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 811-02464
MFS SERIES TRUST IX
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: April 30*
Date of reporting period: October 31, 2023
*This Form N-CSR pertains to the following series of the Registrant: MFS Corporate Bond Fund, MFS Limited Maturity Fund, MFS Municipal Limited Maturity Fund, and MFS Total Return Bond Fund. The remaining series of the Registrant has a fiscal year end of October 31.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
Investment Grade Corporates | 76.1% |
U.S. Treasury Securities | 10.8% |
High Yield Corporates | 7.0% |
Emerging Markets Bonds | 3.2% |
Commercial Mortgage-Backed Securities | 1.5% |
Non-U.S. Government Bonds | 1.3% |
Collateralized Loan Obligations | 1.1% |
Asset-Backed Securities | 0.8% |
Municipal Bonds | 0.2% |
AAA | 3.5% |
AA | 3.2% |
A | 29.2% |
BBB | 46.8% |
BB | 5.5% |
B | 2.4% |
CCC | 0.3% |
C (o) | 0.0% |
U.S. Government | 5.2% |
Not Rated | 5.9% |
Cash & Cash Equivalents | 3.7% |
Other | (5.7)% |
Average Duration (d) | 6.4 |
Average Effective Maturity (m) | 10.0 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 0.77% | $1,000.00 | $940.89 | $3.76 |
Hypothetical (h) | 0.77% | $1,000.00 | $1,021.27 | $3.91 | |
B | Actual | 1.52% | $1,000.00 | $937.20 | $7.40 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.50 | $7.71 | |
C | Actual | 1.52% | $1,000.00 | $937.90 | $7.40 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.50 | $7.71 | |
I | Actual | 0.52% | $1,000.00 | $942.01 | $2.54 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.52 | $2.64 | |
R1 | Actual | 1.52% | $1,000.00 | $937.20 | $7.40 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.50 | $7.71 | |
R2 | Actual | 1.02% | $1,000.00 | $939.76 | $4.97 |
Hypothetical (h) | 1.02% | $1,000.00 | $1,020.01 | $5.18 | |
R3 | Actual | 0.77% | $1,000.00 | $940.96 | $3.76 |
Hypothetical (h) | 0.77% | $1,000.00 | $1,021.27 | $3.91 | |
R4 | Actual | 0.52% | $1,000.00 | $942.13 | $2.54 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.52 | $2.64 | |
R6 | Actual | 0.42% | $1,000.00 | $942.48 | $2.05 |
Hypothetical (h) | 0.42% | $1,000.00 | $1,023.03 | $2.14 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 95.2% | ||||
Aerospace & Defense – 2.5% | ||||
Boeing Co., 2.196%, 2/04/2026 | $ | 8,727,000 | $8,018,639 | |
Boeing Co., 5.15%, 5/01/2030 | 15,937,000 | 14,932,171 | ||
Boeing Co., 5.805%, 5/01/2050 | 29,257,000 | 25,187,372 | ||
General Dynamics Corp., 3.625%, 4/01/2030 | 13,022,000 | 11,580,716 | ||
L3 Harris Technologies, Inc., 5.4%, 1/15/2027 | 11,915,000 | 11,701,556 | ||
L3 Harris Technologies, Inc., 5.4%, 7/31/2033 | 9,532,000 | 8,906,960 | ||
TransDigm, Inc., 6.875%, 12/15/2030 (n) | 19,115,000 | 18,456,679 | ||
$98,784,093 | ||||
Apparel Manufacturers – 0.2% | ||||
Tapestry, Inc., 4.125%, 7/15/2027 | $ | 2,710,000 | $2,454,596 | |
Tapestry, Inc., 3.05%, 3/15/2032 | 7,540,000 | 5,409,814 | ||
$7,864,410 | ||||
Asset-Backed & Securitized – 3.3% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.02%, 11/15/2054 (i) | $ | 112,243,759 | $5,489,169 | |
ACREC 2021-FL1 Ltd., “A”, FLR, 6.599% ((SOFR - 1mo. + 0.11448%) + 1.15%), 10/16/2036 (n) | 17,961,557 | 17,644,572 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “AS”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 4,841,000 | 4,749,873 | ||
ARI Fleet Lease Trust, 2023-A, “A2”, 5.41%, 2/17/2032 (n) | 5,214,167 | 5,165,316 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 252,328 | 348,271 | ||
BDS 2021-FL7 Ltd., “B”, FLR, 6.949% ((SOFR - 1mo. + 0.11448%) + 1.5%), 6/16/2036 (n) | 4,505,000 | 4,404,192 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.262%, 7/15/2054 (i) | 199,255,114 | 12,837,250 | ||
JPMorgan Chase Commercial Mortgage Securities Corp., 5.707%, 7/15/2042 (n) | 40,792 | 35,489 | ||
KREF 2018-FT1 Ltd., “A”, FLR, 6.52% ((SOFR - 1mo. + 0.11448%) + 1.07%), 2/15/2039 (n) | 8,257,000 | 8,042,665 | ||
KREF 2018-FT1 Ltd., “AS”, FLR, 6.75% ((SOFR - 1mo. + 0.11448%) + 1.3%), 2/15/2039 (n) | 9,074,500 | 8,490,964 | ||
LAD Auto Receivables Trust, 2023-2A, “A2”, 5.93%, 6/15/2027 (n) | 12,798,097 | 12,749,507 | ||
MF1 2022-FL8 Ltd., “A”, FLR, 6.684% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 13,072,227 | 12,813,998 | ||
PFP III 2021-8 Ltd., “A”, FLR, 6.449% ((SOFR - 1mo. + 0.11448%) + 1%), 8/09/2037 (n) | 6,599,195 | 6,489,292 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
PFP III 2021-8 Ltd., “AS”, FLR, 6.699% ((SOFR - 1mo. + 0.11448%) + 1.25%), 8/09/2037 (n) | $ | 17,557,000 | $16,922,683 | |
ReadyCap Commercial Mortgage Trust, 2021-FL5, “A”, FLR, 6.439% ((SOFR - 1mo. + 0.11448%) + 1%), 4/25/2038 (z) | 4,277,247 | 4,236,775 | ||
SBNA Auto Lease Trust, 2023-A, “A2”, 6.27%, 4/19/2026 (n) | 8,849,000 | 8,852,109 | ||
Toyota Lease Owner Trust, 2023-A, “A2”, 5.3%, 8/20/2025 (n) | 3,768,098 | 3,746,450 | ||
$133,018,575 | ||||
Broadcasting – 2.3% | ||||
Activision Blizzard, Inc., 2.5%, 9/15/2050 | $ | 14,610,000 | $8,167,273 | |
Discovery Communications LLC, 4.125%, 5/15/2029 | 10,575,000 | 9,308,893 | ||
Discovery Communications LLC, 5.3%, 5/15/2049 | 9,152,000 | 6,592,328 | ||
Discovery Communications LLC, 4%, 9/15/2055 | 13,565,000 | 7,791,419 | ||
Prosus N.V., 3.68%, 1/21/2030 | 2,700,000 | 2,140,517 | ||
Prosus N.V., 4.193%, 1/19/2032 | 4,000,000 | 3,072,643 | ||
Prosus N.V., 3.832%, 2/08/2051 (n) | 13,882,000 | 7,092,431 | ||
Walt Disney Co., 3.5%, 5/13/2040 | 32,182,000 | 23,133,816 | ||
Walt Disney Co., 3.6%, 1/13/2051 | 9,908,000 | 6,548,497 | ||
WarnerMedia Holdings, Inc., 4.279%, 3/15/2032 | 12,860,000 | 10,662,422 | ||
WarnerMedia Holdings, Inc., 5.391%, 3/15/2062 | 12,184,000 | 8,533,284 | ||
$93,043,523 | ||||
Brokerage & Asset Managers – 1.5% | ||||
Brookfield Finance, Inc., 2.34%, 1/30/2032 | $ | 21,458,000 | $15,622,172 | |
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | 7,889,000 | 7,594,329 | ||
Charles Schwab Corp., 1.95%, 12/01/2031 | 7,868,000 | 5,599,531 | ||
Charles Schwab Corp., 6.136% to 8/24/2033, FLR (SOFR - 1 day+ 2.01%) to 8/24/2034 | 9,448,000 | 8,849,017 | ||
LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 12,968,000 | 11,858,558 | ||
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 12,504,000 | 10,472,467 | ||
$59,996,074 | ||||
Building – 0.3% | ||||
Vulcan Materials Co., 3.5%, 6/01/2030 | $ | 7,916,000 | $6,754,696 | |
Vulcan Materials Co., 4.5%, 6/15/2047 | 7,860,000 | 5,997,662 | ||
$12,752,358 | ||||
Business Services – 1.7% | ||||
Equifax, Inc., 3.1%, 5/15/2030 | $ | 6,833,000 | $5,609,502 | |
Equifax, Inc., 2.35%, 9/15/2031 | 20,940,000 | 15,575,505 | ||
Equinix, Inc., 2.625%, 11/18/2024 | 12,928,000 | 12,482,662 | ||
Fiserv, Inc., 2.25%, 6/01/2027 | 18,340,000 | 16,206,046 | ||
Fiserv, Inc., 4.4%, 7/01/2049 | 13,643,000 | 9,898,448 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Business Services – continued | ||||
Visa, Inc., 3.65%, 9/15/2047 | $ | 9,718,000 | $6,993,539 | |
$66,765,702 | ||||
Cable TV – 1.4% | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.375%, 5/01/2047 | $ | 21,222,000 | $15,348,640 | |
Comcast Corp., 2.887%, 11/01/2051 | 12,887,000 | 7,117,065 | ||
Cox Communications, Inc., 5.7%, 6/15/2033 (n) | 16,866,000 | 15,859,712 | ||
Sirius XM Radio, Inc., 4.125%, 7/01/2030 (n) | 20,683,000 | 16,422,613 | ||
$54,748,030 | ||||
Chemicals – 0.6% | ||||
RPM International, Inc., 4.55%, 3/01/2029 | $ | 16,660,000 | $15,335,681 | |
Sasol Financing (USA) LLC, 8.75%, 5/03/2029 (n) | 6,854,000 | 6,511,300 | ||
$21,846,981 | ||||
Computer Software – 1.1% | ||||
Cisco Systems, Inc., 5.5%, 1/15/2040 | $ | 7,722,000 | $7,327,991 | |
Microsoft Corp., 2.525%, 6/01/2050 | 15,025,000 | 8,600,637 | ||
Oracle Corp., 4.9%, 2/06/2033 | 9,983,000 | 8,964,700 | ||
Oracle Corp., 5.55%, 2/06/2053 | 10,933,000 | 9,083,054 | ||
VeriSign, Inc., 4.75%, 7/15/2027 | 10,277,000 | 9,795,622 | ||
$43,772,004 | ||||
Computer Software - Systems – 0.6% | ||||
Apple, Inc., 2.05%, 9/11/2026 (f) | $ | 12,687,000 | $11,631,769 | |
Apple, Inc., 1.7%, 8/05/2031 | 4,970,000 | 3,825,116 | ||
Apple, Inc., 2.7%, 8/05/2051 | 14,930,000 | 8,634,218 | ||
$24,091,103 | ||||
Conglomerates – 1.5% | ||||
nVent Finance S.à r.l., 5.65%, 5/15/2033 | $ | 12,831,000 | $11,648,563 | |
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | 10,547,000 | 10,089,186 | ||
Regal Rexnord Corp., 6.3%, 2/15/2030 (n) | 10,460,000 | 9,842,707 | ||
Regal Rexnord Corp., 6.4%, 4/15/2033 (n) | 10,590,000 | 9,715,215 | ||
Westinghouse Air Brake Technologies Corp., 3.2%, 6/15/2025 | 5,611,000 | 5,340,248 | ||
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 | 15,305,000 | 14,270,335 | ||
$60,906,254 | ||||
Consumer Products – 1.2% | ||||
Kenvue, Inc., 5%, 3/22/2030 | $ | 11,408,000 | $10,977,719 | |
Kenvue, Inc., 5.1%, 3/22/2043 | 10,021,000 | 8,865,318 | ||
Kenvue, Inc., 5.05%, 3/22/2053 | 9,133,000 | 7,847,026 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Consumer Products – continued | ||||
Mattel, Inc., 3.75%, 4/01/2029 (n) | $ | 24,027,000 | $20,553,616 | |
$48,243,679 | ||||
Consumer Services – 1.1% | ||||
Booking Holdings, Inc., 3.6%, 6/01/2026 | $ | 18,768,000 | $17,873,150 | |
Booking Holdings, Inc., 3.55%, 3/15/2028 | 2,201,000 | 2,035,332 | ||
CBRE Group, Inc., 5.95%, 8/15/2034 | 27,311,000 | 24,830,702 | ||
$44,739,184 | ||||
Containers – 0.2% | ||||
Berry Global, Inc., 5.5%, 4/15/2028 (n) | $ | 9,092,000 | $8,700,761 | |
Electronics – 1.1% | ||||
Intel Corp., 5.7%, 2/10/2053 | $ | 17,168,000 | $15,364,204 | |
Lam Research Corp., 1.9%, 6/15/2030 | 3,948,000 | 3,106,575 | ||
Lam Research Corp., 4.875%, 3/15/2049 | 7,369,000 | 6,078,270 | ||
NXP B.V./NXP Funding LLC/NXP USA, Inc., 3.125%, 2/15/2042 | 12,491,000 | 7,740,609 | ||
Sensata Technologies, Inc., 4.375%, 2/15/2030 (n) | 14,219,000 | 12,018,156 | ||
$44,307,814 | ||||
Emerging Market Quasi-Sovereign – 0.2% | ||||
Qatar Petroleum, 3.125%, 7/12/2041 (n) | $ | 14,719,000 | $9,665,967 | |
Emerging Market Sovereign – 0.3% | ||||
United Mexican States, 6.338%, 5/04/2053 | $ | 15,650,000 | $13,681,576 | |
Energy - Independent – 1.2% | ||||
EQT Corp., 3.625%, 5/15/2031 (n) | $ | 11,873,000 | $9,776,228 | |
Occidental Petroleum Corp., 6.125%, 1/01/2031 | 7,894,000 | 7,720,016 | ||
Occidental Petroleum Corp., 4.4%, 4/15/2046 | 7,501,000 | 5,350,989 | ||
Pioneer Natural Resources Co., 5.1%, 3/29/2026 | 13,002,000 | 12,858,593 | ||
Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 13,489,000 | 12,849,315 | ||
$48,555,141 | ||||
Energy - Integrated – 0.7% | ||||
BP Capital Markets America, Inc., 1.749%, 8/10/2030 | $ | 6,943,000 | $5,377,995 | |
BP Capital Markets America, Inc., 4.812%, 2/13/2033 | 5,243,000 | 4,790,482 | ||
BP Capital Markets America, Inc., 3.001%, 3/17/2052 | 10,654,000 | 6,188,750 | ||
Eni S.p.A., 4.75%, 9/12/2028 (n) | 12,652,000 | 11,948,038 | ||
$28,305,265 | ||||
Entertainment – 0.4% | ||||
Royal Caribbean Cruises Ltd., 4.25%, 7/01/2026 (n) | $ | 18,053,000 | $16,601,550 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – 1.8% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 7/21/2027 | $ | 24,891,000 | $22,344,670 | |
Avolon Holdings Funding Ltd., 4.375%, 5/01/2026 (n) | 6,240,000 | 5,816,418 | ||
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 9,024,000 | 7,945,394 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 11,844,000 | 9,911,128 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p) | 16,132,000 | 14,578,730 | ||
Macquarie AirFinance Holdings Ltd., 8.125%, 3/30/2029 (n) | 12,633,000 | 12,444,137 | ||
$73,040,477 | ||||
Food & Beverages – 4.7% | ||||
Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/2038 | $ | 8,822,000 | $7,297,510 | |
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 4/15/2058 | 15,286,000 | 12,246,920 | ||
Bacardi-Martini B.V., 5.4%, 6/15/2033 (n) | 21,513,000 | 19,657,038 | ||
Constellation Brands, Inc., 2.25%, 8/01/2031 | 12,758,000 | 9,694,932 | ||
Constellation Brands, Inc., 4.75%, 5/09/2032 | 13,091,000 | 11,775,565 | ||
Constellation Brands, Inc., 3.75%, 5/01/2050 | 5,973,000 | 3,982,996 | ||
Diageo Capital PLC, 2.375%, 10/24/2029 | 11,730,000 | 9,785,150 | ||
Diageo Capital PLC, 2%, 4/29/2030 | 4,475,000 | 3,557,882 | ||
Diageo Capital PLC, 5.625%, 10/05/2033 | 14,140,000 | 13,880,582 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.5%, 1/15/2030 | 4,282,000 | 3,913,207 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031 | 12,802,000 | 9,947,945 | ||
JDE Peet's N.V., 0.8%, 9/24/2024 (n) | 10,304,000 | 9,819,721 | ||
JM Smucker Co., 6.5%, 11/15/2053 | 15,479,000 | 14,594,722 | ||
Kraft Heinz Foods Co., 4.875%, 10/01/2049 | 12,944,000 | 10,133,805 | ||
Kraft Heinz Foods Co., 5.5%, 6/01/2050 | 12,522,000 | 10,747,135 | ||
Mars, Inc., 4.55%, 4/20/2028 (n) | 21,743,000 | 20,893,834 | ||
SYSCO Corp., 2.4%, 2/15/2030 | 4,205,000 | 3,385,957 | ||
SYSCO Corp., 2.45%, 12/14/2031 | 8,332,000 | 6,356,955 | ||
SYSCO Corp., 4.45%, 3/15/2048 | 9,063,000 | 6,710,061 | ||
$188,381,917 | ||||
Gaming & Lodging – 1.8% | ||||
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032 (n) | $ | 15,171,000 | $11,992,271 | |
Marriott International, Inc., 4%, 4/15/2028 | 22,081,000 | 20,290,337 | ||
Marriott International, Inc., 2.85%, 4/15/2031 | 17,655,000 | 13,873,977 | ||
VICI Properties LP, REIT, 4.75%, 2/15/2028 | 12,907,000 | 11,886,056 | ||
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/2026 (n) | 7,044,000 | 6,501,055 | ||
Wynn Macau Ltd., 5.5%, 10/01/2027 (n) | 8,657,000 | 7,532,639 | ||
$72,076,335 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance – 0.8% | ||||
Corebridge Financial, Inc., 3.9%, 4/05/2032 | $ | 16,695,000 | $13,656,851 | |
Corebridge Financial, Inc., 4.35%, 4/05/2042 | 2,707,000 | 1,962,726 | ||
Equitable Holdings, Inc., 5.594%, 1/11/2033 | 17,154,000 | 15,795,217 | ||
$31,414,794 | ||||
Insurance - Health – 1.5% | ||||
Centene Corp., 2.625%, 8/01/2031 | $ | 15,819,000 | $11,880,069 | |
Humana, Inc., 4.95%, 10/01/2044 | 13,471,000 | 10,769,783 | ||
Humana, Inc., 5.5%, 3/15/2053 | 6,875,000 | 5,921,679 | ||
UnitedHealth Group, Inc., 5.3%, 2/15/2030 | 11,253,000 | 11,046,381 | ||
UnitedHealth Group, Inc., 4.625%, 7/15/2035 | 12,467,000 | 11,083,292 | ||
UnitedHealth Group, Inc., 5.875%, 2/15/2053 | 9,297,000 | 8,792,181 | ||
$59,493,385 | ||||
Insurance - Property & Casualty – 2.1% | ||||
American International Group, Inc., 5.125%, 3/27/2033 | $ | 12,789,000 | $11,629,781 | |
Aon Corp./Aon Global Holdings PLC, 2.05%, 8/23/2031 | 9,496,000 | 7,029,680 | ||
Arthur J. Gallagher & Co., 6.5%, 2/15/2034 (w) | 12,108,000 | 12,017,446 | ||
Arthur J. Gallagher & Co., 6.75%, 2/15/2054 (w) | 9,193,000 | 9,033,041 | ||
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 | 11,222,000 | 9,035,407 | ||
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 | 8,800,000 | 8,130,599 | ||
Hub International Ltd., 7.25%, 6/15/2030 (n) | 10,517,000 | 10,258,913 | ||
RenaissanceRe Holdings Ltd., 5.75%, 6/05/2033 | 17,426,000 | 16,031,295 | ||
$83,166,162 | ||||
International Market Quasi-Sovereign – 0.8% | ||||
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $ | 16,054,000 | $16,061,385 | |
Ontario Teachers' Cadillac Fairview Properties, 2.5%, 10/15/2031 (n) | 20,295,000 | 14,992,314 | ||
$31,053,699 | ||||
International Market Sovereign – 0.5% | ||||
Government of Bermuda, 5%, 7/15/2032 (n) | $ | 21,773,000 | $19,814,942 | |
Machinery & Tools – 1.5% | ||||
Ashtead Capital, Inc., 4.375%, 8/15/2027 (n) | $ | 3,228,000 | $2,988,812 | |
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | 13,785,000 | 12,353,106 | ||
Ashtead Capital, Inc., 5.95%, 10/15/2033 (n) | 8,052,000 | 7,346,355 | ||
CNH Industrial Capital LLC, 5.45%, 10/14/2025 | 17,462,000 | 17,328,165 | ||
CNH Industrial Capital LLC, 5.5%, 1/12/2029 | 15,194,000 | 14,727,397 | ||
CNH Industrial N.V., 3.85%, 11/15/2027 | 5,323,000 | 4,905,524 | ||
$59,649,359 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – 17.4% | ||||
Bank of America Corp., 4.376% to 4/27/2027, FLR (SOFR - 1 day + 1.58%) to 4/27/2028 | $ | 25,565,000 | $23,864,507 | |
Bank of America Corp., 5.819% to 9/15/2028, FLR (SOFR - 1 day + 1.57%) to 9/15/2029 | 15,822,000 | 15,406,332 | ||
Bank of America Corp., 2.687% to 4/22/2031, FLR (SOFR - 1 day + 1.32%) to 4/22/2032 | 8,035,000 | 6,160,827 | ||
Bank of America Corp., 5.872% to 9/15/2033, FLR (SOFR - 1 day + 1.84%) to 9/15/2034 | 15,558,000 | 14,650,543 | ||
Bank of New York Mellon Corp., 5.802% to 10/25/2027, FLR (SOFR - 1 day + 1.802%) to 10/25/2028 | 6,126,000 | 6,046,996 | ||
Bank of New York Mellon Corp., 5.834% to 10/25/2032, FLR (SOFR - 1 day + 2.074%) to 10/25/2033 | 5,967,000 | 5,715,364 | ||
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032 | 21,578,000 | 15,755,647 | ||
Capital One Financial Corp., 6.312% to 6/08/2028, FLR (SOFR - 1 day + 2.640%) to 6/08/2029 | 8,133,000 | 7,787,129 | ||
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034 | 3,714,000 | 3,386,909 | ||
Commonwealth Bank of Australia, 3.61% to 9/12/2029, FLR (CMT - 1yr. + 2.05%) to 9/12/2034 (n) | 12,534,000 | 10,333,546 | ||
Commonwealth Bank of Australia, 3.305%, 3/11/2041 (n) | 18,459,000 | 11,261,241 | ||
Credit Agricole S.A., 1.247% to 1/26/2026, FLR (SOFR - 1 day + 0.89162%) to 1/26/2027 (n) | 28,208,000 | 25,153,380 | ||
Deutsche Bank AG, 7.079% to 2/10/2033, FLR (SOFR - 1 day + 3.65%) to 2/10/2034 | 13,666,000 | 12,038,587 | ||
Goldman Sachs Group, Inc., 2.6%, 2/07/2030 | 12,284,000 | 9,862,556 | ||
HSBC Holdings PLC, 2.357% to 8/18/2030, FLR (SOFR - 1 day + 1.947%) to 8/18/2031 | 21,465,000 | 16,178,448 | ||
HSBC Holdings PLC, 2.871% to 11/22/2031, FLR (SOFR - 1 day + 1.41%) to 11/22/2032 | 4,783,000 | 3,565,791 | ||
Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029 | 12,477,000 | 11,994,032 | ||
JPMorgan Chase & Co., 6.07% to 10/22/2026, FLR (SOFR - 1 day + 1.33%) to 10/21/2027 | 19,493,000 | 19,451,794 | ||
JPMorgan Chase & Co., 3.782% to 2/01/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.337%) to 2/01/2028 | 13,000,000 | 12,061,426 | ||
JPMorgan Chase & Co., 4.323% to 4/26/2027, FLR (SOFR - 1 day + 1.56%) to 4/26/2028 | 4,363,000 | 4,098,347 | ||
JPMorgan Chase & Co., 3.54%, 5/01/2028 | 18,887,000 | 17,287,960 | ||
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 | 31,699,000 | 24,017,044 | ||
Mitsubishi UFJ Financial Group, Inc., 5.719% to 2/20/2025, FLR (CMT - 1yr. + 1.08%) to 2/20/2026 | 24,317,000 | 24,164,428 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Mitsubishi UFJ Financial Group, Inc., 1.64% to 10/13/2026, FLR (CMT - 1yr. + 0.67%) to 10/13/2027 | $ | 14,185,000 | $12,443,262 | |
Mitsubishi UFJ Financial Group, Inc., 5.422% to 2/22/2028, FLR (CMT - 1yr. + 1.38%) to 2/22/2029 | 8,514,000 | 8,244,763 | ||
Mitsubishi UFJ Financial Group, Inc., 2.494% to 10/13/2031, FLR (CMT - 1yr. + 0.97%) to 10/13/2032 | 16,409,000 | 12,343,372 | ||
Mizuho Financial Group, 5.754%, 5/27/2034 | 21,049,000 | 19,655,214 | ||
Morgan Stanley, 0.985% to 12/10/2025, FLR (SOFR - 1 day + 0.72%) to 12/10/2026 | 13,246,000 | 11,788,281 | ||
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 | 7,481,000 | 7,194,776 | ||
Morgan Stanley, 4.431% to 1/23/2029, FLR ((SOFR - 3mo. + 0.26161%) + 1.628%) to 1/23/2030 | 3,224,000 | 2,935,530 | ||
Morgan Stanley, 3.622% to 4/01/2030, FLR (SOFR - 1 day + 3.12%) to 4/01/2031 | 32,791,000 | 27,763,350 | ||
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 | 8,561,000 | 7,813,468 | ||
Morgan Stanley, 2.484% to 9/16/2031, FLR (SOFR - 1 day + 1.36%) to 9/16/2036 | 14,047,000 | 9,937,053 | ||
National Australia Bank Ltd., 3.347% to 1/12/2032, FLR (CMT - 5yr. + 1.7%) to 1/12/2037 (n) | 19,454,000 | 14,419,417 | ||
Nationwide Building Society, 6.557% to 10/18/2026, FLR (SOFR - 1 day + 1.91%) to 10/17/2027 (n) | 12,881,000 | 12,860,326 | ||
NatWest Group PLC, 5.847% to 3/02/2026, FLR (CMT - 1yr. + 1.35%) to 3/02/2027 | 10,295,000 | 10,122,648 | ||
Nordea Bank Abp, 1.5%, 9/30/2026 (n) | 24,233,000 | 21,252,084 | ||
Royal Bank of Canada, 2.3%, 11/03/2031 | 20,791,000 | 15,654,263 | ||
Royal Bank of Canada, 5%, 2/01/2033 | 10,678,000 | 9,654,132 | ||
Standard Chartered PLC, 6.187%, 7/06/2027 (n) | 8,097,000 | 8,024,495 | ||
Sumitomo Mitsui Financial Group, Inc., 1.71%, 1/12/2031 | 28,730,000 | 20,869,281 | ||
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/09/2026 (n) | 19,569,000 | 19,417,712 | ||
Toronto-Dominion Bank, 4.108%, 6/08/2027 | 12,741,000 | 11,945,110 | ||
Toronto-Dominion Bank, 4.693%, 9/15/2027 | 16,991,000 | 16,181,429 | ||
Toronto-Dominion Bank, 2%, 9/10/2031 | 16,287,000 | 12,030,478 | ||
Toronto-Dominion Bank, 4.456%, 6/08/2032 | 4,326,000 | 3,772,257 | ||
UBS Group AG, 3.126% to 8/13/2029, FLR (LIBOR - 3mo. + 1.468%) to 8/13/2030 (n) | 29,176,000 | 24,120,292 | ||
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 24,966,000 | 17,332,740 | ||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 18,700,000 | 17,139,123 | ||
UniCredit S.p.A., 1.982% to 6/03/2026, FLR (CMT - 1yr. + 1.2%) to 6/03/2027 (n) | 4,551,000 | 4,016,106 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Wells Fargo & Co., 3.908% to 4/25/2025, FLR (SOFR - 1 day + 1.32%) to 4/25/2026 | $ | 15,012,000 | $14,474,635 | |
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029 | 13,009,000 | 12,544,366 | ||
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 11,900,000 | 9,369,662 | ||
$695,562,459 | ||||
Medical & Health Technology & Services – 3.3% | ||||
Alcon Finance Corp., 2.6%, 5/27/2030 (n) | $ | 24,516,000 | $19,753,006 | |
Alcon Finance Corp., 3.8%, 9/23/2049 (n) | 6,904,000 | 4,678,261 | ||
Becton, Dickinson and Co., 2.823%, 5/20/2030 | 5,566,000 | 4,584,372 | ||
Becton, Dickinson and Co., 4.298%, 8/22/2032 | 3,494,000 | 3,068,877 | ||
Becton, Dickinson and Co., 4.685%, 12/15/2044 | 6,838,000 | 5,465,469 | ||
CVS Health Corp., 5%, 2/20/2026 | 11,878,000 | 11,652,565 | ||
CVS Health Corp., 5.625%, 2/21/2053 | 15,809,000 | 13,396,971 | ||
HCA, Inc., 5.2%, 6/01/2028 | 10,300,000 | 9,806,766 | ||
HCA, Inc., 5.875%, 2/01/2029 | 12,628,000 | 12,234,239 | ||
Marin General Hospital, 7.242%, 8/01/2045 | 8,685,000 | 7,582,929 | ||
Quest Diagnostics, Inc., 6.4%, 11/30/2033 | 17,105,000 | 17,053,519 | ||
Thermo Fisher Scientific, Inc., 4.977%, 8/10/2030 | 12,497,000 | 11,920,707 | ||
Thermo Fisher Scientific, Inc., 2%, 10/15/2031 | 6,659,000 | 5,024,670 | ||
Thermo Fisher Scientific, Inc., 2.8%, 10/15/2041 | 7,023,000 | 4,474,697 | ||
$130,697,048 | ||||
Medical Equipment – 0.2% | ||||
Danaher Corp., 2.6%, 10/01/2050 | $ | 16,527,000 | $9,095,028 | |
Metals & Mining – 1.4% | ||||
Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | $ | 11,184,000 | $9,471,924 | |
Anglo American Capital PLC, 2.625%, 9/10/2030 (n) | 6,170,000 | 4,828,642 | ||
FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 17,960,000 | 14,474,318 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 17,132,000 | 13,299,341 | ||
Novelis Corp., 4.75%, 1/30/2030 (n) | 17,674,000 | 14,995,937 | ||
$57,070,162 | ||||
Midstream – 5.0% | ||||
Columbia Pipelines Holdings Co. LLC, 6.055%, 8/15/2026 (n) | $ | 3,370,000 | $3,365,048 | |
Columbia Pipelines Operating Co. LLC, 6.544%, 11/15/2053 (n) | 19,527,000 | 17,936,090 | ||
Enbridge, Inc., 5.969%, 3/08/2026 | 8,316,000 | 8,258,062 | ||
Enbridge, Inc., 5.7%, 3/08/2033 | 11,666,000 | 10,908,104 | ||
Enbridge, Inc., 8.5% to 1/15/2034, FLR (CMT - 5yr. + 4.431%) to 1/15/2054, FLR (CMT - 5yr. + 5.181%) to 1/15/2084 | 14,863,000 | 14,238,268 | ||
Energy Transfer LP, 4%, 10/01/2027 | 8,335,000 | 7,674,087 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – continued | ||||
Energy Transfer LP, 3.75%, 5/15/2030 | $ | 7,004,000 | $5,986,167 | |
Energy Transfer LP, 7.125% to 5/15/2030, FLR (CMT - 5yr. + 5.306%) to 5/15/2171 | 14,243,000 | 11,827,784 | ||
EQM Midstream Partners LP, 4.5%, 1/15/2029 (n) | 8,946,000 | 7,844,891 | ||
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/2027 (n) | 24,314,746 | 22,299,982 | ||
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/2034 (n) | 4,907,215 | 3,972,694 | ||
Plains All American Pipeline LP, 4.65%, 10/15/2025 | 15,024,000 | 14,552,715 | ||
Plains All American Pipeline LP, 3.55%, 12/15/2029 | 12,959,000 | 11,013,756 | ||
Plains All American Pipeline LP, 4.9%, 2/15/2045 | 8,649,000 | 6,238,275 | ||
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 | 10,515,000 | 9,675,092 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 4,213,000 | 3,778,967 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 11,478,000 | 9,513,682 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 20,184,000 | 14,727,637 | ||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 4,378,000 | 4,130,021 | ||
Venture Global Calcasieu Pass LLC, 4.125%, 8/15/2031 (n) | 5,012,000 | 4,029,682 | ||
Venture Global LNG, Inc., 9.5%, 2/01/2029 (n) | 5,413,000 | 5,499,283 | ||
$197,470,287 | ||||
Municipals – 0.2% | ||||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B”, 2.746%, 6/01/2034 | $ | 9,830,000 | $7,493,454 | |
Natural Gas - Pipeline – 0.3% | ||||
APA Infrastructure Ltd., 5%, 3/23/2035 (n) | $ | 12,850,000 | $11,059,841 | |
Oils – 0.7% | ||||
MC Brazil Downstream Trading S.à r.l., 7.25%, 6/30/2031 | $ | 16,695,862 | $11,879,105 | |
Puma International Financing S.A., 5%, 1/24/2026 | 18,125,000 | 16,285,675 | ||
$28,164,780 | ||||
Other Banks & Diversified Financials – 1.3% | ||||
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | $ | 12,296,000 | $12,026,049 | |
M&T Bank Corp., 5.053% to 1/27/2033, FLR (SOFR - 1 day + 1.850%) to 1/27/2034 | 4,573,000 | 3,827,984 | ||
Macquarie Group Ltd., 5.887%, 6/15/2034 (n) | 16,046,000 | 14,712,009 | ||
Manufacturers and Traders Trust Co., 4.7%, 1/27/2028 | 13,408,000 | 12,150,025 | ||
Truist Financial Corp., 7.161% to 10/30/2028, FLR (SOFR - 1 day + 2.446%) to 10/29/2029 | 8,032,000 | 8,079,364 | ||
$50,795,431 | ||||
Pharmaceuticals – 0.9% | ||||
Merck & Co., Inc., 2.75%, 12/10/2051 | $ | 7,976,000 | $4,503,900 | |
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/2033 | 18,415,000 | 16,923,436 | ||
Pfizer Investment Enterprises Pte. Ltd., 5.3%, 5/19/2053 | 8,900,000 | 7,786,145 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Pharmaceuticals – continued | ||||
Pfizer, Inc., 2.55%, 5/28/2040 | $ | 7,976,000 | $5,063,316 | |
$34,276,797 | ||||
Pollution Control – 0.8% | ||||
GFL Environmental, Inc., 3.5%, 9/01/2028 (n) | $ | 13,918,000 | $11,917,089 | |
Waste Management, Inc., 4.625%, 2/15/2033 | 19,864,000 | 18,015,175 | ||
$29,932,264 | ||||
Precious Metals & Minerals – 0.7% | ||||
Coeur Mining, Inc., 5.125%, 2/15/2029 (n) | $ | 6,068,000 | $5,051,610 | |
IAMGOLD Corp., 5.75%, 10/15/2028 (n) | 8,514,000 | 6,706,733 | ||
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 17,232,000 | 15,750,989 | ||
$27,509,332 | ||||
Railroad & Shipping – 0.6% | ||||
Burlington Northern Santa Fe, LLC, 5.2%, 4/15/2054 | $ | 14,985,000 | $12,939,159 | |
Canadian Pacific Railway Co., 3.1%, 12/02/2051 | 17,537,000 | 10,294,511 | ||
$23,233,670 | ||||
Real Estate - Office – 1.1% | ||||
Boston Properties LP, REIT, 2.45%, 10/01/2033 | $ | 4,219,000 | $2,742,338 | |
Boston Properties LP, REIT, 6.5%, 1/15/2034 | 6,785,000 | 6,195,573 | ||
Corporate Office Property LP, REIT, 2%, 1/15/2029 | 18,241,000 | 13,859,283 | ||
Corporate Office Property LP, REIT, 2.75%, 4/15/2031 | 27,392,000 | 20,076,757 | ||
$42,873,951 | ||||
Real Estate - Other – 1.7% | ||||
EPR Properties, REIT, 3.6%, 11/15/2031 | $ | 12,888,000 | $9,276,880 | |
Extra Space Storage LP, 5.5%, 7/01/2030 | 16,979,000 | 16,060,137 | ||
Lexington Realty Trust Co., 2.375%, 10/01/2031 | 16,899,000 | 12,084,874 | ||
Prologis LP, REIT, 5.125%, 1/15/2034 | 20,823,000 | 19,068,490 | ||
W.P. Carey, Inc., REIT, 2.45%, 2/01/2032 | 15,091,000 | 11,097,963 | ||
$67,588,344 | ||||
Real Estate - Retail – 0.8% | ||||
NNN REIT, Inc., 5.6%, 10/15/2033 | $ | 13,247,000 | $12,210,116 | |
Spirit Realty, LP, REIT, 4.45%, 9/15/2026 | 6,660,000 | 6,348,598 | ||
STORE Capital Corp., REIT, 2.7%, 12/01/2031 | 20,734,000 | 13,897,130 | ||
$32,455,844 | ||||
Retailers – 1.1% | ||||
Alimentation Couche-Tard, Inc., 3.439%, 5/13/2041 (n) | $ | 1,953,000 | $1,247,692 | |
Alimentation Couche-Tard, Inc., 3.8%, 1/25/2050 (n) | 18,119,000 | 11,241,515 | ||
Amazon.com, Inc., 3.6%, 4/13/2032 | 15,019,000 | 13,040,577 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Retailers – continued | ||||
AutoZone, Inc., 4.75%, 8/01/2032 | $ | 10,050,000 | $8,924,048 | |
Home Depot, Inc., 3.3%, 4/15/2040 | 15,616,000 | 11,040,861 | ||
$45,494,693 | ||||
Specialty Chemicals – 0.4% | ||||
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n) | $ | 8,252,000 | $7,439,504 | |
International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | 3,953,000 | 3,277,575 | ||
International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n) | 4,867,000 | 3,614,407 | ||
$14,331,486 | ||||
Specialty Stores – 0.4% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 10,188,000 | $7,688,395 | |
DICK'S Sporting Goods, 4.1%, 1/15/2052 | 12,040,000 | 7,043,492 | ||
$14,731,887 | ||||
Telecommunications - Wireless – 3.8% | ||||
Cellnex Finance Co. S.A., 3.875%, 7/07/2041 (n) | $ | 24,203,000 | $16,133,113 | |
Crown Castle, Inc., REIT, 4.45%, 2/15/2026 | 10,709,000 | 10,316,570 | ||
Crown Castle, Inc., REIT, 4%, 3/01/2027 | 9,286,000 | 8,648,148 | ||
Crown Castle, Inc., REIT, 3.65%, 9/01/2027 | 8,862,000 | 8,056,369 | ||
Millicom International Cellular S.A., 4.5%, 4/27/2031 (n) | 13,604,000 | 10,261,157 | ||
Rogers Communications, Inc., 3.8%, 3/15/2032 | 11,639,000 | 9,438,671 | ||
Rogers Communications, Inc., 4.5%, 3/15/2042 | 12,354,000 | 9,139,557 | ||
Rogers Communications, Inc., 4.55%, 3/15/2052 | 7,360,000 | 5,090,538 | ||
T-Mobile USA, Inc., 2.05%, 2/15/2028 | 18,236,000 | 15,549,844 | ||
T-Mobile USA, Inc., 5.05%, 7/15/2033 | 13,046,000 | 11,789,461 | ||
T-Mobile USA, Inc., 3%, 2/15/2041 | 30,674,000 | 19,361,412 | ||
Vodafone Group PLC, 5.625%, 2/10/2053 | 12,681,000 | 10,665,650 | ||
Vodafone Group PLC, 4.125% to 6/04/2031, FLR (CMT - 1yr. + 2.767%) to 6/04/2051, FLR (CMT - 1yr. + 3.517%) to 6/04/2081 | 21,182,000 | 16,011,300 | ||
$150,461,790 | ||||
Tobacco – 0.8% | ||||
B.A.T. Capital Corp., 6.343%, 8/02/2030 | $ | 15,471,000 | $15,014,817 | |
Philip Morris International, Inc., 5.625%, 11/17/2029 | 5,491,000 | 5,373,494 | ||
Philip Morris International, Inc., 5.125%, 2/15/2030 | 13,994,000 | 13,183,202 | ||
$33,571,513 | ||||
U.S. Treasury Obligations – 5.1% | ||||
U.S. Treasury Bonds, 2.375%, 2/15/2042 | $ | 95,217,000 | $62,872,975 | |
U.S. Treasury Bonds, 3.875%, 5/15/2043 | 81,439,000 | 67,632,545 | ||
U.S. Treasury Bonds, 2.875%, 5/15/2052 | 50,458,600 | 33,671,260 | ||
U.S. Treasury Notes, 2.625%, 4/15/2025 | 16,595,000 | 15,990,190 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – continued | ||||
U.S. Treasury Notes, 4.625%, 6/30/2025 | $ | 22,500,000 | $22,308,399 | |
$202,475,369 | ||||
Utilities - Electric Power – 8.3% | ||||
AEP Transmission Co. LLC, 5.4%, 3/15/2053 | $ | 5,252,000 | $4,587,505 | |
American Electric Power Co., Inc., 5.699%, 8/15/2025 | 10,141,000 | 10,057,684 | ||
American Electric Power Co., Inc., 5.625%, 3/01/2033 | 11,756,000 | 11,034,469 | ||
American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 4,691,000 | 3,610,609 | ||
Berkshire Hathaway Energy Co., 5.15%, 11/15/2043 | 3,795,000 | 3,195,604 | ||
Berkshire Hathaway Energy Co., 4.6%, 5/01/2053 | 3,159,000 | 2,340,493 | ||
CenterPoint Energy, Inc., 2.65%, 6/01/2031 | 17,210,000 | 13,419,469 | ||
Duke Energy Carolinas LLC, 2.45%, 2/01/2030 | 25,541,000 | 20,954,350 | ||
Enel Finance International N.V., 4.625%, 6/15/2027 (n) | 16,585,000 | 15,670,198 | ||
Enel Finance International N.V., 2.25%, 7/12/2031 (n) | 7,340,000 | 5,377,500 | ||
Enel Finance International N.V., 7.75%, 10/14/2052 (n) | 9,393,000 | 9,644,752 | ||
FirstEnergy Corp., 4.15%, 7/15/2027 | 16,631,000 | 15,393,511 | ||
FirstEnergy Corp., 2.65%, 3/01/2030 | 13,738,000 | 11,080,841 | ||
FirstEnergy Corp., 3.4%, 3/01/2050 | 22,986,000 | 13,900,964 | ||
Florida Power & Light Co., 2.85%, 4/01/2025 | 8,281,000 | 7,964,834 | ||
Florida Power & Light Co., 4.45%, 5/15/2026 | 7,226,000 | 7,068,671 | ||
Florida Power & Light Co., 2.45%, 2/03/2032 | 6,909,000 | 5,387,859 | ||
Florida Power & Light Co., 3.95%, 3/01/2048 | 8,281,000 | 5,909,851 | ||
Georgia Power Co., 4.7%, 5/15/2032 | 10,974,000 | 9,935,231 | ||
Georgia Power Co., 4.95%, 5/17/2033 | 12,724,000 | 11,613,965 | ||
Georgia Power Co., 5.125%, 5/15/2052 | 13,035,000 | 10,795,684 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 22,679,000 | 17,391,948 | ||
MidAmerican Energy Co., 5.85%, 9/15/2054 | 15,452,000 | 14,469,278 | ||
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025 | 8,156,000 | 8,151,330 | ||
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025 | 8,412,000 | 8,372,455 | ||
NextEra Energy Capital Holdings, Inc., 2.44%, 1/15/2032 | 2,720,000 | 2,039,205 | ||
NextEra Energy Capital Holdings, Inc., 3.8% to 3/15/2027, FLR (CMT - 5yr. + 2.547%) to 3/15/2082 | 9,140,000 | 7,311,910 | ||
Pacific Gas & Electric Co., 5.45%, 6/15/2027 | 10,156,000 | 9,703,826 | ||
Pacific Gas & Electric Co., 2.5%, 2/01/2031 | 27,538,000 | 20,414,345 | ||
Southern California Edison Co., 4.5%, 9/01/2040 | 7,827,000 | 6,075,821 | ||
Southern California Edison Co., 3.65%, 2/01/2050 | 4,289,000 | 2,724,602 | ||
Virginia Electric & Power Co., 2.875%, 7/15/2029 | 11,354,000 | 9,755,909 | ||
WEC Energy Group, Inc., 4.75%, 1/09/2026 | 23,734,000 | 23,155,945 | ||
Xcel Energy, Inc., 4.6%, 6/01/2032 | 3,557,000 | 3,144,399 | ||
$331,655,017 | ||||
Total Bonds (Identified Cost, $4,395,184,495) | $3,796,481,561 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 3.7% | ||||
Money Market Funds – 3.7% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $149,135,886) | 149,129,429 | $149,144,342 | ||
Other Assets, Less Liabilities – 1.1% | 44,235,928 | |||
Net Assets – 100.0% | $3,989,861,831 |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $149,144,342 and $3,796,481,561, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,057,841,944, representing 26.5% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
ReadyCap Commercial Mortgage Trust, 2021-FL5, “A”, FLR, 6.439% ((SOFR - 1mo. + 0.11448%) + 1%), 4/25/2038 | 2/14/2022 | $4,243,447 | $4,236,775 |
% of Net assets | 0.1% |
The following abbreviations are used in this report and are defined: | |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 5 yr | Short | USD | 1,077 | $112,521,258 | December – 2023 | $1,780,280 |
U.S. Treasury Ultra Note 10 yr | Short | USD | 1,843 | 200,570,235 | December – 2023 | 10,310,170 |
$12,090,450 | ||||||
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Bond 30 yr | Long | USD | 610 | $66,756,875 | December – 2023 | $(2,891,833) |
U.S. Treasury Note 2 yr | Long | USD | 1,963 | 397,354,143 | December – 2023 | (1,443,237) |
U.S. Treasury Ultra Bond 30 yr | Long | USD | 673 | 75,754,562 | December – 2023 | (9,835,067) |
$(14,170,137) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $4,395,184,495) | $3,796,481,561 |
Investments in affiliated issuers, at value (identified cost, $149,135,886) | 149,144,342 |
Cash | 1,620 |
Receivables for | |
Net daily variation margin on open futures contracts | 126,540 |
Investments sold | 49,104,633 |
Fund shares sold | 6,046,321 |
Interest and dividends | 44,635,136 |
Other assets | 32,925 |
Total assets | $4,045,573,078 |
Liabilities | |
Payables for | |
Distributions | $580,722 |
Investments purchased | 17,113,619 |
When-issued investments purchased | 21,159,801 |
Fund shares reacquired | 15,561,742 |
Payable to affiliates | |
Investment adviser | 80,955 |
Administrative services fee | 3,189 |
Shareholder servicing costs | 917,434 |
Distribution and service fees | 24,670 |
Payable for independent Trustees' compensation | 652 |
Accrued expenses and other liabilities | 268,463 |
Total liabilities | $55,711,247 |
Net assets | $3,989,861,831 |
Net assets consist of | |
Paid-in capital | $5,148,282,475 |
Total distributable earnings (loss) | (1,158,420,644) |
Net assets | $3,989,861,831 |
Shares of beneficial interest outstanding | 352,015,727 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,587,777,483 | 139,983,049 | $11.34 |
Class B | 2,402,753 | 212,242 | 11.32 |
Class C | 35,307,661 | 3,122,656 | 11.31 |
Class I | 834,059,771 | 73,623,524 | 11.33 |
Class R1 | 3,183,298 | 281,283 | 11.32 |
Class R2 | 13,564,638 | 1,195,492 | 11.35 |
Class R3 | 23,058,052 | 2,031,806 | 11.35 |
Class R4 | 48,630,286 | 4,285,885 | 11.35 |
Class R6 | 1,441,877,889 | 127,279,790 | 11.33 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $11.84 [100 / 95.75 x $11.34]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Interest | $98,222,479 |
Dividends from affiliated issuers | 2,702,916 |
Other | 289,377 |
Total investment income | $101,214,772 |
Expenses | |
Management fee | $8,101,928 |
Distribution and service fees | 2,402,535 |
Shareholder servicing costs | 1,552,422 |
Administrative services fee | 308,048 |
Independent Trustees' compensation | 34,992 |
Custodian fee | 93,481 |
Shareholder communications | 171,610 |
Audit and tax fees | 42,972 |
Legal fees | 10,851 |
Miscellaneous | 162,032 |
Total expenses | $12,880,871 |
Fees paid indirectly | (6,682) |
Reduction of expenses by investment adviser and distributor | (268,403) |
Net expenses | $12,605,786 |
Net investment income (loss) | $88,608,986 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(185,201,353) |
Affiliated issuers | 13,094 |
Futures contracts | (5,066,653) |
Net realized gain (loss) | $(190,254,912) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(150,076,081) |
Affiliated issuers | (29,533) |
Futures contracts | 611,953 |
Net unrealized gain (loss) | $(149,493,661) |
Net realized and unrealized gain (loss) | $(339,748,573) |
Change in net assets from operations | $(251,139,587) |
Six months ended | Year ended | |
10/31/23 (unaudited) | 4/30/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $88,608,986 | $150,733,982 |
Net realized gain (loss) | (190,254,912) | (327,077,618) |
Net unrealized gain (loss) | (149,493,661) | 173,652,773 |
Change in net assets from operations | $(251,139,587) | $(2,690,863) |
Total distributions to shareholders | $(89,129,252) | $(155,256,971) |
Change in net assets from fund share transactions | $46,146,433 | $(456,065,226) |
Total change in net assets | $(294,122,406) | $(614,013,060) |
Net assets | ||
At beginning of period | 4,283,984,237 | 4,897,997,297 |
At end of period | $3,989,861,831 | $4,283,984,237 |
Class A | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.30 | $12.71 | $15.09 | $14.88 | $13.93 | $13.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.24 | $0.41 | $0.35 | $0.37 | $0.42 | $0.43 |
Net realized and unrealized gain (loss) | (0.96) | (0.40) | (1.92) | 0.37 | 0.96 | 0.41 |
Total from investment operations | $(0.72) | $0.01 | $(1.57) | $0.74 | $1.38 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.41) | $(0.36) | $(0.39) | $(0.43) | $(0.43) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.24) | $(0.42) | $(0.81) | $(0.53) | $(0.43) | $(0.43) |
Net asset value, end of period (x) | $11.34 | $12.30 | $12.71 | $15.09 | $14.88 | $13.93 |
Total return (%) (r)(s)(t)(x) | (5.91)(n) | 0.20 | (11.00) | 4.94 | 10.00 | 6.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.78 | 0.76 | 0.77 | 0.79 | 0.79 |
Expenses after expense reductions (f) | 0.77(a) | 0.77 | 0.75 | 0.75 | 0.77 | 0.78 |
Net investment income (loss) | 4.02(a) | 3.36 | 2.38 | 2.42 | 2.91 | 3.16 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $1,587,777 | $1,726,630 | $1,932,006 | $2,328,936 | $1,996,170 | $1,654,534 |
Class B | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.28 | $12.68 | $15.06 | $14.85 | $13.90 | $13.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.32 | $0.24 | $0.26 | $0.32 | $0.32 |
Net realized and unrealized gain (loss) | (0.95) | (0.39) | (1.92) | 0.36 | 0.95 | 0.41 |
Total from investment operations | $(0.76) | $(0.07) | $(1.68) | $0.62 | $1.27 | $0.73 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.32) | $(0.25) | $(0.27) | $(0.32) | $(0.33) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.33) | $(0.70) | $(0.41) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $11.32 | $12.28 | $12.68 | $15.06 | $14.85 | $13.90 |
Total return (%) (r)(s)(t)(x) | (6.28)(n) | (0.48) | (11.70) | 4.17 | 9.20 | 5.53 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.52 | 1.54 | 1.54 |
Expenses after expense reductions (f) | 1.52(a) | 1.52 | 1.50 | 1.50 | 1.53 | 1.53 |
Net investment income (loss) | 3.25(a) | 2.60 | 1.62 | 1.70 | 2.18 | 2.41 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $2,403 | $3,585 | $6,283 | $10,838 | $21,384 | $33,983 |
Class C | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.26 | $12.67 | $15.04 | $14.84 | $13.89 | $13.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.32 | $0.24 | $0.26 | $0.31 | $0.32 |
Net realized and unrealized gain (loss) | (0.94) | (0.40) | (1.91) | 0.35 | 0.96 | 0.42 |
Total from investment operations | $(0.75) | $(0.08) | $(1.67) | $0.61 | $1.27 | $0.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.32) | $(0.25) | $(0.27) | $(0.32) | $(0.33) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.33) | $(0.70) | $(0.41) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $11.31 | $12.26 | $12.67 | $15.04 | $14.84 | $13.89 |
Total return (%) (r)(s)(t)(x) | (6.21)(n) | (0.56) | (11.65) | 4.10 | 9.21 | 5.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.51 | 1.54 | 1.54 |
Expenses after expense reductions (f) | 1.52(a) | 1.52 | 1.50 | 1.50 | 1.53 | 1.53 |
Net investment income (loss) | 3.26(a) | 2.60 | 1.62 | 1.68 | 2.16 | 2.41 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $35,308 | $42,440 | $61,283 | $98,956 | $143,988 | $143,872 |
Class I | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.29 | $12.69 | $15.07 | $14.87 | $13.92 | $13.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.25 | $0.44 | $0.39 | $0.41 | $0.46 | $0.46 |
Net realized and unrealized gain (loss) | (0.95) | (0.39) | (1.92) | 0.36 | 0.96 | 0.42 |
Total from investment operations | $(0.70) | $0.05 | $(1.53) | $0.77 | $1.42 | $0.88 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.44) | $(0.40) | $(0.43) | $(0.47) | $(0.47) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.26) | $(0.45) | $(0.85) | $(0.57) | $(0.47) | $(0.47) |
Net asset value, end of period (x) | $11.33 | $12.29 | $12.69 | $15.07 | $14.87 | $13.92 |
Total return (%) (r)(s)(t)(x) | (5.80)(n) | 0.53 | (10.79) | 5.14 | 10.28 | 6.66 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.51 | 0.52 | 0.53 | 0.54 |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.50 | 0.50 | 0.52 | 0.53 |
Net investment income (loss) | 4.26(a) | 3.60 | 2.62 | 2.66 | 3.15 | 3.40 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $834,060 | $934,582 | $1,062,759 | $1,573,250 | $1,306,407 | $1,021,313 |
Class R1 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.28 | $12.68 | $15.05 | $14.85 | $13.90 | $13.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.32 | $0.24 | $0.26 | $0.31 | $0.32 |
Net realized and unrealized gain (loss) | (0.95) | (0.39) | (1.91) | 0.35 | 0.96 | 0.42 |
Total from investment operations | $(0.76) | $(0.07) | $(1.67) | $0.61 | $1.27 | $0.74 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.32) | $(0.25) | $(0.27) | $(0.32) | $(0.33) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.33) | $(0.70) | $(0.41) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $11.32 | $12.28 | $12.68 | $15.05 | $14.85 | $13.90 |
Total return (%) (r)(s)(t)(x) | (6.28)(n) | (0.48) | (11.64) | 4.10 | 9.20 | 5.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.51 | 1.54 | 1.54 |
Expenses after expense reductions (f) | 1.52(a) | 1.52 | 1.50 | 1.50 | 1.53 | 1.53 |
Net investment income (loss) | 3.26(a) | 2.61 | 1.62 | 1.68 | 2.16 | 2.41 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $3,183 | $3,629 | $3,922 | $5,391 | $5,970 | $6,187 |
Class R2 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.31 | $12.71 | $15.09 | $14.88 | $13.93 | $13.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.23 | $0.38 | $0.31 | $0.34 | $0.39 | $0.39 |
Net realized and unrealized gain (loss) | (0.96) | (0.39) | (1.91) | 0.36 | 0.95 | 0.41 |
Total from investment operations | $(0.73) | $(0.01) | $(1.60) | $0.70 | $1.34 | $0.80 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.23) | $(0.38) | $(0.33) | $(0.35) | $(0.39) | $(0.40) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.23) | $(0.39) | $(0.78) | $(0.49) | $(0.39) | $(0.40) |
Net asset value, end of period (x) | $11.35 | $12.31 | $12.71 | $15.09 | $14.88 | $13.93 |
Total return (%) (r)(s)(t)(x) | (6.02)(n) | 0.03 | (11.23) | 4.68 | 9.73 | 6.05 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.03 | 1.01 | 1.02 | 1.04 | 1.04 |
Expenses after expense reductions (f) | 1.02(a) | 1.02 | 1.00 | 1.00 | 1.03 | 1.03 |
Net investment income (loss) | 3.76(a) | 3.11 | 2.12 | 2.18 | 2.67 | 2.91 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $13,565 | $17,271 | $19,328 | $28,348 | $31,346 | $38,593 |
Class R3 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.31 | $12.71 | $15.09 | $14.88 | $13.93 | $13.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.24 | $0.39 | $0.35 | $0.37 | $0.42 | $0.43 |
Net realized and unrealized gain (loss) | (0.96) | (0.37) | (1.92) | 0.37 | 0.96 | 0.41 |
Total from investment operations | $(0.72) | $0.02 | $(1.57) | $0.74 | $1.38 | $0.84 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.24) | $(0.41) | $(0.36) | $(0.39) | $(0.43) | $(0.43) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.24) | $(0.42) | $(0.81) | $(0.53) | $(0.43) | $(0.43) |
Net asset value, end of period (x) | $11.35 | $12.31 | $12.71 | $15.09 | $14.88 | $13.93 |
Total return (%) (r)(s)(t)(x) | (5.90)(n) | 0.28 | (11.00) | 4.94 | 10.00 | 6.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.78 | 0.76 | 0.77 | 0.79 | 0.79 |
Expenses after expense reductions (f) | 0.77(a) | 0.76 | 0.75 | 0.75 | 0.78 | 0.78 |
Net investment income (loss) | 4.02(a) | 3.17 | 2.38 | 2.43 | 2.91 | 3.16 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $23,058 | $24,627 | $136,630 | $162,465 | $165,319 | $163,142 |
Class R4 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.31 | $12.71 | $15.09 | $14.89 | $13.93 | $13.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.44 | $0.39 | $0.41 | $0.46 | $0.46 |
Net realized and unrealized gain (loss) | (0.96) | (0.39) | (1.92) | 0.36 | 0.97 | 0.41 |
Total from investment operations | $(0.70) | $0.05 | $(1.53) | $0.77 | $1.43 | $0.87 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.44) | $(0.40) | $(0.43) | $(0.47) | $(0.47) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.26) | $(0.45) | $(0.85) | $(0.57) | $(0.47) | $(0.47) |
Net asset value, end of period (x) | $11.35 | $12.31 | $12.71 | $15.09 | $14.89 | $13.93 |
Total return (%) (r)(s)(t)(x) | (5.79)(n) | 0.53 | (10.78) | 5.13 | 10.35 | 6.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.51 | 0.52 | 0.53 | 0.54 |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.50 | 0.50 | 0.52 | 0.53 |
Net investment income (loss) | 4.27(a) | 3.61 | 2.63 | 2.67 | 3.17 | 3.41 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $48,630 | $53,301 | $61,624 | $73,890 | $63,775 | $75,519 |
Class R6 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $12.29 | $12.69 | $15.07 | $14.87 | $13.92 | $13.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.26 | $0.45 | $0.40 | $0.42 | $0.47 | $0.47 |
Net realized and unrealized gain (loss) | (0.96) | (0.39) | (1.92) | 0.36 | 0.96 | 0.42 |
Total from investment operations | $(0.70) | $0.06 | $(1.52) | $0.78 | $1.43 | $0.89 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.26) | $(0.45) | $(0.41) | $(0.44) | $(0.48) | $(0.48) |
From net realized gain | — | (0.01) | (0.45) | (0.14) | — | — |
Total distributions declared to shareholders | $(0.26) | $(0.46) | $(0.86) | $(0.58) | $(0.48) | $(0.48) |
Net asset value, end of period (x) | $11.33 | $12.29 | $12.69 | $15.07 | $14.87 | $13.92 |
Total return (%) (r)(s)(t)(x) | (5.75)(n) | 0.63 | (10.70) | 5.23 | 10.38 | 6.76 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.43(a) | 0.43 | 0.41 | 0.42 | 0.44 | 0.44 |
Expenses after expense reductions (f) | 0.42(a) | 0.42 | 0.40 | 0.41 | 0.43 | 0.43 |
Net investment income (loss) | 4.36(a) | 3.71 | 2.73 | 2.76 | 3.25 | 3.51 |
Portfolio turnover | 30(n) | 46 | 54 | 37 | 36 | 38 |
Net assets at end of period (000 omitted) | $1,441,878 | $1,477,919 | $1,614,162 | $1,849,423 | $1,268,071 | $1,034,161 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $202,475,369 | $— | $202,475,369 |
Non - U.S. Sovereign Debt | — | 74,216,184 | — | 74,216,184 |
Municipal Bonds | — | 7,493,454 | — | 7,493,454 |
U.S. Corporate Bonds | — | 2,301,342,739 | — | 2,301,342,739 |
Commercial Mortgage-Backed Securities | — | 59,418,455 | — | 59,418,455 |
Asset-Backed Securities (including CDOs) | — | 73,600,120 | — | 73,600,120 |
Foreign Bonds | — | 1,077,935,240 | — | 1,077,935,240 |
Mutual Funds | 149,144,342 | — | — | 149,144,342 |
Total | $149,144,342 | $3,796,481,561 | $— | $3,945,625,903 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $12,090,450 | $— | $— | $12,090,450 |
Futures Contracts – Liabilities | (14,170,137) | — | — | (14,170,137) |
Fair Value (a) | |||
Risk | Derivative Contracts | Asset Derivatives | Liability Derivatives |
Interest Rate | Futures Contracts | $12,090,450 | $(14,170,137) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts |
Interest Rate | $(5,066,653) |
Risk | Futures Contracts |
Interest Rate | $611,953 |
Year ended 4/30/23 | |
Ordinary income (including any short-term capital gains) | $151,559,260 |
Long-term capital gains | 3,697,711 |
Total distributions | $155,256,971 |
As of 10/31/23 | |
Cost of investments | $4,550,116,793 |
Gross appreciation | 292,392 |
Gross depreciation | (604,783,282) |
Net unrealized appreciation (depreciation) | $(604,490,890) |
As of 4/30/23 | |
Undistributed ordinary income | 17,103,394 |
Capital loss carryforwards | (366,329,943) |
Other temporary differences | (14,033,158) |
Net unrealized appreciation (depreciation) | (454,892,098) |
Short-Term | $(94,627,183) |
Long-Term | (271,702,760) |
Total | $(366,329,943) |
Six months ended 10/31/23 | Year ended 4/30/23 | ||
Class A | $33,884,540 | $60,380,248 | |
Class B | 50,828 | 131,185 | |
Class C | 647,718 | 1,342,438 | |
Class I | 19,891,675 | 32,831,247 | |
Class R1 | 56,849 | 99,900 | |
Class R2 | 281,266 | 579,141 | |
Class R3 | 478,968 | 1,954,549 | |
Class R4 | 1,111,460 | 2,113,438 | |
Class R6 | 32,725,948 | 55,824,825 | |
Total | $89,129,252 | $155,256,971 |
Up to $1.1 billion | 0.39% |
In excess of $1.1 billion and up to $5 billion | 0.38% |
In excess of $5 billion and up to $10 billion | 0.35% |
In excess of $10 billion | 0.34% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.25% | $ 2,104,820 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 15,563 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 197,721 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 17,349 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 37,356 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 29,726 |
Total Distribution and Service Fees | $2,402,535 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. For the six months ended October 31, 2023, this rebate amounted to $818, $36, and $7 for Class A, Class R2, and Class R3 shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $17,836 |
Class B | 811 |
Class C | 1,018 |
Purchases | Sales | |
U.S. Government securities | $132,576,266 | $138,639,415 |
Non-U.S. Government securities | 1,152,827,729 | 1,097,303,657 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 9,531,931 | $113,568,868 | 16,208,708 | $197,407,131 | |
Class B | 395 | 4,733 | 7,907 | 97,981 | |
Class C | 207,112 | 2,470,592 | 462,373 | 5,584,472 | |
Class I | 15,549,022 | 185,566,610 | 38,660,748 | 470,877,618 | |
Class R1 | 16,179 | 192,725 | 49,503 | 599,021 | |
Class R2 | 95,062 | 1,129,028 | 217,585 | 2,636,973 | |
Class R3 | 299,627 | 3,596,974 | 770,202 | 9,482,748 | |
Class R4 | 189,302 | 2,262,154 | 789,531 | 9,584,971 | |
Class R6 | 19,767,089 | 235,809,455 | 24,567,367 | 298,290,806 | |
45,655,719 | $544,601,139 | 81,733,924 | $994,561,721 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 2,782,244 | $32,990,584 | 4,831,276 | $58,652,516 | |
Class B | 3,821 | 45,304 | 9,726 | 117,873 | |
Class C | 52,127 | 616,389 | 106,102 | 1,284,249 | |
Class I | 1,483,181 | 17,565,142 | 2,333,776 | 28,326,538 | |
Class R1 | 4,802 | 56,819 | 8,215 | 99,475 | |
Class R2 | 23,494 | 278,884 | 47,497 | 576,645 | |
Class R3 | 40,381 | 478,884 | 137,838 | 1,700,358 | |
Class R4 | 93,551 | 1,110,036 | 172,524 | 2,095,472 | |
Class R6 | 2,669,689 | 31,606,970 | 4,469,434 | 54,209,484 | |
7,153,290 | $84,749,012 | 12,116,388 | $147,062,610 | ||
Shares reacquired | |||||
Class A | (12,667,378) | $(150,595,757) | (32,761,745) | $(399,068,069) | |
Class B | (83,924) | (989,724) | (221,136) | (2,682,672) | |
Class C | (596,942) | (7,065,151) | (1,946,876) | (23,484,043) | |
Class I | (19,460,802) | (229,752,075) | (48,679,930) | (591,328,170) | |
Class R1 | (35,351) | (419,861) | (71,477) | (877,364) | |
Class R2 | (326,385) | (3,925,956) | (382,633) | (4,658,481) | |
Class R3 | (308,806) | (3,714,234) | (9,660,612) | (120,039,341) | |
Class R4 | (327,645) | (3,877,165) | (1,479,942) | (17,914,001) | |
Class R6 | (15,426,182) | (182,863,795) | (35,962,657) | (437,637,416) | |
(49,233,415) | $(583,203,718) | (131,167,008) | $(1,597,689,557) |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (353,203) | $(4,036,305) | (11,721,761) | $(143,008,422) | |
Class B | (79,708) | (939,687) | (203,503) | (2,466,818) | |
Class C | (337,703) | (3,978,170) | (1,378,401) | (16,615,322) | |
Class I | (2,428,599) | (26,620,323) | (7,685,406) | (92,124,014) | |
Class R1 | (14,370) | (170,317) | (13,759) | (178,868) | |
Class R2 | (207,829) | (2,518,044) | (117,551) | (1,444,863) | |
Class R3 | 31,202 | 361,624 | (8,752,572) | (108,856,235) | |
Class R4 | (44,792) | (504,975) | (517,887) | (6,233,558) | |
Class R6 | 7,010,596 | 84,552,630 | (6,925,856) | (85,137,126) | |
3,575,594 | $46,146,433 | (37,316,696) | $(456,065,226) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $181,071,513 | $655,620,734 | $687,531,466 | $13,094 | $(29,533) | $149,144,342 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $2,702,916 | $— |
1 | |
3 | |
5 | |
23 | |
25 | |
26 | |
27 | |
33 | |
49 | |
53 | |
53 | |
53 | |
53 | |
53 |
back cover |
Investment Grade Corporates | 48.1% |
U.S. Treasury Securities | 41.2% |
Collateralized Loan Obligations | 11.1% |
Commercial Mortgage-Backed Securities | 5.9% |
Asset-Backed Securities | 5.5% |
Emerging Markets Bonds | 1.3% |
High Yield Corporates | 0.9% |
Municipal Bonds | 0.7% |
Mortgage-Backed Securities | 0.4% |
Non-U.S. Government Bonds | 0.4% |
Residential Mortgage-Backed Securities | 0.1% |
AAA | 10.7% |
AA | 9.4% |
A | 22.4% |
BBB | 30.5% |
BB | 0.9% |
CC | 0.1% |
C (o) | 0.0% |
U.S. Government | 24.1% |
Federal Agencies | 0.4% |
Not Rated | 17.1% |
Cash & Cash Equivalents | 1.5% |
Other (q) | (17.1)% |
Average Duration (d) | 2.0 |
Average Effective Maturity (m) | 2.3 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
(q) | For purposes of this presentation, Other includes equivalent exposure from offsets to derivative positions and may be negative. |
(v) | For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 0.58% | $1,000.00 | $1,006.18 | $2.92 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.22 | $2.95 | |
B | Actual | 1.33% | $1,000.00 | $1,002.39 | $6.69 |
Hypothetical (h) | 1.33% | $1,000.00 | $1,018.45 | $6.75 | |
C | Actual | 1.43% | $1,000.00 | $1,000.15 | $7.19 |
Hypothetical (h) | 1.43% | $1,000.00 | $1,017.95 | $7.25 | |
I | Actual | 0.43% | $1,000.00 | $1,006.87 | $2.17 |
Hypothetical (h) | 0.43% | $1,000.00 | $1,022.97 | $2.19 | |
R1 | Actual | 1.43% | $1,000.00 | $1,000.10 | $7.19 |
Hypothetical (h) | 1.43% | $1,000.00 | $1,017.95 | $7.25 | |
R2 | Actual | 0.83% | $1,000.00 | $1,004.94 | $4.18 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.96 | $4.22 | |
R3 | Actual | 0.68% | $1,000.00 | $1,005.69 | $3.43 |
Hypothetical (h) | 0.68% | $1,000.00 | $1,021.72 | $3.46 | |
R4 | Actual | 0.43% | $1,000.00 | $1,006.95 | $2.17 |
Hypothetical (h) | 0.43% | $1,000.00 | $1,022.97 | $2.19 | |
R6 | Actual | 0.35% | $1,000.00 | $1,007.29 | $1.77 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.38 | $1.78 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 97.7% | ||||
Aerospace & Defense – 0.9% | ||||
Boeing Co., 1.433%, 2/04/2024 | $ | 13,868,000 | $13,692,146 | |
Boeing Co., 2.196%, 2/04/2026 | 11,032,000 | 10,136,544 | ||
$23,828,690 | ||||
Asset-Backed & Securitized – 22.5% | ||||
3650R Commercial Mortgage Trust, 2021-PF1, “XA”, 1.02%, 11/15/2054 (i) | $ | 90,478,610 | $4,424,766 | |
ACREC 2021-FL1 Ltd., “AS”, FLR, 6.949% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 5,944,500 | 5,772,475 | ||
ACREC 2021-FL1 Ltd., “B”, FLR, 7.249% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n) | 11,776,000 | 11,361,687 | ||
ACREC 2021-FL1 Ltd., “C”, FLR, 7.599% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 5,972,500 | 5,710,948 | ||
ACREC 2023-FL2 LLC, “A”, FLR, 7.565% (SOFR - 1mo. + 2.23%), 2/19/2038 (n) | 5,550,486 | 5,541,337 | ||
ACRES 2021-FL2 Issuer Ltd., “B”, FLR, 7.699% ((SOFR - 1mo. + 0.11448%) + 2.25%), 1/15/2037 (n) | 6,994,000 | 6,792,620 | ||
Allegro CLO Ltd., 2014-1RA, “A2”, FLR, 7.273% ((SOFR - 3mo. + 0.26161%) + 1.6%), 10/21/2028 (n) | 776,747 | 773,252 | ||
AmeriCredit Automobile Receivables Trust, 2020-1, “C”, 1.59%, 10/20/2025 | 1,452,589 | 1,436,267 | ||
AmeriCredit Automobile Receivables Trust, 2022-2, “A2A”, 4.2%, 12/18/2025 | 2,784,542 | 2,771,133 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “B”, FLR, 6.948% ((SOFR - 1mo. + 0.11448%) + 1.5%), 12/15/2035 (n) | 1,833,000 | 1,779,603 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.449% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n) | 752,000 | 728,814 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “B”, FLR, 7.049% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n) | 3,008,500 | 2,885,889 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “C”, FLR, 7.299% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n) | 1,746,500 | 1,656,122 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “AS”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 11,713,500 | 11,493,004 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “B”, FLR, 7.448% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n) | 7,713,500 | 7,513,013 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “C”, FLR, 7.749% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 4,645,000 | 4,459,727 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 7.62% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 12,447,500 | 11,888,993 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
AREIT 2019-CRE3 Trust, “AS”, FLR, 6.748% ((SOFR - 1mo. + 0.11448%) + 1.3%), 9/14/2036 (n) | $ | 1,826,238 | $1,806,949 | |
AREIT 2019-CRE3 Trust, “B”, FLR, 6.999% ((SOFR - 1mo. + 0.11448%) + 1.55%), 9/14/2036 (n) | 1,136,500 | 1,095,304 | ||
AREIT 2019-CRE3 Trust, “C”, FLR, 7.348% (SOFR - 1mo. + 2.014%), 9/14/2036 (n) | 940,000 | 891,608 | ||
AREIT 2022-CRE6 Trust, “C”, FLR, 7.471% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 4,174,000 | 4,016,227 | ||
AREIT 2022-CRE6 Trust, “D”, FLR, 8.171% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 2,549,000 | 2,396,600 | ||
AREIT 2022-CRE7 LLC, “B”, FLR, 8.579% (SOFR - 1mo. + 3.244%), 6/17/2039 (n) | 12,436,500 | 12,318,552 | ||
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n) | 2,526,586 | 2,526,897 | ||
Balboa Bay Loan Funding Ltd., 2020-1A, “BR”, FLR, 7.323% ((SOFR - 3mo. + 0.26161%) + 1.65%), 1/20/2032 (n) | 7,353,970 | 7,186,513 | ||
Balboa Bay Loan Funding Ltd., 2020-1A, “CR”, FLR, 7.774% ((SOFR - 3mo. + 0.26161%) + 2.1%), 1/20/2032 (n) | 3,983,401 | 3,884,015 | ||
Ballyrock CLO 2018-1A Ltd., “A2”, FLR, 7.277% ((SOFR - 3mo. + 0.26161%) + 1.6%), 4/20/2031 (n) | 4,282,847 | 4,207,898 | ||
Ballyrock CLO 2018-1A Ltd., “B”, FLR, 7.577% ((SOFR - 3mo. + 0.26161%) + 1.9%), 4/20/2031 (n) | 1,814,958 | 1,769,358 | ||
Bayview Commercial Asset Trust, FLR, 5.904% ((SOFR - 1mo. + 0.11448%) + 0.4658%), 8/25/2035 (n) | 177,052 | 159,650 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 120,824 | 166,765 | ||
BBCMS Mortgage Trust, 2018-C2, “XA”, 0.753%, 12/15/2051 (i)(n) | 62,715,606 | 1,833,760 | ||
BBCMS Mortgage Trust, 2021-C10, “XA”, 1.287%, 7/15/2054 (i) | 36,117,432 | 2,223,378 | ||
BBCMS Mortgage Trust, 2021-C11, “XA”, 1.376%, 9/15/2054 (i) | 39,135,050 | 2,719,780 | ||
BBCMS Mortgage Trust, 2021-C9, “XA”, 1.612%, 2/15/2054 (i) | 54,682,305 | 4,416,099 | ||
BDS 2021-FL10 Ltd., “B”, FLR, 7.399% ((SOFR - 1mo. + 0.11448%) + 1.95%), 12/16/2036 (n) | 3,637,500 | 3,516,370 | ||
BDS 2021-FL10 Ltd., “C”, FLR, 7.749% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/16/2036 (n) | 2,645,500 | 2,535,471 | ||
Benchmark 2021-B23 Mortgage Trust, “XA”, 1.267%, 2/15/2054 (i) | 60,184,443 | 3,626,059 | ||
Benchmark 2021-B24 Mortgage Trust, “XA”, 1.147%, 3/15/2054 (i) | 38,418,659 | 2,095,872 | ||
Benchmark 2021-B27 Mortgage Trust, “XA”, 1.262%, 7/15/2054 (i) | 71,178,104 | 4,585,735 | ||
Benchmark 2021-B28 Mortgage Trust, “XA”, 1.275%, 8/15/2054 (i) | 53,251,251 | 3,469,463 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Benchmark 2021-B29 Mortgage Trust, “XA”, 1.034%, 9/15/2054 (i) | $ | 78,067,190 | $3,899,441 | |
BSPDF 2021-FL1 Issuer Ltd., “AS”, FLR, 6.928% ((SOFR - 1mo. + 0.11448%) + 1.48%), 10/15/2036 (n) | 4,140,000 | 3,958,403 | ||
BSPDF 2021-FL1 Issuer Ltd., “B”, FLR, 7.249% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/15/2036 (n) | 3,130,500 | 2,986,309 | ||
BSPDF 2021-FL1 Issuer Ltd., “C”, FLR, 7.699% ((SOFR - 1mo. + 0.11448%) + 2.25%), 10/15/2036 (n) | 8,000,000 | 7,628,296 | ||
BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 7.499% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n) | 2,447,500 | 2,333,478 | ||
BSPRT 2021-FL7 Issuer Ltd., “B”, FLR, 7.499% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n) | 1,552,000 | 1,517,561 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.748% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 1,869,500 | 1,820,300 | ||
BSPRT 2022-FL8 Issuer Ltd., “A”, FLR, 6.82% (SOFR - 30 day + 1.5%), 2/15/2037 (n) | 14,846,500 | 14,666,045 | ||
BSPRT 2022-FL8 Issuer Ltd., “B”, FLR, 7.37% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 2,054,500 | 1,984,713 | ||
BSPRT 2022-FL8 Issuer Ltd., “C”, FLR, 7.62% (SOFR - 30 day + 2.3%), 2/15/2037 (n) | 3,317,000 | 3,172,042 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 524,104 | 494,194 | ||
Business Jet Securities LLC, 2021-1A, “A”, 2.162%, 4/15/2036 (n) | 1,223,604 | 1,115,356 | ||
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n) | 248,243 | 221,189 | ||
BXMT 2020-FL2 Ltd., “B”, FLR, 6.85% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 5,795,500 | 5,069,643 | ||
BXMT 2020-FL2 Ltd., “A”, FLR, 6.349% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | 6,186,258 | 5,932,702 | ||
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.749% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 12,062,500 | 11,223,586 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 2,184,233 | 2,069,061 | ||
C-BASS Mortgage Loan Trust, 2007-CB1, “AF3”, 3.178%, 1/25/2037 (d)(q) | 1,627,884 | 485,848 | ||
C-BASS Mortgage Loan Trust, 2007-CB3, “A3”, 3.314%, 3/25/2037 (d)(q) | 2,169,183 | 759,981 | ||
CD 2017-CD4 Mortgage Trust, “XA”, 1.378%, 5/10/2050 (i) | 34,816,654 | 1,111,198 | ||
CF Hippolyta Issuer LLC, 2020-1, “A1”, 1.69%, 7/15/2060 (n) | 1,568,623 | 1,422,688 | ||
CF Hippolyta Issuer LLC, 2020-1, “B1”, 2.28%, 7/15/2060 (n) | 499,890 | 441,271 | ||
Chesapeake Funding II LLC (CF II) 2023-2A, “A1”, 6.16%, 10/15/2035 (n) | 5,637,079 | 5,625,302 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | $ | 5,890,349 | $5,846,025 | |
CNH Equipment Trust 2023-A, “A2”, 5.34%, 9/15/2026 | 4,227,397 | 4,204,648 | ||
Commercial Equipment Finance 2021-A, LLC, “A”, 2.05%, 2/16/2027 (n) | 1,599,709 | 1,556,711 | ||
Commercial Mortgage Pass-Through Certificates, 2019-BN24, “XA”, 0.636%, 11/15/2062 (i) | 34,533,958 | 1,068,716 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN31, “XA”, 1.317%, 2/15/2054 (i) | 52,571,282 | 3,525,435 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN32, “XA”, 0.774%, 4/15/2054 (i) | 48,761,884 | 1,865,805 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN34, “XA”, 0.974%, 6/15/2063 (i) | 55,815,454 | 2,769,367 | ||
Commercial Mortgage Pass-Through Certificates, 2021-BN35, “XA”, 1.041%, 6/15/2064 (i) | 31,818,525 | 1,703,513 | ||
Credit Acceptance Auto Loan Trust, 2021-2A, “A”, 0.96%, 2/15/2030 (n) | 592,757 | 586,768 | ||
Credit Acceptance Auto Loan Trust, 2021-2A, “B”, 1.26%, 4/15/2030 (n) | 1,037,000 | 1,009,417 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “B”, 1.38%, 7/15/2030 (n) | 1,499,000 | 1,431,696 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “C”, 1.63%, 9/16/2030 (n) | 916,000 | 860,708 | ||
Credit Acceptance Auto Loan Trust, 2021-4, “A”, 1.26%, 10/15/2030 (n) | 1,778,000 | 1,730,606 | ||
Credit Acceptance Auto Loan Trust, 2021-4, “B”, 1.74%, 12/16/2030 (n) | 3,258,000 | 3,064,584 | ||
Cutwater 2015-1A Ltd., “AR”, FLR, 6.875% ((SOFR - 3mo. + 0.26161%) + 1.22%), 1/15/2029 (n) | 991,802 | 990,970 | ||
Dell Equipment Finance Trust, 2023-1, “A2”, 5.65%, 9/22/2028 (n) | 13,594,000 | 13,544,973 | ||
Dryden Senior Loan Fund, 2017-49A, “BR”, CLO, FLR, 7.256% ((SOFR - 3mo. + 0.26161%) + 1.6%), 7/18/2030 (n) | 9,054,010 | 8,875,157 | ||
DT Auto Owner Trust 2022-3A, “A”, 6.05%, 10/15/2026 (n) | 3,938,878 | 3,934,867 | ||
DT Auto Owner Trust 2022-3A, “B”, 6.74%, 7/17/2028 (n) | 5,250,000 | 5,259,731 | ||
DT Auto Owner Trust 2022-3A, “C”, 7.69%, 7/17/2028 (n) | 2,000,000 | 2,023,962 | ||
DT Auto Owner Trust, 2023-2A, “A”, 5.88%, 4/15/2027 (n) | 7,356,787 | 7,337,318 | ||
Enterprise Fleet Financing 2022-4 LLC, “A2”, 5.76%, 10/22/2029 (n) | 5,872,805 | 5,839,408 | ||
Enterprise Fleet Financing 2023-1 LLC, “A2”, 5.51%, 1/22/2029 (n) | 6,743,666 | 6,681,286 | ||
Enterprise Fleet Financing 2023-2 LLC, “A2”, 5.56%, 4/22/2030 (n) | 5,865,000 | 5,813,801 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Enterprise Fleet Financing 2023-2 LLC, “A3”, 5.5%, 4/22/2030 (n) | $ | 3,561,000 | $3,494,067 | |
Fortress CBO Investments Ltd., 2022-FL3, “A”, FLR, 7.17% (SOFR - 30 day + 1.85%), 2/23/2039 (n) | 8,935,000 | 8,692,763 | ||
Fortress CBO Investments Ltd., 2022-FL3, “AS”, FLR, 7.57% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 8,299,000 | 8,043,673 | ||
GLS Auto Receivables Trust, 2021-3A, “B”, 0.78%, 11/17/2025 (n) | 1,046,662 | 1,042,188 | ||
GreatAmerica Leasing Receivables Funding LLC, 2023-1, “A2”, 5.35%, 2/16/2026 (n) | 4,073,000 | 4,041,061 | ||
GS Mortgage Securities Trust, 2017-GS6, “XA”, 1.156%, 5/10/2050 (i) | 38,330,581 | 1,092,556 | ||
GS Mortgage Securities Trust, 2017-GS7, “XA”, 1.226%, 8/10/2050 (i) | 36,600,664 | 1,111,998 | ||
GS Mortgage Securities Trust, 2020-GC47, “A5”, 1.127%, 5/12/2053 (i) | 39,110,111 | 2,156,453 | ||
IMPAC CMB Trust, FLR, 6.179% ((SOFR - 1mo. + 0.11448%) + 0.74%), 11/25/2034 | 27,528 | 26,661 | ||
IMPAC CMB Trust, FLR, 6.359% ((SOFR - 1mo. + 0.11448%) + 0.92%), 11/25/2034 | 28,977 | 28,232 | ||
IMPAC Secured Assets Corp., FLR, 6.139% ((SOFR - 1mo. + 0.11448%) + 0.7%), 5/25/2036 | 50,826 | 44,147 | ||
Interstar Millennium Trust, FLR, 6.07% (LIBOR - 3mo. + 0.4%), 3/14/2036 | 16,763 | 15,347 | ||
Jamestown CLO Ltd., 2020-15A, “C”, FLR, 8.105% ((SOFR - 3mo. + 0.26161%) + 2.45%), 4/15/2033 (n) | 14,432,415 | 14,002,473 | ||
JPMorgan Chase Commercial Mortgage Securities Corp., 0.985%, 9/15/2050 (i) | 39,518,441 | 1,004,606 | ||
LAD Auto Receivables Trust, 2022-1A, “A”, 5.21%, 6/15/2027 (n) | 3,060,459 | 3,030,001 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 7.199% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 8,481,500 | 8,315,038 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.449% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 3,588,000 | 3,454,044 | ||
Madison Park Funding Ltd., 2014-13A, “BR2”, FLR, 7.158% ((SOFR - 3mo. + 0.26161%) + 1.5%), 4/19/2030 (n) | 6,806,093 | 6,738,434 | ||
Merrill Lynch Mortgage Investors, Inc., 4.22%, 2/25/2037 (a)(d) | 1,632,617 | 198,755 | ||
MF1 2020-FL4 Ltd., “B”, FLR, 8.199% ((SOFR - 1mo. + 0.11448%) + 2.75%), 11/15/2035 (n) | 10,472,500 | 10,365,458 | ||
MF1 2021-FL5 Ltd., “B”, FLR, 6.9% ((SOFR - 1mo. + 0.11448%) + 1.45%), 7/15/2036 (n) | 13,063,500 | 12,719,794 | ||
MF1 2021-FL5 Ltd., “C”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 3,716,500 | 3,555,598 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
MF1 2021-FL6 Ltd., “B”, FLR, 7.099% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | $ | 10,716,294 | $10,289,193 | |
MF1 2022-FL8 Ltd., “C”, FLR, 7.534% (SOFR - 30 day + 2.2%), 2/19/2037 (n) | 2,198,259 | 2,106,295 | ||
MF1 2022-FL9 Ltd., “B”, FLR, 8.483% (SOFR - 1mo. + 3.15%), 6/19/2037 (n) | 15,126,500 | 14,956,266 | ||
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, “XA”, 1.248%, 5/15/2050 (i) | 33,061,334 | 1,018,005 | ||
Morgan Stanley Capital I Trust, 2017-H1, “XA”, 1.321%, 6/15/2050 (i) | 16,235,713 | 471,987 | ||
Morgan Stanley Capital I Trust, 2018-H4, “XA”, 0.822%, 12/15/2051 (i) | 49,124,578 | 1,612,858 | ||
Morgan Stanley Capital I Trust, 2021-L5, “XA”, 1.291%, 5/15/2054 (i) | 45,216,064 | 2,751,090 | ||
Morgan Stanley Capital I Trust, 2021-L6, “XA”, 1.211%, 6/15/2054 (i) | 42,910,830 | 2,367,536 | ||
Navistar Financial Dealer Note Master Owner Trust, 2022-1, “A”, FLR, 6.571% (SOFR - 30 day + 1.25%), 5/25/2027 (n) | 10,812,000 | 10,824,294 | ||
NextGear Floorplan Master Owner Trust, 2022-1A, “A1”, FLR, 6.37% (SOFR - 30 day + 1.05%), 3/15/2027 (n) | 6,113,000 | 6,119,482 | ||
NextGear Floorplan Master Owner Trust, 2023-1A, “A1”, FLR, 6.42% (SOFR - 1mo. + 1.1%), 3/15/2028 (n) | 4,992,000 | 5,006,432 | ||
Oaktree CLO 2019-1A Ltd., “BR”, FLR, 7.423% ((SOFR - 3mo. + 0.26161%) + 1.75%), 4/22/2030 (n) | 8,692,908 | 8,522,805 | ||
Oaktree CLO 2019-1A Ltd., “CR”, FLR, 8.024% ((SOFR - 3mo. + 0.26161%) + 2.35%), 4/22/2030 (n) | 7,442,908 | 7,197,731 | ||
OneMain Financial Issuance Trust, 2020-1A, “A”, 3.84%, 5/14/2032 (n) | 224,255 | 224,013 | ||
OneMain Financial Issuance Trust, 2020-2A, “A”, 1.75%, 9/14/2035 (n) | 8,570,000 | 7,671,949 | ||
OneMain Financial Issuance Trust, 2022-S1, “A”, 4.13%, 5/14/2035 (n) | 5,509,000 | 5,246,857 | ||
OSD CLO, 2023-27, Ltd., “B”, FLR, 7.794% (SOFR - 3mo. + 2.4%), 4/16/2035 (n) | 8,390,839 | 8,355,707 | ||
Ownit Mortgage Loan Asset-Backed Certificates, 3.17%, 10/25/2035 | 1,003,456 | 546,426 | ||
Palmer Square Loan Funding 2023-1A Ltd., “A2”, FLR, 7.755% (SOFR - 3mo. + 2.5%), 7/20/2031 (n) | 15,111,215 | 15,071,563 | ||
PFP III 2021-7 Ltd., “B”, FLR, 6.848% ((SOFR - 1mo. + 0.11448%) + 1.4%), 4/14/2038 (n) | 3,004,350 | 2,920,000 | ||
PFP III 2021-7 Ltd., “C”, FLR, 7.098% ((SOFR - 1mo. + 0.11448%) + 1.65%), 4/14/2038 (n) | 955,952 | 924,331 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
PFP III 2021-8 Ltd., “B”, FLR, 6.949% ((SOFR - 1mo. + 0.11448%) + 1.5%), 8/09/2037 (n) | $ | 3,244,500 | $3,118,195 | |
Progress Residential 2021-SFR1 Trust, “B”, 1.303%, 4/17/2038 (n) | 1,210,000 | 1,067,948 | ||
Progress Residential 2021-SFR1 Trust, “C”, 1.555%, 4/17/2038 (n) | 908,000 | 802,684 | ||
Shackleton 2013-4RA CLO Ltd., “B”, FLR, 7.555% (LIBOR - 3mo. + 1.9%), 4/13/2031 (n) | 2,268,542 | 2,173,710 | ||
Shelter Growth CRE 2021-FL3 Ltd., “C”, FLR, 7.598% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 6,411,000 | 6,068,326 | ||
Southwick Park CLO, Ltd., 2019-4A, “B1R”, FLR, 7.177% ((SOFR - 3mo. + 0.26161%) + 1.5%), 7/20/2032 (n) | 2,957,000 | 2,903,047 | ||
Southwick Park CLO, Ltd., 2019-4A, “B2R”, 2.46%, 7/20/2032 (n) | 5,142,000 | 4,280,108 | ||
Southwick Park CLO, Ltd., 2019-4A, “CR”, FLR, 7.627% ((SOFR - 3mo. + 0.26161%) + 1.95%), 7/20/2032 (n) | 7,004,000 | 6,861,294 | ||
Starwood Commercial Mortgage, 2021-FL2, “B”, FLR, 7.249% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 8,644,500 | 8,022,338 | ||
Stratus CLO 2022-3A, Ltd., “C”, FLR, 9.416% (SOFR - 3mo. + 4%), 10/20/2031 (n) | 8,000,000 | 8,021,296 | ||
Thornburg Mortgage Securities Trust, FLR, 6.119% ((SOFR - 1mo. + 0.11448%) + 0.68%), 4/25/2043 | 7,875 | 7,847 | ||
TPG Real Estate Finance, 2021-FL4, “AS”, FLR, 6.85% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n) | 6,062,000 | 5,893,877 | ||
TPG Real Estate Finance, 2021-FL4, “B”, FLR, 7.3% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n) | 13,226,000 | 12,764,307 | ||
UBS Commercial Mortgage Trust, 2017-C1, “XA”, 1.012%, 11/15/2050 (i) | 23,525,509 | 692,692 | ||
UBS Commercial Mortgage Trust, 2018-C14, “XA”, 0.881%, 12/15/2051 (i) | 21,142,002 | 724,830 | ||
Wells Fargo Commercial Mortgage Trust, 2021-C61, “XA”, 1.361%, 11/15/2054 (i) | 46,962,450 | 3,123,322 | ||
Westlake Automobile Receivables Trust, 2023-1A, “A2B”, FLR, 6.17% (SOFR - 1mo. + 0.85%), 6/15/2026 (n) | 2,512,977 | 2,513,686 | ||
World Omni Auto Receivables Trust, 3.67%, 6/15/2027 | 3,072,000 | 2,999,341 | ||
World Omni Select Auto Trust 2023-A, “A2B”, FLR, 6.17% (SOFR - 1mo. + 0.85%), 3/15/2027 | 8,325,089 | 8,327,586 | ||
$619,646,653 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Automotive – 1.7% | ||||
Daimler Trucks Finance North America LLC, 1.625%, 12/13/2024 (n) | $ | 10,519,000 | $10,026,578 | |
Hyundai Capital America, 0.8%, 1/08/2024 (n) | 863,000 | 854,409 | ||
Hyundai Capital America, 5.875%, 4/07/2025 (n) | 8,600,000 | 8,568,335 | ||
LKQ Corp., 5.75%, 6/15/2028 | 9,655,000 | 9,356,642 | ||
Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 6,594,000 | 5,726,723 | ||
Volkswagen Group of America Finance LLC, 2.85%, 9/26/2024 (n) | 4,128,000 | 4,007,172 | ||
Volkswagen Group of America Finance LLC, 3.35%, 5/13/2025 (n) | 7,295,000 | 6,994,434 | ||
$45,534,293 | ||||
Broadcasting – 0.9% | ||||
WarnerMedia Holdings, Inc., 3.788%, 3/15/2025 | $ | 17,801,000 | $17,213,421 | |
WarnerMedia Holdings, Inc., 3.755%, 3/15/2027 | 6,864,000 | 6,318,998 | ||
$23,532,419 | ||||
Brokerage & Asset Managers – 1.5% | ||||
Brookfield Finance, Inc., 3.9%, 1/25/2028 | $ | 13,949,000 | $12,715,291 | |
Charles Schwab Corp., 5.875%, 8/24/2026 | 7,766,000 | 7,712,274 | ||
Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029 | 11,590,000 | 11,157,088 | ||
LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 4,392,000 | 4,016,254 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 7,092,000 | 6,098,173 | ||
$41,699,080 | ||||
Business Services – 0.5% | ||||
Global Payments, Inc., 1.2%, 3/01/2026 | $ | 8,692,000 | $7,749,815 | |
Tencent Holdings Ltd., 1.81%, 1/26/2026 (n) | 7,043,000 | 6,466,452 | ||
$14,216,267 | ||||
Chemicals – 0.2% | ||||
Nutrien Ltd., 4.9%, 3/27/2028 | $ | 3,838,000 | $3,676,616 | |
Westlake Chemical Corp., 0.875%, 8/15/2024 | 3,244,000 | 3,111,560 | ||
$6,788,176 | ||||
Computer Software – 0.2% | ||||
Dell International LLC/EMC Corp., 4%, 7/15/2024 | $ | 4,900,000 | $4,831,538 | |
Computer Software - Systems – 0.3% | ||||
VMware, Inc., 1%, 8/15/2024 | $ | 5,405,000 | $5,191,197 | |
VMware, Inc., 1.4%, 8/15/2026 | 4,186,000 | 3,687,323 | ||
$8,878,520 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Conglomerates – 0.9% | ||||
Regal Rexnord Corp., 6.05%, 2/15/2026 (n) | $ | 9,148,000 | $8,998,017 | |
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | 5,533,000 | 5,292,829 | ||
Westinghouse Air Brake Technologies Corp., 4.15%, 3/15/2024 | 9,885,000 | 9,816,725 | ||
$24,107,571 | ||||
Consumer Products – 0.5% | ||||
Haleon UK Capital LLC, 3.125%, 3/24/2025 | $ | 10,091,000 | $9,699,690 | |
Haleon US Capital LLC, 3.375%, 3/24/2027 | 4,466,000 | 4,118,417 | ||
$13,818,107 | ||||
Containers – 0.6% | ||||
Berry Global, Inc., 1.57%, 1/15/2026 | $ | 7,474,000 | $6,752,533 | |
Berry Global, Inc., 1.65%, 1/15/2027 | 9,789,000 | 8,435,288 | ||
Berry Global, Inc., 5.5%, 4/15/2028 (n) | 1,938,000 | 1,854,606 | ||
$17,042,427 | ||||
Electrical Equipment – 0.4% | ||||
Arrow Electronics, Inc., 6.125%, 3/01/2026 | $ | 10,017,000 | $9,942,886 | |
Electronics – 1.2% | ||||
Microchip Technology, Inc., 0.983%, 9/01/2024 | $ | 18,197,000 | $17,436,061 | |
Qorvo, Inc., 1.75%, 12/15/2024 (n) | 3,654,000 | 3,453,418 | ||
SK Hynix, Inc., 6.25%, 1/17/2026 (n) | 12,203,000 | 12,158,296 | ||
$33,047,775 | ||||
Emerging Market Quasi-Sovereign – 0.4% | ||||
DAE Funding LLC (United Arab Emirates), 1.55%, 8/01/2024 (n) | $ | 3,903,000 | $3,753,220 | |
DAE Funding LLC (United Arab Emirates), 2.625%, 3/20/2025 (n) | 6,500,000 | 6,107,452 | ||
$9,860,672 | ||||
Energy - Independent – 0.1% | ||||
EQT Corp., 5.7%, 4/01/2028 | $ | 3,013,000 | $2,931,042 | |
Financial Institutions – 1.8% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/2024 | $ | 11,511,000 | $11,398,104 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/2024 | 5,472,000 | 5,224,845 | ||
Air Lease Corp., 2.2%, 1/15/2027 | 7,822,000 | 6,856,294 | ||
Avolon Holdings Funding Ltd., 5.5%, 1/15/2026 (n) | 3,134,000 | 3,017,571 | ||
Avolon Holdings Funding Ltd., 2.125%, 2/21/2026 (n) | 8,784,000 | 7,834,438 | ||
Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 2,797,000 | 2,610,659 | ||
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 6,154,000 | 5,139,713 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 4,709,000 | 3,940,519 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – continued | ||||
Avolon Holdings Funding Ltd., 6.375%, 5/04/2028 (n) | $ | 4,885,000 | $4,723,106 | |
$50,745,249 | ||||
Food & Beverages – 1.7% | ||||
Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | $ | 11,526,000 | $10,978,019 | |
General Mills, Inc., 5.241%, 11/18/2025 | 7,214,000 | 7,137,343 | ||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 | 11,955,000 | 9,842,734 | ||
JDE Peet's N.V., 0.8%, 9/24/2024 (n) | 11,971,000 | 11,408,374 | ||
JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 8,356,000 | 7,176,647 | ||
$46,543,117 | ||||
Food & Drug Stores – 0.3% | ||||
7-Eleven, Inc., 0.8%, 2/10/2024 (n) | $ | 7,744,000 | $7,628,917 | |
Gaming & Lodging – 1.4% | ||||
GLP Capital LP/GLP Financing II, Inc., 5.25%, 6/01/2025 | $ | 8,847,000 | $8,629,314 | |
GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026 | 1,551,000 | 1,486,481 | ||
Hyatt Hotels Corp., 1.8%, 10/01/2024 | 7,537,000 | 7,250,520 | ||
Hyatt Hotels Corp., 5.75%, 1/30/2027 | 5,367,000 | 5,304,149 | ||
Las Vegas Sands Corp., 3.2%, 8/08/2024 | 5,950,000 | 5,789,664 | ||
Marriott International, Inc., 4.9%, 4/15/2029 | 5,173,000 | 4,851,841 | ||
Sands China Ltd., 4.3%, 1/08/2026 | 6,819,000 | 6,325,371 | ||
$39,637,340 | ||||
Industrial – 0.0% | ||||
Howard University, Washington D.C., AGM, 2.516%, 10/01/2025 | $ | 578,000 | $540,457 | |
Insurance – 1.3% | ||||
Corebridge Financial, Inc., 3.5%, 4/04/2025 | $ | 3,720,000 | $3,576,612 | |
Corebridge Financial, Inc., 3.65%, 4/05/2027 | 7,440,000 | 6,813,644 | ||
Equitable Financial Life Insurance Co., 1.4%, 7/07/2025 (n) | 4,044,000 | 3,727,736 | ||
Equitable Financial Life Insurance Co., 5.5%, 12/02/2025 (n) | 15,338,000 | 15,098,453 | ||
Metropolitan Life Global Funding I, 0.4%, 1/07/2024 (n) | 7,624,000 | 7,547,129 | ||
$36,763,574 | ||||
Insurance - Property & Casualty – 0.0% | ||||
Ambac Assurance Corp., 5.1%, 6/07/2172 (n) | $ | 23,513 | $33,389 | |
International Market Quasi-Sovereign – 0.4% | ||||
NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n) | $ | 10,003,000 | $10,007,601 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Machinery & Tools – 0.3% | ||||
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | $ | 6,502,000 | $6,473,873 | |
CNH Industrial Capital LLC, 1.875%, 1/15/2026 | 2,401,000 | 2,203,454 | ||
$8,677,327 | ||||
Major Banks – 15.3% | ||||
Bank of America Corp., 4.2%, 8/26/2024 | $ | 3,106,000 | $3,055,829 | |
Bank of America Corp., 4.45%, 3/03/2026 | 6,999,000 | 6,702,102 | ||
Bank of America Corp., 4.25%, 10/22/2026 | 4,033,000 | 3,805,930 | ||
Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027 | 22,751,000 | 20,077,992 | ||
Bank of America Corp., 4.183%, 11/25/2027 | 6,721,000 | 6,182,163 | ||
Barclays PLC, 1.007% to 12/10/2023, FLR (CMT - 1yr. + 0.8%) to 12/10/2024 | 2,837,000 | 2,818,754 | ||
Barclays PLC, 2.852% to 5/07/2025, FLR (SOFR - 3mo. + 2.71361%) to 5/07/2026 | 2,564,000 | 2,418,672 | ||
Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027 | 10,326,000 | 9,038,932 | ||
BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 12,560,000 | 11,114,866 | ||
Capital One Financial Corp., 4.166% to 5/09/2024, FLR (SOFR - 1 day + 1.37%) to 5/09/2025 | 6,912,000 | 6,772,057 | ||
Capital One Financial Corp., 2.636% to 3/03/2025, FLR (SOFR - 1 day + 1.29%) to 3/03/2026 | 12,928,000 | 12,125,031 | ||
Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027 (w) | 1,650,000 | 1,650,246 | ||
Credit Agricole S.A., 1.907% to 6/16/2025, FLR (SOFR - 1 day + 1.676%) to 6/16/2026 (n) | 2,080,000 | 1,935,226 | ||
Deutsche Bank AG, 0.898%, 5/28/2024 | 2,663,000 | 2,587,090 | ||
Deutsche Bank AG, 1.447% to 4/01/2024, FLR (SOFR - 1 day + 1.131%) to 4/01/2025 | 12,981,000 | 12,669,689 | ||
Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027 | 3,585,000 | 3,582,526 | ||
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 3,240,000 | 2,802,370 | ||
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 | 680,000 | 667,450 | ||
Goldman Sachs Group, Inc., 1.757% to 1/24/2024, FLR (SOFR - 1 day + 0.73%) to 1/24/2025 | 10,205,000 | 10,079,729 | ||
Goldman Sachs Group, Inc., 3.5%, 4/01/2025 | 5,300,000 | 5,100,906 | ||
Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 day + 0.789%) to 12/09/2026 | 4,637,000 | 4,139,714 | ||
Goldman Sachs Group, Inc., 5.95%, 1/15/2027 | 14,381,000 | 14,187,399 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Goldman Sachs Group, Inc., 1.948% to 10/21/2026, FLR (SOFR - 1 day + 0.913%) to 10/21/2027 | $ | 8,452,000 | $7,412,535 | |
HSBC Holdings PLC, 2.099% to 6/04/2025, FLR (SOFR - 1 day + 1.929%) to 6/04/2026 | 4,303,000 | 4,009,580 | ||
HSBC Holdings PLC, 7.336% to 11/03/2025, FLR (SOFR - 1 day + 3.03%) to 11/03/2026 | 4,354,000 | 4,429,146 | ||
HSBC Holdings PLC, 1.589% to 5/24/2026, FLR (SOFR - 1 day + 1.29%) to 5/24/2027 | 3,448,000 | 3,037,049 | ||
HSBC Holdings PLC, 2.251% to 11/22/2026, FLR (SOFR - 1 day + 1.1%) to 11/22/2027 | 12,000,000 | 10,521,105 | ||
Huntington Bancshares, Inc., 4.008% to 5/16/2024, FLR (SOFR - 1 day + 1.205%) to 5/16/2025 | 10,655,000 | 10,348,213 | ||
Huntington Bancshares, Inc., 5.699% to 11/18/2024, FLR (SOFR - 1 day + 1.215%) to 11/18/2025 | 9,500,000 | 9,223,709 | ||
Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028 | 1,309,000 | 1,195,589 | ||
JPMorgan Chase & Co., 5.546% to 12/15/2024, FLR (SOFR - 1 day + 1.07%) to 12/15/2025 | 8,000,000 | 7,939,896 | ||
JPMorgan Chase & Co., 2.005% to 3/13/2025, FLR (SOFR - 1 day + 1.585%) to 3/13/2026 | 7,223,000 | 6,816,032 | ||
JPMorgan Chase & Co., 1.04% to 2/04/2026, FLR (SOFR - 1 day + 0.695%) to 2/04/2027 | 6,220,000 | 5,530,972 | ||
JPMorgan Chase & Co., 1.578% to 4/22/2026, FLR (SOFR - 1 day + 0.885%) to 4/22/2027 | 5,268,000 | 4,699,765 | ||
JPMorgan Chase & Co., 1.47% to 9/22/2026, FLR (SOFR - 1 day + 0.765%) to 9/22/2027 | 10,000,000 | 8,711,352 | ||
Lloyds Banking Group PLC, 3.511% to 3/18/2025, FLR (CMT - 1yr. + 1.6%) to 3/18/2026 | 15,414,000 | 14,776,613 | ||
Mitsubishi UFJ Financial Group, Inc., 0.953% to 7/19/2024, FLR (CMT - 1yr. + 0.55%) to 7/19/2025 | 7,128,000 | 6,855,969 | ||
Mitsubishi UFJ Financial Group, Inc., 0.962% to 10/11/2024, FLR (CMT - 1yr. + 0.45%) to 10/11/2025 | 7,021,000 | 6,665,772 | ||
Morgan Stanley, 5.81% to 1/25/2023, FLR (SOFR - 1 day + 0.455%) to 1/25/2024 | 12,221,000 | 12,220,878 | ||
Morgan Stanley, 0.864% to 10/21/2024, FLR (SOFR - 1 day + 0.745%) to 10/21/2025 | 8,651,000 | 8,168,942 | ||
Morgan Stanley, 4.35%, 9/08/2026 | 9,466,000 | 8,955,825 | ||
Morgan Stanley, 3.625%, 1/20/2027 | 6,092,000 | 5,661,928 | ||
Morgan Stanley, 3.95%, 4/23/2027 | 2,189,000 | 2,015,757 | ||
Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027 | 7,636,000 | 6,703,188 | ||
Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n) | 9,261,000 | 8,228,915 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
NatWest Group PLC, 4.269% to 3/22/2024, FLR (LIBOR - 3mo. + 1.762%) to 3/22/2025 | $ | 7,126,000 | $7,054,312 | |
NatWest Markets PLC, 3.479%, 3/22/2025 (n) | 8,888,000 | 8,576,261 | ||
PNC Bank N.A., 2.5%, 8/27/2024 | 4,237,000 | 4,114,433 | ||
PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028 | 15,162,000 | 14,485,580 | ||
Standard Chartered PLC, 1.214% to 3/23/2024, FLR (CMT - 1yr. + 0.88%) to 3/23/2025 (n) | 2,614,000 | 2,553,209 | ||
Standard Chartered PLC, 1.822% to 11/23/2024, FLR (CMT - 1yr. + 0.95%) to 11/23/2025 (n) | 2,554,000 | 2,421,138 | ||
Standard Chartered PLC, 3.971% to 3/30/2025, FLR (CMT - 1yr. + 1.65%) to 3/30/2026 (n) | 3,723,000 | 3,578,587 | ||
Standard Chartered PLC, 6.17%, 1/09/2027 (n) | 4,409,000 | 4,377,729 | ||
Sumitomo Mitsui Financial Group, Inc., 0.508%, 1/12/2024 | 2,541,000 | 2,513,817 | ||
Sumitomo Mitsui Financial Group, Inc., 1.474%, 7/08/2025 | 7,574,000 | 7,015,335 | ||
Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027 | 8,414,000 | 7,447,887 | ||
Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/2024 (n) | 5,661,000 | 5,546,780 | ||
UBS Group AG, 5.711%, 1/12/2027 (n) | 10,083,000 | 9,918,835 | ||
UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n) | 6,561,000 | 6,250,459 | ||
UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 8,699,000 | 7,972,900 | ||
Wells Fargo & Co., 2.164% to 2/11/2025, FLR ((SOFR - 3mo. + 0.26161%) + 0.75%) to 2/11/2026 | 9,707,000 | 9,181,855 | ||
Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028 | 13,228,000 | 12,060,957 | ||
$422,713,477 | ||||
Medical & Health Technology & Services – 1.4% | ||||
IQVIA, Inc., 5.7%, 5/15/2028 (n) | $ | 4,073,000 | $3,910,080 | |
PerkinElmer, Inc., 0.85%, 9/15/2024 | 10,000,000 | 9,536,809 | ||
Thermo Fisher Scientific, Inc., 1.215%, 10/18/2024 | 25,217,000 | 24,103,602 | ||
$37,550,491 | ||||
Metals & Mining – 1.3% | ||||
Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $ | 14,029,000 | $13,417,101 | |
Glencore Funding LLC, 4.125%, 3/12/2024 (n) | 4,410,000 | 4,377,269 | ||
Glencore Funding LLC, 4.625%, 4/29/2024 (n) | 3,375,000 | 3,349,193 | ||
Glencore Funding LLC, 1.625%, 9/01/2025 (n) | 7,900,000 | 7,295,718 | ||
Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 8,268,000 | 7,447,172 | ||
$35,886,453 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Midstream – 1.9% | ||||
DCP Midstream Operating, LP, 5.625%, 7/15/2027 | $ | 12,562,000 | $12,332,091 | |
Enbridge, Inc., 2.5%, 2/14/2025 | 6,525,000 | 6,240,605 | ||
Enbridge, Inc., 5.969%, 3/08/2026 | 6,227,000 | 6,183,616 | ||
Energy Transfer LP, 2.9%, 5/15/2025 | 3,676,000 | 3,501,745 | ||
Energy Transfer LP, 5.55%, 2/15/2028 | 3,921,000 | 3,806,500 | ||
Plains All American Pipeline LP, 4.65%, 10/15/2025 | 10,480,000 | 10,151,255 | ||
TC Energy Corp., 6.203%, 3/09/2026 | 7,293,000 | 7,288,488 | ||
Western Midstream Operating LP, 3.1%, 2/01/2025 | 3,357,000 | 3,225,230 | ||
$52,729,530 | ||||
Mortgage-Backed – 0.4% | ||||
Fannie Mae, 3%, 12/01/2031 | $ | 894,344 | $834,317 | |
Fannie Mae, 4.105%, 3/01/2033 | 30,312 | 29,911 | ||
Fannie Mae, 5.375%, 5/01/2033 | 66,523 | 65,159 | ||
Fannie Mae, 2%, 5/25/2044 | 316,069 | 304,593 | ||
Freddie Mac, 0.906%, 4/25/2024 (i) | 207,493 | 430 | ||
Freddie Mac, 1.579%, 4/25/2030 (i) | 28,902,228 | 2,233,602 | ||
Freddie Mac, 3%, 4/15/2033 - 6/15/2045 | 8,055,674 | 7,254,000 | ||
Freddie Mac, 2%, 7/15/2042 | 1,095,883 | 970,588 | ||
Ginnie Mae, 3.625%, 7/20/2032 | 25,213 | 24,495 | ||
$11,717,095 | ||||
Municipals – 0.7% | ||||
California Municipal Finance Authority Rev., Taxable (Century Housing Corp.), 1.605%, 11/01/2023 | $ | 1,295,000 | $1,295,000 | |
Illinois Sales Tax Securitization Corp., Second Lien, Taxable, “B”, BAM, 2.225%, 1/01/2024 | 2,890,000 | 2,872,932 | ||
Kentucky Higher Education Student Loan Corp. Rev., Taxable, “A-2”, 5.949%, 6/01/2037 | 12,155,000 | 10,949,087 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.156%, 7/01/2024 | 1,000,000 | 977,072 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.306%, 7/01/2025 | 790,000 | 747,902 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, “A”, 2.562%, 7/01/2026 | 1,005,000 | 927,338 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030 | 1,046,308 | 975,074 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Taxable, “B”, 2.631%, 6/15/2024 | 1,720,000 | 1,687,801 | ||
$20,432,206 | ||||
Natural Gas - Pipeline – 0.5% | ||||
APA Infrastructure Ltd., 4.2%, 3/23/2025 (n) | $ | 14,780,000 | $14,387,519 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Other Banks & Diversified Financials – 2.7% | ||||
AIB Group PLC, 7.583% to 10/14/2025, FLR (SOFR - 1 day + 3.456%) to 10/14/2026 (n) | $ | 12,719,000 | $12,875,290 | |
AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | 1,836,000 | 1,795,692 | ||
American Express Co., 2.25%, 3/04/2025 | 6,463,000 | 6,146,775 | ||
Banque Federative du Credit Mutuel S.A., 0.65%, 2/27/2024 (n) | 10,142,000 | 9,970,231 | ||
Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n) | 7,978,000 | 7,898,618 | ||
Macquarie Group Ltd., 1.201% to 10/14/2024, FLR (SOFR - 1 day + 0.694%) to 10/14/2025 (n) | 10,208,000 | 9,710,768 | ||
Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | 6,707,000 | 5,987,845 | ||
National Bank of Canada, 0.55% to 11/15/2023, FLR (CMT - 1yr. + 0.4%) to 11/15/2024 | 5,738,000 | 5,724,834 | ||
U.S. Bancorp, 6.787% to 10/26/2026, FLR (SOFR - 1 day + 1.88%) to 10/26/2027 | 14,667,000 | 14,776,711 | ||
$74,886,764 | ||||
Pharmaceuticals – 0.1% | ||||
Amgen, Inc., 5.507%, 3/02/2026 | $ | 2,748,000 | $2,733,515 | |
Railroad & Shipping – 0.4% | ||||
Canadian Pacific Railway Co., 1.35%, 12/02/2024 | $ | 11,123,000 | $10,592,096 | |
Real Estate - Office – 0.4% | ||||
Corporate Office Property LP, REIT, 2.25%, 3/15/2026 | $ | 13,184,000 | $11,921,977 | |
Retailers – 0.1% | ||||
Nordstrom, Inc., 2.3%, 4/08/2024 | $ | 3,956,000 | $3,862,045 | |
Specialty Stores – 0.4% | ||||
Genuine Parts Co., 1.75%, 2/01/2025 | $ | 5,643,000 | $5,333,947 | |
Ross Stores, Inc., 0.875%, 4/15/2026 | 7,614,000 | 6,741,308 | ||
$12,075,255 | ||||
Telecommunications - Wireless – 1.0% | ||||
Crown Castle, Inc., REIT, 1.35%, 7/15/2025 | $ | 1,776,000 | $1,638,576 | |
Crown Castle, Inc., REIT, 2.9%, 3/15/2027 | 3,817,000 | 3,425,839 | ||
Rogers Communications, Inc., 3.2%, 3/15/2027 | 12,002,000 | 10,910,602 | ||
T-Mobile USA, Inc., 3.5%, 4/15/2025 | 10,518,000 | 10,161,676 | ||
$26,136,693 | ||||
Tobacco – 0.7% | ||||
B.A.T. International Finance PLC, 5.931%, 2/02/2029 | $ | 4,159,000 | $4,044,248 | |
Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n) | 4,706,000 | 4,663,669 | ||
Philip Morris International, Inc., 5%, 11/17/2025 | 3,250,000 | 3,209,355 | ||
Philip Morris International, Inc., 5.125%, 11/17/2027 | 2,895,000 | 2,821,939 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Tobacco – continued | ||||
Philip Morris International, Inc., 4.875%, 2/15/2028 | $ | 6,100,000 | $5,861,931 | |
$20,601,142 | ||||
Transportation - Services – 1.8% | ||||
Element Fleet Management Corp., 1.6%, 4/06/2024 (n) | $ | 24,483,000 | $23,956,524 | |
Element Fleet Management Corp., 6.271%, 6/26/2026 (n) | 14,322,000 | 14,242,329 | ||
ERAC USA Finance LLC, 2.7%, 11/01/2023 (n) | 5,924,000 | 5,924,000 | ||
ERAC USA Finance LLC, 3.85%, 11/15/2024 (n) | 2,559,000 | 2,503,448 | ||
ERAC USA Finance LLC, 3.8%, 11/01/2025 (n) | 2,559,000 | 2,457,014 | ||
$49,083,315 | ||||
U.S. Treasury Obligations – 23.9% | ||||
U.S. Treasury Notes, 5%, 9/30/2025 | $ | 263,200,000 | $262,716,780 | |
U.S. Treasury Notes, 4.125%, 6/15/2026 (f) | 333,167,000 | 326,529,687 | ||
U.S. Treasury Notes, 4.5%, 7/15/2026 | 69,486,000 | 68,725,997 | ||
$657,972,464 | ||||
Utilities - Electric Power – 4.7% | ||||
American Electric Power Co., Inc., 5.699%, 8/15/2025 | $ | 6,643,000 | $6,588,422 | |
Edison International, 4.7%, 8/15/2025 | 10,842,000 | 10,533,967 | ||
Emera US Finance LP, 0.833%, 6/15/2024 | 3,730,000 | 3,591,811 | ||
Enel Finance International N.V., 4.25%, 6/15/2025 (n) | 15,000,000 | 14,558,656 | ||
Enel Finance International N.V., 6.8%, 10/14/2025 (n) | 3,086,000 | 3,120,844 | ||
Entergy Louisiana LLC, 0.95%, 10/01/2024 | 17,870,000 | 17,078,440 | ||
FirstEnergy Corp., 2.05%, 3/01/2025 | 5,731,000 | 5,380,443 | ||
FirstEnergy Corp., 1.6%, 1/15/2026 | 2,459,000 | 2,213,291 | ||
NextEra Energy Capital Holdings, Inc., 6.051%, 3/01/2025 | 7,426,000 | 7,421,748 | ||
NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025 | 7,988,000 | 7,950,448 | ||
Pacific Gas & Electric Co., 1.7%, 11/15/2023 | 3,088,000 | 3,083,065 | ||
Pacific Gas & Electric Co., 3.25%, 2/16/2024 | 5,563,000 | 5,514,330 | ||
Pacific Gas & Electric Co., 4.95%, 6/08/2025 | 7,450,000 | 7,276,210 | ||
Pacific Gas & Electric Co., 6.1%, 1/15/2029 | 7,485,000 | 7,201,625 | ||
Southern California Edison Co., 0.975%, 8/01/2024 | 7,618,000 | 7,334,964 | ||
Vistra Operations Co. LLC, 4.875%, 5/13/2024 (n) | 16,784,000 | 16,594,125 | ||
WEC Energy Group, Inc., 0.8%, 3/15/2024 | 3,658,000 | 3,590,484 | ||
$129,032,873 | ||||
Total Bonds (Identified Cost, $2,803,147,284) | $2,694,597,997 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 2.2% | ||||
Money Market Funds – 2.2% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $60,168,326) | 60,166,893 | $60,172,909 | ||
Other Assets, Less Liabilities – 0.1% | 2,288,078 | |||
Net Assets – 100.0% | $2,757,058,984 |
(a) | Non-income producing security. | |||
(d) | In default. | |||
(f) | All or a portion of the security has been segregated as collateral for open futures contracts and cleared swap agreements. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $60,172,909 and $2,694,597,997, respectively. | |||
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. | |||
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $994,328,523, representing 36.1% of net assets. | |||
(q) | Interest received was less than stated coupon rate. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. | |||
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 2 yr | Long | USD | 845 | $171,046,485 | December – 2023 | $(683,002) |
Cleared Swap Agreements | ||||||||||
Maturity Date | Notional Amount | Counterparty | Cash Flows to Receive/ Frequency | Cash Flows to Pay/ Frequency | Unrealized Appreciation (Depreciation) | Net Unamortized Upfront Payments (Receipts) | Value | |||
Liability Derivatives | ||||||||||
Interest Rate Swaps | ||||||||||
10/02/25 | USD | 70,900,000 | centrally cleared | 5.014%/Annually | Daily SOFR/Annually | $(9,791) | $(6,386) | $(16,177) | ||
10/02/26 | USD | 228,000,000 | centrally cleared | 4.697%/Annually | Daily SOFR/Annually | (238,378) | (20,043) | (258,421) | ||
$(248,169) | $(26,429) | $(274,598) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,803,147,284) | $2,694,597,997 |
Investments in affiliated issuers, at value (identified cost, $60,168,326) | 60,172,909 |
Cash | 8,414 |
Receivables for | |
Fund shares sold | 5,295,077 |
Interest and dividends | 22,439,832 |
Receivable from investment adviser | 88,406 |
Other assets | 26,054 |
Total assets | $2,782,628,689 |
Liabilities | |
Payables for | |
Distributions | $244,039 |
Net daily variation margin on open cleared swap agreements | 275,458 |
Net daily variation margin on open futures contracts | 112,232 |
Investments purchased | 16,952,025 |
When-issued investments purchased | 1,650,000 |
Fund shares reacquired | 5,634,513 |
Payable to affiliates | |
Administrative services fee | 2,214 |
Shareholder servicing costs | 456,056 |
Distribution and service fees | 9,239 |
Accrued expenses and other liabilities | 233,929 |
Total liabilities | $25,569,705 |
Net assets | $2,757,058,984 |
Net assets consist of | |
Paid-in capital | $2,972,049,645 |
Total distributable earnings (loss) | (214,990,661) |
Net assets | $2,757,058,984 |
Shares of beneficial interest outstanding | 487,430,250 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $964,140,434 | 170,151,136 | $5.67 |
Class B | 1,166,390 | 206,223 | 5.66 |
Class C | 21,739,370 | 3,837,553 | 5.66 |
Class I | 511,520,049 | 90,682,635 | 5.64 |
Class R1 | 466,947 | 82,722 | 5.64 |
Class R2 | 1,159,307 | 204,488 | 5.67 |
Class R3 | 939,867 | 165,762 | 5.67 |
Class R4 | 1,115,530 | 196,255 | 5.68 |
Class R6 | 1,254,811,090 | 221,903,476 | 5.65 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $5.82 [100 / 97.50 x $5.67]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Interest | $58,855,653 |
Dividends from affiliated issuers | 1,224,539 |
Other | 81,109 |
Total investment income | $60,161,301 |
Expenses | |
Management fee | $5,143,390 |
Distribution and service fees | 1,371,107 |
Shareholder servicing costs | 739,087 |
Administrative services fee | 209,140 |
Independent Trustees' compensation | 24,150 |
Custodian fee | 100,580 |
Shareholder communications | 57,193 |
Audit and tax fees | 39,833 |
Legal fees | 7,257 |
Miscellaneous | 163,910 |
Total expenses | $7,855,647 |
Fees paid indirectly | (2,663) |
Reduction of expenses by investment adviser and distributor | (1,380,273) |
Net expenses | $6,472,711 |
Net investment income (loss) | $53,688,590 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(17,758,561) |
Affiliated issuers | 5,303 |
Futures contracts | (3,671,902) |
Swap agreements | (9,646,742) |
Net realized gain (loss) | $(31,071,902) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(2,571,615) |
Affiliated issuers | (4,395) |
Futures contracts | (966,884) |
Swap agreements | (297,041) |
Net unrealized gain (loss) | $(3,839,935) |
Net realized and unrealized gain (loss) | $(34,911,837) |
Change in net assets from operations | $18,776,753 |
Six months ended | Year ended | |
10/31/23 (unaudited) | 4/30/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $53,688,590 | $71,828,487 |
Net realized gain (loss) | (31,071,902) | (33,833,545) |
Net unrealized gain (loss) | (3,839,935) | 4,449,965 |
Change in net assets from operations | $18,776,753 | $42,444,907 |
Total distributions to shareholders | $(53,890,135) | $(74,760,872) |
Change in net assets from fund share transactions | $(181,831,649) | $(33,994,173) |
Total change in net assets | $(216,945,031) | $(66,310,138) |
Net assets | ||
At beginning of period | 2,974,004,015 | 3,040,314,153 |
At end of period | $2,757,058,984 | $2,974,004,015 |
Class A | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.74 | $5.80 | $6.09 | $5.94 | $5.96 | $5.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.13 | $0.06 | $0.09 | $0.14 | $0.14 |
Net realized and unrealized gain (loss) | (0.07) | (0.05) | (0.28) | 0.18 | (0.01) | 0.06 |
Total from investment operations | $0.03 | $0.08 | $(0.22) | $0.27 | $0.13 | $0.20 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.14) | $(0.07) | $(0.12) | $(0.15) | $(0.14) |
Net asset value, end of period (x) | $5.67 | $5.74 | $5.80 | $6.09 | $5.94 | $5.96 |
Total return (%) (r)(s)(t)(x) | 0.62(n) | 1.37 | (3.59) | 4.59 | 2.21 | 3.43 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.74(a) | 0.74 | 0.75 | 0.78 | 0.80 | 0.82 |
Expenses after expense reductions (f) | 0.58(a) | 0.57 | 0.57 | 0.58 | 0.64 | 0.71 |
Net investment income (loss) | 3.65(a) | 2.30 | 1.04 | 1.56 | 2.41 | 2.30 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $964,140 | $1,019,905 | $1,046,034 | $1,042,239 | $730,945 | $606,885 |
Class B | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.73 | $5.79 | $6.08 | $5.93 | $5.95 | $5.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.08 | $0.02 | $0.05 | $0.10 | $0.09 |
Net realized and unrealized gain (loss) | (0.07) | (0.05) | (0.28) | 0.18 | (0.01) | 0.07 |
Total from investment operations | $0.01 | $0.03 | $(0.26) | $0.23 | $0.09 | $0.16 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.09) | $(0.03) | $(0.08) | $(0.11) | $(0.09) |
Net asset value, end of period (x) | $5.66 | $5.73 | $5.79 | $6.08 | $5.93 | $5.95 |
Total return (%) (r)(s)(t)(x) | 0.24(n) | 0.61 | (4.32) | 3.82 | 1.45 | 2.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.50(a) | 1.49 | 1.50 | 1.53 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.33(a) | 1.32 | 1.32 | 1.34 | 1.39 | 1.46 |
Net investment income (loss) | 2.90(a) | 1.49 | 0.29 | 0.84 | 1.67 | 1.56 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $1,166 | $1,663 | $2,361 | $2,931 | $2,714 | $3,703 |
Class C | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.74 | $5.80 | $6.09 | $5.94 | $5.96 | $5.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.08 | $0.01 | $0.05 | $0.09 | $0.09 |
Net realized and unrealized gain (loss) | (0.08) | (0.05) | (0.28) | 0.17 | (0.01) | 0.07 |
Total from investment operations | $0.00 | $0.03 | $(0.27) | $0.22 | $0.08 | $0.16 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.09) | $(0.02) | $(0.07) | $(0.10) | $(0.09) |
Net asset value, end of period (x) | $5.66 | $5.74 | $5.80 | $6.09 | $5.94 | $5.96 |
Total return (%) (r)(s)(t)(x) | 0.01(n) | 0.51 | (4.41) | 3.71 | 1.35 | 2.73 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.50(a) | 1.49 | 1.50 | 1.53 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.43(a) | 1.42 | 1.42 | 1.43 | 1.49 | 1.56 |
Net investment income (loss) | 2.80(a) | 1.42 | 0.19 | 0.75 | 1.57 | 1.45 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $21,739 | $26,732 | $31,747 | $39,241 | $42,281 | $47,447 |
Class I | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.71 | $5.77 | $6.07 | $5.92 | $5.93 | $5.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.14 | $0.07 | $0.10 | $0.15 | $0.14 |
Net realized and unrealized gain (loss) | (0.07) | (0.06) | (0.29) | 0.18 | (0.00)(w) | 0.07 |
Total from investment operations | $0.04 | $0.08 | $(0.22) | $0.28 | $0.15 | $0.21 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.14) | $(0.08) | $(0.13) | $(0.16) | $(0.15) |
Net asset value, end of period (x) | $5.64 | $5.71 | $5.77 | $6.07 | $5.92 | $5.93 |
Total return (%) (r)(s)(t)(x) | 0.69(n) | 1.52 | (3.63) | 4.75 | 2.54 | 3.59 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.49(a) | 0.49 | 0.50 | 0.53 | 0.55 | 0.57 |
Expenses after expense reductions (f) | 0.43(a) | 0.42 | 0.42 | 0.43 | 0.49 | 0.56 |
Net investment income (loss) | 3.79(a) | 2.47 | 1.19 | 1.69 | 2.56 | 2.46 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $511,520 | $625,604 | $570,543 | $453,159 | $258,164 | $187,021 |
Class R1 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.72 | $5.78 | $6.08 | $5.93 | $5.94 | $5.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.07 | $0.01 | $0.05 | $0.09 | $0.09 |
Net realized and unrealized gain (loss) | (0.08) | (0.04) | (0.29) | 0.17 | (0.00)(w) | 0.06 |
Total from investment operations | $0.00 | $0.03 | $(0.28) | $0.22 | $0.09 | $0.15 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.09) | $(0.02) | $(0.07) | $(0.10) | $(0.09) |
Net asset value, end of period (x) | $5.64 | $5.72 | $5.78 | $6.08 | $5.93 | $5.94 |
Total return (%) (r)(s)(t)(x) | 0.01(n) | 0.51 | (4.58) | 3.71 | 1.52 | 2.55 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.49(a) | 1.49 | 1.50 | 1.53 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.43(a) | 1.42 | 1.42 | 1.44 | 1.48 | 1.56 |
Net investment income (loss) | 2.79(a) | 1.22 | 0.18 | 0.74 | 1.57 | 1.47 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $467 | $456 | $1,252 | $1,597 | $1,593 | $451 |
Class R2 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.74 | $5.80 | $6.10 | $5.94 | $5.96 | $5.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.11 | $0.05 | $0.08 | $0.13 | $0.12 |
Net realized and unrealized gain (loss) | (0.07) | (0.05) | (0.29) | 0.19 | (0.01) | 0.07 |
Total from investment operations | $0.03 | $0.06 | $(0.24) | $0.27 | $0.12 | $0.19 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.12) | $(0.06) | $(0.11) | $(0.14) | $(0.12) |
Net asset value, end of period (x) | $5.67 | $5.74 | $5.80 | $6.10 | $5.94 | $5.96 |
Total return (%) (r)(s)(t)(x) | 0.49(n) | 1.12 | (3.99) | 4.50 | 1.96 | 3.34 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.99(a) | 0.99 | 1.00 | 1.03 | 1.05 | 1.07 |
Expenses after expense reductions (f) | 0.83(a) | 0.82 | 0.82 | 0.84 | 0.90 | 0.96 |
Net investment income (loss) | 3.41(a) | 1.99 | 0.79 | 1.32 | 2.17 | 2.04 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $1,159 | $1,151 | $1,646 | $1,997 | $1,579 | $2,524 |
Class R3 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.74 | $5.80 | $6.10 | $5.95 | $5.96 | $5.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.12 | $0.06 | $0.09 | $0.14 | $0.13 |
Net realized and unrealized gain (loss) | (0.07) | (0.05) | (0.29) | 0.18 | (0.00)(w) | 0.06 |
Total from investment operations | $0.03 | $0.07 | $(0.23) | $0.27 | $0.14 | $0.19 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.13) | $(0.07) | $(0.12) | $(0.15) | $(0.13) |
Net asset value, end of period (x) | $5.67 | $5.74 | $5.80 | $6.10 | $5.95 | $5.96 |
Total return (%) (r)(s)(t)(x) | 0.57(n) | 1.27 | (3.85) | 4.48 | 2.28 | 3.32 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.74(a) | 0.74 | 0.75 | 0.78 | 0.80 | 0.82 |
Expenses after expense reductions (f) | 0.68(a) | 0.67 | 0.67 | 0.69 | 0.75 | 0.81 |
Net investment income (loss) | 3.57(a) | 2.08 | 0.96 | 1.50 | 2.32 | 2.19 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $940 | $595 | $1,001 | $1,318 | $1,512 | $2,249 |
Class R4 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.76 | $5.82 | $6.11 | $5.96 | $5.99 | $5.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.14 | $0.07 | $0.11 | $0.15 | $0.15 |
Net realized and unrealized gain (loss) | (0.08) | (0.05) | (0.28) | 0.17 | (0.02) | 0.10(g) |
Total from investment operations | $0.03 | $0.09 | $(0.21) | $0.28 | $0.13 | $0.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.15) | $(0.08) | $(0.13) | $(0.16) | $(0.15) |
Net asset value, end of period (x) | $5.68 | $5.76 | $5.82 | $6.11 | $5.96 | $5.99 |
Total return (%) (r)(s)(t)(x) | 0.52(n) | 1.56 | (3.43) | 4.74 | 2.20 | 4.28 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.49(a) | 0.49 | 0.50 | 0.53 | 0.55 | 0.63 |
Expenses after expense reductions (f) | 0.43(a) | 0.42 | 0.42 | 0.44 | 0.49 | 0.62 |
Net investment income (loss) | 3.81(a) | 2.48 | 1.16 | 1.73 | 2.58 | 2.60 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $1,116 | $1,039 | $906 | $275 | $242 | $304 |
Class R6 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $5.72 | $5.79 | $6.08 | $5.93 | $5.95 | $5.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.14 | $0.08 | $0.11 | $0.16 | $0.15 |
Net realized and unrealized gain (loss) | (0.07) | (0.06) | (0.28) | 0.17 | (0.02) | 0.07 |
Total from investment operations | $0.04 | $0.08 | $(0.20) | $0.28 | $0.14 | $0.22 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.15) | $(0.09) | $(0.13) | $(0.16) | $(0.15) |
Net asset value, end of period (x) | $5.65 | $5.72 | $5.79 | $6.08 | $5.93 | $5.95 |
Total return (%) (r)(s)(t)(x) | 0.73(n) | 1.42 | (3.39) | 4.82 | 2.43 | 3.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.41(a) | 0.41 | 0.43 | 0.46 | 0.48 | 0.50 |
Expenses after expense reductions (f) | 0.35(a) | 0.35 | 0.35 | 0.37 | 0.42 | 0.49 |
Net investment income (loss) | 3.89(a) | 2.53 | 1.26 | 1.77 | 2.64 | 2.51 |
Portfolio turnover | 33(n) | 48 | 39 | 35 | 41 | 55 |
Net assets at end of period (000 omitted) | $1,254,811 | $1,296,859 | $1,116,143 | $942,709 | $599,945 | $561,643 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(g) | The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(w) | Per share amount was less than $0.01. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $657,972,464 | $— | $657,972,464 |
Non - U.S. Sovereign Debt | — | 19,868,273 | — | 19,868,273 |
Municipal Bonds | — | 20,432,206 | — | 20,432,206 |
U.S. Corporate Bonds | — | 832,121,390 | — | 832,121,390 |
Residential Mortgage-Backed Securities | — | 15,700,971 | — | 15,700,971 |
Commercial Mortgage-Backed Securities | — | 161,563,522 | — | 161,563,522 |
Asset-Backed Securities (including CDOs) | — | 454,099,255 | — | 454,099,255 |
Foreign Bonds | — | 532,839,916 | — | 532,839,916 |
Mutual Funds | 60,172,909 | — | — | 60,172,909 |
Total | $60,172,909 | $2,694,597,997 | $— | $2,754,770,906 |
Other Financial Instruments | ||||
Futures Contracts – Liabilities | $(683,002) | $— | $— | $(683,002) |
Swap Agreements – Liabilities | — | (274,598) | — | (274,598) |
Fair Value (a) | ||
Risk | Derivative Contracts | Liability Derivatives |
Interest Rate | Futures Contracts | $(683,002) |
Interest Rate | Cleared Swap Agreements | (274,598) |
Total | $(957,600) |
Risk | Futures Contracts | Swap Agreements |
Interest Rate | $(3,671,902) | $(9,646,742) |
Risk | Futures Contracts | Swap Agreements |
Interest Rate | $(966,884) | $(297,041) |
Year ended 4/30/23 | |
Ordinary income (including any short-term capital gains) | $74,760,872 |
As of 10/31/23 | |
Cost of investments | $2,870,682,758 |
Gross appreciation | 490,195 |
Gross depreciation | (116,402,047) |
Net unrealized appreciation (depreciation) | $(115,911,852) |
As of 4/30/23 | |
Undistributed ordinary income | 11,210,156 |
Capital loss carryforwards | (65,141,623) |
Other temporary differences | (9,130,934) |
Net unrealized appreciation (depreciation) | (116,814,878) |
Short-Term | $(12,789,833) |
Long-Term | (52,351,790) |
Total | $(65,141,623) |
Six months ended 10/31/23 | Year ended 4/30/23 | |
Class A | $18,105,308 | $25,285,679 |
Class B | 21,500 | 32,502 |
Class C | 338,486 | 453,519 |
Class I | 10,310,133 | 14,920,816 |
Class R1 | 6,637 | 8,187 |
Class R2 | 19,356 | 28,472 |
Class R3 | 14,945 | 17,486 |
Class R4 | 20,861 | 24,694 |
Class R6 | 25,052,909 | 33,789,621 |
Class 529A | — | 199,896 |
Total | $53,890,135 | $74,760,872 |
Up to $1 billion | 0.40% |
In excess of $1billion and up to $2.5 billion | 0.35% |
In excess of $2.5 billion | 0.30% |
which is included in the reduction of total expenses in the Statement of Operations.
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.15% | $ 1,237,270 |
Class B | 0.75% | 0.25% | 1.00% | 0.90% | 7,384 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 120,222 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 2,353 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.40% | 2,833 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 1,045 |
Total Distribution and Service Fees | $1,371,107 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2023 based on each class's average daily net assets. 0.10% of the Class A and Class B service fee is currently being waived under a written waiver agreement. For the six months ended October 31, 2023, this waiver amounted to $494,904 and $740 for |
Amount | |
Class A | $27,065 |
Class B | 454 |
Class C | 2,195 |
Purchases | Sales | |
U.S. Government securities | $673,597,791 | $601,524,372 |
Non-U.S. Government securities | 247,561,466 | 514,868,774 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 21,998,067 | $125,197,642 | 72,153,223 | $411,965,008 | |
Class B | 7,432 | 42,124 | 55,836 | 316,341 | |
Class C | 321,799 | 1,829,066 | 1,971,499 | 11,255,420 | |
Class I | 20,842,824 | 118,028,089 | 73,321,138 | 415,905,432 | |
Class R1 | 14,779 | 83,788 | 3,851 | 21,916 | |
Class R2 | 21,181 | 120,637 | 14,560 | 83,153 | |
Class R3 | 64,637 | 367,835 | 33,920 | 193,944 | |
Class R4 | 52,820 | 301,311 | 30,792 | 175,900 | |
Class R6 | 24,638,576 | 139,879,463 | 113,492,676 | 650,016,899 | |
Class 529A | — | — | 272,247 | 1,579,104 | |
67,962,115 | $385,849,955 | 261,349,742 | $1,491,513,117 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 3,117,330 | $17,731,998 | 4,349,462 | $24,789,017 | |
Class B | 3,753 | 21,313 | 5,686 | 32,316 | |
Class C | 52,158 | 296,626 | 71,228 | 405,448 | |
Class I | 1,632,704 | 9,246,618 | 2,251,266 | 12,771,677 | |
Class R1 | 1,171 | 6,637 | 1,422 | 8,080 | |
Class R2 | 3,357 | 19,099 | 4,902 | 27,947 | |
Class R3 | 2,624 | 14,929 | 3,049 | 17,382 | |
Class R4 | 3,651 | 20,830 | 4,319 | 24,694 | |
Class R6 | 4,379,288 | 24,858,651 | 5,886,069 | 33,458,996 | |
Class 529A | — | — | 39,556 | 229,822 | |
9,196,036 | $52,216,701 | 12,616,959 | $71,765,379 | ||
Shares reacquired | |||||
Class A | (32,752,423) | $(186,467,719) | (79,137,216) | $(451,526,635) | |
Class B | (95,500) | (541,772) | (178,998) | (1,014,815) | |
Class C | (1,197,573) | (6,812,936) | (2,858,691) | (16,287,951) | |
Class I | (41,336,052) | (234,587,910) | (64,871,036) | (368,040,935) | |
Class R1 | (13,030) | (74,007) | (141,992) | (812,046) | |
Class R2 | (20,552) | (117,143) | (102,733) | (586,423) | |
Class R3 | (5,172) | (29,573) | (105,891) | (603,851) | |
Class R4 | (40,790) | (232,206) | (10,292) | (58,807) | |
Class R6 | (33,652,140) | (191,035,039) | (85,757,860) | (488,492,469) | |
Class 529A | — | — | (46,590,587) | (269,848,737) | |
(109,113,232) | $(619,898,305) | (279,755,296) | $(1,597,272,669) | ||
Net change | |||||
Class A | (7,637,026) | $(43,538,079) | (2,634,531) | $(14,772,610) | |
Class B | (84,315) | (478,335) | (117,476) | (666,158) | |
Class C | (823,616) | (4,687,244) | (815,964) | (4,627,083) | |
Class I | (18,860,524) | (107,313,203) | 10,701,368 | 60,636,174 | |
Class R1 | 2,920 | 16,418 | (136,719) | (782,050) | |
Class R2 | 3,986 | 22,593 | (83,271) | (475,323) | |
Class R3 | 62,089 | 353,191 | (68,922) | (392,525) | |
Class R4 | 15,681 | 89,935 | 24,819 | 141,787 | |
Class R6 | (4,634,276) | (26,296,925) | 33,620,885 | 194,983,426 | |
Class 529A | — | — | (46,278,784) | (268,039,811) | |
(31,955,081) | $(181,831,649) | (5,788,595) | $(33,994,173) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $45,501,380 | $499,358,649 | $484,688,028 | $5,303 | $(4,395) | $60,172,909 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $1,224,539 | $— |
Maturity Fund
Maturity Fund
1 | |
3 | |
5 | |
79 | |
81 | |
82 | |
83 | |
87 | |
99 | |
103 | |
103 | |
103 | |
103 | |
103 |
back cover |
Healthcare Revenue - Hospitals | 12.9% |
Utilities - Other | 11.4% |
Airport Revenue | 8.8% |
Multi-family Housing | 8.7% |
Municipal Student Loans | 7.9% |
Investor Owned Utilities | 7.5% |
General Obligations - Schools | 5.2% |
Single Family Housing - State | 4.9% |
General Obligations - General Purpose | 4.7% |
Miscellaneous Revenue - Other | 3.1% |
AAA | 11.2% |
AA | 24.2% |
A | 38.2% |
BBB | 17.6% |
BB | 5.0% |
B | 0.2% |
CCC | 0.4% |
CC (o) | 0.0% |
Not Rated | 3.6% |
Cash & Cash Equivalents | (0.4)% |
Average Duration (d) | 3.0 |
Average Effective Maturity (m) | 3.8 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 0.60% | $1,000.00 | $987.65 | $3.00 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.12 | $3.05 | |
B | Actual | 1.35% | $1,000.00 | $983.92 | $6.73 |
Hypothetical (h) | 1.35% | $1,000.00 | $1,018.35 | $6.85 | |
C | Actual | 1.45% | $1,000.00 | $983.45 | $7.23 |
Hypothetical (h) | 1.45% | $1,000.00 | $1,017.85 | $7.35 | |
I | Actual | 0.45% | $1,000.00 | $988.36 | $2.25 |
Hypothetical (h) | 0.45% | $1,000.00 | $1,022.87 | $2.29 | |
R6 | Actual | 0.37% | $1,000.00 | $988.73 | $1.85 |
Hypothetical (h) | 0.37% | $1,000.00 | $1,023.28 | $1.88 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 99.6% | ||||
Alabama - 5.2% | ||||
Alabama Community College System, Board of Trustees Rev. (Wallace State Community College - Hanceville Rev.), BAM, 3.5%, 11/01/2026 | $ | 1,245,000 | $1,216,517 | |
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | 4,645,000 | 4,576,296 | ||
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2024 | 325,000 | 327,273 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A”, 4%, 12/01/2048 (Put Date 12/01/2023) | 3,750,000 | 3,750,298 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 12/01/2049 (Put Date 12/01/2025) | 10,000,000 | 9,773,675 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 4.537% (67% of (SOFR - 1mo. + 0.11448%) + 0.9%), 12/01/2048 (Put Date 12/01/2023) | 11,480,000 | 11,479,811 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 6,130,000 | 5,638,794 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 7,000,000 | 7,012,613 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 3,795,000 | 3,839,780 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “B”, 5.25%, 12/01/2053 (Put Date 12/01/2030) | 4,250,000 | 4,281,923 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027) | 4,270,000 | 4,117,982 | ||
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2025 | 850,000 | 858,859 | ||
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2028 | 610,000 | 628,195 | ||
Chatom, AL, Industrial Development Board Gulf Opportunity Zone (PowerSouth Energy), AGM, 5%, 8/01/2029 | 400,000 | 412,891 | ||
Houston County, AL, Health Care Authority (Southeast Alabama Medical Center), “A”, 5%, 10/01/2025 | 1,165,000 | 1,170,715 | ||
Mobile County, AL, Board of School Commissioners Special Tax School Warrants, 4%, 3/01/2024 | 540,000 | 539,688 | ||
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “A”, 1%, 6/01/2034 (Put Date 6/26/2025) | 3,000,000 | 2,834,239 | ||
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | 11,000,000 | 10,783,698 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Alabama - continued | ||||
Montgomery, AL, General Obligation, “B”, 3%, 12/01/2023 | $ | 425,000 | $424,563 | |
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2023 | 710,000 | 710,190 | ||
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2024 | 750,000 | 752,839 | ||
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2025 | 785,000 | 791,320 | ||
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2026 | 1,030,000 | 1,044,439 | ||
Phenix City, AL, Water & Sewer Rev., “A”, BAM, 5%, 8/15/2025 | 2,225,000 | 2,246,336 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 7,130,000 | 6,501,398 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 3,865,000 | 3,922,306 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028) | 6,380,000 | 6,318,125 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 12,000,000 | 11,957,650 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030) | 6,875,000 | 6,828,568 | ||
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | 10,000,000 | 10,169,924 | ||
Southeast Alabama Gas Supply District Rev. (Project No. 2), “A”, 4%, 6/01/2049 (Put Date 6/01/2024) | 10,000,000 | 9,934,170 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2024 | 100,000 | 99,977 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2025 | 150,000 | 148,960 | ||
University of West Alabama, General Fee Rev., AGM, 5%, 1/01/2027 | 100,000 | 101,717 | ||
$135,195,729 | ||||
Alaska - 0.3% | ||||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 3%, 12/01/2023 | $ | 450,000 | $449,380 | |
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 3%, 6/01/2024 | 400,000 | 396,381 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 12/01/2024 | 650,000 | 649,825 | ||
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | 4,930,000 | 5,063,044 | ||
$6,558,630 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - 3.4% | ||||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2024 | $ | 125,000 | $125,833 | |
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2025 | 145,000 | 147,464 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2027 | 160,000 | 162,472 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2028 | 125,000 | 127,543 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2029 | 125,000 | 127,858 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2030 | 135,000 | 138,306 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2031 | 125,000 | 128,148 | ||
Arizona Industrial Development Authority Education Rev., Taxable (KIPP NYC Public Charter Schools - Gerard Facility Project), “C”, 1.8%, 7/01/2024 | 225,000 | 217,490 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2024 | 500,000 | 501,032 | ||
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 4.1%, 12/01/2037 (Put Date 6/15/2028) | 2,000,000 | 1,944,826 | ||
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 6/01/2049 (Put Date 6/03/2024) | 7,500,000 | 7,497,167 | ||
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | 18,845,000 | 18,978,892 | ||
Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026) | 2,085,000 | 2,044,407 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2024 | 1,300,000 | 1,307,052 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 1,400,000 | 1,414,786 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 790,000 | 798,343 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 1,200,000 | 1,215,146 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 540,000 | 546,816 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | $ | 1,120,000 | $1,139,951 | |
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 720,000 | 732,825 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2028 | 850,000 | 870,882 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 1,100,000 | 917,887 | ||
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2028 | 870,000 | 864,844 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2024 | 135,000 | 134,501 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2025 | 175,000 | 172,526 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2026 | 200,000 | 196,868 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2027 | 200,000 | 196,080 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2028 | 325,000 | 317,281 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2029 | 250,000 | 242,504 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “A”, 3%, 1/01/2038 (Put Date 6/01/2024) | 10,560,000 | 10,444,556 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 455,000 | 397,161 | ||
Peoria, AZ, Vistancia Community Facilities District, BAM, 4%, 7/15/2024 | 575,000 | 574,604 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 4%, 7/01/2025 (n) | 515,000 | 502,765 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 2.95%, 7/01/2026 | 1,265,000 | 1,186,697 | ||
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.125%, 12/01/2035 (Put Date 11/01/2023) | 25,000,000 | 25,000,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2024 | $ | 400,000 | $400,283 | |
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2026 | 1,115,000 | 1,119,612 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2027 | 600,000 | 604,149 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2028 | 150,000 | 151,355 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 2,690,000 | 2,602,546 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2023 | 215,000 | 214,727 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2024 | 225,000 | 221,405 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2025 | 275,000 | 266,513 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “C-2”, 1.125%, 12/01/2026 | 1,200,000 | 1,194,090 | ||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024) | 1,200,000 | 1,182,223 | ||
$89,272,416 | ||||
Arkansas - 0.4% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027) | $ | 6,545,000 | $6,677,029 | |
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2024 | 200,000 | 198,219 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2025 | 150,000 | 146,735 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2026 | 185,000 | 178,955 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | 95,000 | 91,035 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2028 | 230,000 | 217,228 | ||
Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), 5%, 8/01/2024 | 400,000 | 401,634 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arkansas - continued | ||||
Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), 5%, 8/01/2026 | $ | 665,000 | $673,926 | |
Conway, AR, Health Facilities Board, Hospital Improvement Rev. (Conway Regional Medical Center), “A”, 5%, 8/01/2024 | 530,000 | 532,165 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2023 | 1,665,000 | 1,665,827 | ||
$10,782,753 | ||||
California - 5.1% | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028) | $ | 1,875,000 | $1,783,463 | |
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 17,250,000 | 16,876,605 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030) | 7,480,000 | 7,704,511 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2024 | 350,000 | 351,246 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2025 | 350,000 | 352,771 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2027 | 800,000 | 818,106 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2028 | 850,000 | 874,470 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2029 | 400,000 | 413,346 | ||
California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “A”, 1.2%, 12/01/2050 (Put Date 6/01/2028) | 4,560,000 | 3,816,166 | ||
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 7,585,000 | 7,542,584 | ||
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | 11,375,000 | 10,386,715 | ||
California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2024 | 835,000 | 832,697 | ||
California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | 700,000 | 682,005 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5%, 11/01/2025 | 1,130,000 | 1,126,507 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5%, 11/01/2026 | 1,000,000 | 995,006 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2027 | 200,000 | 206,034 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2028 | $ | 125,000 | $129,815 | |
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2029 | 125,000 | 130,487 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2030 | 400,000 | 419,965 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2031 | 200,000 | 211,082 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2032 | 225,000 | 238,720 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2033 | 1,150,000 | 1,219,165 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc.), “A”, 4.375%, 9/01/2053 (Put Date 9/01/2033) | 10,000,000 | 9,473,954 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 450,000 | 444,577 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024) | 1,455,000 | 1,439,165 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A-1”, 3.375%, 7/01/2025 | 5,000,000 | 4,864,603 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2024 | 380,000 | 376,443 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2025 | 400,000 | 392,269 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2024 (n) | 325,000 | 325,545 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2025 (n) | 335,000 | 334,532 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2026 (Prerefunded 8/01/2025) (n) | 25,000 | 25,514 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), ETM, 5%, 8/01/2024 (n) | 25,000 | 25,218 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), ETM, 5%, 8/01/2025 (n) | 30,000 | 30,617 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n) | 3,160,000 | 2,947,783 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2026 | $ | 1,300,000 | $1,307,346 | |
California Statewide Communities Development Authority Rev., Taxable (Front Porch Communities and Services), “B”, 1.028%, 4/01/2024 | 1,125,000 | 1,100,035 | ||
California Statewide Communities Development Authority Rev., Taxable (Front Porch Communities and Services), “B”, 1.31%, 4/01/2025 | 1,195,000 | 1,113,433 | ||
Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), “E”, 5%, 7/01/2043 (Put Date 7/01/2026) | 2,209,000 | 2,237,126 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “B”, 5%, 5/15/2026 | 1,350,000 | 1,367,920 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “G”, 5%, 5/15/2029 | 10,000,000 | 10,290,237 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024 | 1,205,000 | 1,208,073 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024 | 95,000 | 95,572 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2026 | 2,225,000 | 2,248,628 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2027 | 2,905,000 | 2,948,898 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2028 | 3,250,000 | 3,317,482 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev. (SFO Fuel Company LLC), “A”, 5%, 1/01/2027 | 2,205,000 | 2,236,365 | ||
San Francisco, CA, City & County Airports Commission, Second Series Rev., “C”, 5.25%, 5/01/2035 (w) | 7,500,000 | 7,818,075 | ||
San Francisco, CA, City & County Airports Commission, Second Series Rev., “C”, 5.25%, 5/01/2036 (w) | 4,500,000 | 4,653,474 | ||
San Ramon CA, Public Financing Authority, Capital Appreciation, “A”, AAC, 0%, 2/01/2026 | 1,690,000 | 1,519,595 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2026 | 1,150,000 | 1,165,531 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2028 | 1,000,000 | 1,024,819 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2029 | 1,100,000 | 1,126,337 | ||
Vernon, CA, Electric System Rev., “A”, 5%, 4/01/2026 | 1,000,000 | 998,153 | ||
Vernon, CA, Electric System Rev., “A”, 5%, 4/01/2027 | 3,380,000 | 3,378,479 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Vernon, CA, Electric System Rev., “A”, 5%, 10/01/2027 | $ | 4,500,000 | $4,503,220 | |
$133,450,484 | ||||
Colorado - 2.5% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2023 | $ | 195,000 | $195,113 | |
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2023 | 120,000 | 120,097 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2024 | 400,000 | 403,572 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2024 | 135,000 | 136,300 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2025 | 175,000 | 178,042 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2025 | 125,000 | 127,430 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2026 | 135,000 | 138,953 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2029 | 1,040,000 | 1,044,997 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Colorado Springs Charter Academy Project), 5.25%, 7/01/2028 | 1,135,000 | 1,135,926 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029 | 630,000 | 630,208 | ||
Colorado Health Facilities Authority Rev. (AdventHealth), “B”, 5%, 11/15/2049 (Put Date 11/19/2026) | 17,720,000 | 18,116,907 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2024 | 330,000 | 329,173 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2025 | 390,000 | 383,382 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | 320,000 | 309,555 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2027 | 495,000 | 471,882 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2028 | 460,000 | 432,320 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2029 | 430,000 | 397,849 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2030 | 500,000 | 455,334 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2031 | 960,000 | 860,332 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2034 | $ | 1,000,000 | $1,041,023 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2035 | 1,200,000 | 1,242,318 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-1”, 5%, 8/01/2026 | 1,500,000 | 1,518,973 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-1”, 5%, 8/01/2027 | 2,000,000 | 2,038,139 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2026 | 2,160,000 | 2,187,320 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 1/15/2024 | 400,000 | 399,992 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2024 | 300,000 | 300,159 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 1/15/2025 | 325,000 | 325,387 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2025 | 400,000 | 403,407 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 3%, 1/15/2026 | 1,500,000 | 1,448,754 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2026 | 300,000 | 302,722 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 1/15/2027 | 500,000 | 505,449 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2027 | 600,000 | 608,189 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 5%, 7/15/2028 | 850,000 | 864,223 | ||
Denver, CO, City & County Airport System Rev., “A”, 5%, 11/15/2027 | 5,000,000 | 5,100,244 | ||
Denver, CO, City & County Airport System Rev., “A”, 5%, 11/15/2028 | 14,000,000 | 14,331,110 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2024 | 1,500,000 | 1,499,265 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2025 | 2,000,000 | 1,998,046 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, 5%, 12/01/2023 | 1,000,000 | 1,000,120 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2025 | 500,000 | 509,191 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2026 | 1,300,000 | 1,332,124 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2027 | $ | 1,270,000 | $1,300,052 | |
$66,123,579 | ||||
Connecticut - 1.3% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut State University), “N”, 5%, 11/01/2024 | $ | 1,930,000 | $1,931,444 | |
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2024 | 1,840,000 | 1,828,914 | ||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030 | 3,000,000 | 2,742,165 | ||
Connecticut Health & Educational Facilities Authority Rev. (Sacred Heart University), “K”, 5%, 7/01/2024 | 250,000 | 251,421 | ||
Connecticut Health & Educational Facilities Authority Rev. (Sacred Heart University), “K”, 5%, 7/01/2025 | 250,000 | 253,483 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2026 | 1,000,000 | 1,007,840 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2027 | 1,440,000 | 1,455,618 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2028 | 890,000 | 900,643 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2029 | 2,000,000 | 2,023,268 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 5%, 11/15/2030 | 2,030,000 | 2,057,530 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-2”, 4.4%, 5/15/2066 (Put Date 11/15/2026) | 5,500,000 | 5,465,588 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052 | 5,815,000 | 5,917,677 | ||
East Hartford, CT, Housing Authority Multi-Family Rev. (Summerfield Townhouses Project), “A”, 4.25%, 2/01/2027 (Put Date 2/01/2025) | 3,000,000 | 2,968,992 | ||
Hamden, CT, General Obligation, BAM, 4%, 8/15/2025 | 400,000 | 396,390 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2023 | 3,000,000 | 3,000,000 | ||
New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2024 | 1,280,000 | 1,288,778 | ||
West Haven, CT, General Obligation, BAM, 4%, 3/15/2025 | 420,000 | 419,500 | ||
$33,909,251 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Delaware - 0.2% | ||||
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4%, 9/01/2024 | $ | 75,000 | $75,031 | |
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 2.8%, 9/01/2026 | 165,000 | 155,581 | ||
Delaware Economic Development Authority, Gas Facilities Rev. (Delmarva Power and Light Co. Project), “A”, 1.05%, 1/01/2031 (Put Date 7/01/2025) | 5,985,000 | 5,624,483 | ||
$5,855,095 | ||||
District of Columbia - 1.6% | ||||
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2026 | $ | 1,045,000 | $1,064,197 | |
District of Columbia, Housing Finance Agency, Collateralized Multi-Family Rev. (Parcel 42 Project), 1.7%, 9/01/2041 (Put Date 3/01/2025) | 9,000,000 | 8,634,465 | ||
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 2,415,000 | 2,310,837 | ||
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 3%, 9/01/2028 (Put Date 9/01/2026) | 5,350,000 | 5,090,146 | ||
District of Columbia, Housing Finance Agency, Multi-Family Development Program, Taxable, “B-3”, 0.9%, 10/01/2024 | 1,400,000 | 1,338,187 | ||
District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (Cascade Park Apartments II Project), 0.7%, 8/01/2042 (Put Date 8/01/2024) | 3,970,000 | 3,834,836 | ||
District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (Paxton Project), 4%, 9/01/2040 (Put Date 9/01/2025) | 3,750,000 | 3,697,793 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 10,000,000 | 9,931,520 | ||
Metropolitan Washington, D.C., Airport Authority System Rev., “A”, 5%, 10/01/2027 | 7,000,000 | 7,134,511 | ||
$43,036,492 | ||||
Florida - 2.5% | ||||
Broward County, FL, Multi-Family Housing Rev. (Pinnacle 441 Phase 2 LLC)), 4.05%, 9/01/2056 (Put Date 3/01/2026) | $ | 3,000,000 | $2,963,957 | |
Broward County, FL, Multi-Family Housing Rev. (Solaris Apartments), “B”, FNMA, 0.7%, 1/01/2025 (Put Date 7/01/2024) | 4,375,000 | 4,242,213 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2024 | 535,000 | 536,896 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2025 | 430,000 | 428,377 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2027 | $ | 565,000 | $571,327 | |
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2029 | 940,000 | 949,691 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2031 | 1,040,000 | 1,048,327 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2025 | 400,000 | 402,768 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2026 | 285,000 | 288,277 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2027 | 880,000 | 894,217 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2028 | 625,000 | 639,657 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Nova Southeastern University Project), “A”, 5%, 4/01/2029 | 500,000 | 512,602 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2027 (n) | 1,270,000 | 1,155,964 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n) | 825,000 | 731,757 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2027 | 480,000 | 484,247 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2028 | 1,500,000 | 1,516,104 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2029 | 1,295,000 | 1,305,946 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2030 | 1,990,000 | 2,002,078 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2025 | 920,000 | 928,312 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2026 | 500,000 | 507,533 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2028 | 135,000 | 139,511 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2029 | 485,000 | 501,833 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 5%, 1/01/2030 | 765,000 | 793,007 | ||
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Culmer Apartments), “C”, 5%, 12/01/2026 (Put Date 12/01/2025) | 2,000,000 | 2,013,736 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025) | $ | 5,600,000 | $5,638,095 | |
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), “B”, GNMA, 5%, 2/01/2027 (Put Date 2/01/2026) | 4,050,000 | 4,085,297 | ||
Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2027 | 1,375,000 | 1,401,422 | ||
Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2028 | 1,795,000 | 1,836,368 | ||
Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2029 | 1,350,000 | 1,383,026 | ||
Greater Orlando Aviation Authority Airport Facilities Rev., “A”, 5%, 10/01/2030 | 1,375,000 | 1,408,040 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 5.4%, 5/01/2028 | 700,000 | 693,953 | ||
Lee County, FL, Airport Rev., “B”, 5%, 10/01/2026 | 1,660,000 | 1,680,157 | ||
Lee Memorial Health System, FL, Hospital Rev., “A-2”, 5%, 4/01/2033 (Put Date 4/01/2026) | 5,135,000 | 5,192,024 | ||
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), 5%, 11/15/2024 | 400,000 | 401,136 | ||
Miami-Dade County, FL, Aviation Rev., “A”, 5%, 10/01/2038 | 1,145,000 | 1,118,146 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Cutler Vista Housing LP), 5%, 3/01/2027 (Put Date 9/01/2025) | 3,000,000 | 3,022,310 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Emerald Dunes), “B”, 4.05%, 9/01/2026 (Put Date 9/01/2025) | 1,750,000 | 1,725,439 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), HUD Section 8, 5%, 9/01/2026 (Put Date 9/01/2025) | 4,250,000 | 4,266,051 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2035 | 1,650,000 | 1,681,606 | ||
Orange County, FL, Health Facilities Authority Rev. (AdventHealth Obligated Group), “C”, ETM, 5%, 11/15/2052 (Prerefunded 11/15/2026) | 1,140,000 | 1,176,155 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2028 | 150,000 | 150,863 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2029 | 200,000 | 200,562 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2030 | 200,000 | 200,231 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2031 | $ | 200,000 | $200,159 | |
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2032 | 250,000 | 250,182 | ||
Pasco County, FL, School Board Refunding Certificates of Participation, “A”, 5%, 8/01/2025 | 100,000 | 101,446 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027 | 430,000 | 380,275 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2023 | 115,000 | 114,740 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2024 | 140,000 | 137,196 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2025 | 180,000 | 173,200 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2024 | 100,000 | 100,393 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2025 | 100,000 | 101,056 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2026 | 100,000 | 101,563 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2027 | 180,000 | 183,633 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2028 | 230,000 | 235,748 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2029 | 225,000 | 230,709 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2030 | 250,000 | 256,410 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2031 | 300,000 | 306,536 | ||
$65,692,464 | ||||
Georgia - 4.0% | ||||
Appling County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Hatch Project), “A”, 1.5%, 1/01/2038 (Put Date 2/03/2025) | $ | 2,500,000 | $2,365,808 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 2.375%, 1/01/2031 | 1,000,000 | 818,990 | ||
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | 6,245,000 | 5,951,092 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 2.875%, 8/01/2043 (Put Date 8/19/2025) | $ | 2,000,000 | $1,911,913 | |
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, 10/01/2032 (Put Date 5/21/2026) | 750,000 | 727,117 | ||
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 1.5%, 1/01/2040 (Put Date 2/03/2025) | 2,030,000 | 1,921,036 | ||
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 2.925%, 11/01/2053 (Put Date 3/12/2024) | 5,000,000 | 4,949,260 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2024 | 535,000 | 536,531 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2025 | 800,000 | 807,720 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2027 | 500,000 | 512,371 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2028 | 500,000 | 515,772 | ||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2024 | 590,000 | 591,837 | ||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2025 | 610,000 | 615,522 | ||
DeKalb, GA, Housing Authority, Multi-Family Housing Rev. (Tranquility at Decatur Project), “B”, 2.77%, 9/01/2025 (Put Date 3/01/2025) | 1,325,000 | 1,290,875 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, 4%, 8/01/2048 | 8,815,000 | 8,814,014 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 9,500,000 | 9,342,240 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 14,540,000 | 14,400,137 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029) | 8,845,000 | 8,718,121 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026) | 1,765,000 | 1,714,580 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 5/01/2052 (Put Date 12/01/2028) | 15,095,000 | 14,153,944 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 8,325,000 | 8,266,766 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, FLR, 4.464% (67% of LIBOR - 1mo. + 0.83%), 8/01/2048 (Put Date 12/01/2023) | 8,420,000 | 8,415,742 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Georgia Municipal Electric Authority (Project One), “A”, 5%, 1/01/2027 | $ | 850,000 | $867,870 | |
Monroe County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Scherer Project), 2.25%, 7/01/2025 | 5,500,000 | 5,183,421 | ||
$103,392,679 | ||||
Guam - 0.2% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 400,000 | $403,456 | |
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.499%, 10/01/2025 | 620,000 | 574,989 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.899%, 10/01/2027 | 840,000 | 732,734 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.099%, 10/01/2028 | 1,880,000 | 1,593,540 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.339%, 10/01/2030 | 615,000 | 491,116 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 450,000 | 350,936 | ||
$4,146,771 | ||||
Hawaii - 0.1% | ||||
Hawaii Harbor System Rev., “A”, 5%, 7/01/2024 | $ | 250,000 | $251,177 | |
Hawaii Harbor System Rev., “A”, 5%, 7/01/2025 | 350,000 | 353,696 | ||
Hawaii Harbor System Rev., “A”, 5%, 7/01/2027 | 250,000 | 255,470 | ||
Hawaii Harbor System Rev., “A”, 5%, 7/01/2028 | 1,000,000 | 1,029,240 | ||
Hawaii Harbor System Rev., “A”, 5%, 7/01/2029 | 500,000 | 517,235 | ||
$2,406,818 | ||||
Idaho - 0.2% | ||||
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 5%, 3/01/2026 | $ | 2,000,000 | $2,026,310 | |
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 5%, 3/01/2027 | 2,100,000 | 2,137,285 | ||
Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024 | 1,840,000 | 1,795,749 | ||
$5,959,344 | ||||
Illinois - 8.9% | ||||
Bolingbrook, IL, Special Service Areas Taxes, AGM, 4%, 3/01/2025 | $ | 1,500,000 | $1,498,429 | |
Bolingbrook, IL, Special Service Areas Taxes, AGM, 4%, 3/01/2027 | 1,500,000 | 1,498,133 | ||
Chicago, IL, “A”, 5%, 1/01/2029 | 3,000,000 | 3,055,795 | ||
Chicago, IL, “A”, 5%, 1/01/2031 | 2,000,000 | 2,027,110 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | $ | 1,985,000 | $1,985,807 | |
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 2,940,000 | 2,941,196 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 4,435,000 | 3,452,396 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026 | 1,925,000 | 1,654,017 | ||
Chicago, IL, Board of Education, “A”, AAC, 5.5%, 12/01/2024 | 5,430,000 | 5,481,110 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2033 | 1,500,000 | 1,566,745 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.25%, 4/01/2034 | 1,345,000 | 1,377,168 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6.1%, 3/31/2036 | 7,740,000 | 7,964,833 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5%, 12/01/2034 (w) | 5,000,000 | 4,878,460 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 5.25%, 12/01/2035 (w) | 7,145,000 | 7,059,201 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2029 | 1,260,000 | 1,252,780 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2025 | 2,500,000 | 2,511,266 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2026 | 3,000,000 | 3,026,597 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2027 | 2,750,000 | 2,783,268 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2028 | 2,250,000 | 2,284,064 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “C”, 5%, 12/01/2027 | 3,000,000 | 3,008,652 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “C”, AGM, 5%, 12/01/2027 | 10,000,000 | 10,120,975 | ||
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026 | 6,640,000 | 6,077,739 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 4,550,000 | 4,573,188 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 4,265,000 | 4,341,652 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 1,000,000 | 1,018,598 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2033 | 1,000,000 | 1,019,119 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2034 | 7,000,000 | 7,118,558 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029 | 3,110,000 | 3,151,810 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | $ | 2,385,000 | $2,121,869 | |
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev., Capital Appreciation, “A”, NPFG, 0%, 6/15/2024 | 7,075,000 | 6,877,358 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev., Capital Appreciation, “A”, NPFG, 0%, 12/15/2026 | 1,275,000 | 1,103,216 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, 5.5%, 1/01/2030 | 3,060,000 | 3,071,249 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2030 (w) | 10,000,000 | 10,245,876 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031 (w) | 1,000,000 | 1,026,986 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2032 (w) | 1,000,000 | 1,029,403 | ||
Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | 1,637,250 | 1,625,383 | ||
Chicago, IL, O’Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2025 | 2,000,000 | 2,009,033 | ||
Chicago, IL, O’Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2026 | 3,500,000 | 3,530,388 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 2,000,000 | 1,983,694 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2025 | 5,000,000 | 5,022,583 | ||
Chicago, IL, O'Hare International Airport, Passenger Facility Charge Rev., “B”, 5%, 1/01/2030 | 580,000 | 577,043 | ||
Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State Of Good Repair Formula Funds), 5%, 6/01/2025 | 150,000 | 151,187 | ||
Chicago, IL, Transit Authority Refunding Rev., 5%, 6/01/2026 | 2,600,000 | 2,643,504 | ||
Chicago, IL,Wastewater Transmission Rev., Second Lien, “B”, 5%, 1/01/2027 | 1,500,000 | 1,547,220 | ||
Cook County, IL, School District No. 111, General Obligation, AGM, 4%, 12/01/2029 | 550,000 | 547,611 | ||
Country Club Hills, Cook County, IL, Refunding, BAM, 4%, 12/01/2024 | 1,180,000 | 1,179,559 | ||
DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2024 | 215,000 | 214,803 | ||
DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2025 | 450,000 | 450,044 | ||
East Moline, IL, General Obligation, Taxable, BAM, 1.21%, 1/15/2024 | 325,000 | 321,783 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Franklin Park, IL, General Obligation Refunding Debt Certificates, “A”, BAM, 3%, 10/01/2024 | $ | 270,000 | $266,025 | |
Illinois Finance Authority Rev. (Advocate Health Care Network), “A-1”, 4%, 11/01/2030 | 1,935,000 | 1,859,520 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2024 | 345,000 | 344,408 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2025 | 460,000 | 457,412 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2026 | 485,000 | 479,547 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2028 | 530,000 | 520,442 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2030 | 590,000 | 572,619 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2024 | 350,000 | 350,515 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2025 | 825,000 | 834,420 | ||
Illinois Finance Authority Rev. (OSF Healthcare System), “B-1”, 5%, 5/15/2050 (Put Date 11/15/2024) | 4,000,000 | 4,001,549 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.5%, 5/15/2029 | 805,000 | 781,104 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.75%, 5/15/2031 | 905,000 | 878,633 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.75%, 5/15/2032 | 955,000 | 921,307 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6%, 5/15/2033 | 1,015,000 | 989,139 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6%, 5/15/2034 | 1,075,000 | 1,041,576 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-2”, 5.25%, 11/15/2027 | 1,940,000 | 1,885,773 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-3”, 4.75%, 11/15/2027 | 3,880,000 | 3,756,803 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2025 | 750,000 | 756,306 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2026 | 750,000 | 759,203 | ||
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 1,035,000 | 468,337 | ||
Illinois Finance Authority Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, 5/01/2040 (Put Date 9/01/2028) | 2,190,000 | 2,109,586 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2027 | $ | 250,000 | $257,155 | |
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2028 | 195,000 | 202,192 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2030 | 250,000 | 258,145 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2031 | 235,000 | 242,926 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2024 | 1,350,000 | 1,356,707 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 750,000 | 757,921 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2025 | 225,000 | 226,837 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 1,300,000 | 1,316,408 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2026 | 240,000 | 242,909 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 1,250,000 | 1,272,266 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2027 | 850,000 | 865,141 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2029 | 600,000 | 614,922 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 280,000 | 233,644 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2024 | 500,000 | 501,972 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2026 | $ | 500,000 | $505,528 | |
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2027 | 500,000 | 504,958 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2028 | 500,000 | 505,805 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2030 | 500,000 | 505,517 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2031 | 500,000 | 504,130 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2032 | 425,000 | 428,449 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 5%, 10/01/2033 | 500,000 | 503,764 | ||
Illinois Housing Development Authority Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025) | 6,175,000 | 6,080,970 | ||
Illinois Housing Development Authority Rev., “H”, GNMA, 3.47%, 10/01/2053 (Put Date 12/01/2023) | 8,000,000 | 7,990,812 | ||
Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | 500,000 | 497,340 | ||
Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029 | 2,405,000 | 2,419,444 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 965,000 | 965,140 | ||
Kane County, IL, School District No. 131 Rev., “A”, AGM, 5%, 12/01/2025 | 340,000 | 346,182 | ||
Kane County, IL, School District No. 131 Rev., “B”, AGM, 5%, 12/01/2025 | 700,000 | 712,728 | ||
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2025 | 545,000 | 543,740 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 3.375%, 12/01/2027 | 100,000 | 94,117 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028 | 450,000 | 458,962 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029 | 465,000 | 474,260 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2025 | $ | 80,000 | $79,446 | |
Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2027 | 165,000 | 162,229 | ||
Newport Township, IL, Fire Protection District, BAM, 4%, 1/01/2028 | 170,000 | 166,425 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2024 | 525,000 | 526,480 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2025 | 425,000 | 428,231 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2026 | 690,000 | 697,620 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2027 | 525,000 | 532,984 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2028 | 640,000 | 652,438 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2030 | 1,000,000 | 1,015,447 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 5%, 4/01/2032 | 1,325,000 | 1,331,651 | ||
Northern Illinois University, Auxiliary Facilities System Rev., BAM, 5%, 10/01/2025 | 325,000 | 328,728 | ||
Northern Illinois University, Auxiliary Facilities System Rev., BAM, 5%, 10/01/2026 | 250,000 | 253,581 | ||
Peoria, IL, Public Building Commission, School District Facilities Rev., “A”, AGM, 4%, 12/01/2025 | 700,000 | 694,600 | ||
Sangamon County, IL, Springfield School District No. 186, “C”, AGM, 4%, 6/01/2024 | 785,000 | 783,375 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2025 | 1,200,000 | 1,189,448 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2027 | 1,700,000 | 1,665,625 | ||
Southwestern, IL, Development Authority Health Facility Rev. (Hospital Sisters Services, Inc.), “A”, 5%, 2/15/2025 | 1,000,000 | 1,008,118 | ||
Southwestern, IL, Development Authority Health Facility Rev. (Hospital Sisters Services, Inc.), “A”, 5%, 2/15/2026 | 3,000,000 | 3,030,067 | ||
State of Illinois, General Obligation, 5%, 2/01/2025 | 6,190,000 | 6,243,617 | ||
State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 910,000 | 909,909 | ||
State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 5,365,000 | 5,496,693 | ||
State of Illinois, General Obligation, “C”, 4%, 3/01/2024 | 365,000 | 364,477 | ||
State of Illinois, Sales Tax Rev., BAM, 5%, 6/15/2025 | 240,000 | 240,170 | ||
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2025 | 380,000 | 380,223 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2026 | $ | 915,000 | $917,130 | |
$231,532,385 | ||||
Indiana - 2.4% | ||||
Ball State University Board of Trustees (Student Fee), “R”, 5%, 7/01/2024 | $ | 1,000,000 | $1,006,928 | |
Dekalb & Steuben Counties, GA, Central School Buildings Corp. Property Tax, 4%, 1/15/2024 | 360,000 | 359,687 | ||
Dekalb & Steuben Counties, GA, Central School Buildings Corp. Property Tax, 4%, 7/15/2024 | 640,000 | 638,804 | ||
Dekalb & Steuben Counties, GA, Central School Buildings Corp. Property Tax, 4%, 7/15/2025 | 570,000 | 567,906 | ||
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 1.99%, 11/15/2024 | 350,000 | 334,360 | ||
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 3.21%, 11/15/2028 | 115,000 | 99,120 | ||
Indiana Finance Authority Rev., Taxable (BHI Senior Living), “B”, 1.72%, 11/15/2023 | 300,000 | 299,442 | ||
Indiana Finance Authority Rev., Taxable (BHI Senior Living), “B”, 2.52%, 11/15/2026 | 515,000 | 462,228 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 270,000 | 269,563 | ||
Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026) | 1,655,000 | 1,452,574 | ||
Indiana Finance Authority, Environmental Improvement Rev. (Fulcrum Centerpoint LLC Project), 4.5%, 12/15/2046 (Put Date 11/15/2023) | 10,000,000 | 9,997,744 | ||
Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2027 | 740,000 | 750,082 | ||
Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2028 | 775,000 | 785,633 | ||
Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2029 | 1,140,000 | 1,126,337 | ||
Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 5%, 11/01/2030 | 985,000 | 960,377 | ||
Indiana Finance Authority, Hospital Rev. (Goshen Health), “A”, 2.1%, 11/01/2049 (Put Date 11/01/2026) | 2,700,000 | 2,487,938 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2024 | 1,000,000 | 1,001,212 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2025 | 1,250,000 | 1,252,709 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Indiana - continued | ||||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2026 | $ | 2,000,000 | $2,006,323 | |
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2027 | 2,000,000 | 2,009,572 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2028 | 1,750,000 | 1,759,679 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2029 | 1,500,000 | 1,506,874 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2030 | 1,450,000 | 1,451,700 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031 | 520,000 | 519,503 | ||
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), “I”, 5%, 1/01/2028 | 1,000,000 | 999,298 | ||
Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 1/15/2024 | 680,000 | 679,874 | ||
Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 7/15/2024 | 690,000 | 690,006 | ||
Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 1/15/2025 | 355,000 | 354,856 | ||
Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 7/15/2025 | 360,000 | 359,450 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2025 | 1,500,000 | 1,523,358 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2026 | 1,210,000 | 1,236,395 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 1/15/2027 | 1,515,000 | 1,557,385 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2027 | 1,000,000 | 1,031,506 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 1/15/2028 | 1,000,000 | 1,035,312 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 5.875%, 1/01/2024 | 100,000 | 100,211 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 5,000,000 | 4,755,693 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 5%, 11/01/2047 | 7,500,000 | 7,487,029 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), “A”, 5%, 12/01/2044 (Put Date 6/05/2026) | 6,590,000 | 6,577,037 | ||
$61,493,705 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - 0.4% | ||||
Iowa Student Loan Liquidity Corp. Rev., “A”, 5%, 12/01/2024 | $ | 1,000,000 | $1,003,158 | |
Iowa Student Loan Liquidity Corp. Rev., “A”, 5%, 12/01/2025 | 1,425,000 | 1,432,822 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2030 | 2,000,000 | 2,001,000 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2031 | 2,100,000 | 2,093,295 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2032 | 3,750,000 | 3,728,030 | ||
$10,258,305 | ||||
Kansas - 1.5% | ||||
Burlington, KS, Environmental Improvement Rev. (Kansas City Power & Light Co. Project), “B”, 2.95%, 12/01/2023 | $ | 10,000,000 | $9,987,023 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2024 (n) | 1,300,000 | 1,292,779 | ||
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), “B”, 5%, 11/15/2054 (Put Date 11/15/2028) | 11,335,000 | 11,753,039 | ||
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028) | 1,545,000 | 1,623,533 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | 85,000 | 82,655 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2026 | 320,000 | 305,629 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2027 | 330,000 | 309,507 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2028 | 300,000 | 276,265 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2026 | 1,770,000 | 1,731,616 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2027 | 1,865,000 | 1,810,447 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2028 | 1,960,000 | 1,887,400 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2029 | 2,060,000 | 1,968,140 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2030 | 2,165,000 | 2,052,508 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2031 | $ | 2,270,000 | $2,135,129 | |
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033 | 2,115,000 | 1,992,930 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “B”, 5.125%, 12/01/2026 | 1,000,000 | 963,715 | ||
$40,172,315 | ||||
Kentucky - 2.2% | ||||
Boone County, KY, Pollution Control Rev. (Duke Energy Kentucky, Inc. Project), “A”, 3.7%, 8/01/2027 | $ | 4,500,000 | $4,291,731 | |
Carroll County, KY, Environmental Facilities Rev. (Utilities Company Project), “A”, 3.375%, 2/01/2026 | 10,000,000 | 9,472,984 | ||
Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2024 | 225,000 | 225,912 | ||
Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2025 | 270,000 | 272,851 | ||
Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 5%, 7/01/2026 | 225,000 | 228,517 | ||
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n) | 2,895,000 | 2,672,608 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2025 | 1,750,000 | 1,756,961 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2026 | 2,000,000 | 1,995,305 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2027 | 2,625,000 | 2,623,059 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2024 | 700,000 | 702,281 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2024 | 500,000 | 501,629 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2025 | 1,350,000 | 1,358,434 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2025 | 750,000 | 754,685 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2026 | 2,000,000 | 2,017,900 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2026 | 950,000 | 958,502 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2027 | 3,000,000 | 3,034,001 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - continued | ||||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2027 | $ | 1,000,000 | $1,011,334 | |
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2028 | 1,150,000 | 1,158,238 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2029 | 700,000 | 706,609 | ||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2029 | 1,250,000 | 1,261,801 | ||
Kentucky State University Certificates of Participation, BAM, 5%, 11/01/2025 | 160,000 | 162,781 | ||
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024 | 95,000 | 95,823 | ||
Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 4%, 5/01/2026 | 1,190,000 | 1,134,350 | ||
Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 4%, 5/01/2027 | 1,105,000 | 1,034,493 | ||
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028) | 2,385,000 | 2,297,426 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., “B”, 4%, 1/01/2049 | 11,785,000 | 11,637,104 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., “C-1”, 4%, 12/01/2049 | 5,000,000 | 4,912,908 | ||
$58,280,227 | ||||
Louisiana - 0.6% | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 0.682%, 10/01/2024 | $ | 500,000 | $477,707 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 0.965%, 10/01/2025 | 750,000 | 688,199 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.165%, 10/01/2026 | 330,000 | 292,211 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.406%, 10/01/2027 | 460,000 | 395,449 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev., Taxable (LCTCS Act 360 Project), AGM, 1.656%, 10/01/2028 | 1,285,000 | 1,076,221 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2027 | $ | 2,705,000 | $2,696,062 | |
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2033 (Put Date 12/01/2023) | 2,200,000 | 2,192,731 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2034 (Put Date 12/01/2023) | 1,690,000 | 1,684,416 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | 300,000 | 302,509 | ||
New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 4%, 1/01/2026 | 4,105,000 | 4,031,446 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2024 | 350,000 | 351,540 | ||
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 5%, 12/01/2027 | 670,000 | 689,635 | ||
$14,878,126 | ||||
Maine - 0.5% | ||||
Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2023 | $ | 175,000 | $175,104 | |
Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2024 | 310,000 | 311,953 | ||
Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2025 | 330,000 | 333,440 | ||
Maine Finance Authority, Student Loan Rev., “A”, AGM, 5%, 12/01/2026 | 360,000 | 364,737 | ||
State Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024) | 12,900,000 | 12,821,506 | ||
$14,006,740 | ||||
Maryland - 0.7% | ||||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2024 | $ | 850,000 | $843,115 | |
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2030 | 1,000,000 | 949,414 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 3%, 7/01/2024 | 245,000 | 242,277 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4%, 2/15/2028 (n) | 350,000 | 334,933 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “D”, 4%, 9/01/2036 | 405,000 | 400,856 | ||
Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2024 | 1,350,000 | 1,347,090 | ||
Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2025 | 1,600,000 | 1,597,938 | ||
Maryland Economic Development Corp., Student Housing Rev. (University of Maryland College Park), AGM, 4%, 6/01/2026 | 650,000 | 647,989 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2024 | $ | 540,000 | $539,977 | |
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2025 | 475,000 | 475,545 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2026 | 495,000 | 497,071 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2027 | 430,000 | 433,342 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2028 | 300,000 | 303,495 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2029 | 290,000 | 293,754 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2030 | 285,000 | 288,202 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025 | 3,490,000 | 3,518,758 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Pooled Loan Program), “B”, VRDN, 3%, 4/01/2035 | 4,860,000 | 4,860,000 | ||
$17,573,756 | ||||
Massachusetts - 1.7% | ||||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2026 | $ | 475,000 | $477,942 | |
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2027 | 600,000 | 605,849 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2028 | 520,000 | 526,591 | ||
Massachusetts Development Finance Agency Rev. (Caregroup, Inc.), “I”, 5%, 7/01/2027 | 2,435,000 | 2,473,492 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2024 | 225,000 | 223,103 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2025 | 230,000 | 225,356 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | 145,000 | 140,610 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2027 | 255,000 | 245,142 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2028 | 330,000 | 314,292 | ||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | 110,000 | 109,064 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2025 | 1,500,000 | 1,506,274 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2026 | $ | 1,750,000 | $1,760,840 | |
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2027 | 2,000,000 | 2,019,497 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2024 | 1,000,000 | 1,003,600 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2025 | 1,150,000 | 1,151,711 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2026 | 1,500,000 | 1,489,597 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2027 | 1,000,000 | 987,254 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2028 | 780,000 | 769,121 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2029 | 850,000 | 835,708 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2024 | 365,000 | 367,122 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2025 | 350,000 | 353,887 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2026 | 350,000 | 356,545 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 5%, 10/01/2027 | 500,000 | 513,583 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 3,455,000 | 3,188,256 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2024 | 600,000 | 602,433 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2025 | 850,000 | 856,939 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2026 | 1,000,000 | 1,007,377 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2027 | 1,500,000 | 1,510,085 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 45,000 | 43,612 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “I”, 5%, 1/01/2025 | 3,450,000 | 3,468,692 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 5,005,000 | 4,681,060 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 4,000,000 | 3,658,314 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038 | $ | 4,270,000 | $3,513,319 | |
Massachusetts Housing Finance Agency Rev., “D-3”, FHA, 3.3%, 12/01/2026 | 1,000,000 | 957,616 | ||
Massachusetts Housing Finance Agency, “A-3”, 3.05%, 12/01/2027 | 2,000,000 | 1,907,531 | ||
$43,851,414 | ||||
Michigan - 3.3% | ||||
Detroit, MI, Downtown Development Authority Subordinate Tax Rev. (General Development Area No. 1 Project), “B”, AGM, 5%, 7/01/2025 | $ | 1,000,000 | $1,005,835 | |
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2033 | 1,900,000 | 1,905,481 | ||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2029 | 1,000,000 | 1,004,316 | ||
Flint, MI, Public Library Building & Site Rev., AGM, 3%, 5/01/2024 | 1,075,000 | 1,067,257 | ||
Flint, MI, Public Library Building & Site Rev., AGM, 3%, 5/01/2025 | 675,000 | 657,237 | ||
Lake Superior State University Board of Trustees General Refunding Rev., AGM, 4%, 11/15/2024 | 550,000 | 548,922 | ||
Lincoln, MI, Consolidated School District, Counties of Washtenaw & Wayne Refunding (General Obligation - Unlimited Tax), Taxable, 0.55%, 5/01/2024 | 2,340,000 | 2,281,736 | ||
Lincoln, MI, Consolidated School District, Counties of Washtenaw & Wayne Refunding (General Obligation - Unlimited Tax), Taxable, 0.83%, 5/01/2025 | 1,000,000 | 932,237 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024 | 675,000 | 668,724 | ||
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) | 8,405,000 | 8,516,075 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028) | 1,470,000 | 1,246,149 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028) | 1,850,000 | 1,568,282 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2044 (Put Date 2/01/2025) | 10,000,000 | 10,121,112 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2026 | 1,000,000 | 1,012,643 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), “A”, 5%, 6/01/2030 | 2,000,000 | 2,057,210 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), “A-1”, 2.326%, 6/01/2030 | $ | 837,800 | $780,761 | |
Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, 12/01/2042 (Put Date 4/01/2026) | 7,735,000 | 7,649,450 | ||
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 2,640,000 | 2,445,638 | ||
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053 | 3,585,000 | 3,648,443 | ||
Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 6/01/2053 (Put Date 6/03/2030) | 10,750,000 | 10,028,494 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035 | 2,515,000 | 2,355,173 | ||
Michigan Strategic Fund Ltd. Obligation Rev. (Consumers Energy Company Project), 0.875%, 4/01/2035 (Put Date 10/08/2026) | 6,680,000 | 5,769,542 | ||
Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2027 | 2,000,000 | 2,016,528 | ||
Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2028 | 3,000,000 | 3,027,093 | ||
Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2028 | 3,000,000 | 3,029,250 | ||
Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2027 | 1,000,000 | 1,015,449 | ||
Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2028 | 1,125,000 | 1,147,885 | ||
Saginaw, MI, Hospital Finance Authority Rev. (Covenant Medical Center, Inc.), “J”, 5%, 7/01/2030 | 500,000 | 511,954 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2024 | 250,000 | 252,760 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2025 | 350,000 | 357,767 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2026 | 1,745,000 | 1,771,970 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2027 | 2,775,000 | 2,828,180 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2028 | 2,595,000 | 2,647,223 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “G”, 5%, 12/01/2023 | 400,000 | 400,297 | ||
$86,277,073 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Minnesota - 1.1% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2025 | $ | 400,000 | $380,760 | |
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | 235,000 | 217,160 | ||
Duluth, MN, Independent School District No. 709, “A”, COP, 3.25%, 3/01/2024 | 650,000 | 646,348 | ||
Duluth, MN, Independent School District No. 709, “A”, COP, 3.25%, 3/01/2025 | 675,000 | 659,945 | ||
Duluth, MN, Independent School District No. 709, “A”, COP, 4%, 3/01/2027 | 730,000 | 706,296 | ||
Duluth, MN, Independent School District No. 709, “A”, COP, 4%, 3/01/2028 | 765,000 | 733,199 | ||
Duluth, MN, Independent School District No. 709, “B”, COP, STAPRP, 5%, 2/01/2025 | 135,000 | 136,783 | ||
Duluth, MN, Independent School District No. 709, “A”, COP, 5%, 2/01/2025 | 500,000 | 506,604 | ||
Minneapolis, MN, Health Care System Rev. (Allina Health System), “B”, 5%, 11/15/2053 (Put Date 11/15/2030) | 9,090,000 | 9,405,407 | ||
Minnesota Housing Finance Agency, Rental Housing, “A”, GNMA, 2.3%, 8/01/2024 | 1,000,000 | 980,695 | ||
Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025 | 1,885,000 | 1,860,386 | ||
Minnesota Housing Finance Agency, Rental Housing, “C”, HUD Section 8, 0.3%, 2/01/2024 | 3,170,000 | 3,137,924 | ||
Minnesota Housing Finance Agency, Residential Housing, “C”, GNMA, 0.6%, 1/01/2024 | 390,000 | 387,496 | ||
Minnesota Housing Finance Agency, Residential Housing, “C”, GNMA, 0.7%, 7/01/2024 | 375,000 | 365,625 | ||
Minnesota Housing Finance Agency, Residential Housing, “O”, GNMA, 6%, 7/01/2053 | 5,000,000 | 5,207,493 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2023 | 500,000 | 500,000 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2024 | 615,000 | 617,104 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2025 | 850,000 | 852,001 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2026 | 700,000 | 705,379 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 5%, 11/01/2027 | 700,000 | 708,519 | ||
$28,715,124 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Mississippi - 1.4% | ||||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2024 | $ | 2,780,000 | $2,786,755 | |
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2025 | 3,680,000 | 3,687,223 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 1,960,000 | 1,919,842 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2028 | 380,000 | 372,553 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2029 | 355,000 | 346,772 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2031 | 380,000 | 368,481 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2024 | 500,000 | 500,125 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2026 | 825,000 | 822,128 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2024 | 740,000 | 740,820 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2028 | 1,200,000 | 1,196,645 | ||
Mississippi Gaming Tax Rev., “A”, 5%, 10/15/2024 | 750,000 | 755,200 | ||
Mississippi Gaming Tax Rev., “A”, 5%, 10/15/2028 | 1,400,000 | 1,450,205 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 7,000,000 | 7,020,355 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2025 | 530,000 | 536,274 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2027 | 800,000 | 818,834 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2028 | 975,000 | 1,002,667 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2029 | 400,000 | 411,877 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2040 (Put Date 3/01/2027) | 5,040,000 | 5,116,445 | ||
Warren County, MS, Gulf Opportunity Zone Rev. (International Paper Co. Project), “A”, 1.375%, 5/01/2034 (Put Date 6/16/2025) | 3,500,000 | 3,320,726 | ||
Warren County, MS, Gulf Opportunity Zone Rev. (International Paper Co. Project), “C”, 1.375%, 8/01/2027 (Put Date 6/16/2025) | 3,000,000 | 2,846,337 | ||
West Rankin, MS, Utility Authority Rev., ETM, AGM, 5%, 1/01/2024 | 400,000 | 400,549 | ||
West Rankin, MS, Utility Authority Rev., Taxable, AGM, 0.569%, 1/01/2024 | 450,000 | 446,251 | ||
West Rankin, MS, Utility Authority Rev., Taxable, AGM, 1.001%, 1/01/2026 | 465,000 | 423,109 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Mississippi - continued | ||||
West Rankin, MS, Utility Authority Rev., Taxable, AGM, 1.399%, 1/01/2028 | $ | 500,000 | $426,294 | |
$37,716,467 | ||||
Missouri - 0.9% | ||||
Kansas City, MO, General Obligation Refunding & Improvement, “A”, 5%, 2/01/2024 | $ | 5,500,000 | $5,514,773 | |
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2024 | 300,000 | 300,223 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2025 | 425,000 | 424,494 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | 150,000 | 149,445 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Independence, MO, Annual Appropriation Sewer System Rev.), “A”, 4%, 11/01/2023 | 315,000 | 315,000 | ||
Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2024 | 155,000 | 152,888 | ||
Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2026 | 205,000 | 194,841 | ||
Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2028 | 420,000 | 384,409 | ||
Missouri Health & Educational Facilities Authority Rev. (Bethesda Health Group, Inc.), 4%, 8/01/2030 | 300,000 | 264,336 | ||
Missouri Health & Educational Facilities Authority Rev. (Lutheran Senior Services Projects), “A”, 5%, 2/01/2025 | 215,000 | 214,111 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2027 | 2,500,000 | 2,572,332 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2028 | 7,820,000 | 8,110,003 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2024 | 400,000 | 395,313 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 150,000 | 141,227 | ||
Poplar Bluff, MO, Transportation Development District Convertible Transporation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031 | 1,900,000 | 1,676,102 | ||
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding Rev., Taxable, “A”, 5%, 12/01/2027 | 1,705,000 | 1,656,297 | ||
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2024 | 150,000 | 149,769 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2025 | $ | 280,000 | $279,282 | |
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2026 | 300,000 | 297,229 | ||
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2027 | 350,000 | 346,033 | ||
$23,538,107 | ||||
Nebraska - 0.3% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 4), 5%, 3/01/2050 | $ | 8,500,000 | $8,525,966 | |
Nevada - 0.3% | ||||
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2024 | $ | 1,500,000 | $1,505,107 | |
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2025 | 2,545,000 | 2,567,807 | ||
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026 | 1,545,000 | 1,564,500 | ||
Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | 2,635,000 | 2,643,872 | ||
$8,281,286 | ||||
New Hampshire - 0.6% | ||||
National Finance Authority Pollution Control Refunding Rev. (New York State Electric & Gas Corp. Project), “A”, 4%, 12/01/2028 | $ | 4,300,000 | $4,112,549 | |
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2024 | 265,000 | 264,362 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2025 | 290,000 | 285,270 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2026 | 265,000 | 256,926 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2028 | 580,000 | 545,714 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2029 | 300,000 | 277,950 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2030 | 280,000 | 255,396 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2031 | 295,000 | 264,854 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Hampshire - continued | ||||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.25%, 6/01/2026 | $ | 1,910,000 | $1,940,099 | |
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Rev., “C”, GNMA, 6.25%, 1/01/2055 | 8,000,000 | 8,418,245 | ||
$16,621,365 | ||||
New Jersey - 4.7% | ||||
Atlantic City, NJ, Board of Education, 4%, 4/01/2024 | $ | 160,000 | $160,005 | |
Atlantic City, NJ, Board of Education, 4%, 4/01/2025 | 175,000 | 175,003 | ||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 5%, 7/01/2024 | 150,000 | 150,784 | ||
Atlantic City, NJ, Tax Appeal Refunding Rev., “A”, BAM, 5%, 3/01/2024 | 345,000 | 345,915 | ||
Atlantic City, NJ, Tax Appeal Refunding Rev., “A”, BAM, 5%, 3/01/2027 | 200,000 | 206,238 | ||
Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2024 | 300,000 | 299,991 | ||
Burlington County, NJ, Moorestown Board of Education, 4%, 1/15/2025 | 305,000 | 305,196 | ||
Gloucester County, NJ, Improvement Authority Rev. (Rowan University Student Center Project), 0.6%, 3/01/2024 | 2,155,000 | 2,115,782 | ||
Hudson County, NJ, Municipal Utilities Authority Rev., Sewer Project Notes, “A”, 4%, 5/03/2024 | 10,000,000 | 9,992,763 | ||
Monmouth County, NJ, Improvement Authority Rev., Governmental Pooled Loan Project Notes, 4%, 3/15/2024 | 14,000,000 | 14,000,307 | ||
New Jersey Building Authority, State Building Rev. Unrefunded Balance, “A”, BAM, 5%, 6/15/2025 | 1,205,000 | 1,223,426 | ||
New Jersey Building Authority, State Building Rev. Unrefunded Balance, “A”, BAM, 5%, 6/15/2026 | 900,000 | 919,816 | ||
New Jersey Building Authority, State Building Rev., “A”, ETM, BAM, 5%, 6/15/2025 | 795,000 | 809,522 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2024 | 1,000,000 | 1,005,356 | ||
New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 3.125%, 7/01/2029 | 495,000 | 443,537 | ||
New Jersey Economic Development Authority Refunding Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2025 | 1,000,000 | 1,012,333 | ||
New Jersey Economic Development Authority Refunding Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2026 | 1,000,000 | 1,018,690 | ||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2033 (w) | 5,000,000 | 5,152,626 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2034 (w) | $ | 3,000,000 | $3,091,573 | |
New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2033 | 1,500,000 | 1,578,333 | ||
New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2034 | 1,040,000 | 1,088,616 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2025 | 1,610,000 | 1,632,852 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2026 | 2,000,000 | 2,045,909 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2027 | 1,500,000 | 1,547,963 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2028 | 3,000,000 | 3,086,963 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “QQQ”, 5%, 6/15/2024 | 300,000 | 301,774 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “QQQ”, 5%, 6/15/2025 | 500,000 | 507,097 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), Capital Appreciation, “DDD”, AGM, 0%, 12/15/2026 | 9,445,000 | 8,293,035 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “E”, 0.85%, 12/01/2025 | 1,135,000 | 1,014,230 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (AmericanWater Co., Inc. Project), “B”, 3.75%, 11/01/2034 (Put Date 6/01/2028) | 2,350,000 | 2,208,558 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2024 | 2,150,000 | 2,160,120 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2026 | 1,420,000 | 1,435,270 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2027 | 2,000,000 | 2,062,335 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2023 | 215,000 | 215,093 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2024 | 330,000 | 331,284 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2025 | 415,000 | 418,014 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., ”A“, 5%, 12/01/2026 | 335,000 | 337,397 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 6,915,000 | 6,280,300 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2023 | $ | 300,000 | $300,129 | |
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2024 | 2,350,000 | 2,359,141 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2024 | 575,000 | 577,237 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2025 | 2,600,000 | 2,618,882 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2025 | 850,000 | 856,173 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2026 | 2,300,000 | 2,316,456 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2026 | 1,430,000 | 1,440,232 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2027 | 1,550,000 | 1,565,884 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028 | 1,000,000 | 1,012,883 | ||
New Jersey Transportation Trust Fund Authority, “B”, AAC, 5.5%, 9/01/2026 | 1,985,000 | 2,064,228 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2024 | 4,000,000 | 4,019,260 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, “B”, AAC, 5.25%, 12/15/2023 | 155,000 | 155,223 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2025 | 550,000 | 503,678 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2026 | 2,500,000 | 2,190,397 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2028 | 6,635,000 | 5,311,856 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2032 | 1,890,000 | 1,254,927 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2027 | 3,780,000 | 3,171,238 | ||
New Jersey Turnpike Authority, Turnpike Rev., Taxable, “B”, 0.897%, 1/01/2025 | 1,905,000 | 1,806,934 | ||
New Jersey Turnpike Authority, Turnpike Rev., Taxable, “B”, 1.047%, 1/01/2026 | 2,380,000 | 2,176,875 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, BAM, 5%, 7/15/2024 | 420,000 | 422,475 | ||
Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2025 | 700,000 | 709,313 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2024 | $ | 1,440,000 | $1,454,226 | |
Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2025 | 1,850,000 | 1,882,528 | ||
Newark, NJ, Housing Authority Rev. (South Ward Police Facility), AGM, 5%, 12/01/2026 | 1,725,000 | 1,770,136 | ||
Salem Country, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025) | 2,500,000 | 2,474,771 | ||
$123,389,088 | ||||
New Mexico - 1.2% | ||||
Clayton, NM, Jail Project Improvement Rev., NPFG, 5%, 11/01/2029 | $ | 1,000,000 | $997,680 | |
Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), “D”, 3.9%, 6/01/2040 (Put Date 6/01/2028) | 7,000,000 | 6,748,249 | ||
Lea County, NM, Hobbs Municipal School District No. 16, 5%, 9/15/2024 | 120,000 | 121,018 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2024 | 175,000 | 174,240 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2025 | 150,000 | 148,812 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2026 | 300,000 | 305,477 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2028 | 225,000 | 232,343 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2030 | 450,000 | 469,276 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2031 | 300,000 | 312,630 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 5%, 9/01/2032 | 350,000 | 364,848 | ||
New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2027 | 2,000,000 | 2,032,298 | ||
New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2028 | 4,000,000 | 4,078,010 | ||
New Mexico Educational Assistance Foundation, “A-1”, 5%, 9/01/2029 | 1,750,000 | 1,784,354 | ||
New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2024 | 960,000 | 962,854 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Mexico - continued | ||||
New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2025 | $ | 1,055,000 | $1,061,910 | |
New Mexico Hospital Equipment Loan Council, Hospital System and Improvement Rev. (San Juan Regional Medical Center), 5%, 6/01/2026 | 1,000,000 | 1,012,346 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 1,500,000 | 1,508,948 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 2,375,000 | 2,384,175 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, “E”, GNMA, 6.25%, 9/01/2053 | 5,370,000 | 5,637,382 | ||
$30,336,850 | ||||
New York - 6.2% | ||||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2024 | $ | 500,000 | $501,840 | |
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2025 | 500,000 | 503,460 | ||
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2024 | 120,000 | 119,116 | ||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 3.4%, 7/01/2027 | 245,000 | 232,675 | ||
Monroe County, NY, Industrial Development Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2023 | 500,000 | 500,044 | ||
Monroe County, NY, Industrial Development Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2024 | 600,000 | 601,581 | ||
Monroe County, NY, Industrial Development Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2027 | 700,000 | 704,077 | ||
Nassau County, NY, Local Economic Assistance Corp., Multi-Family Housing Rev. (Park Lake Hempstead LP Project), 0.3%, 11/01/2024 (Put Date 11/01/2023) | 10,000,000 | 10,000,000 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2023 (n) | 1,300,000 | 1,298,809 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2025 (n) | 2,400,000 | 2,355,514 | ||
New York Dormitory Authority, Personal Income Tax Rev. (General Purpose), 5.25%, 3/15/2039 | 3,070,000 | 3,168,500 | ||
New York Energy Research & Development Authority, Pollution Control Rev. (Rochester Gas & Electric Corp.), “A”, 3%, 8/01/2032 | 11,125,000 | 10,897,969 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Energy Research and Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 | $ | 6,800,000 | $6,326,545 | |
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 800,000 | 757,041 | ||
New York Housing Finance Agency Affordable Housing Rev., “A-2”, HUD Section 8, 3.75%, 11/01/2062 (Put Date 11/01/2029) | 3,000,000 | 2,863,804 | ||
New York Housing Finance Agency Affordable Housing Rev., “L-2”, 0.75%, 11/01/2025 | 1,120,000 | 1,007,058 | ||
New York Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 19,050,000 | 17,656,264 | ||
New York Housing Finance Agency, Affordable Housing Rev., “G-2”, HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | 2,080,000 | 2,034,554 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “242”, 3.5%, 10/01/2052 | 6,100,000 | 5,792,453 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2024 | 1,920,000 | 1,924,707 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 10/01/2024 | 1,955,000 | 1,965,322 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2025 | 1,990,000 | 2,005,127 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 10/01/2025 | 2,030,000 | 2,051,057 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “243”, 5%, 4/01/2026 | 2,065,000 | 2,091,103 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “4th-9th”, 3.25%, 10/01/2028 | 3,750,000 | 3,515,110 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025 | 13,780,000 | 13,697,062 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2028 | 3,965,000 | 3,899,451 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2026 | 8,635,000 | 8,686,953 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2023 | 1,350,000 | 1,350,118 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2024 | 1,250,000 | 1,253,294 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2025 | $ | 1,100,000 | $1,103,661 | |
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2023 | 1,900,000 | 1,900,789 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3”, 1.125%, 5/01/2060 (Put Date 11/01/2024) | 4,550,000 | 4,385,020 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 0.9%, 5/01/2025 | 500,000 | 476,750 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1%, 11/01/2025 | 1,450,000 | 1,363,982 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1.1%, 5/01/2026 | 3,305,000 | 3,061,282 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-2”, FHA, 1.15%, 11/01/2026 | 1,290,000 | 1,180,204 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 11/01/2062 (Put Date 12/22/2026) | 6,940,000 | 6,655,788 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Queens Baseball Stadium Project), “A”, AGM, 5%, 1/01/2024 | 750,000 | 751,030 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2026 | 1,625,000 | 1,622,356 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2027 | 1,425,000 | 1,420,791 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2028 | 1,000,000 | 997,254 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 5%, 12/01/2029 | 175,000 | 174,488 | ||
Port Authority of NY & NJ (178th Series), 5%, 12/01/2033 | 7,500,000 | 7,507,856 | ||
Port Authority of NY & NJ (207th Series), 5%, 9/15/2027 | 1,755,000 | 1,788,167 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2025 | 1,475,000 | 1,493,400 | ||
Poughkeepsie, NY, Public Improvement, 5%, 6/01/2024 | 465,000 | 464,090 | ||
Poughkeepsie, NY, Public Improvement, 5%, 6/01/2025 | 235,000 | 233,923 | ||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.45%, 9/01/2024 | 100,000 | 96,187 | ||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.7%, 9/01/2025 | 110,000 | 101,740 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 1.95%, 9/01/2026 | $ | 140,000 | $125,492 | |
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev., Taxable (Clarkson University Project), “C”, 2.2%, 9/01/2027 | 135,000 | 117,858 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 486,834 | ||
Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2024 | 700,000 | 701,247 | ||
Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2025 | 750,000 | 753,137 | ||
Syracuse, NY, Regional Airport Authority Senior Airport Rev., 5%, 7/01/2026 | 250,000 | 251,347 | ||
Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2025 | 1,000,000 | 1,009,380 | ||
Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2026 | 2,000,000 | 2,029,868 | ||
Tobacco Settlement Asset Securitization Corp., NY, “1”, 5%, 6/01/2027 | 1,500,000 | 1,532,868 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-2”, 2%, 5/15/2045 (Put Date 5/15/2026) | 10,000,000 | 9,309,367 | ||
Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2024 | 300,000 | 301,119 | ||
$163,157,883 | ||||
North Carolina - 1.0% | ||||
Columbus County, NC, Industrial Facilities & Pollution Control, Financing Authority Rev. (International Paper Co.), “A”, 1.375%, 5/01/2034 (Put Date 6/16/2025) | $ | 1,000,000 | $948,779 | |
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2034 | 1,500,000 | 1,527,446 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2035 | 1,000,000 | 1,012,623 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5%, 7/01/2036 | 700,000 | 703,066 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2027 | 750,000 | 762,346 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2028 | 725,000 | 738,222 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2029 | 900,000 | 919,223 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
Greater Ashville, NC, Regional Airport Authority System Rev., “A”, AGM, 5%, 7/01/2031 | $ | 1,370,000 | $1,402,726 | |
New Hanover County, NC, General Obligation School, 5%, 9/01/2024 | 2,615,000 | 2,639,555 | ||
North Carolina Capital Facilities Finance Agency Student Housing Rev. (NCA&T University Foundation LLC Project), “A”, AGM, 5%, 6/01/2024 | 700,000 | 701,962 | ||
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2025 | 250,000 | 252,093 | ||
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2027 | 1,250,000 | 1,274,073 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 5%, 1/01/2028 | 2,175,000 | 2,239,287 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 5%, 7/01/2030 | 1,500,000 | 1,547,162 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2024 | 395,000 | 393,886 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2025 | 420,000 | 415,354 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2026 | 440,000 | 431,271 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2027 | 460,000 | 446,664 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 5%, 3/01/2028 | 365,000 | 350,961 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2029 | 760,000 | 689,209 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2030 | 790,000 | 703,129 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Refunding Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2031 | 820,000 | 719,371 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2024 | 220,000 | 218,673 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2025 | $ | 265,000 | $258,728 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2026 | 245,000 | 240,140 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2027 | 290,000 | 281,592 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 185,000 | 177,884 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 4%, 10/01/2027 | 600,000 | 580,958 | ||
North Carolina Turnpike Authority, Triangle Expressway System Turnpike Rev., AGM, 5%, 1/01/2026 | 1,500,000 | 1,524,770 | ||
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2025 | 645,000 | 649,852 | ||
Raleigh Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2026 | 1,000,000 | 1,013,019 | ||
$25,764,024 | ||||
North Dakota - 0.2% | ||||
Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | $ | 5,320,000 | $5,280,309 | |
Ohio - 3.0% | ||||
Akron, Bath, & Copley, OH, Joint Township Hospital District Facilities Rev. (Summa Health Obligated Group), 5%, 11/15/2026 | $ | 530,000 | $536,247 | |
Akron, Bath, & Copley, OH, Joint Township Hospital District Facilities Rev. (Summa Health Obligated Group), 5%, 11/15/2028 | 240,000 | 243,407 | ||
Cleveland, OH, Airport System Rev., “A”, 5%, 1/01/2024 | 2,000,000 | 2,000,892 | ||
Cleveland, OH, Airport System Rev., “A”, 5%, 1/01/2025 | 1,970,000 | 1,978,676 | ||
Cleveland, OH, Airport System Rev., “A”, 5%, 1/01/2026 | 3,000,000 | 3,023,587 | ||
Cleveland, OH, Airport System Rev., “A”, AGM, 5%, 1/01/2025 | 1,250,000 | 1,262,002 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2026 | 2,000,000 | 2,013,135 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2027 | 2,150,000 | 2,171,784 | ||
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | 3,412,000 | 3,356,274 | ||
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025) | 2,800,000 | 2,793,435 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2026 | $ | 680,000 | $676,813 | |
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2027 | 820,000 | 815,385 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2028 | 860,000 | 852,620 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2029 | 905,000 | 893,619 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2030 | 950,000 | 932,017 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2031 | 995,000 | 968,289 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5%, 1/01/2032 | 1,045,000 | 1,010,622 | ||
Lorain, OH, General Obligation, BAM, 3%, 12/01/2023 | 550,000 | 549,243 | ||
Lorain, OH, General Obligation, BAM, 4%, 12/01/2025 | 815,000 | 814,690 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2026 | 500,000 | 507,486 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2027 | 580,000 | 590,659 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2028 | 1,455,000 | 1,484,616 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2030 | 1,000,000 | 1,020,060 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2031 | 1,000,000 | 1,022,094 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2032 | 900,000 | 916,161 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2033 | 800,000 | 812,235 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 5%, 8/01/2034 | 1,000,000 | 1,010,834 | ||
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 5%, 8/01/2024 | 205,000 | 206,017 | ||
Northeast Ohio Medical University, General Receipts, “A”, 3%, 12/01/2023 | 100,000 | 99,887 | ||
Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2024 | 100,000 | 100,358 | ||
Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2026 | 200,000 | 201,317 | ||
Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2028 | 120,000 | 121,330 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Northeast Ohio Medical University, General Receipts, “A”, 5%, 12/01/2030 | $ | 135,000 | $136,109 | |
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 2,895,000 | 2,832,714 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 3,430,000 | 3,344,829 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 12/01/2027 (Put Date 10/01/2024) | 2,000,000 | 1,933,295 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 3,245,000 | 3,136,770 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 405,000 | 391,358 | ||
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2027 | 720,000 | 712,917 | ||
Ohio Higher Educational Facility Rev. (Case Western Reserve University Project), “C”, 1.625%, 12/01/2034 (Put Date 12/01/2026) | 5,000,000 | 4,583,110 | ||
Ohio Housing Finance Agency Multi-Family Housing Rev. (Thornwood Commons), HUD Section 8, 5%, 12/01/2026 (Put Date 12/01/2025) | 2,460,000 | 2,473,988 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054 | 5,925,000 | 6,081,050 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2026 | 140,000 | 140,862 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2027 | 420,000 | 423,634 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2028 | 370,000 | 372,612 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2029 | 825,000 | 826,452 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2031 | 475,000 | 472,574 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2032 | 290,000 | 288,323 | ||
Ohio State Hospital Rev. (University Hospitals Health System, Inc.), 5%, 1/15/2050 (Put Date 1/15/2025) | 5,595,000 | 5,638,073 | ||
State of Ohio, Major New State Infrastructure Project Rev., 5%, 12/15/2023 | 6,625,000 | 6,633,566 | ||
Triway, OH, Local School District Board of Education, BAM, 3%, 12/01/2023 | 700,000 | 699,141 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Triway, OH, Local School District Board of Education, BAM, 3%, 12/01/2024 | $ | 400,000 | $393,875 | |
Youngstown State University, OH, General Receipts, AGM, 4%, 12/15/2024 | 650,000 | 650,101 | ||
$77,151,144 | ||||
Oklahoma - 0.4% | ||||
Cushing, OK, Educational Facilities Lease Authority Rev. (Cushing Public Schools Project), 5%, 9/01/2024 | $ | 5,000,000 | $5,033,492 | |
Oklahoma City, OK, Economic Development Trust Tax Apportionment Refunding Rev., Taxable (Increment District No. 8), “A”, 0.648%, 3/01/2024 | 1,070,000 | 1,051,691 | ||
Rogers County, OK, Educational Facilities Authority Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2024 | 950,000 | 957,060 | ||
Tulsa County, OK, Industrial Authority, Senior Living Community Rev. (Montereau, Inc.), 5%, 11/15/2025 | 800,000 | 798,454 | ||
Tulsa County, OK, Industrial Authority, Senior Living Community Rev. (Montereau, Inc.), 5%, 11/15/2026 | 500,000 | 497,906 | ||
Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2024 | 425,000 | 422,917 | ||
Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2025 | 440,000 | 434,762 | ||
Tulsa, OK, Trustees of the Tulsa Airports Improvement Trust, General Airport Rev., “A”, BAM, 4%, 6/01/2026 | 300,000 | 293,460 | ||
$9,489,742 | ||||
Oregon - 0.7% | ||||
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2025 (Put Date 5/01/2024) | $ | 1,350,000 | $1,343,171 | |
Medford, OR, Hospital Facilities Authority Rev. (Asante Health System Obligated Group), “A”, 5%, 8/15/2025 | 400,000 | 404,813 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 455,000 | 377,207 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 1,170,000 | 1,007,007 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev., Taxable (Terwilliger Plaza - Parkview Project), “C”, 1.25%, 6/01/2026 | 560,000 | 508,591 | ||
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035 | 7,850,000 | 7,648,105 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2024 | 200,000 | 201,020 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - continued | ||||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2025 | $ | 225,000 | $225,940 | |
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2026 | 150,000 | 150,846 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2027 | 125,000 | 125,796 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2028 | 150,000 | 151,414 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2029 | 300,000 | 302,997 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2030 | 300,000 | 303,310 | ||
Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, “T-2”, 3%, 2/01/2026 (Put Date 2/01/2025) | 2,375,000 | 2,326,823 | ||
Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2024 | 1,500,000 | 1,504,620 | ||
Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2025 | 1,000,000 | 1,008,163 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2024 | 125,000 | 125,182 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2025 | 125,000 | 125,384 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2027 | 425,000 | 427,290 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2029 | 400,000 | 401,607 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2030 | 300,000 | 300,847 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 185,000 | 170,809 | ||
$19,140,942 | ||||
Pennsylvania - 6.0% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2026 | $ | 2,750,000 | $2,798,622 | |
Allentown, PA, City School District, BAM, 5%, 2/01/2026 | 4,155,000 | 4,216,034 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2024 | 150,000 | 150,214 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2025 | 500,000 | 500,821 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | 490,000 | 492,241 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Altoona, PA, Area School District, Taxable, AGM, 0.49%, 12/01/2023 | $ | 1,000,000 | $995,733 | |
Altoona, PA, Area School District, Taxable, AGM, 0.733%, 12/01/2024 | 1,105,000 | 1,047,475 | ||
Altoona, PA, Area School District, Taxable, AGM, 1.005%, 12/01/2025 | 900,000 | 820,348 | ||
Beaver County, PA, Big Beaver Falls School District Rev., BAM, 5%, 3/15/2025 | 1,325,000 | 1,341,588 | ||
Beaver County, PA, General Obligation, BAM, 4%, 11/15/2023 | 655,000 | 654,978 | ||
Beaver County, PA, Rochester Area School District, BAM, 1%, 5/01/2024 | 200,000 | 195,451 | ||
Beaver County, PA, Rochester Area School District, BAM, 3%, 5/01/2025 | 500,000 | 488,416 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2023 | 500,000 | 500,000 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2024 | 400,000 | 298,846 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2025 | 1,950,000 | 1,332,495 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2026 | 200,000 | 130,262 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2027 | 465,000 | 279,150 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 855,000 | 495,431 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029 | 1,620,000 | 905,681 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2024 | 435,000 | 404,109 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2025 | 565,000 | 398,922 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2026 | 1,000,000 | 662,665 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A”, 5%, 2/01/2027 | 1,100,000 | 683,206 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-2”, 5%, 2/01/2040 (Put Date 2/01/2027) | 5,545,000 | 3,443,977 | ||
Berks County, PA, Reading School District, “A”, BAM, 4%, 4/01/2024 | 615,000 | 613,899 | ||
Berks County, PA, Reading School District, “A”, BAM, 4%, 4/01/2025 | 1,000,000 | 995,995 | ||
Berks County, PA, Reading School District, “B”, BAM, 4%, 4/01/2024 | 1,200,000 | 1,197,851 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2025 | $ | 360,000 | $339,141 | |
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2026 | 755,000 | 691,406 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2027 | 795,000 | 707,927 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2028 | 830,000 | 718,918 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2029 | 865,000 | 729,054 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 450,000 | 369,212 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2027 | 3,000,000 | 3,066,747 | ||
Connellsville, PA, Area School District General Obligation, AGM, 4%, 11/15/2024 | 530,000 | 529,759 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | 1,000,000 | 973,227 | ||
Delaware Valley, PA, Regional Finance Authority, “A”, 2%, 10/01/2029 | 4,550,000 | 3,761,116 | ||
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2027 | 1,075,000 | 1,103,318 | ||
Erie, PA, City School District General Obligation, “B”, AGM, 5%, 4/01/2024 | 230,000 | 230,752 | ||
Erie, PA, City School District General Obligation, “B”, AGM, 5%, 4/01/2025 | 475,000 | 481,212 | ||
Erie, PA, City School District General Obligation, “C”, AGM, 5%, 4/01/2024 | 275,000 | 275,899 | ||
Fayette County, PA, Laurel Highlands School District, General Obligation , BAM, 4%, 2/01/2024 | 320,000 | 319,709 | ||
Fayette County, PA, Laurel Highlands School District, General Obligation , BAM, 4%, 2/01/2025 | 350,000 | 348,296 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | 375,000 | 375,000 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2024 | 700,000 | 701,854 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2025 | 265,000 | 265,928 | ||
Lancaster County, PA, Pequea Valley School District, 3%, 5/15/2024 | 225,000 | 223,079 | ||
Lancaster County, PA, Pequea Valley School District, 1.5%, 5/15/2025 | 125,000 | 117,528 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Lancaster County, PA, Pequea Valley School District, 4%, 5/15/2025 | $ | 100,000 | $99,889 | |
Lancaster County, PA, Pequea Valley School District, 1.5%, 5/15/2026 | 150,000 | 136,283 | ||
Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 5%, 10/01/2024 | 465,000 | 469,116 | ||
Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 5%, 10/01/2025 | 630,000 | 640,004 | ||
Lancaster, PA, Higher Education Authority College Rev. (Harrisburg Area Community College Project), BAM, 4%, 10/01/2031 | 500,000 | 479,318 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2024 | 1,015,000 | 1,013,684 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2025 | 525,000 | 522,593 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 3%, 12/01/2025 | 500,000 | 483,498 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2029 | 410,000 | 398,744 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 3%, 12/01/2029 | 525,000 | 473,310 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2030 | 425,000 | 410,941 | ||
Lancaster, PA, Parking Rev., “A”, BAM, 4%, 9/01/2031 | 440,000 | 422,447 | ||
Lawrence County, PA, New Castle Area School District, General Obligation, BAM, 4%, 3/01/2024 | 500,000 | 499,737 | ||
Lawrence County, PA, New Castle Area School District, General Obligation, BAM, 4%, 3/01/2025 | 805,000 | 802,919 | ||
Lehigh County, PA, Industrial Development Authority, Pollution Control Rev. (PPL Electric Utilities Corporation Project), “A”, 3%, 9/01/2029 | 8,000,000 | 7,233,290 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2023 | 1,060,000 | 1,056,069 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2023 | 400,000 | 400,493 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2024 | 410,000 | 415,135 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2026 | 370,000 | 379,604 | ||
Luzerne County, PA, Industrial Development Authority, Tax Exempt Guaranteed Lease Rev., AGM, 5%, 12/15/2025 | 1,000,000 | 1,019,787 | ||
Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, “A”, AGM, 2%, 3/01/2029 | 1,135,000 | 967,857 | ||
Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.039%, 3/01/2025 | 515,000 | 482,609 | ||
Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.229%, 3/01/2026 | 1,250,000 | 1,125,624 | ||
Luzerne, Carbon and Schuylkill Counties, PA, Hazleton Area School District, General Obligation, Taxable, “B”, AGM, 1.47%, 3/01/2027 | 1,000,000 | 870,745 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Lycoming County, PA, College Rev. (Pennsylvania College of Technology), “A”, BAM, 5%, 7/01/2024 | $ | 1,000,000 | $1,005,294 | |
Lycoming County, PA, College Rev. (Pennsylvania College of Technology), “A”, BAM, 5%, 7/01/2025 | 500,000 | 504,721 | ||
Monroeville, PA, Finance Authority University of Pittsburgh Medical Centry Rev., “B”, 5%, 2/15/2024 | 1,115,000 | 1,117,434 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2029 | 1,000,000 | 1,027,348 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2030 | 1,350,000 | 1,385,280 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2031 | 2,355,000 | 2,410,818 | ||
Pennsylvania Economic Development Financing Authority Rev., Private Activity Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2029 | 1,805,000 | 1,800,514 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2031 | 10,825,000 | 10,978,135 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 5,000,000 | 4,928,058 | ||
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 3%, 1/01/2024 | 865,000 | 862,134 | ||
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026 | 110,000 | 107,520 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A-2”, 4.6%, 10/01/2046 (Put Date 10/01/2026) | 5,000,000 | 4,960,864 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2026 | 2,050,000 | 2,065,868 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2026 | 475,000 | 479,251 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 2,700,000 | 2,720,861 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 350,000 | 352,704 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2028 | 550,000 | 554,389 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | 230,000 | 232,508 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | $ | 3,590,000 | $3,629,145 | |
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2024 | 340,000 | 341,498 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2025 | 350,000 | 354,200 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Trustees of the University of Pennsylvania), “A”, 5%, 2/15/2024 | 750,000 | 752,390 | ||
Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Cambridge Square), “B”, FNMA, 5%, 11/01/2026 (Put Date 11/01/2025) | 500,000 | 503,066 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 2.8%, 4/01/2024 | 1,110,000 | 1,101,709 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 4.75%, 4/01/2033 | 4,650,000 | 4,601,812 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “133”, 5%, 10/01/2025 | 750,000 | 761,219 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “133”, 5%, 10/01/2026 | 740,000 | 755,057 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2024 | 485,000 | 485,495 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2024 | 805,000 | 807,103 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2025 | 575,000 | 577,025 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2025 | 1,090,000 | 1,095,347 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2026 | 1,105,000 | 1,111,428 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2026 | 2,250,000 | 2,262,077 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2027 | 2,285,000 | 2,291,786 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.2%, 10/01/2028 | 3,550,000 | 3,280,981 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2024 | 320,000 | 321,794 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 5%, 6/15/2025 | 375,000 | 379,970 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Community College), BAM, 5%, 3/01/2024 | 560,000 | 561,854 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Community College), BAM, 5%, 3/01/2025 | $ | 675,000 | $682,330 | |
Pennsylvania Public School Building Authority, College Rev. (Westmoreland County Community College), AGM, 4%, 10/15/2024 | 300,000 | 299,891 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032 | 240,000 | 228,511 | ||
Philadelphia, PA, Authority for Industrial Development City Agreement Rev. (Cultural and Commercial Corridors Program), “A”, 5%, 12/01/2024 | 5,675,000 | 5,722,687 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2025 | 1,000,000 | 1,012,520 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2026 | 635,000 | 650,676 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2027 | 1,850,000 | 1,910,076 | ||
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2036 (w) | 2,250,000 | 2,356,646 | ||
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2037 (w) | 4,030,000 | 4,194,307 | ||
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2038 (w) | 1,295,000 | 1,340,830 | ||
Philadelphia, PA, School District, “F”, 5%, 9/01/2026 | 5,000,000 | 5,123,433 | ||
Wayne County, PA, County Guaranteed Hospital Rev. (Wayne Memorial Hospital Project), “A”, 5%, 7/01/2030 | 500,000 | 506,329 | ||
West Mifflin, PA, Area School District, AGM, 5%, 4/01/2024 | 1,250,000 | 1,254,345 | ||
West Mifflin, PA, Area School District, AGM, 5%, 4/01/2025 | 1,000,000 | 1,012,391 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2025 | 1,095,000 | 1,085,128 | ||
Westmoreland County, PA, Burrell School District, BAM, 4%, 7/15/2024 | 745,000 | 745,366 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2024 | 440,000 | 436,643 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2025 | 625,000 | 611,000 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 150,000 | 144,191 | ||
$155,963,145 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - 2.2% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | $ | 14,750,000 | $15,071,113 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 1,521,000 | 1,564,491 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2024 | 3,430,000 | 3,432,207 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 | 315,000 | 315,128 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n) | 4,100,000 | 4,101,664 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “B”, 5%, 7/01/2025 | 265,000 | 265,108 | ||
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 110,000 | 110,012 | ||
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025 | 115,000 | 115,013 | ||
Puerto Rico Electric Power Authority Refunding Rev., “RR”, NPFG, 5%, 7/01/2024 | 1,920,000 | 1,920,247 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 195,000 | 193,172 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 625,000 | 617,271 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 3,930,000 | 3,889,648 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 530,000 | 530,265 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026 | 25,000 | 25,013 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 1,310,000 | 1,308,098 | ||
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026) | 1,575,000 | 1,602,705 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 90,000 | 90,589 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034 | 207,000 | 197,171 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 718,000 | 606,565 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 15,340,000 | 11,790,735 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 16,249,000 | 10,157,485 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | $ | 245,000 | $245,235 | |
$58,148,935 | ||||
Rhode Island - 1.2% | ||||
Rhode Island Health and Educational Building Corp. Rev. (Lifespan Obligated Group), 5%, 5/15/2026 | $ | 5,000,000 | $5,009,324 | |
Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev. (Providence College), “B”, 5%, 11/01/2023 | 400,000 | 400,000 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev. (Providence College), “B”, 5%, 11/01/2024 | 430,000 | 434,394 | ||
Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052 | 7,250,000 | 7,374,758 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2025 | 600,000 | 605,423 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2026 | 875,000 | 886,513 | ||
Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, “1”, 4.125%, 12/01/2041 | 5,455,000 | 4,722,537 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 4%, 12/01/2025 | 2,005,000 | 1,976,728 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2026 | 950,000 | 962,499 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2027 | 800,000 | 815,630 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 5%, 12/01/2028 | 1,000,000 | 1,020,579 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 700,000 | 669,926 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2024 | 765,000 | 769,017 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2025 | 1,000,000 | 1,009,039 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2026 | 1,125,000 | 1,139,802 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2027 | 2,130,000 | 2,171,614 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2028 | 1,185,000 | 1,212,084 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2029 | 1,250,000 | 1,281,830 | ||
$32,461,697 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - 0.8% | ||||
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2023 | $ | 1,300,000 | $1,300,774 | |
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2025 | 900,000 | 908,131 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2025 | 1,005,000 | 1,017,225 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1,680,000 | 1,650,901 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.208%, 12/01/2023 | 3,205,000 | 3,194,935 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.368%, 12/01/2024 | 5,000,000 | 4,797,520 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.468%, 12/01/2025 | 6,850,000 | 6,364,432 | ||
Sumter, SC, Two School Facilities, Inc. (Sumter School District), BAM, 5%, 12/01/2024 | 1,000,000 | 1,006,825 | ||
Sumter, SC, Two School Facilities, Inc. (Sumter School District), BAM, 5%, 12/01/2025 | 1,500,000 | 1,524,578 | ||
$21,765,321 | ||||
South Dakota - 0.1% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 3,425,000 | $3,327,383 | |
Tennessee - 3.1% | ||||
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2025 | $ | 545,000 | $545,248 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (East Tennessee Children's Hospital), 5%, 11/15/2029 | 1,175,000 | 1,200,245 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2024 | 750,000 | 751,716 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2025 | 2,350,000 | 2,357,956 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2027 | 265,000 | 267,444 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2028 | 500,000 | 502,960 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2028 | 490,000 | 494,154 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2029 | 1,450,000 | 1,456,712 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 6,970,000 | 7,008,243 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | $ | 930,000 | $904,846 | |
Memphis-Shelby County, TN, Airport Authority Refunding Rev., “C”, 5%, 7/01/2024 | 850,000 | 851,790 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2026 | 175,000 | 176,859 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “B”, 5%, 7/01/2024 | 4,000,000 | 4,008,422 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “B”, 5%, 7/01/2025 | 2,500,000 | 2,514,431 | ||
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 7/01/2032 | 1,250,000 | 1,300,266 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2031 | 1,170,000 | 986,104 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2023 | 685,000 | 685,133 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2024 | 575,000 | 576,570 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2025 | 575,000 | 576,343 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.25%, 12/01/2026 | 725,000 | 726,882 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 12/01/2027 | 750,000 | 759,518 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 15,915,000 | 15,966,343 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 16,000,000 | 15,834,387 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 4%, 11/01/2049 | 18,380,000 | 17,980,428 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2025 | 1,350,000 | 1,368,590 | ||
$79,801,590 | ||||
Texas - 7.3% | ||||
Arlington, TX, Higher Education Finance Corp. Education Rev. (Riverwalk Education Foundation, Inc.), Texas PSF, 5%, 8/15/2024 | $ | 325,000 | $327,329 | |
Arlington, TX, Higher Education Finance Corp. Education Rev. (Riverwalk Education Foundation, Inc.), Texas PSF, 5%, 8/15/2025 | 400,000 | 406,397 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n) | 575,000 | 561,390 | ||
Arlington, TX, Housing Finance Corp. Multi-Family Housing Rev. (6900 Matlock Road Project), 4.5%, 4/01/2041 (Put Date 4/01/2027) | 5,000,000 | 4,967,578 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2025 | 2,790,000 | 2,778,253 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2024 | $ | 1,200,000 | $1,197,663 | |
Bexar County, TX, Venue Project Rev., Taxable, AGM, 0.76%, 8/15/2024 | 455,000 | 437,719 | ||
Bexar County, TX, Venue Project Rev., Taxable, AGM, 1.082%, 8/15/2025 | 720,000 | 665,422 | ||
Bexar County, TX, Venue Project Rev., Taxable, AGM, 1.272%, 8/15/2026 | 315,000 | 281,097 | ||
Boerne, TX, Independent School District, Unlimited Tax, 2.8%, 12/01/2051 (Put Date 12/01/2023) | 17,465,000 | 17,443,389 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2024 | 1,025,000 | 1,026,884 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2025 | 985,000 | 988,201 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2026 | 940,000 | 943,979 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2026 | 1,005,000 | 1,011,757 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2027 | 805,000 | 809,148 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2028 | 710,000 | 713,917 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2028 | 1,340,000 | 1,347,393 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2029 | 495,000 | 497,077 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5%, 4/01/2029 | 1,440,000 | 1,446,723 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2030 (w) | 2,195,000 | 2,271,690 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2031 (w) | 3,875,000 | 4,007,121 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2032 (w) | 5,000,000 | 5,166,509 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.5%, 4/01/2033 (w) | 2,500,000 | 2,578,641 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 3%, 4/01/2039 | 15,000 | 14,845 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.305%, 4/01/2024 | 375,000 | 368,103 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.674%, 4/01/2025 | 250,000 | 235,993 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 1.974%, 4/01/2026 | $ | 375,000 | $343,890 | |
Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2025 | 950,000 | 956,276 | ||
Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2026 | 1,000,000 | 1,007,425 | ||
Brownsville, TX, Navigation District Rev., AGM, 5%, 3/01/2027 | 1,000,000 | 1,004,827 | ||
Bryan, TX, Electric System Rev., “A”, AGM, 5%, 7/01/2024 | 265,000 | 266,593 | ||
Capital Area, TX, Housing Finance Corp., Multi-Family Housing Rev. (Grand Ave. Flats), 0.29%, 8/01/2039 (Put Date 8/01/2024) | 2,370,000 | 2,284,795 | ||
Cinco Southwest, TX, Municipal Utility District No. 1 Contract Refunding Rev., BAM, 3%, 12/01/2023 | 250,000 | 249,640 | ||
Cinco Southwest, TX, Municipal Utility District No. 1 Contract Refunding Rev., BAM, 3%, 12/01/2024 | 190,000 | 186,795 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), Texas PSF, 5%, 8/15/2024 | 600,000 | 603,375 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), Texas PSF, 5%, 8/15/2027 | 1,350,000 | 1,390,351 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 3.375%, 12/01/2024 | 375,000 | 366,765 | ||
Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4.5%, 9/01/2025 | 490,000 | 490,841 | ||
Collin and Hunt Counties, TX, Magnolia Pointe Municipal Utility District No. 1, AGM, 4.5%, 9/01/2027 | 525,000 | 529,678 | ||
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | 2,755,000 | 2,667,789 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2024 | 205,000 | 205,631 | ||
El Paso, TX, General Obligation, 4%, 8/15/2029 | 1,440,000 | 1,398,236 | ||
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2024 | 110,000 | 110,024 | ||
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2024 | 155,000 | 155,033 | ||
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2025 | 120,000 | 119,506 | ||
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2025 | 150,000 | 149,383 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037 | 1,905,000 | 2,007,292 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038 | 1,430,000 | 1,488,488 | ||
Fort Bend County, TX, Municipal Utility District No. 134B, AGM, 3%, 3/01/2024 | 585,000 | 581,512 | ||
Galveston, TX, Public Facility Corp., Multi-Family Housing Rev. (Oleanders At Broadway), HUD Section 8, 0.47%, 8/01/2025 (Put Date 8/01/2024) | 4,935,000 | 4,771,283 | ||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2026 | 500,000 | 507,196 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2027 | $ | 500,000 | $509,483 | |
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2029 | 965,000 | 985,117 | ||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2030 | 1,015,000 | 1,036,352 | ||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2031 | 1,070,000 | 1,092,026 | ||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2032 | 380,000 | 387,192 | ||
Garland, TX, Electric Utility System Rev., Taxable (Dallas, Collin and Rockwall Counties), “B”, 0.723%, 3/01/2024 | 600,000 | 590,280 | ||
Garland, TX, Electric Utility System Rev., Taxable (Dallas, Collin and Rockwall Counties), “B”, 1.068%, 3/01/2025 | 800,000 | 752,490 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “B”, 5%, 6/01/2050 (Put Date 12/01/2028) | 4,000,000 | 4,129,930 | ||
Harris County, TX, Morton Road Municipal Utility District, BAM, 3%, 9/01/2025 | 265,000 | 256,619 | ||
Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2024 | 530,000 | 524,355 | ||
Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2025 | 530,000 | 508,810 | ||
Harris County, TX, Municipal Utility District No. 287, “A”, AGM, 2%, 3/01/2026 | 530,000 | 486,307 | ||
Harris County, TX, Spring Branch Independent School District, Texas PSF, 5%, 2/01/2024 | 4,000,000 | 4,011,440 | ||
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2024 | 590,000 | 587,326 | ||
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 410,000 | 400,860 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 905,000 | 901,618 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), “A”, 5%, 7/01/2027 | 355,000 | 342,997 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027 | 490,000 | 473,272 | ||
Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2024 | 4,475,000 | 4,487,328 | ||
Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2025 | 1,000,000 | 1,007,365 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Houston, TX, Airport System Rev., Subordinate Lien, “C”, 5%, 7/01/2026 | $ | 3,000,000 | $3,037,864 | |
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Rev., 4%, 9/01/2024 | 255,000 | 254,452 | ||
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Rev., 4%, 9/01/2025 | 230,000 | 229,394 | ||
Houston, TX, Housing Finance Corp., Multi-Family Housing Rev. (Sweet Gardens Apartments Project), 4%, 10/01/2025 (Put Date 10/01/2024) | 6,175,000 | 6,117,503 | ||
Houston, TX, Memorial City Redevelopment Authority Rev., AGM, 5%, 9/01/2024 | 575,000 | 578,852 | ||
Houston, TX, Memorial City Redevelopment Authority Rev., AGM, 5%, 9/01/2026 | 1,100,000 | 1,119,495 | ||
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2024 | 250,000 | 251,873 | ||
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2025 | 500,000 | 503,537 | ||
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2028 | 350,000 | 353,642 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2025 | 130,000 | 129,773 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2026 | 150,000 | 149,760 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2028 | 225,000 | 225,497 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2029 | 275,000 | 275,256 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2030 | 185,000 | 184,994 | ||
Lower Colorado River Authority Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2024 | 1,120,000 | 1,125,970 | ||
Matagorda County, TX, Navigation District Number One Pollution Control Refunding Rev. (Central Power & Light Co. Project), 4.25%, 5/01/2030 | 6,875,000 | 6,476,242 | ||
Matagorda County, TX, Pollution Control Rev. (Central Power & Light Co.), “A”, 2.6%, 11/01/2029 | 3,000,000 | 2,557,142 | ||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 3,485,000 | 3,477,140 | ||
North Central, TX, Housing Finance Corp., Multi-Family Housing Rev. (Bluebonnet Ridge Apartments), 0.375%, 8/01/2040 (Put Date 8/01/2024) | 3,150,000 | 3,035,372 | ||
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5%, 6/01/2024 | 1,915,000 | 1,926,159 | ||
Port Arthur, TX, Combination Tax & Certificates of Obligation Rev., BAM, 5%, 2/15/2024 | 250,000 | 250,582 | ||
Port Arthur, TX, Combination Tax & Certificates of Obligation Rev., BAM, 5%, 2/15/2025 | 500,000 | 505,620 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 1.875%, 1/01/2026 (n) | $ | 850,000 | $773,546 | |
Public Facility Corp., Texas Multi-Family Housing Rev. (Lakeside Manor Apartments), 3.25%, 3/01/2040 (Put Date 9/01/2025) | 5,000,000 | 4,849,632 | ||
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2024 | 1,595,000 | 1,599,394 | ||
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2025 | 1,015,000 | 1,022,476 | ||
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2026 | 1,690,000 | 1,711,330 | ||
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2027 | 1,870,000 | 1,900,782 | ||
San Antonio, TX, Airport System Rev., “A”, 5%, 7/01/2028 | 565,000 | 575,304 | ||
San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family Housing Rev. (Country Club Village), 4%, 8/01/2026 (Put Date 8/01/2025) | 4,375,000 | 4,320,351 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2024 | 860,000 | 862,369 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2025 | 1,600,000 | 1,611,784 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2026 | 1,250,000 | 1,263,274 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2027 | 2,750,000 | 2,785,999 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032) | 3,895,000 | 4,005,831 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “F”, 5%, 11/15/2052 (Put Date 11/15/2030) | 4,750,000 | 4,979,192 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2025 | 1,675,000 | 1,642,986 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2024 | 135,000 | 135,957 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2025 | 140,000 | 142,426 | ||
Texas Affordable Housing Corp., Multi-Family Rev. (Eden Court Apartments Project), 5%, 4/01/2043 (Put Date 4/01/2026) | 2,100,000 | 2,118,688 | ||
Texas Department of Housing & Community Affairs, Multi-Family Housing Rev. (Aspen Park), 5%, 3/01/2041 (Put Date 3/01/2026) | 4,000,000 | 4,016,554 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031 | 9,885,000 | 9,622,148 | ||
Texas Public Finance Authority Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 395,000 | 396,899 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), BAM, 5%, 5/01/2024 | 370,000 | 370,583 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), BAM, 5%, 5/01/2025 | 500,000 | 500,607 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2028 | $ | 135,000 | $105,767 | |
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2029 | 500,000 | 371,654 | ||
Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027) | 4,665,000 | 4,505,722 | ||
Viridian, TX, Municipal Management District, Road Improvement Rev., AGM, 3%, 12/01/2024 | 400,000 | 392,518 | ||
Viridian, TX, Municipal Management District, Road Improvement Rev., AGM, 3%, 12/01/2025 | 590,000 | 569,526 | ||
$189,727,427 | ||||
U.S. Virgin Islands - 0.2% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 2,670,000 | $2,679,542 | |
Virgin Islands Public Finance Authority Rev. (Federal Highway Grant Anticipation Loan Note), 5%, 9/01/2024 (n) | 1,500,000 | 1,502,630 | ||
$4,182,172 | ||||
Utah - 0.5% | ||||
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2025 | $ | 1,990,000 | $2,006,244 | |
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2026 | 1,200,000 | 1,213,944 | ||
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2028 | 5,000,000 | 5,091,185 | ||
Utah Housing Corp., Multi-Family Housing Rev. (Moda Shoreline Apartments), 4%, 9/01/2025 (Put Date 9/01/2024) | 5,000,000 | 4,957,118 | ||
$13,268,491 | ||||
Vermont - 0.9% | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | $ | 1,010,000 | $1,012,898 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | 775,000 | 777,224 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2025 | 360,000 | 361,466 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 1,470,000 | 1,484,171 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 775,000 | 782,471 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 140,000 | 141,349 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Vermont - continued | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | $ | 775,000 | $780,760 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 1,000,000 | 1,015,190 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 1,000,000 | 1,015,190 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2027 | 425,000 | 431,456 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 1,600,000 | 1,611,620 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 1,735,000 | 1,747,600 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2028 | 525,000 | 528,813 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,640,000 | 1,632,344 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,450,000 | 1,443,231 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2030 | 1,000,000 | 991,709 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2024 | 850,000 | 851,923 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2025 | 875,000 | 878,563 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2026 | 2,100,000 | 2,120,244 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 1,300,000 | 1,302,741 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2030 | 1,500,000 | 1,501,729 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2031 | 1,600,000 | 1,595,406 | ||
$24,008,098 | ||||
Virginia - 1.0% | ||||
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2024 | $ | 775,000 | $778,648 | |
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2025 | 475,000 | 479,865 | ||
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2027 | 1,025,000 | 1,053,371 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | $ | 235,000 | $208,159 | |
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2027 (Put Date 5/01/2024) | 450,000 | 448,501 | ||
Chesapeake, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 2/01/2032 (Put Date 10/01/2027) | 3,215,000 | 3,091,224 | ||
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), “A”, 3.95%, 9/01/2038 (Put Date 5/01/2024) | 375,000 | 373,469 | ||
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027) | 915,000 | 879,773 | ||
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “B”, 0.75%, 11/01/2035 (Put Date 9/02/2025) | 2,340,000 | 2,142,984 | ||
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), “A”, 3.95%, 6/01/2028 (Put Date 5/01/2024) | 600,000 | 598,001 | ||
Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | 95,000 | 92,007 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2024 | 300,000 | 299,616 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2025 | 350,000 | 348,396 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2026 | 400,000 | 401,265 | ||
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 5%, 1/01/2024 | 500,000 | 499,867 | ||
Wise County, VA, Industrial Development Authority, Solid Waste & Sewage Disposal Rev. (Virginia Electric and Power Co. Project), “A”, 0.75%, 10/01/2040 (Put Date 9/02/2025) | 2,700,000 | 2,472,673 | ||
Wise County, VA, Industrial Development Authority, Solid Waste & Sewage Disposal Rev. (Virginia Electric and Power Co. Project), “A”, 1.2%, 11/01/2040 (Put Date 5/31/2024) | 4,555,000 | 4,448,824 | ||
York, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 5/01/2033 (Put Date 10/01/2027) | 6,390,000 | 6,143,988 | ||
$24,760,631 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - 2.5% | ||||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation, 3.5%, 12/15/2023 | $ | 715,000 | $713,585 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation, 4%, 12/15/2028 | 4,015,000 | 3,861,372 | ||
King County, WA, Affordable Housing Rev., “A-1”, HUD Section 8, 5%, 1/01/2028 | 5,850,000 | 5,908,855 | ||
King County, WA, Affordable Housing Rev., “A-2”, HUD Section 8, 5%, 1/01/2028 | 2,860,000 | 2,911,366 | ||
Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2024 | 4,000,000 | 4,015,462 | ||
Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2025 | 3,800,000 | 3,835,780 | ||
Port of Seattle, WA, Intermediate Lien Refunding Rev. (Private Activity), “B”, 5%, 8/01/2026 | 2,230,000 | 2,266,274 | ||
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 1.25%, 6/01/2024 | 1,500,000 | 1,473,034 | ||
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026 | 3,070,000 | 2,777,730 | ||
Seattle, WA, Port Intermediate Lien Rev., “C”, 5%, 8/01/2026 | 2,315,000 | 2,352,656 | ||
Seattle, WA, Port Rev., 5%, 4/01/2025 | 1,750,000 | 1,763,303 | ||
Seattle, WA, Port Rev., 5%, 4/01/2026 | 3,000,000 | 3,041,350 | ||
Seattle, WA, Port Rev., 5%, 4/01/2030 | 9,685,000 | 9,884,360 | ||
Seattle, WA, Port Rev., 5%, 4/01/2031 | 3,500,000 | 3,570,053 | ||
Washington Economic Development Finance Authority, Environmental Facilities Refunding Rev. (Mura Cascade ELP LLC Project), 3.9%, 12/01/2042 (Put Date 12/08/2023) (n) | 9,320,000 | 9,308,040 | ||
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 5,000,000 | 4,251,744 | ||
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), “B-2”, 4%, 7/01/2026 | 4,500,000 | 4,427,275 | ||
$66,362,239 | ||||
West Virginia - 0.7% | ||||
West Virginia Economic Development Authority, Lease Refunding Rev. (State Office Building), “B”, 3.625%, 10/01/2025 | $ | 415,000 | $409,093 | |
West Virginia Economic Development Authority, Lease Rev. (Department of Environmental Protection Office Building), “B”, 3.375%, 11/01/2025 | 830,000 | 813,208 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | 7,535,000 | 6,872,247 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
West Virginia - continued | ||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025) | $ | 1,915,000 | $1,735,417 | |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 2.55%, 3/01/2040 (Put Date 4/01/2024) | 4,000,000 | 3,956,255 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025) | 4,520,000 | 4,182,974 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 3.75%, 12/01/2042 (Put Date 6/01/2025) | 985,000 | 969,213 | ||
$18,938,407 | ||||
Wisconsin - 1.8% | ||||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2028 | $ | 265,000 | $211,729 | |
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2029 | 365,000 | 277,889 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2030 | 550,000 | 398,951 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2028 | 1,055,000 | 842,923 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2029 | 1,050,000 | 799,407 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2030 | 1,095,000 | 794,275 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | 5,000,000 | 4,302,583 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marquette University), 5%, 10/01/2024 | 440,000 | 443,305 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “B-2”, 5%, 2/15/2051 (Put Date 2/15/2027) | 4,000,000 | 4,024,558 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033 | 555,000 | 527,475 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2024 | 480,000 | 477,711 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2025 | 210,000 | 203,284 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2026 | 345,000 | 324,849 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2027 | $ | 360,000 | $329,791 | |
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2028 | 375,000 | 334,313 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2029 | 390,000 | 338,457 | ||
Wisconsin Health & Educational Facilities Authority Rev. (ProHealth Care, Inc. Obligated Group), 3%, 8/15/2026 | 4,340,000 | 4,157,674 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 1,000,000 | 999,932 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 4.25%, 6/15/2027 | 500,000 | 479,260 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 1,230,000 | 1,128,674 | ||
Wisconsin Public Finance Authority Health Care System Rev. (Cone Health), “E”, VRDN, 3.17%, 10/01/2044 | 15,810,000 | 15,810,000 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2024 | 400,000 | 400,962 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2025 | 425,000 | 427,977 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2026 | 325,000 | 327,516 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2027 | 450,000 | 455,100 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2028 | 725,000 | 735,248 | ||
Wisconsin Public Finance Authority Hospital Rev. (Renown Regional Medical Center Project), “A”, 5%, 6/01/2029 | 900,000 | 912,894 | ||
Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 1,315,000 | 1,274,386 | ||
Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.755%, 2/01/2026 | 1,710,000 | 1,417,267 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 3,735,000 | 2,852,606 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2027 | 200,000 | 189,489 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2028 | 255,000 | 239,132 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2029 | $ | 325,000 | $301,124 | |
$46,740,741 | ||||
Wyoming - 0.1% | ||||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2024 | $ | 250,000 | $249,774 | |
Wyoming Community Development Authority, Housing Rev., “3”, 5%, 12/01/2023 | 635,000 | 635,066 | ||
Wyoming Community Development Authority, Housing Rev., “3”, 5%, 6/01/2024 | 680,000 | 682,991 | ||
Wyoming Community Development Authority, Housing Rev., “3”, 5%, 12/01/2024 | 690,000 | 695,435 | ||
Wyoming Community Development Authority, Housing Rev., “3”, 5%, 6/01/2025 | 695,000 | 702,299 | ||
Wyoming Community Development Authority, Housing Rev., “3”, 5%, 12/01/2025 | 380,000 | 385,016 | ||
$3,350,581 | ||||
Total Municipal Bonds (Identified Cost, $2,723,565,397) | $2,604,021,706 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 4,589,000 | $4,152,527 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 7,427,000 | 6,253,890 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 1,573,000 | 1,131,254 | ||
Total Bonds (Identified Cost, $12,258,119) | $11,537,671 | |||
Investment Companies (h) - 0.1% | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $1,503,617) | 1,503,596 | $1,503,747 | ||
Other Assets, Less Liabilities - (0.1)% | (3,111,542) | |||
Net Assets - 100.0% | $2,613,951,582 |
(a) | Non-income producing security. |
(d) | In default. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,503,747 and $2,615,559,377, respectively. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $57,094,088, representing 2.2% of net assets. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHA | Federal Housing Administration |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
FNMA | Federal National Mortgage Assn. |
GNMA | Government National Mortgage Assn. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
SOFR | Secured Overnight Financing Rate |
VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $2,735,823,516) | $2,615,559,377 |
Investments in affiliated issuers, at value (identified cost, $1,503,617) | 1,503,747 |
Cash | 40,042 |
Receivables for | |
Investments sold | 34,306,190 |
Fund shares sold | 7,598,224 |
Interest and dividends | 33,550,668 |
Receivable from investment adviser | 14,310 |
Other assets | 9,774 |
Total assets | $2,692,582,332 |
Liabilities | |
Payables for | |
Distributions | $745,040 |
When-issued investments purchased | 67,278,665 |
Fund shares reacquired | 9,532,332 |
Payable to affiliates | |
Administrative services fee | 2,105 |
Shareholder servicing costs | 620,683 |
Distribution and service fees | 10,275 |
Accrued expenses and other liabilities | 441,650 |
Total liabilities | $78,630,750 |
Net assets | $2,613,951,582 |
Net assets consist of | |
Paid-in capital | $2,835,521,401 |
Total distributable earnings (loss) | (221,569,819) |
Net assets | $2,613,951,582 |
Shares of beneficial interest outstanding | 341,658,667 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,103,905,545 | 144,181,749 | $7.66 |
Class B | 122,129 | 15,972 | 7.65 |
Class C | 22,119,392 | 2,888,013 | 7.66 |
Class I | 927,007,378 | 121,216,116 | 7.65 |
Class R6 | 560,797,138 | 73,356,817 | 7.64 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $7.86 [100 / 97.50 x $7.66]. On sales of $50,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I and R6. |
Net investment income (loss) | |
Income | |
Interest | $41,025,420 |
Dividends from affiliated issuers | 916,161 |
Other | 872 |
Total investment income | $41,942,453 |
Expenses | |
Management fee | $4,788,249 |
Distribution and service fees | 1,585,378 |
Shareholder servicing costs | 888,690 |
Administrative services fee | 203,555 |
Independent Trustees' compensation | 24,067 |
Custodian fee | 224,684 |
Shareholder communications | 47,364 |
Audit and tax fees | 33,407 |
Legal fees | 8,857 |
Miscellaneous | 151,668 |
Total expenses | $7,955,919 |
Fees paid indirectly | (719) |
Reduction of expenses by investment adviser and distributor | (933,439) |
Net expenses | $7,021,761 |
Net investment income (loss) | $34,920,692 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(11,616,306) |
Affiliated issuers | (13,075) |
Net realized gain (loss) | $(11,629,381) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(55,086,841) |
Affiliated issuers | 130 |
Net unrealized gain (loss) | $(55,086,711) |
Net realized and unrealized gain (loss) | $(66,716,092) |
Change in net assets from operations | $(31,795,400) |
Six months ended | Year ended | |
10/31/23 (unaudited) | 4/30/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $34,920,692 | $59,217,530 |
Net realized gain (loss) | (11,629,381) | (58,186,118) |
Net unrealized gain (loss) | (55,086,711) | 51,108,869 |
Change in net assets from operations | $(31,795,400) | $52,140,281 |
Total distributions to shareholders | $(34,411,809) | $(58,872,879) |
Change in net assets from fund share transactions | $(214,386,596) | $(544,087,781) |
Total change in net assets | $(280,593,805) | $(550,820,379) |
Net assets | ||
At beginning of period | 2,894,545,387 | 3,445,365,766 |
At end of period | $2,613,951,582 | $2,894,545,387 |
Class A | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $7.85 | $7.86 | $8.40 | $8.06 | $8.16 | $7.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.14 | $0.10 | $0.14 | $0.16 | $0.18 |
Net realized and unrealized gain (loss) | (0.20) | (0.01) | (0.54) | 0.34 | (0.09) | 0.16 |
Total from investment operations | $(0.10) | $0.13 | $(0.44) | $0.48 | $0.07 | $0.34 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.14) | $(0.10) | $(0.14) | $(0.17) | $(0.17) |
Net asset value, end of period (x) | $7.66 | $7.85 | $7.86 | $8.40 | $8.06 | $8.16 |
Total return (%) (r)(s)(t)(x) | (1.23)(n) | 1.68 | (5.24) | 5.92 | 0.78 | 4.36 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.73(a) | 0.72 | 0.72 | 0.76 | 0.78 | 0.78 |
Expenses after expense reductions (f) | 0.60(a) | 0.60 | 0.61 | 0.65 | 0.66 | 0.67 |
Net investment income (loss) | 2.43(a) | 1.79 | 1.25 | 1.65 | 1.97 | 2.18 |
Portfolio turnover | 17(n) | 35 | 23 | 18 | 24 | 32 |
Net assets at end of period (000 omitted) | $1,103,906 | $1,210,132 | $1,351,962 | $1,382,963 | $1,060,370 | $817,277 |
Class B | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $7.84 | $7.85 | $8.39 | $8.05 | $8.15 | $7.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.08 | $0.04 | $0.08 | $0.10 | $0.12 |
Net realized and unrealized gain (loss) | (0.20) | (0.01) | (0.54) | 0.33 | (0.10) | 0.16 |
Total from investment operations | $(0.13) | $0.07 | $(0.50) | $0.41 | $0.00 | $0.28 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.08) | $(0.04) | $(0.07) | $(0.10) | $(0.11) |
Net asset value, end of period (x) | $7.65 | $7.84 | $7.85 | $8.39 | $8.05 | $8.15 |
Total return (%) (r)(s)(t)(x) | (1.61)(n) | 0.92 | (5.96) | 5.15 | 0.03 | 3.59 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.48(a) | 1.47 | 1.47 | 1.52 | 1.53 | 1.53 |
Expenses after expense reductions (f) | 1.35(a) | 1.35 | 1.36 | 1.40 | 1.42 | 1.42 |
Net investment income (loss) | 1.68(a) | 1.03 | 0.50 | 0.96 | 1.25 | 1.43 |
Portfolio turnover | 17(n) | 35 | 23 | 18 | 24 | 32 |
Net assets at end of period (000 omitted) | $122 | $145 | $167 | $188 | $470 | $902 |
Class C | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $7.85 | $7.86 | $8.41 | $8.06 | $8.16 | $7.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.07 | $0.03 | $0.07 | $0.09 | $0.11 |
Net realized and unrealized gain (loss) | (0.19) | (0.01) | (0.55) | 0.35 | (0.09) | 0.17 |
Total from investment operations | $(0.13) | $0.06 | $(0.52) | $0.42 | $0.00 | $0.28 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.07) | $(0.03) | $(0.07) | $(0.10) | $(0.11) |
Net asset value, end of period (x) | $7.66 | $7.85 | $7.86 | $8.41 | $8.06 | $8.16 |
Total return (%) (r)(s)(t)(x) | (1.65)(n) | 0.82 | (6.16) | 5.16 | (0.07) | 3.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.48(a) | 1.47 | 1.47 | 1.51 | 1.53 | 1.53 |
Expenses after expense reductions (f) | 1.45(a) | 1.45 | 1.46 | 1.50 | 1.52 | 1.52 |
Net investment income (loss) | 1.58(a) | 0.93 | 0.40 | 0.84 | 1.14 | 1.33 |
Portfolio turnover | 17(n) | 35 | 23 | 18 | 24 | 32 |
Net assets at end of period (000 omitted) | $22,119 | $28,050 | $39,268 | $51,865 | $78,365 | $89,702 |
Class I | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $7.84 | $7.85 | $8.40 | $8.05 | $8.15 | $7.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.15 | $0.12 | $0.15 | $0.18 | $0.19 |
Net realized and unrealized gain (loss) | (0.19) | (0.01) | (0.55) | 0.35 | (0.10) | 0.17 |
Total from investment operations | $(0.09) | $0.14 | $(0.43) | $0.50 | $0.08 | $0.36 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.15) | $(0.12) | $(0.15) | $(0.18) | $(0.19) |
Net asset value, end of period (x) | $7.65 | $7.84 | $7.85 | $8.40 | $8.05 | $8.15 |
Total return (%) (r)(s)(t)(x) | (1.16)(n) | 1.82 | (5.22) | 6.21 | 0.92 | 4.52 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.48(a) | 0.47 | 0.47 | 0.51 | 0.53 | 0.53 |
Expenses after expense reductions (f) | 0.45(a) | 0.45 | 0.46 | 0.50 | 0.52 | 0.52 |
Net investment income (loss) | 2.58(a) | 1.92 | 1.39 | 1.80 | 2.12 | 2.33 |
Portfolio turnover | 17(n) | 35 | 23 | 18 | 24 | 32 |
Net assets at end of period (000 omitted) | $927,007 | $1,047,034 | $1,435,075 | $1,413,405 | $1,128,577 | $957,507 |
Class R6 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $7.83 | $7.84 | $8.39 | $8.05 | $8.15 | $7.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.16 | $0.12 | $0.15 | $0.18 | $0.19 |
Net realized and unrealized gain (loss) | (0.19) | (0.01) | (0.55) | 0.34 | (0.10) | 0.17 |
Total from investment operations | $(0.09) | $0.15 | $(0.43) | $0.49 | $0.08 | $0.36 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.16) | $(0.12) | $(0.15) | $(0.18) | $(0.19) |
Net asset value, end of period (x) | $7.64 | $7.83 | $7.84 | $8.39 | $8.05 | $8.15 |
Total return (%) (r)(s)(t)(x) | (1.13)(n) | 1.90 | (5.16) | 6.16 | 1.00 | 4.60 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.40(a) | 0.39 | 0.39 | 0.44 | 0.45 | 0.45 |
Expenses after expense reductions (f) | 0.37(a) | 0.38 | 0.38 | 0.43 | 0.44 | 0.44 |
Net investment income (loss) | 2.66(a) | 2.02 | 1.47 | 1.84 | 2.21 | 2.40 |
Portfolio turnover | 17(n) | 35 | 23 | 18 | 24 | 32 |
Net assets at end of period (000 omitted) | $560,797 | $609,185 | $618,894 | $500,212 | $249,695 | $245,575 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $2,604,021,706 | $— | $2,604,021,706 |
U.S. Corporate Bonds | — | 11,537,671 | — | 11,537,671 |
Mutual Funds | 1,503,747 | — | — | 1,503,747 |
Total | $1,503,747 | $2,615,559,377 | $— | $2,617,063,124 |
Year ended 4/30/23 | |
Ordinary income (including any short-term capital gains) | $2,508,254 |
Tax-exempt income | 56,364,625 |
Total distributions | $58,872,879 |
As of 10/31/23 | |
Cost of investments | $2,737,327,133 |
Gross appreciation | 1,928,619 |
Gross depreciation | (122,192,628) |
Net unrealized appreciation (depreciation) | $(120,264,009) |
As of 4/30/23 | |
Undistributed ordinary income | 477,294 |
Undistributed tax-exempt income | 2,892,493 |
Capital loss carryforwards | (88,846,007) |
Other temporary differences | (5,517,732) |
Net unrealized appreciation (depreciation) | (64,368,658) |
Short-Term | $(36,887,301) |
Long-Term | (51,958,706) |
Total | $(88,846,007) |
Six months ended 10/31/23 | Year ended 4/30/23 | |
Class A | $13,925,392 | $23,000,269 |
Class B | 1,083 | 1,607 |
Class C | 196,431 | 306,070 |
Class I | 12,474,485 | 22,983,675 |
Class R6 | 7,814,418 | 12,581,258 |
Total | $34,411,809 | $58,872,879 |
Up to $2.5 billion | 0.35% |
In excess of $2.5 billion and up to $5 billion | 0.30% |
In excess of $5 billion | 0.28% |
Classes | ||||
A | B | C | I | R6 |
0.69% | 1.44% | 1.54% | 0.54% | 0.46% |
Classes | ||||
A | B | C | I | R6 |
0.59% | 1.34% | 1.44% | 0.44% | 0.36% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.15% | $ 1,457,477 |
Class B | 0.75% | 0.25% | 1.00% | 0.90% | 659 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 127,242 |
Total Distribution and Service Fees | $1,585,378 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2023 based on each class's average daily net assets. 0.10% of the Class A and Class B service fee is currently being waived under a written waiver agreement. For the six months ended October 31, 2023, this waiver amounted to $582,986 and $66 for Class A and Class B shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. This written waiver agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until August 31, 2024. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for |
Amount | |
Class A | $50,630 |
Class B | 339 |
Class C | 201 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 15,463,239 | $120,127,730 | 67,292,064 | $526,391,099 | |
Class B | — | — | 216 | 1,687 | |
Class C | 115,104 | 896,672 | 659,775 | 5,140,996 | |
Class I | 23,787,309 | 184,328,981 | 95,155,189 | 743,324,214 | |
Class R6 | 10,403,959 | 80,881,508 | 46,991,193 | 366,522,497 | |
49,769,611 | $386,234,891 | 210,098,437 | $1,641,380,493 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 1,678,003 | $13,023,809 | 2,734,314 | $21,405,240 | |
Class B | 140 | 1,083 | 205 | 1,607 | |
Class C | 21,644 | 168,037 | 33,193 | 259,832 | |
Class I | 1,275,690 | 9,889,498 | 2,302,734 | 18,006,919 | |
Class R6 | 935,213 | 7,248,114 | 1,547,792 | 12,094,159 | |
3,910,690 | $30,330,541 | 6,618,238 | $51,767,757 | ||
Shares reacquired | |||||
Class A | (27,179,767) | $(211,485,938) | (87,909,223) | $(687,775,236) | |
Class B | (2,670) | (20,832) | (3,211) | (25,142) | |
Class C | (822,155) | (6,390,687) | (2,116,333) | (16,548,746) | |
Class I | (37,432,100) | (290,886,302) | (146,751,112) | (1,145,350,532) | |
Class R6 | (15,735,616) | (122,168,269) | (49,688,000) | (387,536,375) | |
(81,172,308) | $(630,952,028) | (286,467,879) | $(2,237,236,031) |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | (10,038,525) | $(78,334,399) | (17,882,845) | $(139,978,897) | |
Class B | (2,530) | (19,749) | (2,790) | (21,848) | |
Class C | (685,407) | (5,325,978) | (1,423,365) | (11,147,918) | |
Class I | (12,369,101) | (96,667,823) | (49,293,189) | (384,019,399) | |
Class R6 | (4,396,444) | (34,038,647) | (1,149,015) | (8,919,719) | |
(27,492,007) | $(214,386,596) | (69,751,204) | $(544,087,781) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $16,549,380 | $400,867,530 | $415,900,218 | $(13,075) | $130 | $1,503,747 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $916,161 | $— |
Bond Fund
Bond Fund
1 | |
3 | |
5 | |
24 | |
26 | |
27 | |
28 | |
37 | |
52 | |
56 | |
56 | |
56 | |
56 | |
56 |
back cover |
U.S. Treasury Securities | 35.1% |
Investment Grade Corporates | 29.2% |
Mortgage-Backed Securities | 21.8% |
Collateralized Loan Obligations | 8.6% |
Commercial Mortgage-Backed Securities | 7.5% |
High Yield Corporates | 5.8% |
Asset-Backed Securities | 1.3% |
Municipal Bonds | 0.8% |
Emerging Markets Bonds | 0.3% |
U.S. Government Agencies | 0.2% |
Non-U.S. Government Bonds | 0.2% |
Residential Mortgage-Backed Securities (o) | 0.0% |
AAA | 7.5% |
AA | 5.5% |
A | 10.9% |
BBB | 23.4% |
BB | 4.8% |
B | 1.6% |
CCC | 0.1% |
CC (o) | 0.0% |
C (o) | 0.0% |
U.S. Government | 22.9% |
Federal Agencies | 22.0% |
Not Rated | 12.2% |
Cash & Cash Equivalents | 1.4% |
Other (q) | (12.2)% |
Average Duration (d) | 6.0 |
Average Effective Maturity (m) | 7.6 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. U.S. Government includes securities issued by the U.S. Department of the Treasury. Federal Agencies includes rated and unrated U.S. Agency fixed-income securities, U.S. Agency mortgage-backed securities, and collateralized mortgage obligations of U.S. Agency mortgage-backed securities. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
(q) | For purposes of this presentation, Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions and may be negative. |
(v) | For purposes of this presentation, market value of fixed income and/or equity derivatives, if any, is included in Cash & Cash Equivalents. |
May 1, 2023 through October 31, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 5/01/23 | Ending Account Value 10/31/23 | Expenses Paid During Period (p) 5/01/23-10/31/23 | |
A | Actual | 0.60% | $1,000.00 | $945.08 | $2.93 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.12 | $3.05 | |
B | Actual | 1.35% | $1,000.00 | $941.65 | $6.59 |
Hypothetical (h) | 1.35% | $1,000.00 | $1,018.35 | $6.85 | |
C | Actual | 1.45% | $1,000.00 | $941.10 | $7.07 |
Hypothetical (h) | 1.45% | $1,000.00 | $1,017.85 | $7.35 | |
I | Actual | 0.45% | $1,000.00 | $945.79 | $2.20 |
Hypothetical (h) | 0.45% | $1,000.00 | $1,022.87 | $2.29 | |
R1 | Actual | 1.45% | $1,000.00 | $941.10 | $7.07 |
Hypothetical (h) | 1.45% | $1,000.00 | $1,017.85 | $7.35 | |
R2 | Actual | 0.95% | $1,000.00 | $943.40 | $4.64 |
Hypothetical (h) | 0.95% | $1,000.00 | $1,020.36 | $4.82 | |
R3 | Actual | 0.70% | $1,000.00 | $944.59 | $3.42 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.62 | $3.56 | |
R4 | Actual | 0.45% | $1,000.00 | $945.79 | $2.20 |
Hypothetical (h) | 0.45% | $1,000.00 | $1,022.87 | $2.29 | |
R6 | Actual | 0.35% | $1,000.00 | $946.26 | $1.71 |
Hypothetical (h) | 0.35% | $1,000.00 | $1,023.38 | $1.78 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Bonds – 97.9% | ||||
Aerospace & Defense – 1.0% | ||||
Boeing Co., 2.196%, 2/04/2026 | $ | 26,637,000 | $24,474,903 | |
Boeing Co., 5.15%, 5/01/2030 | 7,084,000 | 6,637,353 | ||
Boeing Co., 5.705%, 5/01/2040 | 6,632,000 | 5,866,464 | ||
Boeing Co., 5.805%, 5/01/2050 | 14,572,000 | 12,545,045 | ||
TransDigm, Inc., 4.625%, 1/15/2029 | 24,233,000 | 20,894,662 | ||
$70,418,427 | ||||
Asset-Backed & Securitized – 17.3% | ||||
ACREC 2021-FL1 Ltd., “C”, FLR, 7.599% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | $ | 10,841,500 | $10,366,720 | |
ACREC 2021-FL1 Ltd., “D”, FLR, 8.099% ((SOFR - 1mo. + 0.11448%) + 2.65%), 10/16/2036 (n) | 13,074,500 | 12,279,925 | ||
ACRES 2021-FL2 Issuer Ltd., “C”, FLR, 8.1% ((SOFR - 1mo. + 0.11448%) + 2.65%), 1/15/2037 (n) | 13,618,500 | 13,051,934 | ||
Allegro CLO Ltd., 2014-1RA, “A2”, FLR, 7.273% ((SOFR - 3mo. + 0.26161%) + 1.6%), 10/21/2028 (n) | 14,107,464 | 14,043,995 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “C”, FLR, 7.449% ((SOFR - 1mo. + 0.11448%) + 2%), 12/15/2035 (n) | 4,863,500 | 4,713,549 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL1, “D”, FLR, 8.399% ((SOFR - 1mo. + 0.11448%) + 2.95%), 12/15/2035 (n) | 3,420,500 | 3,337,849 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL2, “B”, FLR, 7.049% ((SOFR - 1mo. + 0.11448%) + 1.6%), 5/15/2036 (n) | 4,735,000 | 4,585,592 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “C”, FLR, 7.299% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n) | 9,870,000 | 9,359,247 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL3, “D”, FLR, 7.649% ((SOFR - 1mo. + 0.11448%) + 2.2%), 8/15/2034 (n) | 4,110,000 | 3,849,668 | ||
Arbor Realty Trust, Inc., CLO, 2021-FL4, “C”, FLR, 7.749% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 14,892,500 | 14,298,490 | ||
Arbor Realty Trust, Inc., CLO, 2022-FL1, “D”, FLR, 8.32% (SOFR - 30 day + 3%), 1/15/2037 (n) | 40,620,500 | 38,626,066 | ||
AREIT 2019-CRE3 Trust, “B”, FLR, 6.999% ((SOFR - 1mo. + 0.11448%) + 1.55%), 9/14/2036 (n) | 7,734,500 | 7,454,140 | ||
AREIT 2019-CRE3 Trust, “C”, FLR, 7.348% (SOFR - 1mo. + 2.014%), 9/14/2036 (n) | 6,751,000 | 6,403,452 | ||
AREIT 2019-CRE3 Trust, “D”, FLR, 8.099% ((SOFR - 1mo. + 0.11448%) + 2.65%), 9/14/2036 (n) | 6,243,500 | 5,806,954 | ||
AREIT 2022-CRE6 Trust, “B”, FLR, 7.171% (SOFR - 30 day + 1.85%), 1/20/2037 (n) | 4,924,000 | 4,766,841 | ||
AREIT 2022-CRE6 Trust, “C”, FLR, 7.471% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 10,134,500 | 9,751,426 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
AREIT 2022-CRE6 Trust, “D”, FLR, 8.171% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | $ | 4,313,500 | $4,055,604 | |
ARI Fleet Lease Trust, 2023-B, “A2”, 6.05%, 7/15/2032 (n) | 4,276,315 | 4,276,841 | ||
Bayview Commercial Asset Trust, 0%, 12/25/2036 (i)(n) | 1,602,887 | 160 | ||
Bayview Commercial Asset Trust, FLR, 5.904% ((SOFR - 1mo. + 0.11448%) + 0.4658%), 8/25/2035 (n) | 90,577 | 81,675 | ||
Bayview Financial Revolving Mortgage Loan Trust, FLR, 7.041% ((SOFR - 1mo. + 0.11448%) + 1.6%), 12/28/2040 (n) | 429,278 | 592,502 | ||
BBCMS Mortgage Trust, 2019-C5, “A4”, 3.063%, 11/15/2052 | 9,055,000 | 7,592,361 | ||
BBCMS Mortgage Trust, 2022-C18, “AS”, 6.149%, 12/15/2055 | 10,215,909 | 9,805,402 | ||
BDS 2021-FL7 Ltd., “B”, FLR, 6.949% ((SOFR - 1mo. + 0.11448%) + 1.5%), 6/16/2036 (n) | 5,159,500 | 5,044,046 | ||
Benchmark 2023-V3 Mortgage Trust, “A3”, 6.363%, 7/15/2056 | 4,675,254 | 4,676,589 | ||
Brazos Securitization LLC, 5.413%, 9/01/2050 (n) | 15,634,000 | 13,881,236 | ||
BSPRT 2021-FL6 Issuer Ltd., “B”, FLR, 7.049% ((SOFR - 1mo. + 0.11448%) + 1.6%), 3/15/2036 (n) | 15,128,000 | 14,499,280 | ||
BSPRT 2021-FL6 Issuer Ltd., “C”, FLR, 7.499% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n) | 5,310,500 | 5,063,100 | ||
BSPRT 2021-FL7 Issuer Ltd., “C”, FLR, 7.748% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 3,651,000 | 3,554,917 | ||
BSPRT 2021-FL7 Issuer Ltd., “D”, FLR, 8.199% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2038 (n) | 4,152,500 | 3,897,661 | ||
Business Jet Securities LLC, 2020-1A, “A”, 2.981%, 11/15/2035 (n) | 2,075,819 | 1,957,352 | ||
Business Jet Securities LLC, 2021-1A, “B”, 2.918%, 4/15/2036 (n) | 1,495,790 | 1,332,779 | ||
BXMT 2020-FL2 Ltd., “B”, FLR, 6.85% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 6,104,500 | 5,339,942 | ||
BXMT 2021-FL4 Ltd., “AS”, FLR, 6.749% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 17,470,500 | 16,255,474 | ||
BXMT 2021-FL4 Ltd., “B”, FLR, 7% ((SOFR - 1mo. + 0.11448%) + 1.55%), 5/15/2038 (n) | 38,262,000 | 35,084,685 | ||
Cantor Commercial Real Estate, 2019-CF2, “A5”, 2.874%, 11/15/2052 | 20,960,656 | 17,248,622 | ||
Capital Automotive, 2020-1A, “A4”, REIT, 3.19%, 2/15/2050 (n) | 8,093,989 | 7,667,201 | ||
C-BASS Mortgage Loan Trust, 2007-CB1, “AF3”, 3.178%, 1/25/2037 (d)(q) | 1,104,430 | 329,621 | ||
C-BASS Mortgage Loan Trust, 2007-CB3, “A3”, 3.314%, 3/25/2037 (d)(q) | 1,152,378 | 403,740 | ||
CHCP 2021-FL1 Ltd., “B”, FLR, 7.1% ((SOFR - 1mo. + 0.11448%) + 1.65%), 2/15/2038 (n) | 6,412,000 | 6,263,527 | ||
CHCP 2021-FL1 Ltd., “C”, FLR, 7.55% ((SOFR - 1mo. + 0.11448%) + 2.1%), 2/15/2038 (n) | 5,168,000 | 4,963,432 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Chesapeake Funding II LLC, 2023-1A, “A1”, 5.65%, 5/15/2035 (n) | $ | 5,597,536 | $5,555,415 | |
Citigroup Commercial Mortgage Trust, 2014-GC25, “A4”, 3.635%, 10/10/2047 | 4,461,971 | 4,335,355 | ||
Citigroup Commercial Mortgage Trust, 2015-GC27, “A5”, 3.137%, 2/10/2048 | 11,154,926 | 10,748,292 | ||
Citigroup Commercial Mortgage Trust, 2016-P6, “A5”, 3.72%, 12/10/2049 | 5,948,000 | 5,452,504 | ||
CLNC 2019-FL1 Ltd., “B”, FLR, 7.348% (SOFR - 1mo. + 2.01448%), 8/20/2035 (n) | 6,270,000 | 6,047,390 | ||
CLNC 2019-FL1 Ltd., “C”, FLR, 7.848% (SOFR - 1mo. + 2.51448%), 8/20/2035 (n) | 10,190,000 | 9,816,781 | ||
Columbia Cent CLO 28 Ltd., “A-2-R”, 7.342%, 11/07/2030 (n) | 28,014,809 | 27,663,531 | ||
Columbia Cent CLO 28 Ltd., “B-R”, 7.792%, 11/07/2030 (n) | 17,835,205 | 17,081,489 | ||
Commercial Mortgage Pass-Through Certificates, 2014-LC19 “A4”, 3.183%, 2/10/2048 | 9,743,000 | 9,337,135 | ||
Commercial Mortgage Pass-Through Certificates, 2019-BNK17, “AS”, 3.976%, 4/15/2052 | 5,000,000 | 4,300,102 | ||
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056 | 21,951,777 | 20,933,961 | ||
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “AS”, 6.385%, 8/15/2056 | 12,725,671 | 12,021,440 | ||
Commercial Mortgage Trust, 2015-DC1, “A5”, 3.35%, 2/10/2048 | 9,577,577 | 9,165,031 | ||
Commercial Mortgage Trust, 2015-LC21, “A4”, 3.708%, 7/10/2048 | 9,963,398 | 9,516,732 | ||
Commercial Mortgage Trust, 2015-PC1, “A5”, 3.902%, 7/10/2050 | 4,781,393 | 4,595,201 | ||
Commercial Mortgage Trust, 2017-COR2, “A3”, 3.51%, 9/10/2050 | 26,790,000 | 24,050,128 | ||
Credit Acceptance Auto Loan Trust, 2021-3A, “C”, 1.63%, 9/16/2030 (n) | 2,159,000 | 2,028,678 | ||
CSAIL Commercial Mortgage Trust, 2015-C2, “A4”, 3.504%, 6/15/2057 | 3,687,246 | 3,514,330 | ||
Cutwater 2015-1A Ltd., “BR”, FLR, 7.455% ((SOFR - 3mo. + 0.26161%) + 1.8%), 1/15/2029 (n) | 27,695,000 | 27,429,987 | ||
Dryden Senior Loan Fund, 2014-36A, “BR3”, CLO, FLR, 7.105% ((SOFR - 3mo. + 0.26161%) + 1.45%), 4/15/2029 (n) | 14,975,000 | 14,845,871 | ||
Dryden Senior Loan Fund, 2017-49A, “CR”, CLO, FLR, 7.707% ((SOFR - 3mo. + 0.26161%) + 2.05%), 7/18/2030 (n) | 16,500,000 | 15,906,462 | ||
DT Auto Owner Trust, 2023-1A, “A”, 5.48%, 4/15/2027 (n) | 10,293,349 | 10,250,317 | ||
Enterprise Fleet Financing LLC, 2023-3, “A2”, 6.4%, 3/20/2030 (n) | 10,878,000 | 10,888,671 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
GLGU 2023-1A Ltd., “B”, FLR, 8.362% (SOFR - 3mo. + 3%), 7/20/2035 (n) | $ | 16,070,750 | $16,067,247 | |
GLS Auto Select Receivables Trust, 2023-2A, 6.37%, 6/15/2028 (n) | 8,116,000 | 8,107,178 | ||
GMAC Mortgage Corp. Loan Trust, FGIC, 5.805%, 10/25/2036 | 80,345 | 78,386 | ||
GS Mortgage Securities Trust, 2015-GC30, “A4”, 3.382%, 5/10/2050 | 11,461,699 | 10,891,057 | ||
HarbourView CLO VII Ltd., 7RA, “B”, FLR, 7.357% ((SOFR - 3mo. + 0.26161%) + 1.7%), 7/18/2031 (n) | 15,920,000 | 15,418,886 | ||
IMPAC CMB Trust, FLR, 6.179% ((SOFR - 1mo. + 0.11448%) + 0.74%), 11/25/2034 | 13,272 | 12,853 | ||
IMPAC CMB Trust, FLR, 6.359% ((SOFR - 1mo. + 0.11448%) + 0.92%), 11/25/2034 | 6,636 | 6,465 | ||
IMPAC Secured Assets Corp., FLR, 6.139% ((SOFR - 1mo. + 0.11448%) + 0.7%), 5/25/2036 | 31,835 | 27,651 | ||
JPMBB Commercial Mortgage Securities Trust, 2014-C26, “A4”, 3.494%, 1/15/2048 | 13,025,174 | 12,550,908 | ||
JPMBB Commercial Mortgage Securities Trust, 2015-C28, “A4”, 3.227%, 10/15/2048 | 23,872,958 | 22,674,163 | ||
JPMDB Commercial Mortgage Securities Trust, 2017-C7, 3.409%, 10/15/2050 | 11,500,000 | 10,232,044 | ||
JPMorgan Chase Commercial Mortgage Securities Corp., 5.707%, 7/15/2042 (n) | 32,986 | 28,698 | ||
Kubota Credit Owner Trust, 2023-2A, “A2”, 5.61%, 7/15/2026 (n) | 5,624,393 | 5,595,732 | ||
LCCM 2021-FL2 Trust, “C”, FLR, 7.599% ((SOFR - 1mo. + 0.11448%) + 2.15%), 12/13/2038 (n) | 8,225,000 | 7,605,403 | ||
LoanCore 2019-CRE2 Ltd., “D”, FLR, 7.899% ((SOFR - 1mo. + 0.11448%) + 2.45%), 5/15/2036 (n) | 3,164,500 | 2,920,871 | ||
LoanCore 2021-CRE5 Ltd., “AS”, FLR, 7.199% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 23,249,000 | 22,792,703 | ||
LoanCore 2021-CRE5 Ltd., “B”, FLR, 7.449% (LIBOR - 1mo. + 2%), 7/15/2036 (n) | 8,432,000 | 8,117,195 | ||
LoanCore 2021-CRE6 Ltd., “B”, FLR, 7.349% ((SOFR - 1mo. + 0.11448%) + 1.9%), 11/15/2038 (n) | 42,852,000 | 40,790,090 | ||
Madison Park Funding Ltd., 2017- 23A, “CR”, FLR, 7.649% ((SOFR - 3mo. + 0.26161%) + 2%), 7/27/2031 (n) | 24,271,403 | 23,799,130 | ||
Madison Park Funding XLI Ltd., 2012-A, “B1R”, FLR, 7.024% ((SOFR - 3mo. + 0.26161%) + 1.35%), 4/22/2027 (n) | 15,670,000 | 15,630,825 | ||
Magnetite XXXIX Ltd. 2023-39A, “B”, FLR, 7.535% (SOFR - 3mo. + 2.15%), 10/25/2033 (n) | 6,000,000 | 6,000,000 | ||
Merrill Lynch Mortgage Investors, Inc., 4.22%, 2/25/2037 (a)(d) | 1,770,126 | 215,495 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
MF1 2020-FL4 Ltd., “AS”, FLR, 7.55% ((SOFR - 1mo. + 0.11448%) + 2.1%), 11/15/2035 (n) | $ | 10,615,000 | $10,492,325 | |
MF1 2021-FL5 Ltd., “C”, FLR, 7.149% ((SOFR - 1mo. + 0.11448%) + 1.7%), 7/15/2036 (n) | 10,670,500 | 10,208,531 | ||
MF1 2022-FL8 Ltd., “C”, FLR, 7.534% (SOFR - 30 day + 2.2%), 2/19/2037 (n) | 10,626,099 | 10,181,556 | ||
MF1 2022-FL8 Ltd., “D”, FLR, 7.984% (SOFR - 30 day + 2.65%), 2/19/2037 (n) | 6,141,972 | 5,732,661 | ||
MF1 2023-FL12 LLC, FLR, “A”, 7.366% (SOFR - 1mo. + 2.066%), 10/19/2038 (n) | 32,799,000 | 32,636,186 | ||
MidOcean Credit CLO, 2013-2A, “BR”, FLR, 7.302% ((SOFR - 3mo. + 0.26161%) + 1.65%), 1/29/2030 (n) | 31,520,702 | 31,237,804 | ||
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C21, “A4”, 3.338%, 3/15/2048 | 8,114,737 | 7,749,253 | ||
Neuberger Berman CLO Ltd., 2013-15A, “CR2”, FLR, 7.505% ((SOFR - 3mo. + 0.26161%) + 1.85%), 10/15/2029 (n) | 5,663,303 | 5,492,617 | ||
Neuberger Berman CLO Ltd., 2016-21A, “CR2”, 7.727%, 4/20/2034 (n) | 9,973,559 | 9,792,260 | ||
Neuberger Berman CLO Ltd., 2017-16SA, “BR”, FLR, 7.055% ((SOFR - 3mo. + 0.26161%) + 1.4%), 4/15/2034 (n) | 20,000,000 | 19,618,020 | ||
Oaktree CLO 2019-1A Ltd., “BR”, FLR, 7.423% ((SOFR - 3mo. + 0.26161%) + 1.75%), 4/22/2030 (n) | 16,780,750 | 16,452,384 | ||
Oaktree CLO 2019-1A Ltd., “CR”, FLR, 8.024% ((SOFR - 3mo. + 0.26161%) + 2.35%), 4/22/2030 (n) | 22,979,914 | 22,222,933 | ||
OneMain Financial Issuance Trust 2022-3A, “A”, 5.94%, 5/15/2034 (n) | 15,058,000 | 14,917,659 | ||
OSD CLO, 2023-27, Ltd., “B”, FLR, 7.794% (SOFR - 3mo. + 2.4%), 4/16/2035 (n) | 3,000,000 | 2,987,439 | ||
Ownit Mortgage Loan Asset-Backed Certificates, 3.17%, 10/25/2035 | 466,838 | 254,214 | ||
PFP III 2021-7 Ltd., “B”, FLR, 6.848% ((SOFR - 1mo. + 0.11448%) + 1.4%), 4/14/2038 (n) | 3,866,807 | 3,758,243 | ||
PFP III 2021-7 Ltd., “C”, FLR, 7.098% ((SOFR - 1mo. + 0.11448%) + 1.65%), 4/14/2038 (n) | 6,776,662 | 6,552,503 | ||
Preferred Term Securities XIX Ltd., CDO, FLR, 6.021% (LIBOR - 3mo. + 0.35%), 12/22/2035 (n) | 2,208,568 | 1,987,711 | ||
Race Point CLO Ltd., 2013-8A, “AR-2”, FLR, 6.681% ((SOFR - 3mo. + 0.26161%) + 1.04%), 2/20/2030 (n) | 10,359,792 | 10,314,427 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, “C”, FLR, 7.639% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (z) | 5,795,000 | 5,489,604 | ||
ReadyCap Commercial Mortgage Trust, 2021-FL7, “D”, FLR, 8.389% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 (z) | 6,825,000 | 6,210,252 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Asset-Backed & Securitized – continued | ||||
Residential Funding Mortgage Securities, Inc., FGIC, 3.976%, 12/25/2035 (a) | $ | 137,728 | $4,746 | |
Starwood Commercial Mortgage, 2021-FL2, “C”, FLR, 7.549% ((SOFR - 1mo. + 0.11448)% + 2.1%), 4/18/2038 (n) | 11,255,500 | 9,920,558 | ||
Starwood Commercial Mortgage, 2022-FL3, “B”, FLR, 7.27% (SOFR - 30 day + 1.95%), 11/15/2038 (n) | 6,082,500 | 5,852,026 | ||
Starwood Commercial Mortgage, 2022-FL3, “C”, FLR, 7.52% (SOFR - 30 day + 2.2%), 11/15/2038 (n) | 11,508,500 | 10,873,804 | ||
Thornburg Mortgage Securities Trust, FLR, 6.119% ((SOFR - 1mo. + 0.11448%) + 0.68%), 4/25/2043 | 151 | 151 | ||
UBS Commercial Mortgage Trust, 2017-C7, “A4”, 3.679%, 12/15/2050 | 33,000,000 | 29,198,473 | ||
UBS Commercial Mortgage Trust, 2017-C8, “A4”, 3.983%, 2/15/2051 | 18,388,578 | 16,542,957 | ||
Voya CLO 2012-4A Ltd., “A2R3”, FLR, 7.105% ((SOFR - 3mo. + 0.26161%) + 1.45%), 10/15/2030 (n) | 8,202,288 | 7,992,621 | ||
Voya CLO 2012-4A Ltd., “BR3”, FLR, 7.605% ((SOFR - 3mo. + 0.26161%) + 1.95%), 10/15/2030 (n) | 3,474,736 | 3,308,602 | ||
Voya CLO 2012-4A Ltd., “C1R3”, FLR, 8.955% ((SOFR - 3mo. + 0.26161%) + 3.3%), 10/15/2030 (n) | 4,942,894 | 4,740,482 | ||
Wells Fargo Commercial Mortgage Trust, 2015-C28, “A4”, 3.54%, 5/15/2048 | 15,451,790 | 14,756,472 | ||
Wells Fargo Commercial Mortgage Trust, 2016-C34, “A4”, 3.096%, 6/15/2049 | 7,740,000 | 7,091,732 | ||
Wells Fargo Commercial Mortgage Trust, 2016-LC25, “A4”, 3.64%, 12/15/2059 | 25,027,917 | 23,095,271 | ||
Wells Fargo Commercial Mortgage Trust, 2017-C42, “A5”, 3.589%, 12/15/2050 | 13,470,000 | 11,942,770 | ||
$1,211,220,627 | ||||
Automotive – 0.2% | ||||
Stellantis Finance US, Inc., 2.691%, 9/15/2031 (n) | $ | 14,723,000 | $11,135,480 | |
Broadcasting – 0.8% | ||||
Discovery Communications LLC, 4.65%, 5/15/2050 | $ | 11,068,000 | $7,280,393 | |
WarnerMedia Holdings, Inc., 5.05%, 3/15/2042 | 24,492,000 | 18,141,924 | ||
WarnerMedia Holdings, Inc., 5.141%, 3/15/2052 | 21,194,000 | 14,997,227 | ||
WarnerMedia Holdings, Inc., 5.391%, 3/15/2062 | 8,483,000 | 5,941,222 | ||
WMG Acquisition Corp., 3%, 2/15/2031 (n) | 9,294,000 | 7,214,863 | ||
$53,575,629 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Brokerage & Asset Managers – 0.7% | ||||
Charles Schwab Corp., 5.853% to 5/19/2033, FLR (SOFR - 1 day + 2.5%) to 5/19/2034 | $ | 11,882,000 | $10,897,866 | |
Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170 | 26,796,000 | 21,163,194 | ||
LPL Holdings, Inc., 4%, 3/15/2029 (n) | 21,696,000 | 18,655,661 | ||
$50,716,721 | ||||
Building – 0.6% | ||||
Standard Industries, Inc., 4.375%, 7/15/2030 (n) | $ | 25,624,000 | $20,935,390 | |
Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 15,475,000 | 11,710,189 | ||
Vulcan Materials Co., 3.5%, 6/01/2030 | 9,570,000 | 8,166,049 | ||
$40,811,628 | ||||
Business Services – 1.4% | ||||
Equinix, Inc., 1.8%, 7/15/2027 | $ | 9,219,000 | $7,890,762 | |
Equinix, Inc., 2.15%, 7/15/2030 | 21,402,000 | 16,433,949 | ||
Fiserv, Inc., 3.5%, 7/01/2029 | 17,324,000 | 15,196,768 | ||
Fiserv, Inc., 5.6%, 3/02/2033 | 10,033,000 | 9,440,901 | ||
Global Payments, Inc., 2.9%, 5/15/2030 | 23,523,000 | 18,842,016 | ||
Global Payments, Inc., 2.9%, 11/15/2031 | 6,885,000 | 5,264,597 | ||
Iron Mountain, Inc., 4.5%, 2/15/2031 (n) | 27,150,000 | 22,208,245 | ||
$95,277,238 | ||||
Cable TV – 1.6% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $ | 29,387,000 | $23,563,534 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | 6,428,000 | 5,809,690 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.25%, 4/01/2053 | 35,959,000 | 25,502,339 | ||
CSC Holdings LLC, 4.125%, 12/01/2030 (n) | 17,470,000 | 11,704,238 | ||
CSC Holdings LLC, 4.5%, 11/15/2031 (n) | 16,620,000 | 10,976,757 | ||
Sirius XM Radio, Inc., 5.5%, 7/01/2029 (n) | 8,250,000 | 7,310,109 | ||
Sirius XM Radio, Inc., 4.125%, 7/01/2030 (n) | 15,640,000 | 12,418,395 | ||
Time Warner Cable, Inc., 4.5%, 9/15/2042 | 9,503,000 | 6,241,508 | ||
Time Warner Entertainment Co. LP, 8.375%, 7/15/2033 | 4,688,000 | 4,890,999 | ||
$108,417,569 | ||||
Chemicals – 0.1% | ||||
Axalta Coating Systems Ltd., 3.375%, 2/15/2029 (n) | $ | 8,956,000 | $7,361,528 | |
Computer Software – 0.3% | ||||
Dell International LLC/EMC Corp., 5.3%, 10/01/2029 | $ | 24,675,000 | $23,539,115 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Computer Software - Systems – 0.3% | ||||
SS&C Technologies Holdings, Inc., 5.5%, 9/30/2027 (n) | $ | 24,371,000 | $22,866,633 | |
Conglomerates – 0.9% | ||||
Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | $ | 6,853,000 | $6,555,532 | |
Regal Rexnord Corp., 6.3%, 2/15/2030 (n) | 20,904,000 | 19,670,358 | ||
Regal Rexnord Corp., 6.4%, 4/15/2033 (n) | 16,170,000 | 14,834,279 | ||
Westinghouse Air Brake Technologies Corp., 4.7%, 9/15/2028 | 21,336,000 | 19,893,621 | ||
$60,953,790 | ||||
Consumer Products – 0.2% | ||||
Haleon US Capital LLC, 3.625%, 3/24/2032 | $ | 15,416,000 | $12,842,088 | |
Consumer Services – 0.6% | ||||
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | $ | 20,902,000 | $16,042,285 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 5,237,000 | 4,409,805 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 15,190,000 | 10,127,241 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | 5,237,000 | 2,974,647 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 16,829,791 | 5,596,431 | ||
$39,150,409 | ||||
Electrical Equipment – 0.2% | ||||
Arrow Electronics, Inc., 2.95%, 2/15/2032 | $ | 21,913,000 | $16,611,615 | |
Electronics – 0.3% | ||||
Broadcom, Inc., 3.137%, 11/15/2035 (n) | $ | 12,875,000 | $9,081,984 | |
Broadcom, Inc., 4.926%, 5/15/2037 (n) | 12,031,000 | 10,026,913 | ||
$19,108,897 | ||||
Energy - Independent – 0.8% | ||||
EQT Corp., 3.9%, 10/01/2027 | $ | 10,583,000 | $9,737,313 | |
EQT Corp., 5%, 1/15/2029 | 5,901,000 | 5,502,585 | ||
EQT Corp., 3.625%, 5/15/2031 (n) | 6,884,000 | 5,668,286 | ||
Leviathan Bond Ltd., 6.75%, 6/30/2030 (n) | 11,033,000 | 9,329,659 | ||
Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 14,842,000 | 14,138,152 | ||
Tengizchevroil Finance Co. International Ltd., 3.25%, 8/15/2030 | 13,596,000 | 10,108,354 | ||
$54,484,349 | ||||
Energy - Integrated – 0.2% | ||||
Eni S.p.A., 4.25%, 5/09/2029 (n) | $ | 13,598,000 | $12,536,072 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Financial Institutions – 1.2% | ||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.5%, 7/15/2025 | $ | 12,700,000 | $12,670,671 | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3%, 10/29/2028 | 10,175,000 | 8,569,838 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 | 12,067,000 | 9,342,134 | ||
Avolon Holdings Funding Ltd., 2.125%, 2/21/2026 (n) | 12,112,000 | 10,802,677 | ||
Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 7,451,000 | 6,954,601 | ||
Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | 7,098,000 | 6,249,602 | ||
Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 5,071,000 | 4,235,211 | ||
Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 10,959,000 | 9,170,555 | ||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% Cash or 7.25% PIK), 9/15/2024 (n)(p) | 14,582,455 | 13,178,383 | ||
$81,173,672 | ||||
Food & Beverages – 0.4% | ||||
JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.5%, 1/15/2030 | $ | 20,690,000 | $18,908,046 | |
Post Holdings, Inc., 5.5%, 12/15/2029 (n) | 6,770,000 | 6,037,580 | ||
Post Holdings, Inc., 4.625%, 4/15/2030 (n) | 5,755,000 | 4,819,170 | ||
Post Holdings, Inc., 4.5%, 9/15/2031 (n) | 1,015,000 | 821,272 | ||
$30,586,068 | ||||
Gaming & Lodging – 0.3% | ||||
Marriott International, Inc., 3.5%, 10/15/2032 | $ | 12,991,000 | $10,313,562 | |
Marriott International, Inc., 2.75%, 10/15/2033 | 18,167,000 | 13,303,862 | ||
$23,617,424 | ||||
Insurance – 0.3% | ||||
Corebridge Financial, Inc., 3.9%, 4/05/2032 | $ | 15,987,000 | $13,077,692 | |
Corebridge Financial, Inc., 4.35%, 4/05/2042 | 1,846,000 | 1,338,453 | ||
Corebridge Financial, Inc., 4.4%, 4/05/2052 | 5,568,000 | 3,825,821 | ||
$18,241,966 | ||||
Insurance - Health – 0.3% | ||||
Humana, Inc., 5.875%, 3/01/2033 | $ | 19,625,000 | $19,027,329 | |
Insurance - Property & Casualty – 1.3% | ||||
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025 | $ | 13,217,000 | $12,679,491 | |
Ambac Assurance Corp., 5.1%, 6/07/2172 (n) | 13,854 | 19,672 | ||
Aon Corp., 3.75%, 5/02/2029 | 23,260,000 | 20,795,836 | ||
Brown & Brown, Inc., 4.2%, 3/17/2032 | 15,616,000 | 13,089,654 | ||
Brown & Brown, Inc., 4.95%, 3/17/2052 | 5,548,000 | 4,116,323 | ||
Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 | 15,409,000 | 14,541,061 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Insurance - Property & Casualty – continued | ||||
Fairfax Financial Holdings Ltd., 3.375%, 3/03/2031 | $ | 7,257,000 | $5,842,982 | |
Fairfax Financial Holdings Ltd., 5.625%, 8/16/2032 | 16,523,000 | 15,266,123 | ||
Liberty Mutual Group, Inc., 3.951%, 10/15/2050 (n) | 6,950,000 | 4,392,793 | ||
$90,743,935 | ||||
International Market Quasi-Sovereign – 0.2% | ||||
Electricite de France S.A., 4.875%, 9/21/2038 (n) | $ | 6,911,000 | $5,456,269 | |
Electricite de France S.A., 6.9%, 5/23/2053 (n) | 8,776,000 | 8,164,624 | ||
$13,620,893 | ||||
Machinery & Tools – 0.3% | ||||
Ashtead Capital, Inc., 5.55%, 5/30/2033 (n) | $ | 16,388,000 | $14,685,723 | |
CNH Industrial Capital LLC, 4.2%, 1/15/2024 | 3,387,000 | 3,372,348 | ||
$18,058,071 | ||||
Major Banks – 7.8% | ||||
Bank of America Corp., 3.419% to 12/20/2027, FLR ((SOFR - 3mo. + 0.26161%) + 1.04%) to 12/20/2028 | $ | 7,070,000 | $6,293,219 | |
Bank of America Corp., 3.97% to 3/05/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.07%) to 3/05/2029 | 8,931,000 | 8,081,096 | ||
Bank of America Corp., 2.496% to 2/13/2030, FLR ((SOFR - 3mo. + 0.26161%) + 0.99%) to 2/13/2031 | 39,891,000 | 31,442,059 | ||
Bank of America Corp., 2.572% to 10/20/2031, FLR (SOFR - 1 day + 1.21%) to 10/20/2032 | 45,881,000 | 34,362,251 | ||
Bank of America Corp., 5.875% to 3/15/2028, FLR ((SOFR - 3mo. + 0.26161%) + 2.931%) to 9/15/2171 | 13,771,000 | 11,856,831 | ||
Bank of America Corp., 6.1% to 3/17/2025, FLR ((SOFR - 3mo. + 0.26161%) + 3.898%) to 9/17/2171 | 15,392,000 | 14,840,563 | ||
Bank of America Corp., 6.5% to 10/23/2024, FLR ((SOFR - 3mo. + 0.26161%) + 4.174%) to 4/23/2172 | 4,140,000 | 4,085,694 | ||
Barclays PLC, 4.375%, 1/12/2026 | 4,820,000 | 4,600,817 | ||
Barclays PLC, 4.972% to 5/16/2028, FLR (LIBOR - 3mo. + 1.902%) to 5/16/2029 | 7,802,000 | 7,182,100 | ||
Barclays PLC, 2.894% to 11/24/2031, FLR (CMT - 1yr. + 1.3%) to 11/24/2032 | 16,966,000 | 12,388,095 | ||
Capital One Financial Corp., 5.817% to 2/01/2033, FLR (SOFR - 1 day + 2.6%) to 2/01/2034 | 11,000,000 | 9,620,288 | ||
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.860%) to 6/08/2034 | 11,000,000 | 10,031,232 | ||
Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | 23,182,000 | 20,050,788 | ||
Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 | 24,629,000 | 24,174,446 | ||
Goldman Sachs Group, Inc., 2.6%, 2/07/2030 | 15,968,000 | 12,820,359 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Major Banks – continued | ||||
Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032 | $ | 26,935,000 | $20,251,177 | |
HSBC Holdings PLC, 4.7% to 9/09/2031, FLR (CMT - 1yr. + 3.25%) to 9/09/2169 | 25,500,000 | 18,320,478 | ||
HSBC Holdings PLC, 4% to 9/09/2026, FLR (CMT - 1yr. + 3.222%) to 9/09/2170 | 10,111,000 | 8,378,097 | ||
JPMorgan Chase & Co., 3.509%, 1/23/2029 | 18,395,000 | 16,504,596 | ||
JPMorgan Chase & Co., 4.005%, 4/23/2029 | 28,117,000 | 25,607,040 | ||
JPMorgan Chase & Co., 4.203% to 7/23/2028, FLR ((SOFR - 3mo. + 0.26161%) + 1.26%) to 7/23/2029 | 9,246,000 | 8,479,541 | ||
JPMorgan Chase & Co., 2.956% to 5/13/2030, FLR (SOFR - 1 day + 2.515%) to 5/13/2031 | 7,484,000 | 6,034,964 | ||
JPMorgan Chase & Co., 2.545% to 11/08/2031, FLR (SOFR - 1 day + 1.18%) to 11/08/2032 | 29,061,000 | 22,018,338 | ||
Lloyds Bank PLC, 3.75%, 1/11/2027 | 3,975,000 | 3,654,705 | ||
Mitsubishi UFJ Financial Group, Inc., 2.048%, 7/17/2030 | 31,223,000 | 23,792,699 | ||
Morgan Stanley, 3.125%, 7/27/2026 | 12,844,000 | 11,882,608 | ||
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 | 5,819,000 | 5,596,364 | ||
Morgan Stanley, 2.699% to 1/22/2030, FLR (SOFR - 1 day + 1.143%) to 1/22/2031 | 7,037,000 | 5,654,061 | ||
Morgan Stanley, 2.511% to 10/20/2031, FLR (SOFR - 1 day + 1.2%) to 10/20/2032 | 19,284,000 | 14,423,739 | ||
Morgan Stanley, 5.424% to 7/21/2033, FLR (SOFR - 1 day + 1.88%) to 7/21/2034 | 13,809,000 | 12,603,222 | ||
NatWest Group PLC, 6.016% to 3/02/2033, FLR (CMT - 1yr. + 2.1%) to 3/02/2034 | 3,536,000 | 3,292,430 | ||
Sumitomo Mitsui Financial Group, Inc., 2.13%, 7/08/2030 | 38,002,000 | 29,101,256 | ||
Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/2024 (n) | 6,036,000 | 5,914,213 | ||
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 30,010,000 | 20,834,557 | ||
UBS Group Funding (Jersey) Ltd., 4.125%, 9/24/2025 (n) | 6,610,000 | 6,326,068 | ||
UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 10,491,000 | 9,538,310 | ||
Wells Fargo & Co., 2.572% to 2/11/2030, FLR ((SOFR - 3mo. + 0.26161%) + 1%) to 2/11/2031 | 45,462,000 | 35,997,175 | ||
Westpac Banking Corp., 2.894% to 2/04/2025, FLR (CMT - 5yr. + 1.35%) to 2/04/2030 | 18,137,000 | 17,165,306 | ||
$543,200,782 | ||||
Medical & Health Technology & Services – 1.7% | ||||
Adventist Health System/West, 5.43%, 3/01/2032 | $ | 21,168,000 | $20,043,530 | |
Alcon Finance Corp., 2.6%, 5/27/2030 (n) | 4,431,000 | 3,570,141 | ||
Alcon Finance Corp., 5.375%, 12/06/2032 (n) | 6,013,000 | 5,633,332 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Medical & Health Technology & Services – continued | ||||
Alcon, Inc., 2.75%, 9/23/2026 (n) | $ | 4,432,000 | $4,055,802 | |
Alcon, Inc., 3%, 9/23/2029 (n) | 11,067,000 | 9,396,719 | ||
HCA, Inc., 4.125%, 6/15/2029 | 10,042,000 | 8,912,994 | ||
HCA, Inc., 4.375%, 3/15/2042 | 14,385,000 | 10,367,058 | ||
Marin General Hospital, 7.242%, 8/01/2045 | 10,530,000 | 9,193,811 | ||
Northwell Healthcare, Inc., 3.979%, 11/01/2046 | 3,110,000 | 2,166,658 | ||
Northwell Healthcare, Inc., 4.26%, 11/01/2047 | 9,132,000 | 6,484,472 | ||
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | 23,983,000 | 18,346,995 | ||
ProMedica Toledo Hospital, “B”, AGM, 5.75%, 11/15/2038 | 9,026,000 | 8,620,144 | ||
Tower Health, 4.451%, 2/01/2050 | 22,087,000 | 9,990,325 | ||
$116,781,981 | ||||
Metals & Mining – 1.2% | ||||
Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | $ | 10,712,000 | $9,072,179 | |
Anglo American Capital PLC, 3.875%, 3/16/2029 (n) | 16,098,000 | 14,257,972 | ||
Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | 12,521,000 | 9,710,273 | ||
Anglo American Capital PLC, 4.75%, 3/16/2052 (n) | 20,205,000 | 14,499,281 | ||
FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 17,908,000 | 14,432,410 | ||
Glencore Funding LLC, 2.85%, 4/27/2031 (n) | 17,296,000 | 13,426,652 | ||
Novelis Corp., 3.875%, 8/15/2031 (n) | 11,091,000 | 8,662,073 | ||
$84,060,840 | ||||
Midstream – 2.6% | ||||
Cheniere Corpus Christi Holdings LLC, 2.742%, 12/31/2039 | $ | 8,291,000 | $5,977,304 | |
Cheniere Energy Partners LP, 4.5%, 10/01/2029 | 13,412,000 | 12,008,406 | ||
Enbridge, Inc., 4.25%, 12/01/2026 | 9,961,000 | 9,464,666 | ||
Enbridge, Inc., 5.7%, 3/08/2033 | 8,233,000 | 7,698,133 | ||
Energy Transfer LP, 5.55%, 2/15/2028 | 5,763,000 | 5,594,711 | ||
Energy Transfer LP, 5.75%, 2/15/2033 | 17,623,000 | 16,520,664 | ||
Kinder Morgan (Delaware), Inc., 7.75%, 1/15/2032 | 7,347,000 | 7,797,736 | ||
Kinder Morgan Energy Partners LP, 6.375%, 3/01/2041 | 6,112,000 | 5,568,871 | ||
Kinder Morgan Energy Partners LP, 5.4%, 9/01/2044 | 7,661,000 | 6,168,176 | ||
MPLX LP, 4.95%, 3/14/2052 | 27,389,000 | 20,298,215 | ||
Plains All American Pipeline LP, 3.55%, 12/15/2029 | 33,187,000 | 28,205,379 | ||
Sabine Pass Liquefaction LLC, 4.2%, 3/15/2028 | 5,255,000 | 4,835,246 | ||
Sabine Pass Liquefaction LLC, 4.5%, 5/15/2030 | 5,465,000 | 4,901,983 | ||
Targa Resources Corp., 4.2%, 2/01/2033 | 4,099,000 | 3,397,507 | ||
Targa Resources Corp., 6.125%, 3/15/2033 | 18,189,000 | 17,420,382 | ||
Targa Resources Corp., 4.95%, 4/15/2052 | 6,758,000 | 4,931,102 | ||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 19,620,000 | 18,508,682 | ||
$179,297,163 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – 21.7% | ||||
Fannie Mae, 5%, 3/01/2024 - 3/01/2042 | $ | 4,397,689 | $4,214,812 | |
Fannie Mae, 5.25%, 8/01/2024 | 766,904 | 759,010 | ||
Fannie Mae, 4.5%, 5/01/2025 - 6/01/2044 | 20,532,788 | 18,903,135 | ||
Fannie Mae, 2.637%, 12/25/2026 | 7,878,041 | 7,282,791 | ||
Fannie Mae, 3.95%, 1/01/2027 | 574,447 | 551,964 | ||
Fannie Mae, 3.5%, 1/01/2028 - 12/01/2047 | 28,506,699 | 24,832,610 | ||
Fannie Mae, 3%, 11/01/2028 - 11/01/2048 | 26,561,364 | 22,299,043 | ||
Fannie Mae, 2.5%, 11/01/2031 - 11/01/2046 | 2,540,430 | 2,017,597 | ||
Fannie Mae, 6.5%, 11/01/2031 - 1/01/2033 | 43,315 | 43,581 | ||
Fannie Mae, 3%, 2/25/2033 (i) | 1,101,279 | 92,168 | ||
Fannie Mae, 5.5%, 3/01/2033 - 12/01/2038 | 4,057,199 | 3,984,729 | ||
Fannie Mae, 6%, 5/01/2034 - 10/01/2038 | 1,765,882 | 1,766,378 | ||
Fannie Mae, 3.25%, 5/25/2040 | 313,370 | 274,927 | ||
Fannie Mae, 4%, 9/01/2040 - 12/01/2048 | 35,113,918 | 31,302,716 | ||
Fannie Mae, 2%, 4/25/2046 | 669,095 | 581,374 | ||
Fannie Mae, 4%, 7/25/2046 (i) | 1,233,360 | 229,264 | ||
Fannie Mae, UMBS, 2%, 7/01/2036 - 10/01/2052 | 208,543,734 | 162,939,859 | ||
Fannie Mae, UMBS, 3%, 8/01/2036 - 10/01/2052 | 78,244,902 | 63,924,946 | ||
Fannie Mae, UMBS, 2.5%, 6/01/2037 - 6/01/2053 | 222,419,446 | 173,110,462 | ||
Fannie Mae, UMBS, 1.5%, 9/01/2041 - 2/01/2042 | 1,000,754 | 748,832 | ||
Fannie Mae, UMBS, 5.5%, 5/01/2044 - 4/01/2053 | 16,985,201 | 16,174,878 | ||
Fannie Mae, UMBS, 3.5%, 5/01/2049 - 7/01/2053 | 12,765,218 | 10,706,179 | ||
Fannie Mae, UMBS, 5%, 8/01/2052 - 5/01/2053 | 38,291,103 | 35,323,163 | ||
Fannie Mae, UMBS, 4.5%, 9/01/2052 - 3/01/2053 | 12,803,240 | 11,465,721 | ||
Fannie Mae, UMBS, 6%, 2/01/2053 | 2,593,703 | 2,578,070 | ||
Freddie Mac, 2.67%, 12/25/2024 | 4,982,063 | 4,823,775 | ||
Freddie Mac, 2.811%, 1/25/2025 | 6,302,802 | 6,092,787 | ||
Freddie Mac, 4%, 7/01/2025 - 4/01/2044 | 3,987,133 | 3,585,289 | ||
Freddie Mac, 4.5%, 7/01/2025 - 5/01/2042 | 4,974,730 | 4,599,504 | ||
Freddie Mac, 3.3%, 10/25/2026 | 4,957,000 | 4,673,287 | ||
Freddie Mac, 3.117%, 6/25/2027 | 17,177,017 | 15,930,340 | ||
Freddie Mac, 3%, 6/15/2028 - 2/25/2059 | 25,145,016 | 21,149,853 | ||
Freddie Mac, 4.06%, 10/25/2028 | 5,001,000 | 4,703,363 | ||
Freddie Mac, 1.091%, 7/25/2029 (i) | 12,642,135 | 625,882 | ||
Freddie Mac, 1.142%, 8/25/2029 (i) | 22,235,628 | 1,160,811 | ||
Freddie Mac, 1.868%, 4/25/2030 (i) | 6,415,004 | 613,781 | ||
Freddie Mac, 5.5%, 8/01/2033 - 1/01/2038 | 969,019 | 952,763 | ||
Freddie Mac, 6%, 11/01/2033 - 7/01/2038 | 512,779 | 511,391 | ||
Freddie Mac, 5%, 11/01/2035 - 7/01/2041 | 2,031,653 | 1,950,385 | ||
Freddie Mac, 5.5%, 2/15/2036 (i) | 224,901 | 35,972 | ||
Freddie Mac, 3.5%, 11/01/2037 - 10/25/2058 | 18,873,377 | 16,440,531 | ||
Freddie Mac, 4.5%, 12/15/2040 (i) | 140,520 | 11,347 | ||
Freddie Mac, 4%, 8/15/2044 (i) | 233,003 | 27,007 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Mortgage-Backed – continued | ||||
Freddie Mac, 3.25%, 11/25/2061 | $ | 3,378,956 | $2,691,652 | |
Freddie Mac, UMBS, 3%, 11/01/2034 - 2/01/2053 | 52,968,596 | 42,999,320 | ||
Freddie Mac, UMBS, 2%, 8/31/2036 - 10/01/2052 | 234,386,322 | 174,336,550 | ||
Freddie Mac, UMBS, 2.5%, 4/01/2037 - 9/01/2052 | 68,867,959 | 54,011,062 | ||
Freddie Mac, UMBS, 5%, 8/01/2037 - 3/01/2053 | 3,028,996 | 2,796,549 | ||
Freddie Mac, UMBS, 3.5%, 12/01/2046 - 7/01/2053 | 59,559,077 | 49,732,500 | ||
Freddie Mac, UMBS, 4.5%, 7/01/2052 - 12/01/2052 | 13,410,866 | 11,987,302 | ||
Freddie Mac, UMBS, 4%, 10/01/2052 | 11,788,398 | 10,189,112 | ||
Freddie Mac, UMBS, 5.5%, 11/01/2052 - 4/01/2053 | 3,969,362 | 3,785,947 | ||
Ginnie Mae, 5.5%, 11/15/2032 - 4/20/2053 | 22,653,347 | 21,704,643 | ||
Ginnie Mae, 4.5%, 10/20/2033 - 12/20/2052 | 68,853,139 | 62,588,364 | ||
Ginnie Mae, 6%, 2/15/2034 - 1/15/2038 | 543,275 | 545,272 | ||
Ginnie Mae, 4%, 10/20/2040 - 10/20/2052 | 41,760,877 | 36,788,364 | ||
Ginnie Mae, 3.5%, 11/15/2040 - 6/20/2052 | 54,890,722 | 47,048,165 | ||
Ginnie Mae, 3%, 11/20/2044 - 11/20/2052 | 67,573,071 | 56,002,089 | ||
Ginnie Mae, 2.5%, 8/20/2051 - 4/20/2052 | 55,262,001 | 44,056,203 | ||
Ginnie Mae, 2%, 1/20/2052 - 3/20/2052 | 17,719,496 | 13,683,965 | ||
Ginnie Mae, 5%, 12/20/2052 - 5/20/2053 | 63,391,563 | 59,027,124 | ||
Ginnie Mae, TBA, 6%, 11/15/2053 | 9,900,000 | 9,698,786 | ||
Ginnie Mae, TBA, 6.5%, 11/15/2053 | 14,375,000 | 14,341,805 | ||
UMBS, TBA, 2%, 11/25/2038 - 11/25/2053 | 27,293,355 | 22,666,168 | ||
UMBS, TBA, 2.5%, 11/25/2038 - 11/25/2053 | 38,175,000 | 29,890,869 | ||
UMBS, TBA, 5%, 11/25/2038 - 11/25/2053 | 12,675,000 | 12,134,234 | ||
UMBS, TBA, 5.5%, 11/25/2053 | 42,950,000 | 40,735,391 | ||
UMBS, TBA, 6%, 11/25/2053 | 8,050,000 | 7,832,929 | ||
UMBS, TBA, 6.5%, 11/25/2053 | 2,250,000 | 2,236,279 | ||
$1,517,506,921 | ||||
Municipals – 0.8% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025 | $ | 1,655,000 | $1,624,534 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 24,325,000 | 20,626,063 | ||
Escambia County, FL, Health Facilities Authority Rev., Taxable (Baptist Health Care Corp.), “B”, AGM, 3.607%, 8/15/2040 | 4,565,000 | 3,237,830 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 | 9,717,000 | 8,352,546 | ||
Philadelphia, PA, School District, Taxable, “B”, AGM, 6.615%, 6/01/2030 | 6,320,000 | 6,565,038 | ||
State of Florida, Taxable, “A”, 2.154%, 7/01/2030 | 21,024,000 | 16,710,495 | ||
$57,116,506 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Natural Gas - Distribution – 0.6% | ||||
Boston Gas Co., 3.15%, 8/01/2027 (n) | $ | 18,261,000 | $16,306,330 | |
KeySpan Gas East Corp., 2.742%, 8/15/2026 (n) | 13,855,000 | 12,602,639 | ||
NiSource, Inc., 3.6%, 5/01/2030 | 16,331,000 | 13,978,536 | ||
$42,887,505 | ||||
Oils – 0.0% | ||||
Marathon Petroleum Corp., 5.85%, 12/15/2045 | $ | 4,349,000 | $3,632,030 | |
Other Banks & Diversified Financials – 1.4% | ||||
Discover Financial Services, 6.7%, 11/29/2032 | $ | 34,164,000 | $31,649,836 | |
Groupe BPCE S.A., 4.5%, 3/15/2025 (n) | 7,743,000 | 7,469,449 | ||
Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n) | 14,673,000 | 12,987,557 | ||
Macquarie Group Ltd., 4.442% to 6/21/2032, FLR (SOFR - 1 day + 2.405%) to 6/21/2033 (n) | 57,968,000 | 48,056,230 | ||
$100,163,072 | ||||
Pharmaceuticals – 0.4% | ||||
Jazz Securities DAC, 4.375%, 1/15/2029 (n) | $ | 14,950,000 | $13,001,545 | |
Organon Finance 1 LLC, 4.125%, 4/30/2028 (n) | 16,685,000 | 14,411,837 | ||
$27,413,382 | ||||
Real Estate - Office – 0.5% | ||||
Boston Properties LP, REIT, 2.55%, 4/01/2032 | $ | 29,885,000 | $20,731,999 | |
Boston Properties LP, REIT, 2.45%, 10/01/2033 | 27,176,000 | 17,664,323 | ||
$38,396,322 | ||||
Retailers – 0.3% | ||||
Penske Automotive Group Co., 3.75%, 6/15/2029 | $ | 25,284,000 | $20,860,271 | |
Specialty Stores – 0.2% | ||||
DICK'S Sporting Goods, 3.15%, 1/15/2032 | $ | 17,293,000 | $13,050,199 | |
Telecommunications - Wireless – 1.2% | ||||
Rogers Communications, Inc., 4.5%, 3/15/2042 | $ | 27,147,000 | $20,083,498 | |
Rogers Communications, Inc., 4.55%, 3/15/2052 | 27,147,000 | 18,776,199 | ||
SBA Communications Corp., 3.125%, 2/01/2029 | 17,490,000 | 14,460,793 | ||
T-Mobile USA, Inc., 2.55%, 2/15/2031 | 28,722,000 | 22,378,654 | ||
T-Mobile USA, Inc., 4.375%, 4/15/2040 | 2,343,000 | 1,812,161 | ||
Vodafone Group PLC, 5.625%, 2/10/2053 | 6,121,000 | 5,148,209 | ||
$82,659,514 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Tobacco – 1.1% | ||||
B.A.T. Capital Corp., 4.906%, 4/02/2030 | $ | 2,485,000 | $2,240,569 | |
B.A.T. Capital Corp., 4.742%, 3/16/2032 | 26,499,000 | 22,766,076 | ||
B.A.T. International Finance PLC, 4.448%, 3/16/2028 | 23,935,000 | 22,053,157 | ||
Philip Morris International, Inc., 5.125%, 11/17/2027 | 9,958,000 | 9,706,690 | ||
Philip Morris International, Inc., 5.625%, 11/17/2029 | 4,291,000 | 4,199,173 | ||
Philip Morris International, Inc., 5.125%, 2/15/2030 | 17,478,000 | 16,465,343 | ||
$77,431,008 | ||||
Transportation - Services – 0.3% | ||||
Element Fleet Management Corp., 1.6%, 4/06/2024 (n) | $ | 13,697,000 | $13,402,463 | |
ERAC USA Finance LLC, 7%, 10/15/2037 (n) | 9,094,000 | 9,459,270 | ||
$22,861,733 | ||||
U.S. Government Agencies and Equivalents – 0.2% | ||||
Small Business Administration, 4.89%, 12/01/2023 | $ | 6,275 | $6,267 | |
Small Business Administration, 4.93%, 1/01/2024 | 5,061 | 5,045 | ||
Small Business Administration, 4.34%, 3/01/2024 | 6,456 | 6,432 | ||
Small Business Administration, 5.18%, 5/01/2024 | 5,394 | 5,365 | ||
Small Business Administration, 5.52%, 6/01/2024 | 10,394 | 10,365 | ||
Small Business Administration, 5.19%, 7/01/2024 | 13,668 | 13,563 | ||
Small Business Administration, 4.86%, 10/01/2024 | 9,049 | 8,932 | ||
Small Business Administration, 4.57%, 6/01/2025 | 51,281 | 50,674 | ||
Small Business Administration, 4.76%, 9/01/2025 | 153,649 | 149,595 | ||
Small Business Administration, 5.39%, 12/01/2025 | 12,077 | 11,910 | ||
Small Business Administration, 5.35%, 2/01/2026 | 74,249 | 72,662 | ||
Small Business Administration, 3.25%, 11/01/2030 | 553,252 | 516,821 | ||
Small Business Administration, 2.85%, 9/01/2031 | 876,767 | 794,733 | ||
Small Business Administration, 2.37%, 8/01/2032 | 620,682 | 556,338 | ||
Small Business Administration, 2.13%, 1/01/2033 | 1,181,930 | 1,042,777 | ||
Small Business Administration, 2.21%, 2/01/2033 | 297,997 | 264,855 | ||
Small Business Administration, 2.22%, 3/01/2033 | 948,718 | 839,205 | ||
Small Business Administration, 2.08%, 4/01/2033 | 1,839,441 | 1,611,252 | ||
Small Business Administration, 2.45%, 6/01/2033 | 2,260,639 | 2,010,001 | ||
Small Business Administration, 3.15%, 7/01/2033 | 2,604,212 | 2,381,582 | ||
Small Business Administration, 3.16%, 8/01/2033 | 2,851,417 | 2,602,629 | ||
Small Business Administration, 3.62%, 9/01/2033 | 1,360,919 | 1,261,160 | ||
$14,222,163 | ||||
U.S. Treasury Obligations – 22.6% | ||||
U.S. Treasury Bonds, 1.125%, 8/15/2040 | $ | 27,300,000 | $14,740,934 | |
U.S. Treasury Bonds, 1.375%, 11/15/2040 | 74,100,000 | 41,765,191 | ||
U.S. Treasury Bonds, 1.75%, 8/15/2041 | 67,500,000 | 40,075,488 | ||
U.S. Treasury Bonds, 2.375%, 2/15/2042 | 61,700,000 | 40,741,281 | ||
U.S. Treasury Bonds, 4%, 11/15/2042 | 26,100,000 | 22,125,867 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
U.S. Treasury Obligations – continued | ||||
U.S. Treasury Bonds, 2.875%, 5/15/2043 | $ | 58,777,000 | $41,573,248 | |
U.S. Treasury Bonds, 4.375%, 8/15/2043 | 101,800,000 | 90,792,875 | ||
U.S. Treasury Bonds, 2.5%, 2/15/2045 (f) | 29,323,000 | 18,923,644 | ||
U.S. Treasury Bonds, 2.875%, 11/15/2046 | 27,653,000 | 18,805,120 | ||
U.S. Treasury Bonds, 3%, 2/15/2048 | 19,900,000 | 13,736,442 | ||
U.S. Treasury Bonds, 2.375%, 11/15/2049 | 34,500,000 | 20,726,953 | ||
U.S. Treasury Bonds, 1.625%, 11/15/2050 | 92,800,000 | 45,453,875 | ||
U.S. Treasury Bonds, 2.25%, 2/15/2052 | 92,950,000 | 53,500,713 | ||
U.S. Treasury Notes, 3.875%, 3/31/2025 | 95,000,000 | 93,226,171 | ||
U.S. Treasury Notes, 4.625%, 6/30/2025 | 250,000,000 | 247,871,095 | ||
U.S. Treasury Notes, 4.75%, 7/31/2025 (f) | 428,000,000 | 425,207,968 | ||
U.S. Treasury Notes, 5%, 8/31/2025 | 194,700,000 | 194,289,304 | ||
U.S. Treasury Notes, 0.875%, 6/30/2026 | 120,000,000 | 108,103,126 | ||
U.S. Treasury Notes, 4.125%, 7/31/2028 | 50,200,000 | 48,699,883 | ||
$1,580,359,178 | ||||
Utilities - Electric Power – 1.5% | ||||
American Electric Power Co., Inc., 5.95%, 11/01/2032 | $ | 13,723,000 | $13,260,136 | |
Calpine Corp., 3.75%, 3/01/2031 (n) | 16,125,000 | 12,848,561 | ||
Enel Finance International N.V., 3.5%, 4/06/2028 (n) | 30,284,000 | 26,843,936 | ||
Enel Finance International N.V., 7.5%, 10/14/2032 (n) | 3,444,000 | 3,560,268 | ||
FirstEnergy Corp., 3.4%, 3/01/2050 | 2,430,000 | 1,469,562 | ||
Jersey Central Power & Light Co., 2.75%, 3/01/2032 (n) | 21,954,000 | 16,835,964 | ||
Pacific Gas & Electric Co., 3%, 6/15/2028 | 11,170,000 | 9,453,618 | ||
Pacific Gas & Electric Co., 3.3%, 8/01/2040 | 34,169,000 | 20,732,300 | ||
$105,004,345 | ||||
Total Bonds (Identified Cost, $7,828,548,210) | $6,833,002,088 | |||
Investment Companies (h) – 2.9% | ||||
Money Market Funds – 2.9% | ||||
MFS Institutional Money Market Portfolio, 5.43% (v) (Identified Cost, $202,332,208) | 202,324,094 | $202,344,326 | ||
Other Assets, Less Liabilities – (0.8)% | (52,927,878) | |||
Net Assets – 100.0% | $6,982,418,536 |
(a) | Non-income producing security. |
(d) | In default. |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $202,344,326 and $6,833,002,088, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,673,834,675, representing 24.0% of net assets. |
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
(q) | Interest received was less than stated coupon rate. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
ReadyCap Commercial Mortgage Trust, 2021-FL7, “C”, FLR, 7.639% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 | 11/12/21 | $5,795,000 | $5,489,604 |
ReadyCap Commercial Mortgage Trust, 2021-FL7, “D”, FLR, 8.389% ((SOFR - 1mo. + 0.11448%) + 2.95%), 11/25/2036 | 11/12/21 | 6,825,000 | 6,210,252 |
Total Restricted Securities | $11,699,856 | ||
% of Net assets | 0.2% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
CDO | Collateralized Debt Obligation |
CLO | Collateralized Loan Obligation |
CMT | Constant Maturity Treasury |
FGIC | Financial Guaranty Insurance Co. |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced |
UMBS | Uniform Mortgage-Backed Security |
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Liability Derivatives | ||||||
Interest Rate Futures | ||||||
U.S. Treasury Note 2 yr | Long | USD | 1,051 | $212,745,392 | December – 2023 | $(849,509) |
U.S. Treasury Note 5 yr | Long | USD | 3,036 | 317,190,845 | December – 2023 | (5,077,127) |
U.S. Treasury Ultra Bond 30 yr | Long | USD | 2,503 | 281,743,937 | December – 2023 | (37,497,047) |
U.S. Treasury Ultra Note 10 yr | Long | USD | 350 | 38,089,844 | December – 2023 | (761,451) |
$(44,185,134) |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $7,828,548,210) | $6,833,002,088 |
Investments in affiliated issuers, at value (identified cost, $202,332,208) | 202,344,326 |
Cash | 17,059,646 |
Restricted cash for MBS/TBA | 869,179 |
Receivables for | |
Net daily variation margin on open futures contracts | 176,212 |
Investments sold | 9,820,744 |
TBA sale commitments | 58,027,606 |
Fund shares sold | 18,918,759 |
Interest and dividends | 55,714,521 |
Receivable from investment adviser | 53,462 |
Other assets | 45,138 |
Total assets | $7,196,031,681 |
Liabilities | |
Payables for | |
Distributions | $1,842,559 |
TBA purchase commitments | 199,558,291 |
Fund shares reacquired | 10,586,395 |
Payable to affiliates | |
Administrative services fee | 3,389 |
Shareholder servicing costs | 1,249,877 |
Distribution and service fees | 20,708 |
Accrued expenses and other liabilities | 351,926 |
Total liabilities | $213,613,145 |
Net assets | $6,982,418,536 |
Net assets consist of | |
Paid-in capital | $8,566,962,097 |
Total distributable earnings (loss) | (1,584,543,561) |
Net assets | $6,982,418,536 |
Shares of beneficial interest outstanding | 788,942,824 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $2,140,283,213 | 241,850,940 | $8.85 |
Class B | 2,658,915 | 299,911 | 8.87 |
Class C | 31,740,857 | 3,581,436 | 8.86 |
Class I | 1,328,436,510 | 150,117,996 | 8.85 |
Class R1 | 1,202,042 | 135,609 | 8.86 |
Class R2 | 12,043,891 | 1,360,982 | 8.85 |
Class R3 | 64,864,146 | 7,330,083 | 8.85 |
Class R4 | 45,677,186 | 5,159,726 | 8.85 |
Class R6 | 3,355,511,776 | 379,106,141 | 8.85 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.24 [100 / 95.75 x $8.85]. On sales of $100,000 or more, the maximum offering price of Class A shares is reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, and Class C shares. Redemption price per share was equal to the net asset value per share for Classes I, R1, R2, R3, R4, and R6. |
Net investment income (loss) | |
Income | |
Interest | $162,794,050 |
Dividends from affiliated issuers | 4,486,961 |
Other | 454,249 |
Foreign taxes withheld | 4,866 |
Total investment income | $167,740,126 |
Expenses | |
Management fee | $14,431,466 |
Distribution and service fees | 3,113,161 |
Shareholder servicing costs | 1,964,965 |
Administrative services fee | 311,812 |
Independent Trustees' compensation | 57,662 |
Custodian fee | 140,066 |
Shareholder communications | 180,854 |
Audit and tax fees | 48,148 |
Legal fees | 18,299 |
Miscellaneous | 204,004 |
Total expenses | $20,470,437 |
Fees paid indirectly | (14,452) |
Reduction of expenses by investment adviser and distributor | (3,916,341) |
Net expenses | $16,539,644 |
Net investment income (loss) | $151,200,482 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(108,207,874) |
Affiliated issuers | 1,316 |
Futures contracts | (37,786,582) |
Net realized gain (loss) | $(145,993,140) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(342,087,883) |
Affiliated issuers | (29,059) |
Futures contracts | (63,088,029) |
Net unrealized gain (loss) | $(405,204,971) |
Net realized and unrealized gain (loss) | $(551,198,111) |
Change in net assets from operations | $(399,997,629) |
Six months ended | Year ended | |
10/31/23 (unaudited) | 4/30/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $151,200,482 | $247,514,499 |
Net realized gain (loss) | (145,993,140) | (257,618,600) |
Net unrealized gain (loss) | (405,204,971) | (65,899,073) |
Change in net assets from operations | $(399,997,629) | $(76,003,174) |
Total distributions to shareholders | $(153,665,368) | $(256,707,660) |
Change in net assets from fund share transactions | $271,064,479 | $(32,328,488) |
Total change in net assets | $(282,598,518) | $(365,039,322) |
Net assets | ||
At beginning of period | 7,265,017,054 | 7,630,056,376 |
At end of period | $6,982,418,536 | $7,265,017,054 |
Class A | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.32 | $0.20 | $0.24 | $0.30 | $0.30 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.13) | 0.27 | 0.47 | 0.23 |
Total from investment operations | $(0.52) | $(0.10) | $(0.93) | $0.51 | $0.77 | $0.53 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.33) | $(0.21) | $(0.28) | $(0.31) | $(0.30) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.19) | $(0.33) | $(0.35) | $(0.32) | $(0.31) | $(0.30) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 |
Total return (%) (r)(s)(t)(x) | (5.49)(n) | (0.95) | (8.46) | 4.55 | 7.30 | 5.22 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.78 | 0.76 | 0.77 | 0.79 | 0.82 |
Expenses after expense reductions (f) | 0.60(a) | 0.60 | 0.60 | 0.62 | 0.67 | 0.69 |
Net investment income (loss) | 4.04(a) | 3.30 | 1.84 | 2.07 | 2.69 | 2.89 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $2,140,283 | $2,262,535 | $2,426,564 | $2,969,273 | $2,458,183 | $1,967,507 |
Class B | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.58 | $10.01 | $11.29 | $11.10 | $10.64 | $10.41 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.24 | $0.12 | $0.15 | $0.22 | $0.22 |
Net realized and unrealized gain (loss) | (0.70) | (0.41) | (1.13) | 0.27 | 0.47 | 0.23 |
Total from investment operations | $(0.55) | $(0.17) | $(1.01) | $0.42 | $0.69 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.26) | $(0.13) | $(0.19) | $(0.23) | $(0.22) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.16) | $(0.26) | $(0.27) | $(0.23) | $(0.23) | $(0.22) |
Net asset value, end of period (x) | $8.87 | $9.58 | $10.01 | $11.29 | $11.10 | $10.64 |
Total return (%) (r)(s)(t)(x) | (5.84)(n) | (1.68) | (9.13) | 3.77 | 6.50 | 4.43 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.52 | 1.54 | 1.58 |
Expenses after expense reductions (f) | 1.35(a) | 1.35 | 1.35 | 1.37 | 1.42 | 1.44 |
Net investment income (loss) | 3.29(a) | 2.52 | 1.09 | 1.35 | 1.97 | 2.13 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $2,659 | $3,384 | $4,618 | $6,865 | $9,963 | $13,727 |
Class C | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.57 | $10.01 | $11.28 | $11.10 | $10.64 | $10.41 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.23 | $0.11 | $0.14 | $0.20 | $0.21 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.12) | 0.26 | 0.48 | 0.23 |
Total from investment operations | $(0.56) | $(0.19) | $(1.01) | $0.40 | $0.68 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.25) | $(0.12) | $(0.18) | $(0.22) | $(0.21) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.15) | $(0.25) | $(0.26) | $(0.22) | $(0.22) | $(0.21) |
Net asset value, end of period (x) | $8.86 | $9.57 | $10.01 | $11.28 | $11.10 | $10.64 |
Total return (%) (r)(s)(t)(x) | (5.89)(n) | (1.88) | (9.14) | 3.57 | 6.40 | 4.33 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.52 | 1.55 | 1.57 |
Expenses after expense reductions (f) | 1.45(a) | 1.45 | 1.45 | 1.47 | 1.52 | 1.54 |
Net investment income (loss) | 3.19(a) | 2.39 | 0.99 | 1.25 | 1.85 | 2.03 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $31,741 | $36,253 | $56,980 | $77,610 | $99,437 | $89,735 |
Class I | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.09 | $10.62 | $10.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.19 | $0.33 | $0.22 | $0.25 | $0.31 | $0.31 |
Net realized and unrealized gain (loss) | (0.70) | (0.42) | (1.13) | 0.26 | 0.49 | 0.23 |
Total from investment operations | $(0.51) | $(0.09) | $(0.91) | $0.51 | $0.80 | $0.54 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.34) | $(0.23) | $(0.29) | $(0.33) | $(0.32) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.34) | $(0.37) | $(0.33) | $(0.33) | $(0.32) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.09 | $10.62 |
Total return (%) (r)(s)(t)(x) | (5.42)(n) | (0.80) | (8.32) | 4.61 | 7.56 | 5.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.51 | 0.52 | 0.54 | 0.57 |
Expenses after expense reductions (f) | 0.45(a) | 0.45 | 0.45 | 0.47 | 0.52 | 0.54 |
Net investment income (loss) | 4.18(a) | 3.43 | 1.99 | 2.22 | 2.84 | 3.03 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $1,328,437 | $1,361,313 | $1,617,089 | $1,651,206 | $1,513,495 | $1,242,812 |
Class R1 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.57 | $10.01 | $11.28 | $11.10 | $10.64 | $10.41 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.23 | $0.11 | $0.14 | $0.20 | $0.21 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.12) | 0.26 | 0.48 | 0.23 |
Total from investment operations | $(0.56) | $(0.19) | $(1.01) | $0.40 | $0.68 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.25) | $(0.12) | $(0.18) | $(0.22) | $(0.21) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.15) | $(0.25) | $(0.26) | $(0.22) | $(0.22) | $(0.21) |
Net asset value, end of period (x) | $8.86 | $9.57 | $10.01 | $11.28 | $11.10 | $10.64 |
Total return (%) (r)(s)(t)(x) | (5.89)(n) | (1.88) | (9.14) | 3.57 | 6.40 | 4.33 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.53(a) | 1.53 | 1.51 | 1.52 | 1.54 | 1.57 |
Expenses after expense reductions (f) | 1.45(a) | 1.45 | 1.45 | 1.47 | 1.52 | 1.54 |
Net investment income (loss) | 3.19(a) | 2.45 | 0.99 | 1.22 | 1.87 | 2.06 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $1,202 | $1,279 | $1,641 | $1,812 | $1,656 | $2,005 |
Class R2 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.17 | $0.28 | $0.16 | $0.20 | $0.26 | $0.26 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.13) | 0.27 | 0.47 | 0.24 |
Total from investment operations | $(0.54) | $(0.14) | $(0.97) | $0.47 | $0.73 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.29) | $(0.17) | $(0.24) | $(0.27) | $(0.27) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.17) | $(0.29) | $(0.31) | $(0.28) | $(0.27) | $(0.27) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 |
Total return (%) (r)(s)(t)(x) | (5.66)(n) | (1.29) | (8.79) | 4.19 | 6.93 | 4.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.03 | 1.01 | 1.02 | 1.04 | 1.08 |
Expenses after expense reductions (f) | 0.95(a) | 0.95 | 0.95 | 0.97 | 1.02 | 1.04 |
Net investment income (loss) | 3.69(a) | 2.94 | 1.49 | 1.74 | 2.36 | 2.53 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $12,044 | $14,215 | $16,565 | $25,398 | $27,083 | $34,093 |
Class R3 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.18 | $0.31 | $0.19 | $0.23 | $0.29 | $0.29 |
Net realized and unrealized gain (loss) | (0.70) | (0.42) | (1.13) | 0.26 | 0.47 | 0.23 |
Total from investment operations | $(0.52) | $(0.11) | $(0.94) | $0.49 | $0.76 | $0.52 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.19) | $(0.32) | $(0.20) | $(0.26) | $(0.30) | $(0.29) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.19) | $(0.32) | $(0.34) | $(0.30) | $(0.30) | $(0.29) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.08 | $10.62 |
Total return (%) (r)(s)(t)(x) | (5.54)(n) | (1.04) | (8.55) | 4.44 | 7.20 | 5.11 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.78 | 0.76 | 0.77 | 0.79 | 0.83 |
Expenses after expense reductions (f) | 0.70(a) | 0.70 | 0.70 | 0.72 | 0.77 | 0.79 |
Net investment income (loss) | 3.94(a) | 3.19 | 1.75 | 1.98 | 2.60 | 2.78 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $64,864 | $68,213 | $79,389 | $57,652 | $54,433 | $49,418 |
Class R4 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.09 | $10.63 | $10.40 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.33 | $0.22 | $0.26 | $0.31 | $0.32 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.13) | 0.25 | 0.48 | 0.23 |
Total from investment operations | $(0.51) | $(0.09) | $(0.91) | $0.51 | $0.79 | $0.55 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.34) | $(0.23) | $(0.29) | $(0.33) | $(0.32) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.34) | $(0.37) | $(0.33) | $(0.33) | $(0.32) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.09 | $10.63 |
Total return (%) (r)(s)(t)(x) | (5.42)(n) | (0.80) | (8.32) | 4.61 | 7.46 | 5.37 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.51 | 0.52 | 0.54 | 0.57 |
Expenses after expense reductions (f) | 0.45(a) | 0.45 | 0.45 | 0.47 | 0.52 | 0.54 |
Net investment income (loss) | 4.19(a) | 3.45 | 1.98 | 2.23 | 2.85 | 3.04 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $45,677 | $47,748 | $50,056 | $127,449 | $131,629 | $116,533 |
Class R6 | Six months ended | Year ended | ||||
10/31/23 (unaudited) | 4/30/23 | 4/30/22 | 4/30/21 | 4/30/20 | 4/30/19 | |
Net asset value, beginning of period | $9.56 | $9.99 | $11.27 | $11.09 | $10.62 | $10.39 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.20 | $0.34 | $0.23 | $0.26 | $0.32 | $0.33 |
Net realized and unrealized gain (loss) | (0.71) | (0.42) | (1.13) | 0.26 | 0.49 | 0.23 |
Total from investment operations | $(0.51) | $(0.08) | $(0.90) | $0.52 | $0.81 | $0.56 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.35) | $(0.24) | $(0.30) | $(0.34) | $(0.33) |
From net realized gain | — | — | (0.14) | (0.04) | — | — |
Total distributions declared to shareholders | $(0.20) | $(0.35) | $(0.38) | $(0.34) | $(0.34) | $(0.33) |
Net asset value, end of period (x) | $8.85 | $9.56 | $9.99 | $11.27 | $11.09 | $10.62 |
Total return (%) (r)(s)(t)(x) | (5.37)(n) | (0.70) | (8.23) | 4.71 | 7.67 | 5.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.43(a) | 0.43 | 0.42 | 0.43 | 0.45 | 0.47 |
Expenses after expense reductions (f) | 0.35(a) | 0.35 | 0.35 | 0.37 | 0.42 | 0.44 |
Net investment income (loss) | 4.29(a) | 3.56 | 2.09 | 2.31 | 2.95 | 3.14 |
Portfolio turnover | 39(n) | 97 | 185 | 188 | 144 | 60 |
Portfolio turnover (excluding TBA transactions)(e) | 25(n) | — | — | — | — | — |
Net assets at end of period (000 omitted) | $3,355,512 | $3,470,078 | $3,359,986 | $3,320,149 | $2,535,200 | $2,232,386 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(e) | Portfolio turnover rates excluding TBA transactions for periods prior to the six months ended October 31, 2023 are not available. Refer to Note 2 for more information on TBA transactions and mortgage dollar rolls. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | $— | $1,594,581,341 | $— | $1,594,581,341 |
Non - U.S. Sovereign Debt | — | 13,620,893 | — | 13,620,893 |
Municipal Bonds | — | 57,116,506 | — | 57,116,506 |
U.S. Corporate Bonds | — | 1,728,014,466 | — | 1,728,014,466 |
Residential Mortgage-Backed Securities | — | 1,518,840,243 | — | 1,518,840,243 |
Commercial Mortgage-Backed Securities | — | 523,704,715 | — | 523,704,715 |
Asset-Backed Securities (including CDOs) | — | 686,182,590 | — | 686,182,590 |
Foreign Bonds | — | 710,941,334 | — | 710,941,334 |
Mutual Funds | 202,344,326 | — | — | 202,344,326 |
Total | $202,344,326 | $6,833,002,088 | $— | $7,035,346,414 |
Other Financial Instruments | ||||
Futures Contracts – Liabilities | $(44,185,134) | $— | $— | $(44,185,134) |
Fair Value (a) | ||
Risk | Derivative Contracts | Liability Derivatives |
Interest Rate | Futures Contracts | $(44,185,134) |
(a) | Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities. |
Risk | Futures Contracts |
Interest Rate | $(37,786,582) |
Risk | Futures Contracts |
Interest Rate | $(63,088,029) |
Year ended 4/30/23 | |
Ordinary income (including any short-term capital gains) | $256,707,660 |
As of 10/31/23 | |
Cost of investments | $8,032,260,295 |
Gross appreciation | 721,556 |
Gross depreciation | (997,635,437) |
Net unrealized appreciation (depreciation) | $(996,913,881) |
As of 4/30/23 | |
Undistributed ordinary income | 13,515,327 |
Capital loss carryforwards | (345,943,769) |
Other temporary differences | (24,201,827) |
Net unrealized appreciation (depreciation) | (674,250,295) |
Short-Term | $(162,034,835) |
Long-Term | (183,908,934) |
Total | $(345,943,769) |
Six months ended 10/31/23 | Year ended 4/30/23 | ||
Class A | $45,843,705 | $76,994,684 | |
Class B | 51,057 | 102,093 | |
Class C | 559,201 | 1,110,083 | |
Class I | 28,534,956 | 49,337,422 | |
Class R1 | 20,716 | 39,755 | |
Class R2 | 252,896 | 450,171 | |
Class R3 | 1,357,559 | 2,414,237 | |
Class R4 | 995,789 | 1,651,815 | |
Class R6 | 76,049,489 | 124,584,443 | |
Class 529A | — | 22,957 | |
Total | $153,665,368 | $256,707,660 |
Up to $2.5 billion | 0.50% |
In excess of $2.5 billion and up to $5 billion | 0.35% |
In excess of $5 billion and up to $10 billion | 0.34% |
In excess of $10 billion | 0.33% |
Classes | ||||||||
A | B | C | I | R1 | R2 | R3 | R4 | R6 |
0.60% | 1.35% | 1.45% | 0.45% | 1.45% | 0.95% | 0.70% | 0.45% | 0.36% |
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Class A | — | 0.25% | 0.25% | 0.15% | $ 2,800,140 |
Class B | 0.75% | 0.25% | 1.00% | 0.90% | 15,307 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 172,422 |
Class R1 | 0.75% | 0.25% | 1.00% | 1.00% | 6,377 |
Class R2 | 0.25% | 0.25% | 0.50% | 0.50% | 33,880 |
Class R3 | — | 0.25% | 0.25% | 0.25% | 85,035 |
Total Distribution and Service Fees | $3,113,161 |
(d) | In accordance with the distribution plan for certain classes, the fund pays distribution and/or service fees equal to these annual percentage rates of each class’s average daily net assets. The distribution and service fee rates disclosed by class represent the current rates in effect at the end of the reporting period. Any rate changes, if applicable, are detailed below. |
(e) | The annual effective rates represent actual fees incurred under the distribution plan for the six months ended October 31, 2023 based on each class's average daily net assets. 0.10% of the Class A and Class B service fee is currently being waived under a written waiver agreement. For the six months ended October 31, 2023, this waiver amounted to $1,120,048 and $1,534 for Class A and Class B shares, respectively, and is included in the reduction of total expenses in the Statement of Operations. This written waiver agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until August 31, 2024. |
Amount | |
Class A | $23,681 |
Class B | 533 |
Class C | 392 |
Purchases | Sales | |
U.S. Government securities | $2,668,285,701 | $2,001,289,487 |
Non-U.S. Government securities | 231,941,765 | 722,681,205 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 21,915,039 | $203,215,851 | 38,371,112 | $366,154,901 | |
Class B | 11,603 | 107,779 | 22,149 | 212,937 | |
Class C | 482,423 | 4,479,935 | 521,787 | 4,979,279 | |
Class I | 32,563,707 | 300,225,394 | 49,057,393 | 467,962,206 | |
Class R1 | 17,644 | 164,060 | 37,300 | 358,591 | |
Class R2 | 156,431 | 1,453,731 | 215,398 | 2,044,916 | |
Class R3 | 725,153 | 6,748,329 | 1,176,955 | 11,159,362 | |
Class R4 | 605,577 | 5,596,797 | 1,088,193 | 10,449,010 | |
Class R6 | 39,013,733 | 361,683,352 | 83,961,736 | 812,220,667 | |
Class 529A | — | — | 7,712 | 77,520 | |
95,491,310 | $883,675,228 | 174,459,735 | $1,675,619,389 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 4,812,060 | $44,364,516 | 7,851,823 | $74,606,189 | |
Class B | 5,281 | 48,829 | 10,090 | 95,981 | |
Class C | 54,735 | 505,493 | 107,287 | 1,020,698 | |
Class I | 2,319,371 | 21,378,030 | 3,941,146 | 37,468,599 | |
Class R1 | 2,245 | 20,716 | 4,139 | 39,319 | |
Class R2 | 27,256 | 251,525 | 47,091 | 447,239 | |
Class R3 | 147,200 | 1,357,186 | 254,036 | 2,413,408 | |
Class R4 | 71,711 | 661,275 | 114,989 | 1,093,306 | |
Class R6 | 8,065,785 | 74,374,719 | 12,860,230 | 122,213,742 | |
15,505,644 | $142,962,289 | 25,190,831 | $239,398,481 |
Six months ended 10/31/23 | Year ended 4/30/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (21,554,518) | $(199,180,873) | (52,414,770) | $(501,220,877) | |
Class B | (70,323) | (652,701) | (140,333) | (1,342,556) | |
Class C | (742,519) | (6,882,464) | (2,537,355) | (23,948,385) | |
Class I | (27,166,693) | (252,062,283) | (72,440,483) | (693,213,713) | |
Class R1 | (17,833) | (162,831) | (71,920) | (688,358) | |
Class R2 | (309,816) | (2,872,892) | (433,589) | (4,147,392) | |
Class R3 | (678,394) | (6,283,437) | (2,241,302) | (21,433,297) | |
Class R4 | (510,735) | (4,739,754) | (1,218,379) | (11,695,888) | |
Class R6 | (30,909,402) | (282,735,803) | (70,117,118) | (672,519,231) | |
Class 529A | — | — | (1,725,772) | (17,136,661) | |
(81,960,233) | $(755,573,038) | (203,341,021) | $(1,947,346,358) | ||
Net change | |||||
Class A | 5,172,581 | $48,399,494 | (6,191,835) | $(60,459,787) | |
Class B | (53,439) | (496,093) | (108,094) | (1,033,638) | |
Class C | (205,361) | (1,897,036) | (1,908,281) | (17,948,408) | |
Class I | 7,716,385 | 69,541,141 | (19,441,944) | (187,782,908) | |
Class R1 | 2,056 | 21,945 | (30,481) | (290,448) | |
Class R2 | (126,129) | (1,167,636) | (171,100) | (1,655,237) | |
Class R3 | 193,959 | 1,822,078 | (810,311) | (7,860,527) | |
Class R4 | 166,553 | 1,518,318 | (15,197) | (153,572) | |
Class R6 | 16,170,116 | 153,322,268 | 26,704,848 | 261,915,178 | |
Class 529A | — | — | (1,718,060) | (17,059,141) | |
29,036,721 | $271,064,479 | (3,690,455) | $(32,328,488) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $205,498,014 | $1,004,738,258 | $1,007,864,203 | $1,316 | $(29,059) | $202,344,326 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $4,486,961 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not Applicable.
ITEM 14. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS SERIES TRUST IX
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: December 14, 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 dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: December 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: December 14, 2023
* Print name and title of each signing officer under his or her signature.