOC, Barclays Bank PLC LIQ)144Aø | 4.05 | 9-1-2045 | 1,365,000 | 1,365,000 | ||
Housing revenue: 3.15% | ||||||
Cache Educational Facilities Authority Comanche County Independent School District No. 1 Cache Series A | 5.00 | 9-1-2025 | 3,055,000 | 3,160,296 | ||
Canadian County Educational Facilities Authority Independent School District No. 69 Mustang | 5.00 | 9-1-2027 | 2,000,000 | 2,094,321 | ||
Canadian County Educational Facilities Authority Independent School District No. 69 Mustang | 5.00 | 9-1-2028 | 2,180,000 | 2,288,809 | ||
Carter County Public Facilities Authority | 5.00 | 12-1-2027 | 1,000,000 | 1,061,356 | ||
Carter County Public Facilities Authority | 5.00 | 12-1-2028 | 1,285,000 | 1,361,281 | ||
Carter County Public Facilities Authority Carter County Independent School District No. 27 Plainview | 5.00 | 12-1-2026 | 1,000,000 | 1,057,373 | ||
Cleveland County Educational Facilities Authority Independent School District No. 40 Noble | 5.00 | 9-1-2027 | 700,000 | 749,519 | ||
Cleveland County Educational Facilities Authority Independent School District No. 40 Noble | 5.00 | 9-1-2028 | 400,000 | 428,097 | ||
Cleveland County Educational Facilities Authority Independent School District No. 40 Noble | 5.00 | 9-1-2029 | 250,000 | 266,874 | ||
Cleveland County Educational Facilities Authority Independent School District No. 40 Noble | 5.00 | 9-1-2031 | 675,000 | 716,366 | ||
Comanche County Educational Facilities Authority Comanche County Independent School District No. 16 Elgin Series A | 5.00 | 12-1-2032 | 1,600,000 | 1,746,560 | ||
Dewey County Educational Facilities Authority Independent School District No. 8 Seiling | 5.00 | 9-1-2026 | 1,230,000 | 1,299,711 | ||
Dewey County Educational Facilities Authority Independent School District No. 8 Seiling | 5.00 | 9-1-2027 | 1,240,000 | 1,310,278 | ||
Garvin County Educational Facilities Authority Independent School District No. 9 Lindsay | 5.00 | 9-1-2026 | 1,000,000 | 1,035,733 | ||
Garvin County Educational Facilities Authority Independent School District No. 9 Lindsay | 5.00 | 9-1-2027 | 1,245,000 | 1,288,699 | ||
Grady County School Finance Authority Independent School District No. 97 Tuttle | 5.00 | 9-1-2025 | 500,000 | 517,550 | ||
Grady County School Finance Authority Independent School District No. 97 Tuttle | 5.00 | 9-1-2028 | 1,160,000 | 1,199,492 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 | 9-1-2029 | 3,000,000 | 3,002,321 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 % | 9-1-2032 | $ | 3,000,000 | $2,981,225 | |
Oklahoma Development Finance Authority Oklahoma State Regents for Higher Education Series B | 5.00 | 6-1-2030 | 500,000 | 552,947 | ||
Oklahoma Development Finance Authority Oklahoma State Regents for Higher Education Series B | 5.00 | 6-1-2031 | 520,000 | 574,932 | ||
Oklahoma Development Finance Authority Oklahoma State Regents for Higher Education Series B | 5.00 | 6-1-2032 | 550,000 | 607,612 | ||
Pontotoc County Educational Facilities Authority Independent School District No. 19 Ada | 4.00 | 9-1-2032 | 450,000 | 466,733 | ||
Pontotoc County Educational Facilities Authority Independent School District No. 19 Ada | 4.00 | 9-1-2033 | 800,000 | 825,157 | ||
Pontotoc County Educational Facilities Authority Independent School District No. 19 Ada | 4.00 | 9-1-2034 | 625,000 | 641,470 | ||
Pontotoc County Educational Facilities Authority Independent School District No. 19 Ada | 4.00 | 9-1-2035 | 810,000 | 822,838 | ||
Pontotoc County Educational Facilities Authority Independent School District No. 19 Ada | 4.00 | 9-1-2036 | 1,000,000 | 1,003,661 | ||
Tulsa County Industrial Authority Tulsa County Independent School District No. 13 Glenpool Series A | 5.00 | 9-1-2025 | 880,000 | 912,748 | ||
33,973,959 | ||||||
Tax revenue: 0.23% | ||||||
Oklahoma City Public Property Authority Hotel Tax | 5.00 | 10-1-2027 | 1,140,000 | 1,183,792 | ||
Oklahoma City Public Property Authority Hotel Tax | 5.00 | 10-1-2028 | 1,265,000 | 1,313,315 | ||
2,497,107 | ||||||
38,596,226 | ||||||
Oregon: 0.51% | ||||||
Airport revenue: 0.23% | ||||||
Port of Portland Airport Revenue Series 2023-XL0443 | 5.00 | 7-1-2033 | 530,000 | 600,827 | ||
Port of Portland Airport Revenue Series 2023-XL0443 | 5.00 | 7-1-2037 | 705,000 | 774,905 | ||
Port of Portland Airport Revenue Series 26-A | 4.00 | 7-1-2037 | 565,000 | 574,506 | ||
Port of Portland Airport Revenue Series 26-A | 5.00 | 7-1-2033 | 400,000 | 453,455 | ||
2,403,693 | ||||||
Health revenue: 0.28% | ||||||
Medford Hospital Facilities Authority Asante Health System Obligated Group Series A | 5.00 | 8-15-2037 | 1,400,000 | 1,498,979 | ||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2026 | 1,500,000 | 1,547,876 | ||
3,046,855 | ||||||
5,450,548 |
Interest rate | Maturity date | Principal | Value | |||
Pennsylvania: 11.85% | ||||||
Airport revenue: 0.07% | ||||||
City of Philadelphia Airport Revenue Series A | 5.00 % | 7-1-2028 | $ | 315,000 | $337,650 | |
City of Philadelphia Airport Revenue Series A | 5.00 | 7-1-2031 | 450,000 | 479,378 | ||
817,028 | ||||||
Education revenue: 0.74% | ||||||
Chester County IDA Collegium Charter School Series A | 5.00 | 10-15-2027 | 1,500,000 | 1,488,506 | ||
Northampton County General Purpose Authority Lafayette College | 5.00 | 11-1-2027 | 1,000,000 | 1,079,834 | ||
Northeastern Pennsylvania Hospital & Education Authority Wilkes University Series A | 5.00 | 3-1-2026 | 885,000 | 903,291 | ||
Northeastern Pennsylvania Hospital & Education Authority Wilkes University Series A | 5.00 | 3-1-2028 | 660,000 | 675,469 | ||
Philadelphia IDA West Philadelphia Achievement Charter Elementary School | 7.00 | 5-1-2026 | 475,000 | 475,658 | ||
State Public School Building Authority Community College of Philadelphia Series A | 5.00 | 6-15-2025 | 1,250,000 | 1,280,812 | ||
State Public School Building Authority Community College of Philadelphia Series A (BAM Insured) | 5.00 | 6-15-2026 | 2,000,000 | 2,054,980 | ||
7,958,550 | ||||||
GO revenue: 4.59% | ||||||
Central Dauphin School District | 5.00 | 2-1-2030 | 1,110,000 | 1,169,986 | ||
City of Philadelphia Series A | 5.00 | 8-1-2033 | 2,020,000 | 2,177,794 | ||
City of Philadelphia Series A | 5.25 | 7-15-2029 | 4,410,000 | 4,458,466 | ||
City of Reading Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,000,000 | 1,059,891 | ||
McKeesport Area School District Series A (AGM Insured) | 4.00 | 10-1-2035 | 5,505,000 | 5,686,972 | ||
Moon Area School District Series A | 5.00 | 11-15-2024 | 3,425,000 | 3,503,546 | ||
Moon Area School District Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,021,323 | ||
Norristown Area School District (BAM Insured) | 5.00 | 9-1-2035 | 2,035,000 | 2,132,215 | ||
Reading School District (AGM Insured) | 5.00 | 3-1-2037 | 2,000,000 | 2,109,603 | ||
Reading School District (AGM Insured) | 5.00 | 3-1-2038 | 1,735,000 | 1,816,441 | ||
School District of Philadelphia Series A | 5.00 | 9-1-2032 | 2,300,000 | 2,515,836 | ||
School District of Philadelphia Series C | 5.00 | 9-1-2033 | 6,180,000 | 6,813,685 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2028 | 5,000,000 | 5,243,441 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2029 | 5,000,000 | 5,237,329 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2031 | 1,240,000 | 1,291,687 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2032 | 2,595,000 | 2,694,525 | ||
Scranton School District Series A (BAM Insured) | 5.00 | 6-1-2037 | 500,000 | 542,582 | ||
49,475,322 | ||||||
Health revenue: 1.57% | ||||||
Allegheny County Hospital Development Authority UPMC Obligated Group Series A | 4.00 | 7-15-2037 | 2,000,000 | 1,996,318 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group Series A | 5.00 | 7-15-2025 | 155,000 | 159,710 | ||
Cumberland County Municipal Authority Diakon Lutheran Social Ministries Obligated Group | 5.00 | 1-1-2025 | 1,340,000 | 1,363,364 | ||
Cumberland County Municipal Authority Diakon Lutheran Social Ministries Obligated Group | 5.00 | 1-1-2026 | 1,370,000 | 1,391,935 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Cumberland County Municipal Authority Diakon Lutheran Social Ministries Obligated Group | 5.00 % | 1-1-2027 | $ | 1,225,000 | $1,244,573 | |
Hospitals & Higher Education Facilities Authority of Philadelphia Temple University Health System Obligated Group (AGM Insured) | 5.00 | 7-1-2036 | 2,505,000 | 2,726,663 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group | 4.00 | 9-1-2037 | 1,000,000 | 972,911 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | 11-15-2037 | 2,540,000 | 2,534,030 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 5.00 | 4-15-2031 | 1,000,000 | 1,111,242 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 5.00 | 4-15-2034 | 1,650,000 | 1,821,850 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 5.00 | 4-15-2035 | 1,450,000 | 1,590,862 | ||
16,913,458 | ||||||
Housing revenue: 0.78% | ||||||
Delaware County Vocational & Technical School Authority Delaware County Intermediate Unit (BAM Insured) | 5.25 | 11-1-2033 | 2,000,000 | 2,012,932 | ||
Pennsylvania Housing Finance Agency Series 142 | 4.15 | 10-1-2034 | 1,500,000 | 1,522,388 | ||
State Public School Building Authority Chester Upland School District Series B | 5.25 | 9-15-2030 | 1,990,000 | 2,154,896 | ||
State Public School Building Authority Harrisburg School District Series B-2 (BAM Insured) | 5.00 | 12-1-2025 | 340,000 | 348,251 | ||
State Public School Building Authority Harrisburg School District Series B-2 (BAM Insured) | 5.00 | 12-1-2026 | 645,000 | 660,563 | ||
State Public School Building Authority Harrisburg School District Series B-2 (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 368,836 | ||
York County School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2027 | 800,000 | 814,018 | ||
York County School of Technology Authority Series B (BAM Insured) | 5.00 | 2-15-2029 | 500,000 | 508,487 | ||
8,390,371 | ||||||
Miscellaneous revenue: 1.70% | ||||||
Commonwealth of Pennsylvania COP Series A | 5.00 | 7-1-2029 | 480,000 | 523,657 | ||
Delaware Valley Regional Finance Authority Series D (TD Bank NA LOC)ø | 3.95 | 11-1-2055 | 1,000,000 | 1,000,000 | ||
Philadelphia Municipal Authority | 5.00 | 4-1-2031 | 3,630,000 | 3,913,740 | ||
Philadelphia Municipal Authority | 5.00 | 4-1-2034 | 1,800,000 | 1,942,143 | ||
State Public School Building Authority Harrisburg School District Series A (AGM Insured) | 5.00 | 12-1-2028 | 3,020,000 | 3,190,269 | ||
State Public School Building Authority Harrisburg School District Series A (AGM Insured) | 5.00 | 12-1-2033 | 3,505,000 | 3,662,300 | ||
State Public School Building Authority School District of Philadelphia Series A | 5.00 | 6-1-2034 | 1,750,000 | 1,814,322 | ||
State Public School Building Authority School District of Philadelphia Series B (AGM Insured) | 5.00 | 6-1-2029 | 2,000,000 | 2,221,045 | ||
18,267,476 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.22% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 % | 5-1-2033 | $ | 700,000 | $745,523 | |
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2034 | 750,000 | 796,353 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2035 | 750,000 | 789,375 | ||
2,331,251 | ||||||
Tobacco revenue: 0.77% | ||||||
Commonwealth Financing Authority | 5.00 | 6-1-2027 | 2,500,000 | 2,647,617 | ||
Commonwealth Financing Authority | 5.00 | 6-1-2028 | 2,500,000 | 2,690,073 | ||
Commonwealth Financing Authority (AGM Insured) | 4.00 | 6-1-2039 | 3,000,000 | 2,949,184 | ||
8,286,874 | ||||||
Transportation revenue: 0.94% | ||||||
Pennsylvania Turnpike Commission Series B2 | 5.00 | 6-1-2031 | 5,000,000 | 5,342,550 | ||
Pennsylvania Turnpike Commission Series E CAB (AGM Insured) | 6.00 | 12-1-2030 | 4,220,000 | 4,780,671 | ||
10,123,221 | ||||||
Water & sewer revenue: 0.47% | ||||||
Capital Region Water Revenue | 5.00 | 7-15-2030 | 1,500,000 | 1,636,374 | ||
City of Philadelphia Water & Wastewater Revenue Series B | 5.00 | 11-1-2033 | 1,760,000 | 1,897,812 | ||
Pittsburgh Water & Sewer Authority Series B (AGM Insured) | 5.00 | 9-1-2031 | 670,000 | 762,866 | ||
Pittsburgh Water & Sewer Authority Series B (AGM Insured) | 5.00 | 9-1-2033 | 675,000 | 766,750 | ||
5,063,802 | ||||||
127,627,353 | ||||||
South Carolina: 2.54% | ||||||
Education revenue: 0.56% | ||||||
South Carolina Jobs-EDA Furman University | 5.00 | 10-1-2028 | 700,000 | 720,467 | ||
South Carolina Jobs-EDA Furman University | 5.00 | 10-1-2030 | 1,885,000 | 1,936,024 | ||
South Carolina Jobs-EDA Furman University | 5.00 | 10-1-2031 | 2,155,000 | 2,211,466 | ||
South Carolina Jobs-EDA York Preparatory Academy, Inc. Series A144A | 7.00 | 11-1-2033 | 1,090,000 | 1,138,177 | ||
6,006,134 | ||||||
Health revenue: 0.86% | ||||||
South Carolina Jobs-EDA Prisma Health Obligated Group Series Cø | 4.48 | 5-1-2048 | 9,275,000 | 9,275,000 | ||
Miscellaneous revenue: 0.10% | ||||||
Laurens County School District No. 055 | 5.00 | 12-1-2025 | 1,000,000 | 1,037,504 | ||
Utilities revenue: 1.02% | ||||||
South Carolina Public Service Authority Series E (AGM Insured) | 5.25 | 12-1-2036 | 6,385,000 | 7,159,381 | ||
South Carolina Public Service Authority Series E (AGM Insured) | 5.25 | 12-1-2037 | 3,445,000 | 3,832,689 | ||
10,992,070 | ||||||
27,310,708 |
Interest rate | Maturity date | Principal | Value | |||
Tennessee: 1.29% | ||||||
Airport revenue: 0.26% | ||||||
Metropolitan Nashville Airport Authority Series A | 5.25 % | 7-1-2047 | $ | 2,500,000 | $2,757,023 | |
Housing revenue: 0.16% | ||||||
Chattanooga Health Educational & Housing Facility Board CDFI Phase I LLC | 5.00 | 10-1-2023 | 750,000 | 751,142 | ||
Chattanooga Health Educational & Housing Facility Board CDFI Phase I LLC | 5.00 | 10-1-2028 | 1,000,000 | 1,023,090 | ||
1,774,232 | ||||||
Utilities revenue: 0.87% | ||||||
Tennergy Corp. Series Aøø | 5.50 | 10-1-2053 | 3,000,000 | 3,176,088 | ||
Tennessee Energy Acquisition Corp. Series Aøø | 5.00 | 5-1-2052 | 2,500,000 | 2,593,512 | ||
Tennessee Energy Acquisition Corp. Series A-1øø | 5.00 | 5-1-2053 | 3,500,000 | 3,620,884 | ||
9,390,484 | ||||||
13,921,739 | ||||||
Texas: 5.01% | ||||||
Airport revenue: 0.75% | ||||||
City of Houston Airport System Revenue Series D | 5.00 | 7-1-2033 | 3,010,000 | 3,268,751 | ||
City of Houston Airport System Revenue Series D | 5.00 | 7-1-2035 | 2,000,000 | 2,160,039 | ||
Dallas Fort Worth International Airport Series A | 4.00 | 11-1-2034 | 2,500,000 | 2,608,711 | ||
8,037,501 | ||||||
GO revenue: 2.16% | ||||||
Bexar County Hospital District | 5.00 | 2-15-2037 | 1,250,000 | 1,326,036 | ||
City of Eagle Pass (AGM Insured) | 4.00 | 3-1-2037 | 695,000 | 712,254 | ||
City of San Antonio | 5.00 | 8-1-2036 | 3,990,000 | 4,322,193 | ||
County of Denton | 5.00 | 7-15-2030 | 1,000,000 | 1,019,020 | ||
County of El Paso Series A | 5.00 | 2-15-2031 | 2,000,000 | 2,093,335 | ||
County of El Paso Series A | 5.00 | 2-15-2032 | 2,120,000 | 2,217,349 | ||
Crane County Water District | 5.00 | 2-15-2026 | 1,000,000 | 1,030,192 | ||
Crane County Water District | 5.00 | 2-15-2030 | 1,130,000 | 1,158,653 | ||
Crane County Water District | 5.00 | 2-15-2031 | 1,000,000 | 1,025,357 | ||
El Paso County Hospital District | 5.00 | 8-15-2028 | 2,045,000 | 2,047,471 | ||
Fort Bend County Municipal Utility District No. 182 (BAM Insured) | 5.25 | 9-1-2030 | 1,185,000 | 1,314,225 | ||
San Antonio Independent School District | 5.00 | 8-15-2037 | 2,000,000 | 2,051,290 | ||
Viridian Municipal Management District (BAM Insured) | 4.00 | 12-1-2030 | 710,000 | 714,002 | ||
Waller Consolidated Independent School District (BAM Insured) | 5.00 | 2-15-2040 | 2,000,000 | 2,210,774 | ||
23,242,151 | ||||||
Housing revenue: 0.05% | ||||||
Austin Community College District Public Facility Corp. Series C | 5.00 | 8-1-2030 | 500,000 | 540,923 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.33% | ||||||
Lower Colorado River Authority | 5.50 % | 5-15-2031 | $ | 2,500,000 | $2,502,908 | |
Nueces River Authority City of Corpus Christi TX Utility System Revenue | 5.00 | 7-15-2026 | 1,000,000 | 1,033,752 | ||
3,536,660 | ||||||
Tax revenue: 0.15% | ||||||
Old Spanish Trail-Alemda Corridors RDA (BAM Insured) | 4.00 | 9-1-2031 | 1,540,000 | 1,609,473 | ||
Transportation revenue: 0.73% | ||||||
Grand Parkway Transportation Corp. Series A | 5.00 | 10-1-2034 | 1,500,000 | 1,633,966 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 5.00 | 12-31-2035 | 3,000,000 | 3,146,648 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 5.00 | 12-31-2036 | 3,015,000 | 3,140,173 | ||
7,920,787 | ||||||
Utilities revenue: 0.63% | ||||||
City of Brownsville Utilities System Revenue | 5.00 | 9-1-2026 | 2,190,000 | 2,270,950 | ||
City of Brownsville Utilities System Revenue | 5.00 | 9-1-2029 | 1,500,000 | 1,563,408 | ||
City of Brownsville Utilities System Revenue | 5.00 | 9-1-2030 | 2,500,000 | 2,605,873 | ||
City of Weatherford Utility System Revenue (AGM Insured) | 5.00 | 9-1-2026 | 375,000 | 388,861 | ||
6,829,092 | ||||||
Water & sewer revenue: 0.21% | ||||||
North Harris County Regional Water Authority (BAM Insured) | 5.00 | 12-15-2029 | 1,215,000 | 1,216,550 | ||
Trinity River Authority | 4.00 | 2-1-2027 | 1,000,000 | 1,023,170 | ||
2,239,720 | ||||||
53,956,307 | ||||||
Utah: 0.28% | ||||||
Education revenue: 0.06% | ||||||
Utah Charter School Finance Authority Freedom Academy Foundation144A | 4.50 | 6-15-2027 | 715,000 | 696,592 | ||
Housing revenue: 0.22% | ||||||
West Valley City Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2032 | 1,555,000 | 1,640,897 | ||
West Valley City Municipal Building Authority (AGM Insured) | 5.00 | 2-1-2033 | 645,000 | 680,185 | ||
2,321,082 | ||||||
3,017,674 | ||||||
Virginia: 0.14% | ||||||
Tax revenue: 0.14% | ||||||
Greater Richmond Convention Center Authority | 5.00 | 6-15-2025 | 1,000,000 | 1,034,157 | ||
Marquis CDA of York County Virginia CAB144A | 7.50 | 9-1-2045 | 386,000 | 115,800 | ||
Marquis CDA of York County Virginia Series B | 5.63 | 9-1-2041 | 1,274,000 | 382,200 | ||
Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | 9-1-2041 | 1,772,000 | 4,430 | ||
1,536,587 |
Interest rate | Maturity date | Principal | Value | |||
Washington: 3.93% | ||||||
Education revenue: 0.10% | ||||||
Washington EDFA Washington Biomedical Research Properties I | 5.00 % | 6-1-2028 | $ | 1,000,000 | $1,015,755 | |
GO revenue: 1.84% | ||||||
King County Public Hospital District No. 1 | 5.00 | 12-1-2026 | 775,000 | 820,235 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2029 | 1,600,000 | 1,687,037 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2031 | 6,665,000 | 6,975,008 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2032 | 2,905,000 | 3,029,690 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2033 | 7,045,000 | 7,331,345 | ||
19,843,315 | ||||||
Health revenue: 0.24% | ||||||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center | 5.00 | 1-1-2028 | 1,350,000 | 1,400,399 | ||
Washington Health Care Facilities Authority Providence St. Joseph Health Obligated Group Series D | 5.00 | 10-1-2041 | 1,225,000 | 1,225,865 | ||
2,626,264 | ||||||
Housing revenue: 1.33% | ||||||
King County Housing Authority | 4.00 | 6-1-2026 | 560,000 | 566,227 | ||
King County Housing Authority | 4.00 | 12-1-2026 | 430,000 | 436,459 | ||
King County Housing Authority | 4.00 | 6-1-2027 | 590,000 | 600,390 | ||
King County Housing Authority | 4.00 | 12-1-2027 | 400,000 | 408,610 | ||
King County Housing Authority | 4.00 | 6-1-2028 | 360,000 | 367,590 | ||
King County Housing Authority | 4.00 | 12-1-2028 | 375,000 | 384,222 | ||
King County Housing Authority | 4.00 | 12-1-2029 | 960,000 | 989,783 | ||
King County Housing Authority | 4.00 | 12-1-2030 | 575,000 | 591,536 | ||
King County Housing Authority | 4.00 | 12-1-2031 | 450,000 | 458,933 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2032 | 1,955,000 | 2,121,518 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2033 | 1,550,000 | 1,676,433 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2034 | 655,000 | 708,079 | ||
Washington State Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,033,940 | ||
14,343,720 | ||||||
Miscellaneous revenue: 0.16% | ||||||
State of Washington COP Series B | 5.00 | 7-1-2037 | 1,585,000 | 1,716,516 | ||
Resource recovery revenue: 0.26% | ||||||
City of Seattle Solid Waste Revenue | 4.00 | 6-1-2033 | 1,175,000 | 1,206,788 | ||
City of Tacoma Solid Waste Utility Revenue Series B | 5.00 | 12-1-2029 | 1,525,000 | 1,597,838 | ||
2,804,626 | ||||||
42,350,196 |
Interest rate | Maturity date | Principal | Value | |||
West Virginia: 0.60% | ||||||
Health revenue: 0.13% | ||||||
West Virginia Hospital Finance Authority West Virginia United Health System Obligated Group Series A | 5.00 % | 6-1-2031 | $ | 375,000 | $392,672 | |
West Virginia Hospital Finance Authority West Virginia United Health System Obligated Group Series A | 5.00 | 6-1-2032 | 980,000 | 1,023,801 | ||
1,416,473 | ||||||
Miscellaneous revenue: 0.47% | ||||||
West Virginia EDA Lottery Excess Lottery Revenue Series A | 5.00 | 7-1-2038 | 2,980,000 | 3,204,704 | ||
West Virginia Lottery Excess Lottery Revenue Series A | 5.00 | 7-1-2029 | 1,755,000 | 1,817,081 | ||
5,021,785 | ||||||
6,438,258 | ||||||
Wisconsin: 3.50% | ||||||
GO revenue: 0.15% | ||||||
City of Milwaukee Series B4 (AGM Insured) | 5.00 | 4-1-2038 | 1,495,000 | 1,618,759 | ||
Health revenue: 2.05% | ||||||
Wisconsin HEFA Ascension Health Credit Group Series A | 4.00 | 11-15-2039 | 14,975,000 | 14,874,416 | ||
Wisconsin HEFA Ascension Health Credit Group Series A | 5.00 | 11-15-2035 | 5,000,000 | 5,191,601 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2039 | 1,000,000 | 1,057,911 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series Aø | 5.30 | 2-15-2053 | 1,000,000 | 1,000,000 | ||
22,123,928 | ||||||
Housing revenue: 1.09% | ||||||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2029 | 420,000 | 444,408 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2030 | 635,000 | 670,864 | ||
PFA City of Boynton Beach | 4.00 | 7-1-2030 | 2,090,000 | 2,209,082 | ||
PFA City of Boynton Beach | 5.00 | 7-1-2035 | 3,590,000 | 3,855,026 | ||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.25 | 7-1-2034 | 1,000,000 | 1,157,060 | ||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.25 | 7-1-2035 | 1,000,000 | 1,146,464 | ||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.25 | 7-1-2036 | 1,000,000 | 1,135,847 | ||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.25 | 7-1-2037 | 1,000,000 | 1,125,400 | ||
11,744,151 | ||||||
Miscellaneous revenue: 0.21% | ||||||
Appleton RDA Fox Cities Performing Arts Center, Inc. Series B (Associated Bank N.A. LOC)ø | 4.55 | 6-1-2036 | 500,000 | 500,000 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 % | 12-15-2034 | $ | 1,250,000 | $787,255 | |
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2035 | 1,600,000 | 955,263 | ||
2,242,518 | ||||||
37,729,356 | ||||||
Total municipal obligations (Cost $1,084,557,416) | 1,067,084,944 | |||||
Total investments in securities (Cost $1,090,557,416) | 99.67 % | 1,073,084,944 | ||||
Other assets and liabilities, net | 0.33 | 3,557,613 | ||||
Total net assets | 100.00 % | $1,076,642,557 |
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 purchased on a when-issued basis. |
## | All or a portion of this security is segregated for when-issued securities. |
Abbreviations: | |
AGC | Assured Guaranty Corporation |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
COP | Certificate of participation |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
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 |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SBLF | Small Business Lending Fund |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $1,090,557,416) | $1,073,084,944 |
Cash | 4,622,847 |
Receivable for interest | 11,902,240 |
Receivable for Fund shares sold | 1,275,570 |
Receivable for investments sold | 25,000 |
Prepaid expenses and other assets | 69,282 |
Total assets | 1,090,979,883 |
Liabilities | |
Payable for when-issued transactions | 5,808,475 |
Payable for investments purchased | 4,944,200 |
Payable for Fund shares redeemed | 2,242,766 |
Dividends payable | 922,113 |
Management fee payable | 203,213 |
Administration fees payable | 78,877 |
Distribution fee payable | 4,753 |
Trustees’ fees and expenses payable | 253 |
Accrued expenses and other liabilities | 132,676 |
Total liabilities | 14,337,326 |
Total net assets | $1,076,642,557 |
Net assets consist of | |
Paid-in capital | $1,107,514,679 |
Total distributable loss | (30,872,122 ) |
Total net assets | $1,076,642,557 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $204,701,039 |
Shares outstanding–Class A1 | 18,921,128 |
Net asset value per share–Class A | $10.82 |
Maximum offering price per share – Class A2 | $11.15 |
Net assets–Class C | $7,268,131 |
Shares outstanding–Class C1 | 671,793 |
Net asset value per share–Class C | $10.82 |
Net assets–Class R6 | $269,728,702 |
Shares outstanding–Class R61 | 24,902,811 |
Net asset value per share–Class R6 | $10.83 |
Net assets–Administrator Class | $25,498,211 |
Shares outstanding–Administrator Class1 | 2,355,342 |
Net asset value per share–Administrator Class | $10.83 |
Net assets–Institutional Class | $569,446,474 |
Shares outstanding–Institutional Class1 | 52,552,562 |
Net asset value per share–Institutional Class | $10.84 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $40,584,286 |
Expenses | |
Management fee | 4,644,776 |
Administration fees | |
Class A | 326,484 |
Class C | 12,447 |
Class R6 | 103,149 |
Administrator Class | 27,243 |
Institutional Class | 509,068 |
Shareholder servicing fees | |
Class A | 509,319 |
Class C | 19,437 |
Administrator Class | 67,020 |
Distribution fee | |
Class C | 58,311 |
Custody and accounting fees | 75,300 |
Professional fees | 100,573 |
Registration fees | 96,869 |
Shareholder report expenses | 59,593 |
Trustees’ fees and expenses | 22,690 |
Other fees and expenses | 41,601 |
Total expenses | 6,673,880 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (741,859 ) |
Class A | (147,800 ) |
Class C | (5,403 ) |
Administrator Class | (27,509 ) |
Net expenses | 5,751,309 |
Net investment income | 34,832,977 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (5,100,145 ) |
Net change in unrealized gains (losses) on investments | (4,834,841 ) |
Net realized and unrealized gains (losses) on investments | (9,934,986 ) |
Net increase in net assets resulting from operations | $24,897,991 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $34,832,977 | $43,701,331 | ||
Net realized gains (losses) on investments | (5,100,145 ) | 6,953,488 | ||
Net change in unrealized gains (losses) on investments | (4,834,841 ) | (169,556,314 ) | ||
Net increase (decrease) in net assets resulting from operations | 24,897,991 | (118,901,495 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,425,830 ) | (5,093,391 ) | ||
Class C | (147,473 ) | (142,620 ) | ||
Class R6 | (10,071,482 ) | (15,955,578 ) | ||
Administrator Class | (746,117 ) | (885,212 ) | ||
Institutional Class | (18,440,951 ) | (21,622,788 ) | ||
Total distributions to shareholders | (34,831,853 ) | (43,699,589 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,105,227 | 44,098,490 | 1,251,183 | 14,251,621 |
Class C | 133,617 | 1,438,697 | 86,124 | 960,368 |
Class R6 | 6,783,343 | 73,523,007 | 12,915,001 | 149,434,203 |
Administrator Class | 342,577 | 3,681,877 | 283,136 | 3,208,139 |
Institutional Class | 38,578,001 | 416,148,650 | 28,939,320 | 328,622,467 |
538,890,721 | 496,476,798 | |||
Reinvestment of distributions | ||||
Class A | 475,024 | 5,127,019 | 421,216 | 4,831,998 |
Class C | 13,299 | 143,458 | 12,279 | 140,958 |
Class R6 | 81,232 | 877,596 | 81,145 | 931,361 |
Administrator Class | 64,694 | 698,503 | 73,451 | 845,963 |
Institutional Class | 1,613,793 | 17,426,333 | 1,785,945 | 20,535,850 |
24,272,909 | 27,286,130 | |||
Payment for shares redeemed | ||||
Class A | (4,169,169 ) | (44,974,190 ) | (3,811,202 ) | (43,275,042 ) |
Class C | (238,107 ) | (2,568,301 ) | (341,331 ) | (3,962,953 ) |
Class R6 | (25,871,540 ) | (277,830,476 ) | (30,140,846 ) | (347,586,987 ) |
Administrator Class | (745,219 ) | (8,060,170 ) | (1,650,035 ) | (19,002,588 ) |
Institutional Class | (57,854,817 ) | (619,462,149 ) | (38,031,014 ) | (430,638,034 ) |
(952,895,286 ) | (844,465,604 ) | |||
Net decrease in net assets resulting from capital share transactions | (389,731,656 ) | (320,702,676 ) | ||
Total decrease in net assets | (399,665,518 ) | (483,303,760 ) | ||
Net assets | ||||
Beginning of period | 1,476,308,075 | 1,959,611,835 | ||
End of period | $1,076,642,557 | $1,476,308,075 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.84 | $11.92 | $11.72 | $11.66 | $11.31 |
Net investment income | 0.29 | 0.26 | 0.26 | 0.26 | 0.28 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (1.08 ) | 0.20 | 0.05 | 0.35 |
Total from investment operations | 0.27 | (0.82 ) | 0.46 | 0.31 | 0.63 |
Distributions to shareholders from | |||||
Net investment income | (0.29 ) | (0.26 ) | (0.26 ) | (0.25 ) | (0.28 ) |
Net asset value, end of period | $10.82 | $10.84 | $11.92 | $11.72 | $11.66 |
Total return1 | 2.50 % | (7.00 )% | 3.92 % | 2.72 % | 5.67 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.82 % | 0.81 % | 0.80 % | 0.79 % | 0.80 % |
Net expenses | 0.69 % | 0.70 % | 0.70 % | 0.70 % | 0.70 % |
Net investment income | 2.66 % | 2.22 % | 2.16 % | 2.18 % | 2.47 % |
Supplemental data | |||||
Portfolio turnover rate | 17 % | 7 % | 12 % | 24 % | 14 % |
Net assets, end of period (000s omitted) | $204,701 | $200,566 | $246,130 | $249,724 | $263,113 |
1 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.84 | $11.92 | $11.72 | $11.66 | $11.31 |
Net investment income | 0.21 | 0.17 | 0.17 | 0.17 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (1.08 ) | 0.20 | 0.06 | 0.35 |
Total from investment operations | 0.19 | (0.91 ) | 0.37 | 0.23 | 0.55 |
Distributions to shareholders from | |||||
Net investment income | (0.21 ) | (0.17 ) | (0.17 ) | (0.17 ) | (0.20 ) |
Net asset value, end of period | $10.82 | $10.84 | $11.92 | $11.72 | $11.66 |
Total return1 | 1.73 % | (7.70 )% | 3.14 % | 1.95 % | 4.88 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.57 % | 1.55 % | 1.55 % | 1.54 % | 1.55 % |
Net expenses | 1.44 % | 1.45 % | 1.45 % | 1.45 % | 1.45 % |
Net investment income | 1.89 % | 1.46 % | 1.40 % | 1.43 % | 1.73 % |
Supplemental data | |||||
Portfolio turnover rate | 17 % | 7 % | 12 % | 24 % | 14 % |
Net assets, end of period (000s omitted) | $7,268 | $8,268 | $11,990 | $19,082 | $26,737 |
1 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $10.85 | $11.93 | $11.74 | $11.67 | $11.33 |
Net investment income | 0.33 | 0.29 | 0.29 | 0.29 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.03 ) | (1.08 ) | 0.19 | 0.07 | 0.34 |
Total from investment operations | 0.30 | (0.79 ) | 0.48 | 0.36 | 0.63 |
Distributions to shareholders from | |||||
Net investment income | (0.32 ) | (0.29 ) | (0.29 ) | (0.29 ) | (0.29 ) |
Net asset value, end of period | $10.83 | $10.85 | $11.93 | $11.74 | $11.67 |
Total return2 | 2.82 % | (6.71 )% | 4.14 % | 3.11 % | 5.65 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.44 % | 0.43 % | 0.42 % | 0.41 % | 0.41 % |
Net expenses | 0.38 % | 0.40 % | 0.40 % | 0.40 % | 0.40 % |
Net investment income | 2.93 % | 2.50 % | 2.44 % | 2.48 % | 2.75 % |
Supplemental data | |||||
Portfolio turnover rate | 17 % | 7 % | 12 % | 24 % | 14 % |
Net assets, end of period (000s omitted) | $269,729 | $476,328 | $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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.84 | $11.93 | $11.73 | $11.67 | $11.32 |
Net investment income | 0.30 | 0.27 | 0.27 | 0.27 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (1.09 ) | 0.20 | 0.06 | 0.35 |
Total from investment operations | 0.29 | (0.82 ) | 0.47 | 0.33 | 0.64 |
Distributions to shareholders from | |||||
Net investment income | (0.30 ) | (0.27 ) | (0.27 ) | (0.27 ) | (0.29 ) |
Net asset value, end of period | $10.83 | $10.84 | $11.93 | $11.73 | $11.67 |
Total return | 2.69 % | (6.99 )% | 4.02 % | 2.82 % | 5.77 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.76 % | 0.74 % | 0.73 % | 0.73 % | 0.74 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 2.74 % | 2.31 % | 2.25 % | 2.28 % | 2.57 % |
Supplemental data | |||||
Portfolio turnover rate | 17 % | 7 % | 12 % | 24 % | 14 % |
Net assets, end of period (000s omitted) | $25,498 | $29,202 | $47,552 | $60,435 | $177,742 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.85 | $11.94 | $11.74 | $11.68 | $11.33 |
Net investment income | 0.32 | 0.29 | 0.29 | 0.28 | 0.31 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (1.09 ) | 0.20 | 0.06 | 0.35 |
Total from investment operations | 0.31 | (0.80 ) | 0.49 | 0.34 | 0.66 |
Distributions to shareholders from | |||||
Net investment income | (0.32 ) | (0.29 ) | (0.29 ) | (0.28 ) | (0.31 ) |
Net asset value, end of period | $10.84 | $10.85 | $11.94 | $11.74 | $11.68 |
Total return | 2.87 % | (6.84 )% | 4.17 % | 2.97 % | 5.93 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.49 % | 0.48 % | 0.47 % | 0.46 % | 0.47 % |
Net expenses | 0.43 % | 0.45 % | 0.45 % | 0.45 % | 0.45 % |
Net investment income | 2.90 % | 2.47 % | 2.40 % | 2.43 % | 2.72 % |
Supplemental data | |||||
Portfolio turnover rate | 17 % | 7 % | 12 % | 24 % | 14 % |
Net assets, end of period (000s omitted) | $569,446 | $761,944 | $925,392 | $1,125,657 | $1,199,588 |
Gross unrealized gains | $11,178,970 |
Gross unrealized losses | (29,767,871 ) |
Net unrealized losses | $(18,588,901 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $6,000,000 | $0 | $6,000,000 |
Municipal obligations | 0 | 1,067,084,944 | 0 | 1,067,084,944 |
Total assets | $0 | $1,073,084,944 | $0 | $1,073,084,944 |
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 | 0.15 % |
Class C | 0.15 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.67 % |
Class C | 1.42 |
Class R6 | 0.30 |
Administrator Class | 0.60 |
Institutional Class | 0.35 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$1,177,747 | $(18,588,901 ) | $(12,531,813 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408imgeeb36c0f7.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g529408img1060af931.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g529408imgfa66c37d8.gif)
AR3322 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169img82acb1c22.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169img1f55ab443.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (NMTFX) | 1-12-1988 | -2.85 | 0.30 | 1.56 | 1.73 | 1.23 | 2.03 | 0.90 | 0.84 |
Class C (WMTCX) | 4-8-2005 | 0.00 | 0.48 | 1.42 | 1.00 | 0.48 | 1.42 | 1.65 | 1.59 |
Administrator Class (NWMIX) | 8-2-1993 | – | – | – | 1.98 ♠ | 1.48 | 2.28 | 0.85 | 0.60 |
Institutional Class (WMTIX)3 | 10-31-2016 | – | – | – | 2.07 ♠ | 1.54 | 2.34 | 0.58 | 0.52 |
Bloomberg Municipal Bond Index4 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
Bloomberg Minnesota Municipal Bond Index5 | – | – | – | – | 2.48 | 1.60 | 2.23 | – | – |
♠ | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the Net Asset Value (NAV) at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
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, 2023(October 31, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.84% for Class A, 1.59% 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 Administrator Class shares. If these expenses had not 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169imga9aaf5b44.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond Index and Bloomberg Minnesota Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169imgdabe29165.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169imgb0a2edcc6.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 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,015.20 | $4.25 | 0.85 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | $4.26 | 0.85 % |
Class C | ||||
Actual | $1,000.00 | $1,010.76 | $7.63 | 1.53 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.21 | $7.65 | 1.53 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,016.45 | $3.00 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,015.85 | $2.60 | 0.52 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.22 | $2.61 | 0.52 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 99.86% | ||||||
Georgia: 0.27% | ||||||
Utilities revenue: 0.27% | ||||||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 % | 8-1-2052 | $ | 500,000 | $483,272 | |
Guam: 0.47% | ||||||
Airport revenue: 0.19% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2031 | 325,000 | 333,565 | ||
Water & sewer revenue: 0.28% | ||||||
Guam Government Waterworks Authority | 5.00 | 1-1-2046 | 500,000 | 504,841 | ||
838,406 | ||||||
Illinois: 0.17% | ||||||
Miscellaneous revenue: 0.17% | ||||||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 2.53 | 12-1-2025 | 327,000 | 315,117 | ||
Minnesota: 97.97% | ||||||
Airport revenue: 2.79% | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | 1-1-2031 | 485,000 | 516,171 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | 1-1-2032 | 800,000 | 804,868 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | 1-1-2033 | 200,000 | 201,181 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series A | 5.00 | 1-1-2052 | 1,000,000 | 1,070,171 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.00 | 1-1-2026 | 1,100,000 | 1,104,199 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series C | 5.00 | 1-1-2046 | 1,000,000 | 1,031,633 | ||
Minneapolis-St. Paul Metropolitan Airports Commission Series D AMT | 5.00 | 1-1-2041 | 250,000 | 255,823 | ||
4,984,046 | ||||||
Education revenue: 21.32% | ||||||
City of Brooklyn Park Athlos Leadership Academy Series A | 5.50 | 7-1-2040 | 750,000 | 652,649 | ||
City of Cologne Cologne Academy Series A | 5.00 | 7-1-2029 | 590,000 | 586,984 | ||
City of Cologne Cologne Academy Series A | 5.00 | 7-1-2034 | 500,000 | 483,582 | ||
City of Columbus New Millennium Academy Series A | 5.50 | 7-1-2030 | 1,000,000 | 966,261 | ||
City of Deephaven Eagle Ridge Academy Series A | 4.00 | 7-1-2025 | 125,000 | 122,938 | ||
City of Deephaven Eagle Ridge Academy Series A | 4.00 | 7-1-2026 | 100,000 | 97,579 | ||
City of Deephaven Eagle Ridge Academy Series A | 4.00 | 7-1-2027 | 100,000 | 96,739 | ||
City of Deephaven Eagle Ridge Academy Series A | 5.25 | 7-1-2037 | 400,000 | 400,445 | ||
City of Deephaven Eagle Ridge Academy Series A | 5.25 | 7-1-2040 | 500,000 | 497,473 | ||
City of Forest Lake Lakes International Language Academy Series A | 5.50 | 8-1-2036 | 500,000 | 503,544 | ||
City of Ham Lake DaVinci Academy of Arts & Science Series A | 4.00 | 7-1-2028 | 370,000 | 354,942 | ||
City of Ham Lake DaVinci Academy of Arts & Science Series A | 5.00 | 7-1-2031 | 625,000 | 626,026 | ||
City of Hugo Noble Academy Series A | 5.00 | 7-1-2029 | 600,000 | 598,768 | ||
City of Minneapolis Northeast College Preparatory Series A | 5.00 | 7-1-2055 | 700,000 | 564,876 | ||
City of Minneapolis Yinghua Academy Series A | 5.00 | 7-1-2023 | 70,000 | 70,000 | ||
City of Moorhead Concordia College | 5.00 | 12-1-2025 | 1,540,000 | 1,557,860 | ||
City of Otsego Kaleidoscope Charter School Series A | 4.15 | 9-1-2024 | 190,000 | 187,466 | ||
City of Otsego Kaleidoscope Charter School Series A | 5.00 | 9-1-2034 | 1,100,000 | 1,048,340 | ||
City of Ramsey PACT Charter School Series A | 5.00 | 6-1-2032 | 1,000,000 | 1,003,502 | ||
City of St. Cloud Athlos Academy of St. Cloud Series A144A | 5.25 | 6-1-2032 | 355,000 | 348,064 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
City of St. Cloud STRIDE Academy Series A | 5.00 % | 4-1-2036 | $ | 750,000 | $619,846 | |
City of Woodbury Math & Science Academy Series A | 4.00 | 12-1-2050 | 500,000 | 417,710 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Hmong College Preparatory Academy Series A | 5.00 | 9-1-2055 | 400,000 | 349,516 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Hmong College Preparatory Academy Series A | 5.25 | 9-1-2031 | 1,000,000 | 1,010,633 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Hope Community Academy Series A | 5.00 | 12-1-2034 | 1,645,000 | 1,573,225 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota St. Paul Conservatory for Performing Artists Series A | 4.00 | 3-1-2028 | 150,000 | 142,276 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Twin Cities Academy Series A | 5.00 | 7-1-2035 | 925,000 | 883,217 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Twin Cities German Immersion School | 5.00 | 7-1-2055 | 750,000 | 647,647 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Twin Cities German Immersion School Series A | 4.00 | 7-1-2023 | 45,000 | 45,000 | ||
Minnesota Higher Education Facilities Authority Bethel University | 5.00 | 5-1-2037 | 1,250,000 | 1,207,535 | ||
Minnesota Higher Education Facilities Authority College of St. Benedict | 4.00 | 3-1-2036 | 410,000 | 396,725 | ||
Minnesota Higher Education Facilities Authority College of St. Scholastica, Inc. | 4.00 | 12-1-2040 | 1,000,000 | 897,843 | ||
Minnesota Higher Education Facilities Authority College of St. Scholastica, Inc. Series 7R | 4.25 | 12-1-2027 | 400,000 | 400,024 | ||
Minnesota Higher Education Facilities Authority Hamline University Series B | 5.00 | 10-1-2035 | 1,000,000 | 1,021,150 | ||
Minnesota Higher Education Facilities Authority Macalester College | 5.00 | 3-1-2028 | 400,000 | 427,804 | ||
Minnesota Higher Education Facilities Authority Macalester College | 5.00 | 3-1-2030 | 500,000 | 539,729 | ||
Minnesota Higher Education Facilities Authority St. Catherine University Series A | 5.00 | 10-1-2025 | 570,000 | 584,442 | ||
Minnesota Higher Education Facilities Authority St. Catherine University Series A | 5.00 | 10-1-2045 | 2,000,000 | 2,018,029 | ||
Minnesota Higher Education Facilities Authority St. John’s University | 4.00 | 10-1-2034 | 200,000 | 204,730 | ||
Minnesota Higher Education Facilities Authority St. John’s University | 4.00 | 10-1-2035 | 170,000 | 172,866 | ||
Minnesota Higher Education Facilities Authority St. John’s University | 4.00 | 10-1-2039 | 200,000 | 195,172 | ||
Minnesota Higher Education Facilities Authority St. John’s University | 4.00 | 10-1-2040 | 200,000 | 193,988 | ||
Minnesota Higher Education Facilities Authority St. Olaf College | 4.00 | 10-1-2046 | 2,750,000 | 2,690,940 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis | 4.00 | 10-1-2041 | 515,000 | 496,581 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis | 5.00 | 10-1-2040 | 750,000 | 786,895 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series 8 | 5.00 | 4-1-2028 | 920,000 | 964,009 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series 8 | 5.00 | 4-1-2029 | 750,000 | 788,185 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series 8L | 5.00 | 4-1-2035 | 750,000 | 784,936 | ||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series A | 5.00 | 10-1-2026 | 295,000 | 310,283 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series A | 5.00 % | 10-1-2052 | $ | 1,000,000 | $1,041,428 | |
Minnesota Higher Education Facilities Authority University of St. Thomas/Minneapolis Series B | 5.00 | 10-1-2036 | 775,000 | 836,945 | ||
Minnesota Office of Higher Education AMT | 4.00 | 11-1-2037 | 595,000 | 584,698 | ||
Minnesota Office of Higher Education AMT | 5.00 | 11-1-2026 | 700,000 | 724,004 | ||
Minnesota Office of Higher Education AMT | 5.00 | 11-1-2027 | 500,000 | 524,392 | ||
Minnesota Office of Higher Education AMT | 5.00 | 11-1-2033 | 1,000,000 | 1,093,446 | ||
University of Minnesota Series A | 5.00 | 4-1-2034 | 270,000 | 300,956 | ||
University of Minnesota Series A | 5.00 | 8-1-2035 | 500,000 | 606,857 | ||
University of Minnesota Series A | 5.00 | 9-1-2042 | 770,000 | 813,439 | ||
38,065,139 | ||||||
GO revenue: 25.97% | ||||||
Becker Independent School District No. 726 Series B | 4.00 | 2-1-2024 | 190,000 | 190,805 | ||
Becker Independent School District No. 726 Series B | 4.00 | 2-1-2026 | 100,000 | 102,084 | ||
Brainerd Independent School District No. 181 Series A | 4.00 | 2-1-2043 | 225,000 | 222,576 | ||
Buffalo-Hanover-Montrose Independent School District No. 877 | 2.85 | 2-1-2028 | 2,080,000 | 2,028,288 | ||
Canby Independent School District No. 891 Series A | 4.00 | 2-1-2043 | 1,320,000 | 1,316,368 | ||
Chisholm Independent School District No. 695 Series A | 6.00 | 2-1-2029 | 500,000 | 584,638 | ||
Chisholm Independent School District No. 695 Series A | 6.00 | 2-1-2030 | 750,000 | 898,971 | ||
City of Chaska Series C | 5.00 | 2-1-2028 | 235,000 | 256,146 | ||
City of Chaska Series C | 5.00 | 2-1-2029 | 250,000 | 277,693 | ||
City of Chaska Series C | 5.00 | 2-1-2030 | 230,000 | 259,841 | ||
City of Elk River Series A | 3.00 | 12-1-2044 | 2,000,000 | 1,685,763 | ||
City of Long Prairie Series A AMT | 5.00 | 2-1-2025 | 160,000 | 164,136 | ||
City of Long Prairie Series A AMT | 5.00 | 2-1-2026 | 185,000 | 192,973 | ||
City of Moorhead Series C | 4.00 | 2-1-2027 | 435,000 | 445,266 | ||
City of St. Cloud Series A | 4.00 | 2-1-2028 | 460,000 | 480,311 | ||
City of St. Cloud Series A | 4.00 | 2-1-2029 | 475,000 | 497,102 | ||
City of St. Cloud Series A | 4.00 | 2-1-2030 | 495,000 | 518,610 | ||
City of St. Cloud Series B | 4.00 | 2-1-2028 | 245,000 | 255,818 | ||
City of St. Cloud Series B | 4.00 | 2-1-2029 | 255,000 | 266,865 | ||
City of St. Cloud Series B | 4.00 | 2-1-2030 | 260,000 | 272,401 | ||
County of Douglas Series A | 5.00 | 8-1-2030 | 1,055,000 | 1,191,545 | ||
County of Hennepin Series A | 5.00 | 12-1-2033 | 160,000 | 175,496 | ||
County of Hennepin Series A | 5.00 | 12-1-2041 | 1,000,000 | 1,046,513 | ||
County of Hennepin Series B | 5.00 | 12-1-2029 | 450,000 | 478,060 | ||
County of Hennepin Series B | 5.00 | 12-15-2031 | 1,260,000 | 1,420,769 | ||
County of Hennepin Series C | 5.00 | 12-1-2031 | 2,000,000 | 2,116,735 | ||
County of Ramsey Series B | 5.00 | 2-1-2034 | 1,950,000 | 2,293,851 | ||
County of Rice Series A | 4.00 | 2-1-2048 | 1,500,000 | 1,468,415 | ||
Duluth Independent School District No. 709 Series C CAB¤ | 0.00 | 2-1-2033 | 1,075,000 | 742,135 | ||
Gibbon Independent School District No. 2365%% | 5.00 | 2-1-2041 | 300,000 | 326,631 | ||
Gibbon Independent School District No. 2365%% | 5.00 | 2-1-2048 | 1,700,000 | 1,823,872 | ||
Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | 2-1-2032 | 1,305,000 | 954,505 | ||
Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | 2-1-2033 | 1,145,000 | 794,926 | ||
Hawley Independent School District No. 150 Series A | 5.00 | 2-1-2040 | 750,000 | 811,527 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Hawley Independent School District No. 150 Series A | 5.00 % | 2-1-2041 | $ | 440,000 | $473,511 | |
Hopkins Independent School District No. 270 Series A | 4.00 | 2-1-2031 | 170,000 | 177,459 | ||
Jordan Independent School District No. 717 Series A%% | 5.00 | 2-1-2035 | 150,000 | 170,364 | ||
Jordan Independent School District No. 717 Series A%% | 5.00 | 2-1-2039 | 500,000 | 548,521 | ||
Marshall County Independent School District No. 441 Series A | 5.00 | 2-1-2037 | 250,000 | 277,922 | ||
Marshall County Independent School District No. 441 Series A | 5.00 | 2-1-2038 | 250,000 | 274,911 | ||
Minneapolis Special School District No. 1 Series A | 4.00 | 2-1-2040 | 1,150,000 | 1,165,321 | ||
Nashwauk Keewatin Independent School District No. 319 Series A | 5.00 | 2-1-2030 | 250,000 | 285,982 | ||
Nashwauk Keewatin Independent School District No. 319 Series A | 5.00 | 2-1-2031 | 325,000 | 378,444 | ||
North St. Paul-Maplewood-Oakdale Independent School District No. 622 Series B | 4.00 | 2-1-2029 | 2,735,000 | 2,876,524 | ||
Red Lake County Central Independent School District No. 2906 Series A | 5.00 | 2-1-2030 | 275,000 | 312,800 | ||
Red Lake County Central Independent School District No. 2906 Series A | 5.00 | 2-1-2031 | 465,000 | 537,316 | ||
Red Lake County Central Independent School District No. 2906 Series A | 5.00 | 2-1-2032 | 250,000 | 292,025 | ||
Red Lake County Central Independent School District No. 2906 Series A | 5.00 | 2-1-2033 | 310,000 | 363,537 | ||
Rosemount-Apple Valley-Eagan Independent School District No. 196 Series A | 5.00 | 2-1-2027 | 1,500,000 | 1,572,969 | ||
Roseville Independent School District No. 623 Series A | 5.00 | 2-1-2031 | 2,090,000 | 2,242,004 | ||
Russell Tyler Ruthton Independent School District No. 2902 Series A | 5.00 | 2-1-2030 | 1,620,000 | 1,813,049 | ||
Sartell-St. Stephen Independent School District No. 748 Series A | 5.00 | 2-1-2027 | 1,450,000 | 1,489,506 | ||
Shakopee Independent School District No. 720 Series B | 5.00 | 2-1-2025 | 405,000 | 416,411 | ||
St. Cloud Independent School District No. 742 Series B | 5.00 | 2-1-2031 | 200,000 | 225,937 | ||
State of Minnesota Series A | 5.00 | 8-1-2039 | 1,750,000 | 1,942,509 | ||
State of Minnesota Series B | 3.25 | 8-1-2034 | 140,000 | 140,109 | ||
State of Minnesota Series B | 4.00 | 8-1-2031 | 250,000 | 265,264 | ||
Worthington Independent School District No. 518 Series A | 4.00 | 2-1-2030 | 440,000 | 452,425 | ||
Worthington Independent School District No. 518 Series A | 4.00 | 2-1-2032 | 530,000 | 544,711 | ||
Worthington Independent School District No. 518 Series A | 4.00 | 2-1-2033 | 555,000 | 570,174 | ||
46,371,340 | ||||||
Health revenue: 19.42% | ||||||
City of Center City Hazelden Betty Ford Foundation | 5.00 | 11-1-2026 | 750,000 | 758,365 | ||
City of Center City Hazelden Betty Ford Foundation | 5.00 | 11-1-2027 | 500,000 | 505,256 | ||
City of Center City Hazelden Betty Ford Foundation | 5.00 | 11-1-2029 | 300,000 | 302,768 | ||
City of Maple Grove Hospital Corp. | 5.00 | 5-1-2030 | 850,000 | 888,726 | ||
City of Maple Grove Hospital Corp. | 5.00 | 5-1-2031 | 500,000 | 521,990 | ||
City of Maple Grove Hospital Corp. | 5.00 | 5-1-2032 | 725,000 | 753,903 | ||
City of Maple Grove North Memorial Health Care | 5.00 | 9-1-2023 | 655,000 | 656,318 | ||
City of Minneapolis Allina Health Obligated Group | 4.00 | 11-15-2038 | 975,000 | 958,882 | ||
City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | 11-15-2053 | 1,000,000 | 1,103,740 | ||
City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | 11-15-2033 | 3,000,000 | 3,120,721 | ||
City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | 11-15-2035 | 390,000 | 412,346 | ||
City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | 11-15-2036 | 1,100,000 | 1,156,080 | ||
City of Minneapolis Fairview Health Services Obligated Group Series A | 5.00 | 11-15-2049 | 1,000,000 | 1,016,547 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
City of Minneapolis/St. Paul Housing & Redevelopment Authority Allina Health Obligated Group | 5.00 % | 11-15-2025 | $ | 225,000 | $233,360 | |
City of Minneapolis/St. Paul Housing & Redevelopment Authority Allina Health Obligated Group | 5.00 | 11-15-2026 | 645,000 | 680,796 | ||
City of Minneapolis/St. Paul Housing & Redevelopment Authority Allina Health Obligated Group | 5.00 | 11-15-2029 | 1,000,000 | 1,108,518 | ||
City of Minneapolis/St. Paul Housing & Redevelopment Authority Allina Health Obligated Group Series A | 5.00 | 11-15-2029 | 1,000,000 | 1,068,373 | ||
City of Plato Glencoe Regional Health Services | 5.00 | 4-1-2041 | 550,000 | 559,819 | ||
City of Shakopee St. Francis Regional Medical Center Obligated Group | 5.00 | 9-1-2024 | 420,000 | 426,130 | ||
City of Shakopee St. Francis Regional Medical Center Obligated Group | 5.00 | 9-1-2027 | 700,000 | 710,178 | ||
City of Shakopee St. Francis Regional Medical Center Obligated Group | 5.00 | 9-1-2029 | 725,000 | 735,372 | ||
City of Shakopee Senior Housing Revenue Benedictine Living Community of Shakopee LLC144Aøø | 5.85 | 11-1-2058 | 745,000 | 733,226 | ||
City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | 5-1-2027 | 1,785,000 | 1,856,587 | ||
City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | 5-1-2028 | 1,550,000 | 1,613,823 | ||
City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | 5-1-2030 | 2,000,000 | 2,084,832 | ||
City of St. Cloud CentraCare Health System Obligated Group Series A | 5.00 | 5-1-2031 | 2,000,000 | 2,084,087 | ||
Duluth EDA Essentia Health Obligated Group Series A | 5.00 | 2-15-2048 | 650,000 | 656,970 | ||
Duluth EDA Essentia Health Obligated Group Series A | 5.00 | 2-15-2058 | 1,450,000 | 1,454,661 | ||
Duluth EDA Essentia Health Obligated Group Series A | 5.25 | 2-15-2053 | 2,500,000 | 2,583,484 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Fairview Health Services Obligated Group Series A | 5.00 | 11-15-2034 | 565,000 | 591,508 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota HealthPartners Obligated Group Series A | 5.00 | 7-1-2025 | 520,000 | 534,143 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota HealthPartners Obligated Group Series A | 5.00 | 7-1-2028 | 720,000 | 738,887 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota HealthPartners Obligated Group Series A | 5.00 | 7-1-2031 | 2,010,000 | 2,060,742 | ||
34,671,138 | ||||||
Housing revenue: 7.33% | ||||||
City of Minneapolis Riverton Community Housing | 5.00 | 8-1-2032 | 860,000 | 861,033 | ||
City of New London EDA Southwest & West Central Service Cooperatives Series A | 4.50 | 2-1-2033 | 500,000 | 499,599 | ||
City of New London EDA Southwest & West Central Service Cooperatives Series A | 5.00 | 2-1-2038 | 880,000 | 879,064 | ||
Minnesota Housing Finance Agency Series A | 4.00 | 8-1-2031 | 300,000 | 313,256 | ||
Minnesota Housing Finance Agency Series A | 5.00 | 8-1-2027 | 1,665,000 | 1,695,435 | ||
Minnesota Housing Finance Agency Series A | 5.00 | 8-1-2032 | 500,000 | 507,606 | ||
Minnesota Housing Finance Agency Series B | 5.00 | 8-1-2029 | 320,000 | 356,961 | ||
Minnesota Housing Finance Agency Series B | 5.00 | 8-1-2030 | 465,000 | 527,147 | ||
Minnesota Housing Finance Agency Series B (GNMA / FNMA / FHLMC Insured) | 4.10 | 7-1-2038 | 1,000,000 | 967,728 | ||
Minnesota Housing Finance Agency Series C (Department of Housing and Urban Development Insured)øø | 0.30 | 2-1-2024 | 1,500,000 | 1,471,028 | ||
Minnesota Housing Finance Agency Series D | 5.00 | 8-1-2028 | 200,000 | 219,121 | ||
Minnesota Housing Finance Agency Series D (GNMA / FNMA / FHLMC Insured) (SIFMA Municipal Swap+0.43%)± | 4.44 | 1-1-2045 | 560,000 | 560,000 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC Insured) | 1.75 % | 1-1-2028 | $ | 630,000 | $575,654 | |
Minnesota Housing Finance Agency Series E (GNMA / FNMA / FHLMC Insured) | 1.75 | 7-1-2028 | 490,000 | 444,304 | ||
Minnesota Housing Finance Agency Series M (GNMA / FNMA / FHLMC Insured)## | 4.85 | 7-1-2037 | 3,055,000 | 3,207,954 | ||
13,085,890 | ||||||
Miscellaneous revenue: 9.30% | ||||||
Anoka-Hennepin Independent School District No. 11 Series A COP | 5.00 | 2-1-2034 | 1,000,000 | 1,008,382 | ||
City of Center City Hazelden Betty Ford Foundation | 4.00 | 11-1-2030 | 250,000 | 245,782 | ||
City of Center City Hazelden Betty Ford Foundation | 4.00 | 11-1-2031 | 250,000 | 244,445 | ||
City of Center City Hazelden Betty Ford Foundation | 4.00 | 11-1-2034 | 300,000 | 286,535 | ||
City of White Bear Lake Young Men’s Christian Association of the Greater Twin Cities | 5.00 | 6-1-2032 | 1,000,000 | 1,073,671 | ||
Duluth Independent School District No. 709 Series A COP | 4.00 | 3-1-2026 | 700,000 | 696,138 | ||
Duluth Independent School District No. 709 Series B COP | 5.00 | 2-1-2026 | 395,000 | 411,825 | ||
Duluth Independent School District No. 709 Series B COP | 5.00 | 2-1-2028 | 700,000 | 755,201 | ||
Goodhue County Education District No. 6051 COP | 5.00 | 2-1-2029 | 750,000 | 757,479 | ||
Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | 2-1-2028 | 290,000 | 277,640 | ||
Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | 2-1-2029 | 300,000 | 285,920 | ||
Lake Agassiz Education Cooperative No. 0397-52 Series A COP | 3.00 | 2-1-2030 | 310,000 | 294,320 | ||
Minneapolis Special School District No. 1 Series A COP | 5.00 | 4-1-2024 | 300,000 | 303,963 | ||
Minnesota Rural Water Finance Authority, Inc. Minnesota Rural Water Finance Authority, Inc. | 2.63 | 12-1-2023 | 1,500,000 | 1,487,982 | ||
Minnetonka Independent School District No. 276 Series C COP | 5.75 | 2-1-2042 | 2,145,000 | 2,233,950 | ||
Northeastern Metropolitan Intermediate School District No. 916 Series A COP | 4.00 | 2-1-2024 | 1,100,000 | 1,100,508 | ||
Northeastern Metropolitan Intermediate School District No. 916 Series B COP | 5.00 | 2-1-2034 | 1,500,000 | 1,536,460 | ||
Plymouth Intermediate District No. 287 Series A COP | 4.00 | 2-1-2024 | 130,000 | 130,367 | ||
Plymouth Intermediate District No. 287 Series A COP | 4.00 | 2-1-2025 | 215,000 | 216,733 | ||
Plymouth Intermediate District No. 287 Series A COP | 4.00 | 5-1-2026 | 500,000 | 506,136 | ||
Plymouth Intermediate District No. 287 Series A COP | 4.00 | 5-1-2027 | 1,000,000 | 1,015,216 | ||
St. Cloud Independent School District No. 742 COP | 5.00 | 2-1-2032 | 500,000 | 512,231 | ||
St. Cloud Independent School District No. 742 COP | 5.00 | 2-1-2034 | 350,000 | 358,507 | ||
White Bear Lake Independent School District No. 624 Series B COP | 5.00 | 4-1-2026 | 830,000 | 870,043 | ||
16,609,434 | ||||||
Transportation revenue: 0.61% | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Series A | 4.00 | 8-1-2026 | 525,000 | 531,895 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Series A | 4.00 | 8-1-2027 | 545,000 | 553,025 | ||
1,084,920 | ||||||
Utilities revenue: 10.67% | ||||||
Central Minnesota Municipal Power Agency (AGM Insured) | 4.00 | 1-1-2042 | 350,000 | 351,504 | ||
Central Minnesota Municipal Power Agency (AGM Insured) | 5.00 | 1-1-2029 | 315,000 | 348,153 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Central Minnesota Municipal Power Agency (AGM Insured) | 5.00 % | 1-1-2030 | $ | 210,000 | $235,990 | |
Central Minnesota Municipal Power Agency (AGM Insured) | 5.00 | 1-1-2031 | 350,000 | 395,527 | ||
City of Elk River Electric Revenue Series B | 5.00 | 8-1-2028 | 300,000 | 330,614 | ||
City of Rochester Electric Utility Revenue Series A | 5.00 | 12-1-2037 | 500,000 | 521,787 | ||
City of Rochester Electric Utility Revenue Series B | 5.00 | 12-1-2025 | 315,000 | 317,332 | ||
City of Rochester Electric Utility Revenue Series B | 5.00 | 12-1-2026 | 250,000 | 251,851 | ||
Hutchinson Utilities Commission Series A | 5.00 | 12-1-2026 | 700,000 | 700,878 | ||
Minnesota Municipal Gas Agency Series A (Royal Bank of Canada LIQ)øø## | 4.00 | 12-1-2052 | 3,000,000 | 2,997,963 | ||
Minnesota Municipal Power Agency | 5.00 | 10-1-2047 | 500,000 | 516,112 | ||
Northern Municipal Power Agency | 5.00 | 1-1-2025 | 205,000 | 209,864 | ||
Northern Municipal Power Agency | 5.00 | 1-1-2030 | 520,000 | 542,462 | ||
Northern Municipal Power Agency | 5.00 | 1-1-2031 | 350,000 | 365,033 | ||
Northern Municipal Power Agency | 5.00 | 1-1-2036 | 100,000 | 105,009 | ||
Northern Municipal Power Agency | 5.00 | 1-1-2041 | 400,000 | 412,717 | ||
Northern Municipal Power Agency Series A | 4.00 | 1-1-2028 | 450,000 | 450,232 | ||
Northern Municipal Power Agency Series A | 5.00 | 1-1-2024 | 500,000 | 500,531 | ||
Northern Municipal Power Agency Series A | 5.00 | 1-1-2031 | 745,000 | 745,797 | ||
Southern Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2029 | 515,000 | 537,497 | ||
Southern Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2031 | 520,000 | 542,589 | ||
Southern Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2041 | 480,000 | 494,464 | ||
Southern Minnesota Municipal Power Agency Badger Coulee Project Series A | 5.00 | 1-1-2032 | 700,000 | 792,099 | ||
Southern Minnesota Municipal Power Agency Badger Coulee Project Series A | 5.00 | 1-1-2033 | 560,000 | 631,312 | ||
Southern Minnesota Municipal Power Agency Badger Coulee Project Series A | 5.00 | 1-1-2034 | 615,000 | 692,076 | ||
St. Paul Port Authority District Energy St. Paul Obligated Group Series 1 | 3.00 | 10-1-2023 | 200,000 | 199,682 | ||
St. Paul Port Authority District Energy St. Paul Obligated Group Series 1 | 3.00 | 10-1-2027 | 100,000 | 98,246 | ||
St. Paul Port Authority District Energy St. Paul Obligated Group Series 1 | 3.00 | 10-1-2034 | 225,000 | 206,686 | ||
St. Paul Port Authority District Energy St. Paul Obligated Group Series 1 | 4.00 | 10-1-2028 | 400,000 | 413,457 | ||
St. Paul Port Authority District Energy St. Paul Obligated Group Series 1 | 4.00 | 10-1-2041 | 500,000 | 488,937 | ||
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2031 | 1,000,000 | 1,041,005 | ||
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2034 | 1,000,000 | 1,036,639 | ||
Western Minnesota Municipal Power Agency Series A | 5.00 | 1-1-2049 | 1,500,000 | 1,578,552 | ||
19,052,597 | ||||||
Water & sewer revenue: 0.56% | ||||||
City of St. Paul Water Revenue Series A | 4.00 | 12-1-2045 | 1,000,000 | 1,003,732 | ||
174,928,236 |
Interest rate | Maturity date | Principal | Value | |||
New York: 0.16% | ||||||
Health revenue: 0.16% | ||||||
Westchester County Local Development Corp. Kendal on Hudson Obligated Group Series B | 5.00 % | 1-1-2027 | $ | 275,000 | $280,638 | |
Puerto Rico: 0.82% | ||||||
Health revenue: 0.82% | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 4.00 | 7-1-2037 | 275,000 | 251,611 | ||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 | 7-1-2028 | 760,000 | 808,160 | ||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 | 7-1-2031 | 365,000 | 402,282 | ||
1,462,053 | ||||||
Total municipal obligations (Cost $184,010,100) | 178,307,722 | |||||
Total investments in securities (Cost $184,010,100) | 99.86 % | 178,307,722 | ||||
Other assets and liabilities, net | 0.14 | 246,374 | ||||
Total net assets | 100.00 % | $178,554,096 |
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. |
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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
CAB | Capital appreciation bond |
COP | Certificate of participation |
EDA | Economic Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
LIQ | Liquidity agreement |
SIFMA | Securities Industry and Financial Markets Association |
Assets | |
Investments in unaffiliated securities, at value (cost $184,010,100) | $178,307,722 |
Cash | 3,675,271 |
Receivable for interest | 2,573,382 |
Receivable for investments sold | 743,049 |
Receivable for Fund shares sold | 68,921 |
Prepaid expenses and other assets | 64,217 |
Total assets | 185,432,562 |
Liabilities | |
Payable for Fund shares redeemed | 3,534,890 |
Payable for when-issued transactions | 3,195,332 |
Dividends payable | 74,082 |
Management fee payable | 31,484 |
Administration fees payable | 16,185 |
Distribution fee payable | 571 |
Trustees’ fees and expenses payable | 361 |
Accrued expenses and other liabilities | 25,561 |
Total liabilities | 6,878,466 |
Total net assets | $178,554,096 |
Net assets consist of | |
Paid-in capital | $184,446,128 |
Total distributable loss | (5,892,032 ) |
Total net assets | $178,554,096 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $22,840,884 |
Shares outstanding–Class A1 | 2,269,309 |
Net asset value per share–Class A | $10.07 |
Maximum offering price per share – Class A2 | $10.54 |
Net assets–Class C | $1,061,978 |
Shares outstanding–Class C1 | 105,500 |
Net asset value per share–Class C | $10.07 |
Net assets–Administrator Class | $34,695,707 |
Shares outstanding–Administrator Class1 | 3,447,165 |
Net asset value per share–Administrator Class | $10.06 |
Net assets–Institutional Class | $119,955,527 |
Shares outstanding–Institutional Class1 | 11,911,463 |
Net asset value per share–Institutional Class | $10.07 |
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 | $5,673,581 |
Expenses | |
Management fee | 766,419 |
Administration fees | |
Class A | 40,004 |
Class C | 1,927 |
Administrator Class | 50,454 |
Institutional Class | 91,945 |
Shareholder servicing fees | |
Class A | 62,449 |
Class C | 2,827 |
Administrator Class | 125,371 |
Distribution fee | |
Class C | 8,480 |
Custody and accounting fees | 9,261 |
Professional fees | 76,749 |
Registration fees | 51,365 |
Shareholder report expenses | 32,746 |
Trustees’ fees and expenses | 24,151 |
Other fees and expenses | 8,343 |
Total expenses | 1,352,491 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (76,213 ) |
Class A | (6,310 ) |
Administrator Class | (107,949 ) |
Institutional Class | (30,373 ) |
Net expenses | 1,131,646 |
Net investment income | 4,541,935 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (733,264 ) |
Net change in unrealized gains (losses) on investments | (44,807 ) |
Net realized and unrealized gains (losses) on investments | (778,071 ) |
Net increase in net assets resulting from operations | $3,763,864 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $4,541,935 | $3,555,926 | ||
Net realized losses on investments | (733,264 ) | (285,208 ) | ||
Net change in unrealized gains (losses) on investments | (44,807 ) | (14,731,962 ) | ||
Net increase (decrease) in net assets resulting from operations | 3,763,864 | (11,461,244 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (525,434 ) | (530,893 ) | ||
Class C | (16,882 ) | (18,937 ) | ||
Administrator Class | (1,186,463 ) | (1,225,069 ) | ||
Institutional Class | (2,813,156 ) | (2,025,072 ) | ||
Total distributions to shareholders | (4,541,935 ) | (3,799,971 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 358,566 | 3,608,132 | 175,543 | 1,829,918 |
Class C | 58,785 | 588,041 | 11,415 | 122,003 |
Administrator Class | 2,691,521 | 27,039,073 | 1,338,902 | 14,180,966 |
Institutional Class | 8,575,654 | 86,040,406 | 7,339,926 | 75,455,903 |
117,275,652 | 91,588,790 | |||
Reinvestment of distributions | ||||
Class A | 51,758 | 520,123 | 49,574 | 529,205 |
Class C | 1,669 | 16,782 | 1,768 | 18,934 |
Administrator Class | 117,224 | 1,177,751 | 114,150 | 1,218,535 |
Institutional Class | 220,568 | 2,218,353 | 135,521 | 1,445,764 |
3,933,009 | 3,212,438 | |||
Payment for shares redeemed | ||||
Class A | (854,053 ) | (8,553,245 ) | (378,627 ) | (4,030,884 ) |
Class C | (68,376 ) | (682,129 ) | (86,673 ) | (903,922 ) |
Administrator Class | (4,661,379 ) | (46,855,663 ) | (1,665,542 ) | (17,447,828 ) |
Institutional Class | (7,182,406 ) | (72,115,731 ) | (5,504,066 ) | (56,987,358 ) |
(128,206,768 ) | (79,369,992 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (6,998,107 ) | 15,431,236 | ||
Total increase (decrease) in net assets | (7,776,178 ) | 170,021 | ||
Net assets | ||||
Beginning of period | 186,330,274 | 186,160,253 | ||
End of period | $178,554,096 | $186,330,274 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.11 | $11.02 | $10.86 | $10.77 | $10.51 |
Net investment income | 0.21 1 | 0.18 | 0.20 1 | 0.23 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | (0.04 ) | (0.90 ) | 0.16 | 0.09 | 0.26 |
Total from investment operations | 0.17 | (0.72 ) | 0.36 | 0.32 | 0.53 |
Distributions to shareholders from | |||||
Net investment income | (0.21 ) | (0.18 ) | (0.20 ) | (0.23 ) | (0.27 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.21 ) | (0.19 ) | (0.20 ) | (0.23 ) | (0.27 ) |
Net asset value, end of period | $10.07 | $10.11 | $11.02 | $10.86 | $10.77 |
Total return2 | 1.73 % | (6.59 )% | 3.32 % | 2.99 % | 5.13 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.91 % | 0.91 % | 0.92 % | 0.93 % | 0.94 % |
Net expenses | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Net investment income | 2.10 % | 1.67 % | 1.80 % | 2.12 % | 2.57 % |
Supplemental data | |||||
Portfolio turnover rate | 28 % | 11 % | 9 % | 16 % | 18 % |
Net assets, end of period (000s omitted) | $22,841 | $27,431 | $31,586 | $29,317 | $27,399 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.11 | $11.02 | $10.86 | $10.77 | $10.51 |
Net investment income | 0.14 1 | 0.10 1 | 0.12 1 | 0.15 1 | 0.19 |
Net realized and unrealized gains (losses) on investments | (0.04 ) | (0.90 ) | 0.16 | 0.09 | 0.26 |
Total from investment operations | 0.10 | (0.80 ) | 0.28 | 0.24 | 0.45 |
Distributions to shareholders from | |||||
Net investment income | (0.14 ) | (0.10 ) | (0.12 ) | (0.15 ) | (0.19 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.14 ) | (0.11 ) | (0.12 ) | (0.15 ) | (0.19 ) |
Net asset value, end of period | $10.07 | $10.11 | $11.02 | $10.86 | $10.77 |
Total return2 | 1.00 % | (7.29 )% | 2.54 % | 2.22 % | 4.35 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.60 % | 1.66 % | 1.66 % | 1.68 % | 1.69 % |
Net expenses | 1.56 % | 1.60 % | 1.60 % | 1.60 % | 1.60 % |
Net investment income | 1.40 % | 0.91 % | 1.06 % | 1.37 % | 1.83 % |
Supplemental data | |||||
Portfolio turnover rate | 28 % | 11 % | 9 % | 16 % | 18 % |
Net assets, end of period (000s omitted) | $1,062 | $1,147 | $2,060 | $4,020 | $5,254 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.11 | $11.02 | $10.86 | $10.76 | $10.51 |
Net investment income | 0.24 1 | 0.21 | 0.23 1 | 0.26 1 | 0.30 1 |
Net realized and unrealized gains (losses) on investments | (0.05 ) | (0.90 ) | 0.16 | 0.10 | 0.25 |
Total from investment operations | 0.19 | (0.69 ) | 0.39 | 0.36 | 0.55 |
Distributions to shareholders from | |||||
Net investment income | (0.24 ) | (0.21 ) | (0.23 ) | (0.26 ) | (0.30 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.24 ) | (0.22 ) | (0.23 ) | (0.26 ) | (0.30 ) |
Net asset value, end of period | $10.06 | $10.11 | $11.02 | $10.86 | $10.76 |
Total return | 1.88 % | (6.35 )% | 3.58 % | 3.34 % | 5.29 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.85 % | 0.85 % | 0.86 % | 0.87 % | 0.88 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 2.35 % | 1.92 % | 2.06 % | 2.38 % | 2.81 % |
Supplemental data | |||||
Portfolio turnover rate | 28 % | 11 % | 9 % | 16 % | 18 % |
Net assets, end of period (000s omitted) | $34,696 | $53,578 | $60,727 | $69,954 | $95,072 |
1 | Calculated based upon average shares outstanding |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.12 | $11.02 | $10.87 | $10.77 | $10.52 |
Net investment income | 0.25 1 | 0.21 | 0.23 | 0.26 | 0.30 |
Net realized and unrealized gains (losses) on investments | (0.05 ) | (0.89 ) | 0.15 | 0.10 | 0.25 |
Total from investment operations | 0.20 | (0.68 ) | 0.38 | 0.36 | 0.55 |
Distributions to shareholders from | |||||
Net investment income | (0.25 ) | (0.21 ) | (0.23 ) | (0.26 ) | (0.30 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.25 ) | (0.22 ) | (0.23 ) | (0.26 ) | (0.30 ) |
Net asset value, end of period | $10.07 | $10.12 | $11.02 | $10.87 | $10.77 |
Total return | 1.96 % | (6.19 )% | 3.56 % | 3.42 % | 5.37 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.59 % | 0.58 % | 0.59 % | 0.60 % | 0.61 % |
Net expenses | 0.52 % | 0.52 % | 0.52 % | 0.52 % | 0.52 % |
Net investment income | 2.45 % | 2.01 % | 2.13 % | 2.43 % | 2.89 % |
Supplemental data | |||||
Portfolio turnover rate | 28 % | 11 % | 9 % | 16 % | 18 % |
Net assets, end of period (000s omitted) | $119,956 | $104,175 | $91,787 | $70,383 | $35,630 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $384,757 |
Gross unrealized losses | (6,087,133 ) |
Net unrealized losses | $(5,702,376 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $178,307,722 | $0 | $178,307,722 |
Total assets | $0 | $178,307,722 | $0 | $178,307,722 |
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 | 0.15 % |
Class C | 0.15 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.84 % |
Class C | 1.59 |
Administrator Class | 0.60 |
Institutional Class | 0.52 |
Year ended June 30 | ||
2023 | 2022 | |
Ordinary income | $0 | $113,376 |
Tax-exempt income | 4,541,935 | 3,556,241 |
Long-term capital gain | 0 | 130,354 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$902,898 | $(5,702,376 ) | $(1,018,472 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524169imga7ce262e7.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g524169img8680664a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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AR0003 06-23
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Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278img5b81cc9c3.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks current income exempt from federal income tax. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio manager | Terry J. Goode, Robert J. Miller, Nicholos Venditti |
Average annual total returns (%) as of June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WMFAX) | 4-8-2005 | -1.80 | 0.58 | 2.34 | 2.85 | 1.50 | 2.81 | 0.77 | 0.75 |
Class C (WMFCX) | 4-8-2005 | 1.08 | 0.74 | 2.20 | 2.08 | 0.74 | 2.20 | 1.52 | 1.50 |
Class R6 (WMBRX)3 | 7-31-2018 | – | – | – | 3.23 | 1.87 | 3.14 | 0.39 | 0.39 |
Administrator Class (WMFDX) | 4-8-2005 | – | – | – | 3.11 | 1.67 | 2.97 | 0.71 | 0.60 |
Institutional Class (WMBIX) | 3-31-2008 | – | – | – | 3.18 | 1.82 | 3.12 | 0.44 | 0.44 |
Bloomberg Municipal Bond Index4 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
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, 2023, 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278img9da7cdfe4.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278img4bd2b4cc5.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278img55f07e196.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 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,026.77 | $3.77 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75 % |
Class C | ||||
Actual | $1,000.00 | $1,022.96 | $7.52 | 1.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.36 | $7.50 | 1.50 % |
Class R6 | ||||
Actual | $1,000.00 | $1,028.63 | $1.91 | 0.38 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.91 | $1.91 | 0.38 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,027.52 | $3.02 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,028.38 | $2.16 | 0.43 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.66 | $2.16 | 0.43 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 0.66% | ||||||
California: 0.50% | ||||||
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A (320 shares) 4.63%144Aø | $ | 32,000,000 | $32,000,000 | |||
New York: 0.16% | ||||||
Nuveen New York AMT-Free Quality Municipal Income Fund (100 shares) 4.63%144Aø | 10,000,000 | 10,000,000 | ||||
Total closed-end fund obligations (Cost $42,000,000) | 42,000,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 99.34% | ||||||
Alabama: 2.67% | ||||||
Airport revenue: 0.07% | ||||||
Birmingham Airport Authority (BAM Insured) | 4.00 % | 7-1-2036 | 500,000 | 511,415 | ||
Birmingham Airport Authority (BAM Insured) | 4.00 | 7-1-2037 | 500,000 | 507,489 | ||
Birmingham Airport Authority (BAM Insured) | 4.00 | 7-1-2038 | 400,000 | 401,787 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2029 | 750,000 | 833,319 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2030 | 500,000 | 564,423 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2032 | 600,000 | 675,178 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2033 | 650,000 | 730,734 | ||
4,224,345 | ||||||
Education revenue: 0.08% | ||||||
Jacksonville Public Educational Building Authority Jacksonville State University Series A (AGM Insured) | 5.25 | 8-1-2048 | 4,500,000 | 4,903,518 | ||
Health revenue: 0.57% | ||||||
Alabama Special Care Facilities Financing Authority-Birmingham Ascension Health Credit Group Series B | 5.00 | 11-15-2046 | 11,000,000 | 11,181,228 | ||
Health Care Authority for Baptist Health Series A | 5.00 | 11-15-2031 | 11,970,000 | 13,244,431 | ||
Health Care Authority for Baptist Health Series Bø | 5.30 | 11-1-2042 | 10,000,000 | 10,000,000 | ||
UAB Medicine Finance Authority UAB Medicine Obligated Group Series B | 5.00 | 9-1-2034 | 1,000,000 | 1,091,956 | ||
UAB Medicine Finance Authority UAB Medicine Obligated Group Series B | 5.00 | 9-1-2035 | 1,000,000 | 1,083,482 | ||
36,601,097 | ||||||
Housing revenue: 0.12% | ||||||
Huntsville Public Building Authority City of Huntsville | 5.00 | 2-1-2052 | 7,000,000 | 7,437,650 | ||
Utilities revenue: 1.73% | ||||||
Black Belt Energy Gas District (Royal Bank of Canada LIQ)øø | 4.00 | 6-1-2051 | 5,500,000 | 5,433,669 | ||
Black Belt Energy Gas District Series Cøø | 5.25 | 2-1-2053 | 23,000,000 | 24,076,828 | ||
Lower Alabama Gas Districtøø | 4.00 | 12-1-2050 | 20,590,000 | 20,470,922 | ||
Southeast Alabama Gas Supply District Project No. 2 Series Aøø | 4.00 | 6-1-2049 | 28,850,000 | 28,794,144 | ||
Southeast Energy Authority A Cooperative District Project No. 1 Series Aøø | 4.00 | 11-1-2051 | 2,465,000 | 2,433,793 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Southeast Energy Authority A Cooperative District Project No. 2 Series Bøø | 4.00 % | 12-1-2051 | $ | 3,000,000 | $2,916,110 | |
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 25,000,000 | 26,139,888 | ||
110,265,354 | ||||||
Water & sewer revenue: 0.10% | ||||||
County of Jefferson Sewer Revenue Series B CAB (AGM Insured)¤ | 0.00 | 10-1-2025 | 710,000 | 632,415 | ||
County of Jefferson Sewer Revenue Series B CAB (AGM Insured)¤ | 0.00 | 10-1-2026 | 3,000,000 | 2,540,558 | ||
County of Jefferson Sewer Revenue Series B CAB (AGM Insured)¤ | 0.00 | 10-1-2029 | 4,115,000 | 2,950,922 | ||
6,123,895 | ||||||
169,555,859 | ||||||
Alaska: 0.03% | ||||||
Health revenue: 0.03% | ||||||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2033 | 1,930,000 | 2,075,494 | ||
Arizona: 1.33% | ||||||
Education revenue: 0.22% | ||||||
IDA of the City of Phoenix Arizona Legacy Traditional School Obligated Group Series A144A | 6.50 | 7-1-2034 | 2,000,000 | 2,039,030 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2029 | 2,905,000 | 2,796,154 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2041 | 3,195,000 | 2,613,017 | ||
IDA of the County of Pima Noah Webster Schools-Mesa Series A | 7.00 | 12-15-2043 | 3,225,000 | 3,256,893 | ||
La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.75 | 6-15-2038 | 1,085,000 | 1,036,807 | ||
La Paz County IDA Imagine Desert West Middle, Inc. Series A144A | 5.88 | 6-15-2048 | 2,435,000 | 2,245,421 | ||
Tender Option Bond Trust Receipts/Certificates Series 2020- XF2862 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.41 | 12-15-2047 | 150,000 | 150,000 | ||
14,137,322 | ||||||
GO revenue: 0.06% | ||||||
Maricopa County Special Health Care District Series D | 4.00 | 7-1-2035 | 3,500,000 | 3,628,492 | ||
Health revenue: 0.32% | ||||||
Arizona Health Facilities Authority Banner Health Obligated Group Series A | 5.00 | 1-1-2044 | 5,000,000 | 5,042,500 | ||
Maricopa County IDA Banner Health Obligated Group Series A | 4.00 | 1-1-2041 | 15,750,000 | 15,469,459 | ||
20,511,959 | ||||||
Industrial development revenue: 0.07% | ||||||
Maricopa County IDA Commercial Metals Co. AMT144A | 4.00 | 10-15-2047 | 4,000,000 | 3,425,880 | ||
Maricopa County Pollution Control Corp. Southern California Edison Co. Series A | 2.40 | 6-1-2035 | 1,000,000 | 787,448 | ||
4,213,328 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.63% | ||||||
City of Phoenix Civic Improvement Corp. Series D | 4.00 % | 7-1-2040 | $ | 3,000,000 | $2,957,294 | |
City of Phoenix Civic Improvement Corp. Airport Revenue Series B AMT | 5.00 | 7-1-2044 | 5,570,000 | 5,801,700 | ||
City of Phoenix Civic Improvement Corp. Excise Tax Revenue Series A | 5.00 | 7-1-2034 | 13,875,000 | 14,346,821 | ||
City of Phoenix Civic Improvement Corp. Water System Revenue | 5.00 | 7-1-2034 | 8,805,000 | 9,281,371 | ||
Navajo Nation Series A144A | 5.50 | 12-1-2030 | 7,275,000 | 7,510,930 | ||
39,898,116 | ||||||
Water & sewer revenue: 0.03% | ||||||
City of Mesa Utility System Revenue | 4.00 | 7-1-2042 | 1,000,000 | 1,005,198 | ||
City of Mesa Utility System Revenue | 4.00 | 7-1-2043 | 1,000,000 | 1,004,785 | ||
2,009,983 | ||||||
84,399,200 | ||||||
Arkansas: 0.04% | ||||||
Miscellaneous revenue: 0.04% | ||||||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2038 | 1,170,000 | 1,159,800 | ||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2039 | 1,000,000 | 994,848 | ||
Arkansas Development Finance Authority Public Safety Charges Revenue | 4.00 | 6-1-2040 | 500,000 | 498,008 | ||
2,652,656 | ||||||
California: 5.03% | ||||||
Airport revenue: 1.30% | ||||||
City of Los Angeles Department of Airports Series A AMT | 5.00 | 5-15-2034 | 1,465,000 | 1,561,228 | ||
City of Los Angeles Department of Airports Series A AMT | 5.00 | 5-15-2046 | 7,000,000 | 7,338,299 | ||
City of Los Angeles Department of Airports Series A AMT | 5.25 | 5-15-2041 | 2,500,000 | 2,743,027 | ||
City of Los Angeles Department of Airports Series A AMT | 5.25 | 5-15-2042 | 2,000,000 | 2,185,363 | ||
City of Los Angeles Department of Airports Series A AMT | 5.25 | 5-15-2048 | 18,000,000 | 18,842,006 | ||
City of Los Angeles Department of Airports Series B AMT | 5.00 | 5-15-2034 | 1,750,000 | 1,815,622 | ||
City of Los Angeles Department of Airports Series G AMT | 5.25 | 5-15-2047 | 3,000,000 | 3,210,408 | ||
City of Los Angeles Department of Airports Series H AMT | 5.50 | 5-15-2047 | 5,000,000 | 5,474,719 | ||
Port of Oakland Series H AMT | 5.00 | 5-1-2026 | 2,500,000 | 2,583,212 | ||
Port of Oakland Series H AMT | 5.00 | 5-1-2029 | 1,875,000 | 2,020,704 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 4.00 | 5-1-2052 | 1,500,000 | 1,403,339 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series A AMT | 5.00 | 5-1-2052 | 3,000,000 | 3,142,275 | ||
San Francisco City & County Airport Commission San Francisco International Airport Series B AMT | 5.00 | 5-1-2046 | 30,000,000 | 30,408,156 | ||
82,728,358 | ||||||
Education revenue: 0.13% | ||||||
California Municipal Finance Authority Albert Einstein Academy Charter School/Charter Middle School Series A | 7.13 | 8-1-2043 | 2,230,000 | 2,236,098 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
California School Finance Authority Aspire Public Schools Obligated Group Series A144A | 5.00 % | 8-1-2042 | $ | 1,000,000 | $1,004,969 | |
University of California Series K | 4.00 | 5-15-2046 | 5,075,000 | 5,060,280 | ||
8,301,347 | ||||||
GO revenue: 0.83% | ||||||
Alhambra Unified School District Series B (AGC Insured)¤ | 0.00 | 8-1-2031 | 7,500,000 | 5,783,881 | ||
Alhambra Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2031 | 2,175,000 | 1,677,325 | ||
Alhambra Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2032 | 3,795,000 | 2,810,396 | ||
Alhambra Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2034 | 5,000,000 | 3,414,933 | ||
Alhambra Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2035 | 6,700,000 | 4,336,644 | ||
Colton Joint Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2031 | 1,000,000 | 754,233 | ||
Colton Joint Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2032 | 1,000,000 | 724,225 | ||
Colton Joint Unified School District Series B (AGM Insured)¤ | 0.00 | 8-1-2033 | 1,000,000 | 696,161 | ||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2032 | 2,515,000 | 1,808,488 | ||
Compton Community College District Series C CAB¤ | 0.00 | 8-1-2033 | 2,000,000 | 1,381,348 | ||
El Monte Union High School District CAB (AGM Insured)¤ | 0.00 | 6-1-2030 | 2,000,000 | 1,604,597 | ||
El Monte Union High School District CAB (AGM Insured)¤ | 0.00 | 6-1-2031 | 2,000,000 | 1,545,170 | ||
El Monte Union High School District CAB (AGM Insured)¤ | 0.00 | 6-1-2032 | 1,660,000 | 1,231,132 | ||
El Monte Union High School District CAB (AGM Insured)¤ | 0.00 | 6-1-2033 | 1,230,000 | 875,843 | ||
Los Angeles Unified School District Series RYQ | 4.00 | 7-1-2044 | 11,000,000 | 10,890,140 | ||
Ontario Montclair School District (AGC Insured)¤ | 0.00 | 8-1-2028 | 1,500,000 | 1,267,520 | ||
Ontario Montclair School District (AGC Insured)¤ | 0.00 | 8-1-2030 | 2,000,000 | 1,571,678 | ||
San Diego Unified School District Series C¤ | 0.00 | 7-1-2031 | 2,000,000 | 1,549,914 | ||
San Diego Unified School District Series C¤ | 0.00 | 7-1-2033 | 1,000,000 | 715,222 | ||
San Diego Unified School District Series C¤ | 0.00 | 7-1-2034 | 2,000,000 | 1,374,909 | ||
Whittier City School District Series C | 5.25 | 8-1-2046 | 4,850,000 | 5,169,582 | ||
Wiseburn School District Series B (AGM Insured)¤ | 0.00 | 8-1-2034 | 2,530,000 | 1,681,574 | ||
52,864,915 | ||||||
Health revenue: 0.88% | ||||||
California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | 11-1-2044 | 10,000,000 | 9,848,642 | ||
California HFFA Stanford Health Care Obligated Group Series A | 4.00 | 8-15-2050 | 13,450,000 | 13,200,278 | ||
California HFFA Sutter Health Obligated Group Series A | 5.00 | 11-15-2048 | 3,000,000 | 3,108,232 | ||
California PFA Kendal at Sonoma Obligated Group Series B-3144A | 2.13 | 11-15-2027 | 4,000,000 | 3,854,676 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series E (AGM Insured)€øø | 4.80 | 7-1-2040 | 13,775,000 | 13,775,000 | ||
California Statewide Communities Development Authority Scripps Health Obligated Group Series A (U.S. Bank N.A. LOC)ø | 2.60 | 8-1-2035 | 695,000 | 695,000 | ||
Regents of the University of California Medical Center Pooled Revenue Series L | 4.00 | 5-15-2037 | 7,525,000 | 7,547,250 | ||
Regents of the University of California Medical Center Pooled Revenue Series L | 5.00 | 5-15-2047 | 3,885,000 | 4,026,737 | ||
56,055,815 | ||||||
Housing revenue: 0.37% | ||||||
California Community Housing Agency California Community Housing Agency Serenity at Larkspur Apartments Series A144A | 5.00 | 2-1-2050 | 1,000,000 | 823,315 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
California Housing Finance Agency Series 2 | 4.00 % | 3-20-2033 | $ | 3,067,234 | $3,012,017 | |
California Statewide Communities Development Authority Community Improvement Authority Pasadena Portfolio Series B144A | 4.00 | 12-1-2056 | 1,500,000 | 1,062,713 | ||
Ontario PFA Series A (AGM Insured) | 5.00 | 11-1-2047 | 2,750,000 | 3,026,379 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2027 | 2,095,000 | 1,841,163 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2028 | 4,450,000 | 3,778,089 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2029 | 4,520,000 | 3,706,180 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2031 | 2,185,000 | 1,663,815 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2032 | 2,000,000 | 1,461,069 | ||
Pasadena PFA Series A¤ | 0.00 | 3-1-2033 | 4,295,000 | 3,008,892 | ||
23,383,632 | ||||||
Industrial development revenue: 0.07% | ||||||
California Infrastructure & Economic Development Bank DesertXpress Enterprises LLC Series A AMT144Aøø | 3.65 | 1-1-2050 | 4,250,000 | 4,232,021 | ||
Miscellaneous revenue: 0.15% | ||||||
Hayward Unified School District COP | 5.25 | 8-1-2047 | 5,000,000 | 5,203,208 | ||
Mesa Water District COP | 4.00 | 3-15-2039 | 500,000 | 509,806 | ||
Mesa Water District COP | 4.00 | 3-15-2040 | 500,000 | 506,511 | ||
Mesa Water District COP | 4.00 | 3-15-2045 | 1,200,000 | 1,197,917 | ||
Pittsburg PFA Water Revenue Series A (AGM Insured) | 4.13 | 8-1-2047 | 2,000,000 | 1,963,855 | ||
9,381,297 | ||||||
Tax revenue: 0.01% | ||||||
San Diego County Regional Transportation Commission Series A | 5.00 | 4-1-2048 | 915,000 | 952,514 | ||
Tobacco revenue: 0.03% | ||||||
California County Tobacco Securitization Agency Series A | 4.00 | 6-1-2039 | 500,000 | 493,609 | ||
California County Tobacco Securitization Agency Series A | 4.00 | 6-1-2040 | 300,000 | 294,562 | ||
California County Tobacco Securitization Agency Series A | 4.00 | 6-1-2049 | 1,200,000 | 1,108,725 | ||
1,896,896 | ||||||
Transportation revenue: 0.51% | ||||||
Bay Area Toll Authority Series A (SIFMA Municipal Swap+1.25%)± | 5.26 | 4-1-2036 | 23,545,000 | 23,681,048 | ||
Foothill-Eastern Transportation Corridor Agency Series C | 4.00 | 1-15-2043 | 8,500,000 | 8,397,409 | ||
32,078,457 | ||||||
Utilities revenue: 0.75% | ||||||
California Community Choice Financing Authority Series B-1øø | 4.00 | 2-1-2052 | 2,360,000 | 2,344,467 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series B-1øø | 5.00 | 7-1-2053 | 10,000,000 | 10,506,608 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Cøø | 5.25 | 1-1-2054 | 15,000,000 | 15,691,482 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2039 | 450,000 | 468,082 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2040 | 375,000 | 389,188 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2041 | 420,000 | 435,356 | ||
City of Victorville Electric Revenue Series A | 5.00 | 5-1-2036 | 1,210,000 | 1,365,695 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
City of Victorville Electric Revenue Series A | 5.00 % | 5-1-2037 | $ | 1,005,000 | $1,119,880 | |
M-S-R Energy Authority Series B | 6.13 | 11-1-2029 | 14,180,000 | 15,215,577 | ||
47,536,335 | ||||||
319,411,587 | ||||||
Colorado: 4.39% | ||||||
Airport revenue: 0.63% | ||||||
City & County of Denver Airport System Revenue Series A AMT | 5.00 | 12-1-2027 | 10,000,000 | 10,591,137 | ||
City & County of Denver Airport System Revenue Series A AMT | 5.00 | 12-1-2034 | 21,855,000 | 24,071,709 | ||
City & County of Denver Airport System Revenue Series A AMT | 5.00 | 12-1-2037 | 3,130,000 | 3,275,367 | ||
City & County of Denver Airport System Revenue Series B | 5.25 | 11-15-2053 | 2,000,000 | 2,201,723 | ||
40,139,936 | ||||||
Education revenue: 0.56% | ||||||
Board of Governors of Colorado State University System Series E-1 | 5.00 | 3-1-2040 | 2,000,000 | 2,056,790 | ||
Colorado ECFA Alexander Dawson School LLC | 5.00 | 2-15-2040 | 1,000,000 | 1,000,658 | ||
Colorado ECFA Aspen Ridge Preparatory School, Inc.144A | 4.13 | 7-1-2026 | 250,000 | 244,469 | ||
Colorado ECFA Banning Lewis Ranch Academy Building Co. LLC | 6.00 | 12-15-2037 | 2,965,000 | 3,071,764 | ||
Colorado ECFA Banning Lewis Ranch Academy Building Co. LLC Series B-2 | 7.00 | 12-15-2046 | 3,940,000 | 4,219,739 | ||
Colorado ECFA Ben Franklin Academy | 5.00 | 7-1-2036 | 750,000 | 764,814 | ||
Colorado ECFA Community Leadership Academy, Inc. | 7.00 | 8-1-2033 | 1,015,000 | 1,016,781 | ||
Colorado ECFA DCS Montessori Charter School | 5.00 | 7-15-2037 | 1,150,000 | 1,151,217 | ||
Colorado ECFA New Summit Academy Series A144A | 4.00 | 7-1-2051 | 715,000 | 535,494 | ||
Colorado ECFA Prospect Ridge Academy Series A | 5.00 | 3-15-2035 | 2,000,000 | 2,141,490 | ||
Colorado ECFA Rocky Mountain Classical Academy Series A | 7.50 | 9-1-2033 | 5,015,000 | 5,046,005 | ||
Colorado ECFA Rocky Mountain Classical Academy Series A | 8.00 | 9-1-2043 | 5,930,000 | 5,970,721 | ||
Colorado ECFA Rocky Mountain Classical Academy Series A | 8.13 | 9-1-2048 | 3,795,000 | 3,821,785 | ||
Colorado ECFA Twin Peaks Charter Academy Series A | 6.50 | 3-15-2043 | 1,290,000 | 1,291,569 | ||
Colorado ECFA Union Colony Schools | 5.00 | 4-1-2048 | 715,000 | 724,053 | ||
Colorado ECFA University Laboratory School144A | 5.00 | 12-15-2028 | 600,000 | 614,756 | ||
Colorado School of Mines Series A (AGM Insured) | 5.25 | 12-1-2047 | 1,730,000 | 1,884,755 | ||
35,556,860 | ||||||
GO revenue: 0.39% | ||||||
Broadway Station Metropolitan District No. 3 Series A | 5.00 | 12-1-2049 | 1,250,000 | 973,076 | ||
Colorado International Center Metropolitan District No. 3 | 4.63 | 12-1-2031 | 500,000 | 473,388 | ||
Cornerstar Metropolitan District Series A | 5.25 | 12-1-2047 | 1,000,000 | 956,113 | ||
Grand River Hospital District (AGM Insured) | 5.25 | 12-1-2035 | 1,750,000 | 1,859,461 | ||
Park 70 Metropolitan District | 5.00 | 12-1-2046 | 1,000,000 | 1,006,512 | ||
Thompson Crossing Metropolitan District No. 4 | 5.00 | 12-1-2049 | 2,125,000 | 1,867,971 | ||
Weld County School District No. RE-4 | 5.25 | 12-1-2047 | 13,000,000 | 14,594,473 | ||
Wheatlands Metropolitan District (BAM Insured) | 5.00 | 12-1-2030 | 650,000 | 672,703 | ||
Wiggins School District No. RE-50J Adams Morgan & Weld Counties (BAM Insured) | 4.00 | 12-1-2046 | 2,335,000 | 2,311,825 | ||
24,715,522 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.19% | ||||||
Aspen Valley Hospital District | 5.00 % | 10-15-2033 | $ | 600,000 | $600,201 | |
Colorado Health Facilities Authority AdventHealth Obligated Group Series A | 4.00 | 11-15-2043 | 3,500,000 | 3,432,762 | ||
Colorado Health Facilities Authority Christian Living Neighborhoods Obligated Group | 4.00 | 1-1-2042 | 1,000,000 | 732,381 | ||
Colorado Health Facilities Authority CommonSpirit Health Obligated Group Series A-2 | 5.00 | 8-1-2044 | 4,000,000 | 4,129,362 | ||
Colorado Health Facilities Authority Evangelical Lutheran Good Samaritan Obligated Group Series A | 5.00 | 6-1-2040 | 1,000,000 | 1,035,685 | ||
Colorado Health Facilities Authority Intermountain Healthcare Obligated Group Series A | 5.50 | 1-1-2035 | 1,000,000 | 1,010,662 | ||
Colorado Health Facilities Authority Parkview Medical Center, Inc. Obligated Group Series A | 4.00 | 9-1-2045 | 500,000 | 452,642 | ||
Colorado Health Facilities Authority Sunny Vista Living Center Obligated Group Series A144A | 5.00 | 12-1-2025 | 460,000 | 420,814 | ||
Denver Health & Hospital Authority Series A144A | 5.00 | 12-1-2034 | 500,000 | 521,926 | ||
12,336,435 | ||||||
Miscellaneous revenue: 1.20% | ||||||
City of Longmont COP Series A | 5.00 | 12-1-2034 | 1,000,000 | 1,007,200 | ||
City of Westminster COP Series A | 5.00 | 12-1-2035 | 2,000,000 | 2,069,387 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2029 | 2,705,000 | 2,732,237 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 6-30-2030 | 3,115,000 | 3,141,400 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 6-30-2031 | 665,000 | 670,635 | ||
Denver City & County School District No. 1 COP Series B | 5.00 | 12-15-2035 | 1,000,000 | 1,035,377 | ||
Denver City & County School District No. 1 COP Series B | 5.00 | 12-15-2045 | 1,200,000 | 1,229,426 | ||
E-470 Public Highway Authority Series A (NPFGC Insured)¤ | 0.00 | 9-1-2034 | 4,000,000 | 2,621,348 | ||
Park Creek Metropolitan District Park Creek Metropolitan District Westerly Creek District Service Area Series A | 5.00 | 12-1-2045 | 500,000 | 502,533 | ||
State of Colorado COP | 6.00 | 12-15-2039 | 4,225,000 | 5,073,321 | ||
State of Colorado COP | 6.00 | 12-15-2041 | 27,500,000 | 32,758,184 | ||
State of Colorado COP Series A | 4.00 | 12-15-2038 | 8,150,000 | 8,307,561 | ||
State of Colorado COP Series A | 4.00 | 12-15-2039 | 3,250,000 | 3,297,828 | ||
State of Colorado COP Series N | 4.00 | 3-15-2043 | 7,900,000 | 7,882,525 | ||
Westminster Public Schools (AGM Insured) | 5.00 | 12-1-2048 | 3,500,000 | 3,714,410 | ||
76,043,372 | ||||||
Tax revenue: 0.95% | ||||||
City & County of Denver Pledged Excise Tax Revenue Series A | 5.00 | 8-1-2044 | 3,000,000 | 3,100,723 | ||
City of Commerce City Sales & Use Tax Revenue (AGM Insured) | 5.00 | 8-1-2044 | 1,250,000 | 1,272,054 | ||
Regional Transportation District Denver Transit Partners LLC Series A | 4.00 | 7-15-2039 | 800,000 | 791,010 | ||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 1-15-2031 | 500,000 | 552,246 | ||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 7-15-2031 | 500,000 | 552,294 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Regional Transportation District Sales Tax Revenue Fastracks Project Series A | 5.00 % | 11-1-2041 | $ | 50,945,000 | $52,917,453 | |
Thornton Development Authority East 144th Avenue & I-25 Project Series B | 5.00 | 12-1-2034 | 1,375,000 | 1,397,553 | ||
60,583,333 | ||||||
Transportation revenue: 0.16% | ||||||
Colorado High Performance Transportation Enterprise Plenary Roads Denver LLC AMT | 5.75 | 1-1-2044 | 3,360,000 | 3,359,919 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2034 | 1,300,000 | 1,471,235 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2035 | 1,250,000 | 1,403,813 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2036 | 1,400,000 | 1,555,391 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2040 | 2,000,000 | 2,020,821 | ||
9,811,179 | ||||||
Utilities revenue: 0.26% | ||||||
City of Colorado Springs Utilities System Revenue Series Aø | 3.95 | 11-1-2038 | 625,000 | 625,000 | ||
City of Colorado Springs Utilities System Revenue Series B-2 | 5.00 | 11-15-2038 | 3,000,000 | 3,013,194 | ||
Public Authority for Colorado Energy | 6.50 | 11-15-2038 | 10,495,000 | 12,665,415 | ||
16,303,609 | ||||||
Water & sewer revenue: 0.05% | ||||||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2035 | 800,000 | 844,702 | ||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2037 | 400,000 | 408,963 | ||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2038 | 400,000 | 405,424 | ||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2039 | 450,000 | 455,241 | ||
Central Weld County Water District (AGM Insured) | 4.00 | 12-1-2040 | 500,000 | 503,146 | ||
East Cherry Creek Valley Water & Sanitation District | 5.00 | 11-15-2032 | 750,000 | 776,657 | ||
3,394,133 | ||||||
278,884,379 | ||||||
Connecticut: 1.27% | ||||||
Education revenue: 0.34% | ||||||
Connecticut State HEFA Quinnipiac University Series N | 5.00 | 7-1-2048 | 5,000,000 | 5,295,458 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 4.00 | 6-1-2045 | 2,500,000 | 2,304,188 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2037 | 950,000 | 1,029,208 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2038 | 1,000,000 | 1,076,264 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2039 | 1,600,000 | 1,714,976 | ||
Connecticut State HEFA Trustees of Trinity College Series R | 5.00 | 6-1-2040 | 1,100,000 | 1,171,411 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2031 | 75,000 | 76,123 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2032 | 550,000 | 556,805 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2033 | 605,000 | 610,916 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2034 | 450,000 | 453,237 | ||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 3.25 | 11-15-2036 | 1,350,000 | 1,193,750 | ||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2027 | 610,000 | 643,359 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 % | 11-15-2028 | $ | 530,000 | $565,896 | |
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2029 | 515,000 | 555,458 | ||
University of Connecticut Series A | 5.00 | 2-15-2039 | 1,510,000 | 1,646,667 | ||
University of Connecticut Series A | 5.00 | 2-15-2040 | 2,500,000 | 2,716,871 | ||
21,610,587 | ||||||
GO revenue: 0.13% | ||||||
City of Bridgeport Series A | 4.00 | 6-1-2039 | 1,750,000 | 1,723,632 | ||
City of New Britain Series A (BAM Insured) | 5.00 | 3-1-2047 | 1,855,000 | 1,963,872 | ||
City of New Haven Series A (AGM Insured) | 5.00 | 8-1-2039 | 3,000,000 | 3,174,111 | ||
State of Connecticut Series B | 5.00 | 6-1-2041 | 1,250,000 | 1,365,464 | ||
8,227,079 | ||||||
Health revenue: 0.17% | ||||||
Connecticut State HEFA Connecticut Children’s Medical Center Obligated Group Series E | 5.25 | 7-15-2048 | 3,700,000 | 3,985,213 | ||
Connecticut State HEFA McLean Affiliates Obligated Group Series A144A | 5.00 | 1-1-2045 | 1,000,000 | 883,412 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2032 | 2,705,000 | 2,995,953 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2033 | 3,000,000 | 3,296,980 | ||
11,161,558 | ||||||
Tax revenue: 0.63% | ||||||
State of Connecticut Special Tax Revenue Series A | 5.00 | 9-1-2028 | 10,105,000 | 10,319,604 | ||
State of Connecticut Special Tax Revenue Series A | 5.00 | 5-1-2040 | 1,700,000 | 1,855,935 | ||
State of Connecticut Special Tax Revenue Series A | 5.25 | 7-1-2043 | 3,000,000 | 3,410,329 | ||
State of Connecticut Special Tax Revenue Series A (AGM Insured) | 4.00 | 5-1-2038 | 5,000,000 | 5,145,796 | ||
State of Connecticut Special Tax Revenue Series B | 5.00 | 10-1-2036 | 5,000,000 | 5,403,373 | ||
State of Connecticut Special Tax Revenue Series B | 5.00 | 10-1-2037 | 7,500,000 | 8,062,720 | ||
State of Connecticut Special Tax Revenue Series D | 4.00 | 11-1-2039 | 2,000,000 | 2,029,650 | ||
State of Connecticut Special Tax Revenue Series D | 4.00 | 11-1-2040 | 3,500,000 | 3,538,246 | ||
39,765,653 | ||||||
80,764,877 | ||||||
Delaware: 0.35% | ||||||
Education revenue: 0.16% | ||||||
County of Kent Charter School, Inc. Series A | 4.00 | 5-1-2041 | 2,750,000 | 2,373,992 | ||
County of Kent Charter School, Inc. Series B | 4.00 | 5-1-2024 | 30,000 | 29,407 | ||
Delaware State EDA Odyssey Charter School Series A144A | 7.00 | 9-1-2045 | 7,500,000 | 7,691,660 | ||
10,095,059 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 0.04% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2021- XF2945 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.41 % | 6-15-2043 | $ | 2,840,000 | $2,840,000 | |
Transportation revenue: 0.15% | ||||||
Delaware River & Bay Authority | 4.00 | 1-1-2039 | 650,000 | 655,271 | ||
Delaware River & Bay Authority | 4.00 | 1-1-2040 | 485,000 | 486,528 | ||
Delaware River & Bay Authority | 4.00 | 1-1-2041 | 320,000 | 320,024 | ||
Delaware River & Bay Authority | 4.00 | 1-1-2042 | 550,000 | 546,900 | ||
Delaware River & Bay Authority | 4.00 | 1-1-2046 | 1,000,000 | 983,540 | ||
Delaware River & Bay Authority | 5.00 | 1-1-2038 | 410,000 | 457,499 | ||
Delaware River & Bay Authority | 5.00 | 1-1-2039 | 450,000 | 496,897 | ||
Delaware River & Bay Authority | 5.00 | 1-1-2040 | 465,000 | 510,566 | ||
Delaware River & Bay Authority | 5.00 | 1-1-2041 | 500,000 | 544,164 | ||
Delaware River & Bay Authority | 5.00 | 1-1-2042 | 520,000 | 565,410 | ||
Delaware Transportation Authority Delaware Transportation Authority US 301 Project Revenue | 5.00 | 6-1-2055 | 3,950,000 | 4,007,395 | ||
9,574,194 | ||||||
22,509,253 | ||||||
District of Columbia: 1.03% | ||||||
Airport revenue: 0.18% | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 4.00 | 10-1-2038 | 2,500,000 | 2,478,405 | ||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 4.00 | 10-1-2039 | 3,405,000 | 3,350,362 | ||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2032 | 5,000,000 | 5,538,803 | ||
11,367,570 | ||||||
GO revenue: 0.36% | ||||||
District of Columbia Series A | 5.00 | 6-1-2037 | 5,000,000 | 5,313,863 | ||
District of Columbia Series A | 5.00 | 10-15-2044 | 10,000,000 | 10,752,588 | ||
District of Columbia Series D | 5.00 | 2-1-2046 | 6,150,000 | 6,699,466 | ||
22,765,917 | ||||||
Health revenue: 0.12% | ||||||
District of Columbia Children’s National Medical Center Obligated Group | 5.00 | 7-15-2044 | 7,575,000 | 7,650,578 | ||
Housing revenue: 0.16% | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 4.00 | 7-15-2040 | 6,000,000 | 6,075,958 | ||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 4.00 | 7-15-2045 | 1,000,000 | 993,588 | ||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 4.00 | 7-15-2046 | 3,540,000 | 3,490,494 | ||
10,560,040 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.04% | ||||||
Washington Convention & Sports Authority Series A | 4.00 % | 10-1-2036 | $ | 670,000 | $682,471 | |
Washington Convention & Sports Authority Series A | 4.00 | 10-1-2037 | 1,115,000 | 1,125,246 | ||
Washington Convention & Sports Authority Series A | 4.00 | 10-1-2039 | 640,000 | 639,777 | ||
2,447,494 | ||||||
Tax revenue: 0.05% | ||||||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2037 | 1,000,000 | 1,009,189 | ||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2038 | 1,000,000 | 1,004,589 | ||
Washington Convention & Sports Authority Series B | 4.00 | 10-1-2039 | 1,000,000 | 999,651 | ||
3,013,429 | ||||||
Transportation revenue: 0.12% | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Series B (AGM Insured) | 4.00 | 10-1-2049 | 8,000,000 | 7,717,371 | ||
65,522,399 | ||||||
Florida: 6.06% | ||||||
Airport revenue: 2.47% | ||||||
County of Broward Airport System Revenue Series A AMT | 5.00 | 10-1-2034 | 1,750,000 | 1,886,235 | ||
County of Broward Airport System Revenue Series A AMT | 5.00 | 10-1-2036 | 12,440,000 | 12,660,668 | ||
County of Broward Airport System Revenue Series A AMT | 5.00 | 10-1-2038 | 2,000,000 | 2,107,512 | ||
County of Broward Airport System Revenue Series Q-1 | 4.00 | 10-1-2042 | 4,800,000 | 4,706,618 | ||
County of Broward Port Facilities Revenue Series B AMT | 4.00 | 9-1-2044 | 7,300,000 | 7,012,550 | ||
County of Miami-Dade Aviation Revenue AMT | 5.00 | 10-1-2030 | 11,000,000 | 11,098,444 | ||
County of Miami-Dade Aviation Revenue AMT | 5.00 | 10-1-2032 | 14,000,000 | 14,115,518 | ||
County of Miami-Dade Aviation Revenue Series A | 4.00 | 10-1-2038 | 3,250,000 | 3,268,902 | ||
County of Miami-Dade Aviation Revenue Series A | 4.00 | 10-1-2041 | 1,500,000 | 1,466,800 | ||
County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | 10-1-2033 | 5,000,000 | 5,045,221 | ||
County of Miami-Dade Aviation Revenue Series A AMT | 5.00 | 10-1-2049 | 18,750,000 | 19,267,594 | ||
County of Miami-Dade Aviation Revenue Series B AMT | 5.00 | 10-1-2040 | 18,000,000 | 18,463,201 | ||
County of Miami-Dade Seaport Department Series A AMT | 5.25 | 10-1-2052 | 2,000,000 | 2,100,460 | ||
County of Miami-Dade Seaport Department Series B AMT | 6.00 | 10-1-2033 | 500,000 | 502,987 | ||
Greater Orlando Aviation Authority Series A AMT | 5.00 | 10-1-2046 | 3,000,000 | 3,050,954 | ||
Hillsborough County Aviation Authority Series A AMT | 5.00 | 10-1-2048 | 7,000,000 | 7,204,983 | ||
Hillsborough County Aviation Authority Series E AMT | 5.00 | 10-1-2048 | 10,000,000 | 10,316,460 | ||
Hillsborough County Aviation Authority Series F | 5.00 | 10-1-2048 | 17,000,000 | 17,871,469 | ||
Jacksonville Port Authority Series B | 5.00 | 11-1-2044 | 4,080,000 | 4,320,372 | ||
Jacksonville Port Authority Series B | 5.00 | 11-1-2048 | 9,870,000 | 10,417,252 | ||
156,884,200 | ||||||
Education revenue: 0.28% | ||||||
Capital Trust Agency Renaissance Charter School, Inc. Series 2019 Obligated Group Series A144A | 5.00 | 6-15-2039 | 3,610,000 | 3,376,197 | ||
Florida Development Finance Corp. Cornerstone Charter Academy A Challenge Foundation Academy, Inc.144A | 5.00 | 10-1-2042 | 1,605,000 | 1,521,310 | ||
Florida Higher Educational Facilities Financial Authority Jacksonville University Series A-1144A | 5.00 | 6-1-2048 | 2,000,000 | 1,802,593 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Volusia County Educational Facility Authority Embry-Riddle Aeronautical University, Inc. Series A | 5.00 % | 10-15-2044 | $ | 6,500,000 | $6,806,990 | |
Volusia County Educational Facility Authority Embry-Riddle Aeronautical University, Inc. Series A | 5.00 | 10-15-2049 | 4,000,000 | 4,159,835 | ||
17,666,925 | ||||||
GO revenue: 0.53% | ||||||
County of Miami-Dade Building Better Communities Program Series 2014-A | 5.00 | 7-1-2043 | 12,935,000 | 13,317,659 | ||
County of Miami-Dade Public Health Trust Program Series A | 4.00 | 7-1-2042 | 5,000,000 | 5,005,764 | ||
School Board of Miami-Dade County | 5.00 | 3-15-2046 | 15,000,000 | 15,308,727 | ||
33,632,150 | ||||||
Health revenue: 0.63% | ||||||
City of Atlantic Beach Naval Continuing Care Retirement Foundation Obligated Group Series B | 5.63 | 11-15-2043 | 5,000,000 | 4,925,176 | ||
City of Jacksonville Genesis Health, Inc. Obligated Group | 4.00 | 11-1-2045 | 3,500,000 | 3,145,698 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 4.00 | 7-1-2038 | 1,025,000 | 1,006,143 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 4.00 | 7-1-2045 | 2,500,000 | 2,315,243 | ||
City of Tampa H Lee Moffitt Cancer Center & Research Institute Obligated Group Series B | 5.00 | 7-1-2040 | 700,000 | 726,426 | ||
Holmes County Hospital Corp. | 6.00 | 11-1-2038 | 2,500,000 | 2,233,006 | ||
Lee County IDA Shell Point Obligated Group | 5.00 | 11-15-2044 | 11,265,000 | 10,849,153 | ||
Lee County IDA Shell Point Obligated Group | 5.00 | 11-15-2049 | 5,500,000 | 5,184,863 | ||
Sarasota County Public Hospital District Obligated Group | 5.00 | 7-1-2052 | 8,000,000 | 8,349,406 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2046 | 1,500,000 | 1,121,932 | ||
39,857,046 | ||||||
Housing revenue: 0.48% | ||||||
City of Orlando Series B | 5.00 | 10-1-2033 | 1,525,000 | 1,554,676 | ||
City of Orlando Series B | 5.00 | 10-1-2035 | 1,680,000 | 1,710,232 | ||
City of Orlando Series B | 5.00 | 10-1-2036 | 1,765,000 | 1,796,332 | ||
County of Hillsborough | 5.00 | 10-1-2038 | 8,000,000 | 8,211,351 | ||
Florida Housing Finance Corp. Journet Place LP Series 1144A | 7.60 | 12-15-2047 | 755,000 | 791,899 | ||
Florida Housing Finance Corp. Villa Capri III Associates Ltd. | 7.60 | 12-15-2042 | 2,435,000 | 2,437,768 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3058 (Mizuho Capital Markets LLC LOC)144Aø | 4.41 | 11-1-2035 | 14,260,000 | 14,260,000 | ||
30,762,258 | ||||||
Industrial development revenue: 0.04% | ||||||
Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | 6-1-2032 | 3,500,000 | 2,779,406 | ||
Miscellaneous revenue: 0.69% | ||||||
County of Broward Tourist Development Tax Revenue Convention Center Expansion | 4.00 | 9-1-2047 | 15,000,000 | 14,312,302 | ||
County of Pasco State of Florida Cigarette Tax Revenue Series A (AGM Insured) | 5.00 | 9-1-2048 | 1,000,000 | 1,071,348 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
County of Pasco State of Florida Cigarette Tax Revenue Series A (AGM Insured) | 5.50 % | 9-1-2044 | $ | 875,000 | $980,198 | |
Duval County Public Schools Series A (AGM Insured) | 5.00 | 7-1-2033 | 4,750,000 | 5,330,440 | ||
Duval County Public Schools Series A (AGM Insured) | 5.00 | 7-1-2034 | 2,000,000 | 2,238,009 | ||
Duval County Public Schools Series A (AGM Insured) | 5.00 | 7-1-2035 | 3,000,000 | 3,331,912 | ||
Indigo Community Development District Series C | 7.00 | 5-1-2030 | 1,836,248 | 1,267,011 | ||
Julington Creek Plantation Community Development District (AGM Insured) | 4.38 | 5-1-2045 | 1,000,000 | 987,928 | ||
Julington Creek Plantation Community Development District (AGM Insured) | 4.63 | 5-1-2054 | 3,000,000 | 2,992,503 | ||
Lakeside Plantation Community Development District Series A | 6.95 | 5-1-2031 | 776,000 | 777,017 | ||
Marshall Creek Community Development District | 5.00 | 5-1-2032 | 1,445,000 | 1,434,563 | ||
Marshall Creek Community Development District | 6.32 | 5-1-2045 | 110,000 | 108,592 | ||
Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. | 5.00 | 7-1-2039 | 2,000,000 | 2,010,259 | ||
St. Johns County School Board Series A (AGM Insured) | 5.25 | 7-1-2047 | 5,000,000 | 5,542,059 | ||
Village Community Development District No. 15144A%% | 5.00 | 5-1-2043 | 1,250,000 | 1,263,548 | ||
43,647,689 | ||||||
Resource recovery revenue: 0.11% | ||||||
Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | 8-1-2029 | 7,500,000 | 7,227,948 | ||
Tax revenue: 0.09% | ||||||
County of Lee Local Option Gas Tax Revenue | 5.25 | 8-1-2049 | 5,000,000 | 5,409,556 | ||
Transportation revenue: 0.23% | ||||||
Central Florida Expressway Authority (AGM Insured) | 4.00 | 7-1-2039 | 6,070,000 | 6,157,118 | ||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2044 | 4,250,000 | 4,338,399 | ||
Sunshine Skyway Bridge Series A (AGM Insured) | 4.00 | 7-1-2038 | 4,185,000 | 4,216,555 | ||
14,712,072 | ||||||
Utilities revenue: 0.06% | ||||||
City of Lakeland Department of Electric Utilities | 5.00 | 10-1-2048 | 1,250,000 | 1,415,754 | ||
Fort Pierce Utilities Authority Series A (AGM Insured) | 5.00 | 10-1-2038 | 1,000,000 | 1,102,850 | ||
Fort Pierce Utilities Authority Series A (AGM Insured) | 5.00 | 10-1-2042 | 1,000,000 | 1,097,823 | ||
3,616,427 | ||||||
Water & sewer revenue: 0.45% | ||||||
County of Manatee Public Utilities Revenue | 4.00 | 10-1-2048 | 3,345,000 | 3,320,037 | ||
Florida Keys Aqueduct Authority Series A | 5.00 | 9-1-2041 | 2,750,000 | 2,823,619 | ||
Lakewood Ranch Stewardship District Utility Revenue (AGM Insured)%% | 5.25 | 10-1-2048 | 2,605,000 | 2,810,664 | ||
Lakewood Ranch Stewardship District Utility Revenue (AGM Insured)%% | 5.25 | 10-1-2053 | 4,000,000 | 4,280,633 | ||
North Sumter County Utility Dependent District | 5.00 | 10-1-2049 | 3,250,000 | 3,373,748 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
North Sumter County Utility Dependent District (BAM Insured) | 5.00 % | 10-1-2044 | $ | 3,000,000 | $3,198,653 | |
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2046 | 8,250,000 | 8,848,247 | ||
28,655,601 | ||||||
384,851,278 | ||||||
Georgia: 2.75% | ||||||
Education revenue: 0.17% | ||||||
Development Authority of Cobb County Learning Center Foundation of Central Cobb, Inc. Series A | 6.38 | 7-1-2025 | 1,705,000 | 1,364,000 | ||
Private Colleges & Universities Authority Emory University Series B | 5.00 | 9-1-2048 | 4,000,000 | 4,293,483 | ||
Private Colleges & Universities Authority Mercer University | 5.00 | 10-1-2040 | 5,000,000 | 5,064,319 | ||
10,721,802 | ||||||
Health revenue: 0.20% | ||||||
Brookhaven Development Authority Children’s Healthcare of Atlanta Obligated Group Series A | 4.00 | 7-1-2044 | 6,000,000 | 5,910,334 | ||
Brookhaven Development Authority Children’s Healthcare of Atlanta Obligated Group Series A | 5.00 | 7-1-2038 | 1,500,000 | 1,619,248 | ||
Development Authority for Fulton County WellStar Health System Obligated Group Series A | 5.00 | 4-1-2047 | 2,250,000 | 2,299,506 | ||
Glynn-Brunswick Memorial Hospital Authority Southeast Georgia Health System Obligated Group | 5.00 | 8-1-2034 | 2,580,000 | 2,612,095 | ||
12,441,183 | ||||||
Industrial development revenue: 0.04% | ||||||
George L Smith II Congress Center Authority Signia Hotel Management LLC Series B144A | 5.00 | 1-1-2054 | 3,000,000 | 2,520,317 | ||
Miscellaneous revenue: 0.12% | ||||||
Brookhaven Urban Redevelopment Agency City of Brookhaven GA Special Service Tax District Series A | 4.00 | 7-1-2048 | 7,605,000 | 7,501,802 | ||
Tax revenue: 0.12% | ||||||
Metropolitan Atlanta Rapid Transit Authority Series B | 5.00 | 7-1-2044 | 7,500,000 | 7,776,276 | ||
Transportation revenue: 0.12% | ||||||
Georgia State Road & Tollway Authority Series B CAB144A¤ | 0.00 | 6-1-2049 | 5,600,000 | 5,709,144 | ||
Georgia State Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series A CAB144A¤ | 0.00 | 6-1-2034 | 3,750,000 | 1,968,456 | ||
7,677,600 | ||||||
Utilities revenue: 1.98% | ||||||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 4.00 | 3-1-2040 | 1,000,000 | 978,834 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 4.00 | 3-1-2041 | 1,000,000 | 974,691 | ||
Development Authority of Burke County Georgia Power Co.øø | 2.93 | 11-1-2048 | 10,000,000 | 9,887,303 | ||
Development Authority of Burke County Georgia Power Co.øø | 2.93 | 11-1-2053 | 14,750,000 | 14,583,772 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Development Authority of Burke County Georgia Power Co. Series 1995 | 2.20 % | 10-1-2032 | $ | 1,500,000 | $1,204,484 | |
Development Authority of Monroe County Georgia Power Co. Series 2øø | 3.88 | 10-1-2048 | 3,000,000 | 3,000,607 | ||
Main Street Natural Gas, Inc. Series Aøø | 4.00 | 7-1-2052 | 8,500,000 | 8,471,884 | ||
Main Street Natural Gas, Inc. Series A | 5.00 | 5-15-2032 | 3,745,000 | 3,864,245 | ||
Main Street Natural Gas, Inc. Series Aøø | 5.00 | 6-1-2053 | 16,000,000 | 16,565,760 | ||
Main Street Natural Gas, Inc. Series B | 5.00 | 6-1-2027 | 1,700,000 | 1,740,284 | ||
Main Street Natural Gas, Inc. Series B | 5.00 | 6-1-2028 | 2,900,000 | 2,991,712 | ||
Main Street Natural Gas, Inc. Series B | 5.00 | 6-1-2029 | 3,300,000 | 3,416,311 | ||
Main Street Natural Gas, Inc. Series Bøø | 5.00 | 7-1-2053 | 6,000,000 | 6,268,793 | ||
Main Street Natural Gas, Inc. Series B (1 Month LIBOR+0.75%)± | 4.21 | 4-1-2048 | 5,100,000 | 5,098,571 | ||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 27,000,000 | 26,096,693 | ||
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2044 | 3,580,000 | 3,661,484 | ||
Municipal Electric Authority of Georgia Series EE (Ambac Insured) | 7.25 | 1-1-2024 | 400,000 | 407,632 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2037 | 1,100,000 | 1,154,839 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2038 | 1,100,000 | 1,145,451 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.25 | 7-1-2064 | 8,000,000 | 8,364,883 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (BAM Insured) | 5.00 | 1-1-2049 | 5,000,000 | 5,149,626 | ||
Municipal Electric Authority of Georgia Project One Subordinated Bond Series A | 4.00 | 1-1-2040 | 1,075,000 | 1,041,226 | ||
126,069,085 | ||||||
174,708,065 | ||||||
Guam: 0.12% | ||||||
Airport revenue: 0.04% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2035 | 530,000 | 534,489 | ||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2036 | 1,000,000 | 999,065 | ||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.38 | 10-1-2043 | 750,000 | 739,453 | ||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2030 | 500,000 | 529,210 | ||
2,802,217 | ||||||
Housing revenue: 0.00% | ||||||
Guam Housing Corp. Series A (FHLMC Insured) | 5.75 | 9-1-2031 | 60,000 | 60,087 | ||
Miscellaneous revenue: 0.04% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 2,750,000 | 2,430,613 | ||
Water & sewer revenue: 0.04% | ||||||
Guam Government Waterworks Authority | 5.25 | 7-1-2023 | 1,000,000 | 1,000,000 | ||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 1,600,000 | 1,624,109 | ||
2,624,109 | ||||||
7,917,026 |
Interest rate | Maturity date | Principal | Value | |||
Hawaii: 0.44% | ||||||
Airport revenue: 0.44% | ||||||
State of Hawaii Airports System Revenue Series A AMT | 5.00 % | 7-1-2034 | $ | 6,800,000 | $7,399,640 | |
State of Hawaii Airports System Revenue Series A AMT | 5.00 | 7-1-2041 | 9,500,000 | 9,590,406 | ||
State of Hawaii Airports System Revenue Series A AMT | 5.00 | 7-1-2048 | 7,000,000 | 7,196,630 | ||
State of Hawaii Harbor System Revenue Series A AMT | 4.00 | 7-1-2033 | 1,250,000 | 1,264,756 | ||
State of Hawaii Harbor System Revenue Series A AMT | 4.00 | 7-1-2034 | 875,000 | 885,954 | ||
State of Hawaii Harbor System Revenue Series A AMT | 4.00 | 7-1-2035 | 625,000 | 629,557 | ||
State of Hawaii Harbor System Revenue Series A AMT | 4.00 | 7-1-2036 | 300,000 | 299,789 | ||
State of Hawaii Harbor System Revenue Series C | 4.00 | 7-1-2040 | 425,000 | 425,514 | ||
27,692,246 | ||||||
Idaho: 0.10% | ||||||
Education revenue: 0.10% | ||||||
Idaho Housing & Finance Association Legacy Public Charter School, Inc. Series A | 5.85 | 5-1-2033 | 525,000 | 525,227 | ||
Idaho Housing & Finance Association Legacy Public Charter School, Inc. Series A | 6.25 | 5-1-2043 | 1,365,000 | 1,365,723 | ||
Idaho Housing & Finance Association Liberty Charter School, Inc. Series A144A | 4.00 | 6-1-2030 | 1,120,000 | 1,112,108 | ||
Idaho Housing & Finance Association Liberty Charter School, Inc. Series A144A | 4.00 | 6-1-2038 | 1,715,000 | 1,567,276 | ||
Idaho Housing & Finance Association North Star Charter School, Inc. Series A | 6.75 | 7-1-2048 | 1,322,876 | 1,378,533 | ||
Idaho Housing & Finance Association North Star Charter School, Inc. Series B CAB144A¤ | 0.00 | 7-1-2049 | 1,276,564 | 217,872 | ||
6,166,739 | ||||||
Illinois: 13.49% | ||||||
Airport revenue: 0.82% | ||||||
Chicago O’Hare International Airport Series A | 4.00 | 1-1-2035 | 7,500,000 | 7,757,195 | ||
Chicago O’Hare International Airport Series A | 5.00 | 1-1-2034 | 5,000,000 | 5,579,599 | ||
Chicago O’Hare International Airport Series A AMT | 5.00 | 1-1-2030 | 5,000,000 | 5,078,484 | ||
Chicago O’Hare International Airport Series B | 5.00 | 1-1-2039 | 10,250,000 | 10,636,025 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue | 5.75 | 1-1-2043 | 4,500,000 | 4,517,416 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue (AGM Insured) | 5.50 | 1-1-2043 | 4,530,000 | 4,534,652 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue Series B AMT | 5.00 | 1-1-2026 | 5,000,000 | 5,002,517 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue Series B AMT | 5.00 | 1-1-2032 | 8,000,000 | 8,003,499 | ||
Chicago O’Hare International Airport Transportation Infrastructure Purpose Obligated Group AMT | 5.00 | 7-1-2038 | 1,000,000 | 1,017,814 | ||
52,127,201 | ||||||
Education revenue: 0.37% | ||||||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2042 | 1,250,000 | 953,844 | ||
Illinois Finance Authority Bradley University Series A | 4.00 | 8-1-2043 | 750,000 | 641,151 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Illinois Finance Authority Noble Network of Charter Schools | 6.25 % | 9-1-2039 | $ | 7,955,000 | $7,974,607 | |
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2036 | 1,500,000 | 1,800,420 | ||
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2037 | 1,350,000 | 1,617,125 | ||
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2038 | 1,500,000 | 1,788,221 | ||
Illinois Finance Authority University of Chicago Series A | 5.25 | 5-15-2048 | 2,385,000 | 2,636,671 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2035 | 500,000 | 492,107 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2037 | 1,000,000 | 968,318 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2032 | 500,000 | 542,493 | ||
University of Illinois Auxiliary Facilities System Series A (NPFGC Insured)¤ | 0.00 | 4-1-2026 | 2,355,000 | 2,144,627 | ||
University of Illinois Auxiliary Facilities System Series A (NPFGC Insured)¤ | 0.00 | 4-1-2027 | 2,435,000 | 2,147,069 | ||
23,706,653 | ||||||
GO revenue: 3.95% | ||||||
Chicago Board of Education Series A | 5.00 | 12-1-2035 | 6,630,000 | 6,887,193 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2036 | 6,000,000 | 6,183,982 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2040 | 2,000,000 | 2,022,108 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2042 | 6,555,000 | 6,466,581 | ||
Chicago Board of Education Series B-1 (NPFGC Insured)¤ | 0.00 | 12-1-2023 | 2,930,000 | 2,881,887 | ||
Chicago Board of Education Series B-1 (NPFGC Insured)¤ | 0.00 | 12-1-2026 | 4,245,000 | 3,698,594 | ||
Chicago Board of Education Series D | 5.00 | 12-1-2046 | 15,000,000 | 14,675,311 | ||
Chicago Board of Education Series H | 5.00 | 12-1-2036 | 5,905,000 | 5,983,828 | ||
Chicago Board of Education Series H | 5.00 | 12-1-2046 | 4,000,000 | 3,921,805 | ||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | 4-1-2048 | 10,000,000 | 10,918,405 | ||
Chicago Park District Series C (BAM Insured) | 4.00 | 1-1-2041 | 4,025,000 | 3,904,523 | ||
Chicago Park District Series D (BAM Insured) | 4.00 | 1-1-2034 | 4,555,000 | 4,628,077 | ||
City of Chicago Series A | 5.00 | 1-1-2027 | 1,410,000 | 1,475,820 | ||
City of Chicago Series A | 5.00 | 1-1-2034 | 11,790,000 | 12,744,457 | ||
City of Chicago Series A | 5.25 | 1-1-2037 | 1,950,000 | 2,125,445 | ||
City of Chicago Series A | 5.50 | 1-1-2039 | 5,000,000 | 5,490,039 | ||
City of Chicago Series A | 5.50 | 1-1-2040 | 1,000,000 | 1,093,512 | ||
City of Chicago Series A | 5.50 | 1-1-2041 | 1,500,000 | 1,609,073 | ||
City of Chicago Series A | 5.50 | 1-1-2043 | 1,500,000 | 1,602,724 | ||
City of Chicago Series A | 6.00 | 1-1-2038 | 3,000,000 | 3,191,536 | ||
City of Chicago Series B | 4.00 | 1-1-2038 | 6,615,000 | 6,229,900 | ||
City of Chicago Series C CAB (AGM Insured)¤ | 0.00 | 1-1-2026 | 7,360,000 | 6,782,393 | ||
City of Chicago CAB-City Colleges (NPFGC Insured)¤ | 0.00 | 1-1-2025 | 9,935,000 | 9,367,081 | ||
City of Chicago CAB-City Colleges (NPFGC Insured)¤ | 0.00 | 1-1-2030 | 5,995,000 | 4,623,356 | ||
City of Peoria Series A (BAM Insured) | 5.00 | 1-1-2029 | 2,000,000 | 2,186,077 | ||
Cook County Community College District No. 508 | 5.13 | 12-1-2038 | 2,250,000 | 2,251,243 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series D | 5.00 | 1-1-2028 | 1,165,000 | 1,171,461 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series D | 5.00 | 1-1-2033 | 2,000,000 | 2,008,681 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series D | 5.00 | 1-1-2035 | 1,850,000 | 1,865,276 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Kendall Kane & Will Counties Community Unit School District No. 308 (AGM Insured)¤ | 0.00 % | 2-1-2025 | $ | 855,000 | $807,516 | |
Kendall Kane & Will Counties Community Unit School District No. 308 (AGM Insured)¤ | 0.00 | 2-1-2026 | 5,050,000 | 4,602,597 | ||
Kendall Kane & Will Counties Community Unit School District No. 308 (AGM Insured)¤ | 0.00 | 2-1-2027 | 12,050,000 | 10,613,309 | ||
Lake County Community Consolidated School District No. 24 Millburn (NPFGC Insured)¤ | 0.00 | 1-1-2024 | 2,000,000 | 1,962,937 | ||
Lake County School District No. 38 Big Hollow (Ambac Insured)¤ | 0.00 | 2-1-2024 | 5,385,000 | 5,259,821 | ||
Madison Bond Etc Counties Community Unit School District No. 5 Highland Series B (AGM Insured) | 5.50 | 2-1-2040 | 1,265,000 | 1,391,520 | ||
Metropolitan Water Reclamation District of Greater Chicago Series C | 5.00 | 12-1-2045 | 10,000,000 | 10,216,873 | ||
Metropolitan Water Reclamation District of Greater Chicago Series C | 5.25 | 12-1-2032 | 1,565,000 | 1,882,087 | ||
Sangamon Logan & Menard Counties Community Unit School District No. 15 Williamsville Series B (BAM Insured) | 4.00 | 12-1-2044 | 1,500,000 | 1,442,091 | ||
State of Illinois | 5.00 | 11-1-2027 | 1,175,000 | 1,231,813 | ||
State of Illinois | 5.25 | 7-1-2030 | 2,500,000 | 2,500,654 | ||
State of Illinois | 5.50 | 5-1-2024 | 2,500,000 | 2,537,361 | ||
State of Illinois | 5.50 | 7-1-2025 | 6,000,000 | 6,001,775 | ||
State of Illinois | 5.50 | 7-1-2026 | 4,450,000 | 4,451,316 | ||
State of Illinois | 5.50 | 1-1-2030 | 2,900,000 | 3,277,315 | ||
State of Illinois | 5.50 | 7-1-2033 | 4,000,000 | 4,001,183 | ||
State of Illinois (AGM Insured) | 5.00 | 4-1-2026 | 3,000,000 | 3,030,545 | ||
State of Illinois Series 1 (NPFGC Insured) | 6.00 | 11-1-2026 | 3,200,000 | 3,357,009 | ||
State of Illinois Series A | 5.00 | 3-1-2046 | 2,500,000 | 2,599,720 | ||
State of Illinois Series A | 5.50 | 3-1-2042 | 3,500,000 | 3,851,546 | ||
State of Illinois Series A (AGM Insured) | 5.00 | 4-1-2024 | 3,000,000 | 3,004,529 | ||
State of Illinois Series B | 5.00 | 10-1-2028 | 2,750,000 | 2,974,968 | ||
State of Illinois Series B | 5.50 | 5-1-2047 | 6,500,000 | 7,057,799 | ||
State of Illinois Series C | 4.00 | 10-1-2038 | 4,820,000 | 4,693,656 | ||
State of Illinois Series C | 5.00 | 11-1-2029 | 2,965,000 | 3,162,676 | ||
Tazewell County School District No. 51 Washington Central (NPFGC Insured) | 9.00 | 12-1-2023 | 350,000 | 357,503 | ||
Village of Bolingbrook Series A | 4.00 | 1-1-2030 | 3,420,000 | 3,394,696 | ||
Will County Community High School District No. 210 Lincoln-Way CAB (AGM Insured)¤ | 0.00 | 1-1-2026 | 7,000,000 | 6,356,714 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2033 | 2,830,000 | 1,956,626 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2032 | 400,000 | 289,126 | ||
Will County Community Unit School District No. 201-U Crete-Monee CAB (NPFGC Insured)¤ | 0.00 | 11-1-2023 | 500,000 | 494,520 | ||
Will County Community Unit School District No. 209-U Wilmington Series A (AGM Insured) | 5.50 | 2-1-2041 | 3,660,000 | 4,035,715 | ||
250,787,884 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 1.49% | ||||||
Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00 % | 8-15-2040 | $ | 8,600,000 | $8,261,903 | |
Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00 | 8-15-2048 | 7,450,000 | 6,780,720 | ||
Illinois Finance Authority Carle Foundation Obligated Group Series A | 5.00 | 2-15-2045 | 25,000,000 | 25,438,040 | ||
Illinois Finance Authority Evangelical Retirement Homes of Greater Chicago Obligated Group | 5.00 | 2-15-2022 | 1,680,000 | 672,000 | ||
Illinois Finance Authority Lutheran Life Communities Obligated Group Series A | 5.00 | 11-1-2040 | 4,900,000 | 4,275,816 | ||
Illinois Finance Authority Northwestern Memorial Healthcare Obligated Group Series A | 4.00 | 7-15-2039 | 2,250,000 | 2,253,621 | ||
Illinois Finance Authority OSF Healthcare System Obligated Group Series A | 5.00 | 11-15-2045 | 12,980,000 | 13,070,586 | ||
Illinois Finance Authority University of Chicago Medical Center Obligated Group Series A | 5.00 | 8-15-2047 | 30,000,000 | 31,814,124 | ||
Illinois Finance Authority University of Illinois | 4.00 | 10-1-2050 | 2,000,000 | 1,751,494 | ||
94,318,304 | ||||||
Housing revenue: 0.91% | ||||||
Metropolitan Pier & Exposition Authority Series A | 4.00 | 12-15-2042 | 2,500,000 | 2,366,849 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2026 | 12,245,000 | 10,737,031 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 6-15-2029 | 12,085,000 | 9,653,890 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2030 | 25,700,000 | 19,285,668 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 6-15-2031 | 10,060,000 | 7,383,262 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2031 | 9,800,000 | 7,049,214 | ||
Northern Illinois University (BAM Insured) | 4.00 | 10-1-2037 | 1,650,000 | 1,602,350 | ||
58,078,264 | ||||||
Miscellaneous revenue: 0.48% | ||||||
Illinois Finance Authority Shedd Aquarium Society | 5.00 | 6-1-2044 | 4,000,000 | 4,260,174 | ||
Illinois Finance Authority Shedd Aquarium Society | 5.00 | 6-1-2047 | 5,000,000 | 5,294,425 | ||
Illinois Sports Facilities Authority (Ambac Insured)¤ | 0.00 | 6-15-2024 | 17,570,000 | 16,852,949 | ||
Illinois Sports Facilities Authority (Ambac Insured)¤ | 0.00 | 6-15-2025 | 2,575,000 | 2,362,735 | ||
Illinois Sports Facilities Authority (Ambac Insured)¤ | 0.00 | 6-15-2026 | 2,030,000 | 1,781,891 | ||
30,552,174 | ||||||
Tax revenue: 3.43% | ||||||
Chicago Transit Authority Sales Tax Receipts Fund | 5.00 | 12-1-2046 | 21,500,000 | 22,026,627 | ||
Chicago Transit Authority Sales Tax Receipts Fund | 5.25 | 12-1-2049 | 13,500,000 | 13,693,446 | ||
Chicago Transit Authority Sales Tax Receipts Fund (AGM Insured) | 5.00 | 12-1-2044 | 4,000,000 | 4,049,793 | ||
Chicago Transit Authority Sales Tax Receipts Fund Series A | 5.00 | 12-1-2045 | 1,750,000 | 1,829,675 | ||
Chicago Transit Authority Sales Tax Receipts Fund Series A (BAM Insured) | 5.00 | 12-1-2046 | 10,000,000 | 10,737,783 | ||
City of Chicago Sales Tax Revenue | 5.00 | 1-1-2027 | 3,000,000 | 3,076,452 | ||
City of Chicago Sales Tax Revenue | 5.00 | 1-1-2028 | 4,430,000 | 4,542,894 | ||
City of Chicago Sales Tax Revenue | 5.00 | 1-1-2029 | 1,500,000 | 1,538,226 | ||
City of Chicago Sales Tax Revenue | 5.00 | 1-1-2030 | 4,325,000 | 4,435,218 | ||
City of Chicago Motor Fuel Tax Revenue | 5.00 | 1-1-2024 | 680,000 | 685,780 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
County of Cook Sales Tax Revenue Series A | 4.00 % | 11-15-2041 | $ | 2,000,000 | $1,970,040 | |
County of Cook Sales Tax Revenue Series A | 5.25 | 11-15-2045 | 5,000,000 | 5,373,895 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2025 | 3,745,000 | 3,780,540 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2026 | 4,775,000 | 4,814,260 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2027 | 8,845,000 | 8,927,535 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.00 | 6-15-2028 | 4,030,000 | 4,070,589 | ||
Illinois Sports Facilities Authority (AGM Insured) | 5.25 | 6-15-2032 | 3,500,000 | 3,545,233 | ||
Regional Transportation Authority Series A## | 5.00 | 6-1-2044 | 22,840,000 | 23,228,565 | ||
Regional Transportation Authority Series A (AGM Insured) | 5.75 | 6-1-2034 | 15,000,000 | 18,144,658 | ||
Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2027 | 10,620,000 | 11,534,764 | ||
Regional Transportation Authority Series A (NPFGC Insured) | 6.00 | 7-1-2033 | 5,000,000 | 6,117,484 | ||
Regional Transportation Authority Series B (NPFGC Insured) | 5.50 | 6-1-2027 | 16,845,000 | 17,877,144 | ||
Sales Tax Securitization Corp. Series A | 4.00 | 1-1-2038 | 8,950,000 | 8,866,215 | ||
Sales Tax Securitization Corp. Series A | 4.00 | 1-1-2048 | 5,430,000 | 5,039,317 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2038 | 3,000,000 | 3,146,490 | ||
Sales Tax Securitization Corp. Series C | 5.00 | 1-1-2024 | 2,500,000 | 2,518,703 | ||
Southwestern Illinois Development Authority | 5.00 | 3-1-2025 | 2,910,000 | 2,467,592 | ||
State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.00 | 6-15-2034 | 2,000,000 | 2,020,421 | ||
State of Illinois Sales Tax Revenue Series A (BAM Insured) | 4.13 | 6-15-2037 | 1,945,000 | 1,957,588 | ||
State of Illinois Sales Tax Revenue Series C | 5.00 | 6-15-2028 | 3,500,000 | 3,733,124 | ||
State of Illinois Sales Tax Revenue Series D | 4.00 | 6-15-2030 | 12,000,000 | 12,087,010 | ||
217,837,061 | ||||||
Tobacco revenue: 0.05% | ||||||
Railsplitter Tobacco Settlement Authority | 5.00 | 6-1-2024 | 3,000,000 | 3,040,815 | ||
Transportation revenue: 0.84% | ||||||
Illinois State Toll Highway Authority Series A | 4.00 | 1-1-2046 | 20,000,000 | 19,201,886 | ||
Illinois State Toll Highway Authority Series A | 5.00 | 1-1-2043 | 9,000,000 | 9,736,442 | ||
Illinois State Toll Highway Authority Series A | 5.00 | 1-1-2046 | 15,245,000 | 16,402,413 | ||
Illinois State Toll Highway Authority Series B | 5.00 | 1-1-2039 | 1,500,000 | 1,506,915 | ||
Public Building Commission of Chicago (Ambac Insured) | 5.25 | 3-1-2025 | 2,960,000 | 3,038,041 | ||
Public Building Commission of Chicago (Ambac Insured) | 5.25 | 3-1-2027 | 3,400,000 | 3,618,563 | ||
53,504,260 | ||||||
Utilities revenue: 0.39% | ||||||
City of Springfield Electric Revenue (AGM Insured) | 4.00 | 3-1-2040 | 6,000,000 | 5,828,960 | ||
Illinois Municipal Electric Agency Series A | 5.00 | 2-1-2030 | 7,000,000 | 7,206,631 | ||
Illinois Municipal Electric Agency Series A | 5.00 | 2-1-2031 | 8,000,000 | 8,211,959 | ||
Northern Illinois Municipal Power Agency Series A | 4.00 | 12-1-2033 | 3,430,000 | 3,442,894 | ||
24,690,444 | ||||||
Water & sewer revenue: 0.76% | ||||||
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2039 | 11,525,000 | 11,561,491 | ||
City of Chicago Wastewater Transmission Revenue | 5.00 | 1-1-2044 | 4,425,000 | 4,421,087 | ||
City of Chicago Wastewater Transmission Revenue Series C | 5.00 | 1-1-2039 | 5,000,000 | 5,047,328 | ||
City of Chicago Waterworks Revenue (AGM Insured) | 5.25 | 11-1-2032 | 3,250,000 | 3,514,793 | ||
City of Chicago Waterworks Revenue Series A (AGM Insured) | 5.25 | 11-1-2048 | 5,000,000 | 5,470,442 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
City of Chicago Waterworks Revenue Series B (AGM Insured) | 4.00 % | 11-1-2040 | $ | 4,000,000 | $3,967,855 | |
City of Chicago Waterworks Revenue Second Lien Project | 5.00 | 11-1-2044 | 9,000,000 | 9,073,036 | ||
Illinois Finance Authority State of Illinois Water Revolving Fund - Clean Water Program | 4.00 | 7-1-2038 | 5,000,000 | 5,043,429 | ||
48,099,461 | ||||||
856,742,521 | ||||||
Indiana: 1.87% | ||||||
Education revenue: 0.28% | ||||||
Indiana Finance Authority DePauw University Series A | 5.00 | 7-1-2047 | 17,000,000 | 17,105,119 | ||
Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 5.00 | 7-1-2040 | 350,000 | 335,308 | ||
17,440,427 | ||||||
Health revenue: 0.37% | ||||||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C | 4.00 | 11-1-2033 | 12,885,000 | 12,990,657 | ||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C | 4.00 | 11-1-2036 | 5,000,000 | 4,994,850 | ||
Indiana Finance Authority Marion General Hospital, Inc. Obligated Group Series A | 4.00 | 7-1-2045 | 2,560,000 | 2,450,860 | ||
Indiana Health Facility Financing Authority Ascension Health Credit Group Series 2001-A-1 | 5.00 | 11-15-2034 | 2,750,000 | 2,848,231 | ||
23,284,598 | ||||||
Housing revenue: 0.28% | ||||||
Greater Clark Building Corp. | 6.00 | 7-15-2038 | 5,000,000 | 5,983,396 | ||
Hobart Building Corp. | 4.00 | 7-15-2035 | 2,295,000 | 2,322,662 | ||
Northwestern School Building Corp. | 4.00 | 1-15-2043 | 3,005,000 | 2,905,858 | ||
Northwestern School Building Corp. | 6.00 | 7-15-2039 | 850,000 | 986,223 | ||
Tippecanoe County School Building Corp. Series B | 6.00 | 7-15-2036 | 1,000,000 | 1,237,363 | ||
Tippecanoe County School Building Corp. Series B | 6.00 | 7-15-2038 | 1,000,000 | 1,218,760 | ||
Tippecanoe County School Building Corp. Series B | 6.00 | 7-15-2041 | 1,750,000 | 2,105,113 | ||
Tippecanoe County School Building Corp. Series B | 6.00 | 1-15-2043 | 1,000,000 | 1,195,826 | ||
17,955,201 | ||||||
Industrial development revenue: 0.20% | ||||||
City of Valparaiso Pratt Paper LLC AMT | 5.88 | 1-1-2024 | 100,000 | 100,615 | ||
Indiana Finance Authority East End Crossing Partners LLC Series A | 5.00 | 7-1-2040 | 2,720,000 | 2,720,000 | ||
Indiana Finance Authority East End Crossing Partners LLC Series A | 5.00 | 7-1-2048 | 10,000,000 | 10,000,000 | ||
12,820,615 | ||||||
Miscellaneous revenue: 0.36% | ||||||
Carmel Local Public Improvement Bond Bank Series 2016 | 5.00 | 7-15-2031 | 6,000,000 | 6,287,024 | ||
Indianapolis Local Public Improvement Bond Bank Series A (AGM Insured) | 4.00 | 6-1-2039 | 10,535,000 | 10,444,114 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Indianapolis Local Public Improvement Bond Bank Series A (AGM Insured) | 4.00 % | 6-1-2041 | $ | 3,000,000 | $2,959,098 | |
Indianapolis Local Public Improvement Bond Bank Series B | 5.25 | 2-1-2048 | 3,000,000 | 3,335,344 | ||
23,025,580 | ||||||
Tax revenue: 0.07% | ||||||
Indianapolis Local Public Improvement Bond Bank Community Justice Campus Courthouse & Jail Project Series A | 5.00 | 2-1-2049 | 4,000,000 | 4,204,739 | ||
Utilities revenue: 0.17% | ||||||
Indiana Finance Authority Ohio Valley Electric Corp. Series A | 3.00 | 11-1-2030 | 4,650,000 | 4,209,304 | ||
Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | 11-1-2030 | 3,000,000 | 2,983,998 | ||
Indiana Finance Authority Ohio Valley Electric Corp. Series C | 3.00 | 11-1-2030 | 4,000,000 | 3,620,906 | ||
10,814,208 | ||||||
Water & sewer revenue: 0.14% | ||||||
City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | 7-1-2043 | 3,450,000 | 3,430,716 | ||
City of Fishers Sewage Works Revenue (BAM Insured) | 4.00 | 7-1-2045 | 3,160,000 | 3,108,651 | ||
Evansville Waterworks District Series A (BAM Insured) | 5.00 | 7-1-2047 | 2,250,000 | 2,408,257 | ||
8,947,624 | ||||||
118,492,992 | ||||||
Iowa: 0.09% | ||||||
GO revenue: 0.06% | ||||||
City of Cedar Rapids Series A | 4.00 | 6-1-2048 | 3,630,000 | 3,498,219 | ||
Housing revenue: 0.03% | ||||||
City of Altoona Series C | 5.00 | 6-1-2031 | 1,805,000 | 1,891,211 | ||
5,389,430 | ||||||
Kansas: 0.29% | ||||||
GO revenue: 0.09% | ||||||
Johnson County Unified School District No. 512 Shawnee Mission Series A | 4.00 | 10-1-2043 | 3,000,000 | 2,966,894 | ||
Wyandotte County Unified School District No. 203 Piper Series A (AGM Insured) | 5.25 | 9-1-2052 | 2,500,000 | 2,740,240 | ||
5,707,134 | ||||||
Health revenue: 0.01% | ||||||
University of Kansas Hospital Authority Health System Obligated Group (U.S. Bank N.A. LOC)ø | 3.85 | 9-1-2034 | 780,000 | 780,000 | ||
Tax revenue: 0.19% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue Sales Tax Revenue CAB144A¤ | 0.00 | 9-1-2034 | 31,575,000 | 12,176,466 | ||
18,663,600 |
Interest rate | Maturity date | Principal | Value | |||
Kentucky: 1.64% | ||||||
Education revenue: 0.07% | ||||||
County of Boyle Centre College of Kentucky Series A | 5.25 % | 6-1-2049 | $ | 2,550,000 | $2,714,644 | |
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2046 | 800,000 | 740,111 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2051 | 1,250,000 | 1,131,924 | ||
4,586,679 | ||||||
Health revenue: 0.24% | ||||||
Kentucky EDFA Baptist Healthcare System Obligated Group Series B | 5.00 | 8-15-2046 | 2,070,000 | 2,117,006 | ||
Kentucky EDFA Norton Healthcare Obligated Group Series B CAB (NPFGC Insured)¤ | 0.00 | 10-1-2024 | 9,260,000 | 8,818,904 | ||
Kentucky EDFA Norton Healthcare Obligated Group Series B CAB (NPFGC Insured)¤ | 0.00 | 10-1-2028 | 5,140,000 | 4,225,229 | ||
15,161,139 | ||||||
Housing revenue: 0.19% | ||||||
Fayette County School District Finance Corp. Series A | 4.00 | 5-1-2038 | 5,600,000 | 5,607,324 | ||
Kentucky State Property & Building Commission Project No. 124 Series A (AGM Insured) | 5.00 | 11-1-2039 | 6,000,000 | 6,549,791 | ||
12,157,115 | ||||||
Miscellaneous revenue: 0.04% | ||||||
Kentucky State University (BAM Insured) | 4.00 | 11-1-2046 | 640,000 | 630,101 | ||
Kentucky State University (BAM Insured) | 4.00 | 11-1-2051 | 1,000,000 | 968,184 | ||
Kentucky State University (BAM Insured) | 4.00 | 11-1-2056 | 1,000,000 | 960,338 | ||
2,558,623 | ||||||
Tax revenue: 0.09% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018- XG0161 (Bank of America NA LOC, AGM Insured, Bank of America NA LIQ)144Aø | 4.04 | 12-1-2041 | 5,460,000 | 5,460,000 | ||
Transportation revenue: 0.14% | ||||||
Kentucky Public Transportation Infrastructure Authority Series B CAB¤ | 0.00 | 7-1-2030 | 2,000,000 | 1,428,228 | ||
Kentucky Public Transportation Infrastructure Authority Series B CAB¤ | 0.00 | 7-1-2031 | 2,780,000 | 1,846,042 | ||
Kentucky Public Transportation Infrastructure Authority Series B CAB¤ | 0.00 | 7-1-2032 | 2,500,000 | 1,543,493 | ||
Kentucky Public Transportation Infrastructure Authority Series C CAB | 6.40 | 7-1-2033 | 1,000,000 | 1,152,037 | ||
Kentucky Public Transportation Infrastructure Authority Series C CAB | 6.45 | 7-1-2034 | 2,505,000 | 2,881,698 | ||
8,851,498 | ||||||
Utilities revenue: 0.87% | ||||||
Kentucky Public Energy Authority Series Aøø | 4.00 | 4-1-2048 | 8,190,000 | 8,182,671 | ||
Kentucky Public Energy Authority Series A-1øø | 4.00 | 12-1-2049 | 18,455,000 | 18,365,292 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Kentucky Public Energy Authority Series Bøø | 4.00 % | 1-1-2049 | $ | 23,250,000 | $23,247,728 | |
Kentucky Public Energy Authority Series C-1øø | 4.00 | 12-1-2049 | 5,385,000 | 5,359,797 | ||
55,155,488 | ||||||
103,930,542 | ||||||
Louisiana: 1.15% | ||||||
Airport revenue: 0.30% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series A | 5.00 | 1-1-2040 | 3,000,000 | 3,040,882 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series B AMT | 5.00 | 1-1-2034 | 4,500,000 | 4,563,137 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series B AMT | 5.00 | 1-1-2048 | 1,145,000 | 1,160,074 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series B AMT (AGM Insured) | 5.00 | 1-1-2033 | 3,000,000 | 3,048,689 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2036 | 1,750,000 | 1,846,009 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2037 | 1,750,000 | 1,836,586 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2038 | 1,500,000 | 1,587,840 | ||
Port New Orleans Board of Commissioners Series E AMT | 5.00 | 4-1-2040 | 2,000,000 | 2,053,078 | ||
19,136,295 | ||||||
GO revenue: 0.03% | ||||||
City of New Orleans Series A | 5.00 | 12-1-2046 | 2,000,000 | 2,104,881 | ||
Industrial development revenue: 0.02% | ||||||
Calcasieu Parish Industrial Development Board, Inc. (JPMorgan Chase Bank N.A. LOC) HydroServe Westlake LLCø | 4.30 | 6-1-2025 | 1,500,000 | 1,500,000 | ||
Miscellaneous revenue: 0.03% | ||||||
Louisiana Local Government Environmental Facilities & CDA Parish of Jefferson LA144A | 4.00 | 11-1-2044 | 1,830,000 | 1,647,149 | ||
Tax revenue: 0.60% | ||||||
Ernest N Morial New Orleans Exhibition Hall Authority | 5.25 | 7-15-2048 | 10,000,000 | 10,880,033 | ||
Ernest N Morial New Orleans Exhibition Hall Authority | 5.50 | 7-15-2053 | 5,000,000 | 5,527,454 | ||
Louisiana Stadium & Exposition District Series A | 5.25 | 7-1-2053 | 20,000,000 | 21,715,896 | ||
38,123,383 | ||||||
Water & sewer revenue: 0.17% | ||||||
City of New Orleans Sewerage Service Revenue Series B | 4.00 | 6-1-2050 | 1,200,000 | 1,096,431 | ||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2045 | 1,500,000 | 1,575,658 | ||
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 | 6-1-2038 | 350,000 | 349,274 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 % | 6-1-2039 | $ | 400,000 | $398,870 | |
City of New Orleans Sewerage Service Revenue Series B (AGM Insured) | 4.00 | 6-1-2040 | 350,000 | 347,757 | ||
City of Shreveport Water & Sewer Revenue Series B (AGM Insured) | 4.00 | 12-1-2036 | 730,000 | 724,864 | ||
City of Shreveport Water & Sewer Revenue Series B (AGM Insured) | 4.00 | 12-1-2044 | 1,000,000 | 965,020 | ||
East Baton Rouge Sewerage Commission Series Aøø | 1.30 | 2-1-2041 | 6,075,000 | 5,147,387 | ||
10,605,261 | ||||||
73,116,969 | ||||||
Maine: 0.17% | ||||||
Health revenue: 0.17% | ||||||
Maine Health & Higher Educational Facilities Authority | 5.00 | 7-1-2028 | 1,445,000 | 1,534,921 | ||
Maine Health & Higher Educational Facilities Authority Series A | 4.00 | 7-1-2040 | 1,700,000 | 1,659,543 | ||
Maine Health & Higher Educational Facilities Authority Series A | 4.00 | 7-1-2045 | 4,500,000 | 4,265,188 | ||
Maine Health & Higher Educational Facilities Authority Series A | 5.00 | 7-1-2029 | 1,535,000 | 1,679,831 | ||
Maine Health & Higher Educational Facilities Authority Series A (AGM Insured) | 4.00 | 7-1-2046 | 500,000 | 473,402 | ||
Maine Health & Higher Educational Facilities Authority Series A (AGM Insured) | 4.00 | 7-1-2050 | 1,000,000 | 920,813 | ||
10,533,698 | ||||||
Maryland: 0.50% | ||||||
Education revenue: 0.27% | ||||||
County of Prince George’s Chesapeake Lighthouse Charter School Obligated Group Series A144A | 6.90 | 8-1-2041 | 8,480,000 | 8,710,471 | ||
County of Prince George’s Chesapeake Lighthouse Foundation, Inc. Series A | 5.75 | 8-1-2033 | 1,585,000 | 1,588,780 | ||
County of Prince George’s Chesapeake Lighthouse Foundation, Inc. Series A | 7.00 | 8-1-2046 | 6,085,000 | 6,299,067 | ||
Maryland Economic Development Corp. University Park Phase I & II at Salisbury University | 5.00 | 6-1-2027 | 190,000 | 190,052 | ||
Maryland Economic Development Corp. University Park Phase I & II at Salisbury University | 5.00 | 6-1-2030 | 200,000 | 200,038 | ||
16,988,408 | ||||||
Health revenue: 0.10% | ||||||
County of Montgomery Trinity Health Corp. Obligated Group | 4.00 | 12-1-2044 | 5,000,000 | 4,834,226 | ||
Maryland Health & Higher Educational Facilities Authority Frederick Health, Inc. Obligated Group | 4.00 | 7-1-2045 | 745,000 | 705,117 | ||
Maryland Health & Higher Educational Facilities Authority Frederick Health, Inc. Obligated Group | 4.00 | 7-1-2050 | 850,000 | 784,712 | ||
6,324,055 | ||||||
Housing revenue: 0.05% | ||||||
Maryland Stadium Authority Series A%% | 5.00 | 9-1-2037 | 3,000,000 | 3,395,649 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.03% | ||||||
Maryland Economic Development Corp. City of Baltimore Port Covington Development District | 4.00 % | 9-1-2050 | $ | 2,500,000 | $2,124,062 | |
Water & sewer revenue: 0.05% | ||||||
City of Baltimore Water Utility Fund Series A | 4.00 | 7-1-2039 | 500,000 | 505,894 | ||
City of Baltimore Water Utility Fund Series A | 4.00 | 7-1-2040 | 500,000 | 504,028 | ||
City of Baltimore Water Utility Fund Series A | 4.00 | 7-1-2045 | 2,000,000 | 1,962,172 | ||
2,972,094 | ||||||
31,804,268 | ||||||
Massachusetts: 2.76% | ||||||
Airport revenue: 0.18% | ||||||
Massachusetts Port Authority Series A AMT | 5.00 | 7-1-2039 | 4,005,000 | 4,309,198 | ||
Massachusetts Port Authority Series A AMT | 5.00 | 7-1-2042 | 2,000,000 | 2,126,861 | ||
Massachusetts Port Authority Series B AMT | 4.00 | 7-1-2046 | 2,965,000 | 2,751,946 | ||
Massachusetts Port Authority Series E AMT | 5.00 | 7-1-2046 | 1,975,000 | 2,071,848 | ||
11,259,853 | ||||||
Education revenue: 0.24% | ||||||
Collegiate Charter School of Lowell | 5.00 | 6-15-2039 | 1,000,000 | 978,472 | ||
Collegiate Charter School of Lowell | 5.00 | 6-15-2049 | 1,750,000 | 1,643,562 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2045 | 2,400,000 | 1,954,542 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2050 | 2,750,000 | 2,154,024 | ||
Massachusetts Development Finance Agency Northeastern University | 5.00 | 10-1-2044 | 7,000,000 | 7,800,815 | ||
Massachusetts Development Finance Agency Suffolk University | 4.00 | 7-1-2051 | 1,000,000 | 838,151 | ||
15,369,566 | ||||||
GO revenue: 0.67% | ||||||
Commonwealth of Massachusetts Series A | 5.00 | 3-1-2041 | 7,500,000 | 7,555,696 | ||
Commonwealth of Massachusetts Series E | 5.00 | 11-1-2050 | 15,540,000 | 16,706,947 | ||
Commonwealth of Massachusetts Series E | 5.00 | 11-1-2052 | 5,000,000 | 5,452,186 | ||
Commonwealth of Massachusetts Series E | 5.25 | 9-1-2048 | 1,765,000 | 1,885,658 | ||
Commonwealth of Massachusetts Series F | 5.00 | 11-1-2041 | 5,000,000 | 5,289,096 | ||
Commonwealth of Massachusetts Series J | 4.00 | 12-1-2046 | 5,400,000 | 5,303,877 | ||
42,193,460 | ||||||
Health revenue: 0.54% | ||||||
Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group Series F | 5.00 | 8-15-2045 | 4,950,000 | 5,030,815 | ||
Massachusetts Development Finance Agency Boston Medical Center Corp. Obligated Group Series D | 5.00 | 7-1-2044 | 6,000,000 | 6,029,592 | ||
Massachusetts Development Finance Agency Boston Medical Center Corp. Obligated Group Series G | 5.25 | 7-1-2048 | 7,805,000 | 8,241,443 | ||
Massachusetts Development Finance Agency Dana-Farber Cancer Institute Obligated Group Series N | 5.00 | 12-1-2046 | 3,000,000 | 3,069,660 | ||
Massachusetts Development Finance Agency Mass General Brigham, Inc. Series A-2 | 4.00 | 7-1-2040 | 1,000,000 | 986,968 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Massachusetts Development Finance Agency Mass General Brigham, Inc. Series A-2 | 4.00 % | 7-1-2041 | $ | 1,200,000 | $1,176,719 | |
Massachusetts Development Finance Agency Mass General Brigham, Inc. Series Q | 5.00 | 7-1-2047 | 6,085,000 | 6,221,405 | ||
Massachusetts Development Finance Agency Tufts Medicine Obligated Group Series C (AGM Insured) | 4.00 | 10-1-2045 | 2,500,000 | 2,396,027 | ||
Massachusetts HEFA Mass General Brigham, Inc. (TD Bank NA LOC)�� | 3.95 | 7-1-2040 | 835,000 | 835,000 | ||
33,987,629 | ||||||
Miscellaneous revenue: 0.16% | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue Series A-2 | 5.00 | 7-1-2052 | 9,450,000 | 10,354,713 | ||
Tax revenue: 0.66% | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue Series A | 5.00 | 6-1-2047 | 6,485,000 | 6,790,187 | ||
Commonwealth of Massachusetts Transportation Fund Revenue Series A | 5.00 | 6-1-2048 | 11,510,000 | 12,155,608 | ||
Commonwealth of Massachusetts Transportation Fund Revenue Series A | 5.00 | 6-1-2049 | 21,500,000 | 22,985,682 | ||
41,931,477 | ||||||
Water & sewer revenue: 0.31% | ||||||
Massachusetts Water Resources Authority Series B (AGM Insured) | 5.25 | 8-1-2038 | 16,000,000 | 19,883,973 | ||
174,980,671 | ||||||
Michigan: 3.03% | ||||||
Airport revenue: 0.14% | ||||||
Wayne County Airport Authority Detroit Metropolitan Wayne County Airport Series B (BAM Insured) | 5.00 | 12-1-2046 | 1,400,000 | 1,470,578 | ||
Wayne County Airport Authority Detroit Metropolitan Wayne County Airport Series B AMT | 5.00 | 12-1-2041 | 1,145,000 | 1,210,582 | ||
Wayne County Airport Authority Detroit Metropolitan Wayne County Airport Series F AMT | 5.00 | 12-1-2029 | 6,000,000 | 6,170,016 | ||
8,851,176 | ||||||
Education revenue: 0.17% | ||||||
Michigan Finance Authority Albion College | 4.00 | 12-1-2041 | 4,750,000 | 4,154,445 | ||
Michigan Finance Authority Bradford Academy | 4.30 | 9-1-2030 | 1,065,000 | 961,420 | ||
Michigan Finance Authority Bradford Academy | 4.80 | 9-1-2040 | 1,205,000 | 1,002,576 | ||
Michigan Finance Authority Bradford Academy | 5.00 | 9-1-2050 | 4,530,000 | 3,610,144 | ||
Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | 10-1-2036 | 1,032,500 | 1,032,857 | ||
10,761,442 | ||||||
Health revenue: 0.35% | ||||||
Kentwood Economic Development Corp. Holland Home Obligated Group Series 2021 | 4.00 | 11-15-2045 | 750,000 | 563,598 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Kentwood Economic Development Corp. Holland Home Obligated Group Series 2022 | 4.00 % | 11-15-2031 | $ | 1,000,000 | $914,320 | |
Michigan Finance Authority Corewell Health Obligated Group Series A | 5.00 | 11-1-2044 | 4,000,000 | 4,061,288 | ||
Michigan Finance Authority Sparrow Health Obligated Group | 5.00 | 11-15-2045 | 8,000,000 | 8,162,793 | ||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series 2016-MI | 5.00 | 12-1-2034 | 8,055,000 | 8,429,842 | ||
22,131,841 | ||||||
Housing revenue: 0.66% | ||||||
Michigan Finance Authority Detroit Regional Convention Facility Authority Series H-1 | 5.00 | 10-1-2031 | 1,340,000 | 1,357,115 | ||
Michigan Finance Authority Detroit Regional Convention Facility Authority Series H-1 | 5.00 | 10-1-2032 | 2,000,000 | 2,024,335 | ||
Michigan Finance Authority Detroit Regional Convention Facility Authority Series H-1 | 5.00 | 10-1-2033 | 2,975,000 | 3,010,480 | ||
Michigan Finance Authority Detroit Regional Convention Facility Authority Series H-1 | 5.00 | 10-1-2034 | 6,615,000 | 6,697,090 | ||
Michigan Finance Authority Detroit Regional Convention Facility Authority Series H-1 | 5.00 | 10-1-2039 | 7,955,000 | 8,034,506 | ||
Michigan Municipal Bond Authority Michigan Finance Authority Series B (Ambac Insured) | 5.25 | 12-1-2023 | 920,000 | 920,409 | ||
Michigan Municipal Bond Authority Michigan Finance Authority Series C (Ambac Insured) | 4.75 | 5-1-2027 | 4,610,000 | 4,660,657 | ||
Michigan State Building Authority Series I | 5.00 | 4-15-2041 | 13,000,000 | 13,543,315 | ||
Michigan State Housing Development Authority Series Cø | 3.95 | 12-1-2035 | 1,815,000 | 1,815,000 | ||
42,062,907 | ||||||
Miscellaneous revenue: 0.59% | ||||||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 4.50 | 10-1-2029 | 7,000,000 | 6,996,529 | ||
Michigan Finance Authority County of Wayne | 4.00 | 11-1-2048 | 6,000,000 | 5,684,372 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2039 | 7,895,000 | 7,905,026 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2044 | 16,845,000 | 16,850,205 | ||
37,436,132 | ||||||
Tax revenue: 0.17% | ||||||
Detroit Downtown Development Authority Catalyst Development Area Series A (AGM Insured) | 5.00 | 7-1-2043 | 4,975,000 | 4,999,514 | ||
Detroit Downtown Development Authority Catalyst Development Area Series A (AGM Insured) | 5.00 | 7-1-2048 | 6,000,000 | 6,027,837 | ||
11,027,351 | ||||||
Water & sewer revenue: 0.95% | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue Series C | 5.00 | 7-1-2036 | 8,500,000 | 8,874,241 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
Great Lakes Water Authority Water Supply System Revenue Series D | 4.00 % | 7-1-2032 | $ | 11,000,000 | $11,244,333 | |
Great Lakes Water Authority Water Supply System Revenue Series D (AGM Insured) | 4.00 | 7-1-2033 | 11,000,000 | 11,272,283 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C | 5.00 | 7-1-2035 | 2,000,000 | 2,044,357 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-7 (NPFGC Insured) | 5.00 | 7-1-2025 | 2,000,000 | 2,027,715 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-7 (NPFGC Insured) | 5.00 | 7-1-2026 | 1,945,000 | 1,973,213 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-7 (NPFGC Insured) | 5.00 | 7-1-2027 | 2,260,000 | 2,294,545 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-7 (NPFGC Insured) | 5.00 | 7-1-2028 | 3,480,000 | 3,533,873 | ||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-7 (NPFGC Insured) | 5.00 | 7-1-2032 | 5,750,000 | 5,835,089 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D4 | 5.00 | 7-1-2031 | 6,500,000 | 6,587,324 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D6 (NPFGC Insured) | 5.00 | 7-1-2027 | 1,000,000 | 1,015,286 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D6 (NPFGC Insured) | 5.00 | 7-1-2036 | 3,250,000 | 3,282,938 | ||
59,985,197 | ||||||
192,256,046 | ||||||
Minnesota: 0.48% | ||||||
GO revenue: 0.02% | ||||||
County of Hennepin Series A | 5.00 | 12-1-2037 | 1,000,000 | 1,077,893 | ||
Shakopee Independent School District No. 720 Series A | 4.00 | 2-1-2030 | 225,000 | 233,100 | ||
Shakopee Independent School District No. 720 Series A | 4.00 | 2-1-2032 | 240,000 | 249,280 | ||
1,560,273 | ||||||
Health revenue: 0.25% | ||||||
City of Minneapolis Fairview Health Services Obligated Group Series A | 4.00 | 11-15-2048 | 2,315,000 | 2,040,155 | ||
City of Shakopee Senior Housing Revenue Benedictine Living Community of Shakopee LLC144Aøø | 5.85 | 11-1-2058 | 13,890,000 | 13,670,474 | ||
15,710,629 | ||||||
Housing revenue: 0.15% | ||||||
Minnesota Housing Finance Agency Series G AMT (GNMA / FNMA / FHLMC Insured)ø | 3.98 | 1-1-2034 | 2,000,000 | 2,000,000 | ||
Minnesota Housing Finance Agency Series H (GNMA / FNMA / FHLMC Insured)ø | 4.56 | 7-1-2041 | 7,205,000 | 7,204,603 | ||
9,204,603 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.06% | ||||||
City of Rochester Electric Utility Revenue Series A | 5.00 % | 12-1-2042 | $ | 3,895,000 | $4,025,588 | |
30,501,093 | ||||||
Mississippi: 0.11% | ||||||
Miscellaneous revenue: 0.11% | ||||||
Mississippi Development Bank City of Jackson Water & Sewer System Revenue (AGM Insured) | 5.00 | 9-1-2030 | 6,830,000 | 6,837,537 | ||
Missouri: 0.75% | ||||||
GO revenue: 0.14% | ||||||
Liberty Public School District No. 53 | 4.00 | 3-1-2043 | 4,050,000 | 4,025,095 | ||
St. Louis School District Direct Deposit Program | 4.00 | 4-1-2030 | 4,840,000 | 4,959,717 | ||
8,984,812 | ||||||
Housing revenue: 0.19% | ||||||
Missouri Public Utilities Commission | 0.75 | 8-1-2023 | 12,000,000 | 11,965,944 | ||
Miscellaneous revenue: 0.42% | ||||||
Kansas City IDA Series B AMT (AGM Insured) | 5.00 | 3-1-2049 | 23,075,000 | 23,717,724 | ||
Kansas City IDA Airport Revenue Series B AMT | 5.00 | 3-1-2037 | 3,000,000 | 3,156,238 | ||
26,873,962 | ||||||
47,824,718 | ||||||
Nebraska: 0.12% | ||||||
Health revenue: 0.02% | ||||||
Douglas County Hospital Authority No. 2 Children’s Hospital Obligated Group Series A | 4.00 | 11-15-2040 | 1,150,000 | 1,122,180 | ||
Utilities revenue: 0.10% | ||||||
Central Plains Energy Project No. 3 Series A | 5.00 | 9-1-2033 | 6,000,000 | 6,463,433 | ||
7,585,613 | ||||||
Nevada: 1.98% | ||||||
GO revenue: 1.74% | ||||||
City of Henderson Series A-1 | 4.00 | 6-1-2045 | 9,140,000 | 9,144,575 | ||
City of Henderson Series B-1 | 4.00 | 6-1-2039 | 4,060,000 | 4,095,531 | ||
City of Henderson Series B-1 | 4.00 | 6-1-2040 | 3,340,000 | 3,353,422 | ||
City of Las Vegas Series A | 4.00 | 2-1-2038 | 1,335,000 | 1,356,285 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2035 | 9,585,000 | 9,727,008 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2036 | 850,000 | 867,348 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2037 | 900,000 | 910,924 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2038 | 850,000 | 856,601 | ||
Clark County School District Series A (AGM Insured) | 4.00 | 6-15-2039 | 1,000,000 | 1,003,341 | ||
Clark County School District Series A (AGM Insured) | 5.00 | 6-15-2030 | 875,000 | 992,923 | ||
Clark County School District Series A (AGM Insured) | 5.00 | 6-15-2032 | 900,000 | 1,020,597 | ||
Clark County School District Series A (AGM Insured) | 5.00 | 6-15-2033 | 825,000 | 934,645 | ||
Clark County School District Series A (AGM Insured) | 5.00 | 6-15-2034 | 950,000 | 1,073,294 | ||
Clark County School District Series A (AGM Insured) | 5.00 | 6-15-2035 | 1,000,000 | 1,121,575 | ||
County of Clark Series A | 5.00 | 6-1-2043 | 9,360,000 | 9,913,802 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
County of Clark Series A | 5.00 % | 5-1-2048 | $ | 50,215,000 | $52,847,587 | |
County of Clark Series C | 4.00 | 7-1-2032 | 6,000,000 | 6,199,010 | ||
Las Vegas Valley Water District Series A | 4.00 | 6-1-2034 | 4,600,000 | 4,914,998 | ||
110,333,466 | ||||||
Industrial development revenue: 0.01% | ||||||
County of Clark Southern California Edison Co. | 2.10 | 6-1-2031 | 1,250,000 | 1,043,906 | ||
Miscellaneous revenue: 0.00% | ||||||
City of Las Vegas Special Improvement District No. 607 | 5.00 | 6-1-2024 | 30,000 | 30,306 | ||
Tax revenue: 0.23% | ||||||
County of Clark Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue (AGM Insured) | 4.00 | 7-1-2040 | 10,030,000 | 10,067,642 | ||
County of Clark Sales & Excise Tax Revenue | 4.00 | 7-1-2043 | 4,500,000 | 4,457,016 | ||
14,524,658 | ||||||
125,932,336 | ||||||
New Hampshire: 0.49% | ||||||
Education revenue: 0.27% | ||||||
New Hampshire Business Finance Authority University of Nevada Reno Series A (BAM Insured) | 5.25 | 6-1-2051 | 10,000,000 | 10,783,500 | ||
New Hampshire Health & Education Facilities Authority Act University System (BAM Insured) | 5.25 | 7-1-2048 | 5,860,000 | 6,474,992 | ||
17,258,492 | ||||||
Health revenue: 0.12% | ||||||
New Hampshire Health & Education Facilities Authority Act Concord Hospital Obligated Group | 5.00 | 10-1-2047 | 5,000,000 | 5,109,874 | ||
New Hampshire Health & Education Facilities Authority Act Dartmouth-Hitchcock Obligated Group Series A | 5.00 | 8-1-2036 | 2,660,000 | 2,782,760 | ||
7,892,634 | ||||||
Housing revenue: 0.10% | ||||||
New Hampshire Business Finance Authority Series 1A | 4.13 | 1-20-2034 | 6,173,178 | 6,020,749 | ||
31,171,875 | ||||||
New Jersey: 3.17% | ||||||
Airport revenue: 0.02% | ||||||
South Jersey Port Corp. Series S | 5.00 | 1-1-2039 | 1,350,000 | 1,369,011 | ||
Education revenue: 0.01% | ||||||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2047 | 750,000 | 716,098 | ||
GO revenue: 0.30% | ||||||
City of Bayonne (AGM Insured) | 5.00 | 7-15-2023 | 2,505,000 | 2,506,091 | ||
City of Newark Series A | 5.00 | 7-15-2025 | 5,000,000 | 5,146,984 | ||
City of Newark Series A | 5.00 | 7-15-2026 | 2,205,000 | 2,270,675 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
City of Newark Series A | 5.00 % | 7-15-2027 | $ | 6,035,000 | $6,216,754 | |
City of Newark Series A | 5.25 | 7-15-2024 | 1,325,000 | 1,348,437 | ||
City of Newark Series B | 5.00 | 7-15-2025 | 385,000 | 396,318 | ||
City of Newark Series B | 5.00 | 7-15-2026 | 395,000 | 406,765 | ||
City of Newark Series B | 5.00 | 7-15-2027 | 405,000 | 417,197 | ||
City of Newark Series B | 5.25 | 7-15-2024 | 375,000 | 381,633 | ||
19,090,854 | ||||||
Housing revenue: 1.63% | ||||||
Garden State Preservation Trust Series A (AGM Insured) | 5.75 | 11-1-2028 | 15,000,000 | 16,291,353 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | 7-1-2029 | 2,620,000 | 2,501,000 | ||
New Jersey EDA New Jersey Transit Corp. Series A | 5.00 | 11-1-2038 | 5,000,000 | 5,427,686 | ||
New Jersey EDA New Jersey Transit Corp. Series A | 5.25 | 11-1-2041 | 3,000,000 | 3,290,678 | ||
New Jersey Educational Facilities Authority State of New Jersey Department of the Treasury | 5.00 | 6-15-2025 | 5,830,000 | 5,914,572 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2026 | 1,150,000 | 1,017,283 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2028 | 10,100,000 | 8,319,546 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2029 | 11,875,000 | 9,402,980 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2030 | 8,000,000 | 6,069,463 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2031 | 4,500,000 | 3,274,644 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2039 | 10,000,000 | 4,875,692 | ||
New Jersey TTFA Series A | 5.00 | 12-15-2036 | 1,500,000 | 1,588,853 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2036 | 2,070,000 | 2,070,000 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2038 | 2,000,000 | 2,165,331 | ||
New Jersey TTFA Series AA | 5.00 | 6-15-2044 | 1,000,000 | 1,005,493 | ||
New Jersey TTFA Series AA | 5.25 | 6-15-2033 | 10,000,000 | 10,000,000 | ||
New Jersey TTFA Series C | 5.25 | 6-15-2032 | 8,000,000 | 8,220,566 | ||
New Jersey TTFA Series CC | 5.25 | 6-15-2046 | 6,000,000 | 6,550,893 | ||
New Jersey TTFA Series CC | 5.50 | 6-15-2050 | 5,000,000 | 5,525,300 | ||
103,511,333 | ||||||
Industrial development revenue: 0.09% | ||||||
New Jersey EDA United Airlines, Inc. | 5.25 | 9-15-2029 | 5,960,000 | 5,975,096 | ||
Miscellaneous revenue: 0.54% | ||||||
New Jersey TTFA Series A | 4.25 | 6-15-2040 | 4,375,000 | 4,393,502 | ||
New Jersey TTFA Series A (NPFGC Insured) | 5.75 | 6-15-2025 | 10,000,000 | 10,412,716 | ||
Newark Housing Authority Port Authority of New York & New Jersey (NPFGC Insured) | 5.00 | 1-1-2032 | 7,620,000 | 8,224,424 | ||
Newark Housing Authority Port Authority of New York & New Jersey (NPFGC Insured) | 5.25 | 1-1-2024 | 1,225,000 | 1,229,367 | ||
Union County Utilities Authority Covanta Union LLC Series A AMT | 5.25 | 12-1-2031 | 9,715,000 | 9,725,758 | ||
33,985,767 | ||||||
Tax revenue: 0.14% | ||||||
New Jersey TTFA Series AA | 4.00 | 6-15-2045 | 2,195,000 | 2,098,492 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
New Jersey TTFA Series AA | 5.00 % | 6-15-2039 | $ | 3,000,000 | $3,206,132 | |
New Jersey TTFA Series AA | 5.00 | 6-15-2045 | 3,500,000 | 3,702,158 | ||
9,006,782 | ||||||
Transportation revenue: 0.44% | ||||||
New Jersey Turnpike Authority Series A | 4.00 | 1-1-2042 | 16,405,000 | 16,445,059 | ||
New Jersey Turnpike Authority Series A | 4.00 | 1-1-2043 | 8,890,000 | 8,908,257 | ||
South Jersey Transportation Authority Series A | 5.00 | 11-1-2041 | 1,000,000 | 1,056,058 | ||
South Jersey Transportation Authority Series A | 5.25 | 11-1-2052 | 1,500,000 | 1,586,404 | ||
27,995,778 | ||||||
201,650,719 | ||||||
New Mexico: 0.25% | ||||||
Industrial development revenue: 0.16% | ||||||
City of Farmington Southern California Edison Co. | 1.80 | 4-1-2029 | 5,000,000 | 4,296,940 | ||
City of Farmington Southern California Edison Co. Series B | 1.80 | 4-1-2029 | 7,000,000 | 6,015,715 | ||
10,312,655 | ||||||
Utilities revenue: 0.09% | ||||||
New Mexico Municipal Energy Acquisition Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 | 11-1-2039 | 5,140,000 | 5,249,493 | ||
15,562,148 | ||||||
New York: 11.37% | ||||||
Airport revenue: 1.07% | ||||||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2037 | 2,000,000 | 2,103,441 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2038 | 3,000,000 | 3,145,261 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2039 | 13,000,000 | 13,568,244 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2042 | 3,385,000 | 3,490,588 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 4.00 | 12-1-2039 | 700,000 | 670,962 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 4.00 | 12-1-2040 | 900,000 | 854,693 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2032 | 1,000,000 | 1,073,050 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2037 | 700,000 | 729,671 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2035 | 2,475,000 | 2,682,894 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2036 | 1,750,000 | 1,882,021 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series C | 5.00 | 12-1-2037 | 1,750,000 | 1,869,898 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue (continued) | ||||||
New York Transportation Development Corp. Laguardia Gateway Partners LLC Series A AMT | 5.00 % | 7-1-2041 | $ | 3,250,000 | $3,248,299 | |
Port Authority of New York & New Jersey | 5.00 | 9-1-2048 | 2,000,000 | 2,133,774 | ||
Port Authority of New York & New Jersey AMT | 4.00 | 11-1-2041 | 2,275,000 | 2,230,218 | ||
Port Authority of New York & New Jersey Series 193 AMT | 5.00 | 10-15-2028 | 1,760,000 | 1,804,009 | ||
Port Authority of New York & New Jersey Series 205TH | 5.25 | 11-15-2039 | 16,580,000 | 17,871,201 | ||
Port Authority of New York & New Jersey Series 221 AMT | 4.00 | 7-15-2045 | 5,000,000 | 4,814,166 | ||
RBC Municipal Products, Inc. Trust Series G-120 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144Aø | 4.07 | 10-1-2029 | 4,000,000 | 4,000,000 | ||
68,172,390 | ||||||
Education revenue: 0.52% | ||||||
Hempstead Town Local Development Corp. Series A | 4.60 | 2-1-2051 | 5,000,000 | 3,697,229 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.73 | 2-1-2050 | 10,030,000 | 9,607,816 | ||
Hempstead Town Local Development Corp. Evergreen Charter School, Inc. Series A | 5.25 | 6-15-2042 | 6,085,000 | 6,063,103 | ||
New York State Dormitory Authority Barnard College Series A | 4.00 | 7-1-2045 | 1,270,000 | 1,155,304 | ||
New York State Dormitory Authority Barnard College Series A | 4.00 | 7-1-2049 | 1,000,000 | 891,674 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2027 | 335,000 | 350,225 | ||
New York State Dormitory Authority New York University Series A | 5.00 | 7-1-2049 | 4,265,000 | 4,561,204 | ||
New York State Dormitory Authority St. John’s University Series A | 4.00 | 7-1-2048 | 2,000,000 | 1,894,804 | ||
Westchester County Local Development Corp. Pace University Series Bøø | 4.73 | 5-1-2044 | 5,000,000 | 5,000,000 | ||
33,221,359 | ||||||
GO revenue: 1.53% | ||||||
City of New York Series A-1 | 5.25 | 9-1-2042 | 8,750,000 | 9,905,558 | ||
City of New York Series A-1 | 5.25 | 9-1-2043 | 21,165,000 | 23,937,359 | ||
City of New York Series B1 | 5.00 | 10-1-2038 | 2,650,000 | 2,888,561 | ||
City of New York Series C | 4.00 | 8-1-2039 | 3,000,000 | 3,024,314 | ||
City of New York Series D | 5.25 | 5-1-2041 | 6,000,000 | 6,793,613 | ||
City of New York Series D | 5.25 | 5-1-2042 | 1,000,000 | 1,127,959 | ||
City of New York Series E1 | 5.00 | 3-1-2039 | 8,800,000 | 9,379,196 | ||
City of New York Series E1 | 5.25 | 4-1-2047 | 10,000,000 | 11,297,427 | ||
City of New York Series F1 | 5.00 | 3-1-2043 | 4,000,000 | 4,371,545 | ||
City of New York Series F1 | 5.00 | 3-1-2050 | 6,500,000 | 7,020,749 | ||
City of New York Series G4ø | 4.00 | 3-1-2039 | 10,000,000 | 10,000,000 | ||
City of Yonkers Series C (AGM Insured) | 5.00 | 3-15-2036 | 2,000,000 | 2,279,439 | ||
City of Yonkers Series C (AGM Insured) | 5.00 | 3-15-2037 | 1,100,000 | 1,240,543 | ||
City of Yonkers Series C (AGM Insured) | 5.00 | 3-15-2038 | 1,140,000 | 1,273,860 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2040 | 850,000 | 944,731 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2041 | 750,000 | 829,384 | ||
City of Yonkers Series F (BAM Insured) | 5.00 | 11-15-2042 | 1,000,000 | 1,097,261 | ||
97,411,499 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.10% | ||||||
New York State Dormitory Authority Catholic Health System Obligated Group Series B (Manufacturers & Traders LOC)ø | 4.24 % | 7-1-2048 | $ | 5,000,000 | $5,000,000 | |
Westchester County Local Development Corp. Purchase Senior Learning Community Obligated Group Series D144A | 2.88 | 7-1-2026 | 1,500,000 | 1,430,154 | ||
6,430,154 | ||||||
Housing revenue: 0.49% | ||||||
New York City Transitional Finance Authority Building Aid Revenue Series S2 | 5.00 | 7-15-2041 | 13,805,000 | 14,183,548 | ||
New York City Transitional Finance Authority Building Aid Revenue Series S3A | 4.00 | 7-15-2038 | 4,500,000 | 4,539,519 | ||
New York State Dormitory Authority Series A (AGM Insured) | 5.00 | 10-1-2034 | 5,000 | 5,552 | ||
New York State Thruway Authority State of New York Personal Income Tax Revenue Series A1 | 4.00 | 3-15-2044 | 5,000,000 | 4,925,726 | ||
Yonkers Industrial Development Agency New Community School Project | 5.00 | 5-1-2047 | 5,000,000 | 5,393,796 | ||
Yonkers Industrial Development Agency New Community School Project | 5.25 | 5-1-2051 | 1,600,000 | 1,753,442 | ||
30,801,583 | ||||||
Industrial development revenue: 0.60% | ||||||
Monroe County Industrial Development Corp. CDS Monarch, Inc. (Citizens Bank LOC)ø | 4.06 | 7-1-2027 | 485,000 | 485,000 | ||
New York Liberty Development Corp. One Bryant Park LLC | 2.80 | 9-15-2069 | 1,000,000 | 910,978 | ||
New York Transportation Development Corp. American Airlines, Inc. AMT | 3.00 | 8-1-2031 | 2,000,000 | 1,778,712 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.00 | 10-1-2035 | 20,000,000 | 20,937,316 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2032 | 12,000,000 | 12,460,092 | ||
New York Transportation Development Corp. Empire State Thruway Partners LLC AMT | 4.00 | 10-31-2046 | 1,500,000 | 1,319,377 | ||
37,891,475 | ||||||
Miscellaneous revenue: 0.79% | ||||||
New York City Industrial Development Agency Queens Ballpark Co. LLC Series A (AGM Insured) | 5.00 | 1-1-2031 | 1,000,000 | 1,123,680 | ||
New York Liberty Development Corp. Port Authority of New York & New Jersey Series 1 | 4.00 | 2-15-2043 | 4,500,000 | 4,389,390 | ||
New York State Dormitory Authority Series A (AGM Insured) | 5.00 | 10-1-2034 | 1,745,000 | 1,901,912 | ||
New York State Dormitory Authority Series A (AGM Insured) | 5.00 | 10-1-2035 | 1,000,000 | 1,084,060 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series A | 5.00 | 5-15-2047 | 15,000,000 | 16,349,911 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series A-1 | 4.00 | 5-15-2046 | 1,250,000 | 1,224,419 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series B | 5.00 | 5-15-2039 | 10,240,000 | 11,503,844 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series C | 5.00 | 5-15-2047 | 8,000,000 | 8,719,953 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series C1A | 4.00 % | 5-15-2042 | $ | 2,250,000 | $2,227,154 | |
Western Regional Off-Track Betting Corp.144A | 4.13 | 12-1-2041 | 2,400,000 | 1,810,066 | ||
50,334,389 | ||||||
Tax revenue: 2.96% | ||||||
New York City Transitional Finance Authority Building Aid Revenue Series S1 | 5.00 | 7-15-2040 | 3,155,000 | 3,221,459 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A1 | 4.00 | 8-1-2041 | 1,900,000 | 1,891,685 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-1 | 5.00 | 8-1-2031 | 17,075,000 | 17,381,691 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A2 | 5.00 | 5-1-2038 | 5,000,000 | 5,422,908 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-2 | 5.00 | 8-1-2037 | 12,140,000 | 12,910,431 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series B-1 | 4.00 | 8-1-2041 | 5,580,000 | 5,555,579 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series C-1 | 4.00 | 5-1-2044 | 6,500,000 | 6,421,014 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series C-3 | 4.00 | 5-1-2043 | 2,335,000 | 2,309,586 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series C-3 | 4.00 | 5-1-2044 | 10,710,000 | 10,579,855 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series DS | 4.00 | 11-1-2035 | 5,000,000 | 5,228,472 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series E1 | 4.00 | 2-1-2038 | 4,000,000 | 4,076,882 | ||
New York City Transitional Finance Authority Future Tax Secured Revenue Series F1 | 5.00 | 5-1-2042 | 2,390,000 | 2,510,341 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series A | 4.00 | 3-15-2046 | 11,300,000 | 11,069,682 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series A | 5.00 | 3-15-2043 | 6,750,000 | 7,239,383 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series B | 5.00 | 2-15-2045 | 7,330,000 | 7,443,572 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series D | 4.00 | 2-15-2039 | 5,000,000 | 5,026,918 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series D | 5.00 | 2-15-2048 | 12,500,000 | 13,348,699 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series E | 4.00 | 3-15-2042 | 6,000,000 | 5,954,909 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series E | 4.00 | 3-15-2044 | 2,700,000 | 2,663,600 | ||
New York State Dormitory Authority Personal Income Tax Revenue Series E | 5.00 | 2-15-2044 | 9,600,000 | 9,753,571 | ||
New York State Dormitory Authority State of New York Personal Income Tax Revenue Series A | 5.00 | 2-15-2034 | 3,790,000 | 4,005,923 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
New York State Thruway Authority State of New York Personal Income Tax Revenue Series A | 5.00 % | 3-15-2048 | $ | 10,000,000 | $10,933,765 | |
New York State Urban Development Corp. Personal Income Tax Revenue Series A | 5.00 | 3-15-2042 | 4,075,000 | 4,436,962 | ||
New York State Urban Development Corp. Personal Income Tax Revenue Series C | 5.00 | 3-15-2047 | 8,000,000 | 8,628,178 | ||
New York State Urban Development Corp. State of New York Personal Income Tax Revenue Series A | 5.00 | 3-15-2041 | 3,750,000 | 4,101,309 | ||
New York State Urban Development Corp. State of New York Personal Income Tax Revenue Series C | 4.00 | 3-15-2042 | 8,045,000 | 7,994,971 | ||
New York State Urban Development Corp. State of New York Personal Income Tax Revenue Series E | 4.00 | 3-15-2043 | 8,040,000 | 7,985,141 | ||
188,096,486 | ||||||
Transportation revenue: 1.19% | ||||||
Metropolitan Transportation Authority Series Aøø | 5.00 | 11-15-2048 | 7,300,000 | 7,376,390 | ||
Metropolitan Transportation Authority Series C | 5.00 | 11-15-2040 | 3,425,000 | 3,585,199 | ||
Metropolitan Transportation Authority Series C (AGM Insured) | 5.00 | 11-15-2041 | 9,700,000 | 10,221,699 | ||
Metropolitan Transportation Authority Series C (BAM Insured) | 5.00 | 11-15-2042 | 3,005,000 | 3,155,349 | ||
Metropolitan Transportation Authority Series C1 | 5.00 | 11-15-2035 | 2,000,000 | 2,042,755 | ||
Metropolitan Transportation Authority Series Døø | 5.00 | 11-15-2034 | 5,000,000 | 5,077,395 | ||
Metropolitan Transportation Authority Series G3 (SIFMA Municipal Swap+0.43%)± | 4.44 | 11-1-2031 | 15,000,000 | 14,746,894 | ||
Triborough Bridge & Tunnel Authority Series A | 5.00 | 11-15-2047 | 4,000,000 | 4,357,196 | ||
Triborough Bridge & Tunnel Authority Series A | 5.00 | 11-15-2049 | 7,750,000 | 8,302,603 | ||
Triborough Bridge & Tunnel Authority Series A | 5.50 | 11-15-2057 | 4,000,000 | 4,487,715 | ||
Triborough Bridge & Tunnel Authority Series B2B (State Street Bank & Trust Co. LOC)ø | 4.00 | 1-1-2032 | 12,500,000 | 12,500,000 | ||
75,853,195 | ||||||
Utilities revenue: 0.49% | ||||||
Utility Debt Securitization Authority | 5.00 | 12-15-2032 | 22,785,000 | 23,902,094 | ||
Utility Debt Securitization Authority | 5.00 | 12-15-2037 | 3,780,000 | 3,929,027 | ||
Utility Debt Securitization Authority | 5.00 | 12-15-2040 | 2,870,000 | 3,095,063 | ||
30,926,184 | ||||||
Water & sewer revenue: 1.63% | ||||||
New York City Municipal Water Finance Authority Series DD | 5.25 | 6-15-2047 | 13,450,000 | 15,238,137 | ||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series AA-1 | 5.25 | 6-15-2052 | 5,250,000 | 5,881,891 | ||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series CC-1 | 5.00 | 6-15-2049 | 12,240,000 | 13,067,619 | ||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series DD | 5.25 | 6-15-2047 | 11,490,000 | 12,071,368 | ||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series DD1 | 5.00 | 6-15-2048 | 3,000,000 | 3,151,245 | ||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series FF | 4.00 | 6-15-2041 | 8,250,000 | 8,262,673 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series FF-2 | 5.00 % | 6-15-2035 | $ | 25,000,000 | $27,812,395 | |
New York State Environmental Facilities Corp. State of New York State Revolving Fund Series A | 4.00 | 6-15-2049 | 5,000,000 | 4,954,806 | ||
New York State Environmental Facilities Corp. State of New York State Revolving Fund Series B | 5.00 | 6-15-2048 | 10,035,000 | 10,789,607 | ||
Western Nassau County Water Authority Series A | 4.00 | 4-1-2046 | 1,100,000 | 1,091,817 | ||
Western Nassau County Water Authority Series A | 4.00 | 4-1-2051 | 1,000,000 | 980,824 | ||
103,302,382 | ||||||
722,441,096 | ||||||
North Carolina: 0.51% | ||||||
Airport revenue: 0.06% | ||||||
Raleigh Durham Airport Authority Series A AMT | 5.00 | 5-1-2035 | 3,400,000 | 3,670,886 | ||
Education revenue: 0.10% | ||||||
North Carolina Capital Facilities Finance Agency Meredith College | 5.00 | 6-1-2038 | 500,000 | 512,793 | ||
North Carolina Capital Facilities Finance Agency Wake Forest University | 5.00 | 1-1-2033 | 1,000,000 | 1,046,238 | ||
University of North Carolina at Asheville | 5.00 | 6-1-2042 | 625,000 | 638,303 | ||
University of North Carolina at Chapel Hill Series Aø | 3.95 | 2-1-2024 | 305,000 | 305,000 | ||
University of North Carolina at Greensboro | 5.00 | 4-1-2033 | 2,000,000 | 2,022,315 | ||
University of North Carolina at Greensboro | 5.00 | 4-1-2039 | 1,620,000 | 1,638,075 | ||
6,162,724 | ||||||
Health revenue: 0.07% | ||||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated Group Series A | 5.00 | 1-15-2036 | 500,000 | 538,214 | ||
North Carolina Medical Care Commission Deerfield Episcopal Retirement Community Obligated Group | 5.00 | 11-1-2031 | 1,500,000 | 1,552,867 | ||
North Carolina Medical Care Commission Forest at Duke, Inc. Obligated Group | 4.00 | 9-1-2051 | 1,100,000 | 861,111 | ||
North Carolina Medical Care Commission Presbyterian Homes Obligated Group Series C | 4.00 | 10-1-2031 | 1,500,000 | 1,443,756 | ||
4,395,948 | ||||||
Housing revenue: 0.07% | ||||||
City of Raleigh Series A | 5.00 | 10-1-2033 | 1,000,000 | 1,020,574 | ||
North Carolina Capital Facilities Finance Agency Arc of North Carolina Obligated Group Series A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2034 | 2,250,000 | 2,255,788 | ||
North Carolina Capital Facilities Finance Agency North Carolina A&T University Foundation LLC Series A (AGC Insured) | 5.00 | 6-1-2027 | 1,000,000 | 1,026,151 | ||
4,302,513 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.03% | ||||||
City of Charlotte COP Series A | 5.00 % | 12-1-2026 | $ | 1,160,000 | $1,161,553 | |
City of Charlotte COP Series C | 5.00 | 6-1-2030 | 1,000,000 | 1,001,286 | ||
2,162,839 | ||||||
Resource recovery revenue: 0.08% | ||||||
North Carolina Capital Facilities Finance Agency Republic Services, Inc. AMTøø | 4.05 | 6-1-2038 | 5,000,000 | 5,000,294 | ||
Transportation revenue: 0.10% | ||||||
North Carolina Department of Transportation I-77 Mobility Partners LLC AMT | 5.00 | 6-30-2028 | 1,275,000 | 1,291,785 | ||
North Carolina Turnpike Authority (AGM Insured) | 5.00 | 1-1-2049 | 4,500,000 | 4,649,278 | ||
North Carolina Turnpike Authority Series A | 5.00 | 7-1-2042 | 500,000 | 509,753 | ||
6,450,816 | ||||||
32,146,020 | ||||||
North Dakota: 0.21% | ||||||
Miscellaneous revenue: 0.15% | ||||||
University of North Dakota COP Series A | 5.00 | 4-1-2057 | 9,000,000 | 9,325,497 | ||
Water & sewer revenue: 0.06% | ||||||
North Dakota PFA Series A | 5.00 | 10-1-2038 | 3,780,000 | 4,091,150 | ||
13,416,647 | ||||||
Ohio: 1.56% | ||||||
Education revenue: 0.07% | ||||||
Allen County Port Authority University of Northwestern Ohio Series A | 4.00 | 12-1-2035 | 650,000 | 602,210 | ||
Allen County Port Authority University of Northwestern Ohio Series A | 4.00 | 12-1-2040 | 720,000 | 622,758 | ||
Ohio Higher Educational Facility Commission Kenyon College | 5.00 | 7-1-2037 | 3,100,000 | 3,451,982 | ||
4,676,950 | ||||||
GO revenue: 0.07% | ||||||
State of Ohio Series A | 5.00 | 2-1-2036 | 4,265,000 | 4,441,309 | ||
Health revenue: 0.51% | ||||||
City of Middleburg Heights Southwest General Health Center Obligated Group Series A | 4.00 | 8-1-2041 | 4,830,000 | 4,463,272 | ||
City of Middleburg Heights Southwest General Health Center Obligated Group Series A | 4.00 | 8-1-2047 | 3,000,000 | 2,663,427 | ||
Cleveland-Cuyahoga County Port Authority Centers for Dialysis Care Obligated Group Series A | 5.00 | 12-1-2047 | 5,205,000 | 5,187,308 | ||
County of Franklin Trinity Health Corp. Obligated Group Series A | 4.00 | 12-1-2044 | 3,450,000 | 3,335,616 | ||
County of Hamilton Cincinnati Children’s Hospital Medical Center Obligated Group Series CC | 5.00 | 11-15-2041 | 2,250,000 | 2,542,395 | ||
County of Hamilton UC Health Obligated Group | 5.00 | 9-15-2045 | 7,500,000 | 7,330,582 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
County of Lucas Promedica Healthcare Obligated Group Series A | 5.25 % | 11-15-2048 | $ | 4,250,000 | $3,708,956 | |
County of Montgomery Premier Health Partners Obligated Group Series A | 4.00 | 11-15-2039 | 3,000,000 | 2,789,186 | ||
32,020,742 | ||||||
Housing revenue: 0.52% | ||||||
Ohio Water Development Authority | 5.00 | 12-1-2035 | 5,390,000 | 5,706,387 | ||
Ohio Water Development Authority | 5.00 | 12-1-2036 | 2,000,000 | 2,105,499 | ||
Ohio Water Development Authority Series B | 5.00 | 12-1-2034 | 1,895,000 | 2,016,953 | ||
RiverSouth Authority Series A | 5.75 | 12-1-2027 | 2,260,000 | 2,259,870 | ||
State of Ohio Department of Transportation AMT (AGM Insured) | 5.00 | 12-31-2039 | 2,500,000 | 2,507,875 | ||
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 | 12-31-2026 | 2,030,000 | 2,065,220 | ||
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 | 12-31-2028 | 1,610,000 | 1,637,933 | ||
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 | 12-31-2030 | 2,250,000 | 2,288,177 | ||
State of Ohio Department of Transportation Series A AMT (AGM Insured) | 5.00 | 12-31-2035 | 12,000,000 | 12,119,207 | ||
32,707,121 | ||||||
Tax revenue: 0.08% | ||||||
County of Franklin Sales Tax Revenue | 5.00 | 6-1-2048 | 5,000,000 | 5,285,048 | ||
Transportation revenue: 0.28% | ||||||
Ohio Turnpike & Infrastructure Commission Series A | 5.00 | 2-15-2039 | 7,000,000 | 7,889,295 | ||
Ohio Turnpike & Infrastructure Commission Series A-4 CAB | 5.70 | 2-15-2034 | 8,500,000 | 10,143,239 | ||
18,032,534 | ||||||
Utilities revenue: 0.03% | ||||||
Ohio Air Quality Development Authority Duke Energy Corp. Series A AMTøø | 4.25 | 11-1-2039 | 2,000,000 | 1,984,122 | ||
99,147,826 | ||||||
Oklahoma: 0.95% | ||||||
Airport revenue: 0.48% | ||||||
Oklahoma City Airport Trust Series A AMT | 5.00 | 7-1-2043 | 9,000,000 | 9,271,879 | ||
Oklahoma City Airport Trust Series A AMT | 5.00 | 7-1-2047 | 11,500,000 | 11,835,067 | ||
Tulsa Airports Improvement Trust Series A AMT (AGM Insured) | 5.00 | 6-1-2043 | 4,485,000 | 4,628,299 | ||
Tulsa Airports Improvement Trust Series A AMT (AGM Insured) | 5.25 | 6-1-2048 | 3,770,000 | 3,906,965 | ||
Tulsa Airports Improvement Trust Series A AMT (BAM Insured) | 5.00 | 6-1-2035 | 1,055,000 | 1,068,222 | ||
30,710,432 | ||||||
Health revenue: 0.03% | ||||||
Oklahoma Development Finance Authority INTEGRIS Health Obligated Group Series Cø | 4.31 | 8-15-2031 | 1,695,000 | 1,695,000 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.36% | ||||||
Garfield County Educational Facilities Authority Garfield County Independent Enid School District No. 57 Series A | 5.00 % | 9-1-2030 | $ | 2,000,000 | $2,079,730 | |
Garfield County Educational Facilities Authority Garfield County Independent Enid School District No. 57 Series A | 5.00 | 9-1-2031 | 1,145,000 | 1,189,606 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 | 9-1-2030 | 4,440,000 | 4,444,312 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 | 9-1-2031 | 5,520,000 | 5,510,911 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 | 9-1-2032 | 4,000,000 | 3,974,967 | ||
Oklahoma Development Finance Authority Oklahoma State University Series A | 5.25 | 6-1-2037 | 4,535,000 | 5,113,967 | ||
Pontotoc County Educational Facilities Authority Ada Public Schools Project | 4.00 | 9-1-2040 | 1,000,000 | 924,588 | ||
23,238,081 | ||||||
Transportation revenue: 0.02% | ||||||
Oklahoma Turnpike Authority Series A | 5.00 | 1-1-2042 | 1,000,000 | 1,027,259 | ||
Water & sewer revenue: 0.06% | ||||||
Oklahoma Water Resources Board State of Oklahoma Drinking Water State Revolving Fund Series A (CERF Insured) | 4.00 | 4-1-2048 | 4,000,000 | 3,891,157 | ||
60,561,929 | ||||||
Oregon: 0.41% | ||||||
Airport revenue: 0.03% | ||||||
Port of Portland Airport Revenue Series 24-B AMT | 5.00 | 7-1-2034 | 1,905,000 | 1,990,216 | ||
Health revenue: 0.35% | ||||||
Clackamas County Hospital Facility Authority Rose Villa, Inc. Obligated Group Series A | 5.13 | 11-15-2040 | 500,000 | 474,876 | ||
Clackamas County Hospital Facility Authority Rose Villa, Inc. Obligated Group Series A | 5.25 | 11-15-2050 | 500,000 | 460,544 | ||
Clackamas County Hospital Facility Authority Rose Villa, Inc. Obligated Group Series A | 5.38 | 11-15-2055 | 1,000,000 | 924,494 | ||
Medford Hospital Facilities Authority Asante Health System Obligated Group Series A (AGM Insured) | 4.00 | 8-15-2045 | 13,650,000 | 13,084,491 | ||
Oregon Health & Science University Oregon Health & Science University Obligated Group Series A | 4.00 | 7-1-2044 | 2,000,000 | 2,005,540 | ||
Salem Hospital Facility Authority Salem Health Obligated Group Series A | 5.00 | 5-15-2046 | 5,000,000 | 5,095,847 | ||
22,045,792 | ||||||
Utilities revenue: 0.03% | ||||||
City of Eugene Electric Utility System Revenue Series A | 4.00 | 8-1-2045 | 1,260,000 | 1,260,318 | ||
City of Eugene Electric Utility System Revenue Series A | 4.00 | 8-1-2049 | 800,000 | 788,403 | ||
2,048,721 | ||||||
26,084,729 |
Interest rate | Maturity date | Principal | Value | |||
Pennsylvania: 6.26% | ||||||
Airport revenue: 0.59% | ||||||
Allegheny County Airport Authority Series A AMT | 5.00 % | 1-1-2036 | $ | 10,000,000 | $10,766,707 | |
Allegheny County Airport Authority Series A AMT (AGM Insured) | 4.00 | 1-1-2046 | 2,000,000 | 1,881,309 | ||
City of Philadelphia Airport Revenue Series B AMT | 5.00 | 7-1-2029 | 1,000,000 | 1,053,032 | ||
City of Philadelphia Airport Revenue Series B AMT | 5.00 | 7-1-2031 | 750,000 | 790,344 | ||
City of Philadelphia Airport Revenue Series B AMT | 5.00 | 7-1-2042 | 7,860,000 | 8,043,076 | ||
City of Philadelphia Airport Revenue Series B AMT | 5.00 | 7-1-2047 | 9,950,000 | 10,150,142 | ||
City of Philadelphia Airport Revenue Series C AMT | 4.00 | 7-1-2037 | 1,695,000 | 1,653,395 | ||
City of Philadelphia Airport Revenue Series C AMT | 4.00 | 7-1-2038 | 1,260,000 | 1,224,491 | ||
City of Philadelphia Airport Revenue Series C AMT | 4.00 | 7-1-2039 | 1,830,000 | 1,771,876 | ||
37,334,372 | ||||||
Education revenue: 0.20% | ||||||
Montgomery County Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2024 | 1,540,000 | 1,547,988 | ||
Montgomery County Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2025 | 1,625,000 | 1,644,110 | ||
Pennsylvania Higher Educational Facilities Authority Drexel University Series A (AGM Insured) | 5.00 | 5-1-2046 | 4,885,000 | 5,186,153 | ||
Philadelphia IDA144A%% | 5.50 | 6-15-2043 | 1,250,000 | 1,235,042 | ||
Philadelphia IDA First Philadelphia Preparatory Charter School Series A | 7.00 | 6-15-2033 | 1,875,000 | 1,926,389 | ||
Philadelphia IDA St. Joseph’s University Series C | 4.00 | 11-1-2038 | 1,000,000 | 968,043 | ||
12,507,725 | ||||||
GO revenue: 0.30% | ||||||
North Pocono School District Series A (AGM Insured) | 4.00 | 9-15-2029 | 2,170,000 | 2,281,885 | ||
North Pocono School District Series A (AGM Insured) | 4.00 | 9-15-2032 | 1,750,000 | 1,824,509 | ||
School District of Philadelphia Series A | 5.00 | 9-1-2024 | 2,075,000 | 2,109,291 | ||
School District of Philadelphia Series F | 5.00 | 9-1-2035 | 3,820,000 | 3,928,634 | ||
West Mifflin School District (AGM Insured) | 5.00 | 4-1-2025 | 1,180,000 | 1,212,826 | ||
West Mifflin School District (AGM Insured) | 5.00 | 4-1-2026 | 1,200,000 | 1,257,250 | ||
West Mifflin School District (AGM Insured) | 5.00 | 4-1-2027 | 1,000,000 | 1,054,010 | ||
Williamsport Area School District (AGM Insured) | 4.00 | 3-1-2032 | 1,440,000 | 1,441,495 | ||
Williamsport Area School District (AGM Insured) | 4.00 | 3-1-2033 | 1,490,000 | 1,490,602 | ||
Williamsport Area School District (AGM Insured) | 4.00 | 3-1-2034 | 1,555,000 | 1,556,897 | ||
Williamsport Area School District (AGM Insured) | 4.00 | 3-1-2035 | 1,205,000 | 1,206,604 | ||
19,364,003 | ||||||
Health revenue: 1.82% | ||||||
Allegheny County Hospital Development Authority Allegheny Health Network Obligated Group Series A | 5.00 | 4-1-2047 | 5,000,000 | 5,059,741 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group (SIFMA Municipal Swap+0.70%)± | 4.71 | 11-15-2047 | 10,000,000 | 9,765,402 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group Series A | 4.00 | 7-15-2039 | 2,250,000 | 2,211,728 | ||
Chester County Health & Education Facilities Authority Main Line Health System, Inc. Obligated Group Series A | 4.00 | 9-1-2050 | 3,500,000 | 3,225,001 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Geisinger Authority Geisinger Health System Obligated Group Series A-1 | 4.00 % | 2-15-2047 | $ | 10,000,000 | $9,285,317 | |
General Authority of Southcentral Pennsylvania WellSpan Health Obligated Group Series Eø | 4.00 | 6-1-2035 | 300,000 | 300,000 | ||
Hospitals & Higher Education Facilities Authority of Philadelphia Temple University Health System Obligated Group (AGM Insured) | 5.00 | 7-1-2037 | 4,175,000 | 4,492,746 | ||
Lancaster County Hospital Authority University of Pennsylvania Health System Obligated Group | 5.00 | 8-15-2046 | 10,000,000 | 10,192,888 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group | 4.00 | 9-1-2035 | 2,750,000 | 2,744,438 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group | 4.00 | 9-1-2038 | 1,000,000 | 965,046 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group | 5.00 | 9-1-2031 | 4,100,000 | 4,438,952 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series A | 5.00 | 9-1-2043 | 3,085,000 | 3,185,137 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series Dø | 4.45 | 9-1-2050 | 9,425,000 | 9,425,000 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | 2-15-2042 | 6,000,000 | 5,810,167 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 | 11-15-2042 | 4,000,000 | 3,870,115 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 2-15-2036 | 1,000,000 | 1,109,909 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 2-15-2038 | 2,150,000 | 2,345,108 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 7-1-2038 | 6,000,000 | 6,000,000 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 2-15-2039 | 3,500,000 | 3,801,513 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 4.00 | 4-15-2045 | 6,500,000 | 6,233,072 | ||
Pennsylvania EDFA UPMC Obligated Group Series A-2 | 4.00 | 5-15-2048 | 13,000,000 | 12,167,419 | ||
Pennsylvania Higher Educational Facilities Authority Thomas Jefferson University Obligated Group Series A | 5.00 | 9-1-2045 | 2,640,000 | 2,669,427 | ||
Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Obligated Group Series A | 5.00 | 8-15-2042 | 3,000,000 | 3,103,665 | ||
Quakertown General Authority LifeQuest Obligated Group Series C | 4.50 | 7-1-2027 | 610,000 | 581,489 | ||
Quakertown General Authority LifeQuest Obligated Group Series C | 5.00 | 7-1-2032 | 1,000,000 | 918,240 | ||
Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | 7-1-2037 | 625,000 | 572,428 | ||
Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | 7-1-2029 | 700,000 | 728,554 | ||
Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | 7-1-2030 | 550,000 | 576,187 | ||
115,778,689 | ||||||
Housing revenue: 0.69% | ||||||
Pennsylvania EDFA Bridges Finco LP | 5.00 | 12-31-2030 | 600,000 | 616,486 | ||
Pennsylvania EDFA Bridges Finco LP | 5.00 | 12-31-2034 | 16,375,000 | 16,731,381 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 5.75 | 6-30-2048 | 12,000,000 | 13,184,971 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 6.00 | 6-30-2061 | 3,500,000 | 3,898,961 | ||
Pennsylvania Housing Finance Agency Series 142 | 5.00 | 10-1-2043 | 5,900,000 | 6,147,652 | ||
Pennsylvania Housing Finance Agency Series 142 | 5.50 | 10-1-2053 | 3,000,000 | 3,188,792 | ||
43,768,243 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.55% | ||||||
Delaware Valley Regional Finance Authority Series C (Ambac Insured) | 7.75 % | 7-1-2027 | $ | 4,025,000 | $4,736,690 | |
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (NPFGC Insured)¤ | 0.00 | 12-1-2025 | 1,060,000 | 966,574 | ||
State Public School Building Authority School District of Philadelphia Series A | 5.00 | 6-1-2024 | 2,250,000 | 2,278,801 | ||
State Public School Building Authority School District of Philadelphia Series A | 5.00 | 6-1-2034 | 1,915,000 | 1,985,387 | ||
State Public School Building Authority School District of Philadelphia Series A | 5.00 | 6-1-2035 | 16,715,000 | 17,264,639 | ||
State Public School Building Authority School District of Philadelphia Series A (AGM Insured) | 5.00 | 6-1-2030 | 3,800,000 | 4,001,700 | ||
Waverly Township Municipal Authority (BAM Insured) | 4.00 | 2-15-2030 | 1,065,000 | 1,118,672 | ||
Waverly Township Municipal Authority (BAM Insured) | 4.00 | 2-15-2031 | 1,110,000 | 1,164,608 | ||
Waverly Township Municipal Authority (BAM Insured) | 4.00 | 2-15-2032 | 1,155,000 | 1,211,787 | ||
34,728,858 | ||||||
Tax revenue: 0.10% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2036 | 750,000 | 781,677 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2042 | 2,000,000 | 2,018,704 | ||
Southeastern Pennsylvania Transportation Authority | 5.25 | 6-1-2047 | 3,000,000 | 3,334,570 | ||
6,134,951 | ||||||
Tobacco revenue: 0.18% | ||||||
Commonwealth Financing Authority (AGM Insured) | 4.00 | 6-1-2039 | 12,000,000 | 11,796,737 | ||
Transportation revenue: 1.50% | ||||||
Delaware River Port Authority | 5.00 | 1-1-2040 | 17,000,000 | 17,079,920 | ||
Pennsylvania Turnpike Commission Series 1 | 5.00 | 12-1-2040 | 1,000,000 | 1,109,826 | ||
Pennsylvania Turnpike Commission Series 1 | 5.00 | 12-1-2041 | 3,000,000 | 3,301,490 | ||
Pennsylvania Turnpike Commission Series 2nd | 5.00 | 12-1-2035 | 9,900,000 | 10,583,407 | ||
Pennsylvania Turnpike Commission Series A | 5.00 | 12-1-2044 | 8,905,000 | 9,411,783 | ||
Pennsylvania Turnpike Commission Series A (AGM Insured) | 4.00 | 12-1-2049 | 15,095,000 | 14,717,640 | ||
Pennsylvania Turnpike Commission Series A-1 | 5.00 | 12-1-2047 | 1,750,000 | 1,823,285 | ||
Pennsylvania Turnpike Commission Series B | 4.00 | 12-1-2046 | 3,000,000 | 2,928,823 | ||
Pennsylvania Turnpike Commission Series B | 5.25 | 12-1-2052 | 8,250,000 | 9,013,436 | ||
Pennsylvania Turnpike Commission Series B1 | 5.00 | 6-1-2027 | 1,150,000 | 1,229,200 | ||
Pennsylvania Turnpike Commission Series B1 | 5.00 | 6-1-2028 | 1,450,000 | 1,548,498 | ||
Pennsylvania Turnpike Commission Series B2 | 5.00 | 6-1-2027 | 1,260,000 | 1,346,775 | ||
Pennsylvania Turnpike Commission Series B2 | 5.00 | 6-1-2028 | 5,005,000 | 5,344,986 | ||
Pennsylvania Turnpike Commission Series C | 5.00 | 12-1-2046 | 4,125,000 | 4,380,829 | ||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Series B | 5.00 | 12-1-2043 | 6,000,000 | 6,297,704 | ||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Series B | 5.25 | 12-1-2048 | 5,145,000 | 5,424,691 | ||
95,542,293 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.08% | ||||||
Philadelphia Gas Works Co. Series A (AGM Insured) | 4.00 % | 8-1-2045 | $ | 5,000,000 | $4,916,670 | |
Water & sewer revenue: 0.25% | ||||||
City of Philadelphia Water & Wastewater Revenue Series B | 5.00 | 7-1-2033 | 8,000,000 | 8,240,866 | ||
City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | 6-1-2042 | 2,200,000 | 2,362,128 | ||
Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | 12-1-2039 | 5,500,000 | 5,053,758 | ||
15,656,752 | ||||||
397,529,293 | ||||||
Puerto Rico: 0.02% | ||||||
GO revenue: 0.02% | ||||||
HTA HRRB Custodial Trust | 5.50 | 7-1-2029 | 825,000 | 850,357 | ||
Puerto Rico Custodial Trust | 5.50 | 7-1-2029 | 659,683 | 651,525 | ||
1,501,882 | ||||||
Rhode Island: 0.24% | ||||||
Airport revenue: 0.04% | ||||||
Rhode Island Commerce Corp. | 5.00 | 7-1-2031 | 2,115,000 | 2,277,933 | ||
Education revenue: 0.03% | ||||||
Rhode Island Health & Educational Building Corp. Providence College Series A | 5.00 | 11-1-2046 | 1,855,000 | 1,975,779 | ||
Tax revenue: 0.17% | ||||||
Rhode Island Turnpike & Bridge Authority Series A | 5.00 | 10-1-2040 | 10,640,000 | 10,911,151 | ||
15,164,863 | ||||||
South Carolina: 1.41% | ||||||
Education revenue: 0.16% | ||||||
South Carolina Jobs-EDA York Preparatory Academy, Inc. Series A144A | 7.25 | 11-1-2045 | 1,500,000 | 1,571,097 | ||
University of South Carolina Series A | 5.00 | 5-1-2043 | 8,155,000 | 8,532,104 | ||
10,103,201 | ||||||
Health revenue: 0.31% | ||||||
South Carolina Jobs-EDA Prisma Health Obligated Group Series Cø | 4.48 | 5-1-2048 | 19,800,000 | 19,800,000 | ||
Housing revenue: 0.19% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023- XF3079 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.41 | 7-1-2028 | 12,236,000 | 12,236,000 | ||
Resource recovery revenue: 0.04% | ||||||
South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | 12-6-2029 | 370,000 | 303,222 | ||
South Carolina Jobs-EDA RePower South Berkeley LLC AMT144A† | 6.00 | 2-1-2035 | 1,880,000 | 752,000 | ||
South Carolina Jobs-EDA RePower South Berkeley LLC Series A AMT144A† | 6.25 | 2-1-2045 | 2,750,000 | 1,100,000 | ||
2,155,222 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.71% | ||||||
Patriots Energy Group Financing Agency Series A (Royal Bank of Canada LIQ)øø | 4.00 % | 10-1-2048 | $ | 9,040,000 | $9,040,937 | |
South Carolina Public Service Authority Series A | 4.00 | 12-1-2040 | 1,500,000 | 1,467,293 | ||
South Carolina Public Service Authority Series E | 5.75 | 12-1-2047 | 31,250,000 | 34,484,603 | ||
44,992,833 | ||||||
89,287,256 | ||||||
South Dakota: 0.38% | ||||||
Health revenue: 0.16% | ||||||
South Dakota HEFA Avera Health Obligated Group | 5.00 | 7-1-2046 | 10,000,000 | 10,173,711 | ||
Housing revenue: 0.10% | ||||||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2024 | 1,100,000 | 1,113,724 | ||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2025 | 1,000,000 | 1,028,160 | ||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2026 | 1,540,000 | 1,612,233 | ||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2032 | 1,010,000 | 1,077,971 | ||
South Dakota Board of Regents Housing & Auxiliary Facilities System | 5.00 | 4-1-2033 | 1,250,000 | 1,330,737 | ||
6,162,825 | ||||||
Resource recovery revenue: 0.12% | ||||||
South Dakota EDFA (AgCountry Farm Credit Services LOC) Riverview LLP AMTø | 4.18 | 11-1-2051 | 8,000,000 | 8,000,000 | ||
24,336,536 | ||||||
Tennessee: 1.69% | ||||||
Airport revenue: 0.35% | ||||||
Metropolitan Nashville Airport Authority Series B AMT | 5.25 | 7-1-2047 | 15,750,000 | 16,814,585 | ||
Metropolitan Nashville Airport Authority Series B AMT | 5.50 | 7-1-2052 | 5,000,000 | 5,437,103 | ||
22,251,688 | ||||||
Health revenue: 0.11% | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Vanderbilt University Medical Center Obligated Group Series A | 5.00 | 7-1-2046 | 4,000,000 | 4,069,982 | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Vanderbilt University Medical Center Obligated Group Series A | 5.00 | 7-1-2048 | 2,750,000 | 2,807,011 | ||
6,876,993 | ||||||
Utilities revenue: 1.23% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XM1024 (Morgan Stanley Bank LIQ)144Aø | 4.15 | 5-1-2052 | 7,500,000 | 7,500,000 | ||
Tennergy Corp. Series Aøø | 4.00 | 12-1-2051 | 25,000,000 | 24,665,427 | ||
Tennergy Corp. Series Aøø | 5.50 | 10-1-2053 | 10,000,000 | 10,586,961 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Tennessee Energy Acquisition Corp.øø | 4.00 % | 11-1-2049 | $ | 25,000,000 | $24,863,865 | |
Tennessee Energy Acquisition Corp. Series Aøø | 5.00 | 5-1-2052 | 2,640,000 | 2,738,749 | ||
Tennessee Energy Acquisition Corp. Series A | 5.25 | 9-1-2026 | 1,020,000 | 1,041,925 | ||
Tennessee Energy Acquisition Corp. Series A-1øø | 5.00 | 5-1-2053 | 6,500,000 | 6,724,498 | ||
78,121,425 | ||||||
107,250,106 | ||||||
Texas: 8.89% | ||||||
Airport revenue: 0.48% | ||||||
City of Austin Airport System Revenue AMT | 5.00 | 11-15-2039 | 8,000,000 | 8,037,503 | ||
City of Austin Airport System Revenue AMT | 5.00 | 11-15-2040 | 3,000,000 | 3,199,042 | ||
City of Austin Airport System Revenue AMT | 5.00 | 11-15-2044 | 3,500,000 | 3,496,638 | ||
City of Houston Airport System Revenue Series A AMT | 5.00 | 7-1-2041 | 4,750,000 | 4,909,879 | ||
Dallas Fort Worth International Airport Series B | 5.00 | 11-1-2050 | 8,000,000 | 8,633,756 | ||
Port Authority of Houston of Harris County | 4.00 | 10-1-2039 | 2,500,000 | 2,532,582 | ||
30,809,400 | ||||||
Education revenue: 0.60% | ||||||
Arlington Higher Education Finance Corp. BASIS Texas Charter Schools, Inc.144Aøø | 4.50 | 6-15-2056 | 1,000,000 | 991,017 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A144A | 6.00 | 2-15-2042 | 500,000 | 473,192 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 4.00 | 8-15-2047 | 3,000,000 | 2,634,254 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series T | 4.00 | 8-15-2047 | 2,500,000 | 2,424,645 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 5.75 | 8-15-2038 | 2,000,000 | 2,010,889 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 6.00 | 8-15-2038 | 6,000,000 | 6,074,089 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 6.13 | 8-15-2048 | 6,750,000 | 6,796,484 | ||
Clifton Higher Education Finance Corp. Valor Texas Education Foundation Series A144A | 5.50 | 6-15-2033 | 3,020,000 | 3,027,593 | ||
Clifton Higher Education Finance Corp. Valor Texas Education Foundation Series A144A | 6.00 | 6-15-2048 | 3,000,000 | 2,883,770 | ||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2031 | 2,140,000 | 2,246,200 | ||
Southwest Higher Education Authority, Inc. | 5.00 | 10-1-2032 | 650,000 | 696,713 | ||
Southwest Higher Education Authority, Inc. | 5.00 | 10-1-2039 | 750,000 | 791,917 | ||
Southwest Higher Education Authority, Inc. | 5.00 | 10-1-2040 | 1,000,000 | 1,054,236 | ||
Southwest Higher Education Authority, Inc. | 5.00 | 10-1-2041 | 900,000 | 947,479 | ||
Southwest Higher Education Authority, Inc. Southern Methodist University | 5.00 | 10-1-2030 | 1,460,000 | 1,569,607 | ||
University of Houston Series A | 5.00 | 2-15-2047 | 3,000,000 | 3,231,557 | ||
37,853,642 | ||||||
GO revenue: 2.29% | ||||||
City of El Paso | 4.00 | 8-15-2031 | 6,500,000 | 6,615,101 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
City of Georgetown | 4.00 % | 8-15-2043 | $ | 2,140,000 | $2,137,809 | |
City of Houston Series A | 4.00 | 3-1-2034 | 1,000,000 | 1,024,878 | ||
City of Palestine (AGM Insured) | 4.00 | 2-15-2051 | 4,000,000 | 3,819,998 | ||
City of Port Isabel144A | 5.10 | 2-15-2049 | 930,000 | 943,236 | ||
City of Sugar Land | 5.00 | 2-15-2030 | 1,250,000 | 1,343,246 | ||
City of Temple | 5.00 | 8-1-2032 | 1,070,000 | 1,114,399 | ||
County of Dallas | 5.00 | 8-15-2042 | 4,275,000 | 4,761,753 | ||
County of Travis Series A | 5.00 | 3-1-2036 | 12,470,000 | 13,713,967 | ||
County of Travis Series A | 5.00 | 3-1-2039 | 6,250,000 | 6,744,866 | ||
Fort Worth Independent School District | 5.00 | 2-15-2047 | 5,935,000 | 6,255,498 | ||
Harris County Flood Control District Series A%% | 4.00 | 9-15-2042 | 3,545,000 | 3,560,351 | ||
Harris County Flood Control District Series A%% | 4.00 | 9-15-2048 | 14,000,000 | 13,743,775 | ||
Houston Independent School District Series Cøø | 4.00 | 6-1-2039 | 2,000,000 | 2,022,779 | ||
Nacogdoches Independent School District | 5.00 | 2-15-2049 | 8,560,000 | 9,122,156 | ||
Pasadena Independent School District | 5.00 | 2-15-2047 | 6,250,000 | 6,827,864 | ||
Royse City Independent School District | 5.00 | 8-15-2034 | 3,025,000 | 3,118,720 | ||
Salado Independent School District | 5.00 | 2-15-2049 | 1,605,000 | 1,710,404 | ||
San Antonio Independent School District Series B | 5.00 | 8-15-2048 | 13,000,000 | 13,219,633 | ||
State of Texas Series B | 5.00 | 10-1-2036 | 24,500,000 | 25,312,371 | ||
Viridian Municipal Management District (BAM Insured) | 4.00 | 12-1-2033 | 555,000 | 556,953 | ||
Viridian Municipal Management District (BAM Insured) | 4.00 | 12-1-2034 | 1,465,000 | 1,469,746 | ||
Viridian Municipal Management District (BAM Insured) | 4.00 | 12-1-2035 | 1,520,000 | 1,522,885 | ||
Viridian Municipal Management District (BAM Insured) | 4.00 | 12-1-2036 | 1,585,000 | 1,585,203 | ||
Waller Consolidated Independent School District (BAM Insured) | 5.00 | 2-15-2041 | 5,005,000 | 5,512,503 | ||
Waller Consolidated Independent School District (BAM Insured) | 5.00 | 2-15-2043 | 6,885,000 | 7,538,799 | ||
145,298,893 | ||||||
Health revenue: 0.28% | ||||||
Harris County Cultural Education Facilities Finance Corp. Series A | 4.00 | 10-1-2038 | 2,300,000 | 2,309,199 | ||
Harris County Cultural Education Facilities Finance Corp. Texas Children’s Hospital Obligated Group Series A | 4.00 | 10-1-2037 | 3,000,000 | 3,020,907 | ||
Harris County Health Facilities Development Corp. CHRISTUS Health Obligated Group Series A-3 (AGM Insured)€øø | 4.49 | 7-1-2031 | 2,375,000 | 2,375,000 | ||
New Hope Cultural Education Facilities Finance Corp. Children’s Health System of Texas Obligated Group Series A | 4.00 | 8-15-2033 | 2,050,000 | 2,084,038 | ||
Tarrant County Cultural Education Facilities Finance Corp. Baylor Scott & White Health Obligated Group Series D | 5.50 | 11-15-2047 | 7,025,000 | 7,728,911 | ||
17,518,055 | ||||||
Housing revenue: 0.28% | ||||||
Texas Department of Housing & Community Affairs Series A (GNMA Insured)%% | 5.13 | 9-1-2048 | 3,000,000 | 3,112,347 | ||
Texas Department of Housing & Community Affairs Series A (GNMA Insured)%% | 5.25 | 9-1-2053 | 3,000,000 | 3,121,248 | ||
Texas PFA Texas Facilities Commission | 4.00 | 2-1-2036 | 2,175,000 | 2,232,464 | ||
Texas PFA Texas Facilities Commission Series A | 4.00 | 2-1-2034 | 5,000,000 | 5,204,299 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Texas PFA Texas Facilities Commission Series A | 4.00 % | 2-1-2035 | $ | 2,000,000 | $2,068,943 | |
Travis County Housing Finance Corp. Austin Gateway Apartments LPøø | 4.13 | 6-1-2045 | 2,000,000 | 2,002,760 | ||
17,742,061 | ||||||
Industrial development revenue: 0.12% | ||||||
City of Houston Airport System Revenue United Airlines, Inc. Series B-2 AMT | 5.00 | 7-15-2027 | 2,500,000 | 2,530,588 | ||
Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | 11-1-2050 | 5,000,000 | 5,029,992 | ||
7,560,580 | ||||||
Miscellaneous revenue: 0.62% | ||||||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue (AGM Insured) | 5.00 | 10-1-2048 | 20,000,000 | 21,439,638 | ||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue Series A (BAM Insured)%% | 5.25 | 10-1-2048 | 10,000,000 | 10,909,466 | ||
Lower Colorado River Authority LCRA Transmission Services Corp. | 5.00 | 5-15-2045 | 2,000,000 | 2,029,267 | ||
Lower Colorado River Authority LCRA Transmission Services Corp. Series A (AGM Insured) | 4.00 | 5-15-2043 | 5,000,000 | 4,941,578 | ||
39,319,949 | ||||||
Tax revenue: 0.12% | ||||||
Dallas Area Rapid Transit Series A | 5.00 | 12-1-2048 | 5,000,000 | 5,232,341 | ||
Old Spanish Trail-Alemda Corridors RDA (BAM Insured) | 4.00 | 9-1-2036 | 1,125,000 | 1,158,166 | ||
Old Spanish Trail-Alemda Corridors RDA (BAM Insured) | 4.00 | 9-1-2037 | 1,430,000 | 1,461,165 | ||
7,851,672 | ||||||
Transportation revenue: 1.14% | ||||||
Central Texas Regional Mobility Authority Series A | 5.00 | 1-1-2044 | 3,000,000 | 3,154,741 | ||
Central Texas Regional Mobility Authority Series A | 5.00 | 1-1-2049 | 2,450,000 | 2,557,968 | ||
Central Texas Regional Mobility Authority Series B | 4.00 | 1-1-2041 | 800,000 | 787,708 | ||
Central Texas Regional Mobility Authority Series B | 5.00 | 1-1-2046 | 1,600,000 | 1,686,870 | ||
Grand Parkway Transportation Corp. Series B CAB¤ | 0.00 | 10-1-2029 | 1,015,000 | 1,101,588 | ||
Grand Parkway Transportation Corp. Series B CAB¤ | 0.00 | 10-1-2030 | 2,000,000 | 2,177,006 | ||
Grand Parkway Transportation Corp. Series C | 4.00 | 10-1-2039 | 2,500,000 | 2,509,091 | ||
Grand Parkway Transportation Corp. Series C | 4.00 | 10-1-2045 | 28,185,000 | 27,550,708 | ||
North Texas Tollway Authority Series A | 5.00 | 1-1-2033 | 3,600,000 | 3,680,429 | ||
North Texas Tollway Authority Series A | 5.00 | 1-1-2035 | 4,000,000 | 4,078,338 | ||
North Texas Tollway Authority Series A | 5.25 | 1-1-2038 | 3,500,000 | 3,877,004 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 4.00 | 12-31-2037 | 3,000,000 | 2,823,162 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments 3 LLC Series A AMT | 6.75 | 6-30-2043 | 4,000,000 | 4,015,541 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments 3 LLC Series A AMT | 7.00 | 12-31-2038 | 12,500,000 | 12,556,307 | ||
72,556,461 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.25% | ||||||
City of San Antonio Electric & Gas Systems Revenue (SIFMA Municipal Swap+0.87%)± | 4.88 % | 2-1-2048 | $ | 8,000,000 | $8,000,394 | |
Lower Colorado River Authority (AGM Insured) | 4.00 | 5-15-2040 | 2,500,000 | 2,494,240 | ||
Texas Municipal Gas Acquisition & Supply Corp. III | 5.00 | 12-15-2032 | 5,000,000 | 5,223,101 | ||
15,717,735 | ||||||
Water & sewer revenue: 2.71% | ||||||
City of Austin Water & Wastewater System Revenue | 5.00 | 11-15-2045 | 15,065,000 | 15,633,677 | ||
City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | 9-1-2046 | 1,000,000 | 1,064,726 | ||
City of Brownsville Utilities System Revenue (BAM Insured) | 5.00 | 9-1-2051 | 1,000,000 | 1,054,628 | ||
City of Dallas Waterworks & Sewer System Revenue Series A | 4.00 | 10-1-2042 | 4,455,000 | 4,485,587 | ||
City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | 10-1-2030 | 3,810,000 | 3,952,174 | ||
City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | 10-1-2047 | 7,000,000 | 7,811,087 | ||
City of Fort Worth Water & Sewer System Revenue | 4.13 | 2-15-2046 | 18,365,000 | 18,193,550 | ||
San Antonio Water System Series A | 5.00 | 5-15-2043 | 7,000,000 | 7,417,057 | ||
Tarrant Regional Water District | 5.00 | 9-1-2034 | 3,500,000 | 3,571,012 | ||
Tarrant Regional Water District Water Supply System Revenue | 5.00 | 3-1-2049 | 15,000,000 | 15,168,193 | ||
Texas Water Development Board State Revolving Fund | 4.00 | 8-1-2038 | 2,500,000 | 2,530,117 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas | 4.00 | 10-15-2045 | 9,260,000 | 9,257,243 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series A | 4.00 | 10-15-2036 | 5,000,000 | 5,096,378 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series A | 4.00 | 10-15-2037 | 15,650,000 | 15,885,064 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series A | 4.00 | 10-15-2038 | 6,500,000 | 6,572,173 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series A | 4.00 | 10-15-2044 | 9,905,000 | 9,911,328 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series B | 5.00 | 4-15-2049 | 42,000,000 | 44,580,199 | ||
172,184,193 | ||||||
564,412,641 | ||||||
Utah: 0.69% | ||||||
Airport revenue: 0.49% | ||||||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2034 | 5,910,000 | 6,491,448 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2035 | 5,000,000 | 5,446,200 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2036 | 2,500,000 | 2,626,209 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2043 | 2,500,000 | 2,575,522 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2048 | 5,500,000 | 5,642,101 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.25 | 7-1-2048 | 3,000,000 | 3,110,762 | ||
City of Salt Lake City Airport Revenue Series B | 5.00 | 7-1-2043 | 1,500,000 | 1,566,518 | ||
City of Salt Lake City Airport Revenue Series B | 5.00 | 7-1-2048 | 3,500,000 | 3,630,068 | ||
31,088,828 | ||||||
Education revenue: 0.04% | ||||||
University of Utah Series 2015-XM0056 (Citibank NA LIQ)144Aø | 3.69 | 8-1-2043 | 2,680,000 | 2,680,000 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.12% | ||||||
County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 % | 5-15-2041 | $ | 8,220,000 | $8,060,992 | |
Miscellaneous revenue: 0.02% | ||||||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2050 | 1,500,000 | 1,130,590 | ||
Tax revenue: 0.02% | ||||||
Utah Telecommunication Open Infrastructure Agency | 5.50 | 6-1-2040 | 1,000,000 | 1,131,641 | ||
44,092,051 | ||||||
Virginia: 0.43% | ||||||
GO revenue: 0.09% | ||||||
City of Norfolk Series C | 4.00 | 9-1-2032 | 5,810,000 | 6,055,626 | ||
Health revenue: 0.10% | ||||||
Roanoke EDA Richfield Living Obligated Group Series 2020† | 5.00 | 9-1-2040 | 3,290,000 | 2,201,859 | ||
Virginia Commonwealth University Health System Authority Series B | 5.00 | 7-1-2046 | 4,270,000 | 4,359,794 | ||
6,561,653 | ||||||
Housing revenue: 0.05% | ||||||
Virginia Commonwealth Transportation Board | 4.00 | 5-15-2046 | 3,000,000 | 2,942,958 | ||
Tax revenue: 0.01% | ||||||
Marquis CDA of York County Virginia CAB144A | 7.50 | 9-1-2045 | 397,000 | 119,100 | ||
Marquis CDA of York County Virginia Series B | 5.63 | 9-1-2041 | 1,310,000 | 393,000 | ||
Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | 9-1-2041 | 1,824,000 | 4,560 | ||
516,660 | ||||||
Transportation revenue: 0.18% | ||||||
Virginia Small Business Financing Authority 95 Express Lanes LLC AMT | 4.00 | 1-1-2040 | 1,800,000 | 1,676,661 | ||
Virginia Small Business Financing Authority 95 Express Lanes LLC AMT | 4.00 | 1-1-2048 | 6,000,000 | 5,291,553 | ||
Virginia Small Business Financing Authority Elizabeth River Crossings OpCo. LLC AMT | 4.00 | 7-1-2029 | 1,450,000 | 1,454,449 | ||
Virginia Small Business Financing Authority Elizabeth River Crossings OpCo. LLC AMT | 4.00 | 1-1-2040 | 3,250,000 | 3,034,447 | ||
11,457,110 | ||||||
27,534,007 | ||||||
Washington: 3.18% | ||||||
Airport revenue: 0.50% | ||||||
Port of Seattle AMT | 5.00 | 4-1-2044 | 16,000,000 | 16,565,751 | ||
Port of Seattle Series B AMT | 5.00 | 8-1-2047 | 2,900,000 | 3,041,300 | ||
Port of Seattle Series B AMT | 5.50 | 8-1-2047 | 3,850,000 | 4,180,648 | ||
Port of Seattle Series C AMT | 5.00 | 8-1-2046 | 7,865,000 | 8,226,501 | ||
32,014,200 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 0.04% | ||||||
Washington Higher Education Facilities Authority Seattle University | 4.00 % | 5-1-2045 | $ | 1,000,000 | $921,789 | |
Washington Higher Education Facilities Authority Seattle University | 5.00 | 5-1-2030 | 760,000 | 838,362 | ||
Washington Higher Education Facilities Authority Seattle University | 5.00 | 5-1-2032 | 335,000 | 368,308 | ||
Washington Higher Education Facilities Authority Seattle University | 5.00 | 5-1-2033 | 300,000 | 329,515 | ||
2,457,974 | ||||||
GO revenue: 1.77% | ||||||
City of Seattle | 4.00 | 12-1-2040 | 2,500,000 | 2,502,322 | ||
Clark County School District No. 114 Evergreen | 4.00 | 12-1-2031 | 9,000,000 | 9,406,343 | ||
Clark County School District No. 114 Evergreen | 4.00 | 12-1-2034 | 2,500,000 | 2,586,731 | ||
County of Grant | 5.25 | 12-1-2047 | 3,500,000 | 3,881,946 | ||
Grant County Public Hospital District No. 2 | 5.00 | 12-1-2038 | 4,000,000 | 4,122,047 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2029 | 8,940,000 | 9,426,319 | ||
King County Public Hospital District No. 1 | 5.00 | 12-1-2035 | 9,430,000 | 9,730,984 | ||
King County School District No. 210 Federal Way | 4.00 | 12-1-2033 | 10,000,000 | 10,349,223 | ||
King County School District No. 414 Lake Washington | 5.00 | 12-1-2034 | 1,000,000 | 1,096,510 | ||
Snohomish County School District No. 103 Monroe | 5.00 | 12-1-2031 | 1,500,000 | 1,548,741 | ||
State of Washington Series 2016-B | 5.00 | 8-1-2032 | 8,545,000 | 8,866,617 | ||
State of Washington Series 2017-A | 5.00 | 8-1-2033 | 1,500,000 | 1,587,381 | ||
State of Washington Series 2017-A | 5.00 | 8-1-2041 | 2,500,000 | 2,600,857 | ||
State of Washington Series A | 5.00 | 8-1-2036 | 3,500,000 | 3,922,214 | ||
State of Washington Series A | 5.00 | 8-1-2040 | 3,500,000 | 3,645,340 | ||
State of Washington Series B | 5.00 | 6-1-2036 | 5,000,000 | 5,597,381 | ||
State of Washington Series B | 5.00 | 8-1-2037 | 6,400,000 | 6,701,857 | ||
State of Washington Series C | 5.00 | 2-1-2044 | 16,000,000 | 17,630,600 | ||
State of Washington Series F | 5.00 | 6-1-2038 | 6,500,000 | 7,274,623 | ||
112,478,036 | ||||||
Health revenue: 0.36% | ||||||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series A2 | 5.00 | 8-1-2038 | 3,000,000 | 3,139,443 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 4.00 | 9-1-2045 | 3,000,000 | 2,814,235 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group144A | 4.00 | 12-1-2045 | 2,450,000 | 2,297,320 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 5.00 | 9-1-2040 | 1,000,000 | 1,056,080 | ||
Washington Health Care Facilities Authority Providence St. Joseph Health Obligated Group Series A | 5.00 | 10-1-2042 | 6,285,000 | 6,284,851 | ||
Washington Health Care Facilities Authority Providence St. Joseph Health Obligated Group Series D | 5.00 | 10-1-2041 | 6,000,000 | 6,004,236 | ||
Washington Health Care Facilities Authority Seattle Children’s Hospital Obligated Group Series A | 5.00 | 10-1-2047 | 1,055,000 | 1,088,056 | ||
22,684,221 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.15% | ||||||
FYI Properties State of Washington Consolidated Technology Services | 5.00 % | 6-1-2037 | $ | 7,395,000 | $7,910,110 | |
FYI Properties State of Washington Consolidated Technology Services | 5.00 | 6-1-2038 | 1,750,000 | 1,865,196 | ||
9,775,306 | ||||||
Miscellaneous revenue: 0.16% | ||||||
State of Washington COP Series A | 5.00 | 7-1-2038 | 3,265,000 | 3,456,798 | ||
State of Washington COP Series B | 5.00 | 7-1-2038 | 1,660,000 | 1,786,397 | ||
State of Washington COP Series B | 5.00 | 7-1-2039 | 1,745,000 | 1,872,032 | ||
State of Washington COP Series B | 5.00 | 7-1-2040 | 1,480,000 | 1,582,724 | ||
State of Washington COP Series B | 5.00 | 7-1-2041 | 1,555,000 | 1,654,606 | ||
10,352,557 | ||||||
Utilities revenue: 0.05% | ||||||
Energy Northwest Bonneville Power Administration Series A | 5.00 | 7-1-2034 | 2,500,000 | 2,851,444 | ||
Water & sewer revenue: 0.15% | ||||||
County of King Sewer Revenue | 5.00 | 7-1-2042 | 4,660,000 | 4,887,633 | ||
Eclipse Funding Trust Series 2017-0028 (U.S. Bank N.A. LIQ)144Aøø | 3.49 | 7-1-2042 | 4,370,000 | 4,370,000 | ||
9,257,633 | ||||||
201,871,371 | ||||||
West Virginia: 0.19% | ||||||
GO revenue: 0.04% | ||||||
Ohio County Board of Education | 3.00 | 6-1-2026 | 2,680,000 | 2,674,186 | ||
Health revenue: 0.08% | ||||||
West Virginia Hospital Finance Authority West Virginia United Health System Obligated Group Series A | 5.00 | 6-1-2043 | 4,750,000 | 5,055,060 | ||
Tax revenue: 0.07% | ||||||
Monongalia County Commission Excise Tax District Series A144A | 4.13 | 6-1-2043 | 1,515,000 | 1,342,014 | ||
Monongalia County Commission Excise Tax District Series A144A | 5.50 | 6-1-2037 | 2,500,000 | 2,551,385 | ||
Monongalia County Commission Excise Tax District Series A144A | 5.75 | 6-1-2043 | 675,000 | 689,839 | ||
4,583,238 | ||||||
12,312,484 | ||||||
Wisconsin: 3.00% | ||||||
Education revenue: 0.60% | ||||||
Milwaukee RDA Milwaukee Science Education Consortium, Inc. | 6.00 | 8-1-2033 | 2,120,000 | 2,123,993 | ||
Milwaukee RDA Milwaukee Science Education Consortium, Inc. | 6.25 | 8-1-2043 | 4,650,000 | 4,659,584 | ||
PFA Carolina International School Series A144A | 6.00 | 8-1-2023 | 85,000 | 85,084 | ||
PFA Carolina International School Series A144A | 6.75 | 8-1-2033 | 2,430,000 | 2,433,330 | ||
PFA Carolina International School Series A144A | 7.00 | 8-1-2043 | 1,575,000 | 1,576,805 | ||
PFA Carolina International School Series A144A | 7.20 | 8-1-2048 | 940,000 | 941,105 | ||
PFA Nevada Charter Academies Series A144A | 5.00 | 7-15-2039 | 1,375,000 | 1,285,681 | ||
PFA Northwest Nazarene University, Inc. | 4.25 | 10-1-2049 | 5,410,000 | 4,715,638 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Wisconsin HEFA Marquette University | 5.00 % | 10-1-2031 | $ | 6,690,000 | $7,609,595 | |
Wisconsin HEFA Marquette University | 5.00 | 10-1-2032 | 7,040,000 | 8,098,955 | ||
Wisconsin HEFA Medical College of Wisconsin, Inc. | 4.00 | 12-1-2046 | 5,000,000 | 4,768,555 | ||
38,298,325 | ||||||
GO revenue: 0.13% | ||||||
City of Milwaukee Series B4 (AGM Insured) | 5.00 | 4-1-2038 | 3,000,000 | 3,248,346 | ||
Verona Area School District | 4.00 | 4-1-2027 | 3,385,000 | 3,473,867 | ||
Verona Area School District | 4.00 | 4-1-2028 | 1,380,000 | 1,419,491 | ||
8,141,704 | ||||||
Health revenue: 0.90% | ||||||
PFA WakeMed Obligated Group Series A | 4.00 | 10-1-2049 | 24,500,000 | 22,671,202 | ||
Wisconsin HEFA Ascension Health Credit Group Series A | 4.50 | 11-15-2039 | 4,925,000 | 4,966,033 | ||
Wisconsin HEFA Ascension Health Credit Group Series A | 5.00 | 11-15-2035 | 12,000,000 | 12,459,842 | ||
Wisconsin HEFA Ascension Health Credit Group Series B2 | 4.00 | 11-15-2043 | 5,000,000 | 4,837,047 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2041 | 1,315,000 | 1,377,852 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2042 | 2,000,000 | 2,095,085 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2043 | 3,540,000 | 3,699,165 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | 12-1-2052 | 2,000,000 | 2,166,875 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series Cø | 5.30 | 2-15-2053 | 3,000,000 | 3,000,000 | ||
57,273,101 | ||||||
Housing revenue: 0.70% | ||||||
PFA Wilmington LLC (AGM Insured) | 4.00 | 7-1-2023 | 350,000 | 350,000 | ||
PFA Wilmington LLC (AGM Insured) | 4.00 | 7-1-2024 | 800,000 | 801,270 | ||
PFA Wilmington LLC (AGM Insured) | 4.00 | 7-1-2025 | 920,000 | 923,298 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2026 | 1,360,000 | 1,410,332 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2027 | 1,675,000 | 1,764,448 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2028 | 2,025,000 | 2,165,724 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2029 | 2,190,000 | 2,348,301 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2030 | 2,300,000 | 2,467,933 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2031 | 1,415,000 | 1,518,623 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2048 | 16,775,000 | 17,314,499 | ||
PFA Wilmington LLC (AGM Insured) | 5.00 | 7-1-2053 | 5,000,000 | 5,142,076 | ||
State of Wisconsin Environmental Improvement Fund Revenue Series A | 5.00 | 6-1-2033 | 3,420,000 | 3,519,624 | ||
Wisconsin Housing & EDA Multifamily Housing Revenue Series Aø | 3.95 | 4-1-2046 | 2,790,000 | 2,790,000 | ||
Wisconsin Housing & EDA Home Ownership Revenue Series Eø | 4.00 | 9-1-2035 | 1,850,000 | 1,850,000 | ||
44,366,128 | ||||||
Industrial development revenue: 0.10% | ||||||
PFA Customer Facility Charge-SA LLC Series A | 5.00 | 2-1-2042 | 2,500,000 | 2,543,964 | ||
PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | 2-1-2042 | 4,000,000 | 4,000,525 | ||
6,544,489 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.11% | ||||||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 % | 12-15-2037 | $ | 1,600,000 | $848,805 | |
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2038 | 1,600,000 | 803,939 | ||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2045 | 14,715,000 | 5,072,739 | ||
6,725,483 | ||||||
Tax revenue: 0.46% | ||||||
Village of Mount Pleasant Series A | 5.00 | 4-1-2043 | 20,205,000 | 21,246,048 | ||
Village of Mount Pleasant Series A | 5.00 | 4-1-2048 | 6,910,000 | 7,077,080 | ||
Village of Mount Pleasant Series A (BAM Insured) | 5.00 | 4-1-2048 | 650,000 | 668,515 | ||
28,991,643 | ||||||
190,340,873 | ||||||
Total municipal obligations (Cost $6,473,416,290) | 6,309,519,444 |
Yield | Shares | |||||
Short-term investments: 0.54% | ||||||
Investment companies: 0.54% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 34,481,658 | 34,488,555 | |||
Total short-term investments (Cost $34,488,541) | 34,488,555 | |||||
Total investments in securities (Cost $6,549,904,831) | 100.54 % | 6,386,007,999 | ||||
Other assets and liabilities, net | (0.54 ) | (34,420,165 ) | ||||
Total net assets | 100.00 % | $6,351,587,834 |
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. |
¤ | 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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
## | 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. |
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 |
CCAB | Convertible capital appreciation bond |
CDA | Community Development Authority |
CERF | Credit Enhancement Reserve Fund |
COP | Certificate of participation |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HEFA | Health & Educational Facilities 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 |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
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 | $15,147,751 | $1,562,825,991 | $(1,543,466,263 ) | $(18,226 ) | $(698 ) | $34,488,555 | 34,481,658 | $1,382,862 |
Assets | |
Investments in unaffiliated securities, at value (cost $6,515,416,290) | $6,351,519,444 |
Investments in affiliated securities, at value (cost $34,488,541) | 34,488,555 |
Cash | 7,308,191 |
Receivable for interest | 71,438,797 |
Receivable for Fund shares sold | 3,943,027 |
Receivable for investments sold | 1,444,999 |
Prepaid expenses and other assets | 646,399 |
Total assets | 6,470,789,412 |
Liabilities | |
Payable for when-issued transactions | 49,538,125 |
Payable for investments purchased | 48,925,184 |
Payable for Fund shares redeemed | 12,977,289 |
Dividends payable | 4,957,902 |
Management fee payable | 1,703,508 |
Administration fees payable | 493,875 |
Distribution fee payable | 16,657 |
Cash due to broker | 1,733 |
Accrued expenses and other liabilities | 587,305 |
Total liabilities | 119,201,578 |
Total net assets | $6,351,587,834 |
Net assets consist of | |
Paid-in capital | $6,594,110,819 |
Total distributable loss | (242,522,985 ) |
Total net assets | $6,351,587,834 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $819,018,772 |
Shares outstanding–Class A1 | 84,320,599 |
Net asset value per share–Class A | $9.71 |
Maximum offering price per share – Class A2 | $10.17 |
Net assets–Class C | $25,301,837 |
Shares outstanding–Class C1 | 2,605,713 |
Net asset value per share–Class C | $9.71 |
Net assets–Class R6 | $809,610,810 |
Shares outstanding–Class R61 | 83,341,889 |
Net asset value per share–Class R6 | $9.71 |
Net assets–Administrator Class | $1,263,909,733 |
Shares outstanding–Administrator Class1 | 130,086,482 |
Net asset value per share–Administrator Class | $9.72 |
Net assets–Institutional Class | $3,433,746,682 |
Shares outstanding–Institutional Class1 | 353,544,609 |
Net asset value per share–Institutional Class | $9.71 |
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 | $200,676,890 |
Income from affiliated securities | 1,382,862 |
Total investment income | 202,059,752 |
Expenses | |
Management fee | 19,791,968 |
Administration fees | |
Class A | 1,370,546 |
Class C | 46,671 |
Class R6 | 212,662 |
Administrator Class | 1,126,562 |
Institutional Class | 2,485,101 |
Shareholder servicing fees | |
Class A | 2,138,461 |
Class C | 72,690 |
Administrator Class | 2,812,579 |
Distribution fee | |
Class C | 218,070 |
Custody and accounting fees | 289,528 |
Professional fees | 105,342 |
Registration fees | 204,576 |
Shareholder report expenses | 213,170 |
Trustees’ fees and expenses | 24,875 |
Other fees and expenses | 140,099 |
Total expenses | 31,252,900 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (150,427 ) |
Class C | (3,580 ) |
Administrator Class | (1,194,294 ) |
Net expenses | 29,904,599 |
Net investment income | 172,155,153 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (10,420,298 ) |
Affiliated securities | (18,226 ) |
Net realized losses on investments | (10,438,524 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 9,478,352 |
Affiliated securities | (698 ) |
Net change in unrealized gains (losses) on investments | 9,477,654 |
Net realized and unrealized gains (losses) on investments | (960,870 ) |
Net increase in net assets resulting from operations | $171,194,283 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $172,155,153 | $132,330,860 | ||
Net realized losses on investments | (10,438,524 ) | (29,696,038 ) | ||
Net change in unrealized gains (losses) on investments | 9,477,654 | (586,935,899 ) | ||
Net increase (decrease) in net assets resulting from operations | 171,194,283 | (484,301,077 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (23,155,494 ) | (22,307,254 ) | ||
Class C | (565,678 ) | (618,947 ) | ||
Class R6 | (21,866,954 ) | (11,522,096 ) | ||
Administrator Class | (32,304,792 ) | (22,759,543 ) | ||
Institutional Class | (94,100,017 ) | (75,114,595 ) | ||
Total distributions to shareholders | (171,992,935 ) | (132,322,435 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,029,818 | 67,837,081 | 3,555,083 | 37,023,328 |
Class C | 489,210 | 4,712,486 | 298,478 | 3,190,333 |
Class R6 | 99,211,328 | 946,842,572 | 100,043,556 | 1,000,180,422 |
Administrator Class | 186,561,897 | 1,796,246,089 | 143,501,780 | 1,460,363,388 |
Institutional Class | 241,003,059 | 2,322,722,803 | 109,281,926 | 1,122,718,011 |
5,138,361,031 | 3,623,475,482 | |||
Reinvestment of distributions | ||||
Class A | 2,111,396 | 20,339,740 | 1,906,296 | 19,851,582 |
Class C | 55,461 | 534,001 | 56,879 | 592,739 |
Class R6 | 56,171 | 541,314 | 13,432 | 139,556 |
Administrator Class | 3,312,161 | 31,955,076 | 2,179,944 | 22,612,571 |
Institutional Class | 8,288,208 | 79,883,147 | 6,625,814 | 68,879,804 |
133,253,278 | 112,076,252 | |||
Payment for shares redeemed | ||||
Class A | (17,898,762 ) | (172,433,833 ) | (14,894,404 ) | (153,994,313 ) |
Class C | (1,503,738 ) | (14,497,210 ) | (1,430,615 ) | (14,862,619 ) |
Class R6 | (79,070,706 ) | (753,142,645 ) | (71,421,897 ) | (708,522,552 ) |
Administrator Class | (166,439,668 ) | (1,599,217,170 ) | (131,372,943 ) | (1,338,909,878 ) |
Institutional Class | (177,840,192 ) | (1,699,846,680 ) | (114,743,308 ) | (1,161,120,631 ) |
(4,239,137,538 ) | (3,377,409,993 ) | |||
Net increase in net assets resulting from capital share transactions | 1,032,476,771 | 358,141,741 | ||
Total increase (decrease) in net assets | 1,031,678,119 | (258,481,771 ) | ||
Net assets | ||||
Beginning of period | 5,319,909,715 | 5,578,391,486 | ||
End of period | $6,351,587,834 | $5,319,909,715 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.70 | $10.83 | $10.55 | $10.55 | $10.21 |
Net investment income | 0.26 | 0.23 | 0.24 | 0.25 | 0.30 1 |
Net realized and unrealized gains (losses) on investments | 0.01 | (1.13 ) | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.27 | (0.90 ) | 0.52 | 0.26 | 0.64 |
Distributions to shareholders from | |||||
Net investment income | (0.26 ) | (0.23 ) | (0.24 ) | (0.25 ) | (0.30 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.26 ) | (0.23 ) | (0.24 ) | (0.26 ) | (0.30 ) |
Net asset value, end of period | $9.71 | $9.70 | $10.83 | $10.55 | $10.55 |
Total return2 | 2.85 % | (8.47 )% | 4.95 % | 2.54 % | 6.35 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77 % | 0.77 % | 0.77 % | 0.77 % | 0.78 % |
Net expenses | 0.75 % | 0.74 % | 0.74 % | 0.74 % | 0.75 % |
Net investment income | 2.72 % | 2.16 % | 2.22 % | 2.40 % | 2.89 % |
Supplemental data | |||||
Portfolio turnover rate | 8 % | 18 % | 16 % | 24 % | 20 % |
Net assets, end of period (000s omitted) | $819,019 | $902,671 | $1,110,503 | $1,138,934 | $1,206,717 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.70 | $10.83 | $10.55 | $10.55 | $10.21 |
Net investment income | 0.19 | 0.15 1 | 0.16 1 | 0.17 | 0.22 |
Net realized and unrealized gains (losses) on investments | 0.01 | (1.13 ) | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.20 | (0.98 ) | 0.44 | 0.18 | 0.56 |
Distributions to shareholders from | |||||
Net investment income | (0.19 ) | (0.15 ) | (0.16 ) | (0.17 ) | (0.22 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.19 ) | (0.15 ) | (0.16 ) | (0.18 ) | (0.22 ) |
Net asset value, end of period | $9.71 | $9.70 | $10.83 | $10.55 | $10.55 |
Total return2 | 2.08 % | (9.16 )% | 4.16 % | 1.77 % | 5.56 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51 % | 1.51 % | 1.51 % | 1.51 % | 1.53 % |
Net expenses | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 1.95 % | 1.40 % | 1.47 % | 1.64 % | 2.15 % |
Supplemental data | |||||
Portfolio turnover rate | 8 % | 18 % | 16 % | 24 % | 20 % |
Net assets, end of period (000s omitted) | $25,302 | $34,561 | $50,251 | $79,863 | $98,411 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.70 | $10.83 | $10.55 | $10.55 | $10.21 |
Net investment income | 0.30 | 0.26 | 0.28 | 0.29 | 0.30 |
Net realized and unrealized gains (losses) on investments | 0.01 | (1.13 ) | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.31 | (0.87 ) | 0.56 | 0.30 | 0.64 |
Distributions to shareholders from | |||||
Net investment income | (0.30 ) | (0.26 ) | (0.28 ) | (0.29 ) | (0.30 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.30 ) | (0.26 ) | (0.28 ) | (0.30 ) | (0.30 ) |
Net asset value, end of period | $9.71 | $9.70 | $10.83 | $10.55 | $10.55 |
Total return2 | 3.23 % | (8.14 )% | 5.33 % | 2.90 % | 6.43 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.40 % |
Net expenses | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.40 % |
Net investment income | 3.10 % | 2.55 % | 2.58 % | 2.76 % | 3.16 % |
Supplemental data | |||||
Portfolio turnover rate | 8 % | 18 % | 16 % | 24 % | 20 % |
Net assets, end of period (000s omitted) | $809,611 | $612,487 | $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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.70 | $10.84 | $10.56 | $10.55 | $10.21 |
Net investment income | 0.28 | 0.24 | 0.25 | 0.27 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | (1.14 ) | 0.28 | 0.02 | 0.34 |
Total from investment operations | 0.30 | (0.90 ) | 0.53 | 0.29 | 0.65 |
Distributions to shareholders from | |||||
Net investment income | (0.28 ) | (0.24 ) | (0.25 ) | (0.27 ) | (0.31 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.28 ) | (0.24 ) | (0.25 ) | (0.28 ) | (0.31 ) |
Net asset value, end of period | $9.72 | $9.70 | $10.84 | $10.56 | $10.55 |
Total return | 3.11 % | (8.42 )% | 5.10 % | 2.78 % | 6.51 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.71 % | 0.71 % | 0.71 % | 0.71 % | 0.72 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 2.89 % | 2.31 % | 2.37 % | 2.54 % | 3.02 % |
Supplemental data | |||||
Portfolio turnover rate | 8 % | 18 % | 16 % | 24 % | 20 % |
Net assets, end of period (000s omitted) | $1,263,910 | $1,034,623 | $1,000,652 | $1,017,781 | $832,318 |
1 | Calculated based upon average shares outstanding |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.70 | $10.83 | $10.55 | $10.55 | $10.21 |
Net investment income | 0.29 | 0.26 | 0.27 | 0.29 | 0.33 |
Net realized and unrealized gains (losses) on investments | 0.01 | (1.13 ) | 0.28 | 0.01 | 0.34 |
Total from investment operations | 0.30 | (0.87 ) | 0.55 | 0.30 | 0.67 |
Distributions to shareholders from | |||||
Net investment income | (0.29 ) | (0.26 ) | (0.27 ) | (0.29 ) | (0.33 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.29 ) | (0.26 ) | (0.27 ) | (0.30 ) | (0.33 ) |
Net asset value, end of period | $9.71 | $9.70 | $10.83 | $10.55 | $10.55 |
Total return | 3.18 % | (8.19 )% | 5.28 % | 2.85 % | 6.67 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.44 % | 0.44 % | 0.44 % | 0.44 % | 0.45 % |
Net expenses | 0.44 % | 0.44 % | 0.44 % | 0.44 % | 0.45 % |
Net investment income | 3.05 % | 2.47 % | 2.53 % | 2.71 % | 3.15 % |
Supplemental data | |||||
Portfolio turnover rate | 8 % | 18 % | 16 % | 24 % | 20 % |
Net assets, end of period (000s omitted) | $3,433,747 | $2,735,568 | $3,043,109 | $3,006,622 | $2,862,588 |
Gross unrealized gains | $52,233,352 |
Gross unrealized losses | (217,538,899 ) |
Net unrealized losses | $(165,305,547 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $42,000,000 | $0 | $42,000,000 |
Municipal obligations | 0 | 6,309,519,444 | 0 | 6,309,519,444 |
Short-term investments | ||||
Investment companies | 34,488,555 | 0 | 0 | 34,488,555 |
Total assets | $34,488,555 | $6,351,519,444 | $0 | $6,386,007,999 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$5,208,753 | $(165,305,547 ) | $(77,402,364 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278imgb5df75d57.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g493278imga97b9bb01.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g493278img82ca5bde8.gif)
AR3317 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832img01265b8a2.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832img6d906da53.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net2 | |
Class A (WMSAX) | 2-28-2020 | -2.69 | -1.64 | 1.88 | -0.28 | 1.34 | 0.75 |
Class C (WMSCX) | 2-28-2020 | 0.90 | -0.59 | 1.90 | -0.59 | 2.09 | 1.50 |
Class R6 (WMSRX) | 2-28-2020 | – | – | 2.34 | 0.10 | 0.96 | 0.40 |
Administrator Class (WMSDX) | 2-28-2020 | – | – | 2.09 | -0.11 | 1.28 | 0.60 |
Institutional Class (WMSIX) | 2-28-2020 | – | – | 2.29 | 0.05 | 1.01 | 0.45 |
Bloomberg Municipal Bond Index3 | – | – | – | 3.19 | -0.82 * | – | – |
* | 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, 2023, 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832imgae8fa3c64.jpg)
1 | The chart compares the performance of Class A shares since inception with the Bloomberg Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832img2dfbea2a5.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832img11f640bb6.jpg)
1 | Figures represent the percentage of the Fund’s total investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,019.62 | $3.76 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75 % |
Class C | ||||
Actual | $1,000.00 | $1,022.04 | $6.52 | 1.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.35 | $6.51 | 1.30 % |
Class R6 | ||||
Actual | $1,000.00 | $1,022.48 | $2.01 | 0.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,020.93 | $3.01 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,022.23 | $2.26 | 0.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.26 | 0.45 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 94.09% | ||||||
Arizona: 1.24% | ||||||
GO revenue: 1.24% | ||||||
Maricopa County Elementary School District No. 25-Liberty Series A (AGM Insured) | 5.00 % | 7-1-2023 | $ | 300,000 | $300,000 | |
California: 6.73% | ||||||
Education revenue: 0.46% | ||||||
California Municipal Finance Authority STREAM Charter School Series A144A | 5.00 | 6-15-2051 | 125,000 | 111,877 | ||
Health revenue: 0.44% | ||||||
California Municipal Finance Authority Eisenhower Medical Center Series A | 5.00 | 7-1-2027 | 100,000 | 104,847 | ||
Housing revenue: 4.25% | ||||||
California Infrastructure & Economic Development Bank California State Teachers’ Retirement System | 5.00 | 8-1-2030 | 310,000 | 348,458 | ||
California Municipal Finance Authority CHF-Riverside II LLC | 5.00 | 5-15-2029 | 375,000 | 402,093 | ||
California Municipal Finance Authority Special Finance Agency XII Allure Apartments Series A2144A | 4.38 | 8-1-2049 | 200,000 | 154,810 | ||
California Statewide Communities Development Authority Community Improvement Authority Series B144A | 4.00 | 9-1-2046 | 150,000 | 124,858 | ||
1,030,219 | ||||||
Miscellaneous revenue: 1.58% | ||||||
City & County of San Francisco Series A COP | 4.00 | 4-1-2034 | 370,000 | 383,362 | ||
1,630,305 | ||||||
Colorado: 6.75% | ||||||
Education revenue: 3.21% | ||||||
Colorado ECFA Prospect Ridge Academy Series A | 5.00 | 3-15-2027 | 535,000 | 560,292 | ||
Colorado School of Mines Series B (AGM Insured) | 5.25 | 12-1-2052 | 200,000 | 216,717 | ||
777,009 | ||||||
Health revenue: 2.02% | ||||||
Colorado Health Facilities Authority AdventHealth Obligated Group Series A | 4.00 | 11-15-2043 | 500,000 | 490,395 | ||
Tax revenue: 1.52% | ||||||
Regional Transportation District Denver Transit Partners LLC Series A | 4.00 | 7-15-2040 | 375,000 | 367,401 | ||
1,634,805 | ||||||
District of Columbia: 1.13% | ||||||
Water & sewer revenue: 1.13% | ||||||
District of Columbia Water & Sewer Authority Series A | 5.00 | 10-1-2038 | 250,000 | 274,866 | ||
Florida: 0.44% | ||||||
Education revenue: 0.44% | ||||||
Florida Development Finance Corp. United Cerebral Palsy of Central Florida, Inc. Series A | 5.00 | 6-1-2050 | 125,000 | 107,360 |
Interest rate | Maturity date | Principal | Value | |||
Georgia: 1.09% | ||||||
Education revenue: 1.09% | ||||||
Private Colleges & Universities Authority Mercer University | 5.25 % | 10-1-2051 | $ | 250,000 | $264,588 | |
Guam: 1.05% | ||||||
Water & sewer revenue: 1.05% | ||||||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 250,000 | 253,767 | ||
Idaho: 1.63% | ||||||
Health revenue: 1.63% | ||||||
Idaho Health Facilities Authority Trinity Health Corp. Obligated Group Series A | 5.00 | 12-1-2047 | 385,000 | 395,323 | ||
Illinois: 19.10% | ||||||
Education revenue: 2.55% | ||||||
Illinois Finance Authority Lawndale Educational & Regional Network Charter School Obligated Group | 4.00 | 11-1-2051 | 750,000 | 617,210 | ||
GO revenue: 2.12% | ||||||
City of Decatur (BAM Insured) | 5.00 | 3-1-2024 | 375,000 | 377,963 | ||
Kendall Kane & Will Counties Community Unit School District No. 308 (AGM Insured)¤ | 0.00 | 2-1-2027 | 155,000 | 136,520 | ||
514,483 | ||||||
Health revenue: 4.32% | ||||||
Illinois Finance Authority Carle Foundation Obligated Group Series A | 4.00 | 8-15-2048 | 500,000 | 455,082 | ||
Southwestern Illinois Development Authority Hospital Sisters Services Obligated Group Series A | 5.00 | 2-15-2025 | 580,000 | 592,626 | ||
1,047,708 | ||||||
Tax revenue: 2.13% | ||||||
Chicago Transit Authority Sales Tax Receipts Fund (AGM Insured) | 5.00 | 12-1-2046 | 500,000 | 516,252 | ||
Transportation revenue: 2.82% | ||||||
Public Building Commission of Chicago (Ambac Insured) | 5.25 | 3-1-2031 | 600,000 | 683,193 | ||
Water & sewer revenue: 5.16% | ||||||
City of Chicago Wastewater Transmission Revenue Series A (AGM Insured) | 5.25 | 1-1-2053 | 500,000 | 544,602 | ||
City of Chicago Wastewater Transmission Revenue Series C | 5.00 | 1-1-2024 | 700,000 | 705,090 | ||
1,249,692 | ||||||
4,628,538 | ||||||
Indiana: 4.54% | ||||||
Health revenue: 2.22% | ||||||
Indiana Finance Authority Series A%% | 5.00 | 10-1-2053 | 500,000 | 538,583 | ||
Housing revenue: 2.32% | ||||||
Indiana Finance Authority Indiana Finance Authority State Revolving Fund Series E | 5.00 | 2-1-2047 | 500,000 | 561,138 | ||
1,099,721 |
Interest rate | Maturity date | Principal | Value | |||
Massachusetts: 6.06% | ||||||
Education revenue: 2.14% | ||||||
Massachusetts Development Finance Agency Trustees of Boston College Series U | 5.00 % | 7-1-2025 | $ | 500,000 | $519,255 | |
Health revenue: 3.92% | ||||||
Massachusetts Development Finance Agency Boston Medical Center Corp. Obligated Group Series D | 5.00 | 7-1-2044 | 300,000 | 301,479 | ||
Massachusetts Development Finance Agency Boston Medical Center Corp. Obligated Group Series G | 5.25 | 7-1-2052 | 500,000 | 524,313 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2025 | 125,000 | 124,890 | ||
950,682 | ||||||
1,469,937 | ||||||
Michigan: 3.92% | ||||||
Housing revenue: 2.19% | ||||||
Michigan State Building Authority Series I | 5.00 | 10-15-2031 | 500,000 | 529,738 | ||
Water & sewer revenue: 1.73% | ||||||
Great Lakes Water Authority Water Supply System Revenue Series D | 5.00 | 7-1-2031 | 400,000 | 419,645 | ||
949,383 | ||||||
Minnesota: 0.36% | ||||||
Education revenue: 0.36% | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Hmong College Preparatory Academy Series A | 5.00 | 9-1-2055 | 100,000 | 87,379 | ||
Nevada: 2.32% | ||||||
GO revenue: 2.32% | ||||||
County of Clark | 5.00 | 11-1-2029 | 500,000 | 561,362 | ||
New Jersey: 4.37% | ||||||
Education revenue: 2.80% | ||||||
Passaic County Improvement Authority Paterson Arts & Science Charter School | 5.25 | 7-1-2043 | 670,000 | 679,143 | ||
Housing revenue: 1.57% | ||||||
Garden State Preservation Trust Series A (AGM Insured) | 5.75 | 11-1-2028 | 100,000 | 108,609 | ||
New Jersey EDA State of New Jersey Department of the Treasury Series XX | 4.00 | 6-15-2024 | 270,000 | 271,512 | ||
380,121 | ||||||
1,059,264 | ||||||
New York: 8.71% | ||||||
Education revenue: 5.85% | ||||||
Allegany County Capital Resource Corp. Houghton College Series A | 5.00 | 12-1-2026 | 390,000 | 396,604 | ||
Build NYC Resource Corp. East Harlem Scholars Academy Charter School Obligated Group144A | 5.00 | 6-1-2032 | 375,000 | 378,908 | ||
Build NYC Resource Corp. Integration Charter Schools Series A144A | 5.00 | 6-1-2041 | 150,000 | 142,447 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
New York State Dormitory Authority Series A | 5.00 % | 7-1-2038 | $ | 270,000 | $290,359 | |
Tompkins County Development Corp. Ithaca College | 5.00 | 7-1-2041 | 205,000 | 209,590 | ||
1,417,908 | ||||||
GO revenue: 0.52% | ||||||
City of Poughkeepsie | 5.00 | 6-1-2024 | 125,000 | 125,414 | ||
Water & sewer revenue: 2.34% | ||||||
New York State Environmental Facilities Corp. New York State Revolving Fund Series A | 5.00 | 6-15-2032 | 500,000 | 567,797 | ||
2,111,119 | ||||||
North Carolina: 0.75% | ||||||
Housing revenue: 0.75% | ||||||
North Carolina Capital Facilities Finance Agency Arc of North Carolina Obligated Group Series A (Department of Housing and Urban Development Insured) | 5.00 | 10-1-2024 | 180,000 | 180,897 | ||
Oklahoma: 1.03% | ||||||
Housing revenue: 1.03% | ||||||
McIntosh County Educational Facilities Authority McIntosh County Independent School District No. 19 Checotah | 2.00 | 9-1-2023 | 250,000 | 249,019 | ||
Oregon: 4.05% | ||||||
GO revenue: 2.21% | ||||||
City of Bend | 5.00 | 6-1-2050 | 500,000 | 536,633 | ||
Health revenue: 1.84% | ||||||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2031 | 430,000 | 445,743 | ||
982,376 | ||||||
Pennsylvania: 5.96% | ||||||
Education revenue: 1.03% | ||||||
Allegheny County Higher Education Building Authority Robert Morris University | 5.00 | 10-15-2037 | 250,000 | 249,596 | ||
Health revenue: 2.65% | ||||||
Lancaster County Hospital Authority Penn State Health Obligated Group | 5.00 | 11-1-2051 | 625,000 | 641,606 | ||
Transportation revenue: 2.28% | ||||||
Pennsylvania Turnpike Commission Series B1 | 5.25 | 6-1-2047 | 535,000 | 552,800 | ||
1,444,002 | ||||||
South Carolina: 1.20% | ||||||
Education revenue: 1.20% | ||||||
South Carolina Jobs-EDA Wofford College | 5.00 | 4-1-2033 | 270,000 | 292,024 |
Interest rate | Maturity date | Principal | Value | |||
Texas: 0.94% | ||||||
Water & sewer revenue: 0.94% | ||||||
Texas Water Development Board State Water Implementation Revenue Fund for Texas Series B | 5.00 % | 4-15-2024 | $ | 225,000 | $228,138 | |
Utah: 4.58% | ||||||
Housing revenue: 4.58% | ||||||
University of Utah Series B | 5.00 | 8-1-2042 | 1,000,000 | 1,110,178 | ||
Washington: 5.49% | ||||||
Education revenue: 0.63% | ||||||
Washington Higher Education Facilities Authority Seattle University | 5.00 | 5-1-2027 | 145,000 | 153,011 | ||
GO revenue: 2.73% | ||||||
King County Public Hospital District No. 1 | 5.00 | 12-1-2026 | 625,000 | 661,480 | ||
Utilities revenue: 2.13% | ||||||
Chelan County Public Utility District No. 1 Series A | 4.00 | 7-1-2036 | 500,000 | 516,093 | ||
1,330,584 | ||||||
Wisconsin: 0.65% | ||||||
Health revenue: 0.65% | ||||||
PFA Washoe Barton Medical Clinic Series A | 4.00 | 12-1-2051 | 200,000 | 158,063 | ||
Total municipal obligations (Cost $24,003,637) | 22,802,998 |
Yield | Shares | |||||
Short-term investments: 6.79% | ||||||
Investment companies: 6.79% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 1,645,858 | 1,646,188 | |||
Total short-term investments (Cost $1,646,187) | 1,646,188 | |||||
Total investments in securities (Cost $25,649,824) | 100.88 % | 24,449,186 | ||||
Other assets and liabilities, net | (0.88 ) | (212,642 ) | ||||
Total net assets | 100.00 % | $24,236,544 |
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. |
%% | The security is purchased on a when-issued basis. |
♠ | 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. |
## | All or a portion of this security is segregated for when-issued securities. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
Ambac | Ambac Financial Group Incorporated |
BAM | Build America Mutual Assurance Company |
COP | Certificate of participation |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
GO | General obligation |
PFA | Public Finance 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 | $1,657,378 | $9,947,594 | $(9,958,535 ) | $(76 ) | $(173 ) | $1,646,188 | 1,645,858 | $16,990 |
Assets | |
Investments in unaffiliated securities, at value (cost $24,003,637) | $22,802,998 |
Investments in affiliated securities, at value (cost $1,646,187) | 1,646,188 |
Cash | 198 |
Receivable for interest | 292,236 |
Receivable from manager | 18,307 |
Receivable for Fund shares sold | 2,966 |
Prepaid expenses and other assets | 35,553 |
Total assets | 24,798,446 |
Liabilities | |
Payable for when-issued transactions | 539,015 |
Payable for Fund shares redeemed | 7,221 |
Dividends payable | 3,372 |
Administration fees payable | 1,071 |
Trustees’ fees and expenses payable | 192 |
Accrued expenses and other liabilities | 11,031 |
Total liabilities | 561,902 |
Total net assets | $24,236,544 |
Net assets consist of | |
Paid-in capital | $26,098,589 |
Total distributable loss | (1,862,045 ) |
Total net assets | $24,236,544 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $183,363 |
Shares outstanding–Class A1 | 9,799 |
Net asset value per share–Class A | $18.71 |
Maximum offering price per share – Class A2 | $19.59 |
Net assets–Class C | $26,051 |
Shares outstanding–Class C1 | 1,381 |
Net asset value per share–Class C | $18.86 |
Net assets–Class R6 | $20,394,827 |
Shares outstanding–Class R61 | 1,089,006 |
Net asset value per share–Class R6 | $18.73 |
Net assets–Administrator Class | $671,939 |
Shares outstanding–Administrator Class1 | 35,886 |
Net asset value per share–Administrator Class | $18.72 |
Net assets–Institutional Class | $2,960,364 |
Shares outstanding–Institutional Class1 | 158,079 |
Net asset value per share–Institutional Class | $18.73 |
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 | $703,336 |
Income from affiliated securities | 16,990 |
Total investment income | 720,326 |
Expenses | |
Management fee | 105,944 |
Administration fees | |
Class A | 1,794 |
Class C | 1,474 |
Class R6 | 6,051 |
Administrator Class | 1,309 |
Institutional Class | 2,370 |
Shareholder servicing fees | |
Class A | 2,803 |
Class C | 2,303 |
Administrator Class | 3,272 |
Custody and accounting fees | 6,101 |
Professional fees | 49,852 |
Registration fees | 61,161 |
Shareholder report expenses | 30,454 |
Trustees’ fees and expenses | 21,873 |
Other fees and expenses | 4,128 |
Total expenses | 300,889 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (176,939 ) |
Class A | (3 ) |
Class C | (273 ) |
Administrator Class | (1,462 ) |
Net expenses | 122,212 |
Net investment income | 598,114 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (216,703 ) |
Affiliated securities | (76 ) |
Net realized losses on investments | (216,779 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 202,536 |
Affiliated securities | (173 ) |
Net change in unrealized gains (losses) on investments | 202,363 |
Net realized and unrealized gains (losses) on investments | (14,416 ) |
Net increase in net assets resulting from operations | $583,698 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $598,114 | $517,750 | ||
Net realized losses on investments | (216,779 ) | (195,609 ) | ||
Net change in unrealized gains (losses) on investments | 202,363 | (2,945,055 ) | ||
Net increase (decrease) in net assets resulting from operations | 583,698 | (2,622,914 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (21,904 ) | (20,430 ) | ||
Class C | (12,465 ) | (9,713 ) | ||
Class R6 | (466,948 ) | (420,586 ) | ||
Administrator Class | (27,846 ) | (20,570 ) | ||
Institutional Class | (67,783 ) | (47,135 ) | ||
Total distributions to shareholders | (596,946 ) | (518,434 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 5,552 | 103,768 | 11,757 | 247,206 |
Administrator Class | 30,854 | 572,220 | 1,286 | 26,349 |
Institutional Class | 127,689 | 2,394,151 | 116,315 | 2,407,016 |
3,070,139 | 2,680,571 | |||
Reinvestment of distributions | ||||
Class A | 1,176 | 21,881 | 663 | 13,052 |
Class C | 664 | 12,425 | 283 | 5,551 |
Class R6 | 24,934 | 464,127 | 14,072 | 277,876 |
Administrator Class | 1,490 | 27,761 | 658 | 12,951 |
Institutional Class | 3,616 | 67,381 | 1,957 | 38,861 |
593,575 | 348,291 | |||
Payment for shares redeemed | ||||
Class A | (58,932 ) | (1,100,729 ) | (5,387 ) | (109,248 ) |
Class C | (49,566 ) | (933,310 ) | 0 | 0 |
Administrator Class | (54,592 ) | (1,021,309 ) | (482 ) | (9,946 ) |
Institutional Class | (105,313 ) | (1,958,155 ) | (41,768 ) | (819,382 ) |
(5,013,503 ) | (938,576 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (1,349,789 ) | 2,090,286 | ||
Total decrease in net assets | (1,363,037 ) | (1,051,062 ) | ||
Net assets | ||||
Beginning of period | 25,599,581 | 26,650,643 | ||
End of period | $24,236,544 | $25,599,581 |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Class A | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $18.73 | $21.03 | $20.35 | $20.00 |
Net investment income | 0.37 2 | 0.32 | 0.34 | 0.10 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (2.29 ) | 0.68 | 0.35 |
Total from investment operations | 0.35 | (1.97 ) | 1.02 | 0.45 |
Distributions to shareholders from | ||||
Net investment income | (0.37 ) | (0.33 ) | (0.34 ) | (0.10 ) |
Net asset value, end of period | $18.71 | $18.73 | $21.03 | $20.35 |
Total return3 | 1.88 % | (9.47 )% | 5.04 % | 2.27 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.44 % | 1.34 % | 1.85 % | 2.26 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 1.96 % | 1.60 % | 1.64 % | 1.52 % |
Supplemental data | ||||
Portfolio turnover rate | 19 % | 31 % | 77 % | 32 % |
Net assets, end of period (000s omitted) | $183 | $1,161 | $1,156 | $1,020 |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Class C | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $18.83 | $21.03 | $20.35 | $20.00 |
Net investment income | 0.26 2 | 0.30 | 0.19 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.09 | (2.31 ) | 0.68 | 0.36 |
Total from investment operations | 0.35 | (2.01 ) | 0.87 | 0.41 |
Distributions to shareholders from | ||||
Net investment income | (0.32 ) | (0.19 ) | (0.19 ) | (0.06 ) |
Net asset value, end of period | $18.86 | $18.83 | $21.03 | $20.35 |
Total return3 | 1.90 % | (9.60 )% | 4.30 % | 2.04 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.44 % | 2.09 % | 2.35 % | 3.01 % |
Net expenses | 1.30 %* | 0.88 %* | 1.46 %* | 1.50 % |
Net investment income | 1.41 % | 1.47 % | 0.93 % | 0.78 % |
Supplemental data | ||||
Portfolio turnover rate | 19 % | 31 % | 77 % | 32 % |
Net assets, end of period (000s omitted) | $26 | $947 | $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: |
Year ended June 30, 2023 | 0.11% |
Year ended June 30, 2022 | 0.62% |
Year ended June 30, 2021 | 0.04% |
1 | For the period from February 28, 2020 (commencement of class operations) to June 30, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Class R6 | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $18.73 | $21.03 | $20.35 | $20.00 |
Net investment income | 0.43 2 | 0.39 | 0.41 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | 0.00 3 | (2.29 ) | 0.68 | 0.35 |
Total from investment operations | 0.43 | (1.90 ) | 1.09 | 0.48 |
Distributions to shareholders from | ||||
Net investment income | (0.43 ) | (0.40 ) | (0.41 ) | (0.13 ) |
Net asset value, end of period | $18.73 | $18.73 | $21.03 | $20.35 |
Total return4 | 2.34 % | (9.16 )% | 5.41 % | 2.39 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.09 % | 0.96 % | 1.48 % | 1.88 % |
Net expenses | 0.40 % | 0.40 % | 0.40 % | 0.40 % |
Net investment income | 2.32 % | 1.95 % | 1.99 % | 1.87 % |
Supplemental data | ||||
Portfolio turnover rate | 19 % | 31 % | 77 % | 32 % |
Net assets, end of period (000s omitted) | $20,395 | $19,929 | $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 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Administrator Class | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $18.73 | $21.03 | $20.35 | $20.00 |
Net investment income | 0.40 2 | 0.35 | 0.37 | 0.11 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (2.29 ) | 0.68 | 0.35 |
Total from investment operations | 0.39 | (1.94 ) | 1.05 | 0.46 |
Distributions to shareholders from | ||||
Net investment income | (0.40 ) | (0.36 ) | (0.37 ) | (0.11 ) |
Net asset value, end of period | $18.72 | $18.73 | $21.03 | $20.35 |
Total return3 | 2.09 % | (9.34 )% | 5.20 % | 2.32 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.40 % | 1.28 % | 1.77 % | 2.20 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 2.13 % | 1.75 % | 1.80 % | 1.67 % |
Supplemental data | ||||
Portfolio turnover rate | 19 % | 31 % | 77 % | 32 % |
Net assets, end of period (000s omitted) | $672 | $1,089 | $1,192 | $1,017 |
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. |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Institutional Class | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $18.73 | $21.03 | $20.35 | $20.00 |
Net investment income | 0.43 2 | 0.39 | 0.40 | 0.12 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (2.30 ) | 0.68 | 0.35 |
Total from investment operations | 0.42 | (1.91 ) | 1.08 | 0.47 |
Distributions to shareholders from | ||||
Net investment income | (0.42 ) | (0.39 ) | (0.40 ) | (0.12 ) |
Net asset value, end of period | $18.73 | $18.73 | $21.03 | $20.35 |
Total return3 | 2.29 % | (9.20 )% | 5.36 % | 2.37 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.14 % | 1.01 % | 1.52 % | 1.93 % |
Net expenses | 0.45 % | 0.45 % | 0.45 % | 0.45 % |
Net investment income | 2.29 % | 1.90 % | 1.94 % | 1.82 % |
Supplemental data | ||||
Portfolio turnover rate | 19 % | 31 % | 77 % | 32 % |
Net assets, end of period (000s omitted) | $2,960 | $2,474 | $1,169 | $1,017 |
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. |
Gross unrealized gains | $18,588 |
Gross unrealized losses | (1,219,226 ) |
Net unrealized losses | $(1,200,638 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $22,802,998 | $0 | $22,802,998 |
Short-term investments | ||||
Investment companies | 1,646,188 | 0 | 0 | 1,646,188 |
Total assets | $1,646,188 | $22,802,998 | $0 | $24,449,186 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$4,540 | $(1,200,638 ) | $(662,575 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832imgf3f88dcf7.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g455832img1126c60a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g455832imgca29b34e8.gif)
AR4336 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930img85226f122.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930imgccffeb103.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (EKVAX) | 12-27-1990 | -2.58 | 0.31 | 1.95 | 1.97 | 1.23 | 2.42 | 0.94 | 0.74 |
Class C (EKVCX) | 2-1-1993 | 0.20 | 0.49 | 1.81 | 1.20 | 0.49 | 1.81 | 1.69 | 1.49 |
Institutional Class (EKVYX) | 11-24-1997 | – | – | – | 2.23 | 1.49 | 2.68 | 0.61 | 0.49 |
Bloomberg Municipal Bond Index3 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
Bloomberg Pennsylvania Municipal Bond Index4 | – | – | – | – | 3.25 | 2.06 | 2.91 | – | – |
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, 2023, 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930imge06e683d4.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond Index and Bloomberg Pennsylvania Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930img750abc775.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930imgb6de85126.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,022.54 | $3.71 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.13 | $3.71 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,018.75 | $7.46 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.41 | $7.45 | 1.49 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,023.81 | $2.46 | 0.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.37 | $2.46 | 0.49 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 98.04% | ||||||
Alabama: 0.75% | ||||||
Utilities revenue: 0.75% | ||||||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 % | 1-1-2054 | $ | 750,000 | $784,197 | |
California: 0.49% | ||||||
Utilities revenue: 0.49% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2031 | 500,000 | 517,336 | ||
Georgia: 0.46% | ||||||
Utilities revenue: 0.46% | ||||||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 500,000 | 483,272 | ||
Guam: 1.18% | ||||||
Airport revenue: 0.76% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2031 | 200,000 | 205,271 | ||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2032 | 550,000 | 582,058 | ||
787,329 | ||||||
Miscellaneous revenue: 0.42% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 500,000 | 441,929 | ||
1,229,258 | ||||||
Illinois: 1.41% | ||||||
GO revenue: 1.12% | ||||||
State of Illinois | 5.00 | 5-1-2025 | 550,000 | 555,286 | ||
State of Illinois Series B | 5.00 | 9-1-2025 | 595,000 | 612,736 | ||
1,168,022 | ||||||
Miscellaneous revenue: 0.29% | ||||||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 2.27 | 12-1-2024 | 308,000 | 299,783 | ||
1,467,805 | ||||||
Pennsylvania: 93.75% | ||||||
Airport revenue: 3.52% | ||||||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2051 | 1,500,000 | 1,556,777 | ||
City of Philadelphia Airport Revenue Series A AMT | 5.00 | 6-15-2026 | 580,000 | 589,791 | ||
City of Philadelphia Airport Revenue Series A AMT | 5.00 | 6-15-2030 | 1,500,000 | 1,528,683 | ||
3,675,251 | ||||||
Education revenue: 18.99% | ||||||
Allegheny County Higher Education Building Authority Robert Morris University | 5.00 | 10-15-2037 | 750,000 | 748,788 | ||
Chester County IDA Avon Grove Charter School Series A | 5.00 | 12-15-2047 | 1,160,000 | 1,129,010 | ||
Chester County IDA Collegium Charter School Series A | 5.13 | 10-15-2037 | 1,000,000 | 963,154 | ||
Chester County IDA Renaissance Academy Charter School | 3.75 | 10-1-2024 | 255,000 | 254,749 | ||
Cumberland County Municipal Authority Dickinson College | 5.00 | 5-1-2032 | 940,000 | 975,630 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Delaware County Authority Neumann University | 5.00 % | 10-1-2039 | $ | 250,000 | $248,710 | |
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 4.00 | 5-1-2032 | 330,000 | 331,165 | ||
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 4.00 | 5-1-2033 | 315,000 | 315,768 | ||
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 4.00 | 5-1-2034 | 550,000 | 552,722 | ||
Huntingdon County General Authority Juniata College Series T | 5.00 | 10-1-2051 | 2,000,000 | 1,960,955 | ||
Latrobe IDA Seton Hill University | 4.00 | 3-1-2051 | 800,000 | 617,185 | ||
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2032 | 675,000 | 661,209 | ||
Lehigh County IDA Seven Generations Charter School Series A | 4.00 | 5-1-2051 | 750,000 | 553,143 | ||
Montgomery County Higher Education & Health Authority Arcadia University | 5.00 | 4-1-2030 | 1,500,000 | 1,530,424 | ||
Montgomery County IDA Series A | 4.00 | 10-1-2046 | 225,000 | 184,362 | ||
Montgomery County IDA Series A | 4.00 | 10-1-2051 | 825,000 | 652,420 | ||
Montgomery County IDA Public School of Germantown Series A | 4.00 | 10-1-2041 | 450,000 | 385,216 | ||
Northeastern Pennsylvania Hospital & Education Authority Wilkes University Series B | 5.25 | 3-1-2037 | 1,000,000 | 1,022,894 | ||
Pennsylvania Higher Educational Facilities Authority Ursinus College Series A | 5.00 | 11-1-2026 | 500,000 | 511,663 | ||
Pennsylvania Higher Educational Facilities Authority Ursinus College Series A | 5.00 | 11-1-2027 | 300,000 | 309,677 | ||
Philadelphia IDA144A%% | 5.50 | 6-15-2043 | 500,000 | 494,017 | ||
Philadelphia IDA First Philadelphia Preparatory Charter School Series A | 7.00 | 6-15-2033 | 940,000 | 965,763 | ||
Philadelphia IDA Green Woods Charter School Series A | 5.00 | 6-15-2032 | 340,000 | 339,504 | ||
Philadelphia IDA Independence Charter School West | 5.00 | 6-15-2039 | 250,000 | 240,425 | ||
Philadelphia IDA LaSalle University | 5.00 | 5-1-2036 | 1,355,000 | 1,208,081 | ||
Philadelphia IDA Philadelphia Performing Arts Charter School144A | 5.00 | 6-15-2029 | 220,000 | 227,779 | ||
Philadelphia IDA Philadelphia Performing Arts Charter School144A | 5.00 | 6-15-2030 | 145,000 | 149,866 | ||
Philadelphia IDA Tacony Academy Charter School | 6.88 | 6-15-2033 | 1,000,000 | 1,002,112 | ||
Philadelphia IDA West Philadelphia Achievement Charter Elementary School | 7.50 | 5-1-2031 | 1,285,000 | 1,286,876 | ||
19,823,267 | ||||||
GO revenue: 17.52% | ||||||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2035 | 250,000 | 260,456 | ||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2036 | 350,000 | 361,636 | ||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2037 | 350,000 | 358,266 | ||
Blue Mountain School District Series B (AGM Insured) | 4.00 | 8-1-2038 | 250,000 | 253,445 | ||
Central Dauphin School District | 5.00 | 2-1-2037 | 2,075,000 | 2,134,110 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2039 | 315,000 | 316,628 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2040 | 250,000 | 250,822 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2041 | 250,000 | 250,423 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2042 | 200,000 | 200,654 | ||
City of Philadelphia Series A | 5.00 | 8-1-2036 | 1,250,000 | 1,330,431 | ||
City of Pittsburgh | 5.00 | 9-1-2043 | 200,000 | 215,374 | ||
Coatesville School District Series C CAB (BAM Insured)¤ | 0.00 | 10-1-2033 | 1,000,000 | 658,161 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Conestoga Valley School District Series A | 4.00 % | 2-1-2043 | $ | 500,000 | $500,685 | |
Highlands School District (AGM Insured) | 5.00 | 4-15-2035 | 295,000 | 328,103 | ||
Moon Area School District Series A | 5.00 | 11-15-2028 | 150,000 | 153,420 | ||
Moon Area School District Series A | 5.00 | 11-15-2029 | 1,445,000 | 1,475,812 | ||
North Allegheny School District | 5.00 | 5-1-2030 | 100,000 | 113,470 | ||
North Allegheny School District | 5.00 | 5-1-2031 | 290,000 | 329,170 | ||
Parkland School District Series A | 4.00 | 2-1-2029 | 300,000 | 318,686 | ||
Parkland School District Series B | 4.00 | 2-1-2036 | 650,000 | 674,873 | ||
Penn Delco School District | 4.00 | 6-1-2045 | 1,000,000 | 985,444 | ||
Pequea Valley School District | 4.00 | 5-15-2049 | 750,000 | 739,455 | ||
School District of Philadelphia Series B | 5.00 | 9-1-2043 | 1,235,000 | 1,298,404 | ||
School District of Philadelphia Series C (AGM Insured) | 5.00 | 6-1-2024 | 1,225,000 | 1,240,681 | ||
School District of the City of Erie Series A (AGM Insured) | 5.00 | 4-1-2034 | 515,000 | 564,320 | ||
West Mifflin School District (AGM Insured) | 5.00 | 4-1-2028 | 1,000,000 | 1,055,587 | ||
West Shore School District | 5.00 | 11-15-2048 | 1,500,000 | 1,556,519 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2027 | 100,000 | 106,724 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2028 | 120,000 | 130,393 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2029 | 50,000 | 55,199 | ||
Wilkes-Barre Area School District (BAM Insured) | 5.00 | 4-15-2030 | 70,000 | 76,984 | ||
18,294,335 | ||||||
Health revenue: 23.48% | ||||||
Allegheny County Hospital Development Authority Allegheny Health Network Obligated Group Series A | 4.00 | 4-1-2044 | 1,810,000 | 1,632,743 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group (SIFMA Municipal Swap+0.70%)± | 4.71 | 11-15-2047 | 1,000,000 | 976,540 | ||
Allegheny County Hospital Development Authority UPMC Obligated Group Series B (NPFGC Insured) | 6.00 | 7-1-2027 | 1,800,000 | 1,986,462 | ||
Berks County IDA Tower Health Obligated Group | 5.00 | 11-1-2037 | 430,000 | 278,087 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2050 | 400,000 | 358,783 | ||
Cumberland County Municipal Authority Diakon Lutheran Social Ministries Obligated Group | 5.00 | 1-1-2028 | 2,090,000 | 2,123,010 | ||
Dauphin County General Authority UPMC Obligated Group Series A | 5.00 | 6-1-2035 | 1,000,000 | 1,034,939 | ||
Doylestown Hospital Authority Doylestown Hospital Obligated Group Series A | 5.00 | 7-1-2049 | 250,000 | 203,249 | ||
East Hempfield Township IDA Willow Valley Communities Obligated Group | 5.00 | 12-1-2028 | 450,000 | 464,208 | ||
East Hempfield Township IDA Willow Valley Communities Obligated Group | 5.00 | 12-1-2029 | 375,000 | 386,847 | ||
Geisinger Authority Geisinger Health System Obligated Group Series A | 4.00 | 4-1-2050 | 1,000,000 | 919,130 | ||
Geisinger Authority Geisinger Health System Obligated Group Series A-1 | 5.00 | 2-15-2045 | 1,000,000 | 1,023,751 | ||
Geisinger Authority Geisinger Health System Obligated Group Series Cøø | 5.00 | 4-1-2043 | 645,000 | 698,844 | ||
Hospitals & Higher Education Facilities Authority of Philadelphia Temple University Health System Obligated Group (AGM Insured) | 5.00 | 7-1-2037 | 1,000,000 | 1,076,107 | ||
Lancaster County Hospital Authority St. Anne’s Retirement Community Obligated Group | 5.00 | 3-1-2045 | 500,000 | 408,946 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series B | 5.00 % | 5-1-2052 | $ | 1,000,000 | $1,031,880 | |
Montgomery County IDA ACTS Retirement-Life Communities, Inc. Obligated Group Series C | 5.00 | 11-15-2045 | 1,000,000 | 949,605 | ||
Montgomery County IDA Waverly Heights Ltd. Obligated Group | 5.00 | 12-1-2044 | 1,000,000 | 1,016,665 | ||
Northampton County General Purpose Authority St. Luke’s Hospital Obligated Group Series A | 5.00 | 8-15-2033 | 1,435,000 | 1,437,467 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 10-15-2035 | 645,000 | 715,613 | ||
Pennsylvania EDFA UPMC Obligated Group Series A | 5.00 | 10-15-2036 | 800,000 | 879,868 | ||
Pennsylvania EDFA UPMC Obligated Group Series A1 | 4.00 | 4-15-2037 | 700,000 | 698,648 | ||
Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Obligated Group | 5.00 | 8-15-2040 | 1,500,000 | 1,533,150 | ||
Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Obligated Group Series A | 5.00 | 8-15-2047 | 1,500,000 | 1,535,481 | ||
West Cornwall Township Municipal Authority Lebanon Valley Brethren Home Obligated Group Series A | 4.00 | 11-15-2023 | 75,000 | 74,793 | ||
West Cornwall Township Municipal Authority Lebanon Valley Brethren Home Obligated Group Series A | 4.00 | 11-15-2041 | 370,000 | 299,311 | ||
West Cornwall Township Municipal Authority Lebanon Valley Brethren Home Obligated Group Series A | 4.00 | 11-15-2046 | 525,000 | 401,011 | ||
Westmoreland County IDA Excela Health Obligated Group Series A | 4.00 | 7-1-2037 | 400,000 | 366,354 | ||
24,511,492 | ||||||
Housing revenue: 5.08% | ||||||
Chester County IDA University Student Housing LLC Series A | 5.00 | 8-1-2030 | 555,000 | 554,998 | ||
Commonwealth Financing Authority Commonwealth of Pennsylvania Department of Community & Economic Development Series B | 5.00 | 6-1-2031 | 250,000 | 285,097 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 5.75 | 6-30-2048 | 1,500,000 | 1,648,121 | ||
Pennsylvania Housing Finance Agency LIH Wilkes-Barre LP (Department of Housing and Urban Development Insured)øø | 1.25 | 2-1-2025 | 1,000,000 | 983,247 | ||
State Public School Building Authority Chester Upland School District Series B | 5.25 | 9-15-2030 | 540,000 | 584,746 | ||
State Public School Building Authority Chester Upland School District Series C (AGM Insured) | 5.00 | 9-15-2026 | 875,000 | 876,072 | ||
State Public School Building Authority Harrisburg School District Series B-2 (BAM Insured) | 5.00 | 12-1-2027 | 360,000 | 368,836 | ||
5,301,117 | ||||||
Miscellaneous revenue: 7.78% | ||||||
Commonwealth of Pennsylvania Series A COP | 5.00 | 7-1-2038 | 1,000,000 | 1,061,239 | ||
Delaware County Authority Neumann University | 5.00 | 10-1-2031 | 1,500,000 | 1,518,689 | ||
Pennsylvania EDFA Philadelphia Water Department | 4.00 | 1-1-2030 | 1,000,000 | 991,865 | ||
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (NPFGC Insured)¤## | 0.00 | 12-1-2023 | 3,790,000 | 3,730,891 | ||
Philadelphia IDA City of Philadelphia PA Series A | 5.00 | 2-15-2038 | 785,000 | 824,598 | ||
8,127,282 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 2.10% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 % | 5-1-2042 | $ | 500,000 | $504,676 | |
Southeastern Pennsylvania Transportation Authority | 5.25 | 6-1-2042 | 1,500,000 | 1,688,630 | ||
2,193,306 | ||||||
Transportation revenue: 4.47% | ||||||
Delaware River Joint Toll Bridge Commission | 5.00 | 7-1-2042 | 580,000 | 605,591 | ||
Pennsylvania Turnpike Commission First Series | 5.00 | 12-1-2043 | 1,800,000 | 1,962,841 | ||
Pennsylvania Turnpike Commission Series A2 | 5.00 | 12-1-2048 | 2,000,000 | 2,098,551 | ||
4,666,983 | ||||||
Utilities revenue: 0.98% | ||||||
Philadelphia Gas Works Co. Series 15th | 5.00 | 8-1-2047 | 1,000,000 | 1,025,713 | ||
Water & sewer revenue: 9.83% | ||||||
Bucks County Water & Sewer Authority Series A (AGM Insured) | 5.25 | 12-1-2047 | 2,175,000 | 2,416,199 | ||
Capital Region Water Sewer Revenue | 5.00 | 7-15-2037 | 1,000,000 | 1,060,625 | ||
City of Philadelphia Water & Wastewater Revenue Series A | 5.00 | 10-1-2038 | 2,000,000 | 2,127,953 | ||
City of Philadelphia Water & Wastewater Revenue Series C | 5.00 | 6-1-2042 | 555,000 | 595,900 | ||
Erie City Water Authority (BAM Insured) | 4.25 | 12-1-2052 | 1,000,000 | 997,264 | ||
Lehigh County Authority CAB¤ | 0.00 | 12-1-2030 | 2,000,000 | 1,517,328 | ||
Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 | 12-1-2039 | 500,000 | 459,433 | ||
Pittsburgh Water & Sewer Authority Series A (AGM Insured)%% | 5.00 | 9-1-2048 | 1,000,000 | 1,090,838 | ||
10,265,540 | ||||||
97,884,286 | ||||||
Total municipal obligations (Cost $106,872,985) | 102,366,154 |
Yield | Shares | |||||
Short-term investments: 1.64% | ||||||
Investment companies: 1.64% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 1,717,494 | 1,717,837 | |||
Total short-term investments (Cost $1,717,823) | 1,717,837 | |||||
Total investments in securities (Cost $108,590,808) | 99.68 % | 104,083,991 | ||||
Other assets and liabilities, net | 0.32 | 329,281 | ||||
Total net assets | 100.00 % | $104,413,272 |
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. |
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 purchased on a when-issued basis. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. 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. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
COP | Certificate of participation |
EDFA | Economic Development Finance Authority |
GO | General obligation |
IDA | Industrial Development Authority |
NPFGC | National Public Finance Guarantee Corporation |
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 | $367,726 | $31,354,723 | $(30,003,895 ) | $(694 ) | $(23 ) | $1,717,837 | 1,717,494 | $47,738 |
Assets | |
Investments in unaffiliated securities, at value (cost $106,872,985) | $102,366,154 |
Investments in affiliated securities, at value (cost $1,717,823) | 1,717,837 |
Cash | 13 |
Receivable for investments sold | 1,163,012 |
Receivable for interest | 1,117,307 |
Receivable for Fund shares sold | 4,827 |
Prepaid expenses and other assets | 30,033 |
Total assets | 106,399,183 |
Liabilities | |
Payable for when-issued transactions | 1,780,375 |
Dividends payable | 100,934 |
Payable for Fund shares redeemed | 71,199 |
Administration fees payable | 9,807 |
Distribution fee payable | 1,804 |
Management fee payable | 1,383 |
Trustees’ fees and expenses payable | 1,242 |
Accrued expenses and other liabilities | 19,167 |
Total liabilities | 1,985,911 |
Total net assets | $104,413,272 |
Net assets consist of | |
Paid-in capital | $109,535,235 |
Total distributable loss | (5,121,963 ) |
Total net assets | $104,413,272 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $33,064,847 |
Shares outstanding–Class A1 | 3,117,474 |
Net asset value per share–Class A | $10.61 |
Maximum offering price per share – Class A2 | $11.11 |
Net assets–Class C | $2,722,275 |
Shares outstanding–Class C1 | 257,109 |
Net asset value per share–Class C | $10.59 |
Net assets–Institutional Class | $68,626,150 |
Shares outstanding–Institutional Class1 | 6,470,038 |
Net asset value per share–Institutional Class | $10.61 |
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 | $3,861,465 |
Income from affiliated securities | 47,738 |
Total investment income | 3,909,203 |
Expenses | |
Management fee | 431,517 |
Administration fees | |
Class A | 55,646 |
Class C | 5,134 |
Institutional Class | 55,899 |
Shareholder servicing fees | |
Class A | 86,896 |
Class C | 7,992 |
Distribution fee | |
Class C | 23,976 |
Custody and accounting fees | 9,581 |
Professional fees | 69,226 |
Registration fees | 44,157 |
Shareholder report expenses | 24,486 |
Trustees’ fees and expenses | 23,972 |
Other fees and expenses | 6,917 |
Total expenses | 845,399 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (169,263 ) |
Class A | (26,500 ) |
Class C | (2,206 ) |
Net expenses | 647,430 |
Net investment income | 3,261,773 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (17,118 ) |
Affiliated securities | (694 ) |
Net realized losses on investments | (17,812 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (982,223 ) |
Affiliated securities | (23 ) |
Net change in unrealized gains (losses) on investments | (982,246 ) |
Net realized and unrealized gains (losses) on investments | (1,000,058 ) |
Net increase in net assets resulting from operations | $2,261,715 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $3,261,773 | $3,207,496 | ||
Net realized losses on investments | (17,812 ) | (539,117 ) | ||
Net change in unrealized gains (losses) on investments | (982,246 ) | (13,227,576 ) | ||
Net increase (decrease) in net assets resulting from operations | 2,261,715 | (10,559,197 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,002,878 ) | (988,899 ) | ||
Class C | (67,856 ) | (83,574 ) | ||
Institutional Class | (2,190,837 ) | (2,135,212 ) | ||
Total distributions to shareholders | (3,261,571 ) | (3,207,685 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 368,922 | 3,965,261 | 521,913 | 6,192,904 |
Class C | 51,151 | 539,361 | 7,149 | 81,001 |
Institutional Class | 2,082,656 | 21,878,721 | 1,209,101 | 13,809,591 |
26,383,343 | 20,083,496 | |||
Reinvestment of distributions | ||||
Class A | 88,128 | 931,428 | 80,133 | 921,865 |
Class C | 6,302 | 66,481 | 7,039 | 81,111 |
Institutional Class | 113,016 | 1,195,044 | 83,220 | 955,668 |
2,192,953 | 1,958,644 | |||
Payment for shares redeemed | ||||
Class A | (584,916 ) | (6,192,666 ) | (859,724 ) | (9,851,073 ) |
Class C | (144,498 ) | (1,527,601 ) | (212,560 ) | (2,462,760 ) |
Institutional Class | (2,318,807 ) | (24,487,418 ) | (1,544,113 ) | (17,311,128 ) |
(32,207,685 ) | (29,624,961 ) | |||
Net decrease in net assets resulting from capital share transactions | (3,631,389 ) | (7,582,821 ) | ||
Total decrease in net assets | (4,631,245 ) | (21,349,703 ) | ||
Net assets | ||||
Beginning of period | 109,044,517 | 130,394,220 | ||
End of period | $104,413,272 | $109,044,517 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.71 | $11.97 | $11.75 | $11.78 | $11.48 |
Net investment income | 0.31 1 | 0.28 | 0.31 | 0.35 | 0.35 |
Net realized and unrealized gains (losses) on investments | (0.10 ) | (1.26 ) | 0.22 | (0.04 ) | 0.32 |
Total from investment operations | 0.21 | (0.98 ) | 0.53 | 0.31 | 0.67 |
Distributions to shareholders from | |||||
Net investment income | (0.31 ) | (0.28 ) | (0.31 ) | (0.34 ) | (0.34 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.31 ) | (0.28 ) | (0.31 ) | (0.34 ) | (0.37 ) |
Net asset value, end of period | $10.61 | $10.71 | $11.97 | $11.75 | $11.78 |
Total return2 | 1.97 % | (8.32 )% | 4.52 % | 2.65 % | 6.00 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.97 % | 0.94 % | 0.94 % | 0.97 % | 0.96 % |
Net expenses | 0.74 % | 0.74 % | 0.74 % | 0.74 % | 0.74 % |
Net investment income | 2.88 % | 2.41 % | 2.64 % | 2.92 % | 3.07 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 20 % | 21 % | 14 % | 9 % |
Net assets, end of period (000s omitted) | $33,065 | $34,755 | $41,945 | $41,550 | $41,255 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.69 | $11.95 | $11.73 | $11.76 | $11.45 |
Net investment income | 0.23 1 | 0.19 1 | 0.22 | 0.27 | 0.26 1 |
Net realized and unrealized gains (losses) on investments | (0.10 ) | (1.26 ) | 0.22 | (0.05 ) | 0.34 |
Total from investment operations | 0.13 | (1.07 ) | 0.44 | 0.22 | 0.60 |
Distributions to shareholders from | |||||
Net investment income | (0.23 ) | (0.19 ) | (0.22 ) | (0.25 ) | (0.26 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.23 ) | (0.19 ) | (0.22 ) | (0.25 ) | (0.29 ) |
Net asset value, end of period | $10.59 | $10.69 | $11.95 | $11.73 | $11.76 |
Total return2 | 1.20 % | (9.03 )% | 3.74 % | 1.89 % | 5.31 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.72 % | 1.68 % | 1.68 % | 1.72 % | 1.70 % |
Net expenses | 1.49 % | 1.49 % | 1.49 % | 1.49 % | 1.49 % |
Net investment income | 2.12 % | 1.64 % | 1.89 % | 2.23 % | 2.32 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 20 % | 21 % | 14 % | 9 % |
Net assets, end of period (000s omitted) | $2,722 | $3,679 | $6,485 | $8,394 | $8,768 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.71 | $11.97 | $11.75 | $11.78 | $11.48 |
Net investment income | 0.33 1 | 0.31 | 0.34 | 0.38 | 0.38 |
Net realized and unrealized gains (losses) on investments | (0.10 ) | (1.26 ) | 0.21 | (0.04 ) | 0.32 |
Total from investment operations | 0.23 | (0.95 ) | 0.55 | 0.34 | 0.70 |
Distributions to shareholders from | |||||
Net investment income | (0.33 ) | (0.31 ) | (0.33 ) | (0.37 ) | (0.37 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.33 ) | (0.31 ) | (0.33 ) | (0.37 ) | (0.40 ) |
Net asset value, end of period | $10.61 | $10.71 | $11.97 | $11.75 | $11.78 |
Total return | 2.23 % | (8.10 )% | 4.78 % | 2.91 % | 6.27 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.65 % | 0.61 % | 0.61 % | 0.64 % | 0.62 % |
Net expenses | 0.49 % | 0.49 % | 0.49 % | 0.49 % | 0.49 % |
Net investment income | 3.14 % | 2.66 % | 2.88 % | 3.18 % | 3.31 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 20 % | 21 % | 14 % | 9 % |
Net assets, end of period (000s omitted) | $68,626 | $70,610 | $81,964 | $80,592 | $79,128 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $682,146 |
Gross unrealized losses | (5,188,963 ) |
Net unrealized losses | $(4,506,817 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $102,366,154 | $0 | $102,366,154 |
Short-term investments | ||||
Investment companies | 1,717,837 | 0 | 0 | 1,717,837 |
Total assets | $1,717,837 | $102,366,154 | $0 | $104,083,991 |
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 | 0.15 % |
Class C | 0.15 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.74 % |
Class C | 1.49 |
Institutional Class | 0.49 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$113,593 | $(4,506,817 ) | $(617,718 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930img59abf8527.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g528930img075e82ff8.gif)
AR4301 06-23
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Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507imge0838fec3.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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, Nicholos Venditti |
Average annual total returns (%) as of June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WSMAX) | 7-18-2008 | -0.50 | 0.37 | 0.65 | 1.53 | 0.78 | 0.85 | 0.76 | 0.63 |
Class C (WSSCX) | 1-31-2003 | -0.23 | 0.02 | 0.25 | 0.77 | 0.02 | 0.25 | 1.51 | 1.38 |
Class R6 (WSSRX)3 | 7-31-2018 | – | – | – | 1.70 | 1.04 | 1.09 | 0.38 | 0.35 |
Administrator Class (WSTMX) | 7-30-2010 | – | – | – | 1.45 | 0.78 | 0.85 | 0.70 | 0.60 |
Institutional Class (WSBIX) | 3-31-2008 | – | – | – | 1.65 | 0.99 | 1.06 | 0.43 | 0.40 |
Bloomberg 1-3 Year Composite Municipal Bond Index4 | – | – | – | – | 1.10 | 1.07 | 1.04 | – | – |
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, 2023, 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507imgbc099b5f4.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg 1-3 Year Composite Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507img9d54f0715.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507imgb22943da6.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 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.64 | $3.15 | 0.63 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.67 | $3.16 | 0.63 % |
Class C | ||||
Actual | $1,000.00 | $1,009.87 | $6.88 | 1.38 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.95 | $6.90 | 1.38 % |
Class R6 | ||||
Actual | $1,000.00 | $1,013.97 | $1.75 | 0.35 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $1.76 | 0.35 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,012.73 | $2.99 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,013.72 | $2.00 | 0.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 0.35% | ||||||
California: 0.35% | ||||||
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A (70 shares) 4.63%144Aø | $ | 7,000,000 | $7,000,000 | |||
Total closed-end fund obligations (Cost $7,000,000) | 7,000,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 99.36% | ||||||
Alabama: 3.60% | ||||||
Airport revenue: 0.10% | ||||||
Birmingham Airport Authority (BAM Insured) | 5.00 % | 7-1-2023 | 475,000 | 475,000 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2026 | 900,000 | 948,692 | ||
Birmingham Airport Authority (BAM Insured) | 5.00 | 7-1-2027 | 500,000 | 538,067 | ||
1,961,759 | ||||||
Industrial development revenue: 0.45% | ||||||
Industrial Development Board of the City of Mobile Alabama Alabama Power Co.øø | 1.00 | 6-1-2034 | 8,500,000 | 8,058,717 | ||
Selma Industrial Development Board International Paper Co. Series Aøø | 2.00 | 11-1-2033 | 1,000,000 | 976,977 | ||
9,035,694 | ||||||
Utilities revenue: 3.05% | ||||||
Black Belt Energy Gas District Series Aøø | 4.00 | 12-1-2048 | 8,000,000 | 7,997,366 | ||
Black Belt Energy Gas District Series D1 (Royal Bank of Canada LIQ)øø | 4.00 | 7-1-2052 | 3,500,000 | 3,489,101 | ||
Black Belt Energy Gas District Gas Supply Project No. 4 Series A-1 | 4.00 | 6-1-2024 | 3,640,000 | 3,642,544 | ||
Black Belt Energy Gas District Gas Supply Project No. 7 Series C-1 | 4.00 | 12-1-2025 | 1,500,000 | 1,495,104 | ||
Black Belt Energy Gas District Gas Supply Project No. 7 Series C-1øø | 4.00 | 10-1-2052 | 3,900,000 | 3,864,851 | ||
Chatom Industrial Development Board PowerSouth Energy Cooperative (AGM Insured) | 5.00 | 8-1-2024 | 985,000 | 1,001,128 | ||
Chatom Industrial Development Board PowerSouth Energy Cooperative (AGM Insured) | 5.00 | 8-1-2025 | 425,000 | 436,774 | ||
Chatom Industrial Development Board PowerSouth Energy Cooperative (AGM Insured) | 5.00 | 8-1-2026 | 500,000 | 521,355 | ||
Southeast Alabama Gas Supply District Series Aøø | 4.00 | 4-1-2049 | 4,000,000 | 3,994,131 | ||
Southeast Alabama Gas Supply District Project No. 2 Series Aøø | 4.00 | 6-1-2049 | 20,060,000 | 20,021,162 | ||
Southeast Energy Authority A Cooperative District Project No. 3 Series Aøø | 5.50 | 1-1-2053 | 2,000,000 | 2,126,694 | ||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 5,500,000 | 5,750,775 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3073 (Morgan Stanley Bank LIQ)144Aø | 4.36 | 2-1-2053 | 6,300,000 | 6,300,000 | ||
60,640,985 | ||||||
71,638,438 |
Interest rate | Maturity date | Principal | Value | |||
Alaska: 0.61% | ||||||
Airport revenue: 0.20% | ||||||
State of Alaska International Airports System Series C AMT | 5.00 % | 10-1-2026 | $ | 3,000,000 | $3,117,038 | |
State of Alaska International Airports System Series C AMT | 5.00 | 10-1-2028 | 775,000 | 828,400 | ||
3,945,438 | ||||||
Health revenue: 0.21% | ||||||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2023 | 600,000 | 601,886 | ||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2024 | 750,000 | 761,307 | ||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2025 | 1,310,000 | 1,346,312 | ||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2026 | 1,385,000 | 1,444,192 | ||
4,153,697 | ||||||
Miscellaneous revenue: 0.20% | ||||||
Alaska Municipal Bond Bank Authority | 5.00 | 12-1-2025 | 1,470,000 | 1,528,585 | ||
Alaska Municipal Bond Bank Authority | 5.00 | 12-1-2026 | 1,350,000 | 1,428,796 | ||
Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | 12-1-2027 | 535,000 | 564,838 | ||
Alaska Municipal Bond Bank Authority Series 2 AMT | 5.00 | 12-1-2028 | 560,000 | 599,709 | ||
4,121,928 | ||||||
12,221,063 | ||||||
Arizona: 3.71% | ||||||
Airport revenue: 0.15% | ||||||
City of Phoenix Civic Improvement Corp. AMT | 5.00 | 7-1-2024 | 1,000,000 | 1,012,657 | ||
City of Phoenix Civic Improvement Corp. AMT | 5.00 | 7-1-2026 | 2,000,000 | 2,084,376 | ||
3,097,033 | ||||||
Education revenue: 0.02% | ||||||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2027 | 170,000 | 174,926 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2028 | 175,000 | 180,526 | ||
355,452 | ||||||
GO revenue: 0.10% | ||||||
Vistancia Community Facilities District (BAM Insured) | 4.00 | 7-15-2024 | 1,150,000 | 1,157,691 | ||
Vistancia Community Facilities District (BAM Insured) | 4.00 | 7-15-2026 | 900,000 | 924,317 | ||
2,082,008 | ||||||
Health revenue: 1.54% | ||||||
Arizona Health Facilities Authority Banner Health Obligated Group Series B (SIFMA Municipal Swap+0.25%)± | 4.26 | 1-1-2046 | 4,000,000 | 3,920,542 | ||
Maricopa County IDA Banner Health Obligated Group Series A-3øø | 5.00 | 1-1-2053 | 12,000,000 | 13,325,939 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Maricopa County IDA Banner Health Obligated Group Series C (SIFMA Municipal Swap+0.57%)± | 4.58 % | 1-1-2035 | $ | 4,405,000 | $4,391,804 | |
Maricopa County IDA HonorHealth Obligated Group Series C (SIFMA Municipal Swap+0.80%)± | 4.81 | 9-1-2048 | 9,000,000 | 8,982,181 | ||
30,620,466 | ||||||
Industrial development revenue: 1.77% | ||||||
Chandler IDA Intel Corp.øø## | 2.40 | 12-1-2035 | 28,085,000 | 28,033,425 | ||
Chandler IDA Intel Corp. AMTøø | 2.70 | 12-1-2037 | 1,175,000 | 1,172,769 | ||
Chandler IDA Intel Corp. AMTøø | 5.00 | 6-1-2049 | 5,920,000 | 5,965,583 | ||
35,171,777 | ||||||
Miscellaneous revenue: 0.13% | ||||||
City of Phoenix Civic Improvement Corp. AMT | 5.00 | 7-1-2028 | 2,500,000 | 2,500,000 | ||
73,826,736 | ||||||
Arkansas: 0.22% | ||||||
Health revenue: 0.07% | ||||||
Batesville Public Facilities Board White River Health System Obligated Group | 5.00 | 6-1-2025 | 1,385,000 | 1,406,647 | ||
Housing revenue: 0.10% | ||||||
Arkansas Development Finance Authority EC Cottages LLC (Department of Housing and Urban Development Insured)øø | 1.25 | 12-1-2024 | 2,000,000 | 1,979,939 | ||
Tax revenue: 0.05% | ||||||
City of Cabot Sales & Use Tax Revenue Series B | 5.00 | 12-1-2028 | 435,000 | 480,246 | ||
City of Springdale Sales & Use Tax Revenue Series B (BAM Insured)%% | 5.00 | 8-1-2030 | 100,000 | 111,403 | ||
City of Springdale Sales & Use Tax Revenue Series B (BAM Insured)%% | 5.00 | 8-1-2031 | 310,000 | 345,208 | ||
936,857 | ||||||
4,323,443 | ||||||
California: 2.77% | ||||||
Airport revenue: 0.13% | ||||||
City of Los Angeles Department of Airports Series D AMT | 5.00 | 5-15-2027 | 2,500,000 | 2,641,791 | ||
GO revenue: 0.35% | ||||||
Kern Community College District Facilities Improvement District No. 1 CAB BAN¤ | 0.00 | 8-1-2023 | 7,000,000 | 6,980,727 | ||
Health revenue: 0.34% | ||||||
California Statewide Communities Development Authority Emanate Health Obligated Group Series A | 5.00 | 4-1-2026 | 570,000 | 593,996 | ||
California Statewide Communities Development Authority Emanate Health Obligated Group Series A | 5.00 | 4-1-2027 | 845,000 | 890,098 | ||
Tender Option Bond Trust Receipts/Certificates Series 2018- XG0175 (Bank of America NA LIQ)144Aø | 4.14 | 3-1-2039 | 4,825,000 | 4,825,000 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Washington Township Health Care District Series A | 5.00 % | 7-1-2024 | $ | 200,000 | $202,259 | |
Washington Township Health Care District Series A | 5.00 | 7-1-2025 | 200,000 | 204,397 | ||
6,715,750 | ||||||
Housing revenue: 0.35% | ||||||
Mizuho Floater/Residual Trust Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.51 | 5-1-2049 | 7,000,000 | 7,000,000 | ||
Miscellaneous revenue: 0.31% | ||||||
California Infrastructure & Economic Development Bank J Paul Getty Trust Series B-2øø | 3.00 | 10-1-2047 | 1,000,000 | 992,687 | ||
California Municipal Finance Authority Palomar Health Obligated Group144A | 5.00 | 11-1-2027 | 3,000,000 | 3,083,357 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2024 | 400,000 | 400,532 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2025 | 415,000 | 416,418 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2026 | 435,000 | 438,052 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2027 | 450,000 | 454,695 | ||
Lassen Municipal Utility District COP | 4.00 | 5-1-2028 | 470,000 | 476,896 | ||
6,262,637 | ||||||
Tax revenue: 0.07% | ||||||
Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | 10-1-2026 | 1,250,000 | 1,300,690 | ||
Transportation revenue: 0.92% | ||||||
Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 4.46 | 4-1-2056 | 2,750,000 | 2,719,408 | ||
Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 4.31 | 4-1-2056 | 16,000,000 | 15,611,451 | ||
18,330,859 | ||||||
Utilities revenue: 0.30% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2028 | 475,000 | 487,815 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2029 | 675,000 | 696,171 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2030 | 1,500,000 | 1,549,977 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2024 | 685,000 | 691,818 | ||
City of Vernon Electric System Revenue Series 2022-A | 5.00 | 8-1-2025 | 500,000 | 508,646 | ||
Long Beach Bond Finance Authority Series B (3 Month LIBOR+1.43%)± | 5.00 | 11-15-2026 | 2,000,000 | 1,981,170 | ||
5,915,597 | ||||||
55,148,051 | ||||||
Colorado: 1.29% | ||||||
Education revenue: 0.22% | ||||||
University of Colorado Series Cøø | 2.00 | 6-1-2054 | 2,000,000 | 1,950,700 | ||
University of Colorado Series C3Aøø | 2.00 | 6-1-2051 | 2,500,000 | 2,403,148 | ||
4,353,848 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 0.11% | ||||||
Grand River Hospital District (AGM Insured) | 5.00 % | 12-1-2024 | $ | 1,140,000 | $1,160,735 | |
Sand Creek Metropolitan District Series A (AGM Insured) | 4.00 | 12-1-2024 | 550,000 | 554,990 | ||
Sand Creek Metropolitan District Series A (AGM Insured) | 4.00 | 12-1-2025 | 400,000 | 406,424 | ||
2,122,149 | ||||||
Health revenue: 0.39% | ||||||
Colorado Health Facilities Authority AdventHealth Obligated Group Series Bøø | 5.00 | 11-15-2049 | 900,000 | 946,314 | ||
Colorado Health Facilities Authority AdventHealth Obligated Group Series Cøø | 5.00 | 11-15-2036 | 3,165,000 | 3,322,112 | ||
Colorado Health Facilities Authority Christian Living Neighborhoods Obligated Group | 4.00 | 1-1-2025 | 325,000 | 317,939 | ||
University of Colorado Hospital Authority University of Colorado Health Obligated Group Series Cø | 3.95 | 11-15-2039 | 3,200,000 | 3,200,000 | ||
7,786,365 | ||||||
Miscellaneous revenue: 0.39% | ||||||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2023 | 1,285,000 | 1,288,996 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2025 | 2,455,000 | 2,466,967 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 6-30-2026 | 4,050,000 | 4,075,333 | ||
7,831,296 | ||||||
Tax revenue: 0.02% | ||||||
Regional Transportation District Denver Transit Partners LLC Series A | 4.00 | 7-15-2033 | 500,000 | 518,948 | ||
Transportation revenue: 0.13% | ||||||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2024 | 450,000 | 459,233 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2025 | 300,000 | 311,482 | ||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2026 | 1,750,000 | 1,848,642 | ||
2,619,357 | ||||||
Water & sewer revenue: 0.03% | ||||||
Central Weld County Water District (AGM Insured) | 5.00 | 12-1-2027 | 500,000 | 542,725 | ||
25,774,688 | ||||||
Connecticut: 2.12% | ||||||
Education revenue: 0.45% | ||||||
Connecticut State HEFA Series B-2øø%% | 3.20 | 7-1-2037 | 5,000,000 | 5,003,625 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2024 | 120,000 | 120,045 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2025 | 140,000 | 140,183 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2028 | 570,000 | 577,270 | ||
Connecticut State Higher Education Supplement Loan Authority Series A AMT | 3.60 | 11-15-2023 | 1,265,000 | 1,266,085 | ||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2024 | 250,000 | 254,062 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 % | 11-15-2025 | $ | 400,000 | $410,101 | |
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2026 | 585,000 | 608,003 | ||
Connecticut State Higher Education Supplement Loan Authority Series D | 5.00 | 11-15-2025 | 500,000 | 522,563 | ||
8,901,937 | ||||||
GO revenue: 0.46% | ||||||
City of Bridgeport Series C | 5.00 | 2-15-2026 | 1,325,000 | 1,389,233 | ||
City of Danbury%% | 5.00 | 1-24-2024 | 3,000,000 | 3,019,050 | ||
City of Derby BAN | 6.00 | 8-15-2023 | 3,000,000 | 3,007,459 | ||
State of Connecticut Series C | 4.00 | 6-1-2025 | 1,000,000 | 1,018,818 | ||
Town of Hamden Series A (BAM Insured) | 5.00 | 8-1-2026 | 710,000 | 742,853 | ||
9,177,413 | ||||||
Health revenue: 0.64% | ||||||
Connecticut State HEFA Hartford HealthCare Obligated Group Series B-1øø | 5.00 | 7-1-2053 | 11,500,000 | 11,697,418 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2026 | 375,000 | 387,697 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2027 | 250,000 | 261,929 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2028 | 300,000 | 318,729 | ||
12,665,773 | ||||||
Housing revenue: 0.32% | ||||||
Connecticut HFA Series A4 (SIFMA Municipal Swap+0.30%)± | 4.31 | 11-15-2050 | 6,500,000 | 6,487,527 | ||
Tax revenue: 0.25% | ||||||
State of Connecticut Special Tax Revenue Series A | 5.00 | 5-1-2026 | 1,200,000 | 1,265,291 | ||
State of Connecticut Special Tax Revenue Series A | 5.00 | 5-1-2027 | 3,400,000 | 3,662,365 | ||
4,927,656 | ||||||
42,160,306 | ||||||
Delaware: 0.25% | ||||||
Housing revenue: 0.06% | ||||||
Delaware Transportation Authority | 5.00 | 9-1-2023 | 1,250,000 | 1,253,107 | ||
Utilities revenue: 0.19% | ||||||
Delaware State EDA Delmarva Power & Light Co. Series Aøø | 1.05 | 1-1-2031 | 4,000,000 | 3,786,715 | ||
5,039,822 | ||||||
District of Columbia: 0.89% | ||||||
Airport revenue: 0.50% | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2025 | 6,320,000 | 6,495,184 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue (continued) | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 % | 10-1-2026 | $ | 1,180,000 | $1,231,165 | |
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2027 | 1,000,000 | 1,058,084 | ||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2028 | 1,000,000 | 1,074,347 | ||
9,858,780 | ||||||
Housing revenue: 0.10% | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 5.00 | 7-15-2025 | 2,000,000 | 2,075,495 | ||
Water & sewer revenue: 0.29% | ||||||
District of Columbia Water & Sewer Authority Series Cøø | 1.75 | 10-1-2054 | 6,000,000 | 5,830,621 | ||
17,764,896 | ||||||
Florida: 3.83% | ||||||
Airport revenue: 0.61% | ||||||
County of Miami-Dade Aviation Revenue AMT | 5.00 | 10-1-2028 | 10,000,000 | 10,100,248 | ||
Greater Orlando Aviation Authority Series A AMT | 5.00 | 10-1-2025 | 2,000,000 | 2,055,140 | ||
12,155,388 | ||||||
Education revenue: 0.23% | ||||||
Capital Projects Finance Authority CAPFA Capital Corp. 2000F Series A-1 | 5.00 | 10-1-2024 | 500,000 | 503,906 | ||
Capital Projects Finance Authority CAPFA Capital Corp. 2000F Series A-1 | 5.00 | 10-1-2025 | 1,000,000 | 1,014,938 | ||
Capital Projects Finance Authority CAPFA Capital Corp. 2000F Series A-1 | 5.00 | 10-1-2026 | 1,000,000 | 1,025,145 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2025 | 500,000 | 507,512 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2026 | 750,000 | 767,975 | ||
Palm Beach County Educational Facilities Authority | 4.00 | 10-1-2027 | 255,000 | 254,182 | ||
Palm Beach County Educational Facilities Authority | 4.00 | 10-1-2028 | 270,000 | 269,657 | ||
Palm Beach County Educational Facilities Authority Palm Beach Atlantic University Obligated Group | 4.00 | 10-1-2026 | 250,000 | 248,797 | ||
4,592,112 | ||||||
Health revenue: 0.21% | ||||||
City of Pompano Beach John Knox Village of Florida, Inc. Obligated Group | 3.25 | 9-1-2023 | 665,000 | 663,353 | ||
Halifax Hospital Medical Center Obligated Group | 5.00 | 6-1-2029 | 1,360,000 | 1,423,258 | ||
Highlands County Health Facilities Authority AdventHealth Obligated Group Series Aø | 4.10 | 11-15-2037 | 1,000,000 | 1,000,000 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2023 | 115,000 | 114,450 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2024 | 145,000 | 142,723 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2025 | 180,000 | 175,137 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2026 | 185,000 | 177,851 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 % | 12-15-2027 | $ | 215,000 | $204,136 | |
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2028 | 200,000 | 188,379 | ||
4,089,287 | ||||||
Housing revenue: 0.50% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3058 (Mizuho Capital Markets LLC LOC)144Aø | 4.41 | 11-1-2035 | 10,000,000 | 10,000,000 | ||
Miscellaneous revenue: 0.55% | ||||||
School Board of Miami-Dade County COP Series Aøø | 5.00 | 5-1-2031 | 10,115,000 | 10,241,463 | ||
Village Community Development District No. 15144A%% | 4.25 | 5-1-2028 | 700,000 | 701,262 | ||
10,942,725 | ||||||
Resource recovery revenue: 0.23% | ||||||
County of Lee Solid Waste System Revenue AMT | 5.00 | 10-1-2023 | 4,565,000 | 4,572,330 | ||
Tax revenue: 0.30% | ||||||
Leon County School District | 4.00 | 9-1-2026 | 6,000,000 | 6,007,426 | ||
Transportation revenue: 0.26% | ||||||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2024 | 300,000 | 304,125 | ||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2026 | 735,000 | 765,911 | ||
Miami-Dade County Expressway Authority Series A | 5.00 | 7-1-2028 | 4,000,000 | 4,047,907 | ||
5,117,943 | ||||||
Utilities revenue: 0.04% | ||||||
Orlando Utilities Commission Series Bøø | 1.25 | 10-1-2046 | 1,000,000 | 858,311 | ||
Water & sewer revenue: 0.90% | ||||||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2027 | 680,000 | 733,955 | ||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2028 | 1,360,000 | 1,496,710 | ||
Tohopekaliga Water Authority144A | 5.00 | 10-1-2025 | 14,160,000 | 14,788,225 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2026 | 400,000 | 423,247 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2027 | 200,000 | 214,714 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2028 | 250,000 | 274,876 | ||
17,931,727 | ||||||
76,267,249 | ||||||
Georgia: 3.93% | ||||||
Airport revenue: 0.63% | ||||||
City of Atlanta Airport Passenger Facility Charge Series A AMT | 5.00 | 1-1-2029 | 12,430,000 | 12,526,052 | ||
Health revenue: 0.05% | ||||||
Cobb County Kennestone Hospital Authority WellStar Health System Obligated Group Series B | 5.00 | 4-1-2026 | 1,000,000 | 1,041,299 |
Interest rate | Maturity date | Principal | Value | |||
Industrial development revenue: 0.26% | ||||||
Savannah EDA International Paper Co. Series Aøø | 2.00 % | 11-1-2033 | $ | 1,000,000 | $976,977 | |
Savannah EDA International Paper Co. Series B | 1.90 | 8-1-2024 | 4,250,000 | 4,101,262 | ||
5,078,239 | ||||||
Utilities revenue: 2.99% | ||||||
Bartow County Development Authority Georgia Power Co.øø | 3.95 | 12-1-2032 | 3,000,000 | 2,992,748 | ||
Development Authority of Burke County Georgia Power Co.øø | 2.88 | 12-1-2049 | 3,500,000 | 3,397,550 | ||
Development Authority of Burke County Georgia Power Co. Series REMK-05øø | 3.80 | 10-1-2032 | 8,500,000 | 8,484,505 | ||
Development Authority of Monroe County Georgia Power Co. Series 1støø | 1.00 | 7-1-2049 | 2,500,000 | 2,219,528 | ||
Development Authority of Monroe County Oglethorpe Power Corp. Series Aøø | 1.50 | 1-1-2039 | 1,500,000 | 1,417,224 | ||
Main Street Natural Gas, Inc. Series A | 4.00 | 12-1-2027 | 4,000,000 | 3,976,218 | ||
Main Street Natural Gas, Inc. Series A | 4.00 | 12-1-2028 | 3,345,000 | 3,319,827 | ||
Main Street Natural Gas, Inc. Series Aøø | 4.00 | 7-1-2052 | 1,000,000 | 996,692 | ||
Main Street Natural Gas, Inc. Series A | 5.00 | 6-1-2028 | 1,500,000 | 1,548,107 | ||
Main Street Natural Gas, Inc. Series Aøø | 5.00 | 6-1-2053 | 3,920,000 | 4,058,611 | ||
Main Street Natural Gas, Inc. Series Bøø | 5.00 | 12-1-2052 | 4,000,000 | 4,126,356 | ||
Main Street Natural Gas, Inc. Series Bøø | 5.00 | 7-1-2053 | 3,000,000 | 3,134,396 | ||
Main Street Natural Gas, Inc. Series C | 4.00 | 12-1-2026 | 1,100,000 | 1,095,562 | ||
Main Street Natural Gas, Inc. Series C | 4.00 | 12-1-2027 | 1,215,000 | 1,207,776 | ||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 8,000,000 | 7,732,354 | ||
Main Street Natural Gas, Inc. Series C (Royal Bank of Canada LIQ)øø | 4.00 | 8-1-2048 | 6,225,000 | 6,226,442 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2025 | 200,000 | 204,015 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2026 | 300,000 | 310,629 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 1-1-2027 | 165,000 | 175,086 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 7-1-2027 | 300,000 | 321,555 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 1-1-2028 | 200,000 | 215,971 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 7-1-2028 | 300,000 | 327,016 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 7-1-2029 | 600,000 | 663,534 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series B | 5.00 | 1-1-2024 | 400,000 | 402,779 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series B | 5.00 | 1-1-2025 | 1,000,000 | 1,017,893 | ||
59,572,374 | ||||||
78,217,964 | ||||||
Guam: 0.28% | ||||||
Airport revenue: 0.03% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.00 | 10-1-2028 | 540,000 | 547,140 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.08% | ||||||
Territory of Guam Series F | 5.00 % | 1-1-2028 | $ | 500,000 | $517,832 | |
Territory of Guam Series F | 5.00 | 1-1-2029 | 1,000,000 | 1,041,272 | ||
1,559,104 | ||||||
Utilities revenue: 0.17% | ||||||
Guam Power Authority Series A | 5.00 | 10-1-2026 | 3,265,000 | 3,374,230 | ||
5,480,474 | ||||||
Hawaii: 1.01% | ||||||
GO revenue: 0.21% | ||||||
City & County of Honolulu Series A | 5.00 | 11-1-2024 | 1,000,000 | 1,024,866 | ||
City & County of Honolulu Series A | 5.00 | 11-1-2025 | 3,000,000 | 3,135,267 | ||
4,160,133 | ||||||
Housing revenue: 0.23% | ||||||
City & County of Honolulu Komohale Maunakea Venture LP (Department of Housing and Urban Development Insured)øø | 5.00 | 6-1-2027 | 4,500,000 | 4,669,343 | ||
Miscellaneous revenue: 0.42% | ||||||
State of Hawaii Airports System Revenue AMT | 5.25 | 8-1-2025 | 1,945,000 | 1,946,468 | ||
State of Hawaii Airports System Revenue AMT | 5.25 | 8-1-2026 | 6,350,000 | 6,354,743 | ||
8,301,211 | ||||||
Utilities revenue: 0.15% | ||||||
State of Hawaii Department of Budget & Finance Hawaiian Electric Co., Inc. Series A AMT | 3.10 | 5-1-2026 | 3,000,000 | 2,899,424 | ||
20,030,111 | ||||||
Illinois: 9.84% | ||||||
Airport revenue: 0.32% | ||||||
Chicago Midway International Airport Series A AMT | 5.00 | 1-1-2025 | 5,000,000 | 5,029,405 | ||
Chicago O’Hare International Airport Series D AMT | 5.00 | 1-1-2024 | 1,335,000 | 1,342,211 | ||
6,371,616 | ||||||
Education revenue: 0.30% | ||||||
Illinois Finance Authority Benedictine University | 5.00 | 10-1-2027 | 630,000 | 633,491 | ||
Illinois Finance Authority Noble Network of Charter Schools | 5.00 | 9-1-2025 | 680,000 | 679,438 | ||
Illinois State University Series A (AGM Insured) | 5.00 | 4-1-2025 | 700,000 | 718,875 | ||
Illinois State University Series B (AGM Insured) | 5.00 | 4-1-2024 | 415,000 | 419,327 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2026 | 825,000 | 832,497 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2027 | 780,000 | 792,071 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2027 | 400,000 | 420,058 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2028 | 500,000 | 532,213 | ||
Western Illinois University (BAM Insured) | 4.00 | 4-1-2024 | 1,000,000 | 1,002,627 | ||
6,030,597 | ||||||
GO revenue: 6.31% | ||||||
Boone McHenry & DeKalb Counties Community Unit School District 100 Series B | 4.00 | 1-1-2027 | 4,525,000 | 4,618,609 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Boone McHenry & DeKalb Counties Community Unit School District 100 Series B | 4.00 % | 1-1-2028 | $ | 2,100,000 | $2,164,269 | |
Chicago Board of Education Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,000,000 | 2,007,537 | ||
Chicago Board of Education Series A (NPFGC Insured) | 5.50 | 12-1-2026 | 2,250,000 | 2,328,306 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2024 | 2,270,000 | 2,295,506 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2025 | 2,460,000 | 2,519,200 | ||
Chicago Board of Education Series C | 5.00 | 12-1-2024 | 1,900,000 | 1,921,348 | ||
Chicago Board of Education Series D | 5.00 | 12-1-2031 | 4,500,000 | 4,616,122 | ||
Chicago Park District Series D | 5.00 | 1-1-2027 | 3,455,000 | 3,477,930 | ||
City of Chicago Series A | 5.00 | 1-1-2026 | 5,000,000 | 5,173,642 | ||
City of Chicago Series A | 5.00 | 1-1-2027 | 6,380,000 | 6,677,824 | ||
City of Chicago Series A | 5.00 | 1-1-2028 | 3,000,000 | 3,172,646 | ||
City of Chicago Series A | 5.00 | 1-1-2029 | 340,000 | 363,166 | ||
City of Chicago Series A | 5.25 | 1-1-2029 | 1,545,000 | 1,559,991 | ||
City of Chicago Series A | 5.25 | 1-1-2030 | 4,800,000 | 4,846,573 | ||
City of Geneva | 4.00 | 2-1-2027 | 450,000 | 463,213 | ||
City of Geneva | 4.00 | 2-1-2028 | 280,000 | 290,272 | ||
City of Waukegan Series B (AGM Insured) | 4.00 | 12-30-2023 | 500,000 | 501,424 | ||
Community Unit School District No. 427 DeKalb & Kane Counties Illinois Series B (AGM Insured)¤ | 0.00 | 1-1-2025 | 3,235,000 | 3,059,892 | ||
Cook County Township High School District No. 227 Rich Township Series B (BAM Insured) | 4.00 | 12-1-2031 | 2,000,000 | 2,098,723 | ||
County of Cook Series A | 5.00 | 11-15-2025 | 1,200,000 | 1,244,032 | ||
County of Cook Series A | 5.00 | 11-15-2026 | 1,950,000 | 2,056,949 | ||
Grundy Kendall & Will Counties Community High School District No. 111 Minooka | 4.00 | 5-1-2026 | 635,000 | 645,074 | ||
Grundy Kendall & Will Counties Community High School District No. 111 Minooka | 4.00 | 5-1-2027 | 500,000 | 511,126 | ||
Kane Cook & DuPage etc. Counties Community College District No. 509 Elgin Series B | 4.00 | 12-15-2026 | 960,000 | 993,026 | ||
Kane Cook & DuPage etc. Counties Community College District No. 509 Elgin Series B | 4.00 | 12-15-2027 | 795,000 | 833,410 | ||
Kendall Kane & Will Counties Community Unit School District No. 308 Series B | 5.00 | 10-1-2023 | 825,000 | 828,090 | ||
Macon County School District No. 61 Decatur Series C (AGM Insured) | 4.00 | 1-1-2024 | 475,000 | 476,752 | ||
Macon County School District No. 61 Decatur Series C (AGM Insured) | 4.00 | 1-1-2027 | 600,000 | 617,602 | ||
State of Illinois | 5.00 | 11-1-2023 | 2,955,000 | 2,967,288 | ||
State of Illinois | 5.00 | 5-1-2028 | 2,000,000 | 2,023,279 | ||
State of Illinois | 5.00 | 4-1-2029 | 1,470,000 | 1,486,085 | ||
State of Illinois | 5.25 | 7-1-2028 | 4,000,000 | 4,001,046 | ||
State of Illinois | 5.25 | 7-1-2029 | 1,480,000 | 1,480,387 | ||
State of Illinois | 5.50 | 7-1-2026 | 2,500,000 | 2,500,740 | ||
State of Illinois | 5.50 | 7-1-2038 | 13,650,000 | 13,654,038 | ||
State of Illinois Series B | 5.00 | 5-1-2030 | 13,500,000 | 14,941,363 | ||
State of Illinois Series D | 5.00 | 11-1-2023 | 4,095,000 | 4,112,029 | ||
State of Illinois Series D | 5.00 | 11-1-2027 | 9,975,000 | 10,637,639 | ||
Village of Matteson Series A (BAM Insured) | 4.00 | 12-1-2025 | 500,000 | 507,293 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Village of Matteson Series A (BAM Insured) | 4.00 % | 12-1-2027 | $ | 575,000 | $593,312 | |
Village of Matteson Series B (BAM Insured) | 4.00 | 12-1-2025 | 400,000 | 405,280 | ||
Village of Matteson Series C (BAM Insured) | 4.00 | 12-1-2026 | 200,000 | 204,229 | ||
Village of Matteson Series C (BAM Insured) | 4.00 | 12-1-2027 | 300,000 | 309,181 | ||
Whiteside & Lee Counties Community Unit School District No. 5 Sterling Series A (BAM Insured) | 4.00 | 12-1-2024 | 1,490,000 | 1,504,009 | ||
Will County Community School District No. 161 Summit Hill | 4.00 | 1-1-2024 | 2,000,000 | 2,005,736 | ||
125,695,188 | ||||||
Health revenue: 0.67% | ||||||
Illinois Finance Authority | 4.00 | 10-15-2027 | 480,000 | 456,892 | ||
Illinois Finance Authority | 5.00 | 10-1-2026 | 500,000 | 519,042 | ||
Illinois Finance Authority Advocate Aurora Health Obligated Group Series 2008-A-2 | 4.00 | 11-1-2030 | 3,600,000 | 3,632,374 | ||
Illinois Finance Authority OSF Healthcare System Obligated Group Series A | 5.00 | 11-15-2027 | 800,000 | 828,742 | ||
Illinois Finance Authority OSF Healthcare System Obligated Group Series B-2øø | 5.00 | 5-15-2050 | 4,000,000 | 4,145,428 | ||
Illinois Finance Authority Presbyterian Homes Obligated Group Series B (SIFMA Municipal Swap+0.70%)± | 4.71 | 5-1-2042 | 2,250,000 | 2,194,305 | ||
Illinois Finance Authority University of Illinois | 5.00 | 10-1-2025 | 500,000 | 511,913 | ||
Illinois Finance Authority Washington & Jane Smith Community - Orland Park | 4.00 | 10-15-2026 | 465,000 | 448,759 | ||
Southwestern Illinois Development Authority Memorial Group Obligated Group | 6.38 | 11-1-2023 | 535,000 | 539,880 | ||
13,277,335 | ||||||
Housing revenue: 0.95% | ||||||
City of Chicago Heights Olympic Village LLC (FHA Insured)øø | 2.88 | 8-1-2027 | 4,500,000 | 4,364,879 | ||
Illinois Housing Development Authority Series H (GNMA / FNMA / FHLMC Insured)øø | 3.47 | 10-1-2053 | 5,000,000 | 4,986,237 | ||
Illinois Housing Development Authority Marshall Field Preservation LP (FNMA LOC, FNMA LIQ) (SIFMA Municipal Swap+1.00%)± | 5.01 | 5-15-2050 | 7,500,000 | 7,511,548 | ||
Metropolitan Pier & Exposition Authority Series A | 3.00 | 6-15-2025 | 2,000,000 | 1,966,170 | ||
18,828,834 | ||||||
Miscellaneous revenue: 0.01% | ||||||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 3.04 | 12-1-2028 | 241,000 | 224,670 | ||
Tax revenue: 0.61% | ||||||
Huntley Special Service Area No. 6 (BAM Insured) | 2.20 | 3-1-2024 | 409,000 | 404,323 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2028 | 5,000,000 | 5,381,880 | ||
State of Illinois Sales Tax Revenue | 5.00 | 6-15-2024 | 585,000 | 585,459 | ||
State of Illinois Sales Tax Revenue Series C | 4.00 | 6-15-2025 | 4,000,000 | 4,039,718 | ||
State of Illinois Sales Tax Revenue Series D | 5.00 | 6-15-2027 | 1,275,000 | 1,325,877 | ||
Village of Hillside Mannheim Redevelopment Project Area | 5.00 | 1-1-2024 | 330,000 | 330,785 | ||
12,068,042 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.11% | ||||||
Illinois State Toll Highway Authority Series C | 5.00 % | 1-1-2027 | $ | 2,050,000 | $2,187,197 | |
Utilities revenue: 0.15% | ||||||
City of Springfield Electric Revenue | 5.00 | 3-1-2029 | 3,000,000 | 3,065,211 | ||
Water & sewer revenue: 0.41% | ||||||
Chicago Wastewater Transmission Revenue Series C | 5.00 | 1-1-2030 | 1,500,000 | 1,526,373 | ||
City of Chicago Waterworks Revenue | 5.00 | 11-1-2028 | 2,500,000 | 2,614,839 | ||
City of Chicago Waterworks Revenue (BAM Insured) | 5.00 | 11-1-2030 | 3,500,000 | 3,702,011 | ||
City of Waukegan Water & Sewer System Revenue (AGM Insured) | 5.00 | 12-30-2027 | 280,000 | 302,831 | ||
8,146,054 | ||||||
195,894,744 | ||||||
Indiana: 1.34% | ||||||
Health revenue: 0.61% | ||||||
Indiana Finance Authority BHI Senior Living Obligated Group | 5.00 | 11-15-2023 | 500,000 | 500,904 | ||
Indiana Finance Authority Deaconess Health System Obligated Group Series B (SIFMA Municipal Swap+0.30%)± | 4.31 | 3-1-2039 | 5,545,000 | 5,426,249 | ||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series B | 5.00 | 11-1-2023 | 1,270,000 | 1,276,835 | ||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series B | 5.00 | 11-1-2024 | 3,000,000 | 3,066,752 | ||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C | 5.00 | 11-1-2023 | 800,000 | 804,305 | ||
Indiana Finance Authority Franciscan Alliance, Inc. Obligated Group Series C | 5.00 | 11-1-2024 | 1,000,000 | 1,022,251 | ||
12,097,296 | ||||||
Housing revenue: 0.12% | ||||||
Mishawaka RDA (BAM Insured) | 5.00 | 2-15-2027 | 1,025,000 | 1,093,908 | ||
Tippecanoe County School Building Corp. Series B | 5.00 | 1-15-2028 | 175,000 | 188,727 | ||
Tippecanoe County School Building Corp. Series B | 5.00 | 7-15-2028 | 225,000 | 244,558 | ||
Tippecanoe County School Building Corp. Series B | 5.00 | 1-15-2029 | 275,000 | 300,931 | ||
Tippecanoe County School Building Corp. Series B | 5.00 | 1-15-2030 | 500,000 | 555,325 | ||
2,383,449 | ||||||
Miscellaneous revenue: 0.48% | ||||||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2026 | 3,000,000 | 3,134,809 | ||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2027 | 6,000,000 | 6,385,935 | ||
9,520,744 | ||||||
Utilities revenue: 0.13% | ||||||
Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 | 11-1-2030 | 2,630,000 | 2,615,972 | ||
26,617,461 |
Interest rate | Maturity date | Principal | Value | |||
Iowa: 0.69% | ||||||
Education revenue: 0.09% | ||||||
Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 % | 12-1-2023 | $ | 700,000 | $703,569 | |
Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | 12-1-2024 | 1,000,000 | 1,013,389 | ||
1,716,958 | ||||||
GO revenue: 0.09% | ||||||
City of Indianola | 3.00 | 6-1-2027 | 855,000 | 857,277 | ||
City of Indianola | 4.00 | 6-1-2028 | 880,000 | 925,283 | ||
1,782,560 | ||||||
Utilities revenue: 0.51% | ||||||
PEFA, Inc.øø | 5.00 | 9-1-2049 | 10,000,000 | 10,196,097 | ||
13,695,615 | ||||||
Kansas: 0.85% | ||||||
Health revenue: 0.15% | ||||||
City of Topeka Congregational Home Obligated Group Series B | 5.13 | 12-1-2026 | 1,000,000 | 993,947 | ||
City of Wichita Presbyterian Manors Obligated Group | 4.00 | 5-15-2024 | 1,015,000 | 1,000,475 | ||
City of Wichita Presbyterian Manors Obligated Group | 5.00 | 5-15-2025 | 1,055,000 | 1,040,782 | ||
3,035,204 | ||||||
Housing revenue: 0.30% | ||||||
City of Wichita Crestview Residences LLCøø | 3.90 | 12-1-2024 | 5,900,000 | 5,899,373 | ||
Industrial development revenue: 0.40% | ||||||
City of Burlington Evergy Metro, Inc. Series A | 2.95 | 12-1-2023 | 8,000,000 | 7,971,655 | ||
16,906,232 | ||||||
Kentucky: 3.07% | ||||||
Education revenue: 0.07% | ||||||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2027 | 525,000 | 507,100 | ||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2028 | 545,000 | 521,776 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2026 | 210,000 | 212,973 | ||
Kentucky Bond Development Corp. Centre College of Kentucky | 4.00 | 6-1-2028 | 250,000 | 258,232 | ||
1,500,081 | ||||||
Health revenue: 0.21% | ||||||
Louisville/Jefferson County Metropolitan Government Norton Healthcare Obligated Group Series Cøø | 5.00 | 10-1-2047 | 4,000,000 | 4,143,682 | ||
Industrial development revenue: 0.14% | ||||||
County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | 8-1-2027 | 2,750,000 | 2,701,439 | ||
Miscellaneous revenue: 0.28% | ||||||
Kentucky Interlocal School Transportation Association COP | 4.00 | 3-1-2027 | 1,130,000 | 1,141,097 | ||
Kentucky Interlocal School Transportation Association COP | 4.00 | 3-1-2029 | 1,000,000 | 1,017,032 | ||
Kentucky State University (BAM Insured) | 5.00 | 11-1-2027 | 160,000 | 172,639 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Kentucky State University (BAM Insured) | 5.00 % | 11-1-2028 | $ | 200,000 | $219,934 | |
Rural Water Financing Agency Public Projects Construction Series A | 3.00 | 5-1-2024 | 3,000,000 | 2,974,465 | ||
5,525,167 | ||||||
Resource recovery revenue: 0.25% | ||||||
Kentucky EDFA Republic Services, Inc. Series Bøø | 3.80 | 4-1-2031 | 5,000,000 | 5,000,383 | ||
Utilities revenue: 2.12% | ||||||
County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | 9-1-2044 | 6,000,000 | 5,053,712 | ||
Kentucky Public Energy Authority Series A-1øø | 4.00 | 12-1-2049 | 9,500,000 | 9,453,821 | ||
Kentucky Public Energy Authority Series Bøø | 4.00 | 1-1-2049 | 21,085,000 | 21,082,940 | ||
Louisville/Jefferson County Metropolitan Government Louisville Gas & Electric Co. Series B AMT | 1.35 | 11-1-2027 | 7,500,000 | 6,620,599 | ||
42,211,072 | ||||||
61,081,824 | ||||||
Louisiana: 1.52% | ||||||
GO revenue: 0.15% | ||||||
City of Shreveport | 5.00 | 9-1-2027 | 1,420,000 | 1,447,837 | ||
State of Louisiana Series A | 5.00 | 2-1-2027 | 1,570,000 | 1,585,209 | ||
3,033,046 | ||||||
Health revenue: 0.38% | ||||||
Louisiana Public Facilities Authority Series Bøø | 5.00 | 5-15-2050 | 4,000,000 | 4,083,173 | ||
Louisiana Public Facilities Authority Louisiana Children’s Medical Center Obligated Group Series A3øø | 5.00 | 6-1-2045 | 3,250,000 | 3,463,733 | ||
7,546,906 | ||||||
Industrial development revenue: 0.71% | ||||||
Parish of St. John the Baptist Marathon Oil Corp. Series A-2øø | 2.10 | 6-1-2037 | 14,450,000 | 14,171,303 | ||
Miscellaneous revenue: 0.24% | ||||||
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Sewerage Commission Series Bøø | 0.88 | 2-1-2046 | 5,000,000 | 4,756,307 | ||
Water & sewer revenue: 0.04% | ||||||
East Baton Rouge Sewerage Commission Series Aøø | 1.30 | 2-1-2041 | 1,000,000 | 847,306 | ||
30,354,868 | ||||||
Maine: 0.09% | ||||||
Education revenue: 0.02% | ||||||
Finance Authority of Maine Series 2019-A-1 AMT (AGM Insured) | 5.00 | 12-1-2025 | 425,000 | 435,497 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.07% | ||||||
Maine Health & Higher Educational Facilities Authority Series A | 5.00 % | 7-1-2025 | $ | 810,000 | $833,163 | |
Maine Health & Higher Educational Facilities Authority MaineHealth Obligated Group Series A | 5.00 | 7-1-2026 | 500,000 | 522,105 | ||
1,355,268 | ||||||
1,790,765 | ||||||
Maryland: 1.99% | ||||||
Health revenue: 0.18% | ||||||
Maryland Health & Higher Educational Facilities Authority Doctors Hospital, Inc. Obligated Group Series A | 5.00 | 7-1-2031 | 3,500,000 | 3,644,624 | ||
Housing revenue: 1.50% | ||||||
Maryland Community Development Administration Series C | 3.00 | 4-1-2024 | 5,000,000 | 4,941,532 | ||
Maryland Community Development Administration South Street Senior LLC Series D | 3.15 | 7-1-2024 | 4,000,000 | 3,922,350 | ||
Maryland Community Development Administration Woodside Preservation LP Series A144A | 1.33 | 1-1-2024 | 7,000,000 | 6,868,814 | ||
Maryland Community Development Administration WV3 Housing Associates LP Series G (FHA Insured) | 1.05 | 12-1-2023 | 11,000,000 | 10,822,094 | ||
Tender Option Bond Trust Receipts/Certificates Series 2018- XF0605 (Bank of America NA LIQ)144Aø | 4.06 | 5-1-2047 | 3,300,000 | 3,300,000 | ||
29,854,790 | ||||||
Transportation revenue: 0.31% | ||||||
Maryland Economic Development Corp. Purple Line Transit Partners LLC Series A AMT | 5.00 | 11-12-2028 | 6,000,000 | 6,196,741 | ||
39,696,155 | ||||||
Massachusetts: 0.24% | ||||||
Education revenue: 0.07% | ||||||
Massachusetts Development Finance Agency | 4.00 | 7-1-2028 | 330,000 | 321,979 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2027 | 250,000 | 244,322 | ||
Massachusetts Development Finance Agency Springfield College Series A | 5.00 | 6-1-2026 | 420,000 | 426,986 | ||
Massachusetts Development Finance Agency Springfield College Series A | 5.00 | 6-1-2027 | 440,000 | 450,903 | ||
1,444,190 | ||||||
Health revenue: 0.17% | ||||||
Massachusetts Development Finance Agency Series C (AGM Insured) | 5.00 | 10-1-2027 | 410,000 | 435,475 | ||
Massachusetts Development Finance Agency Mass General Brigham, Inc. Series T-1 (SIFMA Municipal Swap+0.60%)144A± | 4.61 | 7-1-2049 | 2,600,000 | 2,571,385 | ||
Massachusetts Development Finance Agency Tufts Medicine Obligated Group Series C (AGM Insured) | 5.00 | 10-1-2026 | 300,000 | 313,569 | ||
3,320,429 | ||||||
4,764,619 |
Interest rate | Maturity date | Principal | Value | |||
Michigan: 3.05% | ||||||
Education revenue: 0.06% | ||||||
Lake Superior State University (AGM Insured) | 4.00 % | 11-15-2026 | $ | 390,000 | $397,452 | |
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2027 | 405,000 | 416,719 | ||
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2028 | 405,000 | 419,041 | ||
1,233,212 | ||||||
GO revenue: 0.11% | ||||||
Clawson Public Schools (SBLF Insured) | 4.00 | 5-1-2026 | 285,000 | 292,348 | ||
Clawson Public Schools (SBLF Insured) | 4.00 | 5-1-2028 | 300,000 | 314,602 | ||
Kenowa Hills Public Schools Series II (SBLF Insured) | 5.25 | 11-1-2023 | 1,470,000 | 1,479,505 | ||
2,086,455 | ||||||
Health revenue: 1.18% | ||||||
Michigan Finance Authority Bronson Health Care Group Obligated Group Series Cøø | 3.75 | 11-15-2049 | 7,600,000 | 7,642,805 | ||
Michigan Finance Authority Corewell Health Obligated Group Series C (SIFMA Municipal Swap+0.75%)± | 4.76 | 4-15-2047 | 10,500,000 | 10,283,423 | ||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series MI-1ø | 3.50 | 12-1-2034 | 5,000,000 | 5,001,042 | ||
Michigan Strategic Fund Holland Home Obligated Group | 4.00 | 11-15-2024 | 580,000 | 572,954 | ||
23,500,224 | ||||||
Industrial development revenue: 1.05% | ||||||
Michigan Strategic Fund Consumers Energy Co. AMTøø | 1.80 | 10-1-2049 | 19,500,000 | 18,947,450 | ||
Michigan Strategic Fund Graphic Packaging International LLC AMTøø | 4.00 | 10-1-2061 | 2,000,000 | 1,989,097 | ||
20,936,547 | ||||||
Miscellaneous revenue: 0.15% | ||||||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 3.88 | 10-1-2023 | 3,000,000 | 2,997,211 | ||
Utilities revenue: 0.50% | ||||||
Michigan Strategic Fund DTE Electric Co. Series 2023-XL0443 AMTøø | 3.88 | 6-1-2053 | 10,000,000 | 9,995,991 | ||
60,749,640 | ||||||
Minnesota: 2.15% | ||||||
Airport revenue: 0.06% | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series B AMT | 5.00 | 1-1-2025 | 1,100,000 | 1,120,162 | ||
GO revenue: 0.05% | ||||||
Hastings Independent School District No. 200 Series A CAB¤ | 0.00 | 2-1-2024 | 1,015,000 | 995,646 | ||
Health revenue: 0.91% | ||||||
City of Minneapolis Allina Health Obligated Group Series Bøø | 5.00 | 11-15-2053 | 15,500,000 | 17,107,978 | ||
City of Rochester Mayo Clinic Series Bø | 4.10 | 11-15-2038 | 1,000,000 | 1,000,000 | ||
18,107,978 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.31% | ||||||
Minnesota Housing Finance Agency Series D (GNMA / FNMA / FHLMC Insured) (SIFMA Municipal Swap+0.43%)± | 4.44 % | 1-1-2045 | $ | 6,165,000 | $6,165,000 | |
Miscellaneous revenue: 0.04% | ||||||
Duluth Independent School District No. 709 COP Series B | 5.00 | 2-1-2024 | 425,000 | 428,827 | ||
Duluth Independent School District No. 709 COP Series B | 5.00 | 2-1-2025 | 375,000 | 384,695 | ||
813,522 | ||||||
Utilities revenue: 0.78% | ||||||
Central Minnesota Municipal Power Agency (AGM Insured) | 5.00 | 1-1-2027 | 400,000 | 426,633 | ||
Central Minnesota Municipal Power Agency (AGM Insured) | 5.00 | 1-1-2028 | 500,000 | 542,985 | ||
Minnesota Municipal Gas Agency Series B (Royal Bank of Canada LIQ) (U.S. SOFR+1.00%)± | 4.39 | 12-1-2052 | 15,000,000 | 14,675,685 | ||
15,645,303 | ||||||
42,847,611 | ||||||
Mississippi: 0.14% | ||||||
Health revenue: 0.13% | ||||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Obligated Group Series A-1øø | 5.00 | 9-1-2044 | 2,500,000 | 2,581,462 | ||
Industrial development revenue: 0.01% | ||||||
Mississippi Business Finance Corp. Mississippi Power Co. AMTø | 4.25 | 5-1-2028 | 120,000 | 120,000 | ||
2,701,462 | ||||||
Missouri: 1.38% | ||||||
Education revenue: 0.13% | ||||||
HEFA of the State of Missouri Webster University | 5.00 | 4-1-2026 | 2,630,000 | 2,631,909 | ||
GO revenue: 0.27% | ||||||
Liberty Public School District No. 53 | 5.00 | 3-1-2024 | 5,225,000 | 5,289,036 | ||
Housing revenue: 0.78% | ||||||
County of Jackson Series A | 5.00 | 12-1-2026 | 2,985,000 | 3,148,363 | ||
County of Jackson Series A | 5.00 | 12-1-2030 | 2,040,000 | 2,301,199 | ||
Missouri Public Utilities Commission | 4.00 | 12-1-2024 | 10,000,000 | 10,027,254 | ||
15,476,816 | ||||||
Miscellaneous revenue: 0.03% | ||||||
County of Barry COP Law Enforcement Center Project | 5.00 | 10-1-2028 | 610,000 | 647,834 | ||
Utilities revenue: 0.17% | ||||||
Missouri State Environmental Improvement & Energy Resources Authority Evergy Metro, Inc. AMTøø | 3.50 | 5-1-2038 | 3,500,000 | 3,448,401 | ||
27,493,996 |
Interest rate | Maturity date | Principal | Value | |||
Montana: 0.17% | ||||||
Health revenue: 0.17% | ||||||
Montana Facility Finance Authority Billings Clinic Obligated Group Series A | 5.00 % | 8-15-2024 | $ | 375,000 | $381,818 | |
Montana Facility Finance Authority Billings Clinic Obligated Group Series A | 5.00 | 8-15-2025 | 325,000 | 337,152 | ||
Montana Facility Finance Authority Billings Clinic Obligated Group Series A | 5.00 | 8-15-2027 | 500,000 | 539,554 | ||
Montana Facility Finance Authority Billings Clinic Obligated Group Series A | 5.00 | 8-15-2028 | 2,015,000 | 2,213,250 | ||
3,471,774 | ||||||
Nebraska: 0.97% | ||||||
Airport revenue: 0.05% | ||||||
Lincoln Airport Authority AMT | 5.00 | 7-1-2028 | 1,000,000 | 1,070,913 | ||
Education revenue: 0.11% | ||||||
County of Douglas Creighton University Series B (SIFMA Municipal Swap+0.53%)± | 4.54 | 7-1-2035 | 2,205,000 | 2,170,510 | ||
Health revenue: 0.17% | ||||||
Douglas County Hospital Authority No. 2 Children’s Hospital Obligated Group Series Bøø | 5.00 | 11-15-2053 | 3,250,000 | 3,333,345 | ||
Utilities revenue: 0.64% | ||||||
Central Plains Energy Project No. 4øø | 5.00 | 3-1-2050 | 7,000,000 | 7,028,971 | ||
Central Plains Energy Project (Royal Bank of Canada LIQ)øø | 4.00 | 12-1-2049 | 5,610,000 | 5,611,352 | ||
12,640,323 | ||||||
19,215,091 | ||||||
Nevada: 0.33% | ||||||
Airport revenue: 0.06% | ||||||
County of Clark Passenger Facility Charge Revenue Series B AMT | 5.00 | 7-1-2023 | 1,255,000 | 1,255,000 | ||
GO revenue: 0.27% | ||||||
Clark County School District Series B (AGM Insured) | 5.00 | 6-15-2027 | 5,000,000 | 5,367,861 | ||
6,622,861 | ||||||
New Jersey: 2.96% | ||||||
Airport revenue: 0.18% | ||||||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2023 | 1,500,000 | 1,503,220 | ||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2024 | 2,000,000 | 2,021,643 | ||
3,524,863 | ||||||
GO revenue: 1.61% | ||||||
City of Newark Series D BAN | 4.00 | 9-29-2023 | 1,500,000 | 1,499,880 | ||
City of Trenton BAN | 6.00 | 5-31-2024 | 13,549,000 | 13,814,693 | ||
New Jersey EDA Series GGG144A | 5.25 | 9-1-2023 | 16,000,000 | 16,042,607 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Newark Board of Education (BAM Insured) | 5.00 % | 7-15-2027 | $ | 350,000 | $373,642 | |
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2028 | 350,000 | 378,898 | ||
32,109,720 | ||||||
Housing revenue: 0.65% | ||||||
New Jersey EDA State of New Jersey Department of the Treasury Series DDD | 5.00 | 6-15-2024 | 2,605,000 | 2,643,587 | ||
New Jersey Housing & Mortgage Finance Agency New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 2.95 | 10-1-2023 | 4,585,000 | 4,572,997 | ||
New Jersey Housing & Mortgage Finance Agency New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 3.10 | 4-1-2024 | 2,170,000 | 2,153,963 | ||
New Jersey Housing & Mortgage Finance Agency New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series B AMT | 3.25 | 4-1-2025 | 2,465,000 | 2,430,606 | ||
New Jersey Housing & Mortgage Finance Agency New Jersey Housing & Mortgage Finance Agency Single-Family Home Mortgage Series D AMT | 2.90 | 10-1-2025 | 1,200,000 | 1,170,803 | ||
12,971,956 | ||||||
Miscellaneous revenue: 0.27% | ||||||
New Jersey TTFA Series A | 5.00 | 6-15-2024 | 5,290,000 | 5,367,372 | ||
Water & sewer revenue: 0.25% | ||||||
New Jersey EDA New Jersey-American Water Co., Inc. Series B AMTøø | 3.75 | 11-1-2034 | 5,000,000 | 4,972,092 | ||
58,946,003 | ||||||
New Mexico: 0.50% | ||||||
Industrial development revenue: 0.50% | ||||||
City of Farmington Public Service Co. of New Mexico Series Døø | 3.90 | 6-1-2040 | 10,000,000 | 10,031,841 | ||
New York: 7.69% | ||||||
Airport revenue: 0.79% | ||||||
Albany County Airport Authority Series B AMT | 5.00 | 12-15-2026 | 1,070,000 | 1,113,801 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2027 | 5,000,000 | 5,237,337 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2026 | 490,000 | 506,586 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2027 | 500,000 | 523,734 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2028 | 500,000 | 529,148 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2029 | 500,000 | 533,652 | ||
Port Authority of New York & New Jersey AMT | 5.00 | 9-1-2026 | 7,150,000 | 7,247,867 | ||
15,692,125 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 0.28% | ||||||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.05 % | 2-1-2031 | $ | 1,000,000 | $869,937 | |
Hempstead Town Local Development Corp. Academy Charter School Series B | 4.76 | 2-1-2027 | 1,340,000 | 1,295,975 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2025 | 600,000 | 613,538 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2028 | 825,000 | 872,260 | ||
St. Lawrence County Industrial Development Agency Clarkson University Capital Region Campus Series Bøø | 1.55 | 9-1-2042 | 1,000,000 | 961,386 | ||
St. Lawrence County Industrial Development Agency St. Lawrence University | 5.00 | 7-1-2026 | 400,000 | 420,006 | ||
St. Lawrence County Industrial Development Agency St. Lawrence University | 5.00 | 7-1-2027 | 510,000 | 545,062 | ||
5,578,164 | ||||||
GO revenue: 0.88% | ||||||
City of Long Beach Series A BAN | 4.00 | 2-16-2024 | 2,985,000 | 2,979,473 | ||
City of Long Beach Series A BAN | 5.00 | 2-16-2024 | 4,528,435 | 4,549,460 | ||
City of New York Series J3 (AGM Insured)€øø | 4.84 | 6-1-2036 | 900,000 | 900,000 | ||
City of Poughkeepsie | 4.00 | 4-15-2027 | 480,000 | 474,198 | ||
County of Suffolk Series A (BAM Insured) | 5.00 | 6-15-2028 | 3,215,000 | 3,557,549 | ||
Hermon-DeKalb Central School District BAN | 4.50 | 6-28-2024 | 5,020,000 | 5,054,019 | ||
17,514,699 | ||||||
Health revenue: 0.61% | ||||||
Broome County Local Development Corp. United Health Services Hospitals Obligated Group (AGM Insured) | 5.00 | 4-1-2026 | 500,000 | 519,852 | ||
Broome County Local Development Corp. United Health Services Hospitals Obligated Group (AGM Insured) | 5.00 | 4-1-2027 | 950,000 | 1,000,020 | ||
New York State Dormitory Authority Montefiore Obligated Group Series A | 5.00 | 8-1-2024 | 1,600,000 | 1,606,248 | ||
New York State Dormitory Authority Montefiore Obligated Group Series A | 5.00 | 8-1-2025 | 3,000,000 | 3,005,189 | ||
New York State Dormitory Authority Montefiore Obligated Group Series A | 5.00 | 8-1-2026 | 1,000,000 | 1,001,649 | ||
New York State Dormitory Authority Northwell Health Obligated Group Series B2øø | 5.00 | 5-1-2048 | 4,000,000 | 4,017,134 | ||
Westchester County Local Development Corp. Purchase Senior Learning Community Obligated Group Series D144A | 2.88 | 7-1-2026 | 1,000,000 | 953,436 | ||
12,103,528 | ||||||
Housing revenue: 0.65% | ||||||
New York City Housing Development Corp. Series G-2 AMT | 1.75 | 11-1-2023 | 400,000 | 397,866 | ||
New York City Housing Development Corp. Series G-2 AMT | 1.80 | 5-1-2024 | 400,000 | 394,819 | ||
New York City Housing Development Corp. Series G-2 AMT | 1.85 | 11-1-2024 | 400,000 | 392,228 | ||
New York City Housing Development Corp. Series G-2 AMT | 1.90 | 5-1-2025 | 515,000 | 502,059 | ||
New York City Housing Development Corp. Series G-2 AMT | 1.95 | 11-1-2025 | 520,000 | 504,146 | ||
New York City Housing Development Corp. Series G-2 AMT | 2.00 | 5-1-2026 | 535,000 | 514,239 | ||
New York City Housing Development Corp. New York City Housing Development Corp. Series Aøø | 3.70 | 5-1-2063 | 5,500,000 | 5,500,899 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
New York Liberty Development Corp. Series A | 1.20 % | 11-15-2028 | $ | 2,500,000 | $2,136,829 | |
New York State Housing Finance Agency Series J-2 (Department of Housing and Urban Development Insured)øø | 1.10 | 11-1-2061 | 2,500,000 | 2,214,764 | ||
New York State Housing Finance Agency Series K2 (Department of Housing and Urban Development Insured)øø | 1.00 | 11-1-2061 | 500,000 | 454,666 | ||
13,012,515 | ||||||
Industrial development revenue: 1.79% | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2024 | 7,205,000 | 7,232,582 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2025 | 22,925,000 | 23,208,167 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2028 | 5,000,000 | 5,187,896 | ||
35,628,645 | ||||||
Miscellaneous revenue: 0.97% | ||||||
New York City Industrial Development Agency Queens Ballpark Co. LLC Series A (AGM Insured) | 5.00 | 1-1-2024 | 1,250,000 | 1,259,958 | ||
New York City Industrial Development Agency Queens Ballpark Co. LLC Series A (AGM Insured) | 5.00 | 1-1-2030 | 1,000,000 | 1,109,401 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series A2øø | 2.00 | 5-15-2045 | 6,000,000 | 5,479,226 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series B | 5.00 | 5-15-2024 | 1,000,000 | 1,016,299 | ||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series B | 5.00 | 5-15-2026 | 10,000,000 | 10,561,376 | ||
19,426,260 | ||||||
Transportation revenue: 1.14% | ||||||
Metropolitan Transportation Authority Series A2 | 5.00 | 11-15-2028 | 3,500,000 | 3,640,751 | ||
Metropolitan Transportation Authority Series A2øø | 5.00 | 11-15-2045 | 8,310,000 | 8,948,277 | ||
Metropolitan Transportation Authority Series B | 5.00 | 11-15-2028 | 365,000 | 390,569 | ||
Metropolitan Transportation Authority Series D | 5.00 | 11-15-2026 | 4,475,000 | 4,667,827 | ||
Metropolitan Transportation Authority Series Døø | 5.00 | 11-15-2034 | 5,000,000 | 5,077,395 | ||
22,724,819 | ||||||
Utilities revenue: 0.46% | ||||||
Long Island Power Authority Series Bøø | 1.50 | 9-1-2051 | 3,500,000 | 3,242,025 | ||
Long Island Power Authority Series Bøø | 1.65 | 9-1-2049 | 6,000,000 | 5,854,482 | ||
9,096,507 | ||||||
Water & sewer revenue: 0.12% | ||||||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series DD | 5.00 | 6-15-2026 | 2,225,000 | 2,361,308 | ||
153,138,570 |
Interest rate | Maturity date | Principal | Value | |||
North Carolina: 0.95% | ||||||
Health revenue: 0.17% | ||||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated Group Series Eøø | 0.80 % | 1-15-2048 | $ | 1,500,000 | $1,381,563 | |
North Carolina Medical Care Commission Friends Homes Obligated Group Series B2 | 2.30 | 9-1-2025 | 1,250,000 | 1,185,189 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 5.00 | 3-1-2026 | 245,000 | 244,022 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 5.00 | 3-1-2027 | 295,000 | 292,942 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 5.00 | 3-1-2028 | 305,000 | 301,741 | ||
3,405,457 | ||||||
Housing revenue: 0.23% | ||||||
North Carolina Housing Finance Agency Wind Crest Senior Living LP | 4.50 | 6-1-2024 | 4,500,000 | 4,500,341 | ||
Industrial development revenue: 0.05% | ||||||
Columbus County Industrial Facilities & PCFA International Paper Co. Series Aøø | 2.00 | 11-1-2033 | 1,000,000 | 976,977 | ||
Resource recovery revenue: 0.50% | ||||||
North Carolina Capital Facilities Finance Agency Republic Services, Inc. AMTøø | 4.05 | 6-1-2038 | 10,000,000 | 10,000,589 | ||
18,883,364 | ||||||
North Dakota: 0.27% | ||||||
Health revenue: 0.27% | ||||||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2025 | 380,000 | 383,903 | ||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2026 | 435,000 | 443,054 | ||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2027 | 1,125,000 | 1,156,334 | ||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2028 | 1,525,000 | 1,581,434 | ||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2030 | 1,635,000 | 1,712,721 | ||
5,277,446 | ||||||
Ohio: 3.44% | ||||||
GO revenue: 0.73% | ||||||
City of Cleveland Series A | 5.00 | 12-1-2026 | 3,610,000 | 3,767,494 | ||
City of Delaware BAN%% | 4.63 | 7-3-2024 | 3,550,000 | 3,573,342 | ||
City of Forest Park | 4.25 | 5-22-2024 | 3,444,000 | 3,462,778 | ||
City of Uhrichsville BAN | 5.25 | 6-6-2024 | 895,000 | 906,750 | ||
City of Wooster | 4.50 | 6-7-2024 | 2,750,000 | 2,772,269 | ||
14,482,633 | ||||||
Health revenue: 0.73% | ||||||
County of Allen Hospital Facilities Revenue Bon Secours Mercy Health, Inc. Series B-1øø | 5.00 | 10-1-2049 | 10,000,000 | 10,558,712 | ||
County of Hamilton UC Health Obligated Group | 5.00 | 9-15-2026 | 655,000 | 659,098 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
State of Ohio Premier Health Partners Obligated Group | 5.00 % | 11-15-2025 | $ | 265,000 | $271,151 | |
State of Ohio University Hospitals Health System, Inc. Obligated Group Series Bøø | 5.00 | 1-15-2050 | 2,905,000 | 2,965,324 | ||
14,454,285 | ||||||
Housing revenue: 0.38% | ||||||
Cuyahoga Metropolitan Housing Authority Wade Park LP (FHA Insured)øø | 4.75 | 12-1-2027 | 4,000,000 | 4,062,269 | ||
Ohio Housing Finance Agency Boardwalk Glenville Apartments LP Series A (Department of Housing and Urban Development Insured)øø | 3.50 | 7-1-2025 | 3,550,000 | 3,530,078 | ||
7,592,347 | ||||||
Industrial development revenue: 0.18% | ||||||
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series A | 2.88 | 2-1-2026 | 3,750,000 | 3,541,714 | ||
Miscellaneous revenue: 0.03% | ||||||
Dayton City School District COP | 3.00 | 12-1-2026 | 180,000 | 178,944 | ||
Dayton City School District COP | 3.00 | 12-1-2027 | 270,000 | 268,362 | ||
Dayton City School District COP | 4.00 | 12-1-2028 | 230,000 | 239,428 | ||
686,734 | ||||||
Resource recovery revenue: 0.83% | ||||||
Ohio Air Quality Development Authority American Electric Power Co., Inc. Series Døø | 1.90 | 5-1-2026 | 12,000,000 | 11,577,744 | ||
State of Ohio Republic Services, Inc.øø | 3.80 | 11-1-2035 | 5,000,000 | 5,000,397 | ||
16,578,141 | ||||||
Tax revenue: 0.29% | ||||||
City of Akron Income Tax Revenue | 4.00 | 12-1-2027 | 3,540,000 | 3,683,492 | ||
City of Akron Income Tax Revenue | 4.00 | 12-1-2028 | 2,000,000 | 2,099,071 | ||
5,782,563 | ||||||
Utilities revenue: 0.27% | ||||||
American Municipal Power, Inc. AMP Fremont Energy Center Revenue Series A | 5.00 | 2-15-2027 | 400,000 | 425,763 | ||
American Municipal Power, Inc. AMP Fremont Energy Center Revenue Series A | 5.00 | 2-15-2029 | 350,000 | 385,251 | ||
American Municipal Power, Inc. Combined Hydroelectric Revenue Series A | 5.00 | 2-15-2025 | 1,200,000 | 1,232,954 | ||
American Municipal Power, Inc. Combined Hydroelectric Revenue Series A | 5.00 | 2-15-2026 | 1,500,000 | 1,565,807 | ||
American Municipal Power, Inc. Combined Hydroelectric Revenue Series A | 5.00 | 2-15-2027 | 1,600,000 | 1,703,050 | ||
5,312,825 | ||||||
68,431,242 |
Interest rate | Maturity date | Principal | Value | |||
Oklahoma: 1.81% | ||||||
Health revenue: 0.60% | ||||||
Comanche County Hospital Authority | 5.00 % | 7-1-2025 | $ | 600,000 | $599,200 | |
Comanche County Hospital Authority | 5.00 | 7-1-2027 | 1,800,000 | 1,799,847 | ||
Oklahoma Development Finance Authority INTEGRIS Health Obligated Group Series Cø | 4.31 | 8-15-2031 | 8,450,000 | 8,450,000 | ||
Oklahoma Development Finance Authority OU Medicine Obligated Group Series B | 5.00 | 8-15-2023 | 500,000 | 499,048 | ||
Oklahoma Development Finance Authority OU Medicine Obligated Group Series B | 5.00 | 8-15-2024 | 600,000 | 591,205 | ||
11,939,300 | ||||||
Housing revenue: 1.06% | ||||||
Cleveland County Educational Facilities Authority Cleveland County Independent School District No. 29 Norman Series A | 5.00 | 6-1-2030 | 2,540,000 | 2,793,471 | ||
Kingfisher Special Projects Authority Kingfisher County Independent School District No. 7 Kingfisher | 4.00 | 3-1-2026 | 2,005,000 | 2,039,282 | ||
Mcintosh County Educational Facilities Authority McIntosh County Independent School District No. 19 Checotah | 2.00 | 9-1-2027 | 415,000 | 387,585 | ||
Oklahoma Capitol Improvement Authority Series A | 5.00 | 7-1-2029 | 5,880,000 | 5,962,429 | ||
Oklahoma County Finance Authority Oklahoma County Independent School District No. 9 Jones | 4.00 | 9-1-2025 | 550,000 | 556,818 | ||
Oklahoma County Finance Authority Oklahoma County Independent School District No. 9 Jones | 4.00 | 9-1-2026 | 590,000 | 599,791 | ||
Ottawa County Educational Facilities Authority Ottawa County Independent School District No. 23 Miami | 5.00 | 9-1-2023 | 830,000 | 831,514 | ||
Ottawa County Educational Facilities Authority Ottawa County Independent School District No. 23 Miami | 5.00 | 9-1-2024 | 1,080,000 | 1,096,007 | ||
Ottawa County Educational Facilities Authority Ottawa County Independent School District No. 23 Miami | 5.00 | 9-1-2025 | 930,000 | 954,830 | ||
Tulsa County Industrial Authority Tulsa County Independent School District No. 3 Broken Arrow | 5.00 | 9-1-2025 | 3,000,000 | 3,007,268 | ||
Wagoner County School Development Authority Wagoner County Independent School District No. 19 Wagoner | 4.00 | 9-1-2025 | 1,255,000 | 1,270,817 | ||
Weatherford Industrial Trust Custer County Independent School District No. 26 Weatherford | 5.00 | 3-1-2027 | 1,475,000 | 1,558,277 | ||
21,058,089 | ||||||
Miscellaneous revenue: 0.11% | ||||||
Kay County Public Buildings Authority Sales Tax Revenue | 2.25 | 4-1-2024 | 720,000 | 708,289 | ||
Kay County Public Buildings Authority Sales Tax Revenue | 2.25 | 4-1-2025 | 735,000 | 702,309 | ||
Kay County Public Buildings Authority Sales Tax Revenue | 2.38 | 4-1-2026 | 750,000 | 704,064 | ||
2,114,662 | ||||||
Tax revenue: 0.04% | ||||||
Jackson County Facilities Authority | 4.00 | 10-1-2027 | 810,000 | 832,120 | ||
35,944,171 |
Interest rate | Maturity date | Principal | Value | |||
Oregon: 0.16% | ||||||
Airport revenue: 0.06% | ||||||
Port of Portland Airport Revenue Series 2023-XM1101 AMT | 5.00 % | 7-1-2026 | $ | 1,240,000 | $1,282,340 | |
GO revenue: 0.05% | ||||||
Port of Morrow Series A | 4.00 | 6-1-2026 | 345,000 | 350,697 | ||
Port of Morrow Series A | 4.00 | 6-1-2027 | 535,000 | 549,515 | ||
900,212 | ||||||
Health revenue: 0.05% | ||||||
Hospital Facilities Authority of Multnomah County Terwilliger Plaza, Inc. Obligated Group | 0.95 | 6-1-2027 | 1,200,000 | 1,047,782 | ||
3,230,334 | ||||||
Pennsylvania: 8.13% | ||||||
Airport revenue: 0.89% | ||||||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2027 | 2,000,000 | 2,088,592 | ||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2028 | 2,000,000 | 2,111,576 | ||
City of Philadelphia Airport Revenue Series A | 5.00 | 7-1-2026 | 1,160,000 | 1,222,759 | ||
City of Philadelphia Airport Revenue Series A | 5.00 | 7-1-2027 | 1,400,000 | 1,504,404 | ||
City of Philadelphia Airport Revenue Series C AMT | 5.00 | 7-1-2024 | 10,745,000 | 10,875,776 | ||
17,803,107 | ||||||
Education revenue: 2.31% | ||||||
Cumberland County Municipal Authority Messiah Collegeøø | 3.15 | 5-1-2044 | 3,500,000 | 3,478,874 | ||
Huntingdon County General Authority Juniata College Series T | 5.00 | 10-1-2027 | 385,000 | 398,608 | ||
Huntingdon County General Authority Juniata College Series T | 5.00 | 10-1-2028 | 415,000 | 433,496 | ||
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2025 | 965,000 | 957,353 | ||
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2026 | 1,005,000 | 994,854 | ||
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2028 | 1,090,000 | 1,077,654 | ||
Lehigh County General Purpose Authority Muhlenberg College (SIFMA Municipal Swap+0.58%)± | 4.59 | 11-1-2037 | 9,540,000 | 9,529,774 | ||
Pennsylvania Higher Education Assistance Agency Series A | 5.00 | 6-1-2026 | 1,475,000 | 1,523,512 | ||
Pennsylvania Higher Education Assistance Agency Series A | 5.00 | 6-1-2028 | 500,000 | 524,835 | ||
Philadelphia IDA Thomas Jefferson University Obligated Group Series Bø | 4.45 | 9-1-2050 | 27,000,000 | 27,000,000 | ||
45,918,960 | ||||||
GO revenue: 1.29% | ||||||
Albert Gallatin Area School District Series A (AGM Insured) | 4.00 | 9-1-2025 | 1,130,000 | 1,150,459 | ||
Albert Gallatin Area School District Series B (AGM Insured) | 4.00 | 9-1-2025 | 350,000 | 356,337 | ||
Allentown City School District (BAM Insured) | 5.00 | 2-1-2027 | 3,875,000 | 4,087,716 | ||
Borough of Dunmore Series A (AGM Insured) | 2.00 | 9-1-2025 | 220,000 | 209,915 | ||
Borough of Dunmore Series A (AGM Insured) | 2.00 | 9-1-2027 | 200,000 | 184,787 | ||
Borough of Dunmore Series A (AGM Insured) | 2.00 | 9-1-2028 | 220,000 | 200,102 | ||
Butler Area School District (AGM Insured) | 5.00 | 10-1-2023 | 1,280,000 | 1,285,257 | ||
Butler Area School District (AGM Insured) | 5.00 | 10-1-2024 | 2,965,000 | 3,030,318 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Butler Area School District (AGM Insured) | 5.00 % | 10-1-2025 | $ | 4,695,000 | $4,880,512 | |
Canon McMillan School District Series B (AGM Insured) | 4.50 | 12-15-2028 | 2,000,000 | 2,013,722 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2026 | 200,000 | 206,203 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2027 | 195,000 | 202,986 | ||
City of Oil City Series A (AGM Insured) | 4.00 | 12-1-2028 | 200,000 | 209,805 | ||
Coatesville School District (AGM Insured) | 5.00 | 8-1-2023 | 1,000,000 | 1,001,159 | ||
Laurel Highlands School District (BAM Insured) | 4.00 | 2-1-2027 | 1,325,000 | 1,360,229 | ||
School District of Philadelphia Series 2020 | 5.00 | 9-1-2023 | 4,500,000 | 4,508,702 | ||
School District of Philadelphia Series A | 5.00 | 9-1-2024 | 800,000 | 813,221 | ||
25,701,430 | ||||||
Health revenue: 1.55% | ||||||
Allegheny County Hospital Development Authority UPMC Obligated Group (SIFMA Municipal Swap+0.70%)± | 4.71 | 11-15-2047 | 6,000,000 | 5,859,241 | ||
Berks County IDA Tower Health Obligated Group | 5.00 | 11-1-2023 | 1,000,000 | 970,974 | ||
Berks County IDA Tower Health Obligated Group | 5.00 | 11-1-2024 | 1,000,000 | 771,473 | ||
Doylestown Hospital Authority Doylestown Hospital Obligated Group Series A | 5.00 | 7-1-2027 | 2,500,000 | 2,419,013 | ||
Geisinger Authority Geisinger Health System Obligated Group Series Bøø | 5.00 | 4-1-2043 | 10,000,000 | 10,451,687 | ||
General Authority of Southcentral Pennsylvania WellSpan Health Obligated Group Series A | 5.00 | 6-1-2027 | 2,085,000 | 2,114,859 | ||
General Authority of Southcentral Pennsylvania WellSpan Health Obligated Group Series D (Bank of America NA LIQ)ø | 3.85 | 6-1-2037 | 1,000,000 | 1,000,000 | ||
Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | 5-15-2029 | 440,000 | 482,516 | ||
Monroeville Finance Authority UPMC Obligated Group Series C | 5.00 | 5-15-2030 | 515,000 | 574,419 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series A | 5.00 | 9-1-2023 | 1,050,000 | 1,051,832 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series Dø | 4.45 | 9-1-2050 | 3,050,000 | 3,050,000 | ||
Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | 7-1-2029 | 1,935,000 | 2,013,932 | ||
30,759,946 | ||||||
Housing revenue: 1.23% | ||||||
Pennsylvania EDFA PA Bridges Finco LP | 5.00 | 6-30-2024 | 4,500,000 | 4,532,894 | ||
Pennsylvania Housing Finance Agency Series 125A AMT | 2.38 | 10-1-2025 | 8,625,000 | 8,356,874 | ||
Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | 4-1-2033 | 3,960,000 | 3,958,841 | ||
Pennsylvania Housing Finance Agency Series 137 | 5.00 | 10-1-2024 | 265,000 | 270,254 | ||
Pennsylvania Housing Finance Agency Series 137 | 5.00 | 10-1-2025 | 220,000 | 227,824 | ||
Pennsylvania Housing Finance Agency Series 137 | 5.00 | 4-1-2026 | 240,000 | 249,848 | ||
Pennsylvania Housing Finance Agency LIH Wilkes-Barre LP (Department of Housing and Urban Development Insured)øø | 1.25 | 2-1-2025 | 7,000,000 | 6,882,729 | ||
24,479,264 | ||||||
Miscellaneous revenue: 0.49% | ||||||
Pennsylvania EDFA Philadelphia Water Department | 3.00 | 1-1-2025 | 505,000 | 497,034 | ||
Pennsylvania EDFA Philadelphia Water Department | 4.00 | 1-1-2026 | 615,000 | 612,968 | ||
RDA of the City of Philadelphia Series A | 5.00 | 4-15-2028 | 2,300,000 | 2,353,876 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Sports & Exhibition Authority of Pittsburgh & Allegheny County Allegheny Regional Asset District (AGM Insured) | 4.00 % | 2-1-2024 | $ | 1,700,000 | $1,705,285 | |
Sports & Exhibition Authority of Pittsburgh & Allegheny County Allegheny Regional Asset District (AGM Insured) | 5.00 | 2-1-2026 | 2,000,000 | 2,087,703 | ||
State Public School Building Authority Harrisburg School District Series A (AGM Insured) | 5.00 | 12-1-2023 | 2,505,000 | 2,520,978 | ||
9,777,844 | ||||||
Tax revenue: 0.08% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2026 | 500,000 | 512,731 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2027 | 500,000 | 517,289 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2028 | 500,000 | 522,276 | ||
1,552,296 | ||||||
Transportation revenue: 0.23% | ||||||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2025 | 530,000 | 537,604 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2026 | 545,000 | 557,855 | ||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2025 | 300,000 | 313,088 | ||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2026 | 350,000 | 372,641 | ||
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap+0.70%)± | 4.36 | 12-1-2023 | 2,880,000 | 2,880,373 | ||
4,661,561 | ||||||
Water & sewer revenue: 0.06% | ||||||
Allegheny County Sanitary Authority Series A | 5.00 | 6-1-2026 | 850,000 | 899,311 | ||
Allegheny County Sanitary Authority Series A | 5.00 | 6-1-2027 | 300,000 | 324,448 | ||
1,223,759 | ||||||
161,878,167 | ||||||
Rhode Island: 0.06% | ||||||
Education revenue: 0.06% | ||||||
Rhode Island Student Loan Authority Series A AMT | 5.00 | 12-1-2023 | 1,175,000 | 1,180,516 | ||
South Carolina: 0.51% | ||||||
GO revenue: 0.18% | ||||||
County of Colleton (BAM Insured) | 4.00 | 7-1-2027 | 3,535,000 | 3,654,550 | ||
Health revenue: 0.05% | ||||||
South Carolina Jobs-EDA Prisma Health Obligated Group Series Cø | 4.48 | 5-1-2048 | 1,000,000 | 1,000,000 | ||
Utilities revenue: 0.28% | ||||||
Piedmont Municipal Power Agency (NPFGC Insured) | 5.38 | 1-1-2025 | 4,580,000 | 4,705,501 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
South Carolina Public Service Authority Series C | 5.00 % | 12-1-2026 | $ | 400,000 | $420,047 | |
South Carolina Public Service Authority Series C | 5.00 | 12-1-2027 | 420,000 | 446,944 | ||
5,572,492 | ||||||
10,227,042 | ||||||
Tennessee: 1.95% | ||||||
Airport revenue: 0.23% | ||||||
Metropolitan Nashville Airport Authority Series B AMT | 5.00 | 7-1-2027 | 675,000 | 710,533 | ||
Metropolitan Nashville Airport Authority Series B AMT | 5.00 | 7-1-2028 | 1,000,000 | 1,065,248 | ||
Metropolitan Nashville Airport Authority Series B AMT | 5.00 | 7-1-2029 | 2,675,000 | 2,889,805 | ||
4,665,586 | ||||||
GO revenue: 0.34% | ||||||
Metropolitan Government of Nashville & Davidson County | 5.00 | 7-1-2027 | 6,690,000 | 6,690,000 | ||
Health revenue: 0.13% | ||||||
Greeneville Health & Educational Facilities Board Ballad Health Obligated Group Series A | 5.00 | 7-1-2023 | 1,600,000 | 1,600,000 | ||
Knox County Health Educational & Housing Facility Board University Health System Obligated Group | 5.00 | 4-1-2024 | 1,000,000 | 1,009,258 | ||
2,609,258 | ||||||
Housing revenue: 0.40% | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Richland Hills Housing Partners LP (Department of Housing and Urban Development Insured)øø | 1.25 | 12-1-2024 | 8,000,000 | 7,919,755 | ||
Utilities revenue: 0.85% | ||||||
City of Memphis Electric System Revenue Series A | 5.00 | 12-1-2025 | 600,000 | 627,454 | ||
City of Memphis Electric System Revenue Series A | 5.00 | 12-1-2026 | 600,000 | 641,022 | ||
City of Memphis Electric System Revenue Series A | 5.00 | 12-1-2027 | 450,000 | 490,397 | ||
Tennergy Corp. Series A | 5.50 | 12-1-2028 | 1,000,000 | 1,057,476 | ||
Tennergy Corp. Series A | 5.50 | 12-1-2029 | 2,000,000 | 2,123,223 | ||
Tennergy Corp. Series Aøø | 5.50 | 10-1-2053 | 2,500,000 | 2,646,740 | ||
Tennessee Energy Acquisition Corp.øø | 4.00 | 11-1-2049 | 7,500,000 | 7,459,159 | ||
Tennessee Energy Acquisition Corp. Series A | 5.25 | 9-1-2024 | 1,900,000 | 1,924,011 | ||
16,969,482 | ||||||
38,854,081 | ||||||
Texas: 9.71% | ||||||
Airport revenue: 1.12% | ||||||
City of Austin Airport System Revenue AMT | 5.00 | 11-15-2025 | 1,500,000 | 1,543,003 | ||
City of El Paso Airport Revenue AMT | 5.00 | 8-15-2025 | 3,110,000 | 3,178,328 | ||
City of Houston Airport System Revenue Series A%% | 5.00 | 7-1-2028 | 3,000,000 | 3,188,705 | ||
City of Houston Airport System Revenue Series A AMT | 5.00 | 7-1-2026 | 1,000,000 | 1,038,445 | ||
City of Houston Airport System Revenue Series A AMT | 5.00 | 7-1-2027 | 1,000,000 | 1,052,641 | ||
City of Houston Airport System Revenue Series B | 5.00 | 7-1-2026 | 1,500,000 | 1,584,230 | ||
City of Houston Airport System Revenue Series B | 5.00 | 7-1-2027 | 3,000,000 | 3,229,571 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue (continued) | ||||||
Dallas Fort Worth International Airport Series A | 5.00 % | 11-1-2025 | $ | 1,000,000 | $1,041,887 | |
Dallas Fort Worth International Airport Series B | 5.00 | 11-1-2026 | 2,850,000 | 3,030,889 | ||
Love Field Airport Modernization Corp. AMT | 5.00 | 11-1-2026 | 3,250,000 | 3,376,861 | ||
22,264,560 | ||||||
Education revenue: 0.89% | ||||||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2027 | 350,000 | 357,153 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2028 | 290,000 | 298,056 | ||
Clifton Higher Education Finance Corp. Series A | 5.00 | 8-15-2027 | 500,000 | 522,964 | ||
Clifton Higher Education Finance Corp. Series A | 5.00 | 8-15-2028 | 300,000 | 317,376 | ||
Clifton Higher Education Finance Corp. Series D | 5.00 | 8-15-2024 | 3,125,000 | 3,117,829 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 5.00 | 8-15-2025 | 360,000 | 367,470 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 6.00 | 3-1-2029 | 830,000 | 835,009 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 5.00 | 8-15-2023 | 1,510,000 | 1,509,345 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2028 | 400,000 | 418,553 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022-035 (Morgan Stanley Municipal Funding LOC, Morgan Stanley Municipal Funding LIQ)144Aø | 4.41 | 6-15-2056 | 10,000,000 | 10,000,000 | ||
17,743,755 | ||||||
GO revenue: 2.58% | ||||||
Andrews County Hospital District | 5.00 | 3-15-2027 | 1,750,000 | 1,843,880 | ||
City of Port Arthur (BAM Insured) | 5.00 | 2-15-2026 | 290,000 | 303,167 | ||
City of Port Arthur (BAM Insured) | 5.00 | 2-15-2027 | 310,000 | 330,294 | ||
City of Port Arthur (BAM Insured) | 5.00 | 2-15-2028 | 365,000 | 396,188 | ||
Comal Independent School District | 5.00 | 2-1-2025 | 2,790,000 | 2,869,045 | ||
Cypress-Fairbanks Independent School District | 5.00 | 2-15-2029 | 6,530,000 | 6,716,587 | ||
Denton Independent School District Series Bøø | 2.00 | 8-1-2044 | 4,070,000 | 3,995,944 | ||
Eanes Independent School District Series Bøø | 1.75 | 8-1-2039 | 7,465,000 | 7,303,857 | ||
Fort Bend Independent School District Series Bøø | 0.72 | 8-1-2051 | 1,260,000 | 1,117,513 | ||
Leander Independent School District Series A CAB¤ | 0.00 | 8-15-2023 | 1,065,000 | 1,060,779 | ||
North East Independent School Districtøø | 2.20 | 8-1-2049 | 4,800,000 | 4,725,962 | ||
North East Independent School Districtøø%% | 3.60 | 8-1-2052 | 500,000 | 499,805 | ||
Northside Independent School Districtøø | 2.75 | 8-1-2048 | 20,305,000 | 20,283,061 | ||
51,446,082 | ||||||
Health revenue: 1.17% | ||||||
Harris County Cultural Education Facilities Finance Corp. Memorial Hermann Health System Obligated Group Series Bøø | 5.00 | 6-1-2050 | 5,000,000 | 5,404,205 | ||
Harris County Cultural Education Facilities Finance Corp. Memorial Hermann Health System Obligated Group Series C-2 (SIFMA Municipal Swap+0.57%)± | 4.58 | 12-1-2049 | 11,000,000 | 11,017,592 | ||
Tarrant County Cultural Education Facilities Finance Corp. Series A | 5.00 | 11-15-2026 | 1,440,000 | 1,454,872 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Baylor Scott & White Health Obligated Group Series Eøø | 5.00 % | 11-15-2052 | $ | 4,000,000 | $4,156,115 | |
Tarrant County Cultural Education Facilities Finance Corp. Buckner Retirement Services, Inc. Obligated Group Series A | 5.00 | 11-15-2024 | 1,305,000 | 1,307,970 | ||
23,340,754 | ||||||
Housing revenue: 0.65% | ||||||
City of Dallas Housing Finance Corp. TX Casa View 2018 Ltd.øø | 1.75 | 7-1-2037 | 7,000,000 | 7,000,000 | ||
Housing Synergy PFC Villages at Westlake Apartments LP (Department of Housing and Urban Development Insured)øø | 3.50 | 8-1-2025 | 4,000,000 | 3,977,919 | ||
Travis County Housing Finance Corp. Austin Gateway Apartments LPøø | 4.13 | 6-1-2045 | 2,000,000 | 2,002,761 | ||
12,980,680 | ||||||
Industrial development revenue: 0.44% | ||||||
Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | 11-1-2050 | 7,000,000 | 7,041,990 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 1.88 | 1-1-2026 | 800,000 | 728,534 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 2.00 | 1-1-2027 | 525,000 | 461,581 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 2.13 | 1-1-2028 | 575,000 | 489,868 | ||
8,721,973 | ||||||
Miscellaneous revenue: 0.17% | ||||||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue (AGM Insured) | 5.00 | 10-1-2029 | 420,000 | 466,492 | ||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue (AGM Insured) | 5.00 | 10-1-2030 | 1,520,000 | 1,711,644 | ||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue Series A (BAM Insured)%% | 5.00 | 10-1-2029 | 400,000 | 444,170 | ||
Greater Texoma Utility Authority City of Sherman Water & Sewer System Revenue Series A (BAM Insured)%% | 5.00 | 10-1-2030 | 750,000 | 844,366 | ||
3,466,672 | ||||||
Tax revenue: 0.24% | ||||||
Baytown Municipal Development District Baytown Municipal Development District Baytown Convention Center Hotel Revenue Series C | 5.00 | 10-1-2025 | 480,000 | 487,417 | ||
Baytown Municipal Development District Convention Center Hotel Revenue Series C | 5.00 | 10-1-2026 | 510,000 | 521,758 | ||
Baytown Municipal Development District Convention Center Hotel Revenue Series C | 5.00 | 10-1-2027 | 845,000 | 870,554 | ||
Old Spanish Trail-Alemda Corridors Redevelopment Authority | 5.00 | 9-1-2025 | 2,805,000 | 2,897,540 | ||
4,777,269 | ||||||
Transportation revenue: 0.20% | ||||||
Central Texas Turnpike System Series C | 5.00 | 8-15-2029 | 3,840,000 | 3,886,173 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 1.60% | ||||||
City of San Antonio Electric & Gas Systems Revenueøø | 1.75 % | 2-1-2049 | $ | 11,500,000 | $10,858,372 | |
City of San Antonio Electric & Gas Systems Revenueøø | 3.65 | 2-1-2053 | 5,000,000 | 4,991,949 | ||
Lower Colorado River Authority | 5.00 | 5-15-2027 | 2,000,000 | 2,141,093 | ||
Lower Colorado River Authority (AGM Insured) | 5.00 | 5-15-2027 | 1,385,000 | 1,491,608 | ||
Lower Colorado River Authority (AGM Insured) | 5.00 | 5-15-2028 | 2,285,000 | 2,506,346 | ||
Texas Municipal Gas Acquisition & Supply Corp. II Texas Municipal Gas Acquisition and Supply Corp. II Series B (SIFMA Municipal Swap+0.55%)± | 4.56 | 9-15-2027 | 7,465,000 | 7,373,478 | ||
Texas Municipal Power Agency (AGM Insured) | 3.00 | 9-1-2026 | 950,000 | 931,675 | ||
Texas Municipal Power Agency (AGM Insured) | 3.00 | 9-1-2027 | 1,600,000 | 1,565,548 | ||
31,860,069 | ||||||
Water & sewer revenue: 0.65% | ||||||
City of Houston Combined Utility System Revenue Series B-3 (Sumitomo Mitsui Banking Corp. LOC)ø | 3.75 | 5-15-2034 | 550,000 | 550,000 | ||
San Antonio Water System Series Aøø | 2.63 | 5-1-2049 | 12,490,000 | 12,375,055 | ||
12,925,055 | ||||||
193,413,042 | ||||||
Utah: 0.46% | ||||||
Airport revenue: 0.45% | ||||||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2023 | 3,150,000 | 3,150,000 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2024 | 2,000,000 | 2,021,820 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2025 | 3,600,000 | 3,687,474 | ||
8,859,294 | ||||||
Miscellaneous revenue: 0.01% | ||||||
Utah Infrastructure Agency | 3.00 | 10-15-2026 | 310,000 | 296,203 | ||
9,155,497 | ||||||
Virginia: 1.69% | ||||||
Airport revenue: 0.08% | ||||||
Virginia Port Authority Series B AMT | 5.00 | 7-1-2029 | 1,500,000 | 1,557,623 | ||
Education revenue: 0.05% | ||||||
Virginia College Building Authority Regent University | 5.00 | 6-1-2026 | 300,000 | 305,564 | ||
Virginia College Building Authority Regent University | 5.00 | 6-1-2027 | 275,000 | 282,611 | ||
Virginia College Building Authority Regent University | 5.00 | 6-1-2028 | 300,000 | 310,965 | ||
899,140 | ||||||
Housing revenue: 0.31% | ||||||
Arlington County IDA Park Shirlington Preservation LP Series A | 5.00 | 1-1-2026 | 6,000,000 | 6,189,451 | ||
Tax revenue: 0.04% | ||||||
Marquis CDA of York County Virginia CAB144A | 7.50 | 9-1-2045 | 680,000 | 204,000 | ||
Marquis CDA of York County Virginia Series A | 5.10 | 9-1-2036 | 2,169,000 | 650,700 | ||
Marquis CDA of York County Virginia Series C CAB¤ | 0.00 | 9-1-2041 | 3,493,000 | 8,732 | ||
863,432 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.71% | ||||||
Chesapeake Bay Bridge & Tunnel District BAN | 5.00 % | 11-1-2023 | $ | 14,115,000 | $14,168,633 | |
Utilities revenue: 0.50% | ||||||
Louisa IDA Virginia Electric & Power Co. Series Aøø | 3.65 | 11-1-2035 | 10,000,000 | 9,960,009 | ||
33,638,288 | ||||||
Washington: 2.46% | ||||||
GO revenue: 0.48% | ||||||
State of Washington | 5.00 | 6-1-2025 | 1,000,000 | 1,037,191 | ||
State of Washington | 5.00 | 6-1-2026 | 1,570,000 | 1,661,531 | ||
State of Washington Series R | 5.00 | 7-1-2024 | 4,465,000 | 4,549,849 | ||
Tacoma Metropolitan Park District | 5.00 | 12-1-2026 | 2,250,000 | 2,326,161 | ||
9,574,732 | ||||||
Health revenue: 0.68% | ||||||
Skagit County Public Hospital District No. 1 | 5.00 | 12-1-2028 | 2,000,000 | 2,058,119 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B1øø | 5.00 | 8-1-2049 | 2,500,000 | 2,516,428 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B2øø | 5.00 | 8-1-2049 | 2,430,000 | 2,479,338 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B3øø | 5.00 | 8-1-2049 | 4,125,000 | 4,251,301 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group144A | 5.00 | 12-1-2025 | 275,000 | 283,642 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group144A | 5.00 | 12-1-2026 | 285,000 | 297,790 | ||
Washington State Housing Finance Commission Eliseo Obligated Group Series B-2144A | 2.13 | 7-1-2027 | 1,250,000 | 1,126,109 | ||
Washington State Housing Finance Commission Spokane United Methodist Homes Obligated Group Series B2144A | 3.00 | 7-1-2027 | 535,000 | 535,000 | ||
13,547,727 | ||||||
Housing revenue: 0.13% | ||||||
FYI Properties State of Washington Consolidated Technology Services | 5.00 | 6-1-2027 | 1,000,000 | 1,074,585 | ||
King County Housing Authority | 4.00 | 10-1-2027 | 300,000 | 306,064 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2025 | 500,000 | 512,631 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2026 | 730,000 | 759,954 | ||
2,653,234 | ||||||
Utilities revenue: 1.17% | ||||||
City of Seattle Municipal Light & Power Revenue Series C1 (SIFMA Municipal Swap+0.49%)± | 4.50 | 11-1-2046 | 23,190,000 | 23,193,142 | ||
48,968,835 | ||||||
West Virginia: 0.30% | ||||||
GO revenue: 0.05% | ||||||
Berkeley County Board of Education | 2.00 | 5-1-2024 | 1,000,000 | 986,585 |
Interest rate | Maturity date | Principal | Value | |||
Resource recovery revenue: 0.25% | ||||||
West Virginia EDA Kentucky Power Co. Series A AMTøø | 4.70 % | 4-1-2036 | $ | 5,000,000 | $5,010,793 | |
5,997,378 | ||||||
Wisconsin: 3.80% | ||||||
GO revenue: 0.04% | ||||||
Monroe School District (AGM Insured) | 5.00 | 3-1-2030 | 675,000 | 751,927 | ||
Health revenue: 3.03% | ||||||
PFA Samaritan Housing Foundation Obligated Group Series B2144A | 2.25 | 6-1-2027 | 1,845,000 | 1,712,198 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2027 | 200,000 | 209,199 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2028 | 225,000 | 238,133 | ||
Wisconsin HEFA Advocate Aurora Health Obligated Group Series B-3øø | 5.00 | 8-15-2054 | 2,000,000 | 2,016,764 | ||
Wisconsin HEFA Advocate Aurora Health Obligated Group Series B-4øø | 5.00 | 8-15-2054 | 1,450,000 | 1,482,667 | ||
Wisconsin HEFA Advocate Aurora Health Obligated Group Series C-3øø | 5.00 | 8-15-2054 | 1,250,000 | 1,307,346 | ||
Wisconsin HEFA Advocate Aurora Health Obligated Group Series C-4 (SIFMA Municipal Swap+0.65%)± | 4.66 | 8-15-2054 | 4,200,000 | 4,200,608 | ||
Wisconsin HEFA Ascension Health Credit Groupøø | 5.00 | 11-15-2033 | 11,290,000 | 11,497,799 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2025 | 1,000,000 | 1,022,564 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2026 | 1,060,000 | 1,099,230 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series Aø | 5.30 | 2-15-2053 | 2,000,000 | 2,000,000 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B1ø�� | 5.00 | 2-15-2052 | 12,000,000 | 12,130,390 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series B2øø | 5.00 | 2-15-2051 | 18,300,000 | 18,816,115 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2024 | 155,000 | 153,199 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2025 | 245,000 | 239,896 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2026 | 355,000 | 344,212 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2026 | 795,000 | 777,705 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2028 | 860,000 | 827,120 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group Series B | 4.00 | 9-15-2027 | 140,000 | 135,834 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group Series B | 4.00 | 9-15-2028 | 195,000 | 187,545 | ||
60,398,524 | ||||||
Miscellaneous revenue: 0.33% | ||||||
PMA Levy & Aid Anticipation Notes Program Series A | 4.00 | 9-27-2023 | 3,000,000 | 3,000,940 | ||
PMA Levy & Aid Anticipation Notes Program Series B | 4.00 | 9-27-2023 | 3,500,000 | 3,501,082 | ||
6,502,022 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.18% | ||||||
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 % | 12-15-2026 | $ | 3,360,000 | $3,529,187 | |
Utilities revenue: 0.15% | ||||||
PFA Duke Energy Progress LLC Series A-1øø | 3.30 | 10-1-2046 | 3,000,000 | 2,982,698 | ||
Water & sewer revenue: 0.07% | ||||||
Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00 | 6-1-2026 | 1,600,000 | 1,500,845 | ||
75,665,203 | ||||||
Wyoming: 0.18% | ||||||
Health revenue: 0.18% | ||||||
Sublette County Hospital District Series A%% | 5.00 | 6-15-2026 | 3,500,000 | 3,500,181 | ||
Total municipal obligations (Cost $2,024,922,528) | 1,978,159,160 |
Yield | ||||||
Short-term investments: 1.30% | ||||||
Commercial paper: 1.03% | ||||||
County of Mercer | 3.45 | 6-6-2024 | 5,000,000 | 4,999,582 | ||
County of Mercer | 3.50 | 7-12-2023 | 2,850,000 | 2,849,376 | ||
County of Mercer | 3.50 | 8-3-2023 | 12,650,000 | 12,645,795 | ||
Total commercial paper (Cost $20,499,996) | 20,494,753 |
Shares | ||||||
Investment companies: 0.27% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 5,497,677 | 5,498,777 | |||
Total short-term investments (Cost $25,998,773) | 25,993,530 | |||||
Total investments in securities (Cost $2,057,921,301) | 101.01 % | 2,011,152,690 | ||||
Other assets and liabilities, net | (1.01 ) | (20,137,234 ) | ||||
Total net assets | 100.00 % | $1,991,015,456 |
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. |
## | All or a portion of this security is segregated for when-issued securities. |
%% | The security is purchased on a when-issued basis. |
¤ | 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. |
♠ | 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. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
BAN | Bond anticipation note |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
COP | Certificate of participation |
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 |
HEFA | Health & Educational Facilities Authority |
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 |
PCFA | Pollution Control Financing Authority |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SBLF | Small Business Lending Fund |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
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 | $4,264,311 | $884,428,214 | $(883,185,636 ) | $(8,013 ) | $(99 ) | $5,498,777 | 5,497,677 | $629,908 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,052,422,524) | $2,005,653,913 |
Investments in affiliated securities, at value (cost $5,498,777) | 5,498,777 |
Cash | 263,352 |
Receivable for interest | 19,540,168 |
Receivable for Fund shares sold | 1,676,681 |
Receivable for investments sold | 405,000 |
Prepaid expenses and other assets | 2,711 |
Total assets | 2,033,040,602 |
Liabilities | |
Payable for when-issued transactions | 21,783,556 |
Payable for investments purchased | 15,011,706 |
Payable for Fund shares redeemed | 3,540,346 |
Dividends payable | 625,368 |
Management fee payable | 440,033 |
Administration fees payable | 163,848 |
Distribution fee payable | 3,193 |
Trustees’ fees and expenses payable | 273 |
Accrued expenses and other liabilities | 456,823 |
Total liabilities | 42,025,146 |
Total net assets | $1,991,015,456 |
Net assets consist of | |
Paid-in capital | $2,099,066,504 |
Total distributable loss | (108,051,048 ) |
Total net assets | $1,991,015,456 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $397,949,391 |
Shares outstanding–Class A1 | 41,821,952 |
Net asset value per share–Class A | $9.52 |
Maximum offering price per share – Class A2 | $9.71 |
Net assets–Class C | $4,730,902 |
Shares outstanding–Class C1 | 497,164 |
Net asset value per share–Class C | $9.52 |
Net assets–Class R6 | $179,524,093 |
Shares outstanding–Class R61 | 18,830,833 |
Net asset value per share–Class R6 | $9.53 |
Net assets–Administrator Class | $2,712,220 |
Shares outstanding–Administrator Class1 | 285,165 |
Net asset value per share–Administrator Class | $9.51 |
Net assets–Institutional Class | $1,406,098,850 |
Shares outstanding–Institutional Class1 | 147,512,327 |
Net asset value per share–Institutional Class | $9.53 |
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 | $42,506,839 |
Income from affiliated securities | 629,908 |
Total investment income | 43,136,747 |
Expenses | |
Management fee | 6,223,086 |
Administration fees | |
Class A | 730,724 |
Class C | 7,944 |
Class R6 | 69,431 |
Administrator Class | 4,491 |
Institutional Class | 911,718 |
Shareholder servicing fees | |
Class A | 1,138,842 |
Class C | 12,407 |
Administrator Class | 11,044 |
Distribution fee | |
Class C | 37,219 |
Custody and accounting fees | 79,044 |
Professional fees | 93,105 |
Registration fees | 77,009 |
Shareholder report expenses | 378 |
Trustees’ fees and expenses | 22,973 |
Other fees and expenses | 35,708 |
Total expenses | 9,455,123 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (557,767 ) |
Class A | (481,449 ) |
Class C | (5,202 ) |
Administrator Class | (3,155 ) |
Institutional Class | (69,567 ) |
Net expenses | 8,337,983 |
Net investment income | 34,798,764 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (1,332,452 ) |
Affiliated securities | (8,013 ) |
Net realized losses on investments | (1,340,465 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,775,147 ) |
Affiliated securities | (99 ) |
Net change in unrealized gains (losses) on investments | (4,775,246 ) |
Net realized and unrealized gains (losses) on investments | (6,115,711 ) |
Net increase in net assets resulting from operations | $28,683,053 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $34,798,764 | $29,640,200 | ||
Net realized losses on investments | (1,340,465 ) | (6,806,537 ) | ||
Net change in unrealized gains (losses) on investments | (4,775,246 ) | (94,969,202 ) | ||
Net increase (decrease) in net assets resulting from operations | 28,683,053 | (72,135,539 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (7,804,675 ) | (6,448,479 ) | ||
Class C | (48,499 ) | (16,609 ) | ||
Class R6 | (4,538,078 ) | (5,926,588 ) | ||
Administrator Class | (76,328 ) | (101,255 ) | ||
Institutional Class | (22,364,997 ) | (17,109,887 ) | ||
Total distributions to shareholders | (34,832,577 ) | (29,602,818 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 3,906,304 | 37,153,356 | 5,411,821 | 53,085,084 |
Class C | 241,988 | 2,293,649 | 93,167 | 892,311 |
Class R6 | 4,772,973 | 45,439,559 | 22,206,656 | 219,388,068 |
Administrator Class | 116,504 | 1,097,402 | 16,337 | 160,666 |
Institutional Class | 103,653,771 | 986,549,992 | 60,814,199 | 595,839,440 |
1,072,533,958 | 869,365,569 | |||
Reinvestment of distributions | ||||
Class A | 778,004 | 7,387,576 | 634,297 | 6,198,439 |
Class C | 4,992 | 47,413 | 1,676 | 16,314 |
Class R6 | 234,616 | 2,233,086 | 248,231 | 2,427,229 |
Administrator Class | 6,545 | 62,132 | 9,270 | 90,839 |
Institutional Class | 2,125,586 | 20,222,065 | 1,635,626 | 16,004,191 |
29,952,272 | 24,737,012 | |||
Payment for shares redeemed | ||||
Class A | (17,630,552 ) | (167,372,223 ) | (20,151,656 ) | (197,188,295 ) |
Class C | (279,885 ) | (2,653,079 ) | (264,125 ) | (2,599,228 ) |
Class R6 | (22,378,170 ) | (213,390,782 ) | (30,322,260 ) | (296,291,525 ) |
Administrator Class | (505,896 ) | (4,831,557 ) | (653,324 ) | (6,439,085 ) |
Institutional Class | (79,106,656 ) | (752,337,010 ) | (81,039,965 ) | (790,136,658 ) |
(1,140,584,651 ) | (1,292,654,791 ) | |||
Net decrease in net assets resulting from capital share transactions | (38,098,421 ) | (398,552,210 ) | ||
Total decrease in net assets | (44,247,945 ) | (500,290,567 ) | ||
Net assets | ||||
Beginning of period | 2,035,263,401 | 2,535,553,968 | ||
End of period | $1,991,015,456 | $2,035,263,401 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.54 | $9.95 | $9.92 | $9.92 | $9.83 |
Net investment income | 0.16 1 | 0.10 | 0.12 | 0.15 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (0.41 ) | 0.03 | (0.01 ) | 0.10 |
Total from investment operations | 0.15 | (0.31 ) | 0.15 | 0.14 | 0.25 |
Distributions to shareholders from | |||||
Net investment income | (0.17 ) | (0.10 ) | (0.12 ) | (0.14 ) | (0.16 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.17 ) | (0.10 ) | (0.12 ) | (0.14 ) | (0.16 ) |
Net asset value, end of period | $9.52 | $9.54 | $9.95 | $9.92 | $9.92 |
Total return3 | 1.53 % | (3.09 )% | 1.52 % | 1.47 % | 2.57 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.76 % | 0.76 % | 0.77 % | 0.76 % | 0.76 % |
Net expenses | 0.63 % | 0.63 % | 0.63 % | 0.63 % | 0.63 % |
Net investment income | 1.71 % | 1.05 % | 1.20 % | 1.52 % | 1.59 % |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 28 % | 20 % | 35 % | 33 % |
Net assets, end of period (000s omitted) | $397,949 | $522,582 | $685,618 | $743,254 | $991,514 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.54 | $9.95 | $9.92 | $9.92 | $9.83 |
Net investment income | 0.09 1 | 0.03 | 0.05 | 0.08 | 0.08 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (0.41 ) | 0.03 | (0.01 ) | 0.10 |
Total from investment operations | 0.07 | (0.38 ) | 0.08 | 0.07 | 0.18 |
Distributions to shareholders from | |||||
Net investment income | (0.09 ) | (0.03 ) | (0.05 ) | (0.07 ) | (0.09 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.09 ) | (0.03 ) | (0.05 ) | (0.07 ) | (0.09 ) |
Net asset value, end of period | $9.52 | $9.54 | $9.95 | $9.92 | $9.92 |
Total return3 | 0.77 % | (3.82 )% | 0.76 % | 0.71 % | 1.81 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51 % | 1.51 % | 1.51 % | 1.50 % | 1.51 % |
Net expenses | 1.38 % | 1.38 % | 1.38 % | 1.38 % | 1.38 % |
Net investment income | 0.97 % | 0.30 % | 0.45 % | 0.77 % | 0.84 % |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 28 % | 20 % | 35 % | 33 % |
Net assets, end of period (000s omitted) | $4,731 | $5,058 | $6,962 | $16,870 | $34,381 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.56 | $9.97 | $9.94 | $9.94 | $9.86 |
Net investment income | 0.19 2 | 0.13 | 0.15 | 0.18 | 0.17 |
Net realized and unrealized gains (losses) on investments | (0.03 ) | (0.41 ) | 0.03 | (0.01 ) | 0.08 |
Total from investment operations | 0.16 | (0.28 ) | 0.18 | 0.17 | 0.25 |
Distributions to shareholders from | |||||
Net investment income | (0.19 ) | (0.13 ) | (0.15 ) | (0.17 ) | (0.17 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00 )3 |
Total distributions to shareholders | (0.19 ) | (0.13 ) | (0.15 ) | (0.17 ) | (0.17 ) |
Net asset value, end of period | $9.53 | $9.56 | $9.97 | $9.94 | $9.94 |
Total return4 | 1.70 % | (2.82 )% | 1.80 % | 1.75 % | 2.60 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.38 % | 0.38 % | 0.39 % | 0.38 % | 0.38 % |
Net expenses | 0.35 % | 0.35 % | 0.35 % | 0.35 % | 0.35 % |
Net investment income | 1.96 % | 1.33 % | 1.48 % | 1.80 % | 1.94 % |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 28 % | 20 % | 35 % | 33 % |
Net assets, end of period (000s omitted) | $179,524 | $346,080 | $439,530 | $626,312 | $787,524 |
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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.54 | $9.96 | $9.92 | $9.93 | $9.84 |
Net investment income | 0.16 1 | 0.12 | 0.12 1 | 0.16 | 0.16 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | (0.42 ) | 0.04 | (0.02 ) | 0.09 |
Total from investment operations | 0.14 | (0.30 ) | 0.16 | 0.14 | 0.25 |
Distributions to shareholders from | |||||
Net investment income | (0.17 ) | (0.12 ) | (0.12 ) | (0.15 ) | (0.16 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00 )2 |
Total distributions to shareholders | (0.17 ) | (0.12 ) | (0.12 ) | (0.15 ) | (0.16 ) |
Net asset value, end of period | $9.51 | $9.54 | $9.96 | $9.92 | $9.93 |
Total return | 1.45 % | (3.08 )% | 1.65 % | 1.39 % | 2.60 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.70 % | 0.70 % | 0.71 % | 0.69 % | 0.70 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % |
Net investment income | 1.70 % | 1.07 % | 1.23 % | 1.55 % | 1.62 % |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 28 % | 20 % | 35 % | 33 % |
Net assets, end of period (000s omitted) | $2,712 | $6,372 | $12,906 | $18,560 | $35,517 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.56 | $9.97 | $9.94 | $9.94 | $9.85 |
Net investment income | 0.19 1 | 0.13 | 0.14 | 0.17 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | (0.03 ) | (0.41 ) | 0.03 | (0.00 )2 | 0.09 |
Total from investment operations | 0.16 | (0.28 ) | 0.17 | 0.17 | 0.27 |
Distributions to shareholders from | |||||
Net investment income | (0.19 ) | (0.13 ) | (0.14 ) | (0.17 ) | (0.18 ) |
Tax basis return of capital | 0.00 | 0.00 | 0.00 | 0.00 | (0.00 )3 |
Total distributions to shareholders | (0.19 ) | (0.13 ) | (0.14 ) | (0.17 ) | (0.18 ) |
Net asset value, end of period | $9.53 | $9.56 | $9.97 | $9.94 | $9.94 |
Total return | 1.65 % | (2.86 )% | 1.75 % | 1.70 % | 2.81 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.44 % | 0.43 % | 0.44 % | 0.43 % | 0.43 % |
Net expenses | 0.40 % | 0.40 % | 0.40 % | 0.40 % | 0.40 % |
Net investment income | 1.96 % | 1.29 % | 1.42 % | 1.74 % | 1.80 % |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 28 % | 20 % | 35 % | 33 % |
Net assets, end of period (000s omitted) | $1,406,099 | $1,155,172 | $1,390,537 | $1,919,898 | $2,159,113 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Amount is less than $0.005. |
Gross unrealized gains | $2,092,410 |
Gross unrealized losses | (48,861,022 ) |
Net unrealized losses | $(46,768,612 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $7,000,000 | $0 | $7,000,000 |
Municipal obligations | 0 | 1,978,159,160 | 0 | 1,978,159,160 |
Short-term investments | ||||
Commercial paper | 0 | 20,494,753 | 0 | 20,494,753 |
Investment companies | 5,498,777 | 0 | 0 | 5,498,777 |
Total assets | $5,498,777 | $2,005,653,913 | $0 | $2,011,152,690 |
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 | 0.15 % |
Class C | 0.15 |
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 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$1,173,298 | $(46,768,612 ) | $(61,821,300 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507img67ea80077.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g527507img4b65968d1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g527507img8e6d7b038.gif)
AR3330 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img4a7bf4e82.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img2f42919a3.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (VMPAX) | 12-1-1994 | -2.03 | 0.37 | 1.28 | 2.03 | 1.19 | 1.70 | 0.78 | 0.78 |
Class C (DHICX) | 8-18-1997 | 0.27 | 0.44 | 1.09 | 1.27 | 0.44 | 1.09 | 1.53 | 1.53 |
Class R6 (VMPRX)3 | 7-31-2018 | – | – | – | 2.42 | 1.55 | 1.95 | 0.41 | 0.41 |
Administrator Class (VMPYX) | 10-6-1997 | – | – | – | 2.03 | 1.28 | 1.81 | 0.73 | 0.68 |
Institutional Class (STRIX) | 11-30-2012 | – | – | – | 2.37 | 1.52 | 2.04 | 0.46 | 0.46 |
Bloomberg Short-Intermediate Municipal Bond Index4 | – | – | – | – | 1.84 | 1.52 | 1.78 | – | – |
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, 2023(October 31, 2024 for Class A and Class C), to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.79% for Class A, 1.54% for Class C, 0.42% for Class R6, 0.68% for Administrator Class and 0.47% 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 Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img3ce654544.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Short-Intermediate Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.00%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img97936a695.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img2ddd621f6.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,018.90 | $4.00 | 0.80 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80 % |
Class C | ||||
Actual | $1,000.00 | $1,015.10 | $7.74 | 1.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.11 | $7.75 | 1.55 % |
Class R6 | ||||
Actual | $1,000.00 | $1,019.63 | $2.10 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.71 | $2.11 | 0.42 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,018.33 | $3.40 | 0.68 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.41 | 0.68 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,020.56 | $2.35 | 0.47 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.46 | $2.36 | 0.47 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Principal | Value | |||||
Closed-end fund obligations: 0.15% | ||||||
Other: 0.15% | ||||||
Nuveen Quality Municipal Income Fund Series 1-2118 (30 shares) 4.11%144Aø | $ | 3,000,000 | $3,000,000 | |||
Total closed-end fund obligations (Cost $3,000,000) | 3,000,000 |
Interest rate | Maturity date | |||||
Municipal obligations: 99.26% | ||||||
Alabama: 3.23% | ||||||
Housing revenue: 0.47% | ||||||
Alabama HFA South Oak Residences LP Series Aøø | 1.25 % | 12-1-2025 | 10,000,000 | 9,606,829 | ||
Industrial development revenue: 0.18% | ||||||
Selma Industrial Development Board International Paper Co. Series Aøø | 2.00 | 11-1-2033 | 3,675,000 | 3,590,389 | ||
Utilities revenue: 2.58% | ||||||
Black Belt Energy Gas District Series Aøø | 4.00 | 12-1-2048 | 2,000,000 | 1,999,342 | ||
Black Belt Energy Gas District Series Bøø | 4.00 | 10-1-2052 | 6,500,000 | 6,441,419 | ||
Black Belt Energy Gas District Series Cøø | 5.25 | 2-1-2053 | 7,800,000 | 8,165,185 | ||
Lower Alabama Gas Districtøø | 4.00 | 12-1-2050 | 8,660,000 | 8,609,917 | ||
Southeast Alabama Gas Supply District Project No. 2 Series Aøø | 4.00 | 6-1-2049 | 12,150,000 | 12,126,476 | ||
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 11,000,000 | 11,501,550 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022- XF3073 (Morgan Stanley Bank LIQ)144Aø | 4.36 | 2-1-2053 | 3,000,000 | 3,000,000 | ||
51,843,889 | ||||||
65,041,107 | ||||||
Alaska: 0.28% | ||||||
Health revenue: 0.28% | ||||||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2028 | 1,530,000 | 1,642,233 | ||
Alaska Industrial Development & Export Authority Dena’ Nena’ Henash Series A | 5.00 | 10-1-2029 | 2,220,000 | 2,413,105 | ||
Alaska Industrial Development & Export Authority Tanana Chiefs Conference Series A | 5.00 | 10-1-2027 | 1,455,000 | 1,540,101 | ||
5,595,439 | ||||||
Arizona: 1.90% | ||||||
Education revenue: 0.68% | ||||||
Arizona IDA Arizona Agribusiness & Equine Center, Inc. Series B144A | 4.00 | 3-1-2027 | 810,000 | 779,275 | ||
Arizona IDA Jerome Facility Project Series B | 5.00 | 7-1-2029 | 160,000 | 165,413 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 4.00 | 7-1-2034 | 230,000 | 223,155 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2030 | 190,000 | 196,348 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2031 | 200,000 | 206,595 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2032 | 210,000 | 216,580 | ||
Arizona IDA Kipp NYC Public Charter Schools Series B | 5.00 | 7-1-2033 | 220,000 | 226,542 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Arizona IDA Leman Academy of Excellence Obligated Group Series A144A | 4.50 % | 7-1-2029 | $ | 765,000 | $730,161 | |
IDA of the County of Pima American Leadership Academy, Inc.144A | 4.60 | 6-15-2025 | 425,000 | 421,798 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2024 | 2,140,000 | 2,117,347 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2026 | 2,585,000 | 2,524,628 | ||
IDA of the County of Pima American Leadership Academy, Inc. Series 2022144A | 4.00 | 6-15-2028 | 2,785,000 | 2,696,230 | ||
IDA of the County of Pima Edkey, Inc. Obligated Group144A | 3.50 | 7-1-2025 | 1,345,000 | 1,301,137 | ||
IDA of the County of Pima Noah Webster Schools-Mesa Series A | 5.50 | 12-15-2023 | 215,000 | 215,858 | ||
University of Arizona Series C | 5.00 | 8-1-2023 | 1,000,000 | 1,001,210 | ||
University of Arizona Series C | 5.00 | 8-1-2025 | 600,000 | 623,440 | ||
13,645,717 | ||||||
Health revenue: 0.18% | ||||||
Maricopa County IDA Christian Care Surprise, Inc.144A | 5.00 | 1-1-2026 | 2,630,000 | 2,459,529 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2023 | 215,000 | 214,061 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2024 | 220,000 | 216,661 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2025 | 270,000 | 262,870 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2026 | 245,000 | 235,700 | ||
Tempe IDA Tempe Life Care Village Obligated Group Series A | 4.00 | 12-1-2027 | 350,000 | 332,580 | ||
3,721,401 | ||||||
Housing revenue: 0.25% | ||||||
Arizona IDA Lincoln South Beltway Project | 5.00 | 2-1-2027 | 1,255,000 | 1,339,461 | ||
Arizona IDA State of Nebraska Department of Transportation | 5.00 | 5-1-2027 | 1,125,000 | 1,207,070 | ||
Arizona IDA State of Nebraska Department of Transportation | 5.00 | 8-1-2027 | 1,205,000 | 1,299,669 | ||
Arizona IDA State of Nebraska Department of Transportation | 5.00 | 11-1-2027 | 1,000,000 | 1,083,949 | ||
4,930,149 | ||||||
Industrial development revenue: 0.58% | ||||||
Chandler IDA Intel Corp. AMTøø | 5.00 | 6-1-2049 | 11,645,000 | 11,734,665 | ||
Miscellaneous revenue: 0.21% | ||||||
Navajo Nation Series A144A | 5.00 | 12-1-2025 | 4,110,000 | 4,171,599 | ||
38,203,531 | ||||||
Arkansas: 0.06% | ||||||
Tax revenue: 0.06% | ||||||
City of Bentonville Sales & Use Tax Revenue Series B | 1.05 | 11-1-2046 | 940,000 | 924,721 | ||
City of Cabot Sales & Use Tax Revenue Series B | 4.00 | 12-1-2029 | 230,000 | 241,578 | ||
City of Cabot Sales & Use Tax Revenue Series B | 4.00 | 12-1-2030 | 125,000 | 131,040 | ||
1,297,339 | ||||||
California: 3.32% | ||||||
Airport revenue: 0.01% | ||||||
Port of Oakland Series H AMT | 5.00 | 5-1-2024 | 225,000 | 228,455 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 0.03% | ||||||
California Municipal Finance Authority Nova Academy Series A144A | 4.00 % | 6-15-2026 | $ | 400,000 | $390,979 | |
California School Finance Authority Rocketship Education Obligated Group Series A144A | 4.50 | 6-1-2027 | 250,000 | 247,523 | ||
638,502 | ||||||
Health revenue: 1.19% | ||||||
California HFFA Kaiser Foundation Hospitals Series A-2 | 4.00 | 11-1-2044 | 6,000,000 | 5,909,185 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group Series A | 4.00 | 10-15-2026 | 415,000 | 416,709 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group Series A | 4.00 | 10-15-2027 | 400,000 | 402,821 | ||
California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | 11-15-2036 | 2,000,000 | 1,941,077 | ||
California PFA Kendal at Sonoma Obligated Group Series B-2144A | 2.38 | 11-15-2028 | 1,000,000 | 957,724 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series D (AGM Insured)€øø | 4.01 | 7-1-2041 | 7,700,000 | 7,700,000 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series E (AGM Insured)€øø | 4.80 | 7-1-2040 | 6,525,000 | 6,525,000 | ||
23,852,516 | ||||||
Housing revenue: 0.43% | ||||||
California Housing Finance Agency Series 2 | 4.00 | 3-20-2033 | 1,415,646 | 1,390,162 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2024 | 500,000 | 505,635 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2025 | 400,000 | 409,765 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2026 | 400,000 | 415,425 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2027 | 500,000 | 527,062 | ||
California Municipal Finance Authority CHF-Davis II LLC (BAM Insured) | 5.00 | 5-15-2028 | 400,000 | 427,493 | ||
Mizuho Floater/Residual Trust Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.51 | 5-1-2049 | 5,000,000 | 5,000,000 | ||
8,675,542 | ||||||
Miscellaneous revenue: 0.03% | ||||||
Independent Cities Finance Authority City of Compton Sales Tax Revenue (AGM Insured)144A | 4.00 | 6-1-2024 | 310,000 | 310,820 | ||
Independent Cities Finance Authority City of Compton Sales Tax Revenue (AGM Insured)144A | 4.00 | 6-1-2026 | 350,000 | 354,395 | ||
665,215 | ||||||
Tax revenue: 0.07% | ||||||
Riverside County PFA Project Area No. 1 Series A (BAM Insured) | 5.00 | 10-1-2026 | 1,250,000 | 1,300,690 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.78% | ||||||
Bay Area Toll Authority Series C (SIFMA Municipal Swap+0.45%)± | 4.46 % | 4-1-2056 | $ | 2,000,000 | $1,977,751 | |
Bay Area Toll Authority Series D (SIFMA Municipal Swap+0.30%)± | 4.31 | 4-1-2056 | 14,000,000 | 13,660,020 | ||
15,637,771 | ||||||
Utilities revenue: 0.78% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series Cøø | 5.25 | 1-1-2054 | 15,000,000 | 15,691,482 | ||
66,690,173 | ||||||
Colorado: 1.19% | ||||||
Airport revenue: 0.27% | ||||||
City & County of Denver Airport System Revenue Series A AMT | 5.00 | 12-1-2030 | 5,000,000 | 5,490,673 | ||
Education revenue: 0.03% | ||||||
Colorado ECFA New Summit Academy Series A144A | 4.00 | 7-1-2031 | 310,000 | 293,702 | ||
Colorado ECFA Rocky Mountain Classical Academy Series A | 6.38 | 9-1-2023 | 325,000 | 326,435 | ||
620,137 | ||||||
GO revenue: 0.17% | ||||||
Aviation Station North Metropolitan District No. 2 Series A | 4.00 | 12-1-2029 | 499,000 | 469,826 | ||
Grand River Hospital District (AGM Insured) | 5.00 | 12-1-2025 | 1,000,000 | 1,032,825 | ||
Mirabelle Metropolitan District No. 2 Series A | 5.00 | 12-1-2039 | 700,000 | 665,360 | ||
Peak Metropolitan District No. 1 Series A144A | 4.00 | 12-1-2035 | 500,000 | 426,712 | ||
Sterling Ranch Community Authority Board Sterling Ranch Colorado Metropolitan District No 2 Series A | 3.38 | 12-1-2030 | 416,000 | 374,334 | ||
Thompson Crossing Metropolitan District No. 4 | 3.50 | 12-1-2029 | 515,000 | 464,937 | ||
3,433,994 | ||||||
Health revenue: 0.29% | ||||||
Colorado Health Facilities Authority Advent Health Obligated Group Series A | 4.00 | 11-15-2043 | 6,000,000 | 5,884,735 | ||
Miscellaneous revenue: 0.38% | ||||||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2024 | 1,610,000 | 1,613,816 | ||
State of Colorado Series N | 4.00 | 3-15-2043 | 6,000,000 | 5,986,728 | ||
7,600,544 | ||||||
Tax revenue: 0.01% | ||||||
Pueblo Urban Renewal Authority Evraz Project Series B CAB144A¤ | 0.00 | 12-1-2025 | 200,000 | 161,450 | ||
Transportation revenue: 0.04% | ||||||
E-470 Public Highway Authority Series A | 5.00 | 9-1-2040 | 800,000 | 808,328 | ||
23,999,861 | ||||||
Connecticut: 1.79% | ||||||
Education revenue: 0.27% | ||||||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2026 | 575,000 | 577,845 | ||
Connecticut State HEFA University of Hartford Series N | 5.00 | 7-1-2027 | 430,000 | 433,862 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Connecticut State HEFA University of Hartford Series N | 5.00 % | 7-1-2028 | $ | 530,000 | $536,760 | |
Connecticut State HEFA Yale University Series A-2øø | 2.00 | 7-1-2042 | 1,500,000 | 1,420,691 | ||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2026 | 940,000 | 976,963 | ||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 | 11-15-2027 | 500,000 | 529,620 | ||
Connecticut State Higher Education Supplement Loan Authority Series C | 5.00 | 11-15-2025 | 480,000 | 502,219 | ||
Connecticut State Higher Education Supplement Loan Authority Series C | 5.00 | 11-15-2026 | 385,000 | 411,748 | ||
Connecticut State Higher Education Supplement Loan Authority Series C | 5.00 | 11-15-2027 | 125,000 | 133,684 | ||
5,523,392 | ||||||
GO revenue: 0.23% | ||||||
City of Bridgeport Series A | 5.00 | 6-1-2026 | 1,220,000 | 1,286,940 | ||
City of Bridgeport Series A | 5.00 | 6-1-2027 | 1,425,000 | 1,535,649 | ||
City of Bridgeport Series A | 5.00 | 6-1-2028 | 1,605,000 | 1,755,927 | ||
4,578,516 | ||||||
Health revenue: 0.41% | ||||||
Connecticut State HEFA Hartford HealthCare Obligated Group Series B-2øø | 5.00 | 7-1-2053 | 7,800,000 | 8,168,958 | ||
Tax revenue: 0.88% | ||||||
State of Connecticut Special Tax Revenue Series A | 5.00 | 8-1-2029 | 17,125,000 | 17,751,624 | ||
36,022,490 | ||||||
Delaware: 0.05% | ||||||
Education revenue: 0.05% | ||||||
Delaware State EDA Odyssey Charter School Series A144A | 6.25 | 9-1-2025 | 945,000 | 960,932 | ||
District of Columbia: 0.60% | ||||||
Airport revenue: 0.31% | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2025 | 6,000,000 | 6,166,314 | ||
Education revenue: 0.10% | ||||||
District of Columbia Latin American Montessori Bilingual Public Charter School Obligated Group | 4.00 | 6-1-2030 | 1,000,000 | 953,977 | ||
District of Columbia Two Rivers Public Charter School, Inc. | 3.00 | 6-1-2030 | 1,100,000 | 987,294 | ||
1,941,271 | ||||||
Water & sewer revenue: 0.19% | ||||||
District of Columbia Water & Sewer Authority Series Cøø | 1.75 | 10-1-2054 | 4,000,000 | 3,887,081 | ||
11,994,666 |
Interest rate | Maturity date | Principal | Value | |||
Florida: 4.09% | ||||||
Airport revenue: 0.89% | ||||||
County of Broward Port Facilities Revenue Series C | 5.00 % | 9-1-2027 | $ | 2,330,000 | $2,516,510 | |
County of Miami-Dade Aviation Revenue AMT | 5.00 | 10-1-2029 | 11,000,000 | 11,103,383 | ||
County of Miami-Dade Aviation Revenue AMT | 5.00 | 10-1-2030 | 1,325,000 | 1,336,858 | ||
County of Miami-Dade Seaport Department Series B AMT | 6.00 | 10-1-2032 | 1,385,000 | 1,393,273 | ||
County of Miami-Dade Seaport Department Series B AMT | 6.00 | 10-1-2033 | 1,500,000 | 1,508,960 | ||
17,858,984 | ||||||
Education revenue: 0.54% | ||||||
Capital Trust Agency Renaissance Charter School, Inc. Series 2017 Obligated Group Series A144A | 4.38 | 6-15-2027 | 790,000 | 772,500 | ||
Capital Trust Agency Renaissance Charter School, Inc. Series 2019 Obligated Group Series A144A | 4.00 | 6-15-2029 | 2,065,000 | 1,952,763 | ||
Capital Trust Agency, Inc. Imagine-Pasco County LLC Series A144A | 3.00 | 12-15-2029 | 370,000 | 336,332 | ||
Florida Development Finance Corp. IDEA Florida, Inc.144A | 5.25 | 6-15-2029 | 2,200,000 | 2,175,641 | ||
Florida Development Finance Corp. Renaissance Charter School, Inc. Series 2020C/D Obligated Group Series C144A | 4.00 | 9-15-2030 | 470,000 | 429,851 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2027 | 650,000 | 671,697 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2028 | 1,050,000 | 1,094,782 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2029 | 1,000,000 | 1,050,836 | ||
Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 5.00 | 9-15-2025 | 400,000 | 397,024 | ||
Palm Beach County Educational Facilities Authority Palm Beach Atlantic University Obligated Group | 4.00 | 10-1-2029 | 420,000 | 419,335 | ||
Palm Beach County Educational Facilities Authority Palm Beach Atlantic University Obligated Group | 4.00 | 10-1-2030 | 870,000 | 866,422 | ||
Palm Beach County Educational Facilities Authority Palm Beach Atlantic University Obligated Group | 4.00 | 10-1-2031 | 660,000 | 655,105 | ||
10,822,288 | ||||||
GO revenue: 0.63% | ||||||
County of Miami-Dade Series A | 4.00 | 7-1-2042 | 12,605,000 | 12,619,532 | ||
Health revenue: 0.18% | ||||||
Florida Development Finance Corp. Mayflower Retirement Center, Inc. Obligated Group Series B-2144A | 1.75 | 6-1-2026 | 100,000 | 96,925 | ||
Lee Memorial Health System Obligated Group Series Bø | 4.47 | 4-1-2049 | 2,000,000 | 2,000,000 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2029 | 225,000 | 210,486 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2030 | 200,000 | 185,570 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2031 | 205,000 | 188,618 | ||
St. Johns County IDA Senior Living Vicar’s Landing Project Series A | 4.00 | 12-15-2036 | 1,000,000 | 856,181 | ||
3,537,780 | ||||||
Housing revenue: 0.00% | ||||||
Deutsche Bank Spears/Lifers Trust Series DBE-8055 (Deutsche Bank LOC, Deutsche Bank LIQ)144Aø | 4.46 | 11-1-2058 | 14,976 | 14,976 |
Interest rate | Maturity date | Principal | Value | |||
Industrial development revenue: 0.19% | ||||||
County of Escambia International Paper Co. Series Bøø | 2.00 % | 11-1-2033 | $ | 825,000 | $806,006 | |
Florida Development Finance Corp. Waste Pro USA, Inc. AMT | 3.00 | 6-1-2032 | 1,500,000 | 1,191,174 | ||
Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.00 | 5-1-2029 | 2,000,000 | 1,905,591 | ||
3,902,771 | ||||||
Miscellaneous revenue: 0.23% | ||||||
Capital Trust Agency Marie Selby Botanical Gardens, Inc.144A | 4.00 | 6-15-2024 | 1,000,000 | 991,405 | ||
Capital Trust Agency Marie Selby Botanical Gardens, Inc.144A | 4.00 | 6-15-2025 | 350,000 | 343,392 | ||
County of Pasco Series A (AGM Insured) | 5.50 | 9-1-2038 | 725,000 | 829,715 | ||
County of Pasco State of Florida Cigarette Tax Revenue Series A (AGM Insured) | 5.25 | 9-1-2036 | 600,000 | 683,875 | ||
Pinellas County IDA Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. | 5.00 | 7-1-2029 | 710,000 | 726,094 | ||
Village Community Development District No. 13 | 2.63 | 5-1-2024 | 125,000 | 123,475 | ||
Village Community Development District No. 15144A%% | 4.38 | 5-1-2033 | 1,000,000 | 1,003,875 | ||
4,701,831 | ||||||
Resource recovery revenue: 0.24% | ||||||
Florida Development Finance Corp. Waste Pro USA, Inc. AMT144A | 5.25 | 8-1-2029 | 5,000,000 | 4,818,632 | ||
Transportation revenue: 0.07% | ||||||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2027 | 950,000 | 1,003,396 | ||
County of Osceola Transportation Revenue Series A-1 | 5.00 | 10-1-2029 | 450,000 | 485,158 | ||
1,488,554 | ||||||
Water & sewer revenue: 1.12% | ||||||
Charlotte County IDA MSKP Town & Country Utility LLC Series A AMT144A | 4.00 | 10-1-2041 | 1,250,000 | 1,028,919 | ||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2029 | 1,055,000 | 1,182,607 | ||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2030 | 1,760,000 | 2,005,199 | ||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2031 | 1,980,000 | 2,310,121 | ||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2032 | 2,080,000 | 2,404,024 | ||
Tohopekaliga Water Authority144A | 5.00 | 10-1-2025 | 12,000,000 | 12,532,395 | ||
Wildwood Utility Dependent District South Sumter Utility Project (BAM Insured) | 5.00 | 10-1-2041 | 900,000 | 976,785 | ||
22,440,050 | ||||||
82,205,398 | ||||||
Georgia: 5.79% | ||||||
Health revenue: 0.16% | ||||||
Fulton County Residential Care Facilities for the Elderly Authority All Saints-St. Luke’s Episcopal Home for the Retired Obligated Group Series B144A | 2.25 | 10-1-2028 | 3,665,000 | 3,121,509 |
Interest rate | Maturity date | Principal | Value | |||
Industrial development revenue: 0.17% | ||||||
George L Smith II Congress Center Authority Signia Hotel Management LLC Series B144A | 3.63 % | 1-1-2031 | $ | 2,000,000 | $1,788,911 | |
George L Smith II Congress Center Authority Signia Hotel Management LLC Series B144A | 5.00 | 1-1-2036 | 1,750,000 | 1,663,595 | ||
3,452,506 | ||||||
Miscellaneous revenue: 0.17% | ||||||
Brookhaven Urban Redevelopment Agency City of Brookhaven GA Special Service Tax District Series A | 4.00 | 7-1-2042 | 3,455,000 | 3,489,797 | ||
Transportation revenue: 0.03% | ||||||
Georgia State Road & Tollway Authority I-75 S Express Lanes Project Series A CAB144A¤ | 0.00 | 6-1-2024 | 680,000 | 660,157 | ||
Utilities revenue: 5.26% | ||||||
Bartow County Development Authority Georgia Power Co.øø | 1.80 | 9-1-2029 | 1,000,000 | 839,362 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2024 | 350,000 | 353,788 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2025 | 400,000 | 409,278 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2026 | 600,000 | 621,410 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2027 | 700,000 | 734,601 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2028 | 850,000 | 902,500 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2029 | 1,000,000 | 1,071,995 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2030 | 1,100,000 | 1,210,763 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2031 | 1,000,000 | 1,101,209 | ||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton | 5.00 | 3-1-2032 | 1,000,000 | 1,100,574 | ||
Development Authority of Appling County Oglethorpe Power Corp. Series Aøø | 1.50 | 1-1-2038 | 2,500,000 | 2,362,040 | ||
Development Authority of Burke County Georgia Power Co.øø | 1.70 | 12-1-2049 | 3,500,000 | 3,387,287 | ||
Development Authority of Burke County Oglethorpe Power Corp. Series Eøø | 3.25 | 11-1-2045 | 3,000,000 | 2,956,099 | ||
Main Street Natural Gas, Inc. Series A | 4.00 | 12-1-2028 | 3,000,000 | 2,977,423 | ||
Main Street Natural Gas, Inc. Series A | 4.00 | 12-1-2029 | 4,500,000 | 4,438,467 | ||
Main Street Natural Gas, Inc. Series A (Royal Bank of Canada LIQ)øø | 4.00 | 4-1-2048 | 2,640,000 | 2,642,607 | ||
Main Street Natural Gas, Inc. Series Bøø | 4.00 | 8-1-2049 | 10,000,000 | 10,028,668 | ||
Main Street Natural Gas, Inc. Series B | 5.00 | 6-1-2028 | 2,500,000 | 2,579,063 | ||
Main Street Natural Gas, Inc. Series B | 5.00 | 6-1-2029 | 1,630,000 | 1,687,451 | ||
Main Street Natural Gas, Inc. Series Bøø | 5.00 | 7-1-2053 | 1,665,000 | 1,739,590 | ||
Main Street Natural Gas, Inc. Series B (1 Month LIBOR+0.75%)± | 4.21 | 4-1-2048 | 4,700,000 | 4,698,684 | ||
Main Street Natural Gas, Inc. Series Cøø | 4.00 | 3-1-2050 | 10,235,000 | 10,173,424 | ||
Main Street Natural Gas, Inc. Series Cøø | 4.00 | 5-1-2052 | 7,265,000 | 7,155,052 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Main Street Natural Gas, Inc. Series C144Aøø## | 4.00 % | 8-1-2052 | $ | 28,000,000 | $27,063,238 | |
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2027 | 2,160,000 | 2,267,964 | ||
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2028 | 2,305,000 | 2,461,141 | ||
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2029 | 1,140,000 | 1,234,109 | ||
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2030 | 1,025,000 | 1,109,996 | ||
Municipal Electric Authority of Georgia Series A | 5.00 | 1-1-2031 | 1,385,000 | 1,495,522 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2027 | 300,000 | 314,995 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2028 | 400,000 | 427,096 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2029 | 400,000 | 427,410 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series B | 5.00 | 1-1-2028 | 1,000,000 | 1,054,940 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series B | 5.00 | 1-1-2029 | 910,000 | 963,808 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Series A (AGM Insured) | 5.00 | 7-1-2030 | 350,000 | 391,579 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project J Series A (AGM Insured) | 5.00 | 7-1-2032 | 1,100,000 | 1,249,988 | ||
105,633,121 | ||||||
116,357,090 | ||||||
Guam: 0.21% | ||||||
Airport revenue: 0.04% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2029 | 700,000 | 719,824 | ||
Miscellaneous revenue: 0.17% | ||||||
Guam Department of Education Series A | 3.63 | 2-1-2025 | 575,000 | 559,045 | ||
Guam Department of Education Series A | 4.25 | 2-1-2030 | 1,355,000 | 1,340,203 | ||
Territory of Guam Series F | 5.00 | 1-1-2030 | 750,000 | 783,153 | ||
Territory of Guam Series F | 5.00 | 1-1-2031 | 750,000 | 787,020 | ||
3,469,421 | ||||||
4,189,245 | ||||||
Hawaii: 0.37% | ||||||
Health revenue: 0.37% | ||||||
State of Hawaii Department of Budget & Finance Queen’s Health Systems Obligated Group Series B (SIFMA Municipal Swap+0.45%)± | 4.46 | 7-1-2039 | 7,405,000 | 7,405,000 | ||
Illinois: 17.07% | ||||||
Airport revenue: 2.48% | ||||||
Chicago Midway International Airport Series A AMT | 5.00 | 1-1-2026 | 7,000,000 | 7,022,679 | ||
Chicago Midway International Airport Series A AMT | 5.00 | 1-1-2030 | 5,925,000 | 5,946,951 | ||
Chicago Midway International Airport Series A AMT | 5.50 | 1-1-2027 | 3,925,000 | 3,928,058 | ||
Chicago O’Hare International Airport Series A AMT | 5.00 | 1-1-2028 | 10,820,000 | 10,973,042 | ||
Chicago O’Hare International Airport Series C AMT | 5.00 | 1-1-2031 | 530,000 | 582,187 | ||
Chicago O’Hare International Airport Series C AMT | 5.00 | 1-1-2032 | 400,000 | 443,715 |
Interest rate | Maturity date | Principal | Value | |||
Airport revenue (continued) | ||||||
Chicago O’Hare International Airport Series C AMT | 5.00 % | 1-1-2033 | $ | 400,000 | $443,195 | |
Chicago O’Hare International Airport Series C AMT | 5.00 | 1-1-2034 | 325,000 | 359,293 | ||
Chicago O’Hare International Airport Series D AMT | 5.00 | 1-1-2025 | 2,450,000 | 2,493,126 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue | 5.25 | 1-1-2024 | 1,665,000 | 1,667,002 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue Series B AMT | 4.00 | 1-1-2029 | 10,955,000 | 10,943,559 | ||
Chicago O’Hare International Airport Passenger Facility Charge Revenue Series B AMT | 5.00 | 1-1-2032 | 5,125,000 | 5,127,241 | ||
49,930,048 | ||||||
Education revenue: 0.66% | ||||||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2028 | 580,000 | 546,115 | ||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2030 | 625,000 | 576,989 | ||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2031 | 985,000 | 899,727 | ||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 | 10-1-2032 | 680,000 | 613,258 | ||
Illinois Finance Authority AIM Art in Motion Series A144A | 4.00 | 7-1-2031 | 1,735,000 | 1,512,274 | ||
Illinois Finance Authority AIM Art in Motion Series A144A | 5.00 | 7-1-2041 | 4,475,000 | 3,744,012 | ||
Illinois Finance Authority Bradley University Series C | 5.00 | 8-1-2028 | 1,860,000 | 1,916,096 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2028 | 725,000 | 739,905 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2029 | 675,000 | 725,503 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2030 | 800,000 | 866,928 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2031 | 570,000 | 622,525 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2032 | 500,000 | 547,153 | ||
13,310,485 | ||||||
GO revenue: 9.00% | ||||||
Chicago Board of Education Series A | 5.00 | 12-1-2033 | 5,300,000 | 5,572,778 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2034 | 1,500,000 | 1,568,562 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2035 | 2,560,000 | 2,659,308 | ||
Chicago Board of Education Series A | 5.00 | 12-1-2040 | 1,500,000 | 1,516,581 | ||
Chicago Board of Education Series A (AGM Insured) | 5.00 | 12-1-2024 | 3,000,000 | 3,043,039 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2026 | 2,000,000 | 2,067,519 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2027 | 1,625,000 | 1,692,489 | ||
Chicago Board of Education Series B | 5.00 | 12-1-2031 | 2,500,000 | 2,639,094 | ||
Chicago Board of Education Series C | 5.00 | 12-1-2034 | 1,945,000 | 1,991,045 | ||
Chicago Board of Education Series C | 5.25 | 12-1-2039 | 5,095,000 | 5,106,352 | ||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | 4-1-2033 | 1,375,000 | 1,545,296 | ||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.25 | 4-1-2034 | 1,625,000 | 1,817,938 | ||
Chicago Park District Series A | 5.00 | 1-1-2024 | 550,000 | 553,822 | ||
Chicago Park District Series A | 5.00 | 1-1-2025 | 625,000 | 638,732 | ||
Chicago Park District Series C | 5.00 | 1-1-2024 | 410,000 | 412,849 | ||
Chicago Park District Series E | 5.00 | 11-15-2023 | 1,295,000 | 1,301,536 | ||
City of Berwyn Series A | 5.00 | 12-1-2028 | 3,000,000 | 3,058,723 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
City of Berwyn Series A | 5.00 % | 12-1-2029 | $ | 2,345,000 | $2,384,213 | |
City of Chicago | 5.13 | 1-1-2027 | 1,700,000 | 1,747,637 | ||
City of Chicago | 5.50 | 1-1-2032 | 1,145,000 | 1,168,749 | ||
City of Chicago (NPFGC Insured)¤ | 0.00 | 1-1-2024 | 14,800,000 | 14,516,679 | ||
City of Chicago Series A | 5.00 | 1-1-2025 | 2,000,000 | 2,039,065 | ||
City of Chicago Series A | 5.00 | 1-1-2027 | 8,000,000 | 8,373,446 | ||
City of Chicago Series A | 5.00 | 1-1-2028 | 6,125,000 | 6,508,830 | ||
City of Chicago Series A | 5.25 | 1-1-2036 | 1,500,000 | 1,642,873 | ||
City of Chicago Series C | 5.00 | 1-1-2026 | 970,000 | 1,003,606 | ||
City of Decatur | 5.00 | 3-1-2024 | 1,405,000 | 1,406,980 | ||
City of Waukegan Series A (AGM Insured) | 4.00 | 12-30-2030 | 980,000 | 994,523 | ||
City of Waukegan Series A (AGM Insured) | 5.00 | 12-30-2031 | 1,000,000 | 1,025,727 | ||
Community Unit School District No. 427 DeKalb & Kane Counties Illinois Series B CAB (AGM Insured)¤ | 0.00 | 1-1-2024 | 5,630,000 | 5,532,017 | ||
Cook County Community Consolidated School District No. 15 Palatine | 5.00 | 12-1-2026 | 2,540,000 | 2,644,219 | ||
Cook County School District No. 153 Homewood Series A (AGM Insured)¤ | 0.00 | 12-15-2023 | 1,225,000 | 1,205,106 | ||
Cook County School District No. 99 Cicero | 5.00 | 12-1-2024 | 1,000,000 | 1,022,743 | ||
Cook County School District No. 99 Cicero | 5.00 | 12-1-2025 | 1,000,000 | 1,040,560 | ||
Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | 12-1-2026 | 3,030,000 | 3,217,926 | ||
Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | 12-1-2027 | 2,950,000 | 3,189,395 | ||
Cook County School District No. 99 Cicero (BAM Insured) | 5.00 | 12-1-2028 | 2,285,000 | 2,517,864 | ||
Cook County Township High School District No. 227 Rich Township | 3.00 | 12-1-2024 | 965,000 | 960,210 | ||
County of Cook Series A | 5.00 | 11-15-2027 | 2,000,000 | 2,149,453 | ||
County of Cook Series A | 5.00 | 11-15-2030 | 2,200,000 | 2,314,211 | ||
County of Cook Series A | 5.00 | 11-15-2033 | 3,850,000 | 4,294,887 | ||
County of Cook Series A (AGM Insured) | 5.00 | 11-15-2026 | 3,000,000 | 3,177,293 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series A | 5.00 | 1-1-2028 | 1,555,000 | 1,563,624 | ||
Kane Cook & DuPage Counties School District No. U-46 Elgin Series D | 5.00 | 1-1-2032 | 1,025,000 | 1,029,548 | ||
Madison-Macoupin Etc Counties Community College District No. 536 Series A (BAM Insured) | 5.00 | 11-1-2025 | 1,620,000 | 1,658,798 | ||
Madison-Macoupin Etc Counties Community College District No. 536 Series A (BAM Insured) | 5.00 | 11-1-2026 | 1,410,000 | 1,445,800 | ||
Peoria City School District No. 150 Series A (AGM Insured) | 4.00 | 12-1-2027 | 1,000,000 | 1,034,087 | ||
Peoria City School District No. 150 Series A (AGM Insured) | 4.00 | 12-1-2028 | 950,000 | 983,947 | ||
Peoria City School District No. 150 Series A (AGM Insured) | 4.00 | 12-1-2029 | 4,000,000 | 4,149,336 | ||
State of Illinois | 5.00 | 11-1-2025 | 5,000,000 | 5,162,210 | ||
State of Illinois | 5.00 | 2-1-2026 | 2,000,000 | 2,073,012 | ||
State of Illinois | 5.50 | 7-1-2033 | 4,000,000 | 4,001,183 | ||
State of Illinois (AGM Insured) | 5.00 | 7-1-2023 | 4,875,000 | 4,875,000 | ||
State of Illinois Series A | 5.00 | 11-1-2023 | 8,955,000 | 8,992,239 | ||
State of Illinois Series A | 5.00 | 10-1-2026 | 3,000,000 | 3,142,986 | ||
State of Illinois Series A | 5.00 | 12-1-2035 | 650,000 | 681,258 | ||
State of Illinois Series B | 5.00 | 5-1-2037 | 5,000,000 | 5,403,004 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Will County Community High School District No. 210 Lincoln-Way CAB (AGM Insured)¤ | 0.00 % | 1-1-2025 | $ | 14,385,000 | $13,568,644 | |
Will County Community High School District No. 210 Lincoln-Way CAB (AGM Insured)¤ | 0.00 | 1-1-2026 | 8,695,000 | 7,895,947 | ||
180,924,498 | ||||||
Health revenue: 0.53% | ||||||
Illinois Finance Authority Advocate Aurora Health Obligated Group | 5.00 | 8-1-2038 | 1,520,000 | 1,546,013 | ||
Illinois Finance Authority Advocate Aurora Health Obligated Group Series 2008-A-2 | 4.00 | 11-1-2030 | 3,000,000 | 3,026,978 | ||
Illinois Finance Authority Ascension Health Credit Group Series C | 4.00 | 2-15-2041 | 4,785,000 | 4,652,527 | ||
Illinois Finance Authority Lutheran Life Communities Obligated Group Series A | 4.00 | 11-1-2024 | 420,000 | 412,881 | ||
Illinois Finance Authority Washington & Jane Smith Community - Orland Park | 4.00 | 10-15-2025 | 295,000 | 287,962 | ||
Illinois Finance Authority Washington & Jane Smith Community - Orland Park | 4.00 | 10-15-2028 | 670,000 | 628,254 | ||
10,554,615 | ||||||
Housing revenue: 0.72% | ||||||
Illinois Housing Development Authority Series C | 2.90 | 8-1-2031 | 1,000,000 | 938,361 | ||
Illinois Sports Facilities Authority | 5.00 | 6-15-2028 | 1,000,000 | 1,026,591 | ||
Illinois Sports Facilities Authority (BAM Insured) | 5.00 | 6-15-2028 | 3,015,000 | 3,145,652 | ||
Illinois Sports Facilities Authority (BAM Insured) | 5.00 | 6-15-2030 | 5,250,000 | 5,540,220 | ||
Metropolitan Pier & Exposition Authority CAB (NPFGC Insured)¤ | 0.00 | 12-15-2023 | 1,125,000 | 1,105,320 | ||
Metropolitan Pier & Exposition Authority Series A (NPFGC Insured)¤ | 0.00 | 12-15-2029 | 1,750,000 | 1,372,615 | ||
Northern Illinois University (BAM Insured) | 5.00 | 10-1-2027 | 350,000 | 369,341 | ||
Northern Illinois University (BAM Insured) | 5.00 | 10-1-2029 | 650,000 | 700,107 | ||
Northern Illinois University (BAM Insured) | 5.00 | 10-1-2030 | 325,000 | 351,698 | ||
14,549,905 | ||||||
Miscellaneous revenue: 0.13% | ||||||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 3.20 | 12-1-2029 | 300,000 | 277,139 | ||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 3.29 | 12-1-2030 | 325,000 | 299,294 | ||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 3.38 | 12-1-2031 | 348,000 | 318,570 | ||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 3.45 | 12-1-2032 | 275,000 | 250,723 | ||
Illinois Sports Facilities Authority (Ambac Insured)¤ | 0.00 | 6-15-2026 | 1,740,000 | 1,527,335 | ||
2,673,061 | ||||||
Tax revenue: 2.86% | ||||||
City of St. Charles Sales Tax Revenue | 4.00 | 1-1-2024 | 885,000 | 880,365 | ||
City of St. Charles Sales Tax Revenue | 4.00 | 1-1-2025 | 925,000 | 909,029 | ||
County of Cook Sales Tax Revenue | 5.00 | 11-15-2029 | 1,000,000 | 1,069,907 | ||
County of Cook Sales Tax Revenue Series A | 5.00 | 11-15-2029 | 675,000 | 752,373 | ||
County of Cook Sales Tax Revenue Series A | 5.00 | 11-15-2030 | 3,575,000 | 4,032,718 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
County of Cook Sales Tax Revenue Series A | 5.00 % | 11-15-2031 | $ | 2,250,000 | $2,502,981 | |
Illinois Sports Facilities Authority | 5.00 | 6-15-2024 | 4,135,000 | 4,165,595 | ||
Regional Transportation Authority Series A (AGM Insured) | 5.25 | 6-1-2024 | 9,995,000 | 10,149,475 | ||
Regional Transportation Authority Series Bøø | 3.90 | 6-1-2025 | 3,250,000 | 3,250,000 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2026 | 4,815,000 | 4,997,246 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2027 | 1,000,000 | 1,056,721 | ||
Sales Tax Securitization Corp. Series A | 5.00 | 1-1-2028 | 5,000,000 | 5,381,879 | ||
State of Illinois Sales Tax Revenue | 5.00 | 6-15-2025 | 9,025,000 | 9,033,262 | ||
State of Illinois Sales Tax Revenue Series 1 (NPFGC Insured) | 6.00 | 6-15-2024 | 515,000 | 526,662 | ||
State of Illinois Sales Tax Revenue Series 1 (NPFGC Insured) | 6.00 | 6-15-2025 | 8,365,000 | 8,759,969 | ||
57,468,182 | ||||||
Utilities revenue: 0.25% | ||||||
City of Springfield Electric Revenue (AGM Insured) | 4.00 | 3-1-2040 | 2,000,000 | 1,942,986 | ||
Northern Illinois Municipal Power Agency Series A | 4.00 | 12-1-2032 | 3,000,000 | 3,018,593 | ||
4,961,579 | ||||||
Water & sewer revenue: 0.44% | ||||||
City of Chicago Wastewater Transmission Revenue Series B (AGM Insured) | 5.00 | 1-1-2031 | 3,140,000 | 3,296,135 | ||
City of Chicago Waterworks Revenue | 5.00 | 11-1-2028 | 2,560,000 | 2,677,595 | ||
City of Chicago Waterworks Revenue Series 2 (AGM Insured) | 5.00 | 11-1-2030 | 2,620,000 | 2,786,524 | ||
8,760,254 | ||||||
343,132,627 | ||||||
Indiana: 2.23% | ||||||
Education revenue: 0.01% | ||||||
Indiana Finance Authority KIPP Indianapolis, Inc. Series A | 4.00 | 7-1-2030 | 210,000 | 197,503 | ||
Industrial development revenue: 0.54% | ||||||
Indiana Finance Authority East End Crossing Partners LLC Series A | 5.00 | 7-1-2044 | 5,550,000 | 5,550,000 | ||
Indiana Finance Authority East End Crossing Partners LLC Series A | 5.00 | 7-1-2048 | 5,215,000 | 5,215,000 | ||
10,765,000 | ||||||
Miscellaneous revenue: 1.08% | ||||||
Indiana Bond Bank Hamilton Company Project CAB¤ | 0.00 | 7-15-2026 | 735,000 | 661,393 | ||
Indiana Bond Bank Hamilton Company Project CAB¤ | 0.00 | 7-15-2027 | 630,000 | 549,158 | ||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2028 | 5,710,000 | 6,187,174 | ||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2029 | 6,600,000 | 7,276,775 | ||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2030 | 6,300,000 | 7,052,197 | ||
21,726,697 | ||||||
Utilities revenue: 0.60% | ||||||
Indiana Finance Authority Indianapolis Power & Light Co. Series Aøø | 0.75 | 12-1-2038 | 3,000,000 | 2,669,813 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue (continued) | ||||||
Indiana Finance Authority Ohio Valley Electric Corp. Series A | 4.25 % | 11-1-2030 | $ | 7,630,000 | $7,589,302 | |
Indiana Finance Authority Ohio Valley Electric Corp. Series B | 3.00 | 11-1-2030 | 2,000,000 | 1,810,453 | ||
12,069,568 | ||||||
44,758,768 | ||||||
Iowa: 0.47% | ||||||
Education revenue: 0.13% | ||||||
Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | 12-1-2025 | 1,295,000 | 1,329,981 | ||
Iowa Student Loan Liquidity Corp. Series B AMT | 5.00 | 12-1-2026 | 1,215,000 | 1,265,964 | ||
2,595,945 | ||||||
Utilities revenue: 0.25% | ||||||
PEFA, Inc.øø | 5.00 | 9-1-2049 | 4,975,000 | 5,072,558 | ||
Water & sewer revenue: 0.09% | ||||||
Xenia Rural Water District | 5.00 | 12-1-2031 | 1,615,000 | 1,729,212 | ||
9,397,715 | ||||||
Kansas: 0.49% | ||||||
Health revenue: 0.05% | ||||||
City of Wichita Presbyterian Manors Obligated Group | 5.00 | 5-15-2026 | 1,105,000 | 1,081,353 | ||
Tax revenue: 0.44% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue | 4.00 | 12-1-2028 | 205,000 | 191,998 | ||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB144A¤ | 0.00 | 9-1-2034 | 22,360,000 | 8,622,828 | ||
8,814,826 | ||||||
9,896,179 | ||||||
Kentucky: 3.33% | ||||||
Education revenue: 0.16% | ||||||
City of Columbia Lindsey Wilson College, Inc. | 3.00 | 12-1-2024 | 1,585,000 | 1,560,789 | ||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2029 | 570,000 | 541,600 | ||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2030 | 590,000 | 555,418 | ||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2031 | 615,000 | 572,822 | ||
3,230,629 | ||||||
Health revenue: 0.34% | ||||||
Kentucky EDFA Kenton Housing Obligated Group | 5.00 | 11-15-2025 | 945,000 | 922,793 | ||
Kentucky EDFA Norton Healthcare Obligated Group Series B CAB (NPFGC Insured)¤ | 0.00 | 10-1-2026 | 3,000,000 | 2,648,175 | ||
Louisville/Jefferson County Metropolitan Government Norton Healthcare Obligated Group Series Cøø | 5.00 | 10-1-2047 | 3,000,000 | 3,107,762 | ||
6,678,730 | ||||||
Industrial development revenue: 0.12% | ||||||
County of Boone Duke Energy Kentucky, Inc. Series A | 3.70 | 8-1-2027 | 2,500,000 | 2,455,854 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.05% | ||||||
Kentucky State University (BAM Insured) | 3.00 % | 11-1-2032 | $ | 320,000 | $309,267 | |
Kentucky State University (BAM Insured) | 4.00 | 11-1-2033 | 130,000 | 137,457 | ||
Kentucky State University (BAM Insured) | 4.00 | 11-1-2034 | 130,000 | 136,898 | ||
Kentucky State University (BAM Insured) | 5.00 | 11-1-2029 | 200,000 | 223,889 | ||
Kentucky State University (BAM Insured) | 5.00 | 11-1-2030 | 175,000 | 199,019 | ||
1,006,530 | ||||||
Utilities revenue: 2.66% | ||||||
County of Trimble Louisville Gas & Electric Co. Series A | 0.63 | 9-1-2026 | 3,250,000 | 2,910,887 | ||
County of Trimble Louisville Gas & Electric Co. Series A AMTøø | 1.30 | 9-1-2044 | 6,250,000 | 5,264,283 | ||
County of Trimble Louisville Gas & Electric Co. Series B AMT | 1.35 | 11-1-2027 | 6,200,000 | 5,551,615 | ||
Kentucky Public Energy Authority Series A-1øø | 4.00 | 12-1-2049 | 3,755,000 | 3,736,747 | ||
Kentucky Public Energy Authority Series Bøø | 4.00 | 1-1-2049 | 14,725,000 | 14,723,561 | ||
Kentucky Public Energy Authority Series Cøø | 4.00 | 2-1-2050 | 14,960,000 | 14,790,961 | ||
Kentucky Public Energy Authority Series C-1øø | 4.00 | 12-1-2049 | 4,775,000 | 4,752,652 | ||
Louisville/Jefferson County Metropolitan Government Louisville Gas & Electric Co. Series B AMT | 1.35 | 11-1-2027 | 2,000,000 | 1,765,493 | ||
53,496,199 | ||||||
66,867,942 | ||||||
Louisiana: 1.62% | ||||||
Airport revenue: 0.23% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series A | 5.00 | 1-1-2032 | 1,000,000 | 1,023,464 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2031 | 1,250,000 | 1,343,698 | ||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Customer Facility Charge Revenue (AGM Insured) | 5.00 | 1-1-2032 | 2,000,000 | 2,145,033 | ||
4,512,195 | ||||||
GO revenue: 0.10% | ||||||
State of Louisiana Series A | 5.00 | 2-1-2027 | 2,000,000 | 2,019,375 | ||
Industrial development revenue: 0.88% | ||||||
Parish of St. John the Baptist Marathon Oil Corp. Series 2017-B-2øø | 2.38 | 6-1-2037 | 8,330,000 | 7,904,869 | ||
Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05 | 6-1-2037 | 3,250,000 | 3,235,524 | ||
Parish of St. John the Baptist Marathon Oil Corp. Series A-3øø | 2.20 | 6-1-2037 | 7,000,000 | 6,608,680 | ||
17,749,073 | ||||||
Miscellaneous revenue: 0.06% | ||||||
Louisiana Local Government Environmental Facilities & CDA Parish of Jefferson144A | 4.00 | 11-1-2044 | 1,380,000 | 1,242,113 | ||
Water & sewer revenue: 0.35% | ||||||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2026 | 350,000 | 366,420 | ||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2027 | 600,000 | 639,956 | ||
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2028 | 400,000 | 433,806 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue (continued) | ||||||
City of New Orleans Sewerage Service Revenue Series B | 5.00 % | 6-1-2029 | $ | 600,000 | $659,146 | |
City of New Orleans Sewerage Service Revenue Series B | 5.00 | 6-1-2030 | 600,000 | 665,726 | ||
East Baton Rouge Sewerage Commission Series Aøø | 1.30 | 2-1-2041 | 3,500,000 | 2,965,573 | ||
Greater Ouachita Water Co. (BAM Insured) | 3.00 | 9-1-2023 | 250,000 | 249,752 | ||
Greater Ouachita Water Co. (BAM Insured) | 5.00 | 9-1-2024 | 460,000 | 468,912 | ||
Greater Ouachita Water Co. (BAM Insured) | 5.00 | 9-1-2025 | 510,000 | 528,979 | ||
6,978,270 | ||||||
32,501,026 | ||||||
Maine: 0.14% | ||||||
Health revenue: 0.14% | ||||||
Maine Health & Higher Educational Facilities Authority Series A | 5.00 | 7-1-2027 | 750,000 | 797,221 | ||
Maine Health & Higher Educational Facilities Authority Northern Light Health Obligated Group Series C | 5.00 | 7-1-2039 | 1,865,000 | 1,943,509 | ||
2,740,730 | ||||||
Maryland: 2.15% | ||||||
Education revenue: 0.11% | ||||||
County of Prince George’s Chesapeake Lighthouse Foundation, Inc. Series A | 5.00 | 8-1-2026 | 1,005,000 | 996,234 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 5.00 | 6-1-2029 | 300,000 | 320,071 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 5.00 | 6-1-2031 | 350,000 | 379,874 | ||
Maryland Health & Higher Educational Facilities Authority Stevenson University, Inc. Series A | 5.00 | 6-1-2033 | 425,000 | 457,601 | ||
2,153,780 | ||||||
Health revenue: 0.09% | ||||||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2026 | 495,000 | 506,839 | ||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2027 | 430,000 | 445,764 | ||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2028 | 300,000 | 314,961 | ||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2029 | 290,000 | 307,665 | ||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2030 | 285,000 | 304,940 | ||
1,880,169 | ||||||
Housing revenue: 1.35% | ||||||
Maryland Community Development Administration Series C | 3.00 | 4-1-2024 | 4,600,000 | 4,546,209 | ||
Maryland Community Development Administration Woodside Preservation LP Series A144A | 1.33 | 1-1-2024 | 6,000,000 | 5,887,555 | ||
Maryland Community Development Administration WV3 Housing Associates LP Series G (FHA Insured) | 1.05 | 12-1-2023 | 11,000,000 | 10,822,094 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Maryland Stadium Authority Series A%% | 5.00 % | 3-1-2036 | $ | 2,890,000 | $3,317,751 | |
Maryland Stadium Authority Series A%% | 5.00 | 3-1-2037 | 2,250,000 | 2,557,514 | ||
27,131,123 | ||||||
Tax revenue: 0.46% | ||||||
State of Maryland Department of Transportation | 4.00 | 12-15-2027 | 9,260,000 | 9,295,645 | ||
Transportation revenue: 0.14% | ||||||
Maryland Economic Development Corp. Purple Line Transit Partners LLC Series A AMT | 5.00 | 11-12-2028 | 2,750,000 | 2,840,173 | ||
43,300,890 | ||||||
Massachusetts: 1.06% | ||||||
Airport revenue: 0.45% | ||||||
Massachusetts Port Authority Series E AMT | 5.00 | 7-1-2031 | 1,000,000 | 1,111,706 | ||
Massachusetts Port Authority Series E AMT | 5.00 | 7-1-2032 | 1,500,000 | 1,665,630 | ||
Massachusetts Port Authority Series E AMT | 5.00 | 7-1-2033 | 3,000,000 | 3,327,664 | ||
Massachusetts Port Authority Series E AMT | 5.00 | 7-1-2034 | 2,615,000 | 2,891,409 | ||
8,996,409 | ||||||
Education revenue: 0.37% | ||||||
Collegiate Charter School of Lowell | 4.00 | 6-15-2024 | 110,000 | 109,244 | ||
Collegiate Charter School of Lowell | 5.00 | 6-15-2029 | 490,000 | 494,789 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2029 | 340,000 | 329,598 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2030 | 355,000 | 342,390 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2031 | 370,000 | 354,341 | ||
Massachusetts Development Finance Agency SABIS International Charter School | 5.00 | 4-15-2025 | 430,000 | 430,689 | ||
Massachusetts Educational Financing Authority Series B AMT | 5.00 | 7-1-2026 | 1,000,000 | 1,033,574 | ||
Massachusetts Educational Financing Authority Series B AMT | 5.00 | 7-1-2027 | 1,500,000 | 1,567,607 | ||
Massachusetts Educational Financing Authority Series B AMT | 5.00 | 7-1-2028 | 1,250,000 | 1,319,276 | ||
Massachusetts Educational Financing Authority Series B AMT | 5.00 | 7-1-2029 | 1,400,000 | 1,492,167 | ||
7,473,675 | ||||||
Health revenue: 0.24% | ||||||
Massachusetts Development Finance Agency Mass General Brigham, Inc. Series T-1 (SIFMA Municipal Swap+0.60%)144A± | 4.61 | 7-1-2049 | 2,650,000 | 2,620,835 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2026 | 150,000 | 149,974 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2027 | 160,000 | 160,119 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2028 | 175,000 | 175,009 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2029 | 300,000 | 299,358 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2030 | 320,000 | 317,634 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2031 | 350,000 | 347,198 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 % | 7-15-2032 | $ | 400,000 | $393,159 | |
Massachusetts Development Finance Agency National Senior Communities, Inc. Obligated Group144A | 4.00 | 11-15-2023 | 310,000 | 309,201 | ||
4,772,487 | ||||||
21,242,571 | ||||||
Michigan: 1.98% | ||||||
Airport revenue: 0.20% | ||||||
Wayne County Airport Authority Detroit Metropolitan Series F AMT | 5.00 | 12-1-2030 | 4,000,000 | 4,114,356 | ||
Education revenue: 0.26% | ||||||
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2029 | 1,220,000 | 1,269,589 | ||
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2030 | 405,000 | 425,144 | ||
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2031 | 400,000 | 419,750 | ||
Michigan Finance Authority Cesar Chavez Academy | 3.25 | 2-1-2024 | 90,000 | 89,205 | ||
Michigan Finance Authority College for Creative Studies | 5.00 | 12-1-2026 | 840,000 | 841,779 | ||
Michigan Finance Authority College for Creative Studies | 5.00 | 12-1-2027 | 585,000 | 586,495 | ||
Michigan Finance Authority College for Creative Studies | 5.00 | 12-1-2028 | 535,000 | 536,522 | ||
Michigan Finance Authority College for Creative Studies | 5.00 | 12-1-2029 | 590,000 | 591,894 | ||
Michigan Finance Authority College for Creative Studies | 5.00 | 12-1-2030 | 400,000 | 401,253 | ||
5,161,631 | ||||||
GO revenue: 0.10% | ||||||
Williamston Community Schools School District Series A (SBLF Insured) | 4.00 | 5-1-2024 | 1,025,000 | 1,030,663 | ||
Williamston Community Schools School District Series A (SBLF Insured) | 4.00 | 5-1-2025 | 1,000,000 | 1,014,340 | ||
2,045,003 | ||||||
Health revenue: 0.04% | ||||||
Kalamazoo Economic Development Corp. Heritage Community of Kalamazoo Obligated Group Series B1 | 2.88 | 5-15-2026 | 770,000 | 728,422 | ||
Industrial development revenue: 0.10% | ||||||
Michigan Strategic Fund Graphic Packaging International LLC AMTøø | 4.00 | 10-1-2061 | 2,000,000 | 1,989,096 | ||
Miscellaneous revenue: 0.74% | ||||||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 3.88 | 10-1-2023 | 2,500,000 | 2,497,676 | ||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 4.50 | 10-1-2029 | 5,685,000 | 5,682,181 | ||
Michigan Finance Authority County of Wayne | 5.00 | 11-1-2029 | 1,500,000 | 1,655,289 | ||
Michigan Finance Authority County of Wayne | 5.00 | 11-1-2028 | 865,000 | 952,559 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 % | 7-1-2032 | $ | 3,000,000 | $3,021,568 | |
Michigan Public Educational Facilities Authority Chandler Park Academy | 6.35 | 11-1-2028 | 1,005,000 | 1,005,595 | ||
14,814,868 | ||||||
Water & sewer revenue: 0.54% | ||||||
Michigan Finance Authority Great Lakes Water Authority Sewage Disposal System Revenue Series C-3 (AGM Insured) | 5.00 | 7-1-2031 | 3,000,000 | 3,044,979 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D1 (AGM Insured) | 5.00 | 7-1-2023 | 2,000,000 | 2,000,000 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D6 (NPFGC Insured) | 5.00 | 7-1-2023 | 3,670,000 | 3,670,000 | ||
Michigan Finance Authority Great Lakes Water Authority Water Supply System Revenue Series D6 (NPFGC Insured) | 5.00 | 7-1-2024 | 2,130,000 | 2,157,994 | ||
10,872,973 | ||||||
39,726,349 | ||||||
Minnesota: 1.35% | ||||||
Education revenue: 0.60% | ||||||
City of Cologne Cologne Academy Series A | 4.00 | 7-1-2023 | 260,000 | 260,000 | ||
City of Minneapolis Northeast College Preparatory Series A | 5.00 | 7-1-2040 | 875,000 | 776,599 | ||
City of Ramsey PACT Charter School Series A | 5.00 | 6-1-2032 | 6,500,000 | 6,522,766 | ||
City of Woodbury Series A | 4.00 | 7-1-2041 | 850,000 | 676,462 | ||
City of Woodbury Woodbury Leadership Academy Series A | 4.00 | 7-1-2031 | 690,000 | 631,343 | ||
Housing & Redevelopment Authority of The City of St. Paul Minnesota Hmong College Preparatory Academy Series A | 5.00 | 9-1-2026 | 815,000 | 815,867 | ||
Minnesota Higher Education Facilities Authority St. Catherine University Series A | 5.00 | 10-1-2024 | 545,000 | 553,018 | ||
Minnesota Higher Education Facilities Authority St. Catherine University Series A | 5.00 | 10-1-2027 | 1,035,000 | 1,090,113 | ||
Minnesota Higher Education Facilities Authority St. Catherine University Series A | 5.00 | 10-1-2029 | 660,000 | 703,786 | ||
12,029,954 | ||||||
Health revenue: 0.27% | ||||||
City of Shakopee Senior Housing Revenue Benedictine Living Community of Shakopee LLC144Aøø | 5.85 | 11-1-2058 | 5,455,000 | 5,368,786 | ||
Utilities revenue: 0.48% | ||||||
Minnesota Municipal Gas Agency Series B (Royal Bank of Canada LIQ) (U.S. SOFR+1.00%)± | 4.39 | 12-1-2052 | 10,000,000 | 9,783,790 | ||
27,182,530 |
Interest rate | Maturity date | Principal | Value | |||
Mississippi: 0.54% | ||||||
Health revenue: 0.36% | ||||||
Mississippi Hospital Equipment & Facilities Authority Baptist Memorial Health Care Obligated Group Series A-1øø | 5.00 % | 9-1-2044 | $ | 3,000,000 | $3,097,755 | |
Mississippi Hospital Equipment & Facilities Authority North Mississippi Medical Center Obligated Group Series IIøø | 5.00 | 10-1-2040 | 3,930,000 | 4,103,809 | ||
7,201,564 | ||||||
Miscellaneous revenue: 0.18% | ||||||
Mississippi Development Bank City of Gulfport | 4.00 | 9-1-2029 | 620,000 | 635,682 | ||
Mississippi Development Bank City of Gulfport | 4.00 | 9-1-2030 | 565,000 | 576,976 | ||
Mississippi Development Bank City of Gulfport | 4.00 | 9-1-2031 | 400,000 | 406,607 | ||
Mississippi Development Bank City of Gulfport | 4.00 | 9-1-2032 | 435,000 | 439,793 | ||
Mississippi Development Bank City of Gulfport | 5.00 | 9-1-2024 | 355,000 | 361,069 | ||
Mississippi Development Bank City of Gulfport | 5.00 | 9-1-2025 | 255,000 | 263,413 | ||
Mississippi Development Bank City of Gulfport | 5.00 | 9-1-2026 | 225,000 | 236,299 | ||
Mississippi Development Bank City of Gulfport | 5.00 | 9-1-2027 | 385,000 | 411,152 | ||
Mississippi Development Bank City of Gulfport | 5.00 | 9-1-2028 | 315,000 | 341,567 | ||
3,672,558 | ||||||
10,874,122 | ||||||
Missouri: 2.82% | ||||||
Airport revenue: 0.11% | ||||||
City of St. Louis Airport Revenue Series D AMT (AGM Insured) | 5.00 | 7-1-2030 | 2,090,000 | 2,202,062 | ||
Education revenue: 0.35% | ||||||
HEFA of the State of Missouri A.T. Still University of Health Sciences Series A | 5.00 | 10-1-2026 | 925,000 | 962,808 | ||
HEFA of the State of Missouri A.T. Still University of Health Sciences Series A | 5.00 | 10-1-2027 | 975,000 | 1,028,879 | ||
HEFA of the State of Missouri A.T. Still University of Health Sciences Series A | 5.00 | 10-1-2028 | 1,025,000 | 1,094,111 | ||
HEFA of the State of Missouri Webster University | 5.00 | 4-1-2024 | 2,820,000 | 2,817,961 | ||
HEFA of the State of Missouri Webster University | 5.00 | 4-1-2025 | 600,000 | 599,262 | ||
HEFA of the State of Missouri Webster University | 5.00 | 4-1-2026 | 500,000 | 500,363 | ||
7,003,384 | ||||||
Health revenue: 1.25% | ||||||
HEFA of the State of Missouri BJC Healthcare Obligated Group Series Cøø | 5.00 | 5-1-2052 | 18,000,000 | 19,474,592 | ||
HEFA of the State of Missouri St. Luke’s Health SyStem Obligated Group | 5.00 | 11-15-2030 | 5,425,000 | 5,672,380 | ||
25,146,972 | ||||||
Housing revenue: 0.58% | ||||||
Missouri Public Utilities Commission | 0.75 | 8-1-2023 | 10,000,000 | 9,971,620 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Missouri Southern State University Auxiliary Enterprise System Revenue | 3.00 % | 10-1-2026 | $ | 720,000 | $698,047 | |
Missouri Southern State University Auxiliary Enterprise System Revenue | 4.00 | 10-1-2031 | 1,000,000 | 961,174 | ||
11,630,841 | ||||||
Miscellaneous revenue: 0.37% | ||||||
Kansas City IDA Airport Revenue Series B AMT | 5.00 | 3-1-2028 | 3,000,000 | 3,172,095 | ||
Kansas City IDA Airport Revenue Series B AMT | 5.00 | 3-1-2030 | 2,000,000 | 2,140,802 | ||
Riverside-Quindaro Bend Levee District of Platte County Project L-385 | 5.00 | 3-1-2024 | 1,000,000 | 1,006,350 | ||
Riverside-Quindaro Bend Levee District of Platte County Project L-385 | 5.00 | 3-1-2025 | 1,105,000 | 1,117,660 | ||
7,436,907 | ||||||
Tax revenue: 0.11% | ||||||
Branson IDA Series A | 4.00 | 11-1-2023 | 750,000 | 748,502 | ||
City of Richmond Heights | 5.63 | 11-1-2025 | 720,000 | 706,849 | ||
City of St. Ann Northwest Plaza Redevelopment Series A144A | 4.63 | 11-1-2030 | 760,000 | 737,668 | ||
2,193,019 | ||||||
Water & sewer revenue: 0.05% | ||||||
City of Kansas City Sanitary Sewer System Revenue Series B | 5.00 | 1-1-2025 | 810,000 | 833,382 | ||
City of Kansas City Sanitary Sewer System Revenue Series B | 5.00 | 1-1-2028 | 275,000 | 301,308 | ||
1,134,690 | ||||||
56,747,875 | ||||||
Nebraska: 0.56% | ||||||
Airport revenue: 0.04% | ||||||
Lincoln Airport Authority AMT | 5.00 | 7-1-2029 | 835,000 | 907,692 | ||
Education revenue: 0.11% | ||||||
County of Douglas Series B (SIFMA Municipal Swap+0.53%)± | 4.54 | 7-1-2035 | 2,205,000 | 2,170,509 | ||
Utilities revenue: 0.41% | ||||||
Central Plains Energy Project Project No. 3 Series A | 5.00 | 9-1-2025 | 3,290,000 | 3,345,722 | ||
Central Plains Energy Project Project No. 3 Series A | 5.00 | 9-1-2026 | 3,750,000 | 3,839,885 | ||
Central Plains Energy Project Project No. 3 Series A | 5.00 | 9-1-2027 | 1,000,000 | 1,031,367 | ||
8,216,974 | ||||||
11,295,175 | ||||||
Nevada: 0.10% | ||||||
Miscellaneous revenue: 0.10% | ||||||
City of Las Vegas Special Improvement District No. 816 | 2.00 | 6-1-2024 | 150,000 | 146,553 | ||
City of Las Vegas Special Improvement District No. 816 | 2.00 | 6-1-2025 | 180,000 | 171,215 | ||
City of Las Vegas Special Improvement District No. 816 | 2.00 | 6-1-2026 | 225,000 | 208,041 | ||
City of Las Vegas Special Improvement District No. 816 | 2.25 | 6-1-2027 | 250,000 | 226,455 | ||
City of Las Vegas Special Improvement District No. 816 | 2.50 | 6-1-2028 | 250,000 | 222,879 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
City of Las Vegas Special Improvement District No. 816 | 2.50 % | 6-1-2029 | $ | 200,000 | $173,115 | |
City of Las Vegas Special Improvement District No. 816 | 2.63 | 6-1-2030 | 300,000 | 256,281 | ||
City of Las Vegas Special Improvement District No. 816 | 2.75 | 6-1-2031 | 225,000 | 189,762 | ||
City of Las Vegas Special Improvement District No. 816 | 2.75 | 6-1-2033 | 515,000 | 417,127 | ||
2,011,428 | ||||||
New Hampshire: 0.11% | ||||||
Housing revenue: 0.11% | ||||||
New Hampshire Business Finance Authority Series 1A | 4.13 | 1-20-2034 | 2,374,299 | 2,315,673 | ||
New Jersey: 3.59% | ||||||
Airport revenue: 0.32% | ||||||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2025 | 2,750,000 | 2,799,901 | ||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2026 | 2,130,000 | 2,181,612 | ||
South Jersey Port Corp. Series B AMT | 5.00 | 1-1-2027 | 1,000,000 | 1,031,717 | ||
South Jersey Port Corp. Series B AMT | 5.00 | 1-1-2028 | 500,000 | 521,161 | ||
6,534,391 | ||||||
Education revenue: 0.09% | ||||||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2036 | 425,000 | 427,392 | ||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2037 | 150,000 | 148,347 | ||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 4.00 | 7-1-2038 | 200,000 | 196,102 | ||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 5.00 | 7-1-2032 | 225,000 | 252,351 | ||
Atlantic County Improvement Authority Stockton University Series A (AGM Insured) | 5.00 | 7-1-2034 | 225,000 | 251,779 | ||
Passaic County Improvement Authority Paterson Arts & Science Charter School | 4.25 | 7-1-2033 | 620,000 | 624,890 | ||
1,900,861 | ||||||
GO revenue: 0.31% | ||||||
Atlantic City Board of Education (AGM Insured) | 4.00 | 4-1-2027 | 400,000 | 413,989 | ||
Atlantic City Board of Education (AGM Insured) | 4.00 | 4-1-2029 | 400,000 | 420,924 | ||
Atlantic City Board of Education (AGM Insured) | 4.00 | 4-1-2031 | 350,000 | 365,451 | ||
Atlantic City Board of Education (AGM Insured) | 4.00 | 4-1-2033 | 300,000 | 310,777 | ||
Atlantic City Board of Education (AGM Insured) | 4.00 | 4-1-2034 | 260,000 | 268,787 | ||
New Jersey EDA Series GGG144A | 5.25 | 9-1-2026 | 2,000,000 | 2,113,453 | ||
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2029 | 340,000 | 374,063 | ||
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2030 | 325,000 | 362,067 | ||
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2031 | 400,000 | 451,139 | ||
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2032 | 430,000 | 484,087 | ||
Newark Board of Education (BAM Insured) | 5.00 | 7-15-2033 | 520,000 | 584,722 | ||
6,149,459 | ||||||
Housing revenue: 2.39% | ||||||
Garden State Preservation Trust Series A (AGM Insured) | 5.75 | 11-1-2028 | 5,000,000 | 5,430,451 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
New Jersey EDA Series QQQ | 5.00 % | 6-15-2030 | $ | 1,000,000 | $1,115,417 | |
New Jersey EDA Series QQQ | 5.00 | 6-15-2031 | 500,000 | 559,818 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.13 | 7-1-2029 | 5,620,000 | 5,364,740 | ||
New Jersey EDA Motor Vehicle Surcharge Revenue Series A | 3.38 | 7-1-2030 | 9,705,000 | 9,397,911 | ||
New Jersey EDA State of New Jersey Department of the Treasury Series I (SIFMA Municipal Swap+1.25%)± | 5.26 | 9-1-2025 | 4,500,000 | 4,504,717 | ||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2026 | 12,000,000 | 10,615,121 | ||
New Jersey TTFA Series A | 5.00 | 12-15-2025 | 1,000,000 | 1,036,566 | ||
New Jersey TTFA Series C (Ambac Insured)¤ | 0.00 | 12-15-2026 | 3,500,000 | 3,099,222 | ||
New Jersey TTFA Series D | 5.00 | 12-15-2023 | 6,960,000 | 7,005,566 | ||
48,129,529 | ||||||
Industrial development revenue: 0.01% | ||||||
New Jersey EDA Elite Pharmaceuticals, Inc. Series A | 6.50 | 9-1-2030 | 275,000 | 238,484 | ||
Tax revenue: 0.08% | ||||||
New Jersey TTFA Series BB | 5.00 | 6-15-2030 | 1,500,000 | 1,627,879 | ||
Transportation revenue: 0.06% | ||||||
South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | 11-1-2036 | 500,000 | 561,326 | ||
South Jersey Transportation Authority Series A (BAM Insured) | 5.00 | 11-1-2037 | 500,000 | 556,739 | ||
1,118,065 | ||||||
Water & sewer revenue: 0.33% | ||||||
New Jersey EDA New Jersey-American Water Co., Inc. Series A AMTøø | 2.20 | 10-1-2039 | 5,500,000 | 4,782,980 | ||
New Jersey EDA New Jersey-American Water Co., Inc. Series D AMTøø | 1.10 | 11-1-2029 | 2,075,000 | 1,777,905 | ||
6,560,885 | ||||||
72,259,553 | ||||||
New Mexico: 0.85% | ||||||
Industrial development revenue: 0.43% | ||||||
City of Farmington Southern California Edison Co. Series A | 1.80 | 4-1-2029 | 10,000,000 | 8,593,879 | ||
Tax revenue: 0.08% | ||||||
Winrock Town Center Tax Increment Development District No. 1144A | 3.75 | 5-1-2028 | 771,000 | 728,532 | ||
Winrock Town Center Tax Increment Development District No. 1144A | 4.00 | 5-1-2033 | 1,035,000 | 916,072 | ||
1,644,604 | ||||||
Utilities revenue: 0.34% | ||||||
New Mexico Municipal Energy Acquisition Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 | 11-1-2039 | 6,660,000 | 6,801,872 | ||
17,040,355 |
Interest rate | Maturity date | Principal | Value | |||
New York: 8.62% | ||||||
Airport revenue: 1.05% | ||||||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 % | 12-1-2032 | $ | 5,500,000 | $5,992,207 | |
Port Authority of New York & New Jersey Series 205 | 5.00 | 11-15-2025 | 475,000 | 496,942 | ||
Port Authority of New York & New Jersey Series 207 AMT | 5.00 | 9-15-2027 | 13,880,000 | 14,687,616 | ||
21,176,765 | ||||||
Education revenue: 0.94% | ||||||
Build NYC Resource Corp. Integration Charter Schools Series A144A | 5.00 | 6-1-2036 | 525,000 | 521,548 | ||
Build NYC Resource Corp. Integration Charter Schools Series A144A | 5.00 | 6-1-2041 | 400,000 | 379,856 | ||
Build NYC Resource Corp. Richmond Preparatory Charter School Social Impact Project Series A144A | 4.00 | 6-1-2031 | 650,000 | 615,607 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.05 | 2-1-2031 | 2,415,000 | 2,100,899 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.45 | 2-1-2041 | 500,000 | 393,531 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.76 | 2-1-2027 | 970,000 | 938,131 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.45 | 2-1-2027 | 2,880,000 | 2,853,230 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 6.47 | 2-1-2033 | 1,435,000 | 1,491,698 | ||
Hempstead Town Local Development Corp. Academy Charter School Series B | 4.76 | 2-1-2027 | 150,000 | 145,072 | ||
Hempstead Town Local Development Corp. Evergreen Charter School, Inc. Series A | 5.00 | 6-15-2032 | 7,115,000 | 7,347,929 | ||
New York City Industrial Development Agency Churchill School & Center for Learning Disabilities, Inc. (AGC Insured)ø | 2.25 | 10-1-2029 | 1,080,000 | 1,003,856 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2030 | 625,000 | 673,177 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2037 | 200,000 | 211,196 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2042 | 275,000 | 284,509 | ||
18,960,239 | ||||||
GO revenue: 0.07% | ||||||
City of Poughkeepsie | 4.00 | 4-15-2029 | 245,000 | 242,570 | ||
City of Poughkeepsie | 5.00 | 6-1-2024 | 340,000 | 341,126 | ||
City of Poughkeepsie | 5.00 | 6-1-2025 | 235,000 | 236,915 | ||
City of Poughkeepsie | 5.00 | 6-1-2031 | 600,000 | 613,600 | ||
1,434,211 | ||||||
Health revenue: 0.77% | ||||||
Huntington Local Development Corp. Gurwin Independent Housing Obligated Group Series C | 3.00 | 7-1-2025 | 80,000 | 80,000 | ||
New York State Dormitory Authority Catholic Health System Obligated Group Series B (Manufacturers & Traders LOC)ø | 4.24 | 7-1-2048 | 4,925,000 | 4,925,000 | ||
New York State Dormitory Authority Montefiore Obligated Group Series A | 5.00 | 9-1-2028 | 1,400,000 | 1,411,867 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
New York State Dormitory Authority Montefiore Obligated Group Series A | 5.00 % | 9-1-2029 | $ | 1,350,000 | $1,367,076 | |
New York State Dormitory Authority Northwell Health Obligated Group Series B3øø | 5.00 | 5-1-2048 | 6,000,000 | 6,179,256 | ||
Westchester County Local Development Corp. Purchase Senior Learning Community Obligated Group Series D144A | 2.88 | 7-1-2026 | 1,500,000 | 1,430,154 | ||
15,393,353 | ||||||
Housing revenue: 1.44% | ||||||
New York City Housing Development Corp. Series Aøø | 3.73 | 5-1-2063 | 5,000,000 | 5,006,477 | ||
New York Liberty Development Corp. Series A | 1.70 | 11-15-2030 | 4,000,000 | 3,420,334 | ||
New York Liberty Development Corp. Series A | 2.10 | 11-15-2032 | 5,000,000 | 4,299,139 | ||
New York State Housing Finance Agency Series J-2 (Department of Housing and Urban Development Insured)øø | 1.10 | 11-1-2061 | 2,500,000 | 2,214,764 | ||
New York State Housing Finance Agency Series K2 (Department of Housing and Urban Development Insured)øø | 1.00 | 11-1-2061 | 500,000 | 454,666 | ||
New York State Urban Development Corp. State of New York Sales Tax Revenue Series A | 4.00 | 3-15-2042 | 5,000,000 | 4,981,904 | ||
State of New York Mortgage Agency Series 235 AMT | 0.55 | 10-1-2023 | 760,000 | 754,097 | ||
State of New York Mortgage Agency Series 235 AMT | 0.65 | 4-1-2024 | 710,000 | 693,748 | ||
State of New York Mortgage Agency Series 235 AMT | 0.75 | 10-1-2024 | 825,000 | 794,642 | ||
State of New York Mortgage Agency Series 235 AMT | 0.88 | 4-1-2025 | 1,705,000 | 1,619,985 | ||
State of New York Mortgage Agency Series 235 AMT | 1.00 | 10-1-2025 | 2,415,000 | 2,270,357 | ||
State of New York Mortgage Agency Series 235 AMT | 1.05 | 4-1-2026 | 1,275,000 | 1,185,666 | ||
State of New York Mortgage Agency Series 235 AMT | 1.15 | 10-1-2026 | 1,335,000 | 1,232,018 | ||
28,927,797 | ||||||
Industrial development revenue: 1.27% | ||||||
New York Liberty Development Corp. One Bryant Park LLC | 2.80 | 9-15-2069 | 2,000,000 | 1,821,956 | ||
New York Transportation Development Corp. American Airlines, Inc. AMT | 2.25 | 8-1-2026 | 1,625,000 | 1,564,463 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.00 | 10-1-2035 | 9,250,000 | 9,683,509 | ||
New York Transportation Development Corp. Delta Air Lines, Inc. Series A AMT | 5.00 | 1-1-2026 | 11,030,000 | 11,268,218 | ||
New York Transportation Development Corp. Empire State Thruway Partners LLC AMT | 2.50 | 10-31-2031 | 750,000 | 625,520 | ||
New York Transportation Development Corp. Empire State Thruway Partners LLC AMT | 4.00 | 10-31-2034 | 500,000 | 493,015 | ||
25,456,681 | ||||||
Miscellaneous revenue: 0.79% | ||||||
New York City Industrial Development Agency Queens Ballpark Co. LLC Series A (AGM Insured) | 5.00 | 1-1-2025 | 1,250,000 | 1,280,572 | ||
New York City Industrial Development Agency Queens Ballpark Co. LLC Series A (AGM Insured) | 5.00 | 1-1-2030 | 1,750,000 | 1,941,453 | ||
RBC Municipal Products, Inc. Trust Series 2022-E-154 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ)144Aø | 4.11 | 6-1-2028 | 5,000,000 | 5,000,000 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series A2øø | 2.00 % | 5-15-2045 | $ | 7,900,000 | $7,214,315 | |
Western Regional Off-Track Betting Corp.144A | 3.00 | 12-1-2026 | 490,000 | 453,269 | ||
15,889,609 | ||||||
Resource recovery revenue: 0.09% | ||||||
New York State Environmental Facilities Corp. Casella Waste Systems, Inc. Series R-1 AMTøø | 2.75 | 9-1-2050 | 2,000,000 | 1,921,181 | ||
Tax revenue: 0.15% | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A1 | 4.00 | 8-1-2041 | 3,000,000 | 2,986,870 | ||
Transportation revenue: 1.25% | ||||||
Metropolitan Transportation Authority Series Aøø | 5.00 | 11-15-2048 | 800,000 | 808,372 | ||
Metropolitan Transportation Authority Series C | 5.00 | 11-15-2024 | 3,535,000 | 3,601,103 | ||
Metropolitan Transportation Authority Series G1F (U.S. SOFR+0.43%)± | 3.82 | 11-1-2026 | 990,000 | 979,938 | ||
Metropolitan Transportation Authority Series G3 (SIFMA Municipal Swap+0.43%)± | 4.44 | 11-1-2031 | 20,000,000 | 19,662,526 | ||
25,051,939 | ||||||
Utilities revenue: 0.50% | ||||||
Long Island Power Authority Series Bøø | 0.85 | 9-1-2050 | 3,000,000 | 2,810,921 | ||
Long Island Power Authority Series Bøø | 1.50 | 9-1-2051 | 3,500,000 | 3,242,025 | ||
New York State Energy Research & Development Authority Electric & Gas Corp. Series C%% | 4.00 | 4-1-2034 | 4,000,000 | 4,025,803 | ||
10,078,749 | ||||||
Water & sewer revenue: 0.30% | ||||||
New York City Municipal Water Finance Authority New York City Water & Sewer System Series AA | 4.00 | 6-15-2040 | 6,000,000 | 6,021,122 | ||
173,298,516 | ||||||
North Carolina: 0.36% | ||||||
Education revenue: 0.08% | ||||||
North Carolina Capital Facilities Finance Agency Campbell University, Inc. Series A | 5.00 | 10-1-2028 | 450,000 | 470,488 | ||
North Carolina Capital Facilities Finance Agency Campbell University, Inc. Series A | 5.00 | 10-1-2029 | 550,000 | 580,441 | ||
North Carolina Capital Facilities Finance Agency Campbell University, Inc. Series A | 5.00 | 10-1-2030 | 450,000 | 478,149 | ||
1,529,078 | ||||||
Health revenue: 0.24% | ||||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated Group Series Eøø | 0.80 | 1-15-2048 | 2,000,000 | 1,842,084 | ||
North Carolina Medical Care Commission Friends Homes Obligated Group Series B1 | 2.55 | 9-1-2026 | 1,575,000 | 1,457,070 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 % | 3-1-2029 | $ | 275,000 | $257,582 | |
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 | 3-1-2030 | 285,000 | 263,525 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 | 3-1-2031 | 290,000 | 265,825 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 | 3-1-2036 | 900,000 | 762,598 | ||
4,848,684 | ||||||
Industrial development revenue: 0.04% | ||||||
Columbus County Industrial Facilities & Pollution Control Financing Authority International Paper Co. Series Bøø | 2.00 | 11-1-2033 | 850,000 | 830,430 | ||
7,208,192 | ||||||
North Dakota: 0.82% | ||||||
GO revenue: 0.65% | ||||||
Cass County Joint Water Resource District Series A | 0.48 | 5-1-2024 | 2,500,000 | 2,406,559 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2025 | 960,000 | 989,308 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2026 | 1,115,000 | 1,169,251 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2027 | 1,170,000 | 1,247,692 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2028 | 1,225,000 | 1,326,505 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2029 | 1,290,000 | 1,397,223 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2030 | 1,355,000 | 1,468,583 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2031 | 1,420,000 | 1,539,222 | ||
McKenzie County Public School District No. 1 Series A | 5.00 | 8-1-2032 | 1,490,000 | 1,613,844 | ||
13,158,187 | ||||||
Health revenue: 0.17% | ||||||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2029 | 1,650,000 | 1,720,060 | ||
City of Grand Forks Altru Health System Obligated Group | 5.00 | 12-1-2030 | 1,600,000 | 1,676,058 | ||
3,396,118 | ||||||
16,554,305 | ||||||
Ohio: 2.12% | ||||||
Airport revenue: 0.11% | ||||||
Port of Greater Cincinnati Development Authorityøø | 4.38 | 6-15-2056 | 2,340,000 | 2,244,754 | ||
Education revenue: 0.04% | ||||||
Allen County Port Authority University of Northwestern Ohio Series A | 4.00 | 12-1-2031 | 710,000 | 688,299 | ||
Health revenue: 0.27% | ||||||
County of Hamilton | 5.00 | 9-15-2028 | 650,000 | 658,596 | ||
County of Hamilton UC Health Obligated Group | 5.00 | 9-15-2027 | 615,000 | 619,923 | ||
County of Montgomery Premier Health Partners Obligated Group Series A | 5.00 | 11-15-2033 | 4,000,000 | 4,185,122 | ||
5,463,641 |
Interest rate | Maturity date | Principal | Value | |||
Resource recovery revenue: 0.24% | ||||||
Ohio Air Quality Development Authority American Electric Power Co., Inc. Series C AMTøø | 2.10 % | 12-1-2027 | $ | 4,930,000 | $4,768,226 | |
Tax revenue: 0.33% | ||||||
City of Akron Income Tax Revenue | 4.00 | 12-1-2029 | 4,515,000 | 4,762,388 | ||
City of Akron Income Tax Revenue | 4.00 | 12-1-2030 | 1,830,000 | 1,919,206 | ||
6,681,594 | ||||||
Utilities revenue: 0.83% | ||||||
American Municipal Power, Inc. AMP Fremont Energy Center Revenue Series A | 5.00 | 2-15-2031 | 1,700,000 | 1,924,387 | ||
Lancaster Port Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 | 8-1-2049 | 6,355,000 | 6,452,023 | ||
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series A | 3.25 | 9-1-2029 | 7,000,000 | 6,526,889 | ||
Ohio Air Quality Development Authority Ohio Valley Electric Corp. Series Cøø | 1.50 | 2-1-2026 | 2,000,000 | 1,827,480 | ||
16,730,779 | ||||||
Water & sewer revenue: 0.30% | ||||||
City of Columbus Sewerage Revenue | 5.00 | 6-1-2031 | 5,825,000 | 5,970,399 | ||
42,547,692 | ||||||
Oklahoma: 0.79% | ||||||
Education revenue: 0.24% | ||||||
Oklahoma Development Finance Authority Oklahoma City University Obligated Group | 5.00 | 8-1-2025 | 925,000 | 933,671 | ||
Oklahoma Development Finance Authority Oklahoma City University Obligated Group | 5.00 | 8-1-2026 | 975,000 | 991,043 | ||
Oklahoma Development Finance Authority Oklahoma City University Obligated Group | 5.00 | 8-1-2027 | 1,370,000 | 1,403,097 | ||
Oklahoma Development Finance Authority Oklahoma City University Obligated Group | 5.00 | 8-1-2028 | 715,000 | 737,374 | ||
Oklahoma Development Finance Authority Oklahoma City University Obligated Group | 5.00 | 8-1-2029 | 755,000 | 783,749 | ||
4,848,934 | ||||||
Housing revenue: 0.34% | ||||||
Carter County Public Facilities Authority Dickson Public Schools Project | 4.00 | 9-1-2025 | 350,000 | 355,578 | ||
Carter County Public Facilities Authority Independent School District No 19 Ardmore | 5.00 | 9-1-2025 | 365,000 | 373,527 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 4.00 | 9-1-2028 | 2,500,000 | 2,497,777 | ||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 5.00 | 9-1-2024 | 890,000 | 903,494 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 5.00 % | 9-1-2025 | $ | 855,000 | $874,263 | |
Muskogee Industrial Trust Muskogee County Independent School District No. 20 | 5.00 | 9-1-2026 | 1,810,000 | 1,865,805 | ||
6,870,444 | ||||||
Tax revenue: 0.21% | ||||||
Tulsa Public Facilities Authority City of Tulsa | 4.00 | 10-1-2027 | 4,050,000 | 4,167,892 | ||
15,887,270 | ||||||
Oregon: 0.85% | ||||||
Airport revenue: 0.06% | ||||||
Port of Portland Airport Revenue Series 28 AMT | 5.00 | 7-1-2024 | 1,125,000 | 1,138,037 | ||
Health revenue: 0.79% | ||||||
Hospital Facilities Authority of Multnomah County Terwilliger Plaza, Inc. Obligated Group | 0.95 | 6-1-2027 | 1,900,000 | 1,658,988 | ||
Hospital Facilities Authority of Multnomah County Oregon Adventist Health System/West Obligated Groupøø | 5.00 | 3-1-2040 | 9,500,000 | 9,630,033 | ||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2025 | 400,000 | 408,668 | ||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2026 | 125,000 | 128,990 | ||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2027 | 300,000 | 312,501 | ||
Oregon State Facilities Authority Samaritan Health Services, Inc. Obligated Group Series A | 5.00 | 10-1-2031 | 1,750,000 | 1,814,072 | ||
Yamhill County Hospital Authority Friendsview Manor Obligated Group Series A | 5.00 | 11-15-2036 | 1,220,000 | 1,092,305 | ||
Yamhill County Hospital Authority Friendsview Manor Obligated Group Series B2 | 2.13 | 11-15-2027 | 1,000,000 | 903,915 | ||
15,949,472 | ||||||
17,087,509 | ||||||
Pennsylvania: 5.55% | ||||||
Airport revenue: 0.50% | ||||||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2029 | 4,000,000 | 4,278,436 | ||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2030 | 3,000,000 | 3,247,568 | ||
Allegheny County Airport Authority Series A AMT | 5.00 | 1-1-2031 | 2,250,000 | 2,462,241 | ||
9,988,245 | ||||||
Education revenue: 1.11% | ||||||
Chester County IDA Avon Grove Charter School Series A | 4.00 | 12-15-2027 | 1,260,000 | 1,234,105 | ||
Chester County IDA Collegium Charter School144A | 5.00 | 10-15-2032 | 3,025,000 | 2,993,796 | ||
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 5.00 | 5-1-2029 | 245,000 | 266,054 | ||
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 5.00 | 5-1-2030 | 395,000 | 434,714 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
General Authority of Southcentral Pennsylvania York College of Pennsylvania Series TT2 | 5.00 % | 5-1-2031 | $ | 485,000 | $540,258 | |
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2030 | 1,175,000 | 1,157,005 | ||
Pennsylvania Higher Education Assistance Agency Series A | 5.00 | 6-1-2028 | 600,000 | 629,802 | ||
Pennsylvania Higher Education Assistance Agency Series A | 5.00 | 6-1-2030 | 800,000 | 857,913 | ||
Philadelphia IDA144A%% | 5.00 | 6-15-2033 | 2,000,000 | 2,010,780 | ||
Philadelphia IDA144A%% | 5.38 | 6-15-2038 | 500,000 | 497,690 | ||
Philadelphia IDA Independence Charter School West | 4.00 | 6-15-2029 | 300,000 | 285,470 | ||
Philadelphia IDA Mathematics Science & Technology Community Charter School Series A | 4.50 | 8-1-2026 | 1,400,000 | 1,401,018 | ||
Philadelphia IDA Mathematics Science & Technology Community Charter School Series B | 4.88 | 8-1-2026 | 920,000 | 925,597 | ||
Philadelphia IDA Thomas Jefferson University Obligated Group Series Bø | 4.45 | 9-1-2050 | 9,000,000 | 9,000,000 | ||
22,234,202 | ||||||
GO revenue: 0.78% | ||||||
Armstrong School District Series A (BAM Insured) | 5.00 | 3-15-2027 | 745,000 | 798,600 | ||
Armstrong School District Series A (BAM Insured) | 5.00 | 3-15-2029 | 920,000 | 1,023,303 | ||
City of Scranton144A | 5.00 | 9-1-2023 | 1,355,000 | 1,354,062 | ||
Laurel Highlands School District (BAM Insured) | 3.00 | 2-1-2030 | 675,000 | 669,088 | ||
Laurel Highlands School District (BAM Insured) | 4.00 | 2-1-2027 | 980,000 | 1,003,302 | ||
Laurel Highlands School District (BAM Insured) | 4.00 | 2-1-2029 | 1,150,000 | 1,191,045 | ||
Lower Moreland Township School District | 4.00 | 11-1-2043 | 1,000,000 | 989,281 | ||
Penn Hills School District (BAM Insured) | 5.00 | 11-15-2023 | 1,025,000 | 1,029,988 | ||
School District of Philadelphia Series A | 5.00 | 9-1-2030 | 2,500,000 | 2,741,358 | ||
School District of Philadelphia Series A | 5.00 | 9-1-2031 | 2,500,000 | 2,719,672 | ||
Scranton School District Series A | 5.00 | 6-1-2024 | 750,000 | 759,065 | ||
Scranton School District Series B (NPFGC Insured) | 5.00 | 6-1-2024 | 665,000 | 674,702 | ||
Scranton School District Series B (NPFGC Insured) | 5.00 | 6-1-2025 | 710,000 | 732,141 | ||
15,685,607 | ||||||
Health revenue: 0.65% | ||||||
Berks County Municipal Authority Tower Health Obligated Group Series Bøø | 5.00 | 2-1-2040 | 6,000,000 | 4,209,388 | ||
Bucks County IDA Grand View Hospital/Sellersville Obligated Group | 5.00 | 7-1-2026 | 1,350,000 | 1,326,858 | ||
Bucks County IDA Grand View Hospital/Sellersville Obligated Group | 5.00 | 7-1-2028 | 1,500,000 | 1,472,717 | ||
Bucks County IDA Grand View Hospital/Sellersville Obligated Group | 5.00 | 7-1-2031 | 1,120,000 | 1,095,351 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2031 | 750,000 | 757,090 | ||
Bucks County IDA St. Luke’s Hospital Obligated Group | 4.00 | 8-15-2032 | 1,390,000 | 1,395,614 | ||
Lancaster IDA | 4.00 | 7-1-2037 | 345,000 | 291,649 | ||
Lancaster IDA Landis Homes Obligated Group | 4.00 | 7-1-2031 | 390,000 | 354,945 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Pennsylvania EDFA UPMC Obligated Group Series A | 4.00 % | 11-15-2042 | $ | 1,000,000 | $967,529 | |
Westmoreland County IDA Excela Health Obligated Group Series A | 5.00 | 7-1-2027 | 1,200,000 | 1,232,157 | ||
13,103,298 | ||||||
Housing revenue: 1.24% | ||||||
East Hempfield Township IDA Student Services, Inc. | 5.00 | 7-1-2025 | 555,000 | 564,969 | ||
Pennsylvania EDFA Commonwealth of Pennsylvania Department of Transportation AMT | 5.00 | 6-30-2032 | 2,770,000 | 3,049,510 | ||
Pennsylvania Housing Finance Agency Series 128A AMT | 4.75 | 4-1-2033 | 875,000 | 874,744 | ||
Pennsylvania Housing Finance Agency Series 142 | 4.20 | 10-1-2035 | 4,475,000 | 4,532,486 | ||
Pennsylvania Housing Finance Agency Series 142 | 4.50 | 10-1-2038 | 5,800,000 | 5,858,126 | ||
Pennsylvania Housing Finance Agency Series 142 | 5.50 | 10-1-2053 | 3,000,000 | 3,188,792 | ||
Pennsylvania Housing Finance Agency LIH Wilkes-Barre LP (Department of Housing and Urban Development Insured)øø | 1.25 | 2-1-2025 | 7,000,000 | 6,882,729 | ||
24,951,356 | ||||||
Miscellaneous revenue: 0.04% | ||||||
Delaware Valley Regional Finance Authority Series B (Ambac Insured) | 5.70 | 7-1-2027 | 675,000 | 742,709 | ||
Delaware Valley Regional Finance Authority Series C (Ambac Insured) | 7.75 | 7-1-2027 | 125,000 | 147,102 | ||
889,811 | ||||||
Resource recovery revenue: 0.66% | ||||||
Pennsylvania EDFA Waste Management, Inc. Series A AMTøø | 1.75 | 8-1-2038 | 13,500,000 | 13,179,996 | ||
Tax revenue: 0.11% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2029 | 500,000 | 525,405 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2030 | 500,000 | 528,069 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2031 | 550,000 | 583,843 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2032 | 600,000 | 639,768 | ||
2,277,085 | ||||||
Transportation revenue: 0.18% | ||||||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2027 | 570,000 | 586,426 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2028 | 1,185,000 | 1,218,442 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2029 | 410,000 | 421,489 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2030 | 425,000 | 436,969 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2031 | 440,000 | 451,903 | ||
Lancaster City Parking Authority Series A (BAM Insured) | 4.00 | 9-1-2032 | 460,000 | 471,993 | ||
3,587,222 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 0.28% | ||||||
Luzerne County IDA Pennsylvania-American Water Co. AMTøø | 2.45 % | 12-1-2039 | $ | 3,250,000 | $2,986,311 | |
Pittsburgh Water & Sewer Authority Series C (AGM Insured) (SIFMA Municipal Swap+0.65%)± | 4.66 | 9-1-2040 | 2,670,000 | 2,670,168 | ||
5,656,479 | ||||||
111,553,301 | ||||||
Puerto Rico: 0.20% | ||||||
Water & sewer revenue: 0.20% | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series A144A | 4.00 | 7-1-2023 | 4,000,000 | 4,000,000 | ||
Rhode Island: 0.12% | ||||||
GO revenue: 0.07% | ||||||
City of Providence Series A | 5.00 | 1-15-2024 | 400,000 | 402,777 | ||
City of Providence Series A | 5.00 | 1-15-2025 | 450,000 | 460,287 | ||
City of Providence Series A | 5.00 | 1-15-2026 | 450,000 | 467,126 | ||
1,330,190 | ||||||
Housing revenue: 0.05% | ||||||
Providence Public Building Authority Series A (AGM Insured) | 4.00 | 9-15-2023 | 1,000,000 | 1,001,253 | ||
Rhode Island Housing & Mortgage Finance Corp. Series 10-A | 6.50 | 4-1-2027 | 15,000 | 15,029 | ||
1,016,282 | ||||||
2,346,472 | ||||||
South Carolina: 0.26% | ||||||
Education revenue: 0.01% | ||||||
South Carolina Jobs-EDA York Preparatory Academy, Inc. Series A144A | 5.75 | 11-1-2023 | 145,000 | 146,003 | ||
Miscellaneous revenue: 0.02% | ||||||
County of Berkeley Nexton Improvement District | 4.00 | 11-1-2030 | 425,000 | 399,432 | ||
Resource recovery revenue: 0.08% | ||||||
South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | 12-6-2029 | 260,000 | 213,075 | ||
South Carolina Jobs-EDA RePower South Berkeley LLC Series A AMT144A† | 5.25 | 2-1-2027 | 3,310,000 | 1,324,000 | ||
1,537,075 | ||||||
Utilities revenue: 0.15% | ||||||
South Carolina Public Service Authority Series A | 5.00 | 12-1-2031 | 2,850,000 | 3,113,230 | ||
5,195,740 | ||||||
South Dakota: 0.38% | ||||||
Health revenue: 0.38% | ||||||
South Dakota HEFA Avera Health Obligated Group Series Aøø | 5.00 | 7-1-2033 | 7,675,000 | 7,742,137 |
Interest rate | Maturity date | Principal | Value | |||
Tennessee: 1.03% | ||||||
Housing revenue: 0.39% | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Richland Hills Housing Partners LP (Department of Housing and Urban Development Insured)øø | 1.25 % | 12-1-2024 | $ | 8,000,000 | $7,919,755 | |
Utilities revenue: 0.64% | ||||||
Tennergy Corp. Series Aøø | 4.00 | 12-1-2051 | 1,190,000 | 1,174,074 | ||
Tennergy Corp. Series Aøø | 5.50 | 10-1-2053 | 8,010,000 | 8,480,156 | ||
Tennessee Energy Acquisition Corp.øø | 4.00 | 11-1-2049 | 2,210,000 | 2,197,966 | ||
Tennessee Energy Acquisition Corp. Series B | 5.63 | 9-1-2026 | 925,000 | 950,593 | ||
12,802,789 | ||||||
20,722,544 | ||||||
Texas: 8.06% | ||||||
Airport revenue: 0.56% | ||||||
City of El Paso Airport Revenue | 5.00 | 8-15-2023 | 690,000 | 691,239 | ||
City of El Paso Airport Revenue | 5.00 | 8-15-2024 | 725,000 | 739,137 | ||
City of El Paso Airport Revenue | 5.00 | 8-15-2027 | 835,000 | 900,719 | ||
City of El Paso Airport Revenue | 5.00 | 8-15-2028 | 880,000 | 967,897 | ||
City of El Paso Airport Revenue | 5.00 | 8-15-2029 | 920,000 | 1,024,187 | ||
City of El Paso Airport Revenue | 5.00 | 8-15-2030 | 970,000 | 1,096,959 | ||
City of Houston Airport System Revenue United Airlines, Inc. Series A AMT | 5.00 | 7-1-2027 | 1,750,000 | 1,771,080 | ||
Dallas Fort Worth International Airport Series B | 5.00 | 11-1-2024 | 4,000,000 | 4,091,614 | ||
11,282,832 | ||||||
Education revenue: 2.05% | ||||||
Alamo Community College Districtøø | 1.70 | 11-1-2042 | 320,000 | 310,393 | ||
Arlington Higher Education Finance Corp. BASIS Texas Charter Schools, Inc.144Aøø | 4.50 | 6-15-2056 | 1,500,000 | 1,486,525 | ||
Arlington Higher Education Finance Corp. BASIS Texas Charter Schools, Inc. Series A144Aøø | 4.88 | 6-15-2056 | 2,195,000 | 2,197,618 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2029 | 300,000 | 310,357 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2030 | 305,000 | 316,776 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2031 | 315,000 | 327,908 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A | 4.00 | 2-15-2031 | 1,240,000 | 1,101,341 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A144A | 5.00 | 2-15-2032 | 500,000 | 473,155 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | 8-15-2029 | 80,000 | 75,305 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | 8-15-2030 | 85,000 | 79,189 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 | 8-15-2031 | 80,000 | 73,709 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 % | 8-15-2023 | $ | 155,000 | $154,919 | |
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 | 8-15-2024 | 195,000 | 194,262 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 | 8-15-2025 | 205,000 | 203,493 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 | 8-15-2026 | 200,000 | 198,458 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 | 8-15-2027 | 205,000 | 203,488 | ||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 5.00 | 8-15-2028 | 75,000 | 74,596 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 5.00 | 8-15-2029 | 315,000 | 336,669 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 5.00 | 8-15-2030 | 385,000 | 414,882 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 5.00 | 8-15-2031 | 435,000 | 471,946 | ||
Clifton Higher Education Finance Corp. IDEA Public Schools Series A | 5.00 | 8-15-2032 | 515,000 | 562,143 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 4.63 | 8-15-2025 | 5,400,000 | 5,345,816 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series A | 6.00 | 3-1-2029 | 2,126,000 | 2,138,830 | ||
Clifton Higher Education Finance Corp. International Leadership of Texas, Inc. Series D | 5.00 | 8-15-2025 | 6,565,000 | 6,547,768 | ||
Clifton Higher Education Finance Corp. Uplift Education Series A | 4.00 | 12-1-2025 | 1,500,000 | 1,471,902 | ||
Clifton Higher Education Finance Corp. Valor Texas Education Foundation Series A144A | 5.50 | 6-15-2033 | 5,000,000 | 5,012,571 | ||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2028 | 1,635,000 | 1,690,545 | ||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2029 | 1,015,000 | 1,056,924 | ||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2030 | 2,040,000 | 2,134,804 | ||
New Hope Cultural Education Facilities Finance Corp. Cumberland Academy, Inc. Series A144A | 4.00 | 8-15-2030 | 1,735,000 | 1,593,052 | ||
Newark Higher Education Finance Corp. A+ Charter Schools, Inc. Series A144A | 4.63 | 8-15-2025 | 730,000 | 732,070 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2029 | 650,000 | 687,836 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2030 | 870,000 | 929,620 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2031 | 220,000 | 237,036 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2032 | 460,000 | 491,135 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2033 | 710,000 | 754,602 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2034 | 500,000 | 528,928 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2035 | 290,000 | 304,989 | ||
41,225,560 | ||||||
GO revenue: 1.69% | ||||||
Brazosport Independent School District Series A | 4.00 | 2-15-2029 | 2,355,000 | 2,435,473 | ||
City of Houston Series A | 4.00 | 3-1-2044 | 2,500,000 | 2,477,493 | ||
City of Lewisville | 4.00 | 2-15-2041 | 2,975,000 | 2,969,620 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Cypress-Fairbanks Independent School District Series B1øø | 0.28 % | 2-15-2040 | $ | 2,735,000 | $2,628,161 | |
Fort Bend Independent School District Series Bøø | 0.72 | 8-1-2051 | 1,265,000 | 1,121,948 | ||
Grapevine-Colleyville Independent School District | 5.00 | 8-15-2034 | 2,890,000 | 2,999,862 | ||
Grapevine-Colleyville Independent School District | 5.00 | 8-15-2035 | 1,600,000 | 1,656,509 | ||
Leander Independent School District Series C CAB¤ | 0.00 | 8-15-2035 | 2,975,000 | 1,650,262 | ||
Northside Independent School Districtøø | 2.75 | 8-1-2048 | 11,275,000 | 11,262,817 | ||
Northwest Independent School District | 5.00 | 2-15-2032 | 1,750,000 | 1,799,926 | ||
State of Texas | 5.00 | 4-1-2027 | 3,010,000 | 3,050,425 | ||
34,052,496 | ||||||
Health revenue: 0.26% | ||||||
Harris County Cultural Education Facilities Finance Corp. Texas Medical Center Obligated Group Series Aøø | 0.90 | 5-15-2050 | 1,500,000 | 1,410,485 | ||
New Hope Cultural Education Facilities Finance Corp. Children’s Health System of Texas Obligated Group Series A | 5.00 | 8-15-2026 | 2,000,000 | 2,107,253 | ||
New Hope Cultural Education Facilities Finance Corp. Presbyterian Village North Obligated Group | 5.00 | 10-1-2023 | 1,570,000 | 1,568,333 | ||
Tarrant County Cultural Education Facilities Finance Corp. MRC Senior Living Fort Worth Obligated Group Series B2 | 3.00 | 11-15-2026 | 100,000 | 95,576 | ||
5,181,647 | ||||||
Housing revenue: 0.27% | ||||||
County of Wise | 5.00 | 8-15-2028 | 1,630,000 | 1,723,905 | ||
County of Wise | 5.00 | 8-15-2031 | 680,000 | 731,068 | ||
County of Wise | 5.00 | 8-15-2034 | 980,000 | 1,037,523 | ||
County of Wise Weatherford College of the Parker County Junior College District | 5.00 | 8-15-2025 | 505,000 | 520,164 | ||
New Hope Cultural Education Facilities Finance Corp. CHF- Stephenville III LLC Series A | 5.00 | 4-1-2025 | 480,000 | 494,831 | ||
Travis County Housing Finance Corp. Austin Gateway Apartments LPøø | 4.13 | 6-1-2045 | 1,000,000 | 1,001,380 | ||
5,508,871 | ||||||
Industrial development revenue: 0.56% | ||||||
Brazoria County Industrial Development Corp. Aleon Renewable Metals LLC AMT144Aøø | 10.00 | 6-1-2042 | 3,000,000 | 2,867,758 | ||
Harris County Industrial Development Corp. Energy Transfer LPøø | 4.05 | 11-1-2050 | 6,000,000 | 6,035,991 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 2.50 | 1-1-2030 | 800,000 | 648,305 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 2.63 | 1-1-2031 | 800,000 | 635,684 | ||
Port Beaumont Navigation District Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series A AMT144A | 2.75 | 1-1-2036 | 1,500,000 | 1,064,119 | ||
11,251,857 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue: 0.16% | ||||||
Lower Colorado River Authority LCRA Transmission Services Corp. | 5.00 % | 5-15-2028 | $ | 1,845,000 | $1,867,674 | |
Lower Colorado River Authority LCRA Transmission Services Corp. Series A (AGM Insured) | 4.00 | 5-15-2043 | 1,250,000 | 1,235,395 | ||
3,103,069 | ||||||
Resource recovery revenue: 0.25% | ||||||
Brazoria County Industrial Development Corp. Aleon Renewable Metals LLC AMT144A | 12.00 | 6-1-2043 | 5,000,000 | 4,999,677 | ||
Transportation revenue: 0.43% | ||||||
Central Texas Regional Mobility Authority Series F BAN | 5.00 | 1-1-2025 | 2,000,000 | 2,027,095 | ||
County of Harris Series B | 5.00 | 8-15-2026 | 1,280,000 | 1,321,768 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 5.00 | 12-31-2030 | 1,000,000 | 1,062,276 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 5.00 | 12-31-2032 | 1,000,000 | 1,060,910 | ||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series A | 5.00 | 12-31-2033 | 3,000,000 | 3,177,097 | ||
8,649,146 | ||||||
Utilities revenue: 0.41% | ||||||
City of San Antonio Electric & Gas Systems Revenueøø | 1.75 | 2-1-2049 | 4,250,000 | 4,012,877 | ||
Lower Colorado River Authority (AGM Insured) | 5.00 | 5-15-2029 | 1,745,000 | 1,947,207 | ||
Lower Colorado River Authority (AGM Insured) | 5.00 | 5-15-2030 | 990,000 | 1,123,849 | ||
Texas Municipal Gas Acquisition & Supply Corp. III | 5.00 | 12-15-2024 | 1,100,000 | 1,112,558 | ||
8,196,491 | ||||||
Water & sewer revenue: 1.42% | ||||||
City of Dallas Waterworks & Sewer System Revenue Series A | 5.00 | 10-1-2029 | 16,225,000 | 17,152,541 | ||
City of Fort Worth Water & Sewer System Revenue | 4.13 | 2-15-2046 | 3,000,000 | 2,971,993 | ||
City of Garland Water & Sewer System Revenue | 4.00 | 3-1-2041 | 2,255,000 | 2,229,707 | ||
City of Garland Water & Sewer System Revenue | 4.00 | 3-1-2042 | 1,185,000 | 1,165,913 | ||
Texas Water Development Board State Water Implementation Revenue Fund for Texas | 4.00 | 10-15-2045 | 5,000,000 | 4,998,511 | ||
28,518,665 | ||||||
161,970,311 | ||||||
Utah: 0.53% | ||||||
Airport revenue: 0.20% | ||||||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2029 | 1,000,000 | 1,067,554 | ||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 | 7-1-2031 | 2,705,000 | 2,883,904 | ||
3,951,458 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue: 0.05% | ||||||
Utah Charter School Finance Authority Freedom Academy Foundation Series A144A | 3.25 % | 6-15-2031 | $ | 540,000 | $480,948 | |
Utah Charter School Finance Authority Ronald Wilson Reagan Academy Series A144A | 3.50 | 2-15-2026 | 655,000 | 632,289 | ||
1,113,237 | ||||||
Health revenue: 0.08% | ||||||
County of Utah Intermountain Healthcare Obligated Group Series A | 4.00 | 5-15-2043 | 1,635,000 | 1,586,828 | ||
Miscellaneous revenue: 0.20% | ||||||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No 2144A | 4.00 | 8-1-2024 | 1,000,000 | 990,651 | ||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2026 | 1,000,000 | 969,251 | ||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2028 | 1,000,000 | 955,599 | ||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2029 | 580,000 | 549,643 | ||
Mida Mountain Village Public Infrastructure District Mountain Village Assessment Area No. 2144A | 4.00 | 8-1-2030 | 680,000 | 638,492 | ||
4,103,636 | ||||||
10,755,159 | ||||||
Vermont: 0.07% | ||||||
Housing revenue: 0.07% | ||||||
Vermont Housing Finance Agency Series A (GNMA / FNMA / FHLMC Insured) | 3.75 | 11-1-2050 | 1,365,000 | 1,345,836 | ||
Virginia: 1.48% | ||||||
Education revenue: 0.05% | ||||||
Virginia College Building Authority Regent University | 5.00 | 6-1-2029 | 330,000 | 344,604 | ||
Virginia College Building Authority Regent University | 5.00 | 6-1-2030 | 350,000 | 367,524 | ||
Virginia College Building Authority Regent University | 5.00 | 6-1-2031 | 300,000 | 316,358 | ||
1,028,486 | ||||||
GO revenue: 0.13% | ||||||
County of Arlington Series A | 4.00 | 8-1-2040 | 2,500,000 | 2,526,475 | ||
Health revenue: 0.03% | ||||||
Roanoke EDA Richfield Living Obligated Group Series 2020† | 4.30 | 9-1-2030 | 770,000 | 584,483 | ||
Transportation revenue: 0.75% | ||||||
Toll Road Investors Partnership II LP Series 1999B (NPFGC Insured)144A¤ | 0.00 | 2-15-2029 | 10,000,000 | 6,762,132 | ||
Virginia Small Business Financing Authority 95 Express Lanes LLC AMT | 5.00 | 1-1-2032 | 3,225,000 | 3,488,803 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue (continued) | ||||||
Virginia Small Business Financing Authority 95 Express Lanes LLC AMT | 5.00 % | 7-1-2032 | $ | 2,800,000 | $3,027,208 | |
Virginia Small Business Financing Authority Elizabeth River Crossings OpCo LLC AMT | 4.00 | 7-1-2029 | 1,750,000 | 1,755,369 | ||
15,033,512 | ||||||
Utilities revenue: 0.52% | ||||||
Louisa IDA Virginia Electric & Power Co. Series Cøø | 1.65 | 11-1-2035 | 2,000,000 | 1,946,378 | ||
Wise County IDA Virginia Electric & Power Co. Series Aøø | 0.75 | 10-1-2040 | 5,000,000 | 4,583,007 | ||
York County EDA Virginia Electric & Power Co. Series Aøø | 3.65 | 5-1-2033 | 4,000,000 | 3,984,004 | ||
10,513,389 | ||||||
29,686,345 | ||||||
Washington: 2.39% | ||||||
Airport revenue: 0.10% | ||||||
Port of Seattle Series A AMT | 5.00 | 5-1-2036 | 2,030,000 | 2,102,377 | ||
GO revenue: 0.12% | ||||||
State of Washington | 5.00 | 6-1-2029 | 1,000,000 | 1,126,688 | ||
State of Washington | 5.00 | 6-1-2030 | 1,150,000 | 1,319,668 | ||
2,446,356 | ||||||
Health revenue: 1.20% | ||||||
Skagit County Public Hospital District No. 1 | 5.00 | 12-1-2029 | 3,975,000 | 4,095,708 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B-2 (SIFMA Municipal Swap+1.40%)± | 5.41 | 1-1-2035 | 11,000,000 | 11,004,241 | ||
Washington Health Care Facilities Authority CommonSpirit Health Obligated Group Series B3øø | 5.00 | 8-1-2049 | 3,000,000 | 3,091,855 | ||
Washington Health Care Facilities Authority Providence St. Joseph Health Obligated Group Series D | 5.00 | 10-1-2038 | 3,000,000 | 3,003,116 | ||
Washington Health Care Facilities Authority Providence St. Joseph Health Obligated Group Series D | 5.00 | 10-1-2041 | 1,000,000 | 1,000,706 | ||
Washington State Housing Finance Commission Eliseo Obligated Group Series B-2144A | 2.13 | 7-1-2027 | 1,500,000 | 1,351,331 | ||
Washington State Housing Finance Commission Spokane United Methodist Homes Obligated Group Series B2144A | 3.00 | 7-1-2027 | 535,000 | 535,000 | ||
24,081,957 | ||||||
Housing revenue: 0.72% | ||||||
King County Housing Authority | 2.00 | 10-1-2033 | 600,000 | 507,363 | ||
King County Housing Authority | 2.13 | 10-1-2036 | 2,000,000 | 1,571,435 | ||
King County Housing Authority | 4.00 | 10-1-2029 | 225,000 | 231,781 | ||
King County Housing Authority | 4.00 | 10-1-2030 | 200,000 | 206,398 | ||
King County Housing Authority | 4.00 | 10-1-2031 | 290,000 | 297,231 | ||
Seattle Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,000,000 | 1,829,585 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2027 | 1,130,000 | 1,195,596 | ||
Snohomish County Housing Authority | 5.00 | 4-1-2028 | 1,610,000 | 1,729,731 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Snohomish County Housing Authority | 5.00 % | 4-1-2029 | $ | 1,690,000 | $1,841,169 | |
Washington State Housing Finance Commission Downtowner Apartments Project (FHLMC LIQ) | 3.70 | 7-1-2030 | 5,000,000 | 5,033,940 | ||
14,444,229 | ||||||
Tax revenue: 0.09% | ||||||
Central Puget Sound Regional Transit Authority Series S-1 | 5.00 | 11-1-2050 | 810,000 | 847,265 | ||
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue Series S-1 | 5.00 | 11-1-2036 | 1,000,000 | 1,046,006 | ||
1,893,271 | ||||||
Utilities revenue: 0.16% | ||||||
City of Seattle Municipal Light & Power Revenue Series B (SIFMA Municipal Swap+0.25%)± | 4.26 | 5-1-2045 | 3,250,000 | 3,195,525 | ||
48,163,715 | ||||||
West Virginia: 0.48% | ||||||
Education revenue: 0.05% | ||||||
West Virginia University Series Bøø | 5.00 | 10-1-2041 | 1,000,000 | 1,098,425 | ||
Tax revenue: 0.14% | ||||||
Monongalia County Commission Excise Tax District Series A144A | 4.13 | 6-1-2043 | 855,000 | 757,374 | ||
Monongalia County Commission Excise Tax District Series A144A | 4.50 | 6-1-2027 | 2,090,000 | 2,093,937 | ||
2,851,311 | ||||||
Utilities revenue: 0.25% | ||||||
West Virginia EDA Wheeling Power Co. Series 2013-A AMTøø | 3.00 | 6-1-2037 | 5,245,000 | 4,997,529 | ||
Water & sewer revenue: 0.04% | ||||||
City of Parkersburg Combined Waterworks & Sewerage System Revenue Series A (BAM Insured) | 3.00 | 8-1-2024 | 400,000 | 398,189 | ||
City of Parkersburg Combined Waterworks & Sewerage System Revenue Series A (BAM Insured) | 3.00 | 8-1-2025 | 400,000 | 396,380 | ||
794,569 | ||||||
9,741,834 | ||||||
Wisconsin: 1.81% | ||||||
Education revenue: 0.34% | ||||||
Milwaukee RDA Milwaukee Science Education Consortium, Inc. | 4.75 | 8-1-2023 | 220,000 | 220,222 | ||
PFA Corvian Community School, Inc. Series A144A | 4.00 | 6-15-2029 | 810,000 | 756,882 | ||
PFA Corvian Community School, Inc. Series A144A | 4.25 | 6-15-2029 | 765,000 | 724,475 | ||
PFA Estancia Valley Classical Academy Series A144A | 4.00 | 7-1-2031 | 1,150,000 | 1,009,035 | ||
PFA Foundation of The University of North Carolina at Charlotte Inc Series A144A | 4.00 | 9-1-2036 | 1,000,000 | 895,599 | ||
PFA Nevada Charter Academies Series A144A | 4.00 | 7-15-2029 | 575,000 | 541,667 | ||
PFA Pine Lake Preparatory, Inc.144A | 4.35 | 3-1-2025 | 770,000 | 763,634 | ||
PFA Roseman University of Health Sciences144A | 4.00 | 4-1-2032 | 865,000 | 826,410 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
PFA Triad Educational Services, Inc. | 4.25 % | 6-15-2027 | $ | 480,000 | $472,167 | |
PFA Triad Educational Services, Inc. | 5.00 | 6-15-2032 | 725,000 | 744,991 | ||
6,955,082 | ||||||
GO revenue: 0.60% | ||||||
Eau Claire Area School District | 5.00 | 4-1-2024 | 1,000,000 | 1,013,210 | ||
Milwaukee Metropolitan Sewerage District Series A | 4.00 | 10-1-2043 | 8,000,000 | 7,846,823 | ||
State of Wisconsin Series 2 | 5.00 | 11-1-2029 | 3,000,000 | 3,166,562 | ||
12,026,595 | ||||||
Health revenue: 0.32% | ||||||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2029 | 175,000 | 187,187 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2030 | 175,000 | 189,214 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2031 | 275,000 | 300,242 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2032 | 350,000 | 376,755 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2033 | 550,000 | 591,414 | ||
PFA Texas Biomedical Research Institute Series A | 5.00 | 6-1-2034 | 570,000 | 614,325 | ||
PFA Washoe Barton Medical Clinic Series A | 4.00 | 12-1-2031 | 700,000 | 670,685 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2027 | 1,145,000 | 1,206,145 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2028 | 600,000 | 641,696 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2027 | 375,000 | 360,325 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2028 | 470,000 | 447,787 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2029 | 895,000 | 852,818 | ||
6,438,593 | ||||||
Industrial development revenue: 0.33% | ||||||
PFA Customer Facility Charge-SA LLC Series A | 3.75 | 2-1-2032 | 850,000 | 802,033 | ||
PFA Customer Facility Charge-SA LLC Series B144A | 5.50 | 2-1-2042 | 5,950,000 | 5,950,781 | ||
6,752,814 | ||||||
Miscellaneous revenue: 0.14% | ||||||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2029 | 1,050,000 | 831,421 | ||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2031 | 1,350,000 | 979,954 | ||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2028 | 260,000 | 214,166 | ||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2029 | 390,000 | 308,814 | ||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2030 | 550,000 | 417,276 | ||
2,751,631 | ||||||
Water & sewer revenue: 0.08% | ||||||
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Series 1 | 5.00 | 6-1-2026 | 1,525,000 | 1,547,522 | ||
36,472,237 | ||||||
Total municipal obligations (Cost $2,077,267,336) | 1,995,532,894 |
Yield | Shares | Value | ||||
Short-term investments: 0.20% | ||||||
Investment companies: 0.20% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 % | 4,072,289 | $4,073,103 | |||
Total short-term investments (Cost $4,073,092) | 4,073,103 | |||||
Total investments in securities (Cost $2,084,340,428) | 99.61 % | 2,002,605,997 | ||||
Other assets and liabilities, net | 0.39 | 7,926,037 | ||||
Total net assets | 100.00 % | $2,010,532,034 |
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. |
€ | 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. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
%% | The security is purchased on a when-issued basis. |
## | 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. |
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 note |
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 |
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 |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SBLF | Small Business Lending Fund |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
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 | $63,253,150 | $698,065,373 | $(757,223,913 ) | $(19,395 ) | $(2,112 ) | $4,073,103 | 4,072,289 | $894,203 |
Assets | |
Investments in unaffiliated securities, at value (cost $2,080,267,336) | $1,998,532,894 |
Investments in affiliated securities, at value (cost $4,073,092) | 4,073,103 |
Cash | 181 |
Receivable for interest | 20,444,140 |
Receivable for investments sold | 4,963,004 |
Receivable for Fund shares sold | 4,047,852 |
Prepaid expenses and other assets | 104,295 |
Total assets | 2,032,165,469 |
Liabilities | |
Payable for when-issued transactions | 14,049,948 |
Payable for Fund shares redeemed | 5,686,692 |
Dividends payable | 881,083 |
Management fee payable | 639,925 |
Administration fees payable | 171,767 |
Distribution fee payable | 18,293 |
Trustees’ fees and expenses payable | 6,149 |
Accrued expenses and other liabilities | 179,578 |
Total liabilities | 21,633,435 |
Total net assets | $2,010,532,034 |
Net assets consist of | |
Paid-in capital | $2,122,594,296 |
Total distributable loss | (112,062,262 ) |
Total net assets | $2,010,532,034 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $407,927,757 |
Shares outstanding–Class A1 | 47,006,713 |
Net asset value per share–Class A | $8.68 |
Maximum offering price per share – Class A2 | $9.04 |
Net assets–Class C | $27,858,058 |
Shares outstanding–Class C1 | 3,199,146 |
Net asset value per share–Class C | $8.71 |
Net assets–Class R6 | $24,489,603 |
Shares outstanding–Class R61 | 2,821,909 |
Net asset value per share–Class R6 | $8.68 |
Net assets–Administrator Class | $48,377,613 |
Shares outstanding–Administrator Class1 | 5,577,362 |
Net asset value per share–Administrator Class | $8.67 |
Net assets–Institutional Class | $1,501,879,003 |
Shares outstanding–Institutional Class1 | 173,111,626 |
Net asset value per share–Institutional Class | $8.68 |
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 | $59,811,834 |
Income from affiliated securities | 894,203 |
Total investment income | 60,706,037 |
Expenses | |
Management fee | 7,977,319 |
Administration fees | |
Class A | 724,816 |
Class C | 52,831 |
Class R6 | 4,689 |
Administrator Class | 56,480 |
Institutional Class | 1,290,514 |
Shareholder servicing fees | |
Class A | 1,130,438 |
Class C | 82,270 |
Administrator Class | 139,657 |
Distribution fee | |
Class C | 246,808 |
Custody and accounting fees | 107,070 |
Professional fees | 82,445 |
Registration fees | 126,552 |
Shareholder report expenses | 87,581 |
Trustees’ fees and expenses | 22,721 |
Other fees and expenses | 58,996 |
Total expenses | 12,191,187 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (20,811 ) |
Class A | (451 ) |
Administrator Class | (32,060 ) |
Net expenses | 12,137,865 |
Net investment income | 48,568,172 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (11,446,748 ) |
Affiliated securities | (19,395 ) |
Futures contracts | 31,058 |
Net realized losses on investments | (11,435,085 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 5,894,904 |
Affiliated securities | (2,112 ) |
Futures contracts | 56,590 |
Net change in unrealized gains (losses) on investments | 5,949,382 |
Net realized and unrealized gains (losses) on investments | (5,485,703 ) |
Net increase in net assets resulting from operations | $43,082,469 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $48,568,172 | $47,681,555 | ||
Net realized losses on investments | (11,435,085 ) | (10,033,222 ) | ||
Net change in unrealized gains (losses) on investments | 5,949,382 | (200,621,301 ) | ||
Net increase (decrease) in net assets resulting from operations | 43,082,469 | (162,972,968 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (9,050,337 ) | (8,226,378 ) | ||
Class C | (410,231 ) | (312,087 ) | ||
Class R6 | (382,545 ) | (240,075 ) | ||
Administrator Class | (1,184,938 ) | (1,512,513 ) | ||
Institutional Class | (37,545,117 ) | (37,387,253 ) | ||
Total distributions to shareholders | (48,573,168 ) | (47,678,306 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 9,138,756 | 79,081,429 | 10,739,692 | 98,440,532 |
Class C | 463,984 | 3,997,713 | 636,058 | 5,888,091 |
Class R6 | 2,155,461 | 18,817,504 | 576,086 | 5,291,077 |
Administrator Class | 782,594 | 6,735,821 | 3,043,843 | 28,151,678 |
Institutional Class | 84,615,361 | 731,366,768 | 105,486,944 | 953,288,175 |
839,999,235 | 1,091,059,553 | |||
Reinvestment of distributions | ||||
Class A | 923,677 | 7,978,929 | 813,995 | 7,373,477 |
Class C | 43,942 | 380,788 | 31,998 | 289,895 |
Class R6 | 19,072 | 164,796 | 16,150 | 146,388 |
Administrator Class | 130,634 | 1,128,390 | 162,068 | 1,469,491 |
Institutional Class | 3,714,574 | 32,089,865 | 3,602,410 | 32,646,734 |
41,742,768 | 41,925,985 | |||
Payment for shares redeemed | ||||
Class A | (21,646,610 ) | (186,740,121 ) | (19,694,585 ) | (177,517,874 ) |
Class C | (1,866,372 ) | (16,196,066 ) | (2,145,684 ) | (19,520,756 ) |
Class R6 | (620,716 ) | (5,327,315 ) | (1,210,075 ) | (11,157,810 ) |
Administrator Class | (4,190,566 ) | (36,177,224 ) | (6,280,931 ) | (56,916,202 ) |
Institutional Class | (123,394,925 ) | (1,063,878,668 ) | 143,530,875 | (1,284,623,827 ) |
(1,308,319,394 ) | (1,549,736,469 ) | |||
Net decrease in net assets resulting from capital share transactions | (426,577,391 ) | (416,750,931 ) | ||
Total decrease in net assets | (432,068,090 ) | (627,402,205 ) | ||
Net assets | ||||
Beginning of period | 2,442,600,124 | 3,070,002,329 | ||
End of period | $2,010,532,034 | $2,442,600,124 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.68 | $9.33 | $9.17 | $9.14 | $8.93 |
Net investment income | 0.17 | 0.13 | 0.14 | 0.17 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.00 1 | (0.65 ) | 0.16 | 0.03 | 0.21 |
Total from investment operations | 0.17 | (0.52 ) | 0.30 | 0.20 | 0.39 |
Distributions to shareholders from | |||||
Net investment income | (0.17 ) | (0.13 ) | (0.14 ) | (0.16 ) | (0.18 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.17 ) | (0.13 ) | (0.14 ) | (0.17 ) | (0.18 ) |
Net asset value, end of period | $8.68 | $8.68 | $9.33 | $9.17 | $9.14 |
Total return2 | 2.03 % | (5.66 )% | 3.26 % | 2.23 % | 4.41 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80 % | 0.79 % | 0.79 % | 0.79 % | 0.80 % |
Net expenses | 0.80 % | 0.79 % | 0.79 % | 0.79 % | 0.80 % |
Net investment income | 2.00 % | 1.38 % | 1.47 % | 1.81 % | 1.99 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 24 % | 11 % | 26 % | 29 % |
Net assets, end of period (000s omitted) | $407,928 | $508,573 | $622,409 | $545,670 | $528,004 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.71 | $9.36 | $9.20 | $9.17 | $8.96 |
Net investment income | 0.12 | 0.06 | 0.07 | 0.10 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | (0.65 ) | 0.16 | 0.04 | 0.21 |
Total from investment operations | 0.11 | (0.59 ) | 0.23 | 0.14 | 0.32 |
Distributions to shareholders from | |||||
Net investment income | (0.11 ) | (0.06 ) | (0.07 ) | (0.10 ) | (0.11 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.11 ) | (0.06 ) | (0.07 ) | (0.11 ) | (0.11 ) |
Net asset value, end of period | $8.71 | $8.71 | $9.36 | $9.20 | $9.17 |
Total return2 | 1.27 % | (6.34 )% | 2.49 % | 1.47 % | 3.62 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.55 % | 1.54 % | 1.54 % | 1.54 % | 1.55 % |
Net expenses | 1.55 % | 1.54 % | 1.54 % | 1.54 % | 1.55 % |
Net investment income | 1.24 % | 0.62 % | 0.72 % | 1.06 % | 1.24 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 24 % | 11 % | 26 % | 29 % |
Net assets, end of period (000s omitted) | $27,858 | $39,696 | $56,483 | $69,472 | $82,331 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $8.68 | $9.33 | $9.17 | $9.15 | $8.94 |
Net investment income | 0.21 | 0.16 | 0.17 | 0.20 | 0.20 |
Net realized and unrealized gains (losses) on investments | 0.00 2 | (0.65 ) | 0.16 | 0.03 | 0.21 |
Total from investment operations | 0.21 | (0.49 ) | 0.33 | 0.23 | 0.41 |
Distributions to shareholders from | |||||
Net investment income | (0.21 ) | (0.16 ) | (0.17 ) | (0.20 ) | (0.20 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.21 ) | (0.16 ) | (0.17 ) | (0.21 ) | (0.20 ) |
Net asset value, end of period | $8.68 | $8.68 | $9.33 | $9.17 | $9.15 |
Total return3 | 2.42 % | (5.30 )% | 3.65 % | 2.51 % | 4.61 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.42 % | 0.41 % | 0.41 % | 0.41 % | 0.41 % |
Net expenses | 0.42 % | 0.41 % | 0.41 % | 0.41 % | 0.41 % |
Net investment income | 2.45 % | 1.74 % | 1.85 % | 2.19 % | 2.39 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 24 % | 11 % | 26 % | 29 % |
Net assets, end of period (000s omitted) | $24,490 | $11,008 | $17,590 | $20,459 | $13,291 |
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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.68 | $9.32 | $9.17 | $9.14 | $8.93 |
Net investment income | 0.18 | 0.13 | 0.15 | 0.17 | 0.19 |
Net realized and unrealized gains (losses) on investments | 0.00 1 | (0.63 ) | 0.15 | 0.04 | 0.21 |
Total from investment operations | 0.18 | (0.50 ) | 0.30 | 0.21 | 0.40 |
Distributions to shareholders from | |||||
Net investment income | (0.19 ) | (0.14 ) | (0.15 ) | (0.17 ) | (0.19 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.19 ) | (0.14 ) | (0.15 ) | (0.18 ) | (0.19 ) |
Net asset value, end of period | $8.67 | $8.68 | $9.32 | $9.17 | $9.14 |
Total return | 2.03 % | (5.46 )% | 3.27 % | 2.34 % | 4.53 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.74 % | 0.73 % | 0.73 % | 0.73 % | 0.73 % |
Net expenses | 0.68 % | 0.68 % | 0.68 % | 0.68 % | 0.68 % |
Net investment income | 2.10 % | 1.48 % | 1.58 % | 1.92 % | 2.10 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 24 % | 11 % | 26 % | 29 % |
Net assets, end of period (000s omitted) | $48,378 | $76,816 | $111,200 | $115,889 | $149,097 |
1 | Amount is less than $0.005. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.68 | $9.32 | $9.17 | $9.14 | $8.93 |
Net investment income | 0.20 | 0.16 | 0.17 | 0.20 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.00 1 | (0.64 ) | 0.15 | 0.04 | 0.21 |
Total from investment operations | 0.20 | (0.48 ) | 0.32 | 0.24 | 0.42 |
Distributions to shareholders from | |||||
Net investment income | (0.20 ) | (0.16 ) | (0.17 ) | (0.20 ) | (0.21 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Total distributions to shareholders | (0.20 ) | (0.16 ) | (0.17 ) | (0.21 ) | (0.21 ) |
Net asset value, end of period | $8.68 | $8.68 | $9.32 | $9.17 | $9.14 |
Total return | 2.37 % | (5.25 )% | 3.49 % | 2.57 % | 4.75 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.47 % | 0.46 % | 0.46 % | 0.46 % | 0.47 % |
Net expenses | 0.47 % | 0.46 % | 0.46 % | 0.46 % | 0.47 % |
Net investment income | 2.33 % | 1.71 % | 1.80 % | 2.14 % | 2.32 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 24 % | 11 % | 26 % | 29 % |
Net assets, end of period (000s omitted) | $1,501,879 | $1,806,507 | $2,262,320 | $1,829,368 | $1,647,093 |
1 | Amount is less than $0.005. |
Gross unrealized gains | $4,921,949 |
Gross unrealized losses | (87,248,839 ) |
Net unrealized losses | $(82,326,890 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Closed-end fund obligations | $0 | $3,000,000 | $0 | $3,000,000 |
Municipal obligations | 0 | 1,995,532,894 | 0 | 1,995,532,894 |
Short-term investments | ||||
Investment companies | 4,073,103 | 0 | 0 | 4,073,103 |
Total assets | $4,073,103 | $1,998,532,894 | $0 | $2,002,605,997 |
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 | 0.15 % |
Class C | 0.15 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.79 % |
Class C | 1.54 |
Class R6 | 0.42 |
Administrator Class | 0.68 |
Institutional Class | 0.47 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$971,921 | $(82,326,890 ) | $(29,817,816 ) |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img769865f37.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g524868imgf98e18881.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g524868img7121431b8.gif)
AR4313 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839imgfc6d25c82.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839img3300d2363.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 manager | Bruce R. Johns, James Randazzo, Nicholos Venditti |
Average annual total returns (%) as of June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (SMAVX) | 10-2-2000 | -0.21 | 0.35 | 0.35 | 1.83 | 0.76 | 0.55 | 0.66 | 0.50 |
Class A2 (WFUNX)3 | 5-29-2020 | – | – | – | 1.93 | 0.78 | 0.56 | 0.56 | 0.40 |
Class C (WFUSX) | 3-31-2008 | 0.62 | 0.36 | 0.02 | 1.62 | 0.36 | 0.02 | 1.41 | 1.25 |
Class R6 (WUSRX)4 | 7-31-2018 | – | – | – | 2.13 | 1.08 | 0.86 | 0.28 | 0.20 |
Administrator Class (WUSMX) | 7-30-2010 | – | – | – | 1.83 | 0.78 | 0.60 | 0.60 | 0.50 |
Institutional Class (SMAIX) | 7-31-2000 | – | – | – | 2.08 | 1.03 | 0.84 | 0.33 | 0.25 |
Ultra Short-Term Municipal Income Blended Index5 | – | – | – | – | 2.26 | 1.14 | 0.84 | – | – |
Bloomberg 1 Year Municipal Bond Index6 | – | – | – | – | 1.24 | 1.05 | 0.91 | – | – |
iMoneyNet Tax-Free National Institutional Money Market Funds Average7 | – | – | – | – | 3.28 | 1.23 | 0.76 | – | – |
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, 2023, 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, 0.40% 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839img551a85d04.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Ultra Short-Term Municipal Income Blended Index, Bloomberg 1 Year Municipal Bond Index and iMoneyNet Tax-Free National Institutional Money Market Funds Average. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 2.00%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839img3829ab405.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839imgbea8c7f86.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,013.36 | $2.50 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50 % |
Class A2 | ||||
Actual | $1,000.00 | $1,013.87 | $2.00 | 0.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40 % |
Class C | ||||
Actual | $1,000.00 | $1,009.65 | $6.23 | 1.25 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $6.26 | 1.25 % |
Class R6 | ||||
Actual | $1,000.00 | $1,014.87 | $1.00 | 0.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.80 | $1.00 | 0.20 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,013.36 | $2.50 | 0.50 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,014.62 | $1.25 | 0.25 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.56 | $1.25 | 0.25 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 103.46% | ||||||
Alabama: 2.03% | ||||||
Education revenue: 0.06% | ||||||
University of South Alabama (BAM Insured) | 4.00 % | 4-1-2025 | $ | 500,000 | $504,432 | |
Health revenue: 0.53% | ||||||
Health Care Authority for Baptist Health Series Bø | 5.30 | 11-1-2042 | 4,500,000 | 4,500,000 | ||
Housing revenue: 0.12% | ||||||
Alabama Corrections Institution Finance Authority Series A | 5.00 | 7-1-2023 | 1,000,000 | 1,000,000 | ||
Utilities revenue: 1.32% | ||||||
Black Belt Energy Gas District Series D-2 (Royal Bank of Canada LIQ) (U.S. SOFR+1.40%)± | 4.79 | 7-1-2052 | 3,500,000 | 3,473,878 | ||
Black Belt Energy Gas District Gas Supply Project No. 7 Series E | 5.00 | 6-1-2025 | 1,250,000 | 1,275,053 | ||
Southeast Alabama Gas Supply District Series Aøø | 4.00 | 4-1-2049 | 4,000,000 | 3,994,132 | ||
Southeast Energy Authority Cooperative District Project No. 5 Series A | 5.00 | 7-1-2025 | 650,000 | 661,174 | ||
Southeast Energy Authority Cooperative District Project No. 5 Series A | 5.00 | 7-1-2026 | 1,750,000 | 1,791,357 | ||
11,195,594 | ||||||
17,200,026 | ||||||
Alaska: 0.68% | ||||||
Airport revenue: 0.24% | ||||||
State of Alaska International Airports System Series C AMT | 5.00 | 10-1-2025 | 2,000,000 | 2,053,271 | ||
Miscellaneous revenue: 0.44% | ||||||
Alaska Municipal Bond Bank Authority | 5.00 | 12-1-2023 | 1,900,000 | 1,912,066 | ||
Alaska Municipal Bond Bank Authority | 5.00 | 12-1-2024 | 1,750,000 | 1,790,527 | ||
3,702,593 | ||||||
5,755,864 | ||||||
Arizona: 1.65% | ||||||
Health revenue: 0.48% | ||||||
Arizona Health Facilities Authority Banner Health Obligated Group Series B (SIFMA Municipal Swap+0.25%)± | 4.26 | 1-1-2046 | 4,000,000 | 3,920,542 | ||
Maricopa County IDA HonorHealth Obligated Group Series A | 5.00 | 9-1-2024 | 150,000 | 152,667 | ||
4,073,209 | ||||||
Industrial development revenue: 0.81% | ||||||
Chandler IDA Intel Corp. AMTøø | 2.70 | 12-1-2037 | 3,415,000 | 3,408,516 | ||
Chandler IDA Intel Corp. AMTøø | 5.00 | 6-1-2049 | 2,425,000 | 2,443,672 | ||
IDA of the City of Phoenix Republic Services, Inc. Series D AMTøø | 3.88 | 12-1-2035 | 1,000,000 | 999,976 | ||
6,852,164 | ||||||
Utilities revenue: 0.36% | ||||||
Coconino County Pollution Control Corp. Nevada Power Co. Series A AMTøø | 4.13 | 9-1-2032 | 3,000,000 | 3,011,648 | ||
13,937,021 |
Interest rate | Maturity date | Principal | Value | |||
Arkansas: 0.47% | ||||||
Health revenue: 0.16% | ||||||
Batesville Public Facilities Board White River Health System Obligated Group | 5.00 % | 6-1-2024 | $ | 1,345,000 | $1,354,561 | |
Housing revenue: 0.21% | ||||||
Arkansas Development Finance Authority EC Cottages LLC (Department of Housing and Urban Development Insured)øø | 1.25 | 12-1-2024 | 1,835,000 | 1,816,594 | ||
Tax revenue: 0.10% | ||||||
City of Cabot Sales & Use Tax Revenue Series B | 5.00 | 12-1-2023 | 200,000 | 201,399 | ||
City of Cabot Sales & Use Tax Revenue Series B | 5.00 | 12-1-2025 | 275,000 | 287,192 | ||
City of Springdale Sales & Use Tax Revenue Series B (BAM Insured)%% | 5.00 | 8-1-2025 | 100,000 | 103,303 | ||
City of Springdale Sales & Use Tax Revenue Series B (BAM Insured)%% | 5.00 | 8-1-2026 | 125,000 | 131,299 | ||
City of Springdale Sales & Use Tax Revenue Series B (BAM Insured)%% | 5.00 | 8-1-2027 | 100,000 | 107,149 | ||
830,342 | ||||||
4,001,497 | ||||||
California: 4.69% | ||||||
Health revenue: 1.85% | ||||||
California HFFA Adventist Health System/West Obligated Group Series A | 5.00 | 3-1-2025 | 2,500,000 | 2,500,824 | ||
California PFA Henry Mayo Newhall Hospital Obligated Group Series A | 4.00 | 10-15-2025 | 400,000 | 400,669 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series D (AGM Insured)€øø | 4.01 | 7-1-2041 | 8,850,000 | 8,850,000 | ||
California Statewide CDA CommonSpirit Health Obligated Group Series F (AGM Insured)€øø | 4.03 | 7-1-2040 | 3,125,000 | 3,125,000 | ||
California Statewide CDA Emanate Health Obligated Group Series A | 5.00 | 4-1-2025 | 750,000 | 768,818 | ||
15,645,311 | ||||||
Housing revenue: 0.24% | ||||||
Mizuho Floater/Residual Trust Series 2021-MIZ9063 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.51 | 5-1-2049 | 2,000,000 | 2,000,000 | ||
Industrial development revenue: 1.41% | ||||||
California Infrastructure & Economic Development Bank DesertXpress Enterprises LLC Series A AMT144Aøø | 3.65 | 1-1-2050 | 12,000,000 | 11,949,235 | ||
Miscellaneous revenue: 0.24% | ||||||
California Infrastructure & Economic Development Bank J Paul Getty Trust Series B-1øø | 0.39 | 10-1-2047 | 2,000,000 | 1,972,452 | ||
Tax revenue: 0.07% | ||||||
Cathedral City Redevelopment Successor Agency Bond Merged Redevelopment Project Series C (BAM Insured) | 4.00 | 8-1-2025 | 600,000 | 606,875 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.41% | ||||||
Bay Area Toll Authority Series B (SIFMA Municipal Swap+0.28%)± | 4.29 % | 4-1-2056 | $ | 3,500,000 | $3,493,741 | |
Utilities revenue: 0.47% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series A | 4.00 | 12-1-2023 | 800,000 | 800,251 | ||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2027 | 675,000 | 689,366 | ||
City of Vernon Electric System Revenue Series A | 5.00 | 10-1-2023 | 1,250,000 | 1,252,727 | ||
City of Vernon Electric System Revenue Series A | 5.00 | 10-1-2024 | 1,200,000 | 1,213,152 | ||
3,955,496 | ||||||
39,623,110 | ||||||
Colorado: 2.05% | ||||||
Airport revenue: 0.93% | ||||||
City & County of Denver Airport System Revenue Series B | 5.00 | 11-15-2025 | 2,835,000 | 2,849,219 | ||
City & County of Denver Airport System Revenue Series B2 AMTøø | 5.00 | 11-15-2031 | 1,840,000 | 1,888,558 | ||
City & County of Denver Airport System Revenue Series C | 5.00 | 11-15-2025 | 3,000,000 | 3,131,598 | ||
7,869,375 | ||||||
Education revenue: 0.17% | ||||||
University of Colorado Series Cøø | 2.00 | 6-1-2054 | 1,500,000 | 1,463,025 | ||
Health revenue: 0.06% | ||||||
Colorado Health Facilities Authority Christian Living Neighborhoods Obligated Group | 4.00 | 1-1-2024 | 530,000 | 526,234 | ||
Miscellaneous revenue: 0.52% | ||||||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2023 | 1,385,000 | 1,389,307 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 6-30-2024 | 2,000,000 | 2,005,083 | ||
Colorado Bridge Enterprise Colorado High Performance Transportation Enterprise AMT | 4.00 | 12-31-2024 | 1,000,000 | 1,002,370 | ||
4,396,760 | ||||||
Tax revenue: 0.04% | ||||||
Regional Transportation District Denver Transit Partners LLC Series A | 5.00 | 7-15-2024 | 300,000 | 302,440 | ||
Transportation revenue: 0.27% | ||||||
E-470 Public Highway Authority Series B (U.S. SOFR+0.35%)± | 3.74 | 9-1-2039 | 2,250,000 | 2,240,558 | ||
Water & sewer revenue: 0.06% | ||||||
Central Weld County Water District (AGM Insured) | 5.00 | 12-1-2025 | 520,000 | 541,949 | ||
17,340,341 | ||||||
Connecticut: 3.29% | ||||||
Education revenue: 1.09% | ||||||
Connecticut State HEFA Yale University Series 2017-B2øø | 0.55 | 7-1-2037 | 8,150,000 | 8,150,000 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Connecticut State Higher Education Supplement Loan Authority Series B AMT | 5.00 % | 11-15-2023 | $ | 440,000 | $442,565 | |
Connecticut State Higher Education Supplement Loan Authority Series D | 5.00 | 11-15-2024 | 585,000 | 599,733 | ||
9,192,298 | ||||||
GO revenue: 1.70% | ||||||
City of Bridgeport Series A | 5.00 | 6-1-2024 | 800,000 | 812,604 | ||
City of Bridgeport Series A | 5.00 | 6-1-2025 | 2,695,000 | 2,786,614 | ||
City of Bridgeport Series C | 5.00 | 2-15-2024 | 445,000 | 449,641 | ||
City of Bridgeport Series C | 5.00 | 2-15-2025 | 750,000 | 771,430 | ||
City of Danbury%% | 5.00 | 1-24-2024 | 5,000,000 | 5,031,749 | ||
State of Connecticut Series 2021-A | 3.00 | 1-15-2025 | 3,000,000 | 2,999,083 | ||
State of Connecticut Series C | 3.00 | 6-1-2024 | 1,055,000 | 1,054,066 | ||
State of Connecticut Series C | 4.00 | 6-1-2024 | 500,000 | 504,211 | ||
14,409,398 | ||||||
Health revenue: 0.09% | ||||||
Connecticut State HEFA Stamford Hospital Obligated Group Series L-1 | 4.00 | 7-1-2024 | 600,000 | 598,948 | ||
Connecticut State HEFA Stamford Hospital Obligated Group Series M | 5.00 | 7-1-2023 | 175,000 | 175,000 | ||
773,948 | ||||||
Housing revenue: 0.15% | ||||||
Connecticut HFA Series A-1 | 0.30 | 11-15-2024 | 500,000 | 477,885 | ||
Connecticut HFA Series A-1 | 0.40 | 5-15-2025 | 500,000 | 470,335 | ||
Connecticut HFA Series A-2 AMT | 0.40 | 11-15-2023 | 300,000 | 296,841 | ||
1,245,061 | ||||||
Tax revenue: 0.26% | ||||||
State of Connecticut Special Tax Revenue Series A | 5.00 | 5-1-2024 | 1,000,000 | 1,014,948 | ||
State of Connecticut Special Tax Revenue Series A | 5.00 | 5-1-2025 | 1,150,000 | 1,189,165 | ||
2,204,113 | ||||||
27,824,818 | ||||||
District of Columbia: 1.06% | ||||||
Airport revenue: 0.36% | ||||||
Metropolitan Washington Airports Authority Aviation Revenue Series A AMT | 5.00 | 10-1-2024 | 3,000,000 | 3,045,591 | ||
Housing revenue: 0.67% | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 5.00 | 7-15-2023 | 3,600,000 | 3,601,650 | ||
Washington Metropolitan Area Transit Authority Dedicated Revenue Series A | 5.00 | 7-15-2024 | 2,000,000 | 2,037,074 | ||
5,638,724 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 0.03% | ||||||
District of Columbia Water & Sewer Authority Series Cøø | 1.75 % | 10-1-2054 | $ | 300,000 | $291,531 | |
8,975,846 | ||||||
Florida: 4.11% | ||||||
Airport revenue: 0.39% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0577 (JPMorgan Chase Bank N.A. LIQ)144Aø | 4.33 | 10-1-2025 | 1,665,000 | 1,665,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2021-XF2947 (Barclays Bank PLC LIQ)144Aø | 3.41 | 10-1-2045 | 1,600,000 | 1,600,000 | ||
3,265,000 | ||||||
Education revenue: 0.09% | ||||||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2023 | 500,000 | 500,851 | ||
Florida Higher Educational Facilities Financial Authority Florida Institute of Technology, Inc. | 5.00 | 10-1-2024 | 250,000 | 252,318 | ||
753,169 | ||||||
Health revenue: 0.77% | ||||||
City of Tampa BayCare Obligated Group Series B (SIFMA Municipal Swap+0.30%)± | 4.31 | 11-15-2033 | 1,500,000 | 1,500,000 | ||
Lee Memorial Health System Lee Memorial Health System Obligated Group Series Bø | 4.47 | 4-1-2049 | 5,000,000 | 5,000,000 | ||
6,500,000 | ||||||
Housing revenue: 2.41% | ||||||
Capital Trust Agency, Inc. EHDOC Council Towers LP Series A | 1.50 | 11-1-2023 | 10,450,000 | 10,397,615 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022-XF3058 (Mizuho Capital Markets LLC LOC)144Aø | 4.41 | 11-1-2035 | 10,000,000 | 10,000,000 | ||
20,397,615 | ||||||
Miscellaneous revenue: 0.37% | ||||||
School Board of Miami-Dade County Series Aøø | 5.00 | 5-1-2031 | 3,100,000 | 3,138,758 | ||
Water & sewer revenue: 0.08% | ||||||
North Sumter County Utility Dependent District (AGM Insured) | 5.00 | 10-1-2025 | 635,000 | 658,835 | ||
34,713,377 | ||||||
Georgia: 5.53% | ||||||
Health revenue: 1.62% | ||||||
Cobb County Hospital Authority (Truist Bank LOC)ø | 3.22 | 4-1-2036 | 6,000,000 | 6,000,000 | ||
Cobb County Hospital Authority (Truist Bank LOC)ø | 3.97 | 4-1-2034 | 5,000,000 | 5,000,000 | ||
Cobb County Kennestone Hospital Authority WellStar Health System Obligated Group | 5.00 | 4-1-2025 | 660,000 | 676,111 | ||
Cobb County Kennestone Hospital Authority WellStar Health System Obligated Group Series B | 5.00 | 4-1-2024 | 1,300,000 | 1,313,364 | ||
Gainesville & Hall County Hospital Authority Northeast Georgia Health System Obligated Group Series A | 5.00 | 2-15-2026 | 700,000 | 724,843 | ||
13,714,318 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 2.19% | ||||||
Augusta Housing Authority Capstone at Barton Chapel LP (Department of Housing and Urban Development Insured)øø | 1.25 % | 12-1-2024 | $ | 8,875,000 | $8,785,979 | |
College Park Business & IDA Somersby Family I LP Series Bøø | 1.25 | 7-1-2025 | 10,000,000 | 9,718,602 | ||
18,504,581 | ||||||
Utilities revenue: 1.72% | ||||||
Development Authority of Burke County Georgia Power Co.øø | 2.88 | 12-1-2049 | 3,000,000 | 2,912,186 | ||
Development Authority of Monroe County Georgia Power Co. Series 1støø | 1.00 | 7-1-2049 | 1,875,000 | 1,664,646 | ||
Main Street Natural Gas, Inc. Series A | 4.00 | 12-1-2023 | 1,000,000 | 999,753 | ||
Main Street Natural Gas, Inc. Series C | 4.00 | 12-1-2024 | 700,000 | 699,050 | ||
Main Street Natural Gas, Inc. Series C | 4.00 | 12-1-2025 | 1,000,000 | 996,283 | ||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 4,000,000 | 3,866,177 | ||
Main Street Natural Gas, Inc. Series C | 5.00 | 9-1-2023 | 1,650,000 | 1,651,969 | ||
Main Street Natural Gas, Inc. Series C (Royal Bank of Canada LIQ)øø | 4.00 | 8-1-2048 | 805,000 | 805,186 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 1-1-2024 | 165,000 | 166,027 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.00 | 7-1-2025 | 200,000 | 205,207 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 1-1-2026 | 225,000 | 234,336 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A (AGM Insured) | 5.00 | 7-1-2026 | 300,000 | 315,092 | ||
14,515,912 | ||||||
46,734,811 | ||||||
Guam: 0.17% | ||||||
Airport revenue: 0.17% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | 10-1-2023 | 1,395,000 | 1,399,117 | ||
Hawaii: 1.25% | ||||||
GO revenue: 0.48% | ||||||
City & County of Honolulu Series A | 5.00 | 11-1-2023 | 2,250,000 | 2,262,983 | ||
City & County of Honolulu Series A | 5.00 | 11-1-2024 | 1,750,000 | 1,793,515 | ||
4,056,498 | ||||||
Health revenue: 0.19% | ||||||
State of Hawaii Department of Budget & Finance Queen’s Health Systems Obligated Group Series B (SIFMA Municipal Swap+0.45%)± | 4.46 | 7-1-2039 | 1,645,000 | 1,645,000 | ||
Miscellaneous revenue: 0.24% | ||||||
State of Hawaii Airports System Revenue AMT | 5.25 | 8-1-2024 | 2,000,000 | 2,001,628 | ||
Utilities revenue: 0.34% | ||||||
State of Hawaii Department of Budget & Finance Hawaiian Electric Co., Inc. Series A AMT | 3.10 | 5-1-2026 | 3,000,000 | 2,899,423 | ||
10,602,549 |
Interest rate | Maturity date | Principal | Value | |||
Idaho: 0.18% | ||||||
Housing revenue: 0.18% | ||||||
Idaho Housing & Finance Association Series Aø | 4.19 % | 1-1-2038 | $ | 1,485,000 | $1,485,000 | |
Illinois: 7.48% | ||||||
Airport revenue: 0.30% | ||||||
Chicago O’Hare International Airport Series D | 5.00 | 1-1-2025 | 2,500,000 | 2,562,976 | ||
Education revenue: 0.66% | ||||||
Illinois Finance Authority Benedictine University | 5.00 | 10-1-2025 | 600,000 | 599,502 | ||
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2023 | 1,400,000 | 1,405,851 | ||
Illinois Finance Authority University of Chicago Series A | 5.00 | 10-1-2025 | 1,500,000 | 1,561,581 | ||
Southern Illinois University Series A (BAM Insured) | 4.00 | 4-1-2024 | 1,200,000 | 1,201,848 | ||
Southern Illinois University Series A (BAM Insured) | 5.00 | 4-1-2025 | 750,000 | 765,763 | ||
5,534,545 | ||||||
GO revenue: 3.32% | ||||||
Chicago Board of Education Series B | 5.00 | 12-1-2023 | 1,150,000 | 1,154,112 | ||
Chicago Board of Education Series B-1 (NPFGC Insured)¤ | 0.00 | 12-1-2023 | 500,000 | 491,790 | ||
Chicago Board of Education Series F | 5.00 | 12-1-2024 | 2,500,000 | 2,528,090 | ||
City of Chicago (NPFGC Insured)¤ | 0.00 | 1-1-2024 | 3,670,000 | 3,599,744 | ||
City of Chicago Series A | 5.00 | 1-1-2025 | 2,500,000 | 2,548,831 | ||
City of Chicago Series B | 5.00 | 1-1-2026 | 2,750,000 | 2,814,157 | ||
City of Geneva | 4.00 | 2-1-2024 | 650,000 | 652,424 | ||
City of Peoria Series A (BAM Insured) | 4.00 | 1-1-2025 | 1,250,000 | 1,258,879 | ||
City of Peoria Series A (BAM Insured) | 4.00 | 1-1-2026 | 500,000 | 509,244 | ||
South Sangamon Water Commission (AGM Insured) | 4.00 | 1-1-2026 | 500,000 | 504,115 | ||
State of Illinois | 5.25 | 2-1-2029 | 1,500,000 | 1,514,742 | ||
State of Illinois Series A | 5.00 | 3-1-2024 | 1,500,000 | 1,513,009 | ||
State of Illinois Series B | 5.00 | 3-1-2025 | 1,500,000 | 1,533,814 | ||
State of Illinois Series D | 5.00 | 7-1-2023 | 6,000,000 | 6,000,000 | ||
Whiteside & Lee Counties Community Unit School District No. 5 Sterling Series A (BAM Insured) | 4.00 | 12-1-2023 | 1,435,000 | 1,438,333 | ||
28,061,284 | ||||||
Health revenue: 0.32% | ||||||
Illinois Finance Authority OSF Healthcare System Obligated Group Series B-1øø | 5.00 | 5-15-2050 | 1,200,000 | 1,211,998 | ||
Illinois Finance Authority Shirley Ryan AbilityLab Series A | 5.00 | 7-1-2023 | 1,100,000 | 1,100,000 | ||
Illinois Finance Authority Washington and Jane Smith Community - Orland Park | 4.00 | 10-15-2023 | 205,000 | 204,459 | ||
Illinois Finance Authority Washington and Jane Smith Community - Orland Park | 4.00 | 10-15-2024 | 210,000 | 207,240 | ||
2,723,697 | ||||||
Housing revenue: 0.82% | ||||||
City of Chicago Heights Olympic Village LLC (FHA Insured)øø | 2.88 | 8-1-2027 | 5,000,000 | 4,849,866 | ||
Metropolitan Pier & Exposition Authority Series A | 3.00 | 6-15-2024 | 2,100,000 | 2,078,865 | ||
6,928,731 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 1.44% | ||||||
Regional Transportation Authority Series Bøø | 3.90 % | 6-1-2025 | $ | 11,195,000 | $11,195,000 | |
State of Illinois Sales Tax Revenue | 5.00 | 6-15-2024 | 1,000,000 | 1,000,784 | ||
12,195,784 | ||||||
Water & sewer revenue: 0.62% | ||||||
Chicago Wastewater Transmission Revenue Series B | 5.00 | 1-1-2024 | 1,600,000 | 1,610,730 | ||
City of Chicago Waterworks Revenue | 5.00 | 11-1-2023 | 1,645,000 | 1,652,099 | ||
City of Joliet Waterworks & Sewerage Revenue BAN | 5.00 | 1-1-2024 | 2,000,000 | 2,008,874 | ||
5,271,703 | ||||||
63,278,720 | ||||||
Indiana: 3.12% | ||||||
Education revenue: 0.07% | ||||||
Town of Upland Taylor University, Inc. | 4.00 | 9-1-2025 | 590,000 | 593,519 | ||
GO revenue: 0.51% | ||||||
Center Grove Community School Corp. Series B | 4.00 | 7-1-2023 | 2,025,000 | 2,025,000 | ||
Clark-Pleasant Community School Corp. | 5.00 | 7-15-2024 | 1,725,000 | 1,746,315 | ||
Town of Whitestown | 4.25 | 12-31-2023 | 535,000 | 534,075 | ||
4,305,390 | ||||||
Housing revenue: 0.88% | ||||||
City of Indianapolis Peppermill TC LLC Series A (FHA Insured)øø | 3.00 | 5-1-2027 | 1,251,000 | 1,244,494 | ||
Fort Wayne RDA | 4.00 | 8-1-2023 | 795,000 | 795,321 | ||
Fort Wayne RDA | 4.00 | 8-1-2024 | 730,000 | 735,332 | ||
Marion High School Building Corp. Marion Community Schools Series B | 4.00 | 7-15-2023 | 210,000 | 210,031 | ||
Marion High School Building Corp. Marion Community Schools Series B | 4.00 | 1-15-2024 | 215,000 | 215,670 | ||
Marion High School Building Corp. Marion Community Schools Series B | 4.00 | 7-15-2024 | 220,000 | 221,471 | ||
Marion High School Building Corp. Marion Community Schools Series B | 4.00 | 1-15-2025 | 225,000 | 226,991 | ||
Marion High School Building Corp. Marion Community Schools Series B | 4.00 | 7-15-2025 | 225,000 | 228,128 | ||
Posey County RDA Posey County Redevelopment Commission BAN | 5.00 | 7-15-2025 | 3,000,000 | 3,074,580 | ||
Vinton-Tecumseh School Building Corp. Lafayette School Corp. | 3.00 | 1-15-2025 | 505,000 | 500,787 | ||
7,452,805 | ||||||
Industrial development revenue: 0.78% | ||||||
City of Whiting BP Products North America , Inc. AMTøø | 5.00 | 11-1-2047 | 2,250,000 | 2,282,053 | ||
Indiana Finance Authority East End Crossing Partners LLC Series A | 5.00 | 7-1-2048 | 4,315,000 | 4,315,000 | ||
6,597,053 | ||||||
Miscellaneous revenue: 0.20% | ||||||
Indianapolis Local Public Improvement Bond Bank Series A | 5.00 | 6-1-2024 | 1,700,000 | 1,723,281 |
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.68% | ||||||
City of Mount Vernon Southern Indiana Gas & Electric Co. AMTøø | 0.88 % | 9-1-2055 | $ | 5,750,000 | $5,723,834 | |
26,395,882 | ||||||
Iowa: 0.58% | ||||||
Industrial development revenue: 0.35% | ||||||
Iowa Finance Authority Gevo Iowa RNG LLC AMT ( Citibank NA LOC)øø | 1.50 | 1-1-2042 | 3,000,000 | 2,926,152 | ||
Utilities revenue: 0.23% | ||||||
PEFA, Inc.øø | 5.00 | 9-1-2049 | 1,920,000 | 1,957,650 | ||
4,883,802 | ||||||
Kansas: 0.23% | ||||||
GO revenue: 0.23% | ||||||
Reno County Unified School District No. 308 Hutchinson | 3.00 | 9-1-2024 | 2,000,000 | 1,968,756 | ||
Kentucky: 1.35% | ||||||
Education revenue: 0.11% | ||||||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2023 | 450,000 | 450,141 | ||
City of Columbia Lindsey Wilson College, Inc. | 4.00 | 12-1-2025 | 485,000 | 474,947 | ||
925,088 | ||||||
Health revenue: 0.65% | ||||||
Louisville/Jefferson County Metropolitan Government Norton Healthcare Obligated Group Series A | 5.25 | 10-1-2026 | 1,500,000 | 1,505,162 | ||
Louisville/Jefferson County Metropolitan Government Norton Healthcare Obligated Group Series Bøø | 5.00 | 10-1-2047 | 4,000,000 | 4,010,938 | ||
5,516,100 | ||||||
Resource recovery revenue: 0.35% | ||||||
Kentucky EDFA Republic Services, Inc. Series Bøø | 3.80 | 4-1-2031 | 3,000,000 | 3,000,230 | ||
Utilities revenue: 0.24% | ||||||
Paducah Electric Plant Board | 5.00 | 10-1-2023 | 1,995,000 | 2,001,752 | ||
11,443,170 | ||||||
Louisiana: 1.70% | ||||||
Industrial development revenue: 0.12% | ||||||
Parish of St. John the Baptist Marathon Oil Corp. Series A-1øø | 4.05 | 6-1-2037 | 1,000,000 | 995,546 | ||
Miscellaneous revenue: 1.01% | ||||||
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Sewerage Commission Series Bøø | 0.88 | 2-1-2046 | 9,000,000 | 8,561,352 | ||
Tax revenue: 0.57% | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue Series A (U.S. SOFR+0.50%)± | 4.04 | 5-1-2043 | 4,920,000 | 4,826,055 | ||
14,382,953 |
Interest rate | Maturity date | Principal | Value | |||
Maine: 0.16% | ||||||
Health revenue: 0.16% | ||||||
Maine Health & Higher Educational Facilities Authority Series A | 4.00 % | 7-1-2024 | $ | 755,000 | $759,520 | |
Maine Health & Higher Educational Facilities Authority Series A | 5.00 | 7-1-2023 | 575,000 | 575,000 | ||
1,334,520 | ||||||
Maryland: 5.02% | ||||||
Health revenue: 0.07% | ||||||
Maryland Health & Higher Educational Facilities Authority Adventist Healthcare Obligated Group | 5.00 | 1-1-2024 | 540,000 | 542,136 | ||
Housing revenue: 4.95% | ||||||
Maryland Community Development Administration New Alexander House LLC Series B## | 0.80 | 9-1-2023 | 15,000,000 | 14,900,784 | ||
Maryland Community Development Administration Rosemont Apartments 4 LLC Series A (GNMA Insured)144A | 4.50 | 11-1-2023 | 7,400,000 | 7,337,792 | ||
Maryland Community Development Administration South Street Senior LLC Series D | 3.15 | 7-1-2024 | 4,000,000 | 3,922,350 | ||
Maryland Community Development Administration Woodside Preservation LP Series A144A | 1.33 | 1-1-2024 | 6,000,000 | 5,887,555 | ||
Maryland Community Development Administration WV3 Housing Associates LP Series G (FHA Insured) | 1.05 | 12-1-2023 | 10,000,000 | 9,838,267 | ||
41,886,748 | ||||||
42,428,884 | ||||||
Massachusetts: 1.83% | ||||||
Education revenue: 0.18% | ||||||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2023 | 210,000 | 210,000 | ||
Massachusetts Development Finance Agency Lasell University | 4.00 | 7-1-2024 | 225,000 | 223,110 | ||
Massachusetts Development Finance Agency Springfield College Series A | 5.00 | 6-1-2025 | 1,065,000 | 1,077,749 | ||
1,510,859 | ||||||
Health revenue: 0.99% | ||||||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2023 | 125,000 | 125,024 | ||
Massachusetts Development Finance Agency Milford Regional Medical Center Obligated Group Series G144A | 5.00 | 7-15-2024 | 125,000 | 126,004 | ||
Massachusetts Development Finance Agency Tufts Medicine Obligated Group Series C (AGM Insured) | 5.00 | 10-1-2023 | 635,000 | 636,996 | ||
Massachusetts HEFA Mass General Brigham, Inc. Series G-2 (AGM Insured)€øø | 4.09 | 7-1-2042 | 7,520,000 | 7,520,000 | ||
8,408,024 | ||||||
Housing revenue: 0.45% | ||||||
Boston Housing Authority Series B | 5.00 | 10-1-2024 | 650,000 | 664,718 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Boston Housing Authority Series B | 5.00 % | 10-1-2025 | $ | 380,000 | $395,182 | |
Massachusetts Development Finance Agency Salem Heights II Preservation Associates LP Series Bøø | 0.25 | 7-1-2024 | 2,750,000 | 2,750,000 | ||
3,809,900 | ||||||
Tax revenue: 0.21% | ||||||
Massachusetts Bay Transportation Authority Sales Tax Revenue Series B-1 | 5.00 | 7-1-2023 | 1,775,000 | 1,775,000 | ||
15,503,783 | ||||||
Michigan: 1.21% | ||||||
Education revenue: 0.06% | ||||||
Lake Superior State University (AGM Insured) | 4.00 | 11-15-2023 | 525,000 | 526,202 | ||
GO revenue: 0.32% | ||||||
Carman-Ainsworth Community Schools | 4.00 | 5-1-2025 | 2,685,000 | 2,707,841 | ||
Health revenue: 0.83% | ||||||
Kent Hospital Finance Authority Corewell Health Obligated Group (SIFMA Municipal Swap+0.25%)± | 4.26 | 1-15-2047 | 2,000,000 | 2,000,000 | ||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series MI-1ø | 3.50 | 12-1-2034 | 5,000,000 | 5,001,042 | ||
7,001,042 | ||||||
10,235,085 | ||||||
Minnesota: 0.68% | ||||||
Health revenue: 0.06% | ||||||
City of Rochester Mayo Clinicø | 4.20 | 11-15-2047 | 500,000 | 500,000 | ||
Miscellaneous revenue: 0.32% | ||||||
Lake Agassiz Education Cooperative No. 0397-52 COP Series A | 3.00 | 2-1-2024 | 265,000 | 262,874 | ||
Minnesota Rural Water Finance Authority, Inc. Public Projects Construction Note | 2.63 | 12-1-2023 | 2,500,000 | 2,479,971 | ||
2,742,845 | ||||||
Utilities revenue: 0.30% | ||||||
Minnesota Municipal Gas Agency Series A (Royal Bank of Canada LIQ) | 4.00 | 12-1-2023 | 2,500,000 | 2,502,591 | ||
5,745,436 | ||||||
Missouri: 1.37% | ||||||
Housing revenue: 1.37% | ||||||
Missouri Public Utilities Commission | 0.75 | 8-1-2023 | 5,400,000 | 5,384,675 | ||
Missouri Public Utilities Commission | 4.00 | 12-1-2024 | 6,200,000 | 6,216,897 | ||
11,601,572 |
Interest rate | Maturity date | Principal | Value | |||
Nebraska: 1.27% | ||||||
Miscellaneous revenue: 0.72% | ||||||
City of Gretna COP | 4.00 % | 12-15-2025 | $ | 3,000,000 | $3,022,369 | |
City of Gretna COP | 5.00 | 12-15-2025 | 3,000,000 | 3,072,290 | ||
6,094,659 | ||||||
Utilities revenue: 0.55% | ||||||
Central Plains Energy Project No. 4øø | 5.00 | 3-1-2050 | 4,600,000 | 4,619,038 | ||
10,713,697 | ||||||
New Jersey: 2.96% | ||||||
Education revenue: 0.14% | ||||||
New Jersey Higher Education Student Assistance Authority Series B AMT | 5.00 | 12-1-2023 | 300,000 | 301,469 | ||
New Jersey Higher Education Student Assistance Authority Series B AMT | 5.00 | 12-1-2025 | 850,000 | 872,763 | ||
1,174,232 | ||||||
GO revenue: 2.41% | ||||||
City of New Brunswick BAN | 5.00 | 5-31-2024 | 2,000,000 | 2,026,000 | ||
City of Newark Series D BAN | 4.00 | 9-29-2023 | 3,028,000 | 3,027,757 | ||
New Jersey EDA Series GGG144A | 5.25 | 9-1-2023 | 10,000,000 | 10,026,629 | ||
New Jersey EDA Series GGG144A | 5.25 | 9-1-2026 | 5,000,000 | 5,283,634 | ||
20,364,020 | ||||||
Housing revenue: 0.31% | ||||||
New Jersey TTFA Series D | 5.25 | 12-15-2023 | 2,600,000 | 2,619,861 | ||
Transportation revenue: 0.10% | ||||||
New Brunswick Parking Authority Series B (BAM Insured) | 5.00 | 9-1-2024 | 875,000 | 892,953 | ||
25,051,066 | ||||||
New Mexico: 0.82% | ||||||
Utilities revenue: 0.82% | ||||||
City of Farmington Public Service Co. of New Mexico Series Bøø | 3.00 | 6-1-2040 | 7,000,000 | 6,925,507 | ||
New York: 8.74% | ||||||
Airport revenue: 0.30% | ||||||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2023 | 1,260,000 | 1,265,661 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC Series A AMT | 5.00 | 12-1-2024 | 1,250,000 | 1,271,018 | ||
2,536,679 | ||||||
Education revenue: 0.51% | ||||||
Albany Industrial Development Agency Research Foundation of State University of New York Series Aø | 4.12 | 7-1-2032 | 2,120,000 | 2,120,000 | ||
New York State Dormitory Authority Iona College Series 2022 | 5.00 | 7-1-2023 | 550,000 | 550,000 | ||
Saratoga County Capital Resource Corp. Series 2021-A | 5.00 | 7-1-2024 | 600,000 | 609,640 |
Interest rate | Maturity date | Principal | Value | |||
Education revenue (continued) | ||||||
Saratoga County Capital Resource Corp. Series 2021-A | 5.00 % | 7-1-2025 | $ | 425,000 | $438,209 | |
Saratoga County Capital Resource Corp. Skidmore College Series 2021-A | 5.00 | 7-1-2023 | 575,000 | 575,000 | ||
4,292,849 | ||||||
GO revenue: 2.78% | ||||||
City of Long Beach Series A | 5.00 | 9-1-2023 | 2,075,000 | 2,078,522 | ||
City of New York Series 2ø | 4.21 | 4-1-2042 | 500,000 | 500,000 | ||
City of New York Series A4 (AGM Insured)€øø | 4.49 | 8-1-2026 | 125,000 | 125,000 | ||
City of New York Series C4 (AGC Insured)€øø | 4.84 | 10-1-2027 | 8,050,000 | 8,050,000 | ||
City of New York Series C4 (AGM Insured)€øø | 4.93 | 1-1-2032 | 800,000 | 800,000 | ||
City of New York Series G4ø | 4.00 | 3-1-2039 | 10,000,000 | 10,000,000 | ||
City of New York Series J2 (AGM Insured)€øø | 4.17 | 6-1-2036 | 1,350,000 | 1,350,000 | ||
City of Yonkers Series A (AGM Insured) | 5.00 | 2-15-2025 | 315,000 | 323,850 | ||
City of Yonkers Series B (AGM Insured) | 5.00 | 2-15-2025 | 305,000 | 313,570 | ||
23,540,942 | ||||||
Health revenue: 0.56% | ||||||
Broome County Local Development Corp. (AGM Insured) | 5.00 | 4-1-2025 | 500,000 | 510,508 | ||
Broome County Local Development Corp. United Health Services Hospitals Obligated Group (AGM Insured) | 5.00 | 4-1-2024 | 500,000 | 505,872 | ||
New York City Health & Hospitals Corp. Series A | 5.00 | 2-15-2025 | 3,615,000 | 3,724,046 | ||
4,740,426 | ||||||
Housing revenue: 2.18% | ||||||
New York City Housing Development Corp. Series Aøø | 1.13 | 5-1-2060 | 4,000,000 | 3,845,158 | ||
New York City Housing Development Corp. Series C-2øø | 0.70 | 11-1-2060 | 1,000,000 | 933,501 | ||
New York City Housing Development Corp. New York City Housing Development Corp. Series Aøø | 3.70 | 5-1-2063 | 6,000,000 | 6,000,981 | ||
New York State Housing Finance Agency Series J | 0.75 | 5-1-2025 | 8,250,000 | 7,697,801 | ||
18,477,441 | ||||||
Industrial development revenue: 0.11% | ||||||
New York State Energy Research & Development Authority National Grid Generation LLC Series A (Ambac Insured)€øø | 4.59 | 10-1-2028 | 900,000 | 900,000 | ||
Miscellaneous revenue: 0.33% | ||||||
Triborough Bridge & Tunnel Authority Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series B | 5.00 | 5-15-2024 | 2,705,000 | 2,749,088 | ||
Transportation revenue: 1.97% | ||||||
Metropolitan Transportation Authority Series A2 | 5.00 | 11-15-2027 | 2,000,000 | 2,082,356 | ||
Metropolitan Transportation Authority Series Døø | 5.00 | 11-15-2034 | 9,000,000 | 9,139,310 | ||
Triborough Bridge & Tunnel Authority Series A | 5.00 | 11-15-2023 | 1,570,000 | 1,571,913 | ||
Triborough Bridge & Tunnel Authority Series B (U.S. SOFR+0.38%)± | 3.77 | 1-1-2032 | 3,910,000 | 3,887,514 | ||
16,681,093 | ||||||
73,918,518 |
Interest rate | Maturity date | Principal | Value | |||
North Carolina: 0.66% | ||||||
Health revenue: 0.22% | ||||||
Charlotte-Mecklenburg Hospital Authority Atrium Health Obligated Group Series Eøø | 0.80 % | 1-15-2048 | $ | 1,500,000 | $1,381,563 | |
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 | 3-1-2024 | 215,000 | 213,537 | ||
North Carolina Medical Care Commission Lutheran Services for the Aging, Inc. Obligated Group Series A | 4.00 | 3-1-2025 | 265,000 | 260,372 | ||
1,855,472 | ||||||
Housing revenue: 0.24% | ||||||
North Carolina Housing Finance Agency Wind Crest Senior Living LP | 4.50 | 6-1-2024 | 2,000,000 | 2,000,143 | ||
Industrial development revenue: 0.20% | ||||||
Columbus County Industrial Facilities & Pollution Control Financing Authority International Paper Co. Series C AMTøø | 2.10 | 3-1-2027 | 1,750,000 | 1,711,804 | ||
5,567,419 | ||||||
North Dakota: 0.57% | ||||||
GO revenue: 0.57% | ||||||
Cass County Joint Water Resource District Series A | 0.48 | 5-1-2024 | 5,000,000 | 4,813,118 | ||
Ohio: 4.87% | ||||||
Education revenue: 0.11% | ||||||
Ohio Higher Educational Facility Commission Xavier University | 5.00 | 5-1-2025 | 885,000 | 907,222 | ||
GO revenue: 1.14% | ||||||
City of Elyria BAN | 4.50 | 6-27-2024 | 2,000,000 | 2,012,169 | ||
City of Newark BAN | 4.00 | 9-26-2023 | 5,000,000 | 5,000,439 | ||
City of Toledo | 3.00 | 12-1-2023 | 440,000 | 439,027 | ||
County of Licking BAN | 4.00 | 8-29-2023 | 2,200,000 | 2,199,868 | ||
9,651,503 | ||||||
Health revenue: 1.07% | ||||||
County of Allen Hospital Facilities Revenue Bon Secours Mercy Health, Inc. Series A | 5.00 | 12-1-2024 | 2,325,000 | 2,376,912 | ||
County of Allen Hospital Facilities Revenue Bon Secours Mercy Health, Inc. Series B-1øø | 5.00 | 10-1-2049 | 5,000,000 | 5,279,356 | ||
State of Ohio University Hospitals Health System, Inc. Obligated Group Series Bø | 4.41 | 1-15-2033 | 1,405,000 | 1,405,000 | ||
9,061,268 | ||||||
Housing revenue: 1.79% | ||||||
Ohio Housing Finance Agency Boardwalk Glenville Apartments LP Series A (Department of Housing and Urban Development Insured)øø | 3.50 | 7-1-2025 | 5,000,000 | 4,971,941 | ||
Ohio Housing Finance Agency Delaware Village Apartments LLC (Department of Housing and Urban Development Insured)øø | 3.00 | 10-1-2024 | 3,750,000 | 3,741,336 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Ohio Housing Finance Agency RAD Post Oak LLC (Department of Housing and Urban Development Insured)øø | 3.35 % | 7-1-2025 | $ | 2,000,000 | $1,978,007 | |
Ohio Housing Finance Agency Windgrove Senior Housing LP (Department of Housing and Urban Development Insured)øø | 1.25 | 8-1-2024 | 4,500,000 | 4,491,666 | ||
15,182,950 | ||||||
Miscellaneous revenue: 0.10% | ||||||
Southeast Local School District/Wayne County COP | 3.00 | 12-1-2023 | 585,000 | 583,849 | ||
Southeast Local School District/Wayne County COP | 3.00 | 12-1-2024 | 230,000 | 228,718 | ||
812,567 | ||||||
Utilities revenue: 0.66% | ||||||
American Municipal Power, Inc. AMP Fremont Energy Center Revenue Series A | 5.00 | 2-15-2025 | 500,000 | 513,731 | ||
Lancaster Port Authority Series A (Royal Bank of Canada LIQ)øø | 5.00 | 8-1-2049 | 5,000,000 | 5,076,336 | ||
5,590,067 | ||||||
41,205,577 | ||||||
Oklahoma: 0.59% | ||||||
Education revenue: 0.06% | ||||||
University of Oklahoma Series B | 5.00 | 7-1-2025 | 510,000 | 526,546 | ||
Housing revenue: 0.53% | ||||||
Oklahoma County Finance Authority Independent School District No. 9 Jones | 4.00 | 9-1-2023 | 430,000 | 430,209 | ||
Oklahoma County Finance Authority Independent School District No. 9 Jones | 4.00 | 9-1-2024 | 525,000 | 527,644 | ||
Osage County Industrial Authority BAN | 2.00 | 9-1-2023 | 3,500,000 | 3,485,427 | ||
4,443,280 | ||||||
4,969,826 | ||||||
Oregon: 1.46% | ||||||
Education revenue: 0.10% | ||||||
County of Yamhill Linfield University Series A | 4.00 | 10-1-2024 | 850,000 | 844,699 | ||
GO revenue: 0.08% | ||||||
Port of Morrow Series A | 4.00 | 6-1-2024 | 325,000 | 326,435 | ||
Port of Morrow Series A | 4.00 | 6-1-2025 | 325,000 | 328,352 | ||
654,787 | ||||||
Health revenue: 0.10% | ||||||
Hospital Facilities Authority of Multnomah County Terwilliger Plaza, Inc. Obligated Group | 0.95 | 6-1-2027 | 1,000,000 | 873,151 | ||
Industrial development revenue: 1.18% | ||||||
Oregon State Business Development Commission Intel Corp. Series 232øø | 2.40 | 12-1-2040 | 10,000,000 | 9,981,636 | ||
12,354,273 |
Interest rate | Maturity date | Principal | Value | |||
Pennsylvania: 5.37% | ||||||
Airport revenue: 0.19% | ||||||
City of Philadelphia Airport Revenue Series A | 5.00 % | 7-1-2025 | $ | 1,545,000 | $1,597,236 | |
Education revenue: 0.47% | ||||||
Delaware County Authority Neumann University | 5.00 | 10-1-2024 | 500,000 | 502,056 | ||
Delaware County Authority Neumann University | 5.00 | 10-1-2025 | 525,000 | 528,206 | ||
Huntingdon County General Authority Juniata College Series T | 5.00 | 10-1-2025 | 355,000 | 360,561 | ||
Huntingdon County General Authority Juniata College Series T | 5.00 | 10-1-2026 | 430,000 | 440,830 | ||
Northampton County General Purpose Authority Lafayette Collegeø | 3.71 | 11-1-2023 | 150,000 | 150,000 | ||
Pennsylvania Higher Educational Facilities Authority Thomas Jefferson University Obligated Group Series Bø | 4.45 | 9-1-2045 | 150,000 | 150,000 | ||
Pennsylvania Higher Educational Facilities Authority York College of Pennsylvania Series T4øø | 3.50 | 5-1-2033 | 1,860,000 | 1,848,192 | ||
3,979,845 | ||||||
GO revenue: 0.57% | ||||||
Albert Gallatin Area School District Series A (AGM Insured) | 4.00 | 9-1-2023 | 1,000,000 | 1,000,877 | ||
Albert Gallatin Area School District Series A (AGM Insured) | 4.00 | 9-1-2024 | 725,000 | 730,763 | ||
Borough of Dunmore Series A (AGM Insured) | 2.00 | 9-1-2024 | 765,000 | 745,462 | ||
Borough of Dunmore Series A (AGM Insured) | 2.00 | 9-1-2026 | 170,000 | 159,653 | ||
Hollidaysburg Area School District | 4.00 | 7-15-2023 | 525,000 | 525,111 | ||
Octorara Area School District (AGM Insured) | 4.00 | 4-1-2025 | 600,000 | 607,649 | ||
Riverside School District (BAM Insured) | 3.00 | 10-15-2023 | 480,000 | 479,216 | ||
Riverside School District (BAM Insured) | 4.00 | 10-15-2025 | 550,000 | 558,598 | ||
4,807,329 | ||||||
Health revenue: 1.29% | ||||||
Allegheny County Hospital Development Authority UPMC Obligated Group (SIFMA Municipal Swap+0.70%)± | 4.71 | 11-15-2047 | 6,000,000 | 5,859,241 | ||
Doylestown Hospital Authority Series A | 5.00 | 7-1-2023 | 1,090,000 | 1,090,000 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series Dø | 4.45 | 9-1-2050 | 4,000,000 | 4,000,000 | ||
10,949,241 | ||||||
Housing revenue: 1.65% | ||||||
Pennsylvania Housing Finance Agency (Department of Housing and Urban Development Insured)øø | 1.50 | 7-1-2024 | 5,000,000 | 5,000,000 | ||
Pennsylvania Housing Finance Agency Series 137 | 0.45 | 10-1-2023 | 325,000 | 322,591 | ||
Pennsylvania Housing Finance Agency LIH Wilkes-Barre LP (Department of Housing and Urban Development Insured)øø | 1.25 | 2-1-2025 | 6,675,000 | 6,563,174 | ||
Southeastern Pennsylvania Transportation Authority | 5.00 | 6-1-2024 | 1,000,000 | 1,014,410 | ||
Southeastern Pennsylvania Transportation Authority | 5.00 | 6-1-2025 | 1,000,000 | 1,033,431 | ||
13,933,606 | ||||||
Miscellaneous revenue: 0.50% | ||||||
Pennsylvania EDFA Philadelphia Water Department | 3.00 | 1-1-2024 | 865,000 | 862,244 |
Interest rate | Maturity date | Principal | Value | |||
Miscellaneous revenue (continued) | ||||||
Sports & Exhibition Authority of Pittsburgh & Allegheny County Allegheny Regional Asset District (AGM Insured) | 4.00 % | 2-1-2025 | $ | 1,860,000 | $1,873,503 | |
State Public School Building Authority Harrisburg School District Series A (AGM Insured) | 5.00 | 12-1-2023 | 1,450,000 | 1,459,091 | ||
4,194,838 | ||||||
Resource recovery revenue: 0.11% | ||||||
Pennsylvania EDFA Waste Management, Inc. Series B AMTøø | 1.10 | 6-1-2031 | 1,000,000 | 906,746 | ||
Tax revenue: 0.08% | ||||||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2024 | 150,000 | 151,206 | ||
Allentown Neighborhood Improvement Zone Development Authority | 5.00 | 5-1-2025 | 500,000 | 507,517 | ||
658,723 | ||||||
Transportation revenue: 0.10% | ||||||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2023 | 425,000 | 427,854 | ||
Pennsylvania Turnpike Commission Series B | 5.00 | 12-1-2024 | 450,000 | 460,983 | ||
888,837 | ||||||
Water & sewer revenue: 0.41% | ||||||
Allegheny County Sanitary Authority Series A | 4.00 | 6-1-2025 | 150,000 | 152,432 | ||
Pittsburgh Water & Sewer Authority Series C (AGM Insured) (SIFMA Municipal Swap+0.65%)± | 4.66 | 9-1-2040 | 3,340,000 | 3,340,210 | ||
3,492,642 | ||||||
45,409,043 | ||||||
Rhode Island: 0.41% | ||||||
Health revenue: 0.29% | ||||||
Rhode Island Health & Educational Building Corp. Lifespan Obligated Group | 5.00 | 5-15-2024 | 2,475,000 | 2,495,557 | ||
Housing revenue: 0.12% | ||||||
Providence Public Building Authority Series A (AGM Insured) | 4.00 | 9-15-2023 | 1,000,000 | 1,001,253 | ||
3,496,810 | ||||||
South Carolina: 1.68% | ||||||
Housing revenue: 0.59% | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3079 (Mizuho Capital Markets LLC LOC, Mizuho Capital Markets LLC LIQ)144Aø | 4.41 | 7-1-2028 | 5,000,000 | 5,000,000 | ||
Utilities revenue: 1.09% | ||||||
Patriots Energy Group Financing Agency Series A (Royal Bank of Canada LIQ)øø | 4.00 | 10-1-2048 | 9,225,000 | 9,225,956 | ||
14,225,956 |
Interest rate | Maturity date | Principal | Value | |||
Tennessee: 1.31% | ||||||
Airport revenue: 0.57% | ||||||
Memphis-Shelby County Airport Authority Series A AMT | 5.00 % | 7-1-2025 | $ | 2,750,000 | $2,813,639 | |
Memphis-Shelby County Airport Authority Series B AMT | 5.00 | 7-1-2023 | 2,000,000 | 2,000,000 | ||
4,813,639 | ||||||
Utilities revenue: 0.74% | ||||||
City of Memphis Electric System Revenue Series A | 5.00 | 12-1-2023 | 425,000 | 428,284 | ||
City of Memphis Electric System Revenue Series A | 5.00 | 12-1-2024 | 500,000 | 513,593 | ||
Tennessee Energy Acquisition Corp. Series A | 5.25 | 9-1-2024 | 1,690,000 | 1,711,357 | ||
Tennessee Energy Acquisition Corp. Series A-1øø | 5.00 | 5-1-2053 | 3,500,000 | 3,620,884 | ||
6,274,118 | ||||||
11,087,757 | ||||||
Texas: 12.38% | ||||||
Airport revenue: 1.28% | ||||||
City of El Paso Airport Revenue AMT | 5.00 | 8-15-2026 | 2,000,000 | 2,071,800 | ||
City of Houston Airport System Revenue Series A%% | 5.00 | 7-1-2026 | 1,000,000 | 1,040,797 | ||
City of Houston Airport System Revenue Series A%% | 5.00 | 7-1-2027 | 3,000,000 | 3,157,574 | ||
Dallas Fort Worth International Airport Series A | 5.00 | 11-1-2024 | 1,500,000 | 1,534,355 | ||
Love Field Airport Modernization Corp. AMT | 5.00 | 11-1-2024 | 3,000,000 | 3,041,447 | ||
10,845,973 | ||||||
Education revenue: 1.60% | ||||||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2024 | 110,000 | 110,382 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2025 | 170,000 | 171,782 | ||
Arlington Higher Education Finance Corp. Harmony Public Schools Series A | 4.00 | 2-15-2026 | 280,000 | 283,658 | ||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2026 | 675,000 | 687,760 | ||
Odessa Junior College District (AGM Insured) | 4.00 | 7-1-2023 | 500,000 | 500,000 | ||
Tender Option Bond Trust Receipts/Certificates Series 2022-035 (Morgan Stanley Municipal Funding LOC, Morgan Stanley Municipal Funding LIQ)144Aø | 4.41 | 6-15-2056 | 11,780,000 | 11,780,000 | ||
13,533,582 | ||||||
GO revenue: 4.65% | ||||||
Andrews County Hospital District | 5.00 | 3-15-2025 | 1,140,000 | 1,166,143 | ||
City of Beaumont | 5.00 | 3-1-2025 | 1,065,000 | 1,096,458 | ||
City of Port Arthur (BAM Insured) | 5.00 | 2-15-2025 | 445,000 | 456,797 | ||
Cypress-Fairbanks Independent School District Series B1øø | 0.28 | 2-15-2040 | 3,650,000 | 3,507,418 | ||
Fort Bend Independent School District Series Bøø | 0.88 | 8-1-2050 | 3,075,000 | 2,888,067 | ||
Georgetown Independent School District Series Bøø | 2.50 | 8-1-2044 | 5,700,000 | 5,695,823 | ||
Katy Independent School Districtøø | 1.50 | 8-15-2050 | 4,500,000 | 4,401,429 | ||
Little Elm Independent School Districtøø | 0.68 | 8-15-2048 | 515,000 | 487,864 | ||
North East Independent School Districtøø%% | 3.60 | 8-1-2052 | 3,000,000 | 2,998,829 | ||
North East Independent School District Series Bøø | 2.00 | 8-1-2052 | 2,565,000 | 2,562,506 | ||
Northside Independent School Districtøø | 1.60 | 8-1-2049 | 3,145,000 | 3,060,453 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
Plainview Independent School District Series Bøø | 1.50 % | 2-15-2050 | $ | 9,000,000 | $8,979,435 | |
Tomball Independent School District Series B1øø | 0.45 | 2-15-2036 | 2,000,000 | 1,991,239 | ||
39,292,461 | ||||||
Health revenue: 0.92% | ||||||
Coastal Bend Health Facilities Development Corp. CHRISTUS Health Obligated Group Series B-2 (AGM Insured)€øø | 4.49 | 7-1-2031 | 2,450,000 | 2,450,000 | ||
Harris County Cultural Education Facilities Finance Corp. Memorial Hermann Health System Obligated Group Series C-2øø | 5.00 | 6-1-2032 | 3,100,000 | 3,158,092 | ||
Harris County Health Facilities Development Corp. CHRISTUS Health Obligated Group Series A-3 (AGM Insured)€øø | 4.49 | 7-1-2031 | 350,000 | 350,000 | ||
Harris County Health Facilities Development Corp. CHRISTUS Health Obligated Group Series A-4 (AGM Insured)€øø | 4.49 | 7-1-2031 | 525,000 | 525,000 | ||
Tarrant County Cultural Education Facilities Finance Corp. Buckner Retirement Services, Inc. Obligated Group Series A | 5.00 | 11-15-2023 | 1,245,000 | 1,245,693 | ||
7,728,785 | ||||||
Housing revenue: 2.37% | ||||||
Cameron County Housing Finance Corp. Rockwell Manor Housing Partners LPøø | 3.50 | 12-1-2024 | 3,800,000 | 3,789,083 | ||
County of Wise Weatherford College of the Parker County Junior College District | 5.00 | 8-15-2024 | 450,000 | 457,474 | ||
Galveston Public Facility Corp. Oleanders at Broadway LP (Department of Housing and Urban Development Insured)øø | 0.47 | 8-1-2025 | 5,200,000 | 4,992,449 | ||
Housing Options, Inc. Brooks Manor LPøø | 0.50 | 8-1-2041 | 6,250,000 | 5,811,891 | ||
Housing Synergy PFC Villages at Westlake Apartments LP (Department of Housing and Urban Development Insured)øø | 3.50 | 8-1-2025 | 5,000,000 | 4,972,399 | ||
20,023,296 | ||||||
Miscellaneous revenue: 0.05% | ||||||
Dallas Performing Arts Cultural Facilities Corp. Dallas Center for the Performing Arts Foundation, Inc. Series A (Bank of America NA LOC)ø | 4.01 | 9-1-2041 | 448,000 | 448,000 | ||
Transportation revenue: 0.30% | ||||||
Central Texas Regional Mobility Authority Series F BAN | 5.00 | 1-1-2025 | 2,500,000 | 2,533,869 | ||
Utilities revenue: 1.21% | ||||||
City of San Antonio Electric & Gas Systems Revenueøø | 3.65 | 2-1-2053 | 3,000,000 | 2,995,170 | ||
City of San Antonio Electric & Gas Systems Revenue (SIFMA Municipal Swap+0.87%)± | 4.88 | 2-1-2048 | 4,000,000 | 4,000,197 | ||
Texas Municipal Gas Acquisition & Supply Corp. III | 5.00 | 12-15-2024 | 1,500,000 | 1,517,125 | ||
Texas Municipal Power Agency (AGM Insured) | 3.00 | 9-1-2024 | 750,000 | 745,627 | ||
Texas Municipal Power Agency (AGM Insured) | 3.00 | 9-1-2025 | 1,000,000 | 985,163 | ||
10,243,282 | ||||||
104,649,248 |
Interest rate | Maturity date | Principal | Value | |||
Utah: 0.16% | ||||||
Airport revenue: 0.16% | ||||||
City of Salt Lake City Airport Revenue Series A AMT | 5.00 % | 7-1-2025 | $ | 1,325,000 | $1,357,195 | |
Virginia: 3.49% | ||||||
Education revenue: 0.06% | ||||||
Virginia College Building Authority Regent University | 5.00 | 6-1-2024 | 225,000 | 225,983 | ||
Virginia College Building Authority Regent University | 5.00 | 6-1-2025 | 250,000 | 252,037 | ||
478,020 | ||||||
Health revenue: 0.06% | ||||||
Virginia Small Business Financing Authority National Senior Communities, Inc. Obligated Group Series A | 5.00 | 1-1-2024 | 500,000 | 502,363 | ||
Housing revenue: 1.70% | ||||||
Fairfax County Redevelopment & Housing Authority One University Senior LLCøø | 1.25 | 12-1-2025 | 15,000,000 | 14,410,244 | ||
Transportation revenue: 0.54% | ||||||
Chesapeake Bay Bridge & Tunnel District BAN | 5.00 | 11-1-2023 | 4,520,000 | 4,537,175 | ||
Utilities revenue: 1.13% | ||||||
Halifax County IDA Virginia Electric & Power Co. Series Aøø | 1.65 | 12-1-2041 | 3,500,000 | 3,406,161 | ||
Louisa IDA Virginia Electric & Power Co. Series Bøø | 0.75 | 11-1-2035 | 3,000,000 | 2,749,805 | ||
Wise County IDA Virginia Electric & Power Co. Series Aøø | 1.20 | 11-1-2040 | 3,525,000 | 3,419,620 | ||
9,575,586 | ||||||
29,503,388 | ||||||
Washington: 0.88% | ||||||
Airport revenue: 0.30% | ||||||
Port of Seattle Series C AMT | 5.00 | 4-1-2025 | 2,500,000 | 2,540,168 | ||
Health revenue: 0.05% | ||||||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group144A | 5.00 | 12-1-2023 | 250,000 | 251,547 | ||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group144A | 5.00 | 12-1-2024 | 195,000 | 199,219 | ||
450,766 | ||||||
Housing revenue: 0.53% | ||||||
Everett Housing Authorityøø | 0.30 | 9-1-2024 | 2,500,000 | 2,482,280 | ||
Seattle Housing Authority Northgate Plaza Project | 1.00 | 6-1-2026 | 2,175,000 | 1,989,674 | ||
4,471,954 | ||||||
7,462,888 | ||||||
West Virginia: 0.80% | ||||||
Health revenue: 0.48% | ||||||
West Virginia Hospital Finance Authority West Virginia United Health System Obligated Group Series A | 5.00 | 6-1-2024 | 4,000,000 | 4,051,560 |
Interest rate | Maturity date | Principal | Value | |||
Industrial development revenue: 0.32% | ||||||
West Virginia EDA Appalachian Power Co. Series Aøø | 0.63 % | 12-1-2038 | $ | 3,000,000 | $2,730,024 | |
6,781,584 | ||||||
Wisconsin: 2.64% | ||||||
Education revenue: 0.24% | ||||||
Wisconsin HEFA Marquette University | 5.00 | 10-1-2023 | 2,000,000 | 2,007,202 | ||
GO revenue: 0.71% | ||||||
City of Milwaukee Series N3 (AGM Insured) | 5.00 | 4-1-2024 | 3,000,000 | 3,034,131 | ||
State of Wisconsin Series A (SIFMA Municipal Swap+0.42%)± | 4.43 | 5-1-2025 | 3,000,000 | 2,992,468 | ||
6,026,599 | ||||||
Health revenue: 0.76% | ||||||
PFA Renown Regional Medical Center Obligated Group Series A | 5.00 | 6-1-2024 | 2,000,000 | 2,020,253 | ||
PFA Renown Regional Medical Center Obligated Group Series A | 5.00 | 6-1-2025 | 385,000 | 393,570 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2024 | 945,000 | 956,318 | ||
Wisconsin HEFA Fort Healthcare, Inc. Obligated Group | 5.00 | 5-1-2024 | 1,485,000 | 1,498,506 | ||
Wisconsin HEFA St. Camillus Health System Obligated Group Series A | 5.00 | 11-1-2023 | 125,000 | 124,635 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2023 | 710,000 | 709,116 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2024 | 735,000 | 729,555 | ||
6,431,953 | ||||||
Miscellaneous revenue: 0.41% | ||||||
County of Waushara Series A | 4.75 | 12-1-2023 | 2,500,000 | 2,503,136 | ||
Town of Clayton Series B | 2.00 | 6-1-2026 | 1,000,000 | 938,028 | ||
3,441,164 | ||||||
Utilities revenue: 0.35% | ||||||
PFA Duke Energy Progress LLC Series A-1øø | 3.30 | 10-1-2046 | 3,000,000 | 2,982,698 | ||
Water & sewer revenue: 0.17% | ||||||
Town of Clayton Water & Sewer System Revenue Series C BAN | 2.00 | 6-1-2026 | 1,500,000 | 1,407,043 | ||
22,296,659 | ||||||
Wyoming: 0.51% | ||||||
Health revenue: 0.36% | ||||||
County of Laramie Cheyenne Regional Medical Center | 4.00 | 5-1-2025 | 1,030,000 | 1,042,034 | ||
Sublette County Hospital District Series A%% | 5.00 | 6-15-2026 | 2,000,000 | 2,000,103 | ||
3,042,137 | ||||||
Housing revenue: 0.15% | ||||||
Wyoming CDA Series 4 AMT (GNMA / FNMA / FHLMC Insured) | 0.35 | 12-1-2023 | 1,235,000 | 1,220,285 | ||
4,262,422 | ||||||
Total municipal obligations (Cost $888,109,527) | 874,847,891 |
Yield | Maturity date | Principal | Value | |||
Short-term investments: 1.33% | ||||||
Commercial paper: 0.24% | ||||||
County of Mercer | 3.50 % | 8-3-2023 | $ | 2,000,000 | $1,999,335 |
Shares | ||||||
Investment companies: 1.09% | ||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class♠∞## | 4.07 | 9,252,867 | 9,254,718 | |||
Total short-term investments (Cost $11,254,717) | 11,254,053 | |||||
Total investments in securities (Cost $899,364,244) | 104.79 % | 886,101,944 | ||||
Other assets and liabilities, net | (4.79 ) | (40,467,742 ) | ||||
Total net assets | 100.00 % | $845,634,202 |
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. |
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. |
€ | 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. |
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. |
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 note |
CDA | Community Development Authority |
COP | Certificate of participation |
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 |
HEFA | Health & Educational Facilities Authority |
HFA | Housing Finance Authority |
HFFA | Health Facilities Financing Authority |
IDA | Industrial Development Authority |
LIQ | Liquidity agreement |
LOC | Letter of credit |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
RDA | Redevelopment Authority |
SIFMA | Securities Industry and Financial Markets Association |
SOFR | Secured Overnight Financing Rate |
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 | $34,898,697 | $657,502,422 | $(683,137,059 ) | $(9,342 ) | $0 | $9,254,718 | 9,252,867 | $263,823 |
Assets | |
Investments in unaffiliated securities, at value (cost $890,109,526) | $876,847,226 |
Investments in affiliated securities, at value (cost $9,254,718) | 9,254,718 |
Cash | 5,849 |
Receivable for interest | 6,812,762 |
Receivable for Fund shares sold | 2,331,669 |
Receivable for investments sold | 2,320,000 |
Prepaid expenses and other assets | 6,864 |
Total assets | 897,579,088 |
Liabilities | |
Payable for investments purchased | 34,410,014 |
Payable for when-issued transactions | 14,579,549 |
Payable for Fund shares redeemed | 1,908,652 |
Dividends payable | 592,813 |
Management fee payable | 71,385 |
Administration fees payable | 65,828 |
Distribution fee payable | 1,888 |
Trustees’ fees and expenses payable | 200 |
Accrued expenses and other liabilities | 314,557 |
Total liabilities | 51,944,886 |
Total net assets | $845,634,202 |
Net assets consist of | |
Paid-in capital | $891,516,537 |
Total distributable loss | (45,882,335 ) |
Total net assets | $845,634,202 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $224,085,644 |
Shares outstanding–Class A1 | 23,613,976 |
Net asset value per share–Class A | $9.49 |
Maximum offering price per share – Class A2 | $9.68 |
Net assets–Class A2 | $22,781,782 |
Shares outstanding–Class A21 | 2,400,752 |
Net asset value per share–Class A2 | $9.49 |
Net assets–Class C | $2,838,709 |
Shares outstanding–Class C1 | 301,680 |
Net asset value per share–Class C | $9.41 |
Net assets–Class R6 | $272,992,806 |
Shares outstanding–Class R61 | 28,770,443 |
Net asset value per share–Class R6 | $9.49 |
Net assets–Administrator Class | $7,689,072 |
Shares outstanding–Administrator Class1 | 810,134 |
Net asset value per share–Administrator Class | $9.49 |
Net assets–Institutional Class | $315,246,189 |
Shares outstanding–Institutional Class1 | 33,216,704 |
Net asset value per share–Institutional Class | $9.49 |
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 | $21,872,539 |
Income from affiliated securities | 263,823 |
Total investment income | 22,136,362 |
Expenses | |
Management fee | 2,962,426 |
Administration fees | |
Class A | 412,986 |
Class A2 | 49,793 |
Class C | 4,829 |
Class R6 | 134,910 |
Administrator Class | 9,079 |
Institutional Class | 365,177 |
Shareholder servicing fees | |
Class A | 641,282 |
Class A2 | 46,698 |
Class C | 7,550 |
Administrator Class | 22,452 |
Distribution fee | |
Class C | 22,648 |
Custody and accounting fees | 56,079 |
Professional fees | 70,332 |
Registration fees | 407 |
Shareholder report expenses | 27,387 |
Trustees’ fees and expenses | 21,982 |
Other fees and expenses | 15,587 |
Total expenses | 4,871,604 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,091,000 ) |
Class A | (214,450 ) |
Class A2 | (25,666 ) |
Class C | (2,630 ) |
Administrator Class | (1,869 ) |
Net expenses | 3,535,989 |
Net investment income | 18,600,373 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (1,698,136 ) |
Affiliated securities | (9,342 ) |
Net realized losses on investments | (1,707,478 ) |
Net change in unrealized gains (losses) on investments | 5,063,907 |
Net realized and unrealized gains (losses) on investments | 3,356,429 |
Net increase in net assets resulting from operations | $21,956,802 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $18,600,373 | $9,953,322 | ||
Net realized losses on investments | (1,707,478 ) | (3,377,534 ) | ||
Net change in unrealized gains (losses) on investments | 5,063,907 | (27,597,940 ) | ||
Net increase (decrease) in net assets resulting from operations | 21,956,802 | (21,022,152 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,539,473 ) | (865,557 ) | ||
Class A2 | (450,301 ) | (131,876 ) | ||
Class C | (19,921 ) | (248 ) | ||
Class R6 | (7,230,719 ) | (4,825,090 ) | ||
Administrator Class | (123,532 ) | (35,353 ) | ||
Institutional Class | (7,211,784 ) | (4,088,084 ) | ||
Total distributions to shareholders | (18,575,730 ) | (9,946,208 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 967,918 | 9,129,100 | 7,968,345 | 76,073,481 |
Class A2 | 385,626 | 3,652,033 | 2,041,156 | 19,575,873 |
Class C | 85,052 | 794,711 | 201,436 | 1,874,708 |
Class R6 | 36,406,097 | 343,765,850 | 88,642,693 | 846,259,035 |
Administrator Class | 142,041 | 1,339,105 | 177,949 | 1,693,573 |
Institutional Class | 20,704,831 | 195,532,432 | 65,339,432 | 623,543,205 |
554,213,231 | 1,569,019,875 | |||
Reinvestment of distributions | ||||
Class A | 358,067 | 3,383,515 | 87,879 | 835,057 |
Class A2 | 47,407 | 447,852 | 13,879 | 131,851 |
Class C | 285 | 2,676 | 12 | 110 |
Class R6 | 37,069 | 350,429 | 26,441 | 253,024 |
Administrator Class | 12,649 | 119,554 | 3,673 | 34,931 |
Institutional Class | 690,762 | 6,527,373 | 346,770 | 3,303,797 |
10,831,399 | 4,558,770 | |||
Payment for shares redeemed | ||||
Class A | (8,496,035 ) | (80,239,978 ) | (10,322,156 ) | (98,496,147 ) |
Class A2 | (2,218,832 ) | (20,965,965 ) | (2,275,348 ) | (21,707,756 ) |
Class C | (46,211 ) | (434,015 ) | (114,010 ) | (1,077,939 ) |
Class R6 | (78,411,446 ) | (740,696,209 ) | (125,369,945 ) | (1,197,296,289 ) |
Administrator Class | (500,475 ) | (4,723,634 ) | (602,756 ) | (5,745,921 ) |
Institutional Class | (65,858,010 ) | (622,683,111 ) | (69,550,721 ) | (664,217,591 ) |
(1,469,742,912 ) | (1,988,541,643 ) | |||
Net decrease in net assets resulting from capital share transactions | (904,698,282 ) | (414,962,998 ) | ||
Total decrease in net assets | (901,317,210 ) | (445,931,358 ) | ||
Net assets | ||||
Beginning of period | 1,746,951,412 | 2,192,882,770 | ||
End of period | $845,634,202 | $1,746,951,412 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.45 | $9.61 | $9.59 | $9.60 | $9.57 |
Net investment income | 0.13 1 | 0.03 | 0.04 | 0.12 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.16 ) | 0.02 | (0.01 ) | 0.03 |
Total from investment operations | 0.17 | (0.13 ) | 0.06 | 0.11 | 0.15 |
Distributions to shareholders from | |||||
Net investment income | (0.13 ) | (0.03 ) | (0.04 ) | (0.12 ) | (0.12 ) |
Net asset value, end of period | $9.49 | $9.45 | $9.61 | $9.59 | $9.60 |
Total return2 | 1.83 % | (1.38 )% | 0.62 % | 1.13 % | 1.63 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.67 % | 0.66 % | 0.66 % | 0.77 % | 0.77 % |
Net expenses | 0.50 % | 0.50 % | 0.50 % | 0.65 % | 0.67 % |
Net investment income | 1.37 % | 0.29 % | 0.42 % | 1.21 % | 1.28 % |
Supplemental data | |||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % | 55 % |
Net assets, end of period (000s omitted) | $224,086 | $291,008 | $317,609 | $376,203 | $444,581 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | ||||
Class A2 | 2023 | 2022 | 2021 | 20201 |
Net asset value, beginning of period | $9.45 | $9.61 | $9.59 | $9.58 |
Net investment income | 0.14 2 | 0.03 | 0.04 | 0.01 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.16 ) | 0.02 | 0.01 |
Total from investment operations | 0.18 | (0.13 ) | 0.06 | 0.02 |
Distributions to shareholders from | ||||
Net investment income | (0.14 ) | (0.03 ) | (0.04 ) | (0.01 ) |
Net asset value, end of period | $9.49 | $9.45 | $9.61 | $9.59 |
Total return3 | 1.93 % | (1.36 )% | 0.62 % | 0.18 % |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.57 % | 0.64 % | 0.66 % | 0.65 % |
Net expenses | 0.40 % | 0.48 % | 0.50 % | 0.50 % |
Net investment income | 1.45 % | 0.29 % | 0.40 % | 0.88 % |
Supplemental data | ||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % |
Net assets, end of period (000s omitted) | $22,782 | $39,575 | $42,354 | $25 |
1 | For the period from May 29, 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. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.32 | $9.48 | $9.41 | $9.43 | $9.40 |
Net investment income | 0.06 1 | 0.00 1,2 | 0.00 1,2 | 0.04 1 | 0.05 1 |
Payment from affiliate | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.09 | (0.16 ) | 0.00 | (0.02 ) | 0.03 |
Total from investment operations | 0.15 | (0.16 ) | 0.07 | 0.02 | 0.08 |
Distributions to shareholders from | |||||
Net investment income | (0.06 ) | (0.00 )2 | (0.00 )2 | (0.04 ) | (0.05 ) |
Net asset value, end of period | $9.41 | $9.32 | $9.48 | $9.41 | $9.43 |
Total return3 | 1.62 %4 | (1.67 )% | 0.76 %5 | 0.26 % | 0.87 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.42 % | 1.40 % | 1.41 % | 1.51 % | 1.52 % |
Net expenses | 1.25 % | 0.81 %* | 0.92 %* | 1.41 % | 1.42 % |
Net investment income | 0.66 % | 0.02 % | 0.02 % | 0.47 % | 0.54 % |
Supplemental data | |||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % | 55 % |
Net assets, end of period (000s omitted) | $2,839 | $2,448 | $1,659 | $2,925 | $10,135 |
* | 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: |
Year ended June 30, 2022 | 0.44% |
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. |
4 | During the year ended June 30, 2023, the Fund received a payment from a service provider which had a 0.51% impact on the total return. |
5 | During the year ended June 30, 2021, the Fund received a payment from an affiliate which had a 0.73% impact on total return. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 |
Net asset value, beginning of period | $9.45 | $9.61 | $9.59 | $9.60 | $9.58 |
Net investment income | 0.15 2 | 0.06 | 0.07 | 0.15 | 0.15 2 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.16 ) | 0.02 | (0.01 ) | 0.02 |
Total from investment operations | 0.20 | (0.10 ) | 0.09 | 0.14 | 0.17 |
Distributions to shareholders from | |||||
Net investment income | (0.16 ) | (0.06 ) | (0.07 ) | (0.15 ) | (0.15 ) |
Net asset value, end of period | $9.49 | $9.45 | $9.61 | $9.59 | $9.60 |
Total return3 | 2.13 % | (1.09 )% | 0.92 % | 1.47 % | 1.76 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.29 % | 0.28 % | 0.28 % | 0.38 % | 0.39 % |
Net expenses | 0.20 % | 0.20 % | 0.20 % | 0.31 % | 0.32 % |
Net investment income | 1.61 % | 0.56 % | 0.71 % | 1.54 % | 1.73 % |
Supplemental data | |||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % | 55 % |
Net assets, end of period (000s omitted) | $272,993 | $668,633 | $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 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.45 | $9.61 | $9.59 | $9.60 | $9.57 |
Net investment income | 0.13 1 | 0.03 1 | 0.04 | 0.12 1 | 0.13 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.16 ) | 0.02 | (0.01 ) | 0.03 |
Total from investment operations | 0.17 | (0.13 ) | 0.06 | 0.11 | 0.16 |
Distributions to shareholders from | |||||
Net investment income | (0.13 ) | (0.03 ) | (0.04 ) | (0.12 ) | (0.13 ) |
Net asset value, end of period | $9.49 | $9.45 | $9.61 | $9.59 | $9.60 |
Total return | 1.83 % | (1.39 )% | 0.62 % | 1.19 % | 1.70 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.61 % | 0.60 % | 0.60 % | 0.70 % | 0.70 % |
Net expenses | 0.50 % | 0.50 % | 0.50 % | 0.59 % | 0.60 % |
Net investment income | 1.36 % | 0.27 % | 0.42 % | 1.28 % | 1.34 % |
Supplemental data | |||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % | 55 % |
Net assets, end of period (000s omitted) | $7,689 | $10,929 | $15,157 | $18,243 | $25,649 |
1 | Calculated based upon average shares outstanding |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $9.45 | $9.61 | $9.59 | $9.60 | $9.57 |
Net investment income | 0.15 1 | 0.05 | 0.06 | 0.14 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.16 ) | 0.02 | 0.00 | 0.03 |
Total from investment operations | 0.20 | (0.11 ) | 0.08 | 0.14 | 0.18 |
Distributions to shareholders from | |||||
Net investment income | (0.16 ) | (0.05 ) | (0.06 ) | (0.15 ) | (0.15 ) |
Net asset value, end of period | $9.49 | $9.45 | $9.61 | $9.59 | $9.60 |
Total return | 2.08 % | (1.14 )% | 0.87 % | 1.42 % | 1.93 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.34 % | 0.33 % | 0.33 % | 0.43 % | 0.44 % |
Net expenses | 0.25 % | 0.25 % | 0.25 % | 0.36 % | 0.37 % |
Net investment income | 1.58 % | 0.52 % | 0.66 % | 1.50 % | 1.56 % |
Supplemental data | |||||
Portfolio turnover rate | 29 % | 46 % | 30 % | 55 % | 55 % |
Net assets, end of period (000s omitted) | $315,246 | $734,360 | $783,690 | $685,081 | $643,762 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $230,769 |
Gross unrealized losses | (13,493,069 ) |
Net unrealized losses | $(13,262,300 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $874,847,891 | $0 | $874,847,891 |
Short-term investments | ||||
Commercial paper | 0 | 1,999,335 | 0 | 1,999,335 |
Investment companies | 9,254,718 | 0 | 0 | 9,254,718 |
Total assets | $9,254,718 | $876,847,226 | $0 | $886,101,944 |
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 | 0.15 % |
Class A2 | 0.15 |
Class C | 0.15 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.50 % |
Class A2 | 0.40 |
Class C | 1.25 |
Class R6 | 0.20 |
Administrator Class | 0.50 |
Institutional Class | 0.25 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$117,074 | $(13,262,300 ) | $(32,144,296 ) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839imgf7f815497.jpg)
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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-CSR/0001193125-23-227452/g520839img2f9f09a91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g520839img194dcfa58.gif)
AR3011 06-23
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![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g521374imgf5d335652.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g521374imgcc9d71f43.jpg)
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
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 June 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WWTFX) | 3-31-2008 | -2.68 | 0.37 | 1.53 | 1.95 | 1.30 | 2.00 | 0.92 | 0.70 |
Class C (WWTCX) | 12-26-2002 | 0.18 | 0.54 | 1.39 | 1.18 | 0.54 | 1.39 | 1.67 | 1.45 |
Institutional Class (WWTIX)3 | 10-31-2016 | – | – | – | 2.13 | 1.48 | 2.12 | 0.59 | 0.52 |
Bloomberg Municipal Bond Index4 | – | – | – | – | 3.19 | 1.84 | 2.68 | – | – |
Bloomberg Wisconsin Municipal Bond Index5 | – | – | – | – | 2.36 | 1.51 | 2.36 | – | – |
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, 2023, 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 and includes the higher expenses applicable to the Class A shares. If these expenses had not 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. |
Growth of $10,000 investment as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g521374img187d71024.jpg)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Bloomberg Municipal Bond Index and Bloomberg Wisconsin Municipal Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
Credit quality as of June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g521374img0944947e5.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 June 30, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-227452/g521374img61c53e2e6.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 1-1-2023 | Ending account value 6-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,019.67 | $3.51 | 0.70 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $3.51 | 0.70 % |
Class C | ||||
Actual | $1,000.00 | $1,015.87 | $7.25 | 1.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $7.25 | 1.45 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,020.59 | $2.61 | 0.52 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.22 | $2.61 | 0.52 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 98.50% | ||||||
Alabama: 1.23% | ||||||
Utilities revenue: 1.23% | ||||||
Black Belt Energy Gas District Gas Supply Project No. 7 Series C-1øø | 4.00 % | 10-1-2052 | $ | 1,000,000 | $990,987 | |
Southeast Energy Authority A Cooperative District Project No. 5 Series Aøø | 5.25 | 1-1-2054 | 750,000 | 784,197 | ||
1,775,184 | ||||||
California: 0.36% | ||||||
Utilities revenue: 0.36% | ||||||
California Community Choice Financing Authority Clean Energy Project Green Bond Series C | 5.00 | 10-1-2031 | 500,000 | 517,336 | ||
Georgia: 0.33% | ||||||
Utilities revenue: 0.33% | ||||||
Main Street Natural Gas, Inc. Series C144Aøø | 4.00 | 8-1-2052 | 500,000 | 483,272 | ||
Guam: 6.57% | ||||||
Airport revenue: 3.07% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT | 5.00 | 10-1-2023 | 825,000 | 827,435 | ||
Antonio B Won Pat International Airport Authority Series A AMT%% | 5.25 | 10-1-2031 | 250,000 | 256,588 | ||
Antonio B Won Pat International Airport Authority Series C AMT (AGM Insured) | 6.00 | 10-1-2034 | 365,000 | 367,004 | ||
Antonio B Won Pat International Airport Authority Series C AMT (AGM Insured) | 6.13 | 10-1-2043 | 1,500,000 | 1,508,674 | ||
Port Authority of Guam Series A | 5.00 | 7-1-2048 | 1,000,000 | 1,019,111 | ||
Port Authority of Guam Series B AMT | 5.00 | 7-1-2034 | 445,000 | 470,438 | ||
4,449,250 | ||||||
Miscellaneous revenue: 0.31% | ||||||
Territory of Guam Series F | 4.00 | 1-1-2042 | 500,000 | 441,930 | ||
Tax revenue: 0.72% | ||||||
Territory of Guam Hotel Occupancy Tax Series A | 5.00 | 11-1-2035 | 1,000,000 | 1,041,836 | ||
Utilities revenue: 0.36% | ||||||
Guam Power Authority Series A | 5.00 | 10-1-2026 | 500,000 | 516,727 | ||
Water & sewer revenue: 2.11% | ||||||
Guam Government Waterworks Authority | 5.00 | 7-1-2034 | 500,000 | 518,014 | ||
Guam Government Waterworks Authority | 5.00 | 1-1-2046 | 2,215,000 | 2,236,448 | ||
Guam Government Waterworks Authority Series A | 5.00 | 1-1-2050 | 300,000 | 304,521 | ||
3,058,983 | ||||||
9,508,726 | ||||||
Illinois: 3.22% | ||||||
GO revenue: 3.05% | ||||||
Chicago Park District Series E | 5.00 | 11-15-2027 | 1,000,000 | 1,040,956 | ||
City of Chicago (NPFGC Insured)¤ | 0.00 | 1-1-2027 | 1,000,000 | 894,647 | ||
State of Illinois | 5.25 | 7-1-2028 | 500,000 | 500,131 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue (continued) | ||||||
State of Illinois | 5.50 % | 7-1-2026 | $ | 250,000 | $250,074 | |
State of Illinois Series A | 5.00 | 3-1-2024 | 500,000 | 504,336 | ||
State of Illinois Series A | 5.25 | 3-1-2037 | 500,000 | 551,147 | ||
State of Illinois Series C | 5.00 | 11-1-2029 | 630,000 | 672,002 | ||
4,413,293 | ||||||
Miscellaneous revenue: 0.17% | ||||||
City of Chicago Special Assessment Revenue Refunding Bonds Lakeshore East Project144A | 2.69 | 12-1-2026 | 266,000 | 253,074 | ||
4,666,367 | ||||||
Maryland: 0.68% | ||||||
Housing revenue: 0.68% | ||||||
Maryland Community Development Administration South Street Senior LLC Series D | 3.15 | 7-1-2024 | 1,000,000 | 980,588 | ||
New Jersey: 1.32% | ||||||
Education revenue: 0.31% | ||||||
Camden County Improvement Authority KIPP Cooper Norcross Obligated Group | 6.00 | 6-15-2047 | 425,000 | 452,111 | ||
Housing revenue: 1.01% | ||||||
New Jersey TTFA Series A¤ | 0.00 | 12-15-2031 | 2,000,000 | 1,455,397 | ||
1,907,508 | ||||||
New York: 0.98% | ||||||
Education revenue: 0.98% | ||||||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.45 | 2-1-2041 | 500,000 | 393,531 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 6.24 | 2-1-2047 | 1,000,000 | 1,019,115 | ||
1,412,646 | ||||||
Pennsylvania: 3.19% | ||||||
Education revenue: 0.40% | ||||||
Lehigh County General Purpose Authority Lehigh Valley Academy Regional Charter School | 4.00 | 6-1-2032 | 600,000 | 587,741 | ||
Health revenue: 1.43% | ||||||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series B | 5.00 | 5-1-2052 | 2,000,000 | 2,063,761 | ||
Housing revenue: 1.36% | ||||||
Pennsylvania Housing Finance Agency LIH Wilkes-Barre LP (Department of Housing and Urban Development Insured)øø | 1.25 | 2-1-2025 | 2,000,000 | 1,966,494 | ||
4,617,996 |
Interest rate | Maturity date | Principal | Value | |||
Puerto Rico: 1.35% | ||||||
Health revenue: 1.35% | ||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 % | 7-1-2026 | $ | 205,000 | $212,117 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 | 7-1-2031 | 435,000 | 479,432 | ||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 | 7-1-2032 | 925,000 | 1,021,692 | ||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Hospital Auxilio Mutuo Obligated Group | 5.00 | 7-1-2034 | 220,000 | 240,525 | ||
1,953,766 | ||||||
Texas: 2.08% | ||||||
Education revenue: 0.70% | ||||||
Hale Center Education Facilities Corp. Wayland Baptist University | 5.00 | 3-1-2027 | 990,000 | 1,016,695 | ||
GO revenue: 1.38% | ||||||
Denton Independent School District | 4.00 | 8-15-2048 | 2,000,000 | 1,989,672 | ||
3,006,367 | ||||||
Wisconsin: 77.19% | ||||||
Education revenue: 8.71% | ||||||
Milwaukee RDA Milwaukee Science Education Consortium, Inc. | 6.25 | 8-1-2043 | 2,100,000 | 2,104,328 | ||
Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | 3-15-2030 | 75,000 | 73,610 | ||
Wisconsin HEFA Hmong American Peace Academy Ltd. | 4.00 | 3-15-2040 | 1,555,000 | 1,366,231 | ||
Wisconsin HEFA Lawrence University of Wisconsin | 4.00 | 2-1-2045 | 1,685,000 | 1,508,877 | ||
Wisconsin HEFA Medical College of Wisconsin, Inc. | 5.00 | 12-1-2041 | 2,000,000 | 2,164,634 | ||
Wisconsin HEFA Milwaukee School of Engineering Series B (AGM Insured) | 2.00 | 4-1-2038 | 1,200,000 | 877,396 | ||
Wisconsin HEFA Milwaukee School of Engineering Series B (AGM Insured) | 2.13 | 4-1-2039 | 1,000,000 | 729,183 | ||
Wisconsin HEFA Milwaukee School of Engineering Series B (AGM Insured) | 2.13 | 4-1-2040 | 1,000,000 | 712,875 | ||
Wisconsin HEFA Milwaukee School of Engineering Series B (AGM Insured) | 2.25 | 4-1-2041 | 750,000 | 538,632 | ||
Wisconsin HEFA Milwaukee School of Engineering Series B (AGM Insured) | 2.25 | 4-1-2042 | 1,000,000 | 712,237 | ||
Wisconsin HEFA Milwaukee Science Education Consortium, Inc. Series A | 4.50 | 3-15-2033 | 735,000 | 748,082 | ||
Wisconsin HEFA Milwaukee Science Education Consortium, Inc. Series A | 5.00 | 3-15-2053 | 1,100,000 | 1,063,601 | ||
12,599,686 | ||||||
GO revenue: 3.54% | ||||||
City of Milwaukee Series B6 | 3.00 | 4-1-2024 | 570,000 | 564,880 | ||
City of Milwaukee Series B6 | 5.00 | 4-1-2025 | 550,000 | 560,443 | ||
State of Wisconsin Series A (SIFMA Municipal Swap+0.42%)±## | 4.43 | 5-1-2025 | 4,000,000 | 3,989,957 | ||
5,115,280 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 20.73% | ||||||
PFA Appalachian Regional Healthcare System Obligated Group Series A | 5.00 % | 7-1-2037 | $ | 275,000 | $287,136 | |
PFA Appalachian Regional Healthcare System Obligated Group Series A | 5.00 | 7-1-2038 | 375,000 | 388,587 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group | 3.13 | 12-1-2029 | 150,000 | 148,115 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group | 3.38 | 12-1-2031 | 180,000 | 180,022 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group | 4.00 | 12-1-2035 | 1,000,000 | 1,002,242 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group | 5.00 | 12-1-2026 | 1,740,000 | 1,766,791 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2027 | 175,000 | 186,300 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.00 | 12-1-2029 | 150,000 | 164,379 | ||
Wisconsin HEFA Bellin Memorial Hospital Obligated Group Series A | 5.50 | 12-1-2052 | 2,500,000 | 2,708,593 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 4.00 | 7-1-2036 | 4,000,000 | 3,989,064 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2028 | 50,000 | 53,475 | ||
Wisconsin HEFA Beloit Health System Obligated Group | 5.00 | 7-1-2029 | 1,270,000 | 1,372,695 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series A | 3.00 | 2-15-2031 | 230,000 | 222,398 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 3.25 | 2-15-2032 | 185,000 | 181,562 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 4.00 | 2-15-2042 | 500,000 | 447,850 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2027 | 400,000 | 416,313 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2028 | 650,000 | 674,258 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2029 | 500,000 | 518,958 | ||
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C | 5.00 | 2-15-2047 | 3,385,000 | 3,327,712 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 3.00 | 2-15-2035 | 520,000 | 517,680 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 4.00 | 2-15-2031 | 900,000 | 914,758 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 4.00 | 2-15-2033 | 550,000 | 559,019 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | 2-15-2028 | 900,000 | 932,987 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | 2-15-2029 | 575,000 | 596,075 | ||
Wisconsin HEFA Monroe Clinic, Inc. | 5.00 | 2-15-2030 | 340,000 | 352,462 | ||
Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series A | 5.00 | 7-1-2044 | 200,000 | 204,975 | ||
Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series A | 5.00 | 7-1-2049 | 250,000 | 255,304 | ||
Wisconsin HEFA Rogers Memorial Hospital, Inc. Obligated Group Series B | 5.00 | 7-1-2044 | 3,485,000 | 3,514,843 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group | 4.00 | 9-15-2045 | 650,000 | 506,980 | ||
Wisconsin HEFA St. John’s Communities, Inc. Obligated Group Series B | 4.00 | 9-15-2045 | 475,000 | 370,486 | ||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2023 | 125,000 | 124,872 | ||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2024 | 125,000 | 123,792 | ||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2030 | 100,000 | 94,359 | ||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2031 | 75,000 | 70,332 | ||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2041 | 2,145,000 | 1,778,873 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue (continued) | ||||||
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 % | 8-15-2046 | $ | 850,000 | $668,372 | |
Wisconsin HEFA Wisconsin Masonic Home Obligated Group Series A | 4.00 | 8-15-2051 | �� | 500,000 | 379,858 | |
30,002,477 | ||||||
Housing revenue: 34.10% | ||||||
Ashwaubenon CDA County of Brown | 3.00 | 6-1-2044 | 1,680,000 | 1,319,773 | ||
Ashwaubenon CDA County of Brown | 4.00 | 6-1-2031 | 1,310,000 | 1,380,975 | ||
Ashwaubenon CDA County of Brown | 4.00 | 6-1-2035 | 900,000 | 928,806 | ||
Ashwaubenon CDA County of Brown | 4.00 | 6-1-2036 | 265,000 | 271,702 | ||
Ashwaubenon CDA County of Brown CAB¤ | 0.00 | 6-1-2049 | 8,000,000 | 2,355,141 | ||
Green Bay Housing Authority University Village Housing, Inc. | 2.00 | 4-1-2028 | 125,000 | 114,987 | ||
Green Bay Housing Authority University Village Housing, Inc. | 2.00 | 4-1-2029 | 250,000 | 225,003 | ||
Green Bay Housing Authority University Village Housing, Inc. | 2.00 | 4-1-2030 | 875,000 | 772,437 | ||
Green Bay Housing Authority University Village Housing, Inc. | 5.00 | 4-1-2039 | 1,500,000 | 1,586,867 | ||
Kaukauna RDA | 3.75 | 6-1-2032 | 850,000 | 854,184 | ||
Kaukauna RDA | 4.00 | 6-1-2025 | 425,000 | 430,946 | ||
Kaukauna RDA | 4.00 | 6-1-2028 | 425,000 | 431,757 | ||
Kaukauna RDA | 4.00 | 6-1-2035 | 900,000 | 911,093 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2028 | 325,000 | 344,527 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2030 | 185,000 | 195,448 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2033 | 750,000 | 791,134 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2034 | 675,000 | 712,021 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2035 | 1,000,000 | 1,048,668 | ||
Milwaukee RDA Milwaukee Board of School Directors | 5.00 | 11-15-2036 | 500,000 | 524,496 | ||
Milwaukee RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2024 | 280,000 | 286,346 | ||
Milwaukee RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2026 | 220,000 | 233,435 | ||
Milwaukee RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2027 | 1,020,000 | 1,076,275 | ||
Milwaukee RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2028 | 1,000,000 | 1,060,082 | ||
Milwaukee RDA Milwaukee Public Schools Series A | 5.00 | 11-15-2031 | 750,000 | 792,114 | ||
Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 1.90 | 10-1-2023 | 800,000 | 796,061 | ||
Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.00 | 10-1-2024 | 625,000 | 608,655 | ||
Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.15 | 10-1-2025 | 615,000 | 596,324 | ||
Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.25 | 10-1-2026 | 940,000 | 904,414 | ||
Weston CDA Village of Weston Tax Incremental District No. 1 Series A | 2.40 | 10-1-2027 | 570,000 | 546,383 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 4.00 | 12-15-2032 | 1,100,000 | 1,132,505 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 4.00 | 12-15-2033 | 920,000 | 946,853 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 4.00 | 12-15-2034 | 2,000,000 | 2,055,060 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 5.00 | 12-15-2023 | 550,000 | 554,136 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 5.00 | 12-15-2026 | 85,000 | 88,932 | ||
Wisconsin Center District Appropriation Milwaukee Arena Project | 5.00 | 12-15-2032 | 85,000 | 89,273 | ||
Wisconsin Dells CDA Tax Incremental District No. 2 | 4.00 | 3-1-2026 | 440,000 | 438,036 | ||
Wisconsin Dells CDA Tax Incremental District No. 2 | 5.00 | 3-1-2024 | 100,000 | 100,532 | ||
Wisconsin Dells CDA Tax Incremental District No. 2 | 5.00 | 3-1-2025 | 210,000 | 212,741 | ||
Wisconsin Dells CDA Tax Incremental District No. 3 Series B | 3.35 | 3-1-2026 | 530,000 | 516,780 | ||
Wisconsin Housing & EDA Series A AMT | 4.05 | 12-1-2049 | 800,000 | 734,648 | ||
Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A | 4.55 | 7-1-2037 | 165,000 | 168,716 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue (continued) | ||||||
Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A | 4.70 % | 7-1-2047 | $ | 2,300,000 | $2,312,945 | |
Wisconsin Housing & EDA WHPC Madison Pool Project-2017 Obligated Group Series A | 4.85 | 7-1-2052 | 3,000,000 | 3,023,096 | ||
Wisconsin Housing & EDA Home Ownership Revenue Series Eø | 4.00 | 9-1-2035 | 1,850,000 | 1,850,000 | ||
Wisconsin Housing & EDA Housing Revenue Series A | 3.38 | 5-1-2057 | 635,000 | 480,044 | ||
Wisconsin Housing & EDA Housing Revenue Series A | 3.40 | 11-1-2032 | 2,450,000 | 2,418,147 | ||
Wisconsin Housing & EDA Housing Revenue Series A | 3.95 | 11-1-2038 | 2,000,000 | 1,971,352 | ||
Wisconsin Housing & EDA Housing Revenue Series A | 5.75 | 11-1-2043 | 1,240,000 | 1,242,134 | ||
Wisconsin Housing & EDA Housing Revenue Series A AMT | 4.63 | 11-1-2037 | 10,000 | 10,004 | ||
Wisconsin Housing & EDA Housing Revenue Series B (Department of Housing and Urban Development Insured)øø | 0.40 | 5-1-2045 | 1,375,000 | 1,355,947 | ||
Wisconsin Housing & EDA Housing Revenue Series C | 3.88 | 11-1-2035 | 1,100,000 | 1,089,630 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured)øø | 0.61 | 11-1-2042 | 2,900,000 | 2,802,052 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 0.80 | 5-1-2025 | 275,000 | 261,386 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 0.85 | 11-1-2025 | 320,000 | 300,735 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 0.95 | 5-1-2026 | 205,000 | 190,521 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 1.00 | 11-1-2026 | 330,000 | 303,962 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 1.20 | 5-1-2027 | 310,000 | 283,404 | ||
Wisconsin Housing & EDA Housing Revenue Series C (Department of Housing and Urban Development Insured) | 1.35 | 11-1-2027 | 345,000 | 314,504 | ||
49,348,129 | ||||||
Miscellaneous revenue: 6.53% | ||||||
Appleton RDA Fox Cities Performing Arts Center, Inc. Series B (Associated Bank N.A. LOC)ø | 4.55 | 6-1-2036 | 1,500,000 | 1,500,000 | ||
Milwaukee RDA (NPFGC Insured) | 4.00 | 8-1-2023 | 1,500,000 | 1,500,529 | ||
Wisconsin Center District (AGM Insured)¤ | 0.00 | 12-15-2030 | 295,000 | 223,812 | ||
Wisconsin Center District (AGM Insured) | 5.25 | 12-15-2023 | 600,000 | 603,010 | ||
Wisconsin Center District (AGM Insured) | 5.25 | 12-15-2027 | 1,005,000 | 1,070,619 | ||
Wisconsin Center District Series A (NPFGC Insured)¤ | 0.00 | 12-15-2027 | 100,000 | 84,909 | ||
Wisconsin Center District Series A CAB (BAM Insured)¤ | 0.00 | 12-15-2033 | 2,985,000 | 1,974,310 | ||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2028 | 1,075,000 | 885,496 | ||
Wisconsin Center District Series C CAB (AGM Insured)¤ | 0.00 | 12-15-2030 | 1,095,000 | 830,758 | ||
Wisconsin Center District Series D CAB (AGM Insured)¤ | 0.00 | 12-15-2045 | 2,250,000 | 775,648 | ||
9,449,091 | ||||||
Tax revenue: 3.24% | ||||||
Southeast Wisconsin Professional Baseball Park District (NPFGC Insured)¤ | 0.00 | 12-15-2025 | 200,000 | 185,100 | ||
Southeast Wisconsin Professional Baseball Park District (NPFGC Insured)¤ | 0.00 | 12-15-2027 | 250,000 | 218,835 |
Interest rate | Maturity date | Principal | Value | |||
Tax revenue (continued) | ||||||
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 % | 12-15-2023 | $ | 1,600,000 | $1,615,443 | |
Southeast Wisconsin Professional Baseball Park District Series A (NPFGC Insured) | 5.50 | 12-15-2026 | 2,435,000 | 2,557,610 | ||
Warrens CDA | 3.70 | 11-1-2029 | 132,418 | 114,018 | ||
4,691,006 | ||||||
Utilities revenue: 0.34% | ||||||
PFA Duke Energy Progress LLC Series A-1øø | 3.30 | 10-1-2046 | 500,000 | 497,116 | ||
111,702,785 | ||||||
Total municipal obligations (Cost $149,721,377) | 142,532,541 | |||||
Total investments in securities (Cost $149,721,377) | 98.50 % | 142,532,541 | ||||
Other assets and liabilities, net | 1.50 | 2,167,979 | ||||
Total net assets | 100.00 % | $144,700,520 |
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. |
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 purchased on a when-issued basis. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
## | 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. |
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 |
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 |
SIFMA | Securities Industry and Financial Markets Association |
TTFA | Transportation Trust Fund Authority |
Assets | |
Investments in unaffiliated securities, at value (cost $149,721,377) | $142,532,541 |
Cash | 408,452 |
Receivable for interest | 1,495,635 |
Receivable for investments sold | 1,008,626 |
Receivable for Fund shares sold | 88,376 |
Prepaid expenses and other assets | 52,907 |
Total assets | 145,586,537 |
Liabilities | |
Payable for Fund shares redeemed | 525,754 |
Payable for when-issued transactions | 254,487 |
Dividends payable | 35,417 |
Administration fees payable | 14,856 |
Management fee payable | 4,021 |
Distribution fee payable | 2,250 |
Trustees’ fees and expenses payable | 365 |
Accrued expenses and other liabilities | 48,867 |
Total liabilities | 886,017 |
Total net assets | $144,700,520 |
Net assets consist of | |
Paid-in capital | $152,455,930 |
Total distributable loss | (7,755,410 ) |
Total net assets | $144,700,520 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $63,819,546 |
Shares outstanding–Class A1 | 6,228,827 |
Net asset value per share–Class A | $10.25 |
Maximum offering price per share – Class A2 | $10.73 |
Net assets–Class C | $3,275,838 |
Shares outstanding–Class C1 | 319,742 |
Net asset value per share–Class C | $10.25 |
Net assets–Institutional Class | $77,605,136 |
Shares outstanding–Institutional Class1 | 7,573,279 |
Net asset value per share–Institutional Class | $10.25 |
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 | $4,506,634 |
Expenses | |
Management fee | 580,798 |
Administration fees | |
Class A | 102,980 |
Class C | 6,263 |
Institutional Class | 61,510 |
Shareholder servicing fees | |
Class A | 160,809 |
Class C | 9,762 |
Distribution fee | |
Class C | 29,287 |
Custody and accounting fees | 10,988 |
Professional fees | 76,893 |
Registration fees | 57,368 |
Shareholder report expenses | 31,961 |
Trustees’ fees and expenses | 24,207 |
Other fees and expenses | 5,549 |
Total expenses | 1,158,375 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (147,041 ) |
Class A | (101,172 ) |
Class C | (5,751 ) |
Net expenses | 904,411 |
Net investment income | 3,602,223 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (351,448 ) |
Net change in unrealized gains (losses) on investments | (631,165 ) |
Net realized and unrealized gains (losses) on investments | (982,613 ) |
Net increase in net assets resulting from operations | $2,619,610 |
Year ended June 30, 2023 | Year ended June 30, 2022 | |||
Operations | ||||
Net investment income | $3,602,223 | $3,147,668 | ||
Net realized losses on investments | (351,448 ) | (185,821 ) | ||
Net change in unrealized gains (losses) on investments | (631,165 ) | (14,929,330 ) | ||
Net increase (decrease) in net assets resulting from operations | 2,619,610 | (11,967,483 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,550,191 ) | (1,413,674 ) | ||
Class C | (64,430 ) | (58,669 ) | ||
Institutional Class | (1,987,602 ) | (1,850,887 ) | ||
Total distributions to shareholders | (3,602,223 ) | (3,323,230 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 830,358 | 8,500,421 | 620,159 | 6,828,863 |
Class C | 48,932 | 499,056 | 91,176 | 995,979 |
Institutional Class | 3,512,825 | 35,892,624 | 3,238,533 | 35,149,888 |
44,892,101 | 42,974,730 | |||
Reinvestment of distributions | ||||
Class A | 140,005 | 1,428,594 | 116,034 | 1,267,180 |
Class C | 6,178 | 63,028 | 5,293 | 57,878 |
Institutional Class | 190,938 | 1,948,520 | 166,521 | 1,819,075 |
3,440,142 | 3,144,133 | |||
Payment for shares redeemed | ||||
Class A | (1,188,206 ) | (12,060,116 ) | (1,100,996 ) | (11,868,079 ) |
Class C | (143,631 ) | (1,472,432 ) | (175,453 ) | (1,884,410 ) |
Institutional Class | (3,789,836 ) | (38,595,680 ) | (3,600,905 ) | (38,548,690 ) |
(52,128,228 ) | (52,301,179 ) | |||
Net decrease in net assets resulting from capital share transactions | (3,795,985 ) | (6,182,316 ) | ||
Total decrease in net assets | (4,778,598 ) | (21,473,029 ) | ||
Net assets | ||||
Beginning of period | 149,479,118 | 170,952,147 | ||
End of period | $144,700,520 | $149,479,118 |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.30 | $11.28 | $11.12 | $11.04 | $10.74 |
Net investment income | 0.25 | 0.20 | 0.21 | 0.25 | 0.29 |
Net realized and unrealized gains (losses) on investments | (0.05 ) | (0.97 ) | 0.16 | 0.08 | 0.30 |
Total from investment operations | 0.20 | (0.77 ) | 0.37 | 0.33 | 0.59 |
Distributions to shareholders from | |||||
Net investment income | (0.25 ) | (0.20 ) | (0.21 ) | (0.25 ) | (0.29 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | (0.00 )1 | 0.00 |
Total distributions to shareholders | (0.25 ) | (0.21 ) | (0.21 ) | (0.25 ) | (0.29 ) |
Net asset value, end of period | $10.25 | $10.30 | $11.28 | $11.12 | $11.04 |
Total return2 | 1.95 % | (6.93 )% | 3.37 % | 3.05 % | 5.56 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.95 % | 0.92 % | 0.92 % | 0.95 % | 0.94 % |
Net expenses | 0.70 % | 0.69 % | 0.68 % | 0.69 % | 0.70 % |
Net investment income | 2.41 % | 1.79 % | 1.88 % | 2.24 % | 2.66 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 12 % | 10 % | 24 % | 8 % |
Net assets, end of period (000s omitted) | $63,820 | $66,388 | $76,836 | $81,173 | $84,924 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.30 | $11.28 | $11.12 | $11.04 | $10.74 |
Net investment income | 0.17 | 0.11 | 0.13 | 0.17 1 | 0.21 |
Net realized and unrealized gains (losses) on investments | (0.05 ) | (0.97 ) | 0.16 | 0.08 | 0.30 |
Total from investment operations | 0.12 | (0.86 ) | 0.29 | 0.25 | 0.51 |
Distributions to shareholders from | |||||
Net investment income | (0.17 ) | (0.11 ) | (0.13 ) | (0.17 ) | (0.21 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | (0.00 )2 | 0.00 |
Total distributions to shareholders | (0.17 ) | (0.12 ) | (0.13 ) | (0.17 ) | (0.21 ) |
Net asset value, end of period | $10.25 | $10.30 | $11.28 | $11.12 | $11.04 |
Total return3 | 1.18 % | (7.64 )% | 2.58 % | 2.27 % | 4.78 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.70 % | 1.66 % | 1.67 % | 1.70 % | 1.69 % |
Net expenses | 1.45 % | 1.45 % | 1.45 % | 1.45 % | 1.45 % |
Net investment income | 1.65 % | 1.02 % | 1.12 % | 1.49 % | 1.92 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 12 % | 10 % | 24 % | 8 % |
Net assets, end of period (000s omitted) | $3,276 | $4,204 | $5,496 | $5,842 | $6,687 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
(For a share outstanding throughout each period)
Year ended June 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $10.30 | $11.28 | $11.12 | $11.04 | $10.74 |
Net investment income | 0.27 | 0.22 | 0.23 | 0.27 | 0.31 |
Net realized and unrealized gains (losses) on investments | (0.05 ) | (0.97 ) | 0.16 | 0.08 | 0.30 |
Total from investment operations | 0.22 | (0.75 ) | 0.39 | 0.35 | 0.61 |
Distributions to shareholders from | |||||
Net investment income | (0.27 ) | (0.22 ) | (0.23 ) | (0.27 ) | (0.31 ) |
Net realized gains | 0.00 | (0.01 ) | 0.00 | (0.00 )1 | 0.00 |
Total distributions to shareholders | (0.27 ) | (0.23 ) | (0.23 ) | (0.27 ) | (0.31 ) |
Net asset value, end of period | $10.25 | $10.30 | $11.28 | $11.12 | $11.04 |
Total return | 2.13 % | (6.78 )% | 3.54 % | 3.23 % | 5.75 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.62 % | 0.59 % | 0.59 % | 0.62 % | 0.61 % |
Net expenses | 0.52 % | 0.52 % | 0.52 % | 0.52 % | 0.52 % |
Net investment income | 2.59 % | 1.96 % | 2.04 % | 2.40 % | 2.85 % |
Supplemental data | |||||
Portfolio turnover rate | 15 % | 12 % | 10 % | 24 % | 8 % |
Net assets, end of period (000s omitted) | $77,605 | $78,887 | $88,620 | $68,230 | $43,978 |
1 | Amount is less than $0.005. |
Gross unrealized gains | $667,104 |
Gross unrealized losses | (7,868,695 ) |
Net unrealized losses | $(7,201,591 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $142,532,541 | $0 | $142,532,541 |
Total assets | $0 | $142,532,541 | $0 | $142,532,541 |
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 | 0.15 % |
Class C | 0.15 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.70 % |
Class C | 1.45 |
Institutional Class | 0.52 |
Year ended June 30 | ||
2023 | 2022 | |
Ordinary income | $0 | $18,479 |
Tax-exempt income | 3,602,223 | 3,147,668 |
Long-term capital gain | 0 | 157,083 |
Undistributed tax-exempt income | Unrealized losses | Capital loss carryforward |
$24,192 | $(7,201,591 ) | $(542,594 ) |
Allspring Funds Trust:
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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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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 |
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 |
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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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 from 2005 to 2010. |
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) | Chief Legal Officer, since 2022; 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. |
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and differences in how Allspring Global Investments calculates its pre-tax profit metric versus the methodology used when Allspring Funds Management was part of Wells Fargo. It was noted that the impact of such differences had only minor impact on the financial results presented. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
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P.O. Box 219967
Kansas City, MO 64121-9967
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AR3328 06-23
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal | Fiscal | |||||||
year ended | year ended | |||||||
June 30, 2023 | June 30, 2022 | |||||||
Audit Fees | $ | 719,430 | $ | 696,040 | ||||
Audit-Related Fees | — | — | ||||||
Tax Fees (1) | 33,240 | 32,455 | ||||||
All Other Fees | — | — | ||||||
|
|
|
| |||||
$ | 752,670 | $ | 728,495 |
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable.
3
(g) Not applicable.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the 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 MANAGEMENT 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 control 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.
4
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) | Code of Ethics. | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
5
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: August 28, 2023 |
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: August 28, 2023 | ||
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: August 28, 2023 |