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 811-04096
MFS MUNICIPAL SERIES TRUST
(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
111 Huntington 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: March 31
Date of reporting period: September 30, 2021*
* | Note: MFS Municipal Intermediate Fund (“MIU”), a series of MFS Municipal Series Trust (the “Registrant”), commenced investment operations May 18, 2021. Effective as of the close of business on October 1, 2021, MFS Tennessee Municipal Bond Fund (“MTN”), a series of the Registrant, was acquired by MIU. A semi-annual report for MTN for the period ending September 30, 2021 has been prepared but not transmitted to shareholders of MTN since there were no shareholders of MTN following the acquisition of MTN by MIU. Following the acquisition of MTN by MIU, MTN was terminated. |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
Effective as of the close of business on October 1, 2021, MFS Tennessee Municipal Bond Fund (“MTN”), a series of the Registrant, was acquired by MFS Municipal Intermediate Fund (“MIU”), another series of the Registrant. A semi-annual report for MTN for the period ending September 30, 2021 has been prepared but not transmitted to shareholders of MTN since there were no shareholders of MTN following the acquisition of MTN by MIU. Following the acquisition of MTN by MIU, MTN was terminated.
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back cover |
Universities - Colleges | 21.2% |
General Obligations - General Purpose | 17.0% |
Water & Sewer Utility Revenue | 13.0% |
Sales & Excise Tax Revenue | 11.5% |
Healthcare Revenue - Hospitals | 8.8% |
AAA | 3.3% |
AA | 45.0% |
A | 35.5% |
BBB | 6.9% |
BB | 0.9% |
CC | 0.1% |
C | 0.1% |
D | 1.4% |
Not Rated | 6.3% |
Cash & Cash Equivalents | 0.5% |
Average Duration (d) | 6.1 |
Average Effective Maturity (m) | 14.0 yrs. |
Alabama | 85.4% |
Puerto Rico | 5.4% |
New York | 1.0% |
Maryland | 1.0% |
California | 0.8% |
South Carolina | 0.7% |
Guam | 0.7% |
Utah | 0.6% |
Illinois | 0.6% |
New Jersey | 0.5% |
Virginia | 0.5% |
Tennessee | 0.4% |
Pennsylvania | 0.4% |
Colorado | 0.4% |
Ohio | 0.2% |
Connecticut | 0.2% |
Texas | 0.2% |
Iowa | 0.1% |
Wisconsin | 0.1% |
Michigan | 0.1% |
Indiana | 0.1% |
Minnesota | 0.1% |
(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. |
(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 device (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. |
Sales & Excise Tax Revenue | 20.3% |
Universities - Colleges | 14.1% |
Water & Sewer Utility Revenue | 11.2% |
Healthcare Revenue - Hospitals | 10.8% |
General Obligations - Schools | 8.1% |
AAA | 1.5% |
AA | 49.2% |
A | 26.0% |
BBB | 10.9% |
BB | 1.0% |
C | 0.1% |
D | 1.6% |
Not Rated | 9.1% |
Cash & Cash Equivalents | 0.6% |
Average Duration (d) | 5.4 |
Average Effective Maturity (m) | 14.0 yrs. |
Arkansas | 75.4% |
Puerto Rico | 6.2% |
New Jersey | 3.0% |
Guam | 2.8% |
New York | 1.6% |
Illinois | 1.3% |
Texas | 0.9% |
Ohio | 0.8% |
California | 0.8% |
Maryland | 0.7% |
Pennsylvania | 0.7% |
Massachusetts | 0.7% |
North Carolina | 0.7% |
Utah | 0.6% |
Colorado | 0.6% |
Iowa | 0.5% |
Michigan | 0.4% |
Alabama | 0.3% |
South Carolina | 0.3% |
Connecticut | 0.3% |
Wisconsin | 0.2% |
Virginia | 0.2% |
Washington DC | 0.2% |
Tennessee | 0.1% |
Indiana | 0.1% |
(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. |
(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 device (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. |
General Obligations - Schools | 19.4% |
Healthcare Revenue - Hospitals | 11.2% |
General Obligations - General Purpose | 6.7% |
Airports | 6.5% |
Tax Assessment | 6.0% |
AAA | 1.8% |
AA | 36.9% |
A | 25.0% |
BBB | 16.4% |
BB | 2.5% |
B | 0.3% |
C | 0.2% |
D | 1.8% |
Not Rated | 15.8% |
Cash & Cash Equivalents | (0.7)% |
Average Duration (d) | 6.7 |
Average Effective Maturity (m) | 17.1 yrs. |
California | 91.3% |
Puerto Rico | 5.3% |
Illinois | 0.6% |
Guam | 0.5% |
Pennsylvania | 0.4% |
Tennessee | 0.4% |
Texas | 0.3% |
Maryland | 0.3% |
New Jersey | 0.3% |
Alabama | 0.3% |
Ohio | 0.3% |
Wisconsin | 0.2% |
New York | 0.2% |
Virginia | 0.2% |
Minnesota | 0.1% |
(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. |
(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 device (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. |
Universities - Colleges | 18.1% |
General Obligations - Schools | 14.2% |
Healthcare Revenue - Hospitals | 12.1% |
General Obligations - General Purpose | 10.2% |
Water & Sewer Utility Revenue | 8.1% |
AAA | 10.4% |
AA | 40.1% |
A | 30.9% |
BBB | 6.0% |
BB | 1.2% |
CC | 0.1% |
C | 0.1% |
D | 1.4% |
Not Rated | 7.6% |
Cash & Cash Equivalents | 2.2% |
Average Duration (d) | 5.9 |
Average Effective Maturity (m) | 14.0 yrs. |
Georgia | 82.0% |
Puerto Rico | 4.6% |
New Jersey | 1.2% |
California | 1.2% |
Illinois | 1.1% |
Maryland | 1.0% |
Virginia | 0.8% |
Pennsylvania | 0.8% |
Guam | 0.8% |
Ohio | 0.6% |
Connecticut | 0.5% |
South Carolina | 0.4% |
New York | 0.4% |
Iowa | 0.4% |
Massachusetts | 0.4% |
Tennessee | 0.3% |
Texas | 0.3% |
Alabama | 0.2% |
Washington DC | 0.2% |
Wisconsin | 0.2% |
Michigan | 0.1% |
Minnesota | 0.1% |
Indiana | 0.1% |
Florida | 0.1% |
Colorado (o) | 0.0% |
(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. |
(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 device (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%. |
General Obligations - General Purpose | 23.9% |
Healthcare Revenue - Hospitals | 16.4% |
Universities - Colleges | 7.5% |
Multi-Family Housing Revenue | 6.1% |
State & Local Agencies | 5.6% |
AAA | 22.3% |
AA | 26.8% |
A | 18.8% |
BBB | 14.2% |
BB | 1.0% |
B | 0.3% |
CCC | 0.1% |
C | 0.2% |
D | 1.6% |
Not Rated | 10.4% |
Cash & Cash Equivalents | 4.3% |
Average Duration (d) | 5.9 |
Average Effective Maturity (m) | 13.8 yrs. |
Maryland | 78.6% |
Puerto Rico | 4.4% |
Washington DC | 3.2% |
New York | 1.1% |
Guam | 0.9% |
Pennsylvania | 0.9% |
Illinois | 0.8% |
Tennessee | 0.7% |
California | 0.7% |
Utah | 0.6% |
South Carolina | 0.6% |
New Jersey | 0.5% |
Colorado | 0.5% |
Iowa | 0.4% |
Virginia | 0.3% |
Connecticut | 0.3% |
Alabama | 0.3% |
Ohio | 0.3% |
Wisconsin | 0.2% |
Indiana | 0.2% |
Michigan | 0.1% |
Virgin Islands | 0.1% |
Mississippi (o) | 0.0% |
(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. |
(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 device (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%. |
Universities - Colleges | 21.1% |
Healthcare Revenue - Hospitals | 13.7% |
General Obligations - General Purpose | 11.7% |
Water & Sewer Utility Revenue | 7.3% |
Sales & Excise Tax Revenue | 6.6% |
AAA | 5.3% |
AA | 48.9% |
A | 16.2% |
BBB | 16.8% |
BB | 1.9% |
CC | 0.1% |
C | 0.2% |
D | 1.6% |
Not Rated | 6.9% |
Cash & Cash Equivalents | 2.1% |
Average Duration (d) | 5.9 |
Average Effective Maturity (m) | 14.5 yrs. |
Massachusetts | 84.5% |
Puerto Rico | 5.1% |
Illinois | 1.1% |
Maryland | 1.1% |
New Jersey | 0.8% |
Pennsylvania | 0.7% |
Guam | 0.6% |
Utah | 0.5% |
New York | 0.5% |
Tennessee | 0.4% |
California | 0.4% |
Colorado | 0.3% |
Alabama | 0.3% |
Ohio | 0.3% |
Texas | 0.3% |
Connecticut | 0.3% |
Virginia | 0.2% |
Wisconsin | 0.2% |
Florida | 0.1% |
Washington DC | 0.1% |
Minnesota | 0.1% |
(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. |
(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 device (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.90% | $1,000.00 | $1,014.40 | $4.54 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.56 | $4.56 | |
B | Actual | 1.65% | $1,000.00 | $1,009.63 | $8.31 |
Hypothetical (h) | 1.65% | $1,000.00 | $1,016.80 | $8.34 | |
I | Actual | 0.65% | $1,000.00 | $1,014.99 | $3.28 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.81 | $3.29 | |
R6 | Actual | 0.59% | $1,000.00 | $1,015.29 | $2.98 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 |
(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 183/365 (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.72% | $1,000.00 | $1,012.88 | $3.63 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.46 | $3.65 | |
B | Actual | 1.47% | $1,000.00 | $1,009.10 | $7.40 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.70 | $7.44 | |
I | Actual | 0.62% | $1,000.00 | $1,014.41 | $3.13 |
Hypothetical (h) | 0.62% | $1,000.00 | $1,021.96 | $3.14 | |
R6 | Actual | 0.55% | $1,000.00 | $1,014.74 | $2.78 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.31 | $2.79 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.67% | $1,000.00 | $1,024.25 | $3.40 |
Hypothetical (h) | 0.67% | $1,000.00 | $1,021.71 | $3.40 | |
B | Actual | 1.43% | $1,000.00 | $1,020.43 | $7.24 |
Hypothetical (h) | 1.43% | $1,000.00 | $1,017.90 | $7.23 | |
C | Actual | 1.58% | $1,000.00 | $1,019.61 | $8.00 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.15 | $7.99 | |
I | Actual | 0.57% | $1,000.00 | $1,023.74 | $2.89 |
Hypothetical (h) | 0.57% | $1,000.00 | $1,022.21 | $2.89 | |
R6 | Actual | 0.50% | $1,000.00 | $1,023.11 | $2.54 |
Hypothetical (h) | 0.50% | $1,000.00 | $1,022.56 | $2.54 |
(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 183/365 (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.89% | $1,000.00 | $1,013.22 | $4.49 |
Hypothetical (h) | 0.89% | $1,000.00 | $1,020.61 | $4.51 | |
B | Actual | 1.64% | $1,000.00 | $1,009.41 | $8.26 |
Hypothetical (h) | 1.64% | $1,000.00 | $1,016.85 | $8.29 | |
I | Actual | 0.64% | $1,000.00 | $1,014.04 | $3.23 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.86 | $3.24 | |
R6 | Actual | 0.59% | $1,000.00 | $1,014.27 | $2.98 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.83% | $1,000.00 | $1,016.64 | $4.20 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.91 | $4.20 | |
B | Actual | 1.58% | $1,000.00 | $1,012.83 | $7.97 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.15 | $7.99 | |
I | Actual | 0.58% | $1,000.00 | $1,017.68 | $2.93 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.16 | $2.94 | |
R6 | Actual | 0.52% | $1,000.00 | $1,017.99 | $2.63 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.46 | $2.64 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.84% | $1,000.00 | $1,013.90 | $4.24 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.86 | $4.26 | |
B | Actual | 1.59% | $1,000.00 | $1,010.09 | $8.01 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.10 | $8.04 | |
I | Actual | 0.59% | $1,000.00 | $1,014.77 | $2.98 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R6 | Actual | 0.52% | $1,000.00 | $1,015.14 | $2.63 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.46 | $2.64 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.2% | ||||
Airport Revenue – 1.9% | ||||
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2031 | $ | 325,000 | $ 423,476 | |
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2032 | 325,000 | 422,625 | ||
Birmingham, AL, Airport Authority Rev., BAM, 5%, 7/01/2033 | 325,000 | 421,235 | ||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 70,000 | 73,403 | ||
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 45,000 | 45,154 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 75,000 | 84,138 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 100,000 | 116,041 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 150,000 | 178,981 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 185,000 | 226,462 | ||
$ 1,991,515 | ||||
General Obligations - General Purpose – 16.8% | ||||
Birmingham, AL, General Obligation Warrants, “A”, 5%, 6/01/2028 | $ | 1,000,000 | $ 1,260,467 | |
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043 | 245,000 | 299,726 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 160,000 | 170,145 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 55,000 | 62,081 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 40,000 | 49,898 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 15,000 | 16,881 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 110,000 | 123,559 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 850,000 | 733,125 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 110,000 | 111,056 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030 | 20,000 | 20,186 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 40,000 | 40,278 | ||
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047 | 750,000 | 911,629 | ||
Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2039 | 250,000 | 298,763 | ||
Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2040 | 300,000 | 357,666 | ||
Gardendale, AL, General Obligation Warrants, “B”, 4%, 5/01/2041 | 400,000 | 475,500 | ||
Jasper, AL, General Obligation Warrants, 5%, 3/01/2032 (Prerefunded 3/01/2024) | 500,000 | 556,605 | ||
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2038 | 250,000 | 311,238 | ||
Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2039 | 250,000 | 311,348 | ||
Mobile County, AL, General Obligation Refunding, “A”, 5%, 8/01/2032 | 1,110,000 | 1,450,343 | ||
Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036 | 500,000 | 611,356 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2033 | 420,000 | 487,406 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034 | 655,000 | 757,892 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035 | 250,000 | 288,746 | ||
Montgomery County, AL, General Obligation Refunding Warrants, “A”, 4%, 3/01/2027 | 1,000,000 | 1,173,716 | ||
Montgomery, AL, General Obligation, “A”, 5%, 12/01/2028 | 450,000 | 573,593 | ||
Montgomery, AL, General Obligation, “A”, 5%, 12/01/2030 | 625,000 | 828,308 | ||
Orange Beach, AL, General Obligation, 4%, 8/01/2028 | 700,000 | 843,145 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 115,000 | 121,088 | ||
State of Alabama, General Obligation Refunding, “C”, 5%, 8/01/2025 | 1,000,000 | 1,171,702 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 151,724 | ||
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041 | 750,000 | 874,330 | ||
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038 | 1,000,000 | 1,172,831 | ||
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2048 | 500,000 | 576,920 | ||
$ 17,193,251 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – 3.3% | ||||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | $ | 445,000 | $ 515,816 | |
Huntsville, AL, General Obligation Warrants, “A”, 5%, 5/01/2039 | 1,000,000 | 1,251,699 | ||
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2029 (Prerefunded 11/01/2023) | 200,000 | 219,781 | ||
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023) | 1,000,000 | 1,098,903 | ||
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 270,000 | 292,157 | ||
$ 3,378,356 | ||||
Healthcare Revenue - Hospitals – 8.7% | ||||
Alabama Special Care Facilities Financing Authority Rev. (Ascension Health), “C”, 5%, 11/15/2046 | $ | 500,000 | $ 587,787 | |
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025 | 480,000 | 510,495 | ||
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031 | 750,000 | 857,189 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 5,000 | 6,087 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 6,036 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 40,000 | 45,344 | ||
DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033 | 500,000 | 559,775 | ||
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048 | 500,000 | 558,887 | ||
Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2035 | 500,000 | 638,197 | ||
Huntsville, AL, Health Care Authority, “B”, 5%, 6/01/2036 | 500,000 | 635,152 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 360,000 | 441,174 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040 | 1,000,000 | 1,166,425 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 50,000 | 57,109 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 425,000 | 479,674 | ||
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035 | 1,000,000 | 1,191,196 | ||
UAB Medicine Finance Authority Rev., “B2”, 5%, 9/01/2041 | 1,000,000 | 1,190,849 | ||
$ 8,931,376 | ||||
Healthcare Revenue - Long Term Care – 2.4% | ||||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | $ | 250,000 | $ 261,595 | |
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038 | 1,000,000 | 1,155,708 | ||
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 5%, 12/01/2039 | 1,050,000 | 1,058,040 | ||
$ 2,475,343 | ||||
Industrial Revenue - Environmental Services – 0.3% | ||||
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Water Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (n) | $ | 300,000 | $ 335,729 | |
Industrial Revenue - Other – 1.0% | ||||
Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $ | 500,000 | $ 540,457 | |
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 103,289 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 305,000 | 352,750 | ||
$ 996,496 | ||||
Industrial Revenue - Paper – 0.3% | ||||
Selma, AL, Industrial Development Board Rev., Gulf Opportunity Zone (International Paper Co.), “A”, 5.375%, 12/01/2035 | $ | 300,000 | $ 302,136 | |
Miscellaneous Revenue - Other – 0.8% | ||||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | $ | 65,000 | $ 69,635 | |
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 260,000 | 284,666 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 495,000 | 504,971 | ||
$ 859,272 | ||||
Port Revenue – 1.2% | ||||
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035 | $ | 1,000,000 | $ 1,191,596 | |
Sales & Excise Tax Revenue – 11.4% | ||||
Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2028 | $ | 175,000 | $ 220,067 | |
Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2029 | 200,000 | 256,649 | ||
Baldwin County, AL, Board of Education, Public School Warrants, 5%, 6/01/2030 | 225,000 | 293,664 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Baldwin County, AL, Board of Education, Refunding School Warrants, 5%, 6/01/2022 | $ | 1,090,000 | $ 1,124,534 | |
Baldwin County, AL, Board of Education, Refunding School Warrants, 5%, 6/01/2022 | 1,450,000 | 1,495,939 | ||
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048 | 1,000,000 | 1,209,482 | ||
Elmore County, AL, Board of Education School Tax Warrants, 4%, 8/01/2038 | 745,000 | 870,553 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | 5,000 | 6,160 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 5,000 | 6,371 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 25,000 | 28,835 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 35,000 | 39,095 | ||
Houston County, AL, Board of Education, School Warrants, BAM, 4%, 12/01/2031 | 765,000 | 929,461 | ||
Houston County, AL, Board of Education, School Warrants, BAM, 4%, 12/01/2032 | 500,000 | 605,436 | ||
Jefferson County, AL, Board of Education, 4%, 2/01/2042 | 805,000 | 924,514 | ||
Jefferson County, AL, Limited Obligation Warrants, 5%, 9/15/2033 | 500,000 | 602,234 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 16,000 | 17,980 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 650,000 | 737,269 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 164,000 | 181,862 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 58,000 | 64,317 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 25,000 | 28,027 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 955 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 26,000 | 23,465 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 4,000 | 3,445 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 247,000 | 196,816 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 237,000 | 175,683 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,837,000 | 604,194 | ||
Tuscaloosa County, AL, Board of Education, School Tax Warrants, 5%, 2/01/2037 | 750,000 | 898,786 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 100,000 | 110,979 | ||
$ 11,663,020 | ||||
Single Family Housing - Local – 0.4% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 355,000 | $ 393,892 | |
Single Family Housing - State – 0.5% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 210,000 | $ 225,327 | |
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 255,000 | 283,011 | ||
$ 508,338 | ||||
State & Local Agencies – 2.6% | ||||
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030 | $ | 280,000 | $ 321,063 | |
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030 | 210,000 | 210,771 | ||
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | 315,000 | 356,432 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 | 35,000 | 37,678 | ||
Huntsville, AL, Public Building Authority Lease Refunding Rev., 5%, 10/01/2033 | 500,000 | 613,682 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 75,000 | 94,316 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 155,000 | 187,433 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 10,000 | 11,870 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 6,447 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,913 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 10,000 | 11,800 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 10,000 | 11,760 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 5,000 | 5,856 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 10,000 | 11,673 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 11,595 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 75,000 | 89,547 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 185,000 | 207,152 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | $ | 350,000 | $ 419,939 | |
$ 2,614,927 | ||||
Student Loan Revenue – 0.2% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 35,000 | $ 36,836 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 90,000 | 92,419 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 50,000 | 51,067 | ||
$ 180,322 | ||||
Tax - Other – 7.0% | ||||
Alabama Public School & College Authority Rev., “A”, 5%, 11/01/2027 | $ | 1,000,000 | $ 1,249,779 | |
Alabama Public School & College Authority Rev., “B”, 5%, 6/01/2025 (Prerefunded 6/01/2023) | 800,000 | 862,845 | ||
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043 | 750,000 | 833,827 | ||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 500,000 | 587,043 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 55,000 | 63,670 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 30,000 | 34,679 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 85,000 | 96,821 | ||
Lauderdale County, AL, Agriculture Center Authority Special Tax Rev., 5%, 7/01/2049 | 1,000,000 | 1,084,829 | ||
Mountain Brook, AL, Board of Education, School Warrants, “A”, 4%, 3/01/2027 | 200,000 | 234,743 | ||
Mountain Brook, AL, Board of Education, School Warrants, “A”, 4%, 3/01/2030 | 325,000 | 399,015 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 70,000 | 71,685 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 105,000 | 111,740 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 265,000 | 288,843 | ||
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026) | 1,000,000 | 1,211,062 | ||
$ 7,130,581 | ||||
Tobacco – 0.2% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 55,000 | $ 69,101 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 1,040,000 | 166,462 | ||
$ 235,563 | ||||
Toll Roads – 0.3% | ||||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | $ | 90,000 | $ 93,583 | |
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 180,000 | 186,296 | ||
$ 279,879 | ||||
Transportation - Special Tax – 1.8% | ||||
Alabama Federal Aid Highway Finance Authority Special Obligation, “A”, 5%, 9/01/2035 | $ | 500,000 | $ 597,453 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 125,000 | 125,870 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 330,000 | 365,607 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 240,000 | 261,807 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 200,000 | 208,433 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 50,000 | 62,256 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 105,000 | 124,859 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 45,000 | 55,988 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 50,000 | 61,053 | ||
$ 1,863,326 | ||||
Universities - Colleges – 21.0% | ||||
Alabama Community College System Board of Trustees Rev., AGM, 4%, 9/01/2038 | $ | 1,000,000 | $ 1,189,701 | |
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044 | 300,000 | 338,173 | ||
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049 | 1,000,000 | 1,121,049 | ||
Alabama Community College System Board of Trustees Rev. (Coastal Community College), BAM, 4%, 10/01/2027 | 615,000 | 720,802 | ||
Alabama Community College System Board of Trustees Rev. (Snead State Community College), BAM, 4%, 9/01/2038 | 680,000 | 778,174 | ||
Auburn University, General Fee Rev., “A”, 5%, 6/01/2025 | 885,000 | 1,030,922 | ||
Auburn University, General Fee Rev., “A”, 5%, 6/01/2025 | 1,270,000 | 1,479,401 | ||
Auburn University, General Fee Rev., “A”, 5%, 6/01/2038 | 500,000 | 585,295 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Auburn University, General Fee Rev., “A”, 5%, 6/01/2048 | $ | 1,500,000 | $ 1,807,148 | |
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034 | 500,000 | 599,659 | ||
Jacksonville State University, AL, Tuition and Fee Rev., 4%, 12/01/2027 | 1,000,000 | 1,165,592 | ||
Jacksonville State University, AL, Tuition and Fee Rev., 4%, 12/01/2040 | 750,000 | 858,118 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036 | 580,000 | 685,018 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 65,000 | 65,309 | ||
Troy University, Facilities Rev., “A”, BAM, 5%, 11/01/2028 | 500,000 | 571,517 | ||
University of Alabama at Birmingham, Rev., “B”, 4%, 10/01/2037 | 1,000,000 | 1,169,686 | ||
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035 | 755,000 | 931,215 | ||
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036 | 475,000 | 584,464 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2026 | 445,000 | 538,209 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 1,000,000 | 1,230,757 | ||
University of North Alabama, General Fee Rev., “C”, BAM, 4%, 11/01/2038 | 500,000 | 580,232 | ||
University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036 | 500,000 | 599,022 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 750,000 | 907,949 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2036 | 355,000 | 405,550 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2038 | 500,000 | 568,243 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040 | 770,000 | 871,149 | ||
$ 21,382,354 | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 100,000 | $ 102,500 | |
Utilities - Municipal Owned – 1.0% | ||||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | $ | 180,000 | $ 175,950 | |
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 29,325 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 5,000 | 4,906 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 65,000 | 63,781 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 5,000 | 4,875 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 70,000 | 68,512 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 115,000 | 112,412 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 50,000 | 49,999 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 40,000 | 38,400 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 10,000 | 10,011 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 40,000 | 39,150 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 30,000 | 29,325 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 4,888 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 95,000 | 92,862 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 70,000 | 69,998 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 16,311 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 5,000 | 4,913 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 40,000 | 38,650 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 50,000 | 49,062 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 55,000 | 53,969 | ||
$ 1,011,456 | ||||
Utilities - Other – 2.1% | ||||
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 1), “A”, 4%, 10/01/2028 | $ | 750,000 | $ 889,112 | |
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 1,000,000 | 1,211,366 | ||
$ 2,100,478 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – 12.9% | ||||
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025) | $ | 1,000,000 | $ 1,164,226 | |
Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036 (Prerefunded 1/01/2028) | 750,000 | 936,739 | ||
Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2025) | 500,000 | 574,525 | ||
Birmingham, AL, Waterworks Board Water Rev., “A”, 5%, 1/01/2031 (Prerefunded 1/01/2027) | 500,000 | 611,035 | ||
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035 | 1,000,000 | 1,117,471 | ||
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033 | 1,000,000 | 1,162,702 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 45,000 | 50,819 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 120,000 | 134,142 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 45,000 | 49,089 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 45,000 | 48,652 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 95,000 | 114,507 | ||
Huntsville, AL, Water System Rev., “A”, 5%, 11/01/2027 | 1,070,000 | 1,333,666 | ||
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044 | 750,000 | 826,300 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021 | 300,000 | 300,000 | ||
Madison City, AL, Water & Wastewater Board Rev., 3%, 12/01/2050 | 1,000,000 | 1,055,331 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 15,000 | 16,793 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 20,000 | 22,321 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 10,000 | 11,183 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 20,000 | 22,326 | ||
Opelika, AL, Board of Utility Rev., “A”, BAM, 4%, 6/01/2027 | 200,000 | 233,230 | ||
Opelika, AL, Board of Utility Rev., “A”, BAM, 4%, 6/01/2028 | 250,000 | 296,366 | ||
Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 | 700,000 | 765,266 | ||
Scottsboro, AL, Board of Waterworks, Sewer & Gas Rev., 5%, 8/01/2032 (Prerefunded 8/01/2022) | 500,000 | 519,858 | ||
Scottsboro, AL, Board of Waterworks, Sewer & Gas Rev., “B”, BAM, 4%, 8/01/2039 | 350,000 | 411,762 | ||
Warrior River, AL, Water Authority Rev., BAM, 4%, 8/01/2039 | 1,180,000 | 1,366,271 | ||
$ 13,144,580 | ||||
Total Municipal Bonds (Identified Cost, $95,125,065) | $100,266,286 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 136,000 | $ 121,128 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 200,000 | 62,318 | ||
Total Bonds (Identified Cost, $189,888) | $ 183,446 | |||
Investment Companies (h) – 0.4% | ||||
Money Market Funds – 0.4% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $354,857) | 354,885 | $ 354,885 | ||
Other Assets, Less Liabilities – 1.2% | 1,250,305 | |||
Net Assets – 100.0% | $102,054,922 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.1% | ||||
Airport Revenue – 1.1% | ||||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | $ | 235,000 | $ 246,424 | |
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 160,000 | 160,548 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 135,000 | 151,449 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 175,000 | 203,072 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 265,000 | 316,199 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 330,000 | 403,960 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 95,000 | 107,689 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 105,000 | 119,201 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 90,283 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 125,000 | 141,067 | ||
$ 1,939,892 | ||||
General Obligations - General Purpose – 3.6% | ||||
Arkansas Higher Education, 4%, 6/01/2029 | $ | 2,000,000 | $ 2,179,680 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 375,000 | 398,776 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 70,000 | 78,873 | ||
Chicago, IL, General Obligation Refunding Project, “A”, 5.25%, 1/01/2030 | 50,000 | 54,281 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 110,000 | 124,162 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 80,000 | 99,796 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 30,000 | 33,763 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 225,000 | 252,734 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 1,620,000 | 1,397,250 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 320,000 | 323,071 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030 | 60,000 | 60,557 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 130,000 | 130,905 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 151,724 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 145,547 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 150,000 | 183,835 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 225,000 | 279,365 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 205,000 | 258,413 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 295,000 | 377,426 | ||
$ 6,530,158 | ||||
General Obligations - Schools – 8.1% | ||||
Bentonville, AR, School District No. 6 Construction Refunding, “B”, 4%, 6/01/2037 | $ | 1,500,000 | $ 1,676,092 | |
Bentonville, AR, School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047 | 1,000,000 | 1,113,458 | ||
Bentonville, AR, School District No. 6 Refunding, “F”, 5%, 6/01/2025 | 480,000 | 558,003 | ||
Bentonville, AR, School District No. 6 Refunding, “F”, 5%, 6/01/2026 | 300,000 | 358,962 | ||
Bentonville, AR, School District No. 6 Refunding, “F”, 3%, 6/01/2027 | 1,065,000 | 1,184,612 | ||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 40,000 | 47,824 | ||
Crittenden County, AR, Community College District, 4.6%, 2/01/2035 | 285,000 | 285,647 | ||
Crittenden County, AR, Community College District, 4.7%, 2/01/2040 | 625,000 | 626,436 | ||
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 | 2,060,000 | 2,131,958 | ||
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045 | 1,370,000 | 1,389,376 | ||
North Little Rock, AR, School District No. 1 (Pulaski County), 5%, 2/01/2026 | 1,000,000 | 1,182,994 | ||
North Little Rock, AR, School District No. 1 (Pulaski County), 2%, 2/01/2027 | 2,000,000 | 2,107,770 | ||
Pulaski County, AR, Special School District Construction, 4%, 2/01/2041 (Prerefunded 8/01/2022) | 2,000,000 | 2,062,951 | ||
$ 14,726,083 | ||||
Healthcare Revenue - Hospitals – 10.7% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $ | 2,000,000 | $ 2,425,929 | |
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029 | 1,000,000 | 1,168,123 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034 | 740,000 | 927,620 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 1,000,000 | 1,222,964 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 750,000 | 813,926 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | $ | 1,250,000 | $ 1,318,485 | |
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,900,000 | 2,245,530 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 | 990,000 | 1,111,512 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033 | 1,645,000 | 1,829,231 | ||
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 | 500,000 | 592,064 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 10,000 | 12,174 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 6,036 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 90,000 | 102,024 | ||
Conway, AR, Hospital Rev. (Conway Regional Medical Center), 4.45%, 8/01/2032 | 540,000 | 558,770 | ||
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038 | 1,000,000 | 1,080,457 | ||
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 20,000 | 21,921 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev., 5.5%, 7/01/2043 (Prerefunded 7/01/2023) | 750,000 | 818,383 | ||
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 | 2,820,000 | 3,274,470 | ||
$ 19,529,619 | ||||
Industrial Revenue - Other – 0.5% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | $ | 390,000 | $ 402,972 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 209,025 | 224,550 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 330,000 | 381,664 | ||
$ 1,009,186 | ||||
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $ 112,455 | |
Miscellaneous Revenue - Other – 4.7% | ||||
Arkansas Development Finance Authority Rev., Public Safety Charges (Emergency Management Project), 4%, 6/01/2031 | $ | 1,070,000 | $ 1,253,327 | |
Arkansas Development Finance Authority, Public Safety Charges (Arkansas Division of Emergency Management Project), 4%, 6/01/2045 | 2,955,000 | 3,352,475 | ||
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034 | 2,000,000 | 2,260,564 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 1,615,000 | 1,647,530 | ||
$ 8,513,896 | ||||
Sales & Excise Tax Revenue – 20.0% | ||||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034 | $ | 1,000,000 | $ 1,089,852 | |
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035 | 1,000,000 | 1,086,747 | ||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036 | 785,000 | 851,201 | ||
Cabot, AR, Sales & Use Tax, 5%, 6/01/2026 | 700,000 | 753,311 | ||
Cabot, AR, Sales & Use Tax, 5%, 6/01/2027 | 1,300,000 | 1,397,654 | ||
Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2022 (w) | 375,000 | 385,197 | ||
Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2023 (w) | 915,000 | 962,161 | ||
Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2024 (w) | 955,000 | 1,023,715 | ||
Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2025 (w) | 635,000 | 691,597 | ||
Clarksville, AR, Sales & Use Tax Capital Improvement Refunding, BAM, 3%, 11/01/2026 (w) | 1,020,000 | 1,124,534 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030 | 850,000 | 903,295 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 | 1,150,000 | 1,219,433 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032 | 350,000 | 382,524 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033 | 370,000 | 402,769 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034 | 380,000 | 412,067 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036 | 400,000 | 430,665 | ||
Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2023 | 380,000 | 407,890 | ||
Fort Smith, AR, Sales & Use Tax, 5%, 5/01/2024 | 2,025,000 | 2,079,883 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | 10,000 | 12,320 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 10,000 | 12,497 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 10,000 | 12,742 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 45,000 | 51,903 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 65,000 | 72,605 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 415,000 | 472,212 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 1,000,000 | 1,316,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Mississippi County, AR, 4%, 6/01/2036 | $ | 650,000 | $ 702,477 | |
Mississippi County, AR, 4%, 6/01/2038 | 1,095,000 | 1,179,114 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 4%, 11/01/2027 | 335,000 | 388,690 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031 | 335,000 | 355,503 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2032 | 395,000 | 416,783 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2033 | 405,000 | 425,547 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034 | 415,000 | 436,700 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 | 425,000 | 445,622 | ||
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 | 1,170,000 | 1,222,234 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 36,000 | 40,456 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,108,000 | 2,391,020 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 355,000 | 393,664 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 120,000 | 133,069 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 2,000 | 2,212 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 62,000 | 69,506 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,728 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 66,000 | 59,566 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 12,000 | 10,335 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 593,000 | 472,518 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 568,000 | 421,047 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,189,000 | 719,968 | ||
Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036 | 2,000,000 | 2,397,261 | ||
Springdale, AR, Sales & Use Tax Rev., 5%, 11/01/2028 (Prerefunded 11/01/2022) | 1,000,000 | 1,051,072 | ||
Springdale, AR, Sales & Use Tax Rev., BAM, 5%, 4/01/2037 | 1,000,000 | 1,103,187 | ||
Springdale, AR, Sales & Use Tax Rev., BAM, 3.6%, 4/01/2041 | 2,000,000 | 2,077,858 | ||
Stuttgart, AR, Sales & Use Tax Rev., AGM, 5%, 6/01/2032 | 1,840,000 | 1,846,518 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 180,000 | 199,762 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 100,000 | 104,332 | ||
$ 36,626,523 | ||||
Secondary Schools – 0.6% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | $ | 750,000 | $ 776,554 | |
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n) | 250,000 | 284,050 | ||
$ 1,060,604 | ||||
Single Family Housing - State – 0.9% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047 | $ | 475,000 | $ 510,013 | |
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047 | 525,000 | 563,363 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 525,000 | 582,669 | ||
$ 1,656,045 | ||||
State & Local Agencies – 6.4% | ||||
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 | $ | 2,605,000 | $ 2,684,358 | |
Arkansas Development Finance Authority State Agencies Facilities Revenue Refunding and Construction (Justice Building Project), 4%, 12/01/2050 | 2,570,000 | 2,872,146 | ||
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | 840,000 | 950,486 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,315,000 | 1,265,143 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 200,000 | 251,508 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 385,000 | 465,560 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 150,000 | 179,094 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 345,000 | 429,239 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044 | 580,000 | 713,463 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 2,360,000 | 1,251,623 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $ | 525,000 | $ 587,863 | |
$ 11,650,483 | ||||
Student Loan Revenue – 0.1% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 70,000 | $ 73,673 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 185,000 | 189,972 | ||
$ 263,645 | ||||
Tax - Other – 4.8% | ||||
Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037 | $ | 2,000,000 | $ 2,197,178 | |
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 | 3,000,000 | 3,349,148 | ||
Little Rock, AR, Litmited Tax General Obligation, Capital Improvement, 5%, 4/01/2022 | 1,000,000 | 1,023,696 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 210,000 | 215,054 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 890,000 | 970,078 | ||
Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 890,000 | 923,655 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 113,022 | ||
$ 8,791,831 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 15,000 | $ 17,176 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 13,000 | 15,299 | ||
$ 32,475 | ||||
Tobacco – 2.3% | ||||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027 | $ | 2,470,000 | $ 2,299,928 | |
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028 | 500,000 | 454,406 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 105,000 | 131,920 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 185,000 | 205,718 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 750,000 | 848,994 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 2,010,000 | 321,719 | ||
$ 4,262,685 | ||||
Toll Roads – 0.2% | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 230,000 | $ 257,605 | |
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 180,000 | 200,643 | ||
$ 458,248 | ||||
Transportation - Special Tax – 2.9% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | $ | 20,000 | $ 20,277 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 715,000 | 779,968 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 395,000 | 411,654 | ||
New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044 | 1,015,000 | 1,157,210 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 95,000 | 118,287 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 65,000 | 80,425 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 310,000 | 368,632 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 125,000 | 155,521 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,775,000 | 1,998,603 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 125,000 | 152,633 | ||
$ 5,243,210 | ||||
Universities - Colleges – 13.9% | ||||
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 | $ | 2,500,000 | $ 2,614,913 | |
Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027 | 545,000 | 554,039 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2030 | $ | 410,000 | $ 535,685 | |
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2031 | 430,000 | 559,430 | ||
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2032 | 450,000 | 583,607 | ||
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 5%, 12/01/2033 | 475,000 | 613,991 | ||
Board of Trustees of the University of Arkansas Various Facilities Refunding Rev., “A”, 4%, 12/01/2035 | 410,000 | 485,733 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 85,000 | 86,127 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 140,000 | 142,100 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 60,000 | 60,394 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 65,000 | 65,975 | ||
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030 | 1,000,000 | 1,147,388 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 340,000 | 394,203 | ||
University of Arkansas Athletic Facilities Rev. (Fayetteville Campus), “A”, 5%, 9/15/2033 | 1,450,000 | 1,827,270 | ||
University of Arkansas Auxiliary Enterprises Rev., 5%, 12/01/2029 (Prerefunded 12/01/2022) | 605,000 | 638,945 | ||
University of Arkansas Auxiliary Enterprises Rev. (UALR Campus), “A”, 5%, 5/01/2029 (Prerefunded 5/01/2022) | 200,000 | 205,596 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), 5%, 11/01/2047 | 1,500,000 | 1,830,939 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2021 | 1,310,000 | 1,314,782 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2026 (Prerefunded 11/01/2021) | 1,000,000 | 1,003,665 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2032 | 1,000,000 | 1,108,172 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043 | 1,500,000 | 1,841,402 | ||
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2023 | 520,000 | 570,396 | ||
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 10/01/2025 | 780,000 | 850,887 | ||
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025 | 2,000,000 | 2,189,013 | ||
University of Arkansas Facilities Rev. (UAMS Campus), “A”, 5%, 3/01/2031 | 915,000 | 1,160,897 | ||
University of Arkansas Student Fee Rev. (Fort Smith Campus), 4%, 12/01/2023 (Prerefunded 12/01/2021) | 250,000 | 251,539 | ||
University of Arkansas Student Fee Rev. (Fort Smith Campus), 4%, 12/01/2024 (Prerefunded 12/01/2021) | 250,000 | 251,539 | ||
University of Arkansas Student Fee Rev. (Fort Smith Campus), 4%, 12/01/2025 (Prerefunded 12/01/2021) | 500,000 | 503,078 | ||
University of Arkansas Student Fee Rev. (Fort Smith Campus), 4%, 12/01/2026 (Prerefunded 12/01/2021) | 305,000 | 306,877 | ||
University of Arkansas Various Facilities Refunding Rev. (Uams Campus), “A”, 5%, 12/01/2025 | 500,000 | 591,030 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038 | 500,000 | 574,672 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048 | 550,000 | 599,858 | ||
$ 25,464,142 | ||||
Universities - Dormitories – 0.7% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 1,130,000 | $ 1,368,502 | |
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 255,000 | $ 261,375 | |
Utilities - Municipal Owned – 5.3% | ||||
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030 | $ | 1,000,000 | $ 1,163,227 | |
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2032 (Prerefunded 9/01/2022) | 1,130,000 | 1,179,409 | ||
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035 | 1,000,000 | 1,158,834 | ||
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2036 (Prerefunded 9/01/2022) | 1,165,000 | 1,215,939 | ||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2030 | 2,805,000 | 2,920,206 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 410,000 | 400,775 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 65,000 | 63,537 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 30,000 | 29,438 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 145,000 | 142,281 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 14,625 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 155,000 | 151,706 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 260,000 | 254,150 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 5%, 7/01/2023 | 135,000 | 135,939 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | $ | 80,000 | $ 76,800 | |
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 60,000 | 58,725 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 70,000 | 68,425 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,775 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 210,000 | 205,275 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 16,311 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 25,000 | 24,531 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 91,794 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 110,000 | 107,937 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 35,000 | 34,344 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 93,219 | ||
$ 9,641,746 | ||||
Utilities - Other – 0.1% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | $ | 155,000 | $ 161,905 | |
Water & Sewer Utility Revenue – 11.0% | ||||
Arkansas Community Public Water Systems Authority Rev., 5%, 10/01/2032 | $ | 1,020,000 | $ 1,068,689 | |
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039 | 525,000 | 601,539 | ||
Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035 | 3,850,000 | 4,767,023 | ||
Fort Smith, AR, Water and Sewer Refunding Construction Rev., 5%, 10/01/2031 | 500,000 | 626,909 | ||
Fort Smith, AR, Water and Sewer Rev., AGM, 4.5%, 10/01/2021 | 1,545,000 | 1,545,000 | ||
Fort Smith, AR, Water and Sewer Rev., AGM, 4.5%, 10/01/2022 | 455,000 | 456,414 | ||
Fort Smith, AR, Water and Sewer Rev., BAM, 3%, 10/01/2029 | 325,000 | 358,240 | ||
Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029 | 1,000,000 | 1,198,817 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 85,000 | 95,992 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 500,000 | 558,926 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 245,000 | 267,265 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 245,000 | 264,884 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 200,000 | 241,067 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047 | 1,000,000 | 1,029,512 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050 | 1,000,000 | 1,026,924 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035 | 1,125,000 | 1,368,083 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039 | 1,000,000 | 1,209,961 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041 | 500,000 | 601,947 | ||
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 | 1,750,000 | 1,867,886 | ||
Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043 | 750,000 | 767,611 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 50,000 | 55,976 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 65,000 | 72,542 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 30,000 | 33,550 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 75,000 | 83,724 | ||
$ 20,168,481 | ||||
Total Municipal Bonds (Identified Cost, $170,156,788) | $179,473,189 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 245,000 | $ 218,209 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 500,000 | 155,795 | ||
Total Bonds (Identified Cost, $388,978) | $ 374,004 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.9% | ||||
Money Market Funds – 1.9% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $3,448,888) | 3,448,888 | $ 3,448,888 | ||
Other Assets, Less Liabilities – (0.2)% | (419,830) | |||
Net Assets – 100.0% | $182,876,251 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 99.5% | ||||
Airport Revenue – 6.4% | ||||
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2043 | $ | 2,190,000 | $ 2,624,167 | |
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 | 1,935,000 | 2,355,551 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037 | 1,305,000 | 1,618,843 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 | 1,305,000 | 1,615,384 | ||
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038 | 2,000,000 | 2,432,703 | ||
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039 | 1,000,000 | 1,214,613 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2036 | 750,000 | 930,744 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2037 | 1,400,000 | 1,732,797 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2038 | 1,000,000 | 1,235,032 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2039 | 1,000,000 | 1,232,231 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042 | 665,000 | 791,433 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 | 665,000 | 789,722 | ||
San Diego County, CA, Regional Airport Authority Rev., “C”, 5%, 7/01/2031 | 1,030,000 | 1,323,462 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2031 | 850,000 | 871,986 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 | 7,605,000 | 9,268,904 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 3,000,000 | 3,494,693 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2039 | 3,420,000 | 4,214,650 | ||
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035 | 1,000,000 | 1,188,770 | ||
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 | 2,000,000 | 2,357,664 | ||
$ 41,293,349 | ||||
General Obligations - General Purpose – 6.6% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 1,080,000 | $ 1,148,475 | |
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 810,000 | 916,414 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 225,000 | 262,011 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 255,000 | 304,617 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 5,930,000 | 5,114,625 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 60,000 | 60,576 | ||
Marin County, CA, Healthcare District (Election of 2013), “A”, 4%, 8/01/2047 | 3,000,000 | 3,380,939 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 430,000 | 452,763 | ||
State of California, Various Purpose General Obligation, 5%, 9/01/2024 | 10,000,000 | 11,381,010 | ||
State of California, Various Purpose General Obligation, 5.25%, 4/01/2035 | 2,545,000 | 2,608,303 | ||
State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 7,000,000 | 8,707,173 | ||
State of California, Various Purpose General Obligation Refunding, 4%, 8/01/2037 | 1,700,000 | 1,968,202 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2041 | 4,000,000 | 5,211,359 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 440,000 | 556,320 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 410,000 | 518,905 | ||
$ 42,591,692 | ||||
General Obligations - Schools – 19.3% | ||||
Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 5%, 8/01/2024 | $ | 2,500,000 | $ 2,835,937 | |
Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2025 | 400,000 | 455,496 | ||
Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2026 | 450,000 | 525,527 | ||
Alameda and Contra Costa Counties, CA, Chabot-Las Postas Community College District, General Obligation, “B”, 4%, 8/01/2027 | 1,000,000 | 1,189,403 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | 4,335,000 | 3,942,230 | ||
Contra Costa County, CA, Schools Pooled Cross Fiscal Year Tax and Rev., “A”, 2%, 12/01/2021 | 4,500,000 | 4,511,849 | ||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 2,785,000 | 3,228,198 | ||
Dublin, CA, Unified School District (Election of 2016), “B”, 4%, 8/01/2043 | 1,945,000 | 2,228,518 | ||
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2038 | 4,000,000 | 4,532,501 | ||
Folsom Cordova, CA, Unified School District (Election of 2007), “D”, AGM, 4%, 10/01/2039 | 4,000,000 | 4,525,375 | ||
Folsom Cordova, CA, Unified School District (Election of 2012), “A”, 5%, 10/01/2038 (Prerefunded 10/01/2023) | 2,465,000 | 2,701,106 | ||
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 | 2,120,000 | 1,768,500 | ||
Grossmont, CA, Union High School District (Election of 2008), “I-2”, 4%, 8/01/2044 | 5,190,000 | 6,041,801 | ||
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | 465,000 | 524,207 | ||
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 | 500,000 | 334,160 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 | $ | 1,260,000 | $ 922,355 | |
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 1,590,000 | 1,629,499 | ||
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 | 875,000 | 1,020,228 | ||
Los Angeles County, CA, Palmdale School District (Election of 2016), 4%, 8/01/2044 | 2,395,000 | 2,712,496 | ||
Los Angeles, CA, Unified School District, General Obligation, “RYO”, 5%, 7/01/2035 | 3,000,000 | 3,881,453 | ||
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039 (Prerefunded 2/15/2027) | 2,000,000 | 2,351,457 | ||
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040 (Prerefunded 2/15/2027) | 1,000,000 | 1,175,729 | ||
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 | 2,595,000 | 2,968,895 | ||
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 | 1,570,000 | 1,283,577 | ||
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 1,570,000 | 1,698,839 | ||
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 500,000 | 392,648 | ||
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 | 1,440,000 | 1,296,544 | ||
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 0% to 8/01/2019, 6% to 8/01/2030 | 3,000,000 | 3,369,561 | ||
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043 | 5,000,000 | 5,602,077 | ||
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 | 3,385,000 | 2,988,739 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | 830,000 | 967,766 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | 830,000 | 966,006 | ||
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2034 | 1,000,000 | 1,161,971 | ||
Oakland, CA, Unified School District Rev. (Election of 2012), “A”, AGM, 4%, 8/01/2035 | 1,000,000 | 1,160,325 | ||
Orange County, CA, Garden Grove Unified School District, 4%, 8/01/2046 | 3,000,000 | 3,410,041 | ||
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045 | 2,590,000 | 3,133,864 | ||
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033 | 500,000 | 597,177 | ||
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034 | 1,400,000 | 1,669,170 | ||
Placer & Nevada Counties, CA, Tahoe-Trukee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035 | 1,105,000 | 1,314,573 | ||
Placer and Sacramento Counties, CA, Roseville Joint Union High School District (School Facilities Improvement District No. 1), 4%, 8/01/2046 | 1,515,000 | 1,701,709 | ||
San Bernardino, CA, City Unified School District, “A”, AGM, 5%, 8/01/2023 | 600,000 | 650,413 | ||
San Diego County, CA, La Mesa-Spring Valley School District, General Obligation, “A”, BAM, 4%, 8/01/2022 | 1,140,000 | 1,176,078 | ||
San Diego County, CA, La Mesa-Spring Valley School District, General Obligation, “A”, BAM, 4%, 8/01/2023 | 1,300,000 | 1,389,804 | ||
San Diego, CA, Community College District (Election of 2002), Convertible Capital Appreciation, 6% to 8/01/2019, 6% to 8/01/2033 | 2,000,000 | 2,574,345 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024) | 1,235,000 | 700,142 | ||
San Diego, CA, Unified School District (Election of 2012), “I”, 4%, 7/01/2047 | 2,145,000 | 2,464,294 | ||
San Jose, CA, Evergreen Community College District (Election of 2010), “A”, 5%, 8/01/2041 (Prerefunded 8/01/2022) | 1,235,000 | 1,284,785 | ||
San Mateo, CA, Sequoia Union High School District Tax Rev., 1.5%, 6/30/2022 | 11,140,000 | 11,251,738 | ||
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2042 | 1,000,000 | 1,131,279 | ||
Santa Barbara and San Luis Obispo Counties, CA, Santa Maria-Bonita School District, 4%, 8/01/2044 | 1,250,000 | 1,411,994 | ||
Santa Clara and Santa Cruz Counties, CA, West Valley-Mission Community College District (Election of 2018), “A”, 4%, 8/01/2044 | 2,650,000 | 3,095,479 | ||
Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2025 | 100,000 | 113,669 | ||
Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2026 | 125,000 | 145,460 | ||
Santa Clara County, CA, Gilroy Unified School District, General Obligation, “2016”, 4%, 8/01/2027 | 275,000 | 326,394 | ||
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 | 2,480,000 | 2,842,036 | ||
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 | 2,775,000 | 1,107,546 | ||
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 | 3,035,000 | 1,159,429 | ||
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 | 2,000,000 | 2,192,869 | ||
$ 123,739,261 | ||||
Healthcare Revenue - Hospitals – 11.1% | ||||
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 | $ | 2,550,000 | $ 3,019,549 | |
California Health Facilities Financing Authority Rev. (City of Hope), 5%, 11/15/2049 | 4,000,000 | 4,756,519 | ||
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037 | 1,000,000 | 1,206,423 | ||
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033 | 750,000 | 840,235 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038 | $ | 1,000,000 | $ 1,229,892 | |
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2048 | 3,500,000 | 4,219,735 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 (Prerefunded 11/15/2026) | 1,300,000 | 1,587,639 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5%, 11/15/2046 | 1,880,000 | 2,237,623 | ||
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n) | 175,000 | 201,955 | ||
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n) | 750,000 | 850,189 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 | 1,275,000 | 1,522,843 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 | 850,000 | 1,014,258 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 425,000 | 506,409 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 | 2,000,000 | 2,375,407 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047 | 1,000,000 | 1,180,325 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 | 1,685,000 | 1,861,048 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | 205,000 | 227,440 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | 165,000 | 182,473 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | 85,000 | 93,724 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 315,000 | 345,180 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | 415,000 | 450,953 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 1,500,000 | 1,726,250 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 2,545,000 | 2,950,841 | ||
California Statewide Communities Development Authority Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038 | 1,500,000 | 1,791,795 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042 | 4,000,000 | 4,812,124 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039 | 1,600,000 | 1,865,663 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040 | 650,000 | 755,202 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045 | 2,000,000 | 2,284,007 | ||
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053 | 1,000,000 | 1,197,793 | ||
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 | 2,000,000 | 2,394,289 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 200,000 | 221,688 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054 | 1,650,000 | 1,869,613 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 1,000,000 | 1,113,534 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036 | 635,000 | 754,344 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037 | 455,000 | 539,318 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038 | 430,000 | 508,761 | ||
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 1,925,000 | 2,214,085 | ||
California Statewide Communities Development Authority Rev. (Sutter Health), “A”, 5%, 8/15/2032 (Prerefunded 8/15/2022) | 390,000 | 406,462 | ||
California Statewide Communities Development Authority Rev. (Trinity Health Corp.), 5%, 12/01/2041 (Prerefunded 12/01/2021) | 2,550,000 | 2,569,815 | ||
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 70,000 | 82,066 | ||
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 2,000,000 | 2,442,563 | ||
San Buenaventura, CA, Rev. (Community Memorial Health System), 7.5%, 12/01/2041 | 1,000,000 | 1,011,497 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2022 | 230,000 | 235,835 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2023 | 260,000 | 275,236 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024 | 235,000 | 256,032 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025 | 290,000 | 323,762 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 | 300,000 | 341,942 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 | 665,000 | 826,061 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 | 635,000 | 804,387 | ||
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042 | 1,000,000 | 1,105,139 | ||
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047 | 1,000,000 | 1,174,493 | ||
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 | 325,000 | 401,992 | ||
Washington Township, CA, Health Care District Rev., “A”, 4%, 7/01/2033 | 550,000 | 634,915 | ||
Washington Township, CA, Health Care District Rev., “A”, 5%,��7/01/2042 | 1,000,000 | 1,168,542 | ||
$ 70,969,865 | ||||
Healthcare Revenue - Long Term Care – 4.1% | ||||
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | $ | 1,270,000 | $ 1,350,354 | |
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2034 | 700,000 | 798,246 | ||
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039 | 1,000,000 | 1,133,283 | ||
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040 | 650,000 | 802,588 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050 | $ | 1,000,000 | $ 1,215,087 | |
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055 | 1,000,000 | 1,206,278 | ||
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047 | 2,000,000 | 2,316,055 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n) | 1,250,000 | 1,430,887 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2051 (n) | 1,000,000 | 1,142,386 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2056 (n) | 1,000,000 | 1,139,297 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 775,000 | 908,477 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038 | 435,000 | 494,861 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039 | 430,000 | 488,168 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040 | 435,000 | 490,926 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043 | 980,000 | 1,099,323 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 1,405,000 | 1,502,715 | ||
California Statewide Communities Development Authority Rev. (Episcopal Communities & Services for Seniors Obligated Group), 5%, 5/15/2047 | 1,785,000 | 1,817,464 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039 | 500,000 | 589,103 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040 | 500,000 | 586,303 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2041 | 1,000,000 | 1,170,167 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2046 | 1,000,000 | 1,155,509 | ||
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 4%, 4/01/2042 | 735,000 | 824,990 | ||
California Statewide Communities Development Authority Rev. (Front Port Communities and Services), “A”, 5%, 4/01/2047 | 1,835,000 | 2,158,507 | ||
California Statewide Communities Development Authority Rev. (Terraces at San Joaquin Gardens), “A”, 6%, 10/01/2042 (Prerefunded 10/01/2022) | 750,000 | 792,763 | ||
$ 26,613,737 | ||||
Industrial Revenue - Environmental Services – 0.6% | ||||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | $ | 3,000,000 | $ 3,221,783 | |
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 2,000,000 | 610,000 | ||
$ 3,831,783 | ||||
Industrial Revenue - Other – 0.3% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 500,000 | $ 516,446 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 594,560 | 638,722 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 885,000 | 1,023,553 | ||
$ 2,178,721 | ||||
Miscellaneous Revenue - Other – 0.8% | ||||
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2034 | $ | 830,000 | $ 909,348 | |
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035 | 830,000 | 909,348 | ||
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031 | 1,335,000 | 1,484,749 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., Special Facilities Lease Rev. (SFO Fuel Co. LLC), 5%, 1/01/2040 | 1,510,000 | 1,834,956 | ||
$ 5,138,401 | ||||
Multi-Family Housing Revenue – 4.4% | ||||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | $ | 3,000,000 | $ 3,272,231 | |
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n) | 3,000,000 | 3,229,713 | ||
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 3,000,000 | 2,986,987 | ||
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-2”, 4%, 8/01/2046 (n) | 3,000,000 | 3,221,813 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 2,919,148 | 3,439,851 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 2,000,000 | 2,118,813 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 3,000,000 | 3,212,880 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n) | 3,000,000 | 3,424,467 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Multi-Family Housing Revenue – continued | ||||
CMFA Special Finance Agency VIII Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n) | $ | 3,000,000 | $ 3,132,573 | |
$ 28,039,328 | ||||
Parking – 0.3% | ||||
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 | $ | 1,625,000 | $ 1,908,332 | |
Port Revenue – 2.7% | ||||
Alameda, CA, Corridor Transportation Authority Second Subordinate Lien Rev., “B”, AGM, 5%, 10/01/2036 | $ | 1,710,000 | $ 2,041,288 | |
Los Angeles, CA, Transportation Authority Rev., 2021-A, 5%, 6/01/2025 | 2,000,000 | 2,336,124 | ||
Los Angeles, CA, Transportation Authority Rev., 2021-A, 5%, 6/01/2027 | 3,250,000 | 4,039,330 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2028 | 1,250,000 | 1,552,743 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2029 | 3,875,000 | 4,906,283 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 11/01/2029 | 2,125,000 | 2,715,542 | ||
$ 17,591,310 | ||||
Sales & Excise Tax Revenue – 2.5% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 40,000 | $ 49,278 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 30,000 | 37,490 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 40,000 | 50,968 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 165,000 | 190,310 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 225,000 | 251,325 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 114,000 | 128,109 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 4,615,000 | 5,234,610 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 1,100,000 | 1,219,803 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 385,000 | 426,931 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 9,953 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 186,000 | 208,518 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 14,000 | 13,365 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 171,000 | 154,331 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 26,699 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,566,000 | 1,247,831 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,524,000 | 1,129,710 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 13,175,000 | 4,333,293 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 745,000 | 826,792 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 210,000 | 219,098 | ||
$ 15,758,414 | ||||
Secondary Schools – 3.7% | ||||
California Infrastructure & Economic Development Bank, 4%, 11/01/2050 | $ | 500,000 | $ 568,663 | |
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2039 | 300,000 | 361,827 | ||
California Infrastructure & Economic Development Bank Charter School Rev. (Alliance for College-Ready Public Schools), “B”, 5%, 11/01/2044 | 350,000 | 417,250 | ||
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | 1,000,000 | 1,038,688 | ||
California Municipal Finance Authority Rev. (Partnerships to Uplift Communities Project), “A”, 5%, 8/01/2032 | 825,000 | 842,254 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n) | 970,000 | 1,133,318 | ||
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 | 750,000 | 839,736 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n) | 50,000 | 58,534 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450,000 | 505,812 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 415,000 | 467,061 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415,000 | 463,854 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n) | 525,000 | 622,612 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n) | 1,000,000 | 1,170,746 | ||
California School Finance Authority, Charter School Rev. (Downtown Prep), 5%, 6/01/2046 (n) | 1,000,000 | 1,081,334 | ||
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n) | 1,125,000 | 1,289,414 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Secondary Schools – continued | ||||
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n) | $ | 625,000 | $ 704,857 | |
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n) | 1,190,000 | 1,371,803 | ||
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2040 (n) | 750,000 | 840,346 | ||
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n) | 1,060,000 | 1,175,354 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 1,245,000 | 1,407,998 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n) | 870,000 | 1,028,328 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n) | 870,000 | 1,010,375 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2034 | 530,000 | 581,194 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2037 (n) | 505,000 | 590,706 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5.125%, 7/01/2044 | 470,000 | 512,315 | ||
California School Finance Authority, School Facility Rev. (Kipp LA Projects), “A”, 5%, 7/01/2047 (n) | 745,000 | 857,315 | ||
California School Finance Authority, School Facility Rev. (Kipp SoCal), “A”, 5%, 7/01/2049 (n) | 1,050,000 | 1,252,973 | ||
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047 | 1,270,000 | 1,274,246 | ||
$ 23,468,913 | ||||
Single Family Housing - State – 0.9% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 1,850,000 | $ 2,053,214 | |
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 2,090,000 | 2,302,233 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 1,420,000 | 1,582,114 | ||
$ 5,937,561 | ||||
State & Local Agencies – 4.4% | ||||
California Infrastructure & Economic Development Bank Lease Rev. (California State Teachers' Retirement System Headquarters Expansion Green Bonds - Climate Bond Certified), 5%, 8/01/2044 | $ | 1,500,000 | $ 1,859,154 | |
California Municipal Finance Authority, Lease Rev. (Orange County Civic Center Infrastructure Improvement Program - Phase II), “A”, 5%, 6/01/2043 | 4,505,000 | 5,441,398 | ||
California Public Works Board Lease Rev. (Judicial Council Projects), “A”, 5%, 3/01/2028 | 2,120,000 | 2,260,030 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2029 (w) | 3,000,000 | 3,805,033 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 2,360,000 | 2,270,523 | ||
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2034 | 1,000,000 | 1,188,800 | ||
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037 | 800,000 | 945,294 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 540,000 | 644,740 | ||
Ontario Public Finance Authority Lease Rev., AGM, 5%, 11/01/2042 | 1,025,000 | 1,258,048 | ||
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2030 | 500,000 | 586,523 | ||
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2031 | 1,000,000 | 1,169,463 | ||
Sacramento, CA, City Financing Authority Rev. (Master Lease Program Facilities), BAM, 5%, 12/01/2032 | 550,000 | 642,713 | ||
State of California, Public Works Rev. (Various Capital Projects), “A”, 5%, 2/01/2026 (w) | 5,000,000 | 5,944,252 | ||
$ 28,015,971 | ||||
Student Loan Revenue – 0.1% | ||||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | $ | 380,000 | $ 388,107 | |
Tax - Other – 0.8% | ||||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | $ | 315,000 | $ 364,657 | |
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 170,000 | 196,513 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 500,000 | 569,536 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 635,000 | 650,283 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 665,000 | 707,688 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 2,010,000 | 2,190,849 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 100,000 | 111,613 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax - Other – continued | ||||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | $ | 305,000 | $ 344,717 | |
$ 5,135,856 | ||||
Tax Assessment – 6.0% | ||||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 | $ | 940,000 | $ 1,106,941 | |
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039 | 1,000,000 | 1,189,823 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044 | 1,000,000 | 1,178,687 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 | 1,000,000 | 1,118,000 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 | 2,000,000 | 2,271,665 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044 | 500,000 | 596,866 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049 | 500,000 | 593,418 | ||
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 | 1,000,000 | 1,069,521 | ||
Jurupa, CA, Community Facilities Services District, Special Tax (Eastvale Area District No. 31), “A”, 5%, 9/01/2037 | 1,000,000 | 1,033,768 | ||
Jurupa, CA, Public Financing Authority, Special Tax Refunding Rev., “A”, AGM, 4%, 9/01/2043 | 1,745,000 | 1,987,279 | ||
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035 | 920,000 | 1,032,147 | ||
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035 | 1,000,000 | 1,074,638 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2022 | 300,000 | 312,939 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2023 | 295,000 | 321,425 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2022 | 40,000 | 41,738 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2023 | 45,000 | 49,049 | ||
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033 | 840,000 | 905,507 | ||
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | 650,000 | 728,946 | ||
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029 | 1,350,000 | 1,512,999 | ||
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 | 1,000,000 | 1,069,134 | ||
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032 | 2,625,000 | 2,938,638 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030 | 890,000 | 1,036,085 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031 | 1,095,000 | 1,273,733 | ||
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034 | 1,385,000 | 1,552,802 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 750,000 | 832,544 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “B”, NPFG, 5%, 8/01/2043 | 1,100,000 | 1,282,649 | ||
San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n) | 100,000 | 110,668 | ||
San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2031 (n) | 200,000 | 232,000 | ||
San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2036 (n) | 700,000 | 804,832 | ||
San Francisco, CA, City and County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2051 (n) | 1,600,000 | 1,806,850 | ||
Santa Cruz County, CA, Redevelopment Agency Tax Allocation Rev., 5%, 9/01/2023 | 1,000,000 | 1,087,770 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2034 | 1,200,000 | 1,530,710 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2036 | 1,600,000 | 2,029,111 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2037 | 700,000 | 885,195 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033 | 300,000 | 379,002 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034 | 300,000 | 377,779 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035 | 250,000 | 314,291 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038 | 600,000 | 748,355 | ||
$ 38,417,504 | ||||
Tobacco – 3.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 370,000 | $ 464,861 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 7,375,000 | 1,180,439 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 | 1,500,000 | 1,737,991 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049 | 1,000,000 | 1,222,495 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – continued | ||||
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 1.375%, 6/01/2030 | $ | 35,000 | $ 35,204 | |
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 | 750,000 | 912,887 | ||
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 10,000,000 | 2,504,835 | ||
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 1.1%, 6/01/2030 | 5,000 | 5,014 | ||
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “B-1”, 4%, 6/01/2049 | 325,000 | 366,150 | ||
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 5,000,000 | 1,318,274 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2029 | 2,000,000 | 2,404,957 | ||
Sacramento County, CA, Tobacco Securitization Corp. Authority, “2021A-1”, 4%, 6/01/2049 | 1,000,000 | 1,153,897 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036 | 250,000 | 317,356 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2037 | 1,000,000 | 1,266,451 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2038 | 750,000 | 947,414 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048 | 4,250,000 | 5,259,345 | ||
$ 21,097,570 | ||||
Toll Roads – 1.8% | ||||
Bay Area Toll Authority, California Toll Bridge Rev., “A”, 2%, 4/01/2056 (Put Date 4/01/2028) | $ | 4,000,000 | $ 4,236,456 | |
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2033 | 2,985,000 | 3,453,834 | ||
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034 | 855,000 | 987,542 | ||
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2027 | 200,000 | 237,628 | ||
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2028 | 200,000 | 242,241 | ||
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “C”, 5%, 1/15/2031 | 300,000 | 381,107 | ||
Riverside County, CA, Transportation Commission, Toll Rev., “A”, 5.75%, 6/01/2044 | 1,680,000 | 1,798,869 | ||
$ 11,337,677 | ||||
Transportation - Special Tax – 1.1% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 470,000 | $ 473,271 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 65,000 | 65,899 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 225,000 | 245,215 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 1,530,000 | 1,669,023 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 75,000 | 76,037 | ||
Lancaster, CA, Financing Authority Rev. (Measure M&R Structure Improvement Project), BAM, 4%, 6/01/2039 | 1,365,000 | 1,597,464 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 1,400,000 | 1,459,028 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 500,000 | 622,085 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 500,000 | 610,532 | ||
$ 6,818,554 | ||||
Universities - Colleges – 5.7% | ||||
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 | $ | 2,060,000 | $ 2,508,806 | |
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 | 1,000,000 | 1,112,844 | ||
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 | 425,000 | 502,189 | ||
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 | 1,265,000 | 1,492,554 | ||
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038 | 630,000 | 767,836 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 | 1,000,000 | 1,152,495 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 | 1,000,000 | 1,150,612 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 | 500,000 | 574,536 | ||
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 | 1,000,000 | 1,218,787 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033 | 625,000 | 742,334 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035 | 1,195,000 | 1,414,965 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 | 1,000,000 | 1,175,042 | ||
California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2032 | 235,000 | 282,051 | ||
California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2033 | 235,000 | 280,643 | ||
California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2034 | 250,000 | 297,019 | ||
California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2035 | 315,000 | 372,780 | ||
California Municipal Finance Authority Rev. (Concordia University Irvine), 4%, 1/01/2036 | 1,000,000 | 1,179,203 | ||
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 | 4,310,000 | 5,059,997 | ||
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043 | 1,500,000 | 1,778,724 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
California Municipal Finance Authority Rev. (University of the Pacific), “A”, 5%, 11/01/2029 | $ | 500,000 | $ 644,694 | |
California Municipal Finance Authority Rev. (University of the Pacific), “A”, 5%, 11/01/2030 | 520,000 | 680,681 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 500,000 | 556,717 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 | 2,500,000 | 2,743,863 | ||
California Public Works Board Lease Rev. (Regents of the University of California), “G”, 5%, 12/01/2028 (Prerefunded 12/01/2021) | 2,125,000 | 2,141,513 | ||
California State University Rev., “A”, 5%, 11/01/2024 (Prerefunded 11/01/2021) | 550,000 | 552,003 | ||
California State University Rev., “A”, 5%, 11/01/2024 (Prerefunded 11/01/2021) | 1,580,000 | 1,585,816 | ||
University of California, Limited Project Rev., “S”, 5%, 5/15/2025 (w) | 2,000,000 | 2,282,514 | ||
University of California, Limited Project Rev., “S”, 5%, 5/15/2026 (w) | 2,000,000 | 2,351,409 | ||
$ 36,602,627 | ||||
Universities - Dormitories – 4.0% | ||||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2035 | $ | 450,000 | $ 563,668 | |
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2040 | 600,000 | 741,661 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045 | 600,000 | 731,918 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050 | 650,000 | 790,008 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055 | 825,000 | 995,381 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057 | 450,000 | 540,952 | ||
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 | 225,000 | 254,300 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | 2,605,000 | 3,186,491 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | 3,065,000 | 3,711,909 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 1,000,000 | 1,175,564 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n) | 375,000 | 453,913 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n) | 475,000 | 568,253 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n) | 1,440,000 | 1,692,745 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1,500,000 | 1,623,923 | ||
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments), 5%, 5/15/2034 | 1,000,000 | 1,170,544 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 1,740,000 | 1,893,134 | ||
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 3,250,000 | 1,977,227 | ||
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 3,000,000 | 3,561,450 | ||
$ 25,633,041 | ||||
Utilities - Cogeneration – 0.6% | ||||
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 7/01/2039 (n) | $ | 1,000,000 | $ 1,202,032 | |
California Pollution Control Financing Authority, Water Furnishing Refunding Rev. (San Diego County Water Authority Desalination Project Pipeline), 5%, 11/21/2045 (n) | 1,610,000 | 1,911,387 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | 1,000,000 | 1,025,000 | ||
$ 4,138,419 | ||||
Utilities - Municipal Owned – 2.3% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 280,000 | $ 307,739 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 315,000 | 344,649 | ||
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041 | 3,000,000 | 3,523,651 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | $ | 1,200,000 | $ 1,173,000 | |
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 180,000 | 175,950 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 100,000 | 98,125 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 50,000 | 49,062 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 455,000 | 446,469 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 50,000 | 48,750 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 475,000 | 464,906 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 765,000 | 747,787 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 10,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 280,000 | 268,800 | ||
Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 1,315,000 | 1,333,182 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 235,000 | 230,006 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 200,000 | 195,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 620,000 | 606,050 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 55,000 | 59,805 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 45,000 | 44,213 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 95,000 | 93,219 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 290,000 | 280,212 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 325,000 | 318,906 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 115,000 | 112,844 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 355,000 | 348,344 | ||
Southern California Public Power Authority Rev. (Milford Wind Corridor Phase II Project), “2021-1”, 5%, 7/01/2025 | 800,000 | 937,081 | ||
Vernon, CA, Electric System Rev., “A”, 5.5%, 8/01/2041 | 2,130,000 | 2,193,644 | ||
$ 14,450,994 | ||||
Utilities - Other – 1.1% | ||||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | $ | 1,750,000 | $ 2,636,386 | |
Long Beach, CA, Bond Finance Authority Natural Gas Purchase Rev., “A”, 5.25%, 11/15/2022 | 2,210,000 | 2,330,197 | ||
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 | 1,655,000 | 2,228,346 | ||
$ 7,194,929 | ||||
Water & Sewer Utility Revenue – 4.6% | ||||
Belmont, CA, Joint Powers Financing Authority, Sewer Rev., 5%, 8/01/2047 | $ | 1,885,000 | $ 2,356,034 | |
Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2033 | 450,000 | 583,678 | ||
Carpinteria Valley, CA, Water District Refunding Rev., “A”, 5%, 7/01/2035 | 600,000 | 770,038 | ||
Contra Costa County, CA, Water Rev., “W”, 5%, 10/01/2024 | 400,000 | 456,723 | ||
Contra Costa County, CA, Water Rev., “W”, 5%, 10/01/2025 | 400,000 | 472,779 | ||
Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047 | 3,000,000 | 3,571,776 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 720,000 | 867,842 | ||
Metropolitan Water District of Southern California Water Refunding Rev., “B”, 4%, 10/01/2024 | 1,250,000 | 1,390,021 | ||
Metropolitan Water District of Southern California Water Refunding Rev., “B”, 4%, 10/01/2025 | 1,000,000 | 1,142,389 | ||
Metropolitan Water District of Southern California Water Refunding Rev., “B”, 5%, 10/01/2026 | 1,500,000 | 1,829,845 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1,660,000 | 1,850,408 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031 | 415,000 | 462,135 | ||
Porterville, CA, Water Rev. Certificates of Participation (Water System Financing Project), AGM, 4%, 8/15/2037 | 175,000 | 208,011 | ||
San Mateo-Foster City, CA, Public Financing Authority, Wastewater Rev. (Clean Water Program), 4%, 8/01/2044 | 2,205,000 | 2,589,793 | ||
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 | 2,000,000 | 2,455,361 | ||
Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044 | 3,250,000 | 3,699,210 | ||
Soquel Creek, CA, Water District, COP, 5%, 3/01/2043 (Prerefunded 3/01/2023) | 1,715,000 | 1,831,467 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | 1,700,000 | 1,989,263 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | 830,000 | 967,926 | ||
$ 29,494,699 | ||||
Total Municipal Bonds (Identified Cost, $593,438,834) | $637,786,615 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 902,000 | $ 803,367 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,900,000 | 592,019 | ||
Total Bonds (Identified Cost, $1,451,806) | $ 1,395,386 | |||
Investment Companies (h) – 1.1% | ||||
Money Market Funds – 1.1% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $7,465,238) | 7,465,250 | $ 7,465,250 | ||
Other Assets, Less Liabilities – (0.8)% | (5,446,083) | |||
Net Assets – 100.0% | $641,201,168 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 96.6% | ||||
Airport Revenue – 4.0% | ||||
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038 (w) | $ | 1,000,000 | $ 1,180,839 | |
Atlanta, GA, Airport General Refunding Rev., “E”, 5%, 7/01/2032 | 250,000 | 319,055 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2037 | 1,000,000 | 1,150,617 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 205,000 | 234,809 | ||
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2033 | 1,000,000 | 1,100,534 | ||
Atlanta, GA, Airport Rev., “B”, 5%, 7/01/2044 | 1,000,000 | 1,232,158 | ||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 75,000 | 78,646 | ||
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 55,000 | 55,188 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 265,000 | 308,698 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 30,000 | 34,007 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 35,000 | 39,734 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 25,000 | 28,213 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 40,000 | 45,141 | ||
$ 5,807,639 | ||||
General Obligations - General Purpose – 10.1% | ||||
Atlanta, GA, Public Improvement Rev., 4.875%, 12/01/2026 | $ | 1,000,000 | $ 1,140,128 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 220,000 | 233,949 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 55,000 | 61,972 | ||
Chicago, IL, General Obligation Refunding Project, “A”, 5.25%, 1/01/2030 | 35,000 | 37,996 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 75,000 | 84,656 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 60,000 | 74,847 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 20,000 | 22,509 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 165,000 | 185,338 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 1,250,000 | 1,078,125 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 120,000 | 121,152 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 50,000 | 50,348 | ||
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2033 | 1,000,000 | 1,330,988 | ||
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2034 | 1,000,000 | 1,326,290 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 130,000 | 136,882 | ||
Richmond County, GA, Board of Education Sales Tax Rev., General Obligation, 5%, 10/01/2024 | 3,000,000 | 3,417,692 | ||
Richmond County, GA, Board of Education Sales Tax Rev., General Obligation, 5%, 10/01/2025 | 1,000,000 | 1,178,465 | ||
State of Georgia, General Obligation Refunding, “C”, 5%, 7/01/2024 | 635,000 | 717,205 | ||
State of Georgia, General Obligation, “A”, 5%, 8/01/2029 | 1,095,000 | 1,429,865 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 180,000 | 227,585 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 180,000 | 223,492 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 165,000 | 207,991 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 245,000 | 313,456 | ||
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036 | 1,000,000 | 1,261,086 | ||
$ 14,862,017 | ||||
General Obligations - Schools – 14.0% | ||||
Ben Hill County, GA, School District Rev., 4%, 4/01/2037 | $ | 750,000 | $ 883,647 | |
Bryan County, GA, School District General Obligation, 4%, 8/01/2032 | 500,000 | 573,546 | ||
Carroll County, GA, School District General Obligation, 5%, 4/01/2028 | 500,000 | 630,322 | ||
Cherokee County, GA, School System General Obligation, “A”, 5%, 8/01/2022 | 1,180,000 | 1,227,068 | ||
Cobb County, GA, School District Short Term Construction Notes, 1.5%, 12/15/2021 | 3,000,000 | 3,008,545 | ||
Dalton, GA, General Obligation, 5%, 2/01/2036 | 500,000 | 618,532 | ||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 585,000 | 678,095 | ||
Evans County, GA, School District, 4%, 6/01/2035 | 660,000 | 785,636 | ||
Forsyth County, GA, General Obligation, 5%, 2/01/2032 | 1,000,000 | 1,304,975 | ||
Gainesville, GA, School District General Obligation, 4%, 11/01/2039 | 1,000,000 | 1,204,244 | ||
Gwinnett County, GA, School District, 5%, 2/01/2029 | 1,000,000 | 1,149,979 | ||
Gwinnett County, GA, School District, 5%, 2/01/2039 | 1,500,000 | 1,877,554 | ||
Henry County, GA, School District General Obligation, 4%, 8/01/2030 | 750,000 | 927,117 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Henry County, GA, School District General Obligation, 4%, 8/01/2031 | $ | 750,000 | $ 940,621 | |
Jackson County, GA, School District, 5%, 3/01/2032 | 1,000,000 | 1,273,329 | ||
Lumpkin County, GA, School District General Obligation, 5%, 12/01/2031 | 500,000 | 660,706 | ||
Lumpkin County, GA, School District General Obligation, 5%, 12/01/2032 | 500,000 | 658,523 | ||
Madison County, GA, School District COP (Capital Improvement Project), 4%, 5/01/2026 | 915,000 | 1,043,080 | ||
Oconee County, GA, School District, General Obligation, 5%, 3/01/2030 | 500,000 | 655,702 | ||
Paulding County School District, GA, 5%, 8/01/2026 | 450,000 | 543,855 | ||
$ 20,645,076 | ||||
Healthcare Revenue - Hospitals – 12.0% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 210,000 | $ 235,904 | |
Augusta, GA, Development Authority Rev. (AU Health System, Inc. Project), 5%, 7/01/2036 | 500,000 | 571,333 | ||
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026) | 500,000 | 599,836 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 10,000 | 12,174 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 6,036 | ||
Clarke County, GA, Hospital Authority Rev. (Athens Regional Medical Center Project), 5%, 1/01/2032 (Prerefunded 1/01/2022) | 1,000,000 | 1,011,811 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 205,000 | 258,007 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041 | 485,000 | 562,431 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 55,000 | 62,348 | ||
Dalton, GA, Development Authority Rev. (Hamilton Health Care System), 5%, 8/15/2028 | 500,000 | 520,251 | ||
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048 | 250,000 | 277,359 | ||
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 15,000 | 17,586 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039 | 500,000 | 581,673 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049 | 1,000,000 | 1,139,425 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 | 1,000,000 | 1,196,396 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042 | 750,000 | 892,317 | ||
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032 | 500,000 | 588,934 | ||
Fulton County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035 | 500,000 | 559,317 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028 | 500,000 | 575,200 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2029 | 670,000 | 851,822 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 1,000,000 | 1,172,494 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.25%, 8/15/2049 | 1,595,000 | 1,851,468 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 | 465,000 | 528,345 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 10,000 | 10,044 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 55,000 | 62,820 | ||
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 | 1,000,000 | 1,111,646 | ||
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043 | 1,000,000 | 1,134,603 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 570,000 | 643,328 | ||
Virginia Small Business Financing Authority Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 550,000 | 632,169 | ||
$ 17,667,077 | ||||
Healthcare Revenue - Long Term Care – 1.3% | ||||
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036 | $ | 500,000 | $ 537,585 | |
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033 | 500,000 | 590,694 | ||
Richmond County, GA, Development Authority Rev., Capital Appreciation, ”C“, ETM, 0%, 12/01/2021 | 225,000 | 224,943 | ||
Savannah, GA, Economic Development Authority Rev., Capital Appreciation, ”C“, ETM, 0%, 12/01/2021 | 500,000 | 499,834 | ||
$ 1,853,056 | ||||
Healthcare Revenue - Other – 1.1% | ||||
Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center), 5%, 7/01/2028 | $ | 500,000 | $ 602,550 | |
Floyd County, GA, Hospital Authority Rev. Anticipation Certificates (Floyd Medical Center Project), ”B“, 5%, 7/01/2032 (Prerefunded 7/01/2022) | 1,000,000 | 1,035,705 | ||
$ 1,638,255 | ||||
Industrial Revenue - Other – 0.2% | ||||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | $ | 285,000 | $ 329,619 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Paper – 0.1% | ||||
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $ | 150,000 | $ 169,019 | |
Miscellaneous Revenue - Other – 4.4% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054 | $ | 1,250,000 | $ 1,415,651 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n) | 1,000,000 | 1,171,540 | ||
Douglas County, GA, Development Authority, Industrial Development Rev. (Pandosia LLC Project), ”A“, VRDN, 0.08%, 12/01/2027 | 395,000 | 395,000 | ||
Downtown Savannah, GA, Authority Rev. (Chatham County Judicial Complex Project), 5%, 6/01/2032 | 1,000,000 | 1,189,022 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034 | 500,000 | 605,896 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036 | 500,000 | 572,265 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044 | 660,000 | 782,977 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 | 75,000 | 80,348 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 310,000 | 318,893 | ||
$ 6,531,592 | ||||
Sales & Excise Tax Revenue – 3.2% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 10,000 | $ 12,320 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 10,000 | 12,742 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 40,000 | 46,136 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 50,000 | 55,850 | ||
Guam Government Business Privilege Tax Rev., ”A“, 5.25%, 1/01/2036 | 170,000 | 172,026 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 | 1,000,000 | 1,153,040 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”C“, 4%, 7/01/2036 | 750,000 | 865,789 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 24,000 | 26,970 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 234,000 | 265,417 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 237,000 | 262,812 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 92,040 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 38,000 | 42,600 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 1,000 | 955 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 35,000 | 31,588 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 5,168 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 326,000 | 259,766 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 316,000 | 234,244 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 2,899,000 | 953,489 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 145,000 | 160,919 | ||
$ 4,660,119 | ||||
Secondary Schools – 0.2% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n) | $ | 250,000 | $ 280,534 | |
North Texas Education Finance Corp., Education Rev. (Uplift Education), ”A“, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 75,000 | 77,413 | ||
$ 357,947 | ||||
Single Family Housing - Local – 0.4% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 530,000 | $ 588,064 | |
Single Family Housing - State – 4.6% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 315,000 | $ 337,991 | |
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047 | 375,000 | 402,642 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044 | 1,000,000 | 1,066,012 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.5%, 6/01/2045 | 190,000 | 199,114 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048 | 405,000 | 421,836 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 6/01/2050 | 925,000 | 1,030,387 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”B-2“, 2.35%, 6/01/2025 | 1,400,000 | 1,483,783 | ||
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047 | 405,000 | 434,594 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 395,000 | 438,389 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 455,000 | 486,715 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Single Family Housing - State – continued | ||||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | $ | 445,000 | $ 490,188 | |
$ 6,791,651 | ||||
State & Local Agencies – 1.3% | ||||
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 460,000 | $ 442,559 | |
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 110,000 | 138,330 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 200,000 | 241,849 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 10,000 | 11,870 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 110,000 | 131,336 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 255,000 | 317,263 | ||
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 | 500,000 | 562,827 | ||
$ 1,846,034 | ||||
Student Loan Revenue – 0.2% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 50,000 | $ 52,624 | |
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 130,000 | 133,493 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 80,000 | 81,707 | ||
$ 267,824 | ||||
Tax - Other – 1.5% | ||||
Atlanta & Fulton County, GA, Recreation Authority Park Improvement, ”A“, 5%, 12/01/2032 | $ | 500,000 | $ 570,158 | |
Atlanta, GA, Development Authority Rev. (New Downtown Atlanta Stadium Project), ”A-1“, 5%, 7/01/2033 | 740,000 | 845,185 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035 | 65,000 | 75,247 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036 | 35,000 | 40,458 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046 | 100,000 | 113,907 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | 95,000 | 97,286 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2024 | 125,000 | 133,024 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2026 | 145,000 | 158,046 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 113,022 | ||
$ 2,146,333 | ||||
Tax Assessment – 1.2% | ||||
Atlanta, GA, Tax Allocation (Beltline Project), ”B“, 5%, 1/01/2030 | $ | 1,000,000 | $ 1,187,838 | |
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026) | 410,000 | 485,817 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 10,000 | 11,451 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 9,000 | 10,592 | ||
$ 1,695,698 | ||||
Tobacco – 0.5% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 94,229 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 410,000 | 464,117 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,555,000 | 248,892 | ||
$ 807,238 | ||||
Toll Roads – 0.3% | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 80,000 | $ 89,602 | |
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 60,000 | 66,881 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 95,000 | 98,782 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 190,000 | 196,646 | ||
$ 451,911 | ||||
Transportation - Special Tax – 1.5% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | $ | 140,000 | $ 141,768 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 70,000 | 70,487 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | $ | 10,000 | $ 10,138 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 330,000 | 359,985 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 290,000 | 302,228 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 40,000 | 45,986 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 85,000 | 97,413 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2040 (w) | 80,000 | 91,451 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 70,000 | 79,817 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 35,000 | 42,995 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 35,000 | 43,675 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 55,000 | 69,702 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | 35,000 | 45,181 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | 50,000 | 64,081 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 45,000 | 57,355 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | 45,000 | 57,023 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | 45,000 | 56,722 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 25,000 | 31,369 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 75,000 | 93,384 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 120,000 | 142,696 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 70,000 | 87,092 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 65,000 | 79,369 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 5.25%, 12/15/2021 | 65,000 | 65,646 | ||
$ 2,135,563 | ||||
Universities - Colleges – 17.9% | ||||
Albany-Dougherty County, GA, Inner City Authority Refunding Rev. (USG Real Estate Foundation X LLC Project), 4%, 6/01/2034 | $ | 1,430,000 | $ 1,635,153 | |
Americus-Sumter Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035 | 500,000 | 545,788 | ||
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038 | 600,000 | 728,714 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 | 560,000 | 649,562 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 1,000,000 | 1,134,758 | ||
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038 | 815,000 | 991,908 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027) | 200,000 | 246,413 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 | 800,000 | 957,788 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Project), 4%, 7/01/2037 | 1,000,000 | 1,188,039 | ||
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing, LLC Project), 5%, 7/01/2038 | 750,000 | 927,498 | ||
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034 | 500,000 | 606,173 | ||
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 | 1,000,000 | 1,194,364 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034 | 300,000 | 369,677 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 | 1,000,000 | 1,235,776 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 | 500,000 | 571,640 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 | 1,000,000 | 1,226,381 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.) ”A“, 5%, 10/01/2028 | 840,000 | 1,047,465 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.) ”A“, 5%, 6/01/2039 | 1,000,000 | 1,247,744 | ||
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028 | 500,000 | 572,572 | ||
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036 | 750,000 | 872,867 | ||
Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2036 | 1,000,000 | 1,203,259 | ||
Georgia Private Colleges & Universities Authority Rev. (Emory University), ”B“, 4%, 9/01/2037 | 1,000,000 | 1,199,572 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 | 350,000 | 395,333 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), ”C“, 5.25%, 10/01/2027 | 350,000 | 365,847 | ||
Gwinnett County, GA, Development Authority Rev. (Georgia Gwinnet County Student Housing), ”A“, 5%, 7/01/2040 | 1,000,000 | 1,193,972 | ||
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 | 870,000 | 1,050,306 | ||
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 65,000 | 65,209 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), ”B“, 4%, 9/01/2040 | 500,000 | 595,376 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | $ | 80,000 | $ 80,381 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 25,000 | 25,331 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 45,000 | 45,675 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 55,000 | 56,786 | ||
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032 | 325,000 | 363,880 | ||
Savannah, GA, Economic Development Authority Refunding Rev. (Savannah State University Projects), 4%, 6/15/2037 | 1,000,000 | 1,200,009 | ||
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035 | 500,000 | 583,013 | ||
$ 26,374,229 | ||||
Universities - Dormitories – 0.8% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 635,000 | $ 769,025 | |
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), ”C“, 5%, 7/15/2030 | 400,000 | 445,327 | ||
$ 1,214,352 | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 170,000 | $ 174,250 | |
Utilities - Municipal Owned – 7.1% | ||||
Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2034 | $ | 300,000 | $ 351,130 | |
Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2039 | 400,000 | 462,515 | ||
Buford, GA, Combined Utility System Rev., AGM, 4%, 7/01/2040 | 400,000 | 461,604 | ||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029 | 1,195,000 | 1,439,693 | ||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032 | 1,000,000 | 1,276,265 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 | 500,000 | 564,228 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 | 500,000 | 562,801 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), ”A“, 5%, 1/01/2039 | 750,000 | 910,960 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037 | 1,000,000 | 1,275,356 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038 | 125,000 | 152,788 | ||
Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2025 | 500,000 | 522,532 | ||
Georgia Municipal Gas Authority Rev. (Gas Portfolio III Project), ”S“, 5%, 10/01/2026 | 500,000 | 522,432 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | 50,000 | 54,953 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 60,000 | 65,647 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 245,000 | 239,488 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,813 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 93,219 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,750 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 100,000 | 97,875 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 155,000 | 151,513 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 60,000 | 57,600 | ||
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 490,000 | 493,410 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 45,000 | 44,044 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 45,000 | 43,988 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,775 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 122,188 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 70,000 | 75,720 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,874 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 57,975 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | $ | 70,000 | $ 68,688 | |
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 25,000 | 24,531 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 75,000 | 73,594 | ||
$ 10,395,124 | ||||
Utilities - Other – 0.6% | ||||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., ”A“, 5%, 3/15/2022 | $ | 910,000 | $ 928,330 | |
Water & Sewer Utility Revenue – 8.0% | ||||
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036 | $ | 750,000 | $ 922,991 | |
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037 | 1,000,000 | 1,229,989 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038 | 1,000,000 | 1,229,141 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038 | 500,000 | 578,884 | ||
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 | 500,000 | 582,666 | ||
Columbia County, GA, Water and Sewerage Rev., 5%, 6/01/2033 | 655,000 | 859,296 | ||
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2035 | 350,000 | 414,334 | ||
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036 | 150,000 | 177,589 | ||
DeKalb County, GA, Water & Sewer Rev., ”A“, 5.25%, 10/01/2031 | 1,000,000 | 1,003,784 | ||
DeKalb County, GA, Water & Sewer Rev., ”B“, 5.25%, 10/01/2025 | 1,000,000 | 1,187,027 | ||
Gainesville, GA, Water and Sewerage Refunding Rev., 5%, 11/15/2024 | 500,000 | 571,792 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 30,000 | 33,879 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 125,000 | 139,732 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 45,000 | 49,089 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 45,000 | 48,652 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 155,000 | 186,827 | ||
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027 | 1,000,000 | 1,236,969 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 15,000 | 16,793 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 20,000 | 22,321 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 10,000 | 11,183 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 20,000 | 22,326 | ||
Oconee County, GA, Water & Sewerage Rev., ”A“, 5%, 9/01/2033 | 555,000 | 676,773 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 | 500,000 | 585,107 | ||
$ 11,787,144 | ||||
Total Municipal Bonds (Identified Cost, $134,942,815) | $142,125,161 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 204,000 | $ 181,693 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 400,000 | 124,635 | ||
Total Bonds (Identified Cost, $318,314) | $ 306,328 | |||
Investment Companies (h) – 3.6% | ||||
Money Market Funds – 3.6% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $5,268,124) | 5,268,124 | $ 5,268,124 | ||
Other Assets, Less Liabilities – (0.4)% | (640,947) | |||
Net Assets – 100.0% | $147,058,666 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 94.4% | ||||
Airport Revenue – 1.5% | ||||
Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2040 | $ | 1,000,000 | $ 1,169,325 | |
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 90,000 | 100,966 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 120,000 | 139,249 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 180,000 | 214,776 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 225,000 | 275,427 | ||
$ 1,899,743 | ||||
General Obligations - General Purpose – 23.6% | ||||
Anne Arundel County, MD, Consolidated General Obligation Improvement, 5%, 10/01/2027 | $ | 1,000,000 | $ 1,246,450 | |
Anne Arundel County, MD, Consolidated Water & Sewer, 5%, 10/01/2040 | 400,000 | 508,348 | ||
Anne Arundel County, MD, General Obligation Consolidated Improvement Refunding, 5%, 4/01/2027 | 1,000,000 | 1,230,595 | ||
Anne Arundel County, MD, General Obligation Consolidated Improvement Refunding, 5%, 4/01/2028 | 1,000,000 | 1,261,365 | ||
Baltimore County, MD, Metropolitan District (80th Issue), 5%, 3/01/2033 | 1,250,000 | 1,556,489 | ||
Baltimore County, MD, Public Improvement, 5%, 2/01/2028 | 2,000,000 | 2,031,701 | ||
Baltimore County, MD, Public Improvement, 4%, 3/01/2037 | 1,750,000 | 2,081,519 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 225,000 | 239,266 | ||
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 1,120,000 | 966,000 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A-4“, AGM, 5%, 7/01/2031 | 65,000 | 65,452 | ||
Harford County, MD, Consolidated General Obligation Public Improvement, 4%, 10/01/2023 | 1,745,000 | 1,876,978 | ||
Harford County, MD, Consolidated Public Improvement, ”A“, 5%, 10/01/2030 | 1,025,000 | 1,332,527 | ||
Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2023 | 1,000,000 | 1,089,499 | ||
Howard County, MD, Consolidated Public Improvement Project, ”A“, 5%, 8/15/2028 | 1,000,000 | 1,272,417 | ||
Howard County, MD, Metropolitan District Project, ”C“, 4%, 2/15/2048 | 1,500,000 | 1,721,823 | ||
Maryland State & Local Facilities Loan, General Obligation Refunding, ”A“, 5%, 8/01/2025 | 1,000,000 | 1,172,534 | ||
Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 3/15/2027 | 1,000,000 | 1,229,126 | ||
Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 8/01/2035 | 1,000,000 | 1,302,048 | ||
Montgomery County, MD, Consolidated Public Improvement, ”A“, 5%, 11/01/2026 (Prerefunded 11/01/2024) | 500,000 | 571,710 | ||
Prince George's County, MD, Consolidated Public Improvement, ”A“, 5%, 7/15/2033 | 1,000,000 | 1,257,668 | ||
Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/15/2023 | 2,500,000 | 2,713,470 | ||
Prince George's County, MD, General Obligation Consolidated Public Improvement, ”A“, 5%, 7/01/2024 | 1,015,000 | 1,145,802 | ||
Puerto Rico Public Buildings Authority Rev., Guaranteed, ”D“, AAC, 5.45%, 7/01/2030 | 115,000 | 118,598 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 160,000 | 202,298 | ||
Washington Suburban Sanitary District, MD, Consolidated Public Improvement Refunding, 5%, 6/01/2024 | 1,000,000 | 1,125,172 | ||
$ 29,318,855 | ||||
General Obligations - Schools – 0.0% | ||||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 20,000 | $ 23,912 | |
Healthcare Revenue - Hospitals – 16.2% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2044 | $ | 10,000 | $ 12,174 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | 5,000 | 6,036 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044 | 55,000 | 62,348 | ||
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 15,000 | 16,441 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | 490,000 | 600,487 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 (w) | 750,000 | 955,794 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Carroll Hospital), ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,000,000 | 1,035,706 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034 | 750,000 | 853,726 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045 | 1,000,000 | 1,147,496 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2041 | 1,000,000 | 1,173,236 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025) | 750,000 | 874,339 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033 | 400,000 | 470,145 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042 | 1,000,000 | 1,114,376 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), ”A“, AGM, 5.25%, 8/15/2038 | 1,155,000 | 1,555,199 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 8/15/2041 | 505,000 | 546,735 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 5/15/2042 | 750,000 | 902,993 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), ”A“, 5%, 7/01/2032 | $ | 600,000 | $ 704,598 | |
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027 | 500,000 | 576,924 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2035 | 500,000 | 633,277 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), ”MD“, 5%, 12/01/2046 | 1,000,000 | 1,214,737 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”B“, 5%, 7/01/2034 | 1,000,000 | 1,207,374 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”D“, 4%, 7/01/2048 | 1,250,000 | 1,400,621 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034 (Prerefunded 7/01/2024) | 1,000,000 | 1,132,694 | ||
Maryland Industrial Development Authority, Economic Development Rev., RIBS, AGM, 11.415%, 8/26/2022 (p) | 150,000 | 165,074 | ||
Montgomery County, MD, Rev. (Trinity Health Corp.), 5%, 12/01/2040 (Prerefunded 12/01/2021) | 1,000,000 | 1,007,738 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043 | 635,000 | 716,689 | ||
$ 20,086,957 | ||||
Healthcare Revenue - Long Term Care – 3.4% | ||||
Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045 | $ | 1,000,000 | $ 1,140,093 | |
Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038 | 450,000 | 520,442 | ||
Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | 500,000 | 529,995 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), ”A“, 5%, 1/01/2045 | 500,000 | 573,605 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042 | 350,000 | 378,797 | ||
Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), ”B“, 5%, 1/01/2032 | 575,000 | 709,492 | ||
Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040 | 400,000 | 424,688 | ||
$ 4,277,112 | ||||
Healthcare Revenue - Other – 0.4% | ||||
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 | $ | 470,000 | $ 471,363 | |
Industrial Revenue - Other – 0.3% | ||||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | $ | 295,000 | $ 341,184 | |
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $ 112,455 | |
Miscellaneous Revenue - Other – 3.4% | ||||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 20,000 | $ 21,200 | |
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2029 | 10,000 | 10,752 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033 | 25,000 | 26,712 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2035 | 20,000 | 21,293 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 25,000 | 26,359 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 45,000 | 47,279 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 | 105,000 | 112,488 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2028 | 90,000 | 110,946 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2029 | 210,000 | 263,562 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039 | 1,100,000 | 1,259,099 | ||
Montgomery County, MD, Transportation Fund Lease Authority Rev., ”A“, 5%, 11/01/2036 | 415,000 | 480,248 | ||
Montgomery County, MD, Refunding Rev. (Alcohol Beverage Services), ”A“, 5%, 4/01/2030 | 1,000,000 | 1,318,256 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 450,000 | 462,909 | ||
$ 4,161,103 | ||||
Multi-Family Housing Revenue – 6.1% | ||||
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), ”A“, 5%, 6/01/2044 | $ | 500,000 | $ 540,165 | |
Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037 | 750,000 | 869,911 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, FHA, 4%, 7/01/2048 | 500,000 | 542,162 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 3.65%, 7/01/2049 | 505,000 | 540,056 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”D“, 3.35%, 7/01/2049 | 1,765,000 | 1,866,982 | ||
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A-1“, FHA, 3.05%, 7/01/2044 | 1,000,000 | 1,056,141 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Multi-Family Housing Revenue – continued | ||||
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”C“, 5.125%, 7/01/2037 | $ | 1,000,000 | $ 1,007,923 | |
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036 | 1,065,000 | 1,098,607 | ||
$ 7,521,947 | ||||
Parking – 1.1% | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034 | $ | 1,385,000 | $ 1,397,409 | |
Port Revenue – 1.4% | ||||
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2044 | $ | 500,000 | $ 594,029 | |
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2049 | 250,000 | 295,154 | ||
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2031 | 650,000 | 789,342 | ||
$ 1,678,525 | ||||
Sales & Excise Tax Revenue – 2.2% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 10,000 | $ 12,320 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 10,000 | 12,742 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 30,000 | 34,602 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 45,000 | 50,265 | ||
Guam Government Business Privilege Tax Rev., ”A“, 5.25%, 1/01/2036 | 260,000 | 263,099 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2026 | 40,000 | 47,037 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027 | 90,000 | 108,718 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028 | 80,000 | 98,975 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2029 | 15,000 | 18,963 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2030 | 40,000 | 51,485 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036 | 35,000 | 44,035 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037 | 50,000 | 62,863 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038 | 40,000 | 46,607 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040 | 25,000 | 29,122 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 21,000 | 23,599 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 31,000 | 35,162 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 241,000 | 267,248 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 75,000 | 83,168 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 46,000 | 51,569 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 3,000 | 2,864 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 36,000 | 32,491 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 5,167 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 338,000 | 269,328 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 332,000 | 246,105 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 2,229,000 | 733,124 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 120,000 | 133,175 | ||
$ 2,770,081 | ||||
Secondary Schools – 0.2% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2039 (n) | $ | 250,000 | $ 284,050 | |
Single Family Housing - Local – 0.5% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 475,000 | $ 527,039 | |
Montgomery County, MD, Housing Opportunities Commission, Single Family Mortgage Rev., ”A“, FHA, 3.85%, 1/01/2042 | 95,000 | 96,870 | ||
$ 623,909 | ||||
Single Family Housing - State – 3.5% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047 | $ | 330,000 | $ 354,325 | |
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047 | 360,000 | 386,306 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 3.75%, 9/01/2039 | 275,000 | 293,140 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 345,000 | 382,897 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Single Family Housing - State – continued | ||||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 5%, 3/01/2031 | $ | 1,150,000 | $ 1,436,862 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2039 | 1,000,000 | 1,049,112 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 405,000 | 433,230 | ||
$ 4,335,872 | ||||
State & Local Agencies – 5.5% | ||||
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | $ | 455,000 | $ 514,847 | |
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 665,000 | 639,787 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026) | 500,000 | 600,134 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2038 | 500,000 | 608,781 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 110,000 | 138,330 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 225,000 | 272,080 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 6,447 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,913 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 20,000 | 23,599 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 10,000 | 11,760 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 10,000 | 11,713 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 15,000 | 17,510 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 11,595 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 100,000 | 119,396 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 230,000 | 286,159 | ||
Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038 | 1,000,000 | 1,075,688 | ||
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037 | 1,000,000 | 1,251,945 | ||
Washington, D.C. Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 4%, 7/15/2039 | 1,000,000 | 1,201,862 | ||
$ 6,797,546 | ||||
Student Loan Revenue – 0.1% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 45,000 | $ 47,361 | |
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 115,000 | 118,091 | ||
$ 165,452 | ||||
Tax - Other – 0.8% | ||||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | $ | 110,000 | $ 112,648 | |
Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 600,000 | 622,689 | ||
Virgin Islands Public Finance Authority Rev., Matching Fund Loan Note, ”B“, AGM, 5%, 10/01/2025 | 100,000 | 103,064 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 113,022 | ||
$ 951,423 | ||||
Tax Assessment – 4.2% | ||||
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038 | $ | 500,000 | $ 563,859 | |
Baltimore, MD, Special Obligation Rev. (Harbor Point Project), ”B“, 3.875%, 6/01/2046 (n) | 300,000 | 302,848 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 500,000 | 588,434 | ||
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n) | 250,000 | 295,499 | ||
Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039 | 500,000 | 527,488 | ||
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”A“, 4%, 7/01/2035 | 500,000 | 587,506 | ||
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”B“, 4%, 7/01/2040 | 200,000 | 224,297 | ||
Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), ”A“, 5%, 7/01/2043 (n) | 250,000 | 293,521 | ||
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044 | 230,000 | 242,106 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n) | 300,000 | 315,384 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | 500,000 | 562,104 | ||
Prince George's County, MD, Special Obligation (National Harbor Project), 5.2%, 7/01/2034 | 314,000 | 316,499 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 400,000 | 444,559 | ||
$ 5,264,104 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – 0.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 94,229 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,400,000 | 224,083 | ||
$ 318,312 | ||||
Transportation - Special Tax – 3.7% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | $ | 355,000 | $ 393,305 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 360,000 | 392,711 | ||
Maryland Transportation Authority Facilities Projects Rev., ”A“, 5%, 7/01/2029 | 750,000 | 973,065 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 265,000 | 276,173 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 60,000 | 74,707 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 5.25%, 12/15/2021 | 60,000 | 60,597 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 440,000 | 530,906 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 440,000 | 530,017 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042 | 1,140,000 | 1,363,671 | ||
$ 4,595,152 | ||||
Universities - Colleges – 7.4% | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2034 | $ | 500,000 | $ 515,583 | |
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2044 | 500,000 | 576,375 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins University), ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,500,000 | 1,554,132 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032 | 500,000 | 559,171 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049 | 1,000,000 | 1,231,066 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033 | 450,000 | 518,040 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Notre Dame College), 5%, 10/01/2035 | 1,000,000 | 1,000,266 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046 | 750,000 | 849,590 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051 | 250,000 | 281,931 | ||
Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2030 (Prerefunded 7/01/2022) | 150,000 | 155,356 | ||
Morgan State University, Academic & Auxiliary Facilities Fees Rev., 5%, 7/01/2032 (Prerefunded 7/01/2022) | 440,000 | 455,711 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 30,000 | 30,398 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 135,000 | 137,025 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 85,000 | 87,760 | ||
University System of Maryland, Auxiliary Facility & Tuition Rev., ”D“, 5%, 10/01/2022 | 1,000,000 | 1,047,659 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 110,000 | 119,996 | ||
$ 9,120,059 | ||||
Universities - Dormitories – 3.0% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 660,000 | $ 799,302 | |
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | 750,000 | 870,502 | ||
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050 | 1,000,000 | 1,211,791 | ||
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027 | 500,000 | 513,286 | ||
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030 | 300,000 | 307,167 | ||
$ 3,702,048 | ||||
Utilities - Cogeneration – 0.2% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 245,000 | $ 251,125 | |
Utilities - Municipal Owned – 0.9% | ||||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | $ | 250,000 | $ 244,375 | |
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,813 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | $ | 95,000 | $ 93,219 | |
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,750 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 100,000 | 97,875 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 160,000 | 156,400 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,000 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 45,000 | 44,044 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,775 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 122,187 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,874 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 57,975 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 65,000 | 63,781 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 65,000 | 63,781 | ||
$ 1,178,749 | ||||
Utilities - Other – 0.2% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 100,000 | $ 104,455 | |
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023 | 140,000 | 152,756 | ||
$ 257,211 | ||||
Water & Sewer Utility Revenue – 4.2% | ||||
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2032 | $ | 410,000 | $ 534,731 | |
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2033 | 305,000 | 396,478 | ||
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2034 | 600,000 | 777,360 | ||
Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), ”B“, 5%, 7/01/2042 (Prerefunded 1/01/2024) | 1,320,000 | 1,459,125 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 20,000 | 22,586 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 105,000 | 117,374 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 205,000 | 223,630 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 205,000 | 221,638 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 130,000 | 156,694 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 25,000 | 27,988 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 30,000 | 33,481 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 15,000 | 16,775 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 35,000 | 39,071 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 50,000 | 56,189 | ||
Montgomery County, MD, Water Quality Protection Charge Rev., ”A“, 5%, 4/01/2032 | 1,125,000 | 1,129,046 | ||
$ 5,212,166 | ||||
Total Municipal Bonds (Identified Cost, $111,206,689) | $117,117,824 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 165,000 | $ 146,957 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 400,000 | 124,636 | ||
Total Bonds (Identified Cost, $283,063) | $ 271,593 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 5.0% | ||||
Money Market Funds – 5.0% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $6,180,934) | 6,180,934 | $ 6,180,934 | ||
Other Assets, Less Liabilities – 0.4% | 446,680 | |||
Net Assets – 100.0% | $124,017,031 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 96.7% | ||||
Airport Revenue – 6.5% | ||||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038 | $ | 2,000,000 | $ 2,463,550 | |
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2040 | 2,755,000 | 3,379,336 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042 | 3,000,000 | 3,568,557 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2047 | 1,500,000 | 1,781,328 | ||
Massachusetts Port Authority Rev., ”B“, 5%, 7/01/2043 | 3,625,000 | 4,240,451 | ||
Massachusetts Port Authority Rev., ”C“, 5%, 7/01/2044 | 3,000,000 | 3,648,051 | ||
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2029 | 620,000 | 787,472 | ||
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2030 | 500,000 | 646,369 | ||
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2031 | 1,000,000 | 1,314,129 | ||
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2032 | 1,590,000 | 2,081,521 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 300,000 | 336,553 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 395,000 | 458,362 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 600,000 | 715,922 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 755,000 | 924,211 | ||
$ 26,345,812 | ||||
General Obligations - General Purpose – 11.6% | ||||
Barnstable, MA, General Obligation, 5%, 3/15/2026 | $ | 500,000 | $ 598,725 | |
Barnstable, MA, General Obligation, 5%, 3/15/2027 | 665,000 | 819,771 | ||
Barnstable, MA, General Obligation, 5%, 3/15/2029 | 685,000 | 887,133 | ||
Beverly, MA, General Obligation, 5%, 3/15/2027 | 1,200,000 | 1,476,395 | ||
Beverly, MA, General Obligation, 5%, 3/15/2028 | 1,330,000 | 1,676,746 | ||
Beverly, MA, General Obligation, 5%, 3/15/2029 | 455,000 | 586,991 | ||
Boston, MA, General Obligation Refunding, ”D“, 5%, 3/01/2025 | 1,500,000 | 1,735,954 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 705,000 | 749,699 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2025 | 535,000 | 605,286 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2026 | 145,000 | 168,852 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2027 | 170,000 | 203,078 | ||
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2023 | 1,000,000 | 1,092,030 | ||
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2028 | 2,225,000 | 2,867,077 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2044 | 2,000,000 | 2,240,072 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”D“, 4%, 2/01/2046 | 2,600,000 | 2,904,911 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2032 | 2,250,000 | 2,955,861 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2033 | 1,740,000 | 2,277,984 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”F“, 5%, 11/01/2042 | 3,000,000 | 3,697,957 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”I“, 5%, 12/01/2034 | 1,000,000 | 1,206,693 | ||
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 3,880,000 | 3,346,500 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A“, AGM, 5%, 7/01/2035 | 445,000 | 449,271 | ||
Dennis-Yarmouth, MA, Regional School District, 2%, 10/06/2021 | 5,000,000 | 5,000,486 | ||
East Bridgewater, MA, General Obligation Municipal Purpose Loan, 5%, 4/15/2029 | 1,170,000 | 1,510,171 | ||
Hanover, MA, General Obligation, 1%, 2/24/2022 | 1,581,783 | 1,586,891 | ||
Longmeadow, MA, General Obligation, 5%, 5/15/2025 | 810,000 | 943,422 | ||
Massachusetts Turnpike Authority, Metropolitan Highway System Rev., Capital Appreciation, ”A“, NPFG, 0%, 1/01/2029 | 1,560,000 | 1,403,828 | ||
Norton, MA, Bond Anticipation Notes, 2%, 7/15/2022 | 1,400,000 | 1,419,336 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-2“, AAC, 10%, 7/01/2035 | 510,000 | 536,998 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 280,000 | 354,022 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 255,000 | 322,734 | ||
Worcester, MA, General Obligation Municipal Purpose Loan, 5%, 2/15/2029 | 1,225,000 | 1,575,395 | ||
$ 47,200,269 | ||||
General Obligations - Schools – 0.4% | ||||
San Marcos, CA, Unified School District (Election of 2010), Capital Appreciation, ”C“, 0%, 8/01/2038 (Prerefunded 2/15/2024) | $ | 3,375,000 | $ 1,568,363 | |
Healthcare Revenue - Hospitals – 13.6% | ||||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 4%, 6/01/2049 | $ | 1,500,000 | $ 1,672,136 | |
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), ”N“, 5%, 7/01/2044 | 2,000,000 | 2,210,729 | ||
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2029 | 600,000 | 776,101 | ||
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2030 | 1,675,000 | 2,202,221 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Massachusetts Development Finance Agency Rev. (Berkshire Health Systems), ”I“, 5%, 10/01/2031 | $ | 400,000 | $ 535,427 | |
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2036 | 635,000 | 786,989 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2037 | 850,000 | 1,050,667 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2038 | 700,000 | 863,382 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”I“, 5%, 7/01/2037 | 1,000,000 | 1,171,679 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2036 | 1,000,000 | 1,220,130 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2037 | 1,000,000 | 1,217,267 | ||
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”P“, 5%, 10/01/2032 | 1,000,000 | 1,133,457 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”N“, 5%, 12/01/2041 | 1,690,000 | 2,008,972 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2029 | 100,000 | 128,338 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2030 | 100,000 | 126,318 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2031 | 125,000 | 157,262 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2032 | 175,000 | 219,511 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2033 | 150,000 | 187,562 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2034 | 400,000 | 498,733 | ||
Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), ”F“, 5%, 8/15/2030 | 2,000,000 | 2,310,548 | ||
Massachusetts Development Finance Agency Rev. (Massachusetts General Brigham, Inc.), ”A-2“, 5%, 7/01/2023 | 5,000,000 | 5,413,221 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043 | 1,000,000 | 1,059,158 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”G“, 5%, 7/15/2046 (n) | 1,000,000 | 1,200,534 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2041 | 1,500,000 | 1,780,576 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2047 | 1,500,000 | 1,773,692 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 4%, 7/01/2041 | 3,500,000 | 3,976,789 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S-4“, 5%, 7/01/2034 | 700,000 | 859,209 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), ”I“, 5%, 7/01/2041 | 2,300,000 | 2,664,695 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2041 | 1,850,000 | 2,162,744 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038 | 2,000,000 | 2,360,258 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”L“, 5%, 7/01/2044 | 1,000,000 | 1,190,224 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044 | 2,080,000 | 2,319,491 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044 | 2,000,000 | 2,389,682 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 5%, 10/01/2034 | 450,000 | 579,086 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 4%, 10/01/2045 | 2,500,000 | 2,878,372 | ||
Massachusetts Development Finance Agency Rev., ”J-2“, 5%, 7/01/2048 | 1,610,000 | 1,928,827 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 120,000 | 120,529 | ||
$ 55,134,516 | ||||
Healthcare Revenue - Long Term Care – 1.4% | ||||
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031 | $ | 1,000,000 | $ 1,139,065 | |
Massachusetts Development Finance Agency Rev. (Adventcare), ”A“, 6.75%, 10/15/2037 (a)(d) | 500,000 | 225,000 | ||
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042 | 485,000 | 538,184 | ||
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042 | 525,000 | 603,445 | ||
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, ”B“, 0%, 11/15/2056 | 78,679 | 50,047 | ||
Massachusetts Development Finance Agency Rev. (Loomis Community), ETM, 6%, 1/01/2033 (Prerefunded 7/01/2023) | 250,000 | 274,826 | ||
Massachusetts Development Finance Agency Rev. (Loomis Community), Unrefunded Balance, 6%, 1/01/2033 | 250,000 | 267,603 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1,250,000 | 1,359,640 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 1,000,000 | 1,130,545 | ||
$ 5,588,355 | ||||
Industrial Revenue - Other – 0.4% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 500,000 | $ 516,446 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 4.5%, 5/01/2032 (n) | 390,180 | 419,161 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | 575,000 | 665,020 | ||
$ 1,600,627 | ||||
Miscellaneous Revenue - Other – 2.1% | ||||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037 | $ | 1,000,000 | $ 1,230,341 | |
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038 | 1,000,000 | 1,228,710 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043 | 1,000,000 | 1,225,506 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038 | 1,000,000 | 1,239,936 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Miscellaneous Revenue - Other – continued | ||||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2039 | $ | 2,000,000 | $ 2,474,245 | |
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 1,095,000 | 1,117,056 | ||
$ 8,515,794 | ||||
Multi-Family Housing Revenue – 3.7% | ||||
Boston, MA, Housing Authority Capital Program Rev., ”B“, 5%, 4/01/2028 | $ | 1,000,000 | $ 1,244,212 | |
Massachusetts Development Finance Agency Rev. (Credit Housing-Chelsea Homes), ”I-A“, LOC, 5%, 12/15/2024 | 965,000 | 968,640 | ||
Massachusetts Development Finance Agency Rev. (Morville House Apartments), ”A“, LOC, 4.95%, 12/15/2023 | 1,995,000 | 2,003,654 | ||
Massachusetts Housing Finance Agency, ”A“, 3.7%, 12/01/2038 | 1,000,000 | 1,088,194 | ||
Massachusetts Housing Finance Agency, ”A“, 3.8%, 12/01/2043 | 2,025,000 | 2,195,750 | ||
Massachusetts Housing Finance Agency, ”A“, FHA, 5.25%, 12/01/2035 | 705,000 | 710,230 | ||
Massachusetts Housing Finance Agency, ”C“, 5.35%, 12/01/2049 | 1,035,000 | 1,036,303 | ||
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039 | 1,000,000 | 1,054,555 | ||
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044 | 2,000,000 | 2,100,069 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.75%, 12/01/2030 | 1,425,000 | 1,427,471 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.875%, 12/01/2032 | 1,190,000 | 1,192,133 | ||
$ 15,021,211 | ||||
Port Revenue – 0.7% | ||||
Martha's Vineyard, MA, Woods Hole Steamship Authority, ”A“, 4%, 3/01/2028 | $ | 2,660,000 | $ 2,959,635 | |
Sales & Excise Tax Revenue – 6.6% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 25,000 | $ 30,799 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 20,000 | 24,993 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 25,000 | 31,855 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 110,000 | 126,873 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 145,000 | 161,965 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2026 | 140,000 | 164,629 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027 | 310,000 | 374,474 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028 | 275,000 | 340,226 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2029 | 60,000 | 75,853 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2030 | 140,000 | 180,196 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036 | 125,000 | 157,269 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037 | 175,000 | 220,022 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2038 | 80,000 | 93,215 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2039 | 55,000 | 63,928 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040 | 85,000 | 99,015 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., 4%, 12/01/2021 | 500,000 | 503,069 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2024 | 1,590,000 | 1,794,435 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2029 | 1,850,000 | 2,434,601 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2031 | 2,000,000 | 2,742,880 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-2“, VRDN, 0.03%, 7/01/2026 | 1,780,000 | 1,780,000 | ||
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”A“, 5%, 2/15/2044 | 4,000,000 | 4,964,155 | ||
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”B“, 4%, 11/15/2046 | 3,000,000 | 3,404,626 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 73,000 | 82,035 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 215,000 | 243,866 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 671,000 | 744,080 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 256,000 | 283,881 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 5,000 | 5,529 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 101,000 | 113,227 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 11,000 | 10,501 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 117,000 | 105,595 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 22,000 | 18,947 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 1,059,000 | 843,840 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 1,011,000 | 749,434 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 9,313,000 | 3,063,071 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 410,000 | 455,013 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | $ | 140,000 | $ 146,065 | |
$ 26,634,162 | ||||
Secondary Schools – 1.9% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n) | $ | 290,000 | $ 324,288 | |
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039 | 1,000,000 | 1,081,961 | ||
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054 | 1,000,000 | 1,067,976 | ||
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030 | 500,000 | 565,947 | ||
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031 | 1,015,000 | 1,145,826 | ||
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”B“, 5%, 7/01/2037 | 1,000,000 | 1,125,585 | ||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033 | 2,000,000 | 2,204,887 | ||
$ 7,516,470 | ||||
Single Family Housing - Local – 0.4% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 1,605,000 | $ 1,780,837 | |
Single Family Housing - State – 3.7% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 985,000 | $ 1,056,892 | |
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 1,175,000 | 1,304,069 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”186“, 4%, 6/01/2039 (n) | 1,030,000 | 1,091,074 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.3%, 6/01/2034 | 365,000 | 387,910 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.45%, 12/01/2036 | 485,000 | 517,695 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”215“, GNMA, 4%, 12/01/2050 | 3,100,000 | 3,466,020 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2026 | 120,000 | 143,707 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2026 | 100,000 | 121,103 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2027 | 110,000 | 134,657 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2027 | 100,000 | 123,885 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2028 | 100,000 | 125,094 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 12/01/2028 | 100,000 | 126,440 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 5%, 6/01/2029 | 100,000 | 127,650 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 1.35%, 12/01/2029 | 400,000 | 395,897 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”222“, GNMA, 3%, 6/01/2051 | 1,000,000 | 1,099,524 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044 | 1,865,000 | 1,931,491 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 1,365,000 | 1,460,145 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 1,330,000 | 1,465,057 | ||
$ 15,078,310 | ||||
State & Local Agencies – 3.8% | ||||
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | $ | 1,245,000 | $ 1,408,756 | |
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 75,000 | 91,720 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 60,000 | 73,102 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 30,000 | 36,434 | ||
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,400,000 | 1,346,920 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 350,000 | 440,140 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 665,000 | 804,149 | ||
Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2031 (Prerefunded 5/01/2023) | 275,000 | 295,747 | ||
Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2032 (Prerefunded 5/01/2023) | 760,000 | 817,336 | ||
Massachusetts College Building Authority Project Rev., Capital Appreciation, ”A“, SYNCORA, 0%, 5/01/2022 | 8,310,000 | 8,291,926 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 45,000 | 53,413 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 25,000 | 32,234 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 15,000 | 19,306 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 65,000 | 76,867 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 55,000 | 64,897 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 40,000 | 47,038 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 35,000 | 40,995 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 55,000 | 64,203 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | $ | 35,000 | $ 40,583 | |
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 345,000 | 411,917 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 765,000 | 951,790 | ||
$ 15,409,473 | ||||
Student Loan Revenue – 4.0% | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2029 | $ | 1,400,000 | $ 1,759,404 | |
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2030 | 1,300,000 | 1,658,478 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037 | 3,000,000 | 2,972,827 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046 | 2,000,000 | 2,118,363 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047 | 4,000,000 | 4,180,939 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 5.625%, 7/01/2029 | 475,000 | 475,483 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 | 495,000 | 505,011 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 4.5%, 7/01/2024 | 450,000 | 462,977 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051 | 2,000,000 | 1,983,278 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 245,000 | 250,227 | ||
$ 16,366,987 | ||||
Tax - Other – 1.1% | ||||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035 | $ | 225,000 | $ 260,469 | |
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036 | 120,000 | 138,715 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046 | 370,000 | 421,457 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 210,000 | 264,570 | ||
Massachusetts Special Obligation Dedicated Tax Rev., NPFG, 5.5%, 1/01/2023 | 1,585,000 | 1,684,830 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | 305,000 | 312,341 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2026 | 995,000 | 1,084,525 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 225,000 | 254,299 | ||
$ 4,421,206 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 25,000 | $ 28,627 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 32,000 | 37,660 | ||
$ 66,287 | ||||
Tobacco – 0.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 250,000 | $ 314,095 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 4,885,000 | 781,891 | ||
$ 1,095,986 | ||||
Toll Roads – 1.2% | ||||
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037 | $ | 1,000,000 | $ 1,244,082 | |
Massachusetts Department of Transportation, Metropolitan Highway System Rev., “C”, 5%, 1/01/2035 | 3,000,000 | 3,754,596 | ||
$ 4,998,678 | ||||
Transportation - Special Tax – 3.9% | ||||
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036 | $ | 2,850,000 | $ 3,380,664 | |
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2042 | 3,000,000 | 3,653,970 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | 465,000 | 470,871 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026 | 245,000 | 246,591 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 280,000 | 281,949 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 520,000 | 576,109 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 1,055,000 | 1,150,862 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, ”A“, NPFG, 5%, 7/01/2038 | 45,000 | 45,622 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”B-1“, 5%, 7/01/2033 | 3,000,000 | 3,919,949 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | $ | 890,000 | $ 927,525 | |
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 210,000 | 261,476 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 420,000 | 499,437 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 225,000 | 279,938 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 220,000 | 268,634 | ||
$ 15,963,597 | ||||
Universities - Colleges – 20.8% | ||||
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2038 | $ | 605,000 | $ 747,695 | |
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2040 | 2,665,000 | 3,280,145 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035 | 970,000 | 1,181,242 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036 | 850,000 | 992,747 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037 | 625,000 | 756,921 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038 | 340,000 | 410,877 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039 | 3,055,000 | 3,366,359 | ||
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040 | 1,500,000 | 1,753,265 | ||
Massachusetts Development Finance Agency Rev. (Bentley University), ”A“, 4%, 7/01/2038 | 1,000,000 | 1,184,830 | ||
Massachusetts Development Finance Agency Rev. (Brandeis University), ”R“, 5%, 10/01/2038 | 835,000 | 1,025,725 | ||
Massachusetts Development Finance Agency Rev. (Brandeis University), ”S-1“, 5%, 10/01/2039 | 2,660,000 | 3,280,132 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043 | 725,000 | 849,860 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048 | 250,000 | 291,553 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042 | 2,000,000 | 2,319,899 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043 | 2,000,000 | 2,308,750 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 1,375,000 | 1,504,502 | ||
Massachusetts Development Finance Agency Rev. (Harvard University), ”A“, 5%, 10/15/2029 | 3,000,000 | 3,942,577 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045 | 250,000 | 281,546 | ||
Massachusetts Development Finance Agency Rev. (Lesley University), ”A“, 5%, 7/01/2044 | 2,250,000 | 2,732,438 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047 | 1,000,000 | 1,140,353 | ||
Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2042 | 475,000 | 544,288 | ||
Massachusetts Development Finance Agency Rev. (Merrimack University), ”B“, 4%, 7/01/2050 | 1,825,000 | 2,058,066 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2031 | 2,330,000 | 3,053,844 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2033 | 900,000 | 1,171,784 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2034 | 500,000 | 648,778 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2035 | 1,555,000 | 2,014,159 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), ”L“, 5%, 10/01/2035 | 2,000,000 | 2,415,692 | ||
Massachusetts Development Finance Agency Rev. (Simmons Unversity), ”H“, SYNCORA, 5.25%, 10/01/2026 | 2,250,000 | 2,537,191 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046 | 1,000,000 | 1,132,871 | ||
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology Issue), 5%, 10/01/2046 | 2,000,000 | 2,286,998 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031 | 1,110,000 | 1,255,173 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038 | 2,550,000 | 3,103,455 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2038 | 865,000 | 1,076,733 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039 | 950,000 | 1,179,807 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047 | 1,395,000 | 1,673,486 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 4%, 9/01/2049 | 3,000,000 | 3,082,723 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027 | 1,735,000 | 2,189,104 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028 | 1,000,000 | 1,265,807 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), ”I“, 0.7%, 7/01/2033 (Put Date 7/01/2025) | 2,800,000 | 2,810,081 | ||
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 295,000 | 295,947 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 310,000 | 311,475 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 110,000 | 111,458 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 370,000 | 375,550 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 75,000 | 75,493 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 90,000 | 91,350 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | $ | 470,000 | $ 544,928 | |
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2037 | 1,000,000 | 1,274,089 | ||
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2039 (Prerefunded 11/01/2022) | 3,000,000 | 3,156,559 | ||
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2040 | 2,500,000 | 2,914,129 | ||
University of Massachusetts Building Authority Senior Refunding Rev., ”2019-1“, 5%, 5/01/2039 | 3,000,000 | 3,757,538 | ||
University of Massachusetts Building Authority Senior Refunding Rev., ”2021-1“, 5%, 11/01/2029 | 2,250,000 | 2,943,443 | ||
$ 84,703,415 | ||||
Utilities - Cogeneration – 0.2% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 650,000 | $ 666,250 | |
Utilities - Municipal Owned – 1.1% | ||||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | $ | 200,000 | $ 219,813 | |
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 235,000 | 257,119 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 800,000 | 782,000 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 125,000 | 122,188 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 65,000 | 63,781 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 30,000 | 29,438 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 300,000 | 294,375 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 35,000 | 34,125 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 315,000 | 308,306 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 510,000 | 498,525 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 190,000 | 182,400 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 150,000 | 146,812 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 135,000 | 131,963 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 25,000 | 24,438 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 415,000 | 405,662 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029 | 220,000 | 238,390 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 35,000 | 38,058 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 30,000 | 29,475 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 65,000 | 63,781 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 195,000 | 188,419 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 220,000 | 215,875 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 75,000 | 73,594 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 230,000 | 225,687 | ||
$ 4,574,224 | ||||
Utilities - Other – 0.1% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 210,000 | $ 219,356 | |
Water & Sewer Utility Revenue – 7.2% | ||||
Boston, MA, Water and Sewer Commission General Refunding Rev., ”A“, 4%, 11/01/2025 (Prerefunded 11/01/2022) | $ | 2,950,000 | $ 3,072,273 | |
Boston, MA, Water and Sewer Commission General Refunding Rev., ”A“, 3.5%, 11/01/2034 (Prerefunded 11/01/2022) | 1,000,000 | 1,035,749 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 455,000 | 548,428 | ||
Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2038 | 1,255,000 | 1,592,849 | ||
Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2039 | 545,000 | 690,125 | ||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027 | 1,280,000 | 1,611,163 | ||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033 | 2,000,000 | 2,832,571 | ||
Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032 | 75,000 | 75,271 | ||
Massachusetts Water Resources Authority, General Refunding Rev. (Green Bonds), ”C“, 4%, 8/01/2040 | 2,910,000 | 3,300,358 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2040 | 4,000,000 | 5,151,238 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029 | 595,000 | 787,629 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2031 | 1,625,000 | 2,245,231 | ||
Massachusetts Water Resources Authority, Multi-Modal Subordinated General Rev., ”C-2“, VRDN, 0.04%, 11/01/2026 | 6,470,000 | 6,470,000 | ||
$ 29,412,885 | ||||
Total Municipal Bonds (Identified Cost, $369,476,008) | $392,842,705 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 581,000 | $ 517,468 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,200,000 | 373,907 | ||
Total Bonds (Identified Cost, $927,171) | $ 891,375 | |||
Investment Companies (h) – 2.0% | ||||
Money Market Funds – 2.0% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $8,098,342) | 8,098,385 | $ 8,098,385 | ||
Other Assets, Less Liabilities – 1.1% | 4,594,410 | |||
Net Assets – 100.0% | $406,426,875 |
(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 each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows: |
Affiliated Issuers | Unaffiliated Issuers | |
Alabama Fund | $ 354,885 | $100,449,732 |
Arkansas Fund | 3,448,888 | 179,847,193 |
California Fund | 7,465,250 | 639,182,001 |
Georgia Fund | 5,268,124 | 142,431,489 |
Maryland Fund | 6,180,934 | 117,389,417 |
Massachusetts Fund | 8,098,385 | 393,734,080 |
(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 and percentage of net assets for each fund is as follows: |
Value | Percent of net assets | |
Alabama Fund | $ 1,911,316 | 1.9% |
Arkansas Fund | 1,971,334 | 1.1% |
California Fund | 71,089,446 | 11.1% |
Georgia Fund | 2,417,959 | 1.6% |
Maryland Fund | 3,363,913 | 2.7% |
Massachusetts Fund | 8,199,161 | 2.0% |
(p) | Primary market inverse floater. |
(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 following fund(s) holds the following restricted securities: |
California Fund | |||
Restricted Securities | Acquisition Date | Cost | Value |
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/19 | $1,751,506 | $610,000 |
% of Net assets | 0.1% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
BHAC | Berkshire Hathaway Assurance Corp. |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FGIC | Financial Guaranty Insurance Co. |
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 |
LOC | Letter of Credit |
NPFG | National Public Finance Guarantee Corp. |
RIBS | Residual Interest Bonds |
SYNCORA | Syncora Guarantee Inc. |
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. |
Alabama Fund | Arkansas Fund | California Fund | |
Assets | |||
Investments in unaffiliated issuers, at value (identified cost, $95,314,953, $170,545,766, and $594,890,640, respectively) | $100,449,732 | $179,847,193 | $639,182,001 |
Investments in affiliated issuers, at value (identified cost, $354,857, $3,448,888, and $7,465,238, respectively) | 354,885 | 3,448,888 | 7,465,250 |
Cash | 2,172 | 38,017 | 114,842 |
Receivables for | |||
Investments sold | 205,000 | 2,059,750 | 1,965,088 |
Fund shares sold | 214,500 | 186,386 | 1,830,677 |
Interest | 1,046,951 | 2,007,009 | 6,403,856 |
Receivable from investment adviser | 3,235 | 1,138 | — |
Other assets | 7,331 | 11,721 | 9,577 |
Total assets | $102,283,806 | $187,600,102 | $656,971,291 |
Liabilities | |||
Payables for | |||
Distributions | $17,871 | $17,814 | $139,509 |
Fund shares reacquired | 70,456 | 280,485 | 649,064 |
When-issued investments purchased | 86,216 | 4,349,153 | 14,784,289 |
Payable to affiliates | |||
Investment adviser | — | — | 15,380 |
Administrative services fee | 133 | 191 | 518 |
Shareholder servicing costs | 15,147 | 31,857 | 114,644 |
Distribution and service fees | 895 | 779 | 3,338 |
Payable for independent Trustees' compensation | — | — | 4,628 |
Accrued expenses and other liabilities | 38,166 | 43,572 | 58,753 |
Total liabilities | $228,884 | $4,723,851 | $15,770,123 |
Net assets | $102,054,922 | $182,876,251 | $641,201,168 |
Net assets consist of | |||
Paid-in capital | $98,010,290 | $178,497,584 | $600,283,208 |
Total distributable earnings (loss) | 4,044,632 | 4,378,667 | 40,917,960 |
Net assets | $102,054,922 | $182,876,251 | $641,201,168 |
Alabama Fund | Arkansas Fund | California Fund | |
Net assets | |||
Class A | $65,224,246 | $137,547,670 | $405,143,446 |
Class B | 64,870 | 536,433 | 514,680 |
Class C | — | — | 19,873,589 |
Class I | 31,774,400 | 39,164,189 | 164,428,826 |
Class R6 | 4,991,406 | 5,627,959 | 51,240,627 |
Total net assets | $102,054,922 | $182,876,251 | $641,201,168 |
Shares of beneficial interest outstanding | |||
Class A | 6,195,241 | 13,631,506 | 64,149,198 |
Class B | 6,160 | 53,114 | 81,460 |
Class C | — | — | 3,136,434 |
Class I | 3,166,825 | 3,910,127 | 15,993,407 |
Class R6 | 497,460 | 561,809 | 4,987,233 |
Total shares of beneficial interest outstanding | 9,865,686 | 18,156,556 | 88,347,732 |
Class A shares | |||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $10.53 | $10.09 | $6.32 |
Offering price per share (100 / 95.75 x net asset value per share) | $11.00 | $10.54 | $6.60 |
Class B shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $10.53 | $10.10 | $6.32 |
Class C shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $— | $6.34 |
Class I shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.03 | $10.02 | $10.28 |
Class R6 shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.03 | $10.02 | $10.27 |
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. |
At 9/30/21 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Assets | |||
Investments in unaffiliated issuers, at value (identified cost, $135,261,129, $111,489,752, and $370,403,179, respectively) | $142,431,489 | $117,389,417 | $393,734,080 |
Investments in affiliated issuers, at value (identified cost, $5,268,124, $6,180,934, and $8,098,342, respectively) | 5,268,124 | 6,180,934 | 8,098,385 |
Cash | 3,117 | 2,626 | 8,630 |
Receivables for | |||
Investments sold | 130,820 | 70,000 | 1,319,106 |
Fund shares sold | 130,048 | 238,772 | 338,623 |
Interest | 1,418,162 | 1,285,921 | 4,159,233 |
Receivable from investment adviser | — | 9,069 | — |
Other assets | 12,170 | 14,000 | 11,770 |
Total assets | $149,393,930 | $125,190,739 | $407,669,827 |
Liabilities | |||
Payables for | |||
Distributions | $15,594 | $37,202 | $81,852 |
Investments purchased | 76,716 | — | — |
Fund shares reacquired | 92,970 | 56,548 | 652,265 |
When-issued investments purchased | 2,082,102 | 1,018,034 | 374,224 |
Payable to affiliates | |||
Investment adviser | 3,523 | — | 9,743 |
Administrative services fee | 165 | 149 | 350 |
Shareholder servicing costs | 14,570 | 19,276 | 76,913 |
Distribution and service fees | 1,500 | 1,167 | 2,904 |
Payable for independent Trustees' compensation | — | 2,789 | 2,776 |
Accrued expenses and other liabilities | 48,124 | 38,543 | 41,925 |
Total liabilities | $2,335,264 | $1,173,708 | $1,242,952 |
Net assets | $147,058,666 | $124,017,031 | $406,426,875 |
Net assets consist of | |||
Paid-in capital | $141,701,926 | $120,120,510 | $389,088,078 |
Total distributable earnings (loss) | 5,356,740 | 3,896,521 | 17,338,797 |
Net assets | $147,058,666 | $124,017,031 | $406,426,875 |
Georgia Fund | Maryland Fund | Massachusetts Fund | |
Net assets | |||
Class A | $109,272,917 | $85,401,462 | $215,973,741 |
Class B | 62,297 | 613,911 | 405,380 |
Class I | 16,289,033 | 29,915,914 | 179,247,656 |
Class R6 | 21,434,419 | 8,085,744 | 10,800,098 |
Total net assets | $147,058,666 | $124,017,031 | $406,426,875 |
Shares of beneficial interest outstanding | |||
Class A | 9,830,225 | 7,679,078 | 19,031,746 |
Class B | 5,584 | 55,228 | 35,661 |
Class I | 1,616,166 | 2,981,865 | 18,046,962 |
Class R6 | 2,125,579 | 805,834 | 1,086,716 |
Total shares of beneficial interest outstanding | 13,577,554 | 11,522,005 | 38,201,085 |
Class A shares | |||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $11.12 | $11.12 | $11.35 |
Offering price per share (100 / 95.75 x net asset value per share) | $11.61 | $11.61 | $11.85 |
Class B shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $11.16 | $11.12 | $11.37 |
Class I shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.08 | $10.03 | $9.93 |
Class R6 shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.08 | $10.03 | $9.94 |
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 and Class B shares. |
Alabama Fund | Arkansas Fund | California Fund | |
Net investment income (loss) | |||
Interest | $1,212,242 | $2,576,381 | $9,264,928 |
Dividends from affiliated issuers | 402 | 549 | 2,412 |
Other | 22 | 35 | 88 |
Total investment income | $1,212,666 | $2,576,965 | $9,267,428 |
Expenses | |||
Management fee | $225,484 | $403,999 | $1,428,092 |
Distribution and service fees | 80,508 | 173,156 | 613,432 |
Shareholder servicing costs | 33,546 | 63,372 | 229,116 |
Administrative services fee | 12,031 | 17,190 | 46,786 |
Independent Trustees' compensation | 1,837 | 2,380 | 5,701 |
Custodian fee | 10,698 | 13,206 | 37,292 |
Shareholder communications | 3,474 | 4,756 | 8,671 |
Audit and tax fees | 28,478 | 28,489 | 28,541 |
Legal fees | 3,074 | 1,459 | 6,614 |
Registration fees | 28,114 | 29,393 | 37,873 |
Miscellaneous | 14,875 | 15,321 | 19,073 |
Total expenses | $442,119 | $752,721 | $2,461,191 |
Fees paid indirectly | — | — | (1) |
Reduction of expenses by investment adviser and distributor | (37,187) | (124,620) | (345,827) |
Net expenses | $404,932 | $628,101 | $2,115,363 |
Net investment income (loss) | $807,734 | $1,948,864 | $7,152,065 |
Realized and unrealized gain (loss) | |||
Realized gain (loss) (identified cost basis) | |||
Unaffiliated issuers | $70,393 | $340,644 | $1,569,210 |
Net realized gain (loss) | $70,393 | $340,644 | $1,569,210 |
Change in unrealized appreciation or depreciation | |||
Unaffiliated issuers | $464,355 | $12,108 | $5,454,505 |
Net realized and unrealized gain (loss) | $534,748 | $352,752 | $7,023,715 |
Change in net assets from operations | $1,342,482 | $2,301,616 | $14,175,780 |
Six months ended 9/30/21 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Net investment income (loss) | |||
Interest | $1,775,333 | $1,614,706 | $5,538,980 |
Dividends from affiliated issuers | 704 | 766 | 1,207 |
Other | 30 | 27 | 61 |
Total investment income | $1,776,067 | $1,615,499 | $5,540,248 |
Expenses | |||
Management fee | $328,229 | $272,743 | $916,299 |
Distribution and service fees | 137,869 | 109,968 | 278,160 |
Shareholder servicing costs | 31,513 | 42,840 | 155,032 |
Administrative services fee | 15,000 | 13,396 | 31,996 |
Independent Trustees' compensation | 2,161 | 2,090 | 4,081 |
Custodian fee | 14,594 | 11,752 | 22,946 |
Shareholder communications | 4,246 | 4,490 | 7,439 |
Audit and tax fees | 28,484 | 28,482 | 28,515 |
Legal fees | 4,615 | 4,923 | 11,046 |
Registration fees | 28,093 | 30,033 | 29,359 |
Miscellaneous | 15,341 | 15,204 | 17,032 |
Total expenses | $610,145 | $535,921 | $1,501,905 |
Fees paid indirectly | — | — | (1) |
Reduction of expenses by investment adviser and distributor | (9,370) | (76,568) | (26,383) |
Net expenses | $600,775 | $459,353 | $1,475,521 |
Net investment income (loss) | $1,175,292 | $1,156,146 | $4,064,727 |
Realized and unrealized gain (loss) | |||
Realized gain (loss) (identified cost basis) | |||
Unaffiliated issuers | $116,613 | $197,067 | $645,642 |
Net realized gain (loss) | $116,613 | $197,067 | $645,642 |
Change in unrealized appreciation or depreciation | |||
Unaffiliated issuers | $592,544 | $587,281 | $966,057 |
Affiliated issuers | — | — | 1 |
Net unrealized gain (loss) | $592,544 | $587,281 | $966,058 |
Net realized and unrealized gain (loss) | $709,157 | $784,348 | $1,611,700 |
Change in net assets from operations | $1,884,449 | $1,940,494 | $5,676,427 |
Six months ended 9/30/21 (unaudited) | Alabama Fund | Arkansas Fund | California Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $807,734 | $1,948,864 | $7,152,065 |
Net realized gain (loss) | 70,393 | 340,644 | 1,569,210 |
Net unrealized gain (loss) | 464,355 | 12,108 | 5,454,505 |
Change in net assets from operations | $1,342,482 | $2,301,616 | $14,175,780 |
Total distributions to shareholders | $(807,032) | $(1,956,412) | $(7,127,587) |
Change in net assets from fund share transactions | $6,360,773 | $9,594,124 | $17,550,846 |
Total change in net assets | $6,896,223 | $9,939,328 | $24,599,039 |
Net assets | |||
At beginning of period | 95,158,699 | 172,936,923 | 616,602,129 |
At end of period | $102,054,922 | $182,876,251 | $641,201,168 |
Six months ended 9/30/21 (unaudited) | Georgia Fund | Maryland Fund | Massachusetts Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $1,175,292 | $1,156,146 | $4,064,727 |
Net realized gain (loss) | 116,613 | 197,067 | 645,642 |
Net unrealized gain (loss) | 592,544 | 587,281 | 966,058 |
Change in net assets from operations | $1,884,449 | $1,940,494 | $5,676,427 |
Total distributions to shareholders | $(1,171,602) | $(1,163,872) | $(4,042,074) |
Change in net assets from fund share transactions | $4,966,680 | $7,461,613 | $9,869,544 |
Total change in net assets | $5,679,527 | $8,238,235 | $11,503,897 |
Net assets | |||
At beginning of period | 141,379,139 | 115,778,796 | 394,922,978 |
At end of period | $147,058,666 | $124,017,031 | $406,426,875 |
Year ended 3/31/21 | Alabama Fund | Arkansas Fund | California Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $1,853,264 | $4,087,723 | $14,833,837 |
Net realized gain (loss) | (856) | 324,232 | 404,914 |
Net unrealized gain (loss) | 2,202,411 | 4,739,283 | 26,116,013 |
Change in net assets from operations | $4,054,819 | $9,151,238 | $41,354,764 |
Total distributions to shareholders | $(1,850,090) | $(4,066,917) | $(15,216,613) |
Change in net assets from fund share transactions | $14,561,263 | $11,671,244 | $31,627,332 |
Total change in net assets | $16,765,992 | $16,755,565 | $57,765,483 |
Net assets | |||
At beginning of period | 78,392,707 | 156,181,358 | 558,836,646 |
At end of period | $95,158,699 | $172,936,923 | $616,602,129 |
Year ended 3/31/21 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $2,610,651 | $2,703,961 | $9,368,020 |
Net realized gain (loss) | 341,211 | 593,639 | 1,247,118 |
Net unrealized gain (loss) | 3,861,074 | 3,525,287 | 11,852,224 |
Change in net assets from operations | $6,812,936 | $6,822,887 | $22,467,362 |
Total distributions to shareholders | $(2,591,351) | $(2,715,439) | $(9,339,543) |
Change in net assets from fund share transactions | $21,176,870 | $5,802,071 | $22,731,107 |
Total change in net assets | $25,398,455 | $9,909,519 | $35,858,926 |
Net assets | |||
At beginning of period | 115,980,684 | 105,869,277 | 359,064,052 |
At end of period | $141,379,139 | $115,778,796 | $394,922,978 |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.46 | $10.18 | $10.15 | $10.02 | $10.12 | $10.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.22 | $0.27 | $0.36 | $0.34 | $0.37(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.28 | 0.02 | 0.09 | (0.10) | (0.37) |
Total from investment operations | $0.15 | $0.50 | $0.29 | $0.45 | $0.24 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.22) | $(0.26) | $(0.32) | $(0.34) | $(0.37) |
Net asset value, end of period (x) | $10.53 | $10.46 | $10.18 | $10.15 | $10.02 | $10.12 |
Total return (%) (r)(s)(t)(x) | 1.44(n) | 4.91 | 2.89 | 4.63 | 2.35 | (0.07)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.97(a) | 1.01 | 1.04 | 1.09 | 1.10 | 1.07(c) |
Expenses after expense reductions (f) | 0.90(a) | 0.90 | 0.90 | 0.90 | 0.90 | 0.89(c) |
Net investment income (loss) | 1.52(a) | 2.07 | 2.56 | 3.60 | 3.37 | 3.61(c) |
Portfolio turnover | 2(n) | 25 | 30 | 19 | 17 | 15 |
Net assets at end of period (000 omitted) | $65,224 | $61,257 | $53,321 | $51,280 | $50,914 | $53,883 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.47 | $10.18 | $10.15 | $10.02 | $10.12 | $10.49 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.15 | $0.19 | $0.28 | $0.27 | $0.30(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.28 | 0.03 | 0.10 | (0.11) | (0.38) |
Total from investment operations | $0.10 | $0.43 | $0.22 | $0.38 | $0.16 | $(0.08) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.14) | $(0.19) | $(0.25) | $(0.26) | $(0.29) |
Net asset value, end of period (x) | $10.53 | $10.47 | $10.18 | $10.15 | $10.02 | $10.12 |
Total return (%) (r)(s)(t)(x) | 0.96(n) | 4.24 | 2.13 | 3.85 | 1.59 | (0.81)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.72(a) | 1.77 | 1.80 | 1.84 | 1.84 | 1.82(c) |
Expenses after expense reductions (f) | 1.65(a) | 1.65 | 1.65 | 1.65 | 1.65 | 1.65(c) |
Net investment income (loss) | 0.77(a) | 1.44 | 1.86 | 2.85 | 2.63 | 2.86(c) |
Portfolio turnover | 2(n) | 25 | 30 | 19 | 17 | 15 |
Net assets at end of period (000 omitted) | $65 | $64 | $176 | $250 | $303 | $467 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.97 | $9.70 | $9.67 | $9.55 | $9.65 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.23 | $0.27 | $0.37 | $0.35 | $0.38(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.27 | 0.04 | 0.08 | (0.11) | (0.36) |
Total from investment operations | $0.15 | $0.50 | $0.31 | $0.45 | $0.24 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.23) | $(0.28) | $(0.33) | $(0.34) | $(0.37) |
Net asset value, end of period (x) | $10.03 | $9.97 | $9.70 | $9.67 | $9.55 | $9.65 |
Total return (%) (r)(s)(t)(x) | 1.50(n) | 5.21 | 3.15 | 4.83 | 2.55 | 0.21(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.76 | 0.79 | 0.84 | 0.85 | 0.86(c) |
Expenses after expense reductions (f) | 0.65(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.64(c) |
Net investment income (loss) | 1.77(a) | 2.31 | 2.77 | 3.85 | 3.62 | 3.84(c) |
Portfolio turnover | 2(n) | 25 | 30 | 19 | 17 | 15 |
Net assets at end of period (000 omitted) | $31,774 | $29,971 | $22,796 | $11,490 | $6,898 | $5,876 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.97 | $9.70 | $9.67 | $9.55 | $9.76 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.09 | $0.23 | $0.28 | $0.37 | $0.24 |
Net realized and unrealized gain (loss) | 0.06 | 0.28 | 0.03 | 0.09 | (0.22) |
Total from investment operations | $0.15 | $0.51 | $0.31 | $0.46 | $0.02 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.09) | $(0.24) | $(0.28) | $(0.34) | $(0.23) |
Net asset value, end of period (x) | $10.03 | $9.97 | $9.70 | $9.67 | $9.55 |
Total return (%) (r)(s)(t)(x) | 1.53(n) | 5.28 | 3.23 | 4.92 | 0.25(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.66(a) | 0.69 | 0.71 | 0.77 | 0.84(a) |
Expenses after expense reductions (f) | 0.59(a) | 0.58 | 0.57 | 0.58 | 0.58(a) |
Net investment income (loss) | 1.82(a) | 2.35 | 2.85 | 3.92 | 3.70(a) |
Portfolio turnover | 2(n) | 25 | 30 | 19 | 17 |
Net assets at end of period (000 omitted) | $4,991 | $3,867 | $2,100 | $1,242 | $1,274 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.07 | $9.75 | $9.80 | $9.64 | $9.73 | $10.07 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.27 | $0.33 | $0.30 | $0.33(c) |
Net realized and unrealized gain (loss) | 0.02 | 0.32 | (0.05) | 0.12 | (0.09) | (0.35) |
Total from investment operations | $0.13 | $0.57 | $0.22 | $0.45 | $0.21 | $(0.02) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.25) | $(0.27) | $(0.29) | $(0.30) | $(0.32) |
Net asset value, end of period (x) | $10.09 | $10.07 | $9.75 | $9.80 | $9.64 | $9.73 |
Total return (%) (r)(s)(t)(x) | 1.29(n) | 5.85 | 2.27 | 4.74 | 2.12 | (0.25)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.90(a) | 0.91 | 0.92 | 0.93 | 0.92 | 0.92(c) |
Expenses after expense reductions (f) | 0.72(a) | 0.75 | 0.76 | 0.77 | 0.77 | 0.76(c) |
Net investment income (loss) | 2.15(a) | 2.47 | 2.77 | 3.40 | 3.06 | 3.33(c) |
Portfolio turnover | 7(n) | 22 | 20 | 14 | 17 | 17 |
Net assets at end of period (000 omitted) | $137,548 | $133,754 | $123,979 | $121,888 | $141,605 | $145,392 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.08 | $9.76 | $9.81 | $9.65 | $9.73 | $10.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.18 | $0.20 | $0.25 | $0.23 | $0.26(c) |
Net realized and unrealized gain (loss) | 0.02 | 0.31 | (0.05) | 0.13 | (0.09) | (0.37) |
Total from investment operations | $0.09 | $0.49 | $0.15 | $0.38 | $0.14 | $(0.11) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.17) | $(0.20) | $(0.22) | $(0.22) | $(0.24) |
Net asset value, end of period (x) | $10.10 | $10.08 | $9.76 | $9.81 | $9.65 | $9.73 |
Total return (%) (r)(s)(t)(x) | 0.91(n) | 5.07 | 1.51 | 3.97 | 1.47 | (1.10)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.65(a) | 1.66 | 1.67 | 1.68 | 1.68 | 1.66(c) |
Expenses after expense reductions (f) | 1.47(a) | 1.50 | 1.51 | 1.52 | 1.52 | 1.52(c) |
Net investment income (loss) | 1.40(a) | 1.79 | 2.03 | 2.64 | 2.31 | 2.57(c) |
Portfolio turnover | 7(n) | 22 | 20 | 14 | 17 | 17 |
Net assets at end of period (000 omitted) | $536 | $610 | $1,587 | $2,477 | $4,209 | $5,882 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.99 | $9.68 | $9.73 | $9.57 | $9.65 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.28 | $0.33 | $0.31 | $0.34(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.31 | (0.05) | 0.13 | (0.09) | (0.37) |
Total from investment operations | $0.14 | $0.56 | $0.23 | $0.46 | $0.22 | $(0.03) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.25) | $(0.28) | $(0.30) | $(0.30) | $(0.32) |
Net asset value, end of period (x) | $10.02 | $9.99 | $9.68 | $9.73 | $9.57 | $9.65 |
Total return (%) (r)(s)(t)(x) | 1.44(n) | 5.88 | 2.36 | 4.86 | 2.32 | (0.28)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.65(a) | 0.66 | 0.67 | 0.68 | 0.67 | 0.68(c) |
Expenses after expense reductions (f) | 0.62(a) | 0.65 | 0.66 | 0.67 | 0.67 | 0.67(c) |
Net investment income (loss) | 2.25(a) | 2.56 | 2.86 | 3.49 | 3.16 | 3.43(c) |
Portfolio turnover | 7(n) | 22 | 20 | 14 | 17 | 17 |
Net assets at end of period (000 omitted) | $39,164 | $34,603 | $29,078 | $26,586 | $13,733 | $10,733 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.99 | $9.68 | $9.73 | $9.58 | $9.78 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.26 | $0.29 | $0.34 | $0.20 |
Net realized and unrealized gain (loss) | 0.03 | 0.31 | (0.05) | 0.11 | (0.19) |
Total from investment operations | $0.15 | $0.57 | $0.24 | $0.45 | $0.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.26) | $(0.29) | $(0.30) | $(0.21) |
Net asset value, end of period (x) | $10.02 | $9.99 | $9.68 | $9.73 | $9.58 |
Total return (%) (r)(s)(t)(x) | 1.47(n) | 5.95 | 2.44 | 4.83 | 0.09(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.58(a) | 0.58 | 0.59 | 0.60 | 0.61(a) |
Expenses after expense reductions (f) | 0.55(a) | 0.57 | 0.58 | 0.59 | 0.61(a) |
Net investment income (loss) | 2.30(a) | 2.58 | 2.92 | 3.58 | 3.19(a) |
Portfolio turnover | 7(n) | 22 | 20 | 14 | 17 |
Net assets at end of period (000 omitted) | $5,628 | $3,971 | $1,538 | $954 | $766 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 | $6.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.15 | $0.18 | $0.22 | $0.23 | $0.23(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.28 | (0.07) | 0.08 | (0.02) | (0.21) |
Total from investment operations | $0.15 | $0.43 | $0.11 | $0.30 | $0.21 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.16) | $(0.18) | $(0.20) | $(0.22) | $(0.21) |
Net asset value, end of period (x) | $6.32 | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 |
Total return (%) (r)(s)(t)(x) | 2.42(n) | 7.24 | 1.76 | 5.21 | 3.47 | 0.33(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.84(a) | 0.84 | 0.86 | 0.87 | 0.88 | 0.88(c) |
Expenses after expense reductions (f) | 0.67(a) | 0.68 | 0.70 | 0.71 | 0.72 | 0.72(c) |
Net investment income (loss) | 2.25(a) | 2.50 | 2.94 | 3.76 | 3.75 | 3.72(c) |
Portfolio turnover | 13(n) | 31 | 22 | 15 | 15 | 17 |
Net assets at end of period (000 omitted) | $405,143 | $396,643 | $374,941 | $299,882 | $272,958 | $251,271 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 | $6.14 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.11 | $0.14 | $0.18 | $0.18 | $0.18(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.27 | (0.08) | 0.08 | (0.02) | (0.20) |
Total from investment operations | $0.13 | $0.38 | $0.06 | $0.26 | $0.16 | $(0.02) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.05) | $(0.11) | $(0.13) | $(0.16) | $(0.17) | $(0.17) |
Net asset value, end of period (x) | $6.32 | $6.24 | $5.97 | $6.04 | $5.94 | $5.95 |
Total return (%) (r)(s)(t)(x) | 2.04(n) | 6.45 | 1.00 | 4.43 | 2.69 | (0.43)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.59(a) | 1.59 | 1.61 | 1.62 | 1.63 | 1.63(c) |
Expenses after expense reductions (f) | 1.43(a) | 1.43 | 1.45 | 1.46 | 1.48 | 1.49(c) |
Net investment income (loss) | 1.50(a) | 1.78 | 2.22 | 3.01 | 3.02 | 2.95(c) |
Portfolio turnover | 13(n) | 31 | 22 | 15 | 15 | 17 |
Net assets at end of period (000 omitted) | $515 | $627 | $1,033 | $1,506 | $1,913 | $2,672 |
Six months ended | Year ended | |||||
Class C | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $6.26 | $5.99 | $6.06 | $5.96 | $5.97 | $6.16 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.04 | $0.10 | $0.13 | $0.17 | $0.17 | $0.17(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.27 | (0.08) | 0.08 | (0.02) | (0.20) |
Total from investment operations | $0.12 | $0.37 | $0.05 | $0.25 | $0.15 | $(0.03) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.10) | $(0.12) | $(0.15) | $(0.16) | $(0.16) |
Net asset value, end of period (x) | $6.34 | $6.26 | $5.99 | $6.06 | $5.96 | $5.97 |
Total return (%) (r)(s)(t)(x) | 1.96(n) | 6.27 | 0.85 | 4.26 | 2.54 | (0.55)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.59(a) | 1.59 | 1.61 | 1.62 | 1.63 | 1.63(c) |
Expenses after expense reductions (f) | 1.58(a) | 1.58 | 1.60 | 1.61 | 1.62 | 1.62(c) |
Net investment income (loss) | 1.35(a) | 1.62 | 2.05 | 2.86 | 2.86 | 2.82(c) |
Portfolio turnover | 13(n) | 31 | 22 | 15 | 15 | 17 |
Net assets at end of period (000 omitted) | $19,874 | $21,410 | $25,552 | $22,786 | $31,800 | $33,950 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.16 | $9.71 | $9.83 | $9.67 | $9.68 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.26 | $0.31 | $0.37 | $0.37 | $0.38(c) |
Net realized and unrealized gain (loss) | 0.12 | 0.46 | (0.13) | 0.13 | (0.02) | (0.36) |
Total from investment operations | $0.24 | $0.72 | $0.18 | $0.50 | $0.35 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.27) | $(0.30) | $(0.34) | $(0.36) | $(0.34) |
Net asset value, end of period (x) | $10.28 | $10.16 | $9.71 | $9.83 | $9.67 | $9.68 |
Total return (%) (r)(s)(t)(x) | 2.37(n) | 7.46 | 1.79 | 5.27 | 3.63 | 0.20(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.59(a) | 0.59 | 0.61 | 0.62 | 0.62 | 0.63(c) |
Expenses after expense reductions (f) | 0.57(a) | 0.58 | 0.60 | 0.61 | 0.61 | 0.63(c) |
Net investment income (loss) | 2.34(a) | 2.60 | 3.04 | 3.85 | 3.83 | 3.83(c) |
Portfolio turnover | 13(n) | 31 | 22 | 15 | 15 | 17 |
Net assets at end of period (000 omitted) | $164,429 | $157,366 | $128,914 | $79,276 | $56,553 | $42,369 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $10.16 | $9.71 | $9.82 | $9.66 | $9.84 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.27 | $0.31 | $0.38 | $0.24 |
Net realized and unrealized gain (loss) | 0.12 | 0.45 | (0.11) | 0.12 | (0.18) |
Total from investment operations | $0.24 | $0.72 | $0.20 | $0.50 | $0.06 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.13) | $(0.27) | $(0.31) | $(0.34) | $(0.24) |
Net asset value, end of period (x) | $10.27 | $10.16 | $9.71 | $9.82 | $9.66 |
Total return (%) (r)(s)(t)(x) | 2.31(n) | 7.54 | 1.97 | 5.36 | 0.61(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.51(a) | 0.52 | 0.53 | 0.54 | 0.56(a) |
Expenses after expense reductions (f) | 0.50(a) | 0.51 | 0.52 | 0.53 | 0.55(a) |
Net investment income (loss) | 2.41(a) | 2.66 | 3.10 | 3.92 | 3.78(a) |
Portfolio turnover | 13(n) | 31 | 22 | 15 | 15 |
Net assets at end of period (000 omitted) | $51,241 | $40,556 | $28,396 | $12,773 | $5,995 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.06 | $10.70 | $10.73 | $10.58 | $10.68 | $11.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.21 | $0.26 | $0.36 | $0.35 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.02) | 0.11 | (0.12) | (0.36) |
Total from investment operations | $0.15 | $0.57 | $0.24 | $0.47 | $0.23 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.21) | $(0.27) | $(0.32) | $(0.33) | $(0.34) |
Net asset value, end of period (x) | $11.12 | $11.06 | $10.70 | $10.73 | $10.58 | $10.68 |
Total return (%) (r)(s)(t)(x) | 1.32(n) | 5.38 | 2.17 | 4.51 | 2.15 | (0.06)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.90(a) | 0.92 | 0.95 | 1.02 | 1.04 | 1.03(c) |
Expenses after expense reductions (f) | 0.89(a) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90(c) |
Net investment income (loss) | 1.55(a) | 1.94 | 2.39 | 3.41 | 3.26 | 3.26(c) |
Portfolio turnover | 5(n) | 22 | 28 | 14 | 12 | 8 |
Net assets at end of period (000 omitted) | $109,273 | $108,346 | $95,352 | $70,456 | $65,922 | $61,229 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.10 | $10.74 | $10.77 | $10.62 | $10.72 | $11.06 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.14 | $0.19 | $0.28 | $0.27 | $0.28(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.35 | (0.03) | 0.11 | (0.12) | (0.36) |
Total from investment operations | $0.10 | $0.49 | $0.16 | $0.39 | $0.15 | $(0.08) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.04) | $(0.13) | $(0.19) | $(0.24) | $(0.25) | $(0.26) |
Net asset value, end of period (x) | $11.16 | $11.10 | $10.74 | $10.77 | $10.62 | $10.72 |
Total return (%) (r)(s)(t)(x) | 0.94(n) | 4.61 | 1.44 | 3.73 | 1.40 | (0.79)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.65(a) | 1.68 | 1.71 | 1.77 | 1.79 | 1.78(c) |
Expenses after expense reductions (f) | 1.64(a) | 1.63 | 1.63 | 1.65 | 1.65 | 1.66(c) |
Net investment income (loss) | 0.80(a) | 1.29 | 1.72 | 2.67 | 2.54 | 2.52(c) |
Portfolio turnover | 5(n) | 22 | 28 | 14 | 12 | 8 |
Net assets at end of period (000 omitted) | $62 | $66 | $261 | $399 | $563 | $1,105 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.03 | $9.70 | $9.73 | $9.60 | $9.69 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.21 | $0.26 | $0.35 | $0.34 | $0.35(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.34 | (0.02) | 0.09 | (0.11) | (0.33) |
Total from investment operations | $0.14 | $0.55 | $0.24 | $0.44 | $0.23 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.22) | $(0.27) | $(0.31) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $10.08 | $10.03 | $9.70 | $9.73 | $9.60 | $9.69 |
Total return (%) (r)(s)(t)(x) | 1.40(n) | 5.68 | 2.39 | 4.70 | 2.40 | 0.19(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.65(a) | 0.67 | 0.70 | 0.77 | 0.79 | 0.80(c) |
Expenses after expense reductions (f) | 0.64(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.64(c) |
Net investment income (loss) | 1.79(a) | 2.16 | 2.64 | 3.65 | 3.49 | 3.52(c) |
Portfolio turnover | 5(n) | 22 | 28 | 14 | 12 | 8 |
Net assets at end of period (000 omitted) | $16,289 | $15,012 | $9,345 | $7,834 | $6,817 | $7,451 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $10.03 | $9.70 | $9.73 | $9.60 | $9.82 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.09 | $0.22 | $0.27 | $0.36 | $0.23 |
Net realized and unrealized gain (loss) | 0.05 | 0.33 | (0.03) | 0.09 | (0.23) |
Total from investment operations | $0.14 | $0.55 | $0.24 | $0.45 | $0.00(w) |
Less distributions declared to shareholders | |||||
From net investment income | $(0.09) | $(0.22) | $(0.27) | $(0.32) | $(0.22) |
Net asset value, end of period (x) | $10.08 | $10.03 | $9.70 | $9.73 | $9.60 |
Total return (%) (r)(s)(t)(x) | 1.43(n) | 5.72 | 2.44 | 4.77 | (0.05)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.61(a) | 0.62 | 0.65 | 0.70 | 0.82(a) |
Expenses after expense reductions (f) | 0.59(a) | 0.60 | 0.60 | 0.59 | 0.59(a) |
Net investment income (loss) | 1.83(a) | 2.20 | 2.68 | 3.72 | 3.56(a) |
Portfolio turnover | 5(n) | 22 | 28 | 14 | 12 |
Net assets at end of period (000 omitted) | $21,434 | $17,956 | $11,022 | $7,371 | $5,988 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.04 | $10.62 | $10.76 | $10.65 | $10.76 | $11.09 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.26 | $0.31 | $0.40 | $0.38 | $0.40(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.42 | (0.14) | 0.06 | (0.12) | (0.35) |
Total from investment operations | $0.18 | $0.68 | $0.17 | $0.46 | $0.26 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.26) | $(0.31) | $(0.35) | $(0.37) | $(0.38) |
Net asset value, end of period (x) | $11.12 | $11.04 | $10.62 | $10.76 | $10.65 | $10.76 |
Total return (%) (r)(s)(t)(x) | 1.66(n) | 6.51 | 1.57 | 4.46 | 2.39 | 0.43(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.96(a) | 0.98 | 0.99 | 1.01 | 1.02 | 0.99(c) |
Expenses after expense reductions (f) | 0.83(a) | 0.83 | 0.82 | 0.82 | 0.82 | 0.82(c) |
Net investment income (loss) | 1.84(a) | 2.42 | 2.85 | 3.77 | 3.48 | 3.68(c) |
Portfolio turnover | 8(n) | 27 | 27 | 14 | 23 | 17 |
Net assets at end of period (000 omitted) | $85,401 | $82,725 | $83,852 | $75,215 | $76,993 | $80,456 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.04 | $10.62 | $10.75 | $10.65 | $10.76 | $11.08 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.18 | $0.23 | $0.32 | $0.29 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.42 | (0.13) | 0.05 | (0.11) | (0.34) |
Total from investment operations | $0.14 | $0.60 | $0.10 | $0.37 | $0.18 | $(0.02) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.18) | $(0.23) | $(0.27) | $(0.29) | $(0.30) |
Net asset value, end of period (x) | $11.12 | $11.04 | $10.62 | $10.75 | $10.65 | $10.76 |
Total return (%) (r)(s)(t)(x) | 1.28(n) | 5.71 | 0.91 | 3.58 | 1.62 | (0.23)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.71(a) | 1.73 | 1.74 | 1.76 | 1.77 | 1.74(c) |
Expenses after expense reductions (f) | 1.58(a) | 1.58 | 1.58 | 1.58 | 1.58 | 1.57(c) |
Net investment income (loss) | 1.09(a) | 1.69 | 2.12 | 3.01 | 2.73 | 2.94(c) |
Portfolio turnover | 8(n) | 27 | 27 | 14 | 23 | 17 |
Net assets at end of period (000 omitted) | $614 | $656 | $1,040 | $1,217 | $1,331 | $1,605 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.96 | $9.58 | $9.70 | $9.61 | $9.71 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.26 | $0.30 | $0.38 | $0.36 | $0.38(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.38 | (0.11) | 0.05 | (0.11) | (0.30) |
Total from investment operations | $0.18 | $0.64 | $0.19 | $0.43 | $0.25 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.26) | $(0.31) | $(0.34) | $(0.35) | $(0.37) |
Net asset value, end of period (x) | $10.03 | $9.96 | $9.58 | $9.70 | $9.61 | $9.71 |
Total return (%) (r)(s)(t)(x) | 1.77(n) | 6.78 | 1.88 | 4.61 | 2.62 | 0.78(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.71(a) | 0.73 | 0.74 | 0.76 | 0.77 | 0.78(c) |
Expenses after expense reductions (f) | 0.58(a) | 0.58 | 0.58 | 0.58 | 0.58 | 0.57(c) |
Net investment income (loss) | 2.08(a) | 2.64 | 3.07 | 4.01 | 3.72 | 3.85(c) |
Portfolio turnover | 8(n) | 27 | 27 | 14 | 23 | 17 |
Net assets at end of period (000 omitted) | $29,916 | $26,243 | $18,140 | $11,831 | $9,261 | $6,437 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.96 | $9.58 | $9.70 | $9.61 | $9.81 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.11 | $0.26 | $0.30 | $0.39 | $0.24 |
Net realized and unrealized gain (loss) | 0.07 | 0.39 | (0.11) | 0.05 | (0.21) |
Total from investment operations | $0.18 | $0.65 | $0.19 | $0.44 | $0.03 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.27) | $(0.31) | $(0.35) | $(0.23) |
Net asset value, end of period (x) | $10.03 | $9.96 | $9.58 | $9.70 | $9.61 |
Total return (%) (r)(s)(t)(x) | 1.80(n) | 6.84 | 1.93 | 4.67 | 0.35(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.64(a) | 0.66 | 0.68 | 0.70 | 0.76(a) |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.52 | 0.52 | 0.52(a) |
Net investment income (loss) | 2.13(a) | 2.67 | 3.10 | 4.07 | 3.79(a) |
Portfolio turnover | 8(n) | 27 | 27 | 14 | 23 |
Net assets at end of period (000 omitted) | $8,086 | $6,155 | $2,837 | $1,315 | $961 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.30 | $10.90 | $11.04 | $10.90 | $11.02 | $11.43 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.27 | $0.33 | $0.41 | $0.42 | $0.46(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.39 | (0.15) | 0.09 | (0.13) | (0.46) |
Total from investment operations | $0.16 | $0.66 | $0.18 | $0.50 | $0.29 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.26) | $(0.32) | $(0.36) | $(0.41) | $(0.41) |
Net asset value, end of period (x) | $11.35 | $11.30 | $10.90 | $11.04 | $10.90 | $11.02 |
Total return (%) (r)(s)(t)(x) | 1.39(n) | 6.16 | 1.61 | 4.74 | 2.60 | (0.04)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.85(a) | 0.86 | 0.87 | 0.88 | 0.89 | 0.88(c) |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.83 | 0.85 | 0.86 | 0.85(c) |
Net investment income (loss) | 1.88(a) | 2.39 | 2.91 | 3.75 | 3.82 | 4.06(c) |
Portfolio turnover | 10(n) | 26 | 29 | 13 | 19 | 15 |
Net assets at end of period (000 omitted) | $215,974 | $216,177 | $226,471 | $207,565 | $202,967 | $207,001 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.32 | $10.92 | $11.06 | $10.92 | $11.04 | $11.45 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.19 | $0.25 | $0.32 | $0.34 | $0.37(c) |
Net realized and unrealized gain (loss) | 0.04 | 0.39 | (0.15) | 0.10 | (0.14) | (0.46) |
Total from investment operations | $0.11 | $0.58 | $0.10 | $0.42 | $0.20 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.18) | $(0.24) | $(0.28) | $(0.32) | $(0.32) |
Net asset value, end of period (x) | $11.37 | $11.32 | $10.92 | $11.06 | $10.92 | $11.04 |
Total return (%) (r)(s)(t)(x) | 1.01(n) | 5.36 | 0.84 | 3.94 | 1.81 | (0.80)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.60(a) | 1.61 | 1.62 | 1.63 | 1.64 | 1.63(c) |
Expenses after expense reductions (f) | 1.59(a) | 1.60 | 1.60 | 1.62 | 1.63 | 1.62(c) |
Net investment income (loss) | 1.14(a) | 1.67 | 2.19 | 2.98 | 3.06 | 3.29(c) |
Portfolio turnover | 10(n) | 26 | 29 | 13 | 19 | 15 |
Net assets at end of period (000 omitted) | $405 | $470 | $1,081 | $1,664 | $1,858 | $2,509 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.89 | $9.54 | $9.66 | $9.54 | $9.65 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.30 | $0.38 | $0.39 | $0.42(c) |
Net realized and unrealized gain (loss) | 0.04 | 0.36 | (0.12) | 0.08 | (0.12) | (0.39) |
Total from investment operations | $0.15 | $0.61 | $0.18 | $0.46 | $0.27 | $0.03 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.26) | $(0.30) | $(0.34) | $(0.38) | $(0.38) |
Net asset value, end of period (x) | $9.93 | $9.89 | $9.54 | $9.66 | $9.54 | $9.65 |
Total return (%) (r)(s)(t)(x) | 1.48(n) | 6.41 | 1.86 | 4.95 | 2.76 | 0.30(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.60(a) | 0.61 | 0.62 | 0.63 | 0.64 | 0.64(c) |
Expenses after expense reductions (f) | 0.59(a) | 0.60 | 0.60 | 0.62 | 0.63 | 0.63(c) |
Net investment income (loss) | 2.13(a) | 2.60 | 3.10 | 3.98 | 4.00 | 4.30(c) |
Portfolio turnover | 10(n) | 26 | 29 | 13 | 19 | 15 |
Net assets at end of period (000 omitted) | $179,248 | $168,647 | $124,875 | $68,669 | $49,523 | $23,470 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.90 | $9.55 | $9.67 | $9.54 | $9.77 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.11 | $0.26 | $0.31 | $0.38 | $0.24 |
Net realized and unrealized gain (loss) | 0.04 | 0.35 | (0.12) | 0.10 | (0.21) |
Total from investment operations | $0.15 | $0.61 | $0.19 | $0.48 | $0.03 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.26) | $(0.31) | $(0.35) | $(0.26) |
Net asset value, end of period (x) | $9.94 | $9.90 | $9.55 | $9.67 | $9.54 |
Total return (%) (r)(s)(t)(x) | 1.51(n) | 6.48 | 1.93 | 5.13 | 0.26(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.53(a) | 0.54 | 0.55 | 0.56 | 0.58(a) |
Expenses after expense reductions (f) | 0.52(a) | 0.53 | 0.53 | 0.55 | 0.57(a) |
Net investment income (loss) | 2.20(a) | 2.67 | 3.15 | 4.05 | 3.85(a) |
Portfolio turnover | 10(n) | 26 | 29 | 13 | 19 |
Net assets at end of period (000 omitted) | $10,800 | $9,628 | $6,636 | $3,176 | $1,983 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Level 1 | Level 2 | Level 3 | Total | |
Alabama Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $100,266,286 | $— | $100,266,286 |
U.S. Corporate Bonds | — | 183,446 | — | 183,446 |
Mutual Funds | 354,885 | — | — | 354,885 |
Total | $354,885 | $100,449,732 | $— | $100,804,617 |
Arkansas Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $179,473,189 | $— | $179,473,189 |
U.S. Corporate Bonds | — | 374,004 | — | 374,004 |
Mutual Funds | 3,448,888 | — | — | 3,448,888 |
Total | $3,448,888 | $179,847,193 | $— | $183,296,081 |
California Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $637,786,615 | $— | $637,786,615 |
U.S. Corporate Bonds | — | 1,395,386 | — | 1,395,386 |
Mutual Funds | 7,465,250 | — | — | 7,465,250 |
Total | $7,465,250 | $639,182,001 | $— | $646,647,251 |
Level 1 | Level 2 | Level 3 | Total | |
Georgia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $142,125,161 | $— | $142,125,161 |
U.S. Corporate Bonds | — | 306,328 | — | 306,328 |
Mutual Funds | 5,268,124 | — | — | 5,268,124 |
Total | $5,268,124 | $142,431,489 | $— | $147,699,613 |
Maryland Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $117,117,824 | $— | $117,117,824 |
U.S. Corporate Bonds | — | 271,593 | — | 271,593 |
Mutual Funds | 6,180,934 | — | — | 6,180,934 |
Total | $6,180,934 | $117,389,417 | $— | $123,570,351 |
Massachusetts Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $392,842,705 | $— | $392,842,705 |
U.S. Corporate Bonds | — | 891,375 | — | 891,375 |
Mutual Funds | 8,098,385 | — | — | 8,098,385 |
Total | $8,098,385 | $393,734,080 | $— | $401,832,465 |
Year ended 3/31/21 | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Ordinary income (including any short-term capital gains) | $31,321 | $39,472 | $398,949 | $70,772 | $27,758 | $226,239 |
Tax-exempt income | 1,818,769 | 4,027,445 | 14,817,664 | 2,520,579 | 2,687,681 | 9,113,304 |
Total distributions | $1,850,090 | $4,066,917 | $15,216,613 | $2,591,351 | $2,715,439 | $9,339,543 |
As of 9/30/21 | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Cost of investments | $95,798,623 | $174,177,189 | $603,408,340 | $140,679,958 | $117,804,262 | $378,335,476 |
Gross appreciation | 5,215,959 | 9,361,369 | 45,119,349 | 7,216,101 | 6,023,979 | 24,515,011 |
Gross depreciation | (209,965) | (242,477) | (1,880,438) | (196,446) | (257,890) | (1,018,022) |
Net unrealized appreciation (depreciation) | $5,005,994 | $9,118,892 | $43,238,911 | $7,019,655 | $5,766,089 | $23,496,989 |
As of 3/31/21 | ||||||
Undistributed ordinary income | 20,985 | 33,360 | 170,586 | 29,620 | 39,438 | 146,143 |
Undistributed tax-exempt income | 322,065 | 739,324 | 2,333,703 | 414,014 | 639,653 | 1,409,657 |
Capital loss carryforwards | (1,237,868) | (5,519,582) | (5,539,684) | (2,034,212) | (2,527,637) | (7,644,537) |
Other temporary differences | (137,712) | (335,346) | (1,240,276) | (197,845) | (218,705) | (755,174) |
Net unrealized appreciation (depreciation) | 4,541,712 | 9,115,707 | 38,145,438 | 6,432,316 | 5,187,150 | 22,548,355 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Short-Term | $(952,670) | $(2,404,476) | $(5,222,088) | $(1,752,906) | $(1,694,827) | $(7,644,537) |
Long-Term | (285,198) | (3,115,106) | (317,596) | (281,306) | (832,810) | — |
Total | $(1,237,868) | $(5,519,582) | $(5,539,684) | $(2,034,212) | $(2,527,637) | $(7,644,537) |
Alabama Fund | Arkansas Fund | California Fund | |||||||||
Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | ||||||
Class A | $487,151 | $1,175,867 | $1,469,786 | $3,182,641 | $4,547,610 | $9,948,878 | |||||
Class B | 253 | 1,456 | 3,941 | 16,800 | 4,149 | 15,381 | |||||
Class C | — | — | — | — | 138,121 | 399,949 | |||||
Class I | 278,790 | 606,811 | 426,627 | 799,726 | 1,883,374 | 3,890,859 | |||||
Class R6 | 40,838 | 65,956 | 56,058 | 67,750 | 554,333 | 961,546 | |||||
Total | $807,032 | $1,850,090 | $1,956,412 | $4,066,917 | $7,127,587 | $15,216,613 |
Georgia Fund | Maryland Fund | Massachusetts Fund | |||||||||
Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | ||||||
Class A | $847,368 | $1,997,208 | $790,437 | $2,000,293 | $2,067,006 | $5,195,000 | |||||
Class B | 252 | 1,718 | 3,518 | 14,724 | 2,443 | 12,486 | |||||
Class I | 142,636 | 265,241 | 292,014 | 590,621 | 1,859,784 | 3,922,584 | |||||
Class R6 | 181,346 | 327,184 | 77,903 | 109,801 | 112,841 | 209,473 | |||||
Total | $1,171,602 | $2,591,351 | $1,163,872 | $2,715,439 | $4,042,074 | $9,339,543 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$6,434 | $11,528 | $40,751 | $9,366 | $7,783 | $26,146 |
Alabama Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Class A | 0.90% | 0.90% | 0.83% | 0.85% |
Class B | 1.65% | 1.65% | 1.58% | 1.60% |
Class I | 0.65% | 0.65% | 0.58% | 0.60% |
Class R6 | 0.59% | 0.60% | 0.53% | 0.53% |
Arkansas Fund | |
Class A | 0.70% |
Class B | 1.45% |
Class I | 0.60% |
Class R6 | 0.53% |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$2,797 | $5,881 | $5,741 | $2,967 | $2,692 | $3,670 |
Class A | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Alabama Fund | — | 0.25% | 0.25% | 0.25% | $80,181 |
Arkansas Fund | — | 0.25% | 0.25% | 0.10% | 170,366 |
California Fund | — | 0.25% | 0.25% | 0.10% | 507,765 |
Georgia Fund | — | 0.25% | 0.25% | 0.25% | 137,552 |
Maryland Fund | — | 0.25% | 0.25% | 0.25% | 106,784 |
Massachusetts Fund | — | 0.25% | 0.25% | 0.25% | 275,993 |
Class B | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Alabama Fund | 0.75% | 0.25% | 1.00% | 1.00% | $327 |
Arkansas Fund | 0.75% | 0.25% | 1.00% | 0.85% | 2,790 |
California Fund | 0.75% | 0.25% | 1.00% | 0.85% | 2,771 |
Georgia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 317 |
Maryland Fund | 0.75% | 0.25% | 1.00% | 1.00% | 3,184 |
Massachusetts Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,167 |
Class C | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
California Fund | 0.75% | 0.25% | 1.00% | 1.00% | $102,896 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Total Distribution and Service Fees | $80,508 | $173,156 | $613,432 | $137,869 | $109,968 | $278,160 |
(d) | In accordance with the distribution plan for certain classes, each 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 September 30, 2021 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 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Class A | $— | $— | $— | $4 | $106 | $237 |
CDSC Imposed | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Class A | $646 | $239 | $14,273 | $4,246 | $7,107 | $82 |
Class B | — | 44 | 319 | — | 510 | 141 |
Class C | N/A | N/A | 1,307 | N/A | N/A | N/A |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Expenses paid | $1,695 | $2,486 | $10,738 | $2,266 | $5,262 | $10,822 |
Percentage of average daily net assets | 0.0034% | 0.0028% | 0.0034% | 0.0031% | 0.0087% | 0.0053% |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$31,851 | $60,886 | $218,378 | $29,247 | $37,578 | $144,210 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Percentage of average daily net assets | 0.0240% | 0.0191% | 0.0147% | 0.0206% | 0.0221% | 0.0157% |
California Fund | Maryland Fund | Massachusetts Fund |
$187 | $119 | $119 |
California Fund | Maryland Fund | Massachusetts Fund |
$4,628 | $2,789 | $2,776 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Purchases | $11,118,789 | $21,240,341 | $87,913,954 | $12,509,049 | $12,909,082 | $42,850,166 |
Sales | $2,394,964 | $11,930,109 | $83,484,019 | $7,606,869 | $9,273,151 | $39,747,329 |
Alabama Fund | Arkansas Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 595,407 | $6,327,342 | 1,386,777 | $14,436,917 | 873,734 | $8,889,307 | 2,202,300 | $21,992,710 | |||
Class B | 15 | 155 | 56 | 590 | 267 | 2,724 | 1 | 5 | |||
Class I | 327,787 | 3,318,618 | 1,034,729 | 10,258,753 | 719,702 | 7,255,550 | 1,128,787 | 11,192,820 | |||
Class R6 | 135,526 | 1,371,984 | 200,628 | 1,992,286 | 171,616 | 1,733,056 | 257,515 | 2,554,782 | |||
1,058,735 | $11,018,099 | 2,622,190 | $26,688,546 | 1,765,319 | $17,880,637 | 3,588,603 | $35,740,317 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 40,580 | $430,429 | 99,752 | $1,035,281 | 136,497 | $1,386,059 | 298,767 | $2,977,251 | |||
Class B | 7 | 69 | 76 | 783 | 388 | 3,941 | 1,686 | 16,745 | |||
Class I | 22,350 | 225,851 | 40,408 | 400,558 | 39,967 | 402,929 | 75,042 | 742,490 | |||
Class R6 | 4,041 | 40,838 | 6,657 | 65,956 | 5,555 | 56,006 | 6,829 | 67,750 | |||
66,978 | $697,187 | 146,893 | $1,502,578 | 182,407 | $1,848,935 | 382,324 | $3,804,236 | ||||
Shares reacquired | |||||||||||
Class A | (295,334) | $(3,142,347) | (869,474) | $(9,008,758) | (666,531) | $(6,767,361) | (1,928,654) | $(19,235,698) | |||
Class B | (1) | (5) | (11,250) | (115,944) | (8,080) | (82,098) | (103,732) | (1,030,570) | |||
Class I | (188,976) | (1,909,543) | (419,004) | (4,149,079) | (312,820) | (3,158,006) | (744,965) | (7,349,930) | |||
Class R6 | (29,850) | (302,618) | (36,012) | (356,080) | (12,672) | (127,983) | (25,887) | (257,111) | |||
(514,161) | $(5,354,513) | (1,335,740) | $(13,629,861) | (1,000,103) | $(10,135,448) | (2,803,238) | $(27,873,309) |
Alabama Fund − continued | Arkansas Fund − continued | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Net change | |||||||||||
Class A | 340,653 | $3,615,424 | 617,055 | $6,463,440 | 343,700 | $3,508,005 | 572,413 | $5,734,263 | |||
Class B | 21 | 219 | (11,118) | (114,571) | (7,425) | (75,433) | (102,045) | (1,013,820) | |||
Class I | 161,161 | 1,634,926 | 656,133 | 6,510,232 | 446,849 | 4,500,473 | 458,864 | 4,585,380 | |||
Class R6 | 109,717 | 1,110,204 | 171,273 | 1,702,162 | 164,499 | 1,661,079 | 238,457 | 2,365,421 | |||
611,552 | $6,360,773 | 1,433,343 | $14,561,263 | 947,623 | $9,594,124 | 1,167,689 | $11,671,244 |
California Fund | Georgia Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 4,198,508 | $26,735,666 | 9,263,597 | $56,858,716 | 501,542 | $5,626,649 | 2,153,288 | $23,431,274 | |||
Class B | — | — | 6,109 | 36,322 | — | — | 1,720 | 19,028 | |||
Class C | 165,856 | 1,061,105 | 331,823 | 2,043,410 | — | — | — | — | |||
Class I | 2,096,109 | 21,679,286 | 5,015,906 | 50,096,437 | 187,498 | 1,903,381 | 893,306 | 8,869,763 | |||
Class R6 | 1,230,597 | 12,747,843 | 2,046,990 | 20,388,849 | 448,466 | 4,558,105 | 946,198 | 9,391,379 | |||
7,691,070 | $62,223,900 | 16,664,425 | $129,423,734 | 1,137,506 | $12,088,135 | 3,994,512 | $41,711,444 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 650,159 | $4,136,101 | 1,454,022 | $8,939,165 | 71,103 | $796,059 | 172,056 | $1,879,358 | |||
Class B | 607 | 3,860 | 2,385 | 14,609 | 11 | 129 | 106 | 1,158 | |||
Class C | 19,860 | 126,731 | 56,823 | 349,870 | — | — | — | — | |||
Class I | 135,196 | 1,399,490 | 288,947 | 2,893,639 | 9,361 | 95,002 | 18,536 | 183,875 | |||
Class R6 | 53,333 | 551,783 | 95,889 | 960,117 | 17,859 | 181,346 | 32,960 | 327,184 | |||
859,155 | $6,217,965 | 1,898,066 | $13,157,400 | 98,334 | $1,072,536 | 223,658 | $2,391,575 | ||||
Shares reacquired | |||||||||||
Class A | (4,239,777) | $(26,955,098) | (10,014,959) | $(61,231,526) | (541,256) | $(6,065,013) | (1,439,636) | $(15,729,981) | |||
Class B | (19,558) | (124,045) | (81,102) | (496,959) | (360) | (4,041) | (20,236) | (220,870) | |||
Class C | (467,759) | (2,976,569) | (1,238,317) | (7,676,240) | — | — | — | — | |||
Class I | (1,723,970) | (17,830,004) | (3,091,054) | (30,841,866) | (78,070) | (794,902) | (377,938) | (3,758,413) | |||
Class R6 | (290,297) | (3,005,303) | (1,074,648) | (10,707,211) | (130,851) | (1,330,035) | (324,825) | (3,216,885) | |||
(6,741,361) | $(50,891,019) | (15,500,080) | $(110,953,802) | (750,537) | $(8,193,991) | (2,162,635) | $(22,926,149) | ||||
Net change | |||||||||||
Class A | 608,890 | $3,916,669 | 702,660 | $4,566,355 | 31,389 | $357,695 | 885,708 | $9,580,651 | |||
Class B | (18,951) | (120,185) | (72,608) | (446,028) | (349) | (3,912) | (18,410) | (200,684) | |||
Class C | (282,043) | (1,788,733) | (849,671) | (5,282,960) | — | — | — | — | |||
Class I | 507,335 | 5,248,772 | 2,213,799 | 22,148,210 | 118,789 | 1,203,481 | 533,904 | 5,295,225 | |||
Class R6 | 993,633 | 10,294,323 | 1,068,231 | 10,641,755 | 335,474 | 3,409,416 | 654,333 | 6,501,678 | |||
1,808,864 | $17,550,846 | 3,062,411 | $31,627,332 | 485,303 | $4,966,680 | 2,055,535 | $21,176,870 |
Maryland Fund | Massachusetts Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 523,778 | $5,861,295 | 748,726 | $8,176,687 | 863,610 | $9,863,022 | 2,828,491 | $31,436,735 | |||
Class B | — | — | — | — | — | — | 2 | 16 | |||
Class I | 646,789 | 6,545,767 | 1,182,143 | 11,649,152 | 1,927,433 | 19,309,973 | 6,985,927 | 68,377,630 | |||
Class R6 | 213,095 | 2,153,905 | 381,559 | 3,767,559 | 159,473 | 1,599,780 | 374,212 | 3,686,546 | |||
1,383,662 | $14,560,967 | 2,312,428 | $23,593,398 | 2,950,516 | $30,772,775 | 10,188,632 | $103,500,927 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 57,552 | $643,905 | 147,949 | $1,608,759 | 163,397 | $1,868,168 | 418,434 | $4,665,522 | |||
Class B | 310 | 3,462 | 1,339 | 14,519 | 212 | 2,435 | 1,106 | 12,309 | |||
Class I | 21,248 | 214,425 | 46,751 | 459,454 | 153,402 | 1,535,032 | 334,898 | 3,273,998 | |||
Class R6 | 7,719 | 77,903 | 11,143 | 109,801 | 11,266 | 112,824 | 21,410 | 209,473 | |||
86,829 | $939,695 | 207,182 | $2,192,533 | 328,277 | $3,518,459 | 775,848 | $8,161,302 | ||||
Shares reacquired | |||||||||||
Class A | (395,047) | $(4,418,501) | (1,297,078) | $(14,071,079) | (1,126,215) | $(12,900,898) | (4,890,636) | $(54,442,822) | |||
Class B | (4,528) | (50,568) | (39,879) | (434,264) | (6,108) | (70,106) | (58,521) | (652,728) | |||
Class I | (321,052) | (3,238,117) | (486,840) | (4,781,146) | (1,086,124) | (10,880,876) | (3,356,896) | (32,679,010) | |||
Class R6 | (32,838) | (331,863) | (70,852) | (697,371) | (56,888) | (569,810) | (117,876) | (1,156,562) | |||
(753,465) | $(8,039,049) | (1,894,649) | $(19,983,860) | (2,275,335) | $(24,421,690) | (8,423,929) | $(88,931,122) | ||||
Net change | |||||||||||
Class A | 186,283 | $2,086,699 | (400,403) | $(4,285,633) | (99,208) | $(1,169,708) | (1,643,711) | $(18,340,565) | |||
Class B | (4,218) | (47,106) | (38,540) | (419,745) | (5,896) | (67,671) | (57,413) | (640,403) | |||
Class I | 346,985 | 3,522,075 | 742,054 | 7,327,460 | 994,711 | 9,964,129 | 3,963,929 | 38,972,618 | |||
Class R6 | 187,976 | 1,899,945 | 321,850 | 3,179,989 | 113,851 | 1,142,794 | 277,746 | 2,739,457 | |||
717,026 | $7,461,613 | 624,961 | $5,802,071 | 1,003,458 | $9,869,544 | 2,540,551 | $22,731,107 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Commitment Fee | $169 | $305 | $1,110 | $260 | $207 | $708 |
Interest Expense | — | — | — | — | — | — |
Affiliated Issuer - MFS Institutional Money Market Portfolio | ||||||
Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value | |
Alabama Fund | $1,877,374 | $11,871,870 | $13,394,359 | $— | $— | $354,885 |
Arkansas Fund | 1,447,457 | 21,921,266 | 19,919,835 | — | — | 3,448,888 |
California Fund | 2,970,539 | 107,071,307 | 102,576,596 | — | — | 7,465,250 |
Georgia Fund | 4,694,126 | 15,646,528 | 15,072,530 | — | — | 5,268,124 |
Maryland Fund | 1,711,689 | 17,521,029 | 13,051,784 | — | — | 6,180,934 |
Massachusetts Fund | 2,485,262 | 45,045,051 | 39,431,929 | — | 1 | 8,098,385 |
Dividend Income | Capital Gain Distributions | |
Alabama Fund | $402 | $— |
Arkansas Fund | 549 | — |
California Fund | 2,412 | — |
Georgia Fund | 704 | — |
Maryland Fund | 766 | — |
Massachusetts Fund | 1,207 | — |
1 | |
2 | |
10 | |
14 | |
71 | |
75 | |
77 | |
79 | |
104 | |
119 | |
120 | |
125 | |
126 | |
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back cover |
General Obligations - General Purpose | 22.8% |
General Obligations - Schools | 12.5% |
Water & Sewer Utility Revenue | 10.8% |
Universities - Colleges | 10.0% |
Healthcare Revenue - Hospitals | 7.7% |
AAA | 5.0% |
AA | 46.7% |
A | 24.8% |
BBB | 10.8% |
BB | 1.8% |
C | 0.1% |
D | 1.7% |
Not Rated | 5.1% |
Cash & Cash Equivalents | 4.0% |
Average Duration (d) | 6.1 |
Average Effective Maturity (m) | 13.9 yrs. |
Mississippi | 74.5% |
Puerto Rico | 6.1% |
Massachusetts | 2.5% |
Illinois | 1.5% |
Guam | 1.5% |
New Jersey | 1.2% |
Tennessee | 1.0% |
South Carolina | 1.0% |
Alabama | 0.8% |
New York | 0.8% |
Maryland | 0.7% |
California | 0.7% |
Utah | 0.6% |
Michigan | 0.5% |
Iowa | 0.5% |
Pennsylvania | 0.5% |
Virginia | 0.4% |
Texas | 0.4% |
Connecticut | 0.3% |
Ohio | 0.3% |
Wisconsin | 0.1% |
Colorado | 0.1% |
Florida (o) | 0.0% |
(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. |
(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 device (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%. |
Universities - Colleges | 13.6% |
General Obligations - General Purpose | 13.1% |
Tax - Other | 6.9% |
Healthcare Revenue - Hospitals | 6.7% |
Water & Sewer Utility Revenue | 6.4% |
AAA | 6.9% |
AA | 27.6% |
A | 30.1% |
BBB | 16.2% |
BB | 4.1% |
B | 1.7% |
CC | 0.6% |
C | 0.2% |
D | 2.1% |
Not Rated | 10.2% |
Cash & Cash Equivalents | 0.3% |
Average Duration (d) | 6.6 |
Average Effective Maturity (m) | 16.9 yrs. |
New York | 83.5% |
Puerto Rico | 6.6% |
Guam | 1.4% |
New Jersey | 1.4% |
Illinois | 1.2% |
Tennessee | 0.9% |
Texas | 0.6% |
Michigan | 0.6% |
Florida | 0.6% |
Colorado | 0.6% |
Pennsylvania | 0.6% |
Ohio | 0.5% |
Maryland | 0.5% |
Alabama | 0.3% |
Wisconsin | 0.3% |
Indiana | 0.1% |
Mississippi (o) | 0.0% |
(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. |
(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 device (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%. |
Universities - Colleges | 19.9% |
State & Local Agencies | 15.5% |
General Obligations - General Purpose | 10.6% |
Healthcare Revenue - Hospitals | 9.2% |
Water & Sewer Utility Revenue | 7.3% |
AAA | 8.4% |
AA | 44.0% |
A | 21.6% |
BBB | 10.9% |
BB | 1.2% |
C | 0.1% |
D | 1.7% |
Not Rated | 9.4% |
Cash & Cash Equivalents | 2.7% |
Average Duration (d) | 6.3 |
Average Effective Maturity (m) | 14.7 yrs. |
North Carolina | 80.4% |
Puerto Rico | 4.9% |
Illinois | 1.7% |
Pennsylvania | 1.5% |
Guam | 1.4% |
Maryland | 1.1% |
California | 1.0% |
New York | 0.8% |
Virginia | 0.8% |
New Jersey | 0.6% |
Texas | 0.6% |
Ohio | 0.5% |
South Carolina | 0.3% |
Tennessee | 0.3% |
Alabama | 0.3% |
Connecticut | 0.3% |
Michigan | 0.2% |
Wisconsin | 0.2% |
Florida | 0.1% |
Washington DC | 0.1% |
Indiana | 0.1% |
Colorado | 0.1% |
(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. |
(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 device (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. |
Healthcare Revenue - Hospitals | 15.9% |
Water & Sewer Utility Revenue | 11.3% |
General Obligations - Schools | 10.4% |
General Obligations - General Purpose | 9.9% |
Universities - Colleges | 9.2% |
AAA | 1.4% |
AA | 27.7% |
A | 43.3% |
BBB | 12.1% |
BB | 4.4% |
B | 1.1% |
CC (o) | 0.0% |
C | 0.1% |
D | 1.4% |
Not Rated | 5.8% |
Cash & Cash Equivalents | 2.7% |
Average Duration (d) | 6.2 |
Average Effective Maturity (m) | 15.4 yrs. |
Pennsylvania | 85.1% |
Puerto Rico | 4.6% |
Illinois | 1.4% |
California | 0.9% |
Maryland | 0.7% |
New Jersey | 0.7% |
Michigan | 0.6% |
Colorado | 0.6% |
Tennessee | 0.6% |
Guam | 0.6% |
Texas | 0.4% |
Alabama | 0.3% |
Ohio | 0.3% |
Wisconsin | 0.2% |
New York | 0.2% |
Indiana | 0.1% |
Florida (o) | 0.0% |
(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. |
(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 device (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%. |
State & Local Agencies | 12.7% |
General Obligations - Schools | 12.2% |
Water & Sewer Utility Revenue | 11.6% |
Healthcare Revenue - Hospitals | 11.0% |
Utilities - Municipal Owned | 8.9% |
AAA | 6.6% |
AA | 35.2% |
A | 41.2% |
BBB | 6.2% |
BB | 1.7% |
CC (o) | 0.0% |
C | 0.2% |
D | 1.3% |
Not Rated | 7.4% |
Cash & Cash Equivalents | 0.2% |
Average Duration (d) | 6.2 |
Average Effective Maturity (m) | 14.6 yrs. |
South Carolina | 81.4% |
Puerto Rico | 5.8% |
Illinois | 2.2% |
New Jersey | 1.6% |
Pennsylvania | 1.3% |
Tennessee | 1.1% |
New York | 0.9% |
Guam | 0.7% |
Texas | 0.6% |
Utah | 0.6% |
Alabama | 0.6% |
Maryland | 0.6% |
California | 0.5% |
Ohio | 0.3% |
Virginia | 0.3% |
Nebraska | 0.3% |
Wisconsin | 0.3% |
Connecticut | 0.2% |
Michigan | 0.2% |
Colorado | 0.1% |
Washington DC | 0.1% |
Florida | 0.1% |
Indiana (o) | 0.0% |
(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. |
(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 device (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%. |
General Obligations - General Purpose | 13.3% |
Healthcare Revenue - Hospitals | 11.8% |
Water & Sewer Utility Revenue | 10.9% |
Utilities – Municipal Owned | 5.3% |
State & Local Agencies | 4.2% |
AAA | 4.9% |
AA | 28.1% |
A | 18.4% |
BBB | 14.1% |
BB | 1.8% |
C | 0.1% |
D | 2.0% |
Not Rated | 6.8% |
Cash & Cash Equivalents | 23.8% |
Average Duration (d) | 3.5 |
Average Effective Maturity (m) | 11.8 yrs. |
Tennessee | 52.0% |
Puerto Rico | 5.7% |
Guam | 2.4% |
Pennsylvania | 2.3% |
Illinois | 2.0% |
New York | 1.9% |
Maryland | 1.5% |
Massachusetts | 1.1% |
New Jersey | 1.1% |
Alabama | 1.0% |
Delaware | 0.9% |
Washington DC | 0.8% |
Iowa | 0.6% |
Virginia | 0.6% |
South Carolina | 0.4% |
Connecticut | 0.4% |
Arizona | 0.3% |
Florida | 0.3% |
Virgin Islands | 0.2% |
Michigan | 0.2% |
Texas | 0.2% |
Wisconsin | 0.1% |
Ohio | 0.1% |
Mississippi | 0.1% |
Idaho (o) | 0.0% |
New Mexico (o) | 0.0% |
(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. |
(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 device (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%. |
General Obligations - General Purpose | 14.6% |
Healthcare Revenue - Hospitals | 13.5% |
State & Local Agencies | 12.1% |
Water & Sewer Utility Revenue | 11.2% |
Universities - Colleges | 9.4% |
AAA | 17.3% |
AA | 45.7% |
A | 12.2% |
BBB | 11.1% |
BB | 1.7% |
B | 0.3% |
CC | 0.1% |
C | 0.2% |
D | 1.6% |
Not Rated | 10.3% |
Cash & Cash Equivalents | (0.5)% |
Average Duration (d) | 6.1 |
Average Effective Maturity (m) | 14.0 yrs. |
Virginia | 76.8% |
Washington DC | 8.0% |
Puerto Rico | 6.6% |
Illinois | 1.4% |
Tennessee | 1.3% |
New Jersey | 0.9% |
Pennsylvania | 0.9% |
New York | 0.7% |
Guam | 0.7% |
Maryland | 0.7% |
Texas | 0.5% |
Colorado | 0.5% |
California | 0.3% |
Alabama | 0.3% |
Wisconsin | 0.3% |
Ohio | 0.3% |
Iowa | 0.1% |
Michigan | 0.1% |
Indiana | 0.1% |
(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. |
(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 device (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. |
Healthcare Revenue - Hospitals | 15.9% |
Water & Sewer Utility Revenue | 14.5% |
General Obligations - General Purpose | 13.1% |
Universities - Colleges | 10.3% |
Miscellaneous Revenue - Other | 7.3% |
AAA | 2.3% |
AA | 32.7% |
A | 39.3% |
BBB | 8.7% |
BB | 1.6% |
C | 0.2% |
D | 1.8% |
Not Rated | 10.4% |
Cash & Cash Equivalents | 3.0% |
Average Duration (d) | 5.7 |
Average Effective Maturity (m) | 14.8 yrs. |
West Virginia | 73.9% |
Puerto Rico | 7.4% |
New Jersey | 2.6% |
Guam | 1.9% |
New York | 1.5% |
Virgin Islands | 0.9% |
Ohio | 0.9% |
Alabama | 0.9% |
Illinois | 0.8% |
South Carolina | 0.8% |
Maryland | 0.8% |
North Carolina | 0.7% |
Texas | 0.7% |
Utah | 0.6% |
Massachusetts | 0.6% |
Tennessee | 0.5% |
Virginia | 0.5% |
Michigan | 0.4% |
Wisconsin | 0.2% |
Pennsylvania | 0.2% |
Indiana | 0.1% |
Mississippi | 0.1% |
(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. |
(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 device (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.79% | $1,000.00 | $1,012.82 | $3.99 |
Hypothetical (h) | 0.79% | $1,000.00 | $1,021.11 | $4.00 | |
B | Actual | 1.44% | $1,000.00 | $1,009.53 | $7.25 |
Hypothetical (h) | 1.44% | $1,000.00 | $1,017.85 | $7.28 | |
I | Actual | 0.69% | $1,000.00 | $1,012.31 | $3.48 |
Hypothetical (h) | 0.69% | $1,000.00 | $1,021.61 | $3.50 | |
R6 | Actual | 0.63% | $1,000.00 | $1,012.61 | $3.18 |
Hypothetical (h) | 0.63% | $1,000.00 | $1,021.91 | $3.19 |
(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 183/365 (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.83% | $1,000.00 | $1,019.48 | $4.20 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.91 | $4.20 | |
B | Actual | 1.58% | $1,000.00 | $1,014.79 | $7.98 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.15 | $7.99 | |
C | Actual | 1.58% | $1,000.00 | $1,015.66 | $7.98 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.15 | $7.99 | |
I | Actual | 0.58% | $1,000.00 | $1,020.91 | $2.94 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.16 | $2.94 | |
R6 | Actual | 0.52% | $1,000.00 | $1,021.22 | $2.63 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.46 | $2.64 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.82% | $1,000.00 | $1,013.90 | $4.14 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,020.96 | $4.15 | |
B | Actual | 1.57% | $1,000.00 | $1,010.11 | $7.91 |
Hypothetical (h) | 1.57% | $1,000.00 | $1,017.20 | $7.94 | |
C | Actual | 1.57% | $1,000.00 | $1,009.25 | $7.91 |
Hypothetical (h) | 1.57% | $1,000.00 | $1,017.20 | $7.94 | |
I | Actual | 0.57% | $1,000.00 | $1,015.15 | $2.88 |
Hypothetical (h) | 0.57% | $1,000.00 | $1,022.21 | $2.89 | |
R6 | Actual | 0.50% | $1,000.00 | $1,015.50 | $2.53 |
Hypothetical (h) | 0.50% | $1,000.00 | $1,022.56 | $2.54 |
(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 183/365 (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.72% | $1,000.00 | $1,018.72 | $3.64 |
Hypothetical (h) | 0.72% | $1,000.00 | $1,021.46 | $3.65 | |
B | Actual | 1.47% | $1,000.00 | $1,015.85 | $7.43 |
Hypothetical (h) | 1.47% | $1,000.00 | $1,017.70 | $7.44 | |
I | Actual | 0.62% | $1,000.00 | $1,019.66 | $3.14 |
Hypothetical (h) | 0.62% | $1,000.00 | $1,021.96 | $3.14 | |
R6 | Actual | 0.55% | $1,000.00 | $1,019.99 | $2.79 |
Hypothetical (h) | 0.55% | $1,000.00 | $1,022.31 | $2.79 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.84% | $1,000.00 | $1,012.75 | $4.24 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.86 | $4.26 | |
B | Actual | 1.59% | $1,000.00 | $1,008.98 | $8.01 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.10 | $8.04 | |
I | Actual | 0.59% | $1,000.00 | $1,014.14 | $2.98 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.11 | $2.99 | |
R6 | Actual | 0.53% | $1,000.00 | $1,014.47 | $2.68 |
Hypothetical (h) | 0.53% | $1,000.00 | $1,022.41 | $2.69 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.86% | $1,000.00 | $1,017.25 | $4.35 |
Hypothetical (h) | 0.86% | $1,000.00 | $1,020.76 | $4.36 | |
I | Actual | 0.61% | $1,000.00 | $1,018.38 | $3.09 |
Hypothetical (h) | 0.61% | $1,000.00 | $1,022.01 | $3.09 | |
R6 | Actual | 0.54% | $1,000.00 | $1,018.76 | $2.73 |
Hypothetical (h) | 0.54% | $1,000.00 | $1,022.36 | $2.74 |
(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 183/365 (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. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.81% | $1,000.00 | $1,013.29 | $4.09 |
Hypothetical (h) | 0.81% | $1,000.00 | $1,021.01 | $4.10 | |
B | Actual | 1.56% | $1,000.00 | $1,009.50 | $7.86 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.25 | $7.89 | |
C | Actual | 1.56% | $1,000.00 | $1,009.49 | $7.86 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.25 | $7.89 | |
I | Actual | 0.56% | $1,000.00 | $1,013.93 | $2.83 |
Hypothetical (h) | 0.56% | $1,000.00 | $1,022.26 | $2.84 | |
R6 | Actual | 0.49% | $1,000.00 | $1,015.32 | $2.48 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.61 | $2.48 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.87% | $1,000.00 | $1,014.68 | $4.39 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.71 | $4.41 | |
B | Actual | 1.62% | $1,000.00 | $1,011.85 | $8.17 |
Hypothetical (h) | 1.62% | $1,000.00 | $1,016.95 | $8.19 | |
I | Actual | 0.62% | $1,000.00 | $1,017.44 | $3.14 |
Hypothetical (h) | 0.62% | $1,000.00 | $1,021.96 | $3.14 | |
R6 | Actual | 0.54% | $1,000.00 | $1,016.77 | $2.73 |
Hypothetical (h) | 0.54% | $1,000.00 | $1,022.36 | $2.74 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 94.9% | ||||
Airport Revenue – 1.1% | ||||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | $ | 115,000 | $ 120,590 | |
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 75,000 | 75,257 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 80,000 | 89,747 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 110,000 | 127,645 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 165,000 | 196,879 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 205,000 | 250,945 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 45,000 | 51,011 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 230,000 | 261,108 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 35,000 | 39,499 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 60,000 | 67,712 | ||
$ 1,280,393 | ||||
General Obligations - General Purpose – 22.6% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $ 233,949 | |
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 50,704 | ||
Chicago, IL, General Obligation Refunding Project, “A”, 5.25%, 1/01/2030 | 30,000 | 32,568 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 65,000 | 73,369 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 50,000 | 62,373 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 20,000 | 22,509 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 135,000 | 151,640 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 1,025,000 | 884,063 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2027 | 700,000 | 855,752 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2028 | 550,000 | 689,229 | ||
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037 | 500,000 | 581,295 | ||
Mississippi Development Bank Special Obligation (City of Jackson, Mississippi General Obligation Capital City Convention Center Refunding Project), 5%, 3/01/2025 | 1,000,000 | 1,139,016 | ||
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2039 | 520,000 | 594,880 | ||
Mississippi Development Bank Special Obligation (Gulfport Public Improvement General Obligation), 4%, 9/01/2041 | 500,000 | 569,730 | ||
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 | 1,000,000 | 1,341,402 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation Project), 4%, 2/01/2045 | 500,000 | 577,546 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049 | 750,000 | 933,602 | ||
Mississippi Development Bank Special Obligation (Hattiesburg, Mississippi General Obligation), 4%, 2/01/2044 | 115,000 | 131,552 | ||
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 | 500,000 | 611,967 | ||
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 | 500,000 | 572,685 | ||
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2028 | 300,000 | 374,250 | ||
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2029 | 200,000 | 247,567 | ||
Mississippi Development Bank Special Obligation (Lauderdale County, Mississippi General Obligation Bond Project), 5%, 3/01/2031 | 200,000 | 245,521 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031 | 1,000,000 | 1,211,353 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032 | 1,000,000 | 1,211,145 | ||
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048 | 1,000,000 | 1,206,472 | ||
Mississippi Development Bank Special Obligation (Warren County Public Improvement General Obligation), “B”, 5%, 9/01/2031 | 375,000 | 499,130 | ||
Mississippi General Obligation, “A”, 5%, 6/01/2031 | 1,000,000 | 1,306,482 | ||
Mississippi General Obligation, “B”, 3%, 10/01/2035 | 875,000 | 970,679 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 150,000 | 157,941 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 189,654 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 130,000 | 163,872 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 190,000 | 243,088 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - General Purpose – continued | ||||
State of Mississippi, “A”, 5%, 10/01/2033 | $ | 1,000,000 | $ 1,230,627 | |
State of Mississippi, “A”, 5%, 11/01/2036 | 1,000,000 | 1,202,479 | ||
State of Mississippi, “B”, 5%, 12/01/2033 | 1,000,000 | 1,208,464 | ||
State of Mississippi, “B”, 4%, 10/01/2036 | 1,000,000 | 1,195,231 | ||
State of Mississippi, “B”, 4%, 10/01/2038 | 1,000,000 | 1,185,857 | ||
State of Mississippi, “D”, 4%, 12/01/2030 | 1,000,000 | 1,180,519 | ||
$ 25,340,162 | ||||
General Obligations - Schools – 12.3% | ||||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 20,000 | $ 23,912 | |
Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023) | 1,095,000 | 1,193,957 | ||
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 | 1,000,000 | 1,167,809 | ||
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036 | 500,000 | 583,696 | ||
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037 | 500,000 | 582,160 | ||
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 | 500,000 | 551,270 | ||
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 | 500,000 | 551,113 | ||
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043 | 450,000 | 549,692 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District General Obligation), BAM, 4%, 10/01/2035 | 250,000 | 289,351 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023 | 530,000 | 554,491 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 | 1,000,000 | 1,251,154 | ||
Mississippi Development Bank Special Obligation (Lafayette County School District General Obligation Bond Project), BAM, 5%, 4/01/2030 | 100,000 | 127,482 | ||
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 | 750,000 | 850,633 | ||
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 1,500,000 | 1,837,266 | ||
Mississippi Development Bank Special Obligation, (Mississippi Gulf Coast Community College District Facilities Construction and Refinancing Project), 5%, 12/01/2026 | 515,000 | 622,233 | ||
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025 | 470,000 | 535,632 | ||
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2026 | 145,000 | 169,910 | ||
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2030 | 1,245,000 | 1,580,163 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035 | 1,020,000 | 788,229 | ||
$ 13,810,153 | ||||
Healthcare Revenue - Hospitals – 7.7% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | $ | 10,000 | $ 12,174 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 5,000 | 6,036 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 50,000 | 56,680 | ||
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 500,000 | 581,880 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 465,000 | 569,850 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 | 535,000 | 607,881 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 20,000 | 20,088 | ||
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028 | 575,000 | 700,512 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022 | 1,000,000 | 1,040,228 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 500,000 | 564,754 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040 | 1,000,000 | 1,131,362 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “I”, 5%, 10/01/2026 | 585,000 | 700,859 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037 | 1,500,000 | 1,848,458 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 655,000 | 739,262 | ||
$ 8,580,024 | ||||
Industrial Revenue - Other – 0.7% | ||||
Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n) | $ | 500,000 | $ 493,977 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 290,000 | 335,402 | ||
$ 829,379 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Paper – 1.6% | ||||
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022 | $ | 750,000 | $ 772,354 | |
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025) | 1,000,000 | 1,033,996 | ||
$ 1,806,350 | ||||
Miscellaneous Revenue - Other – 1.2% | ||||
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2029 | $ | 280,000 | $ 359,225 | |
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030 | 720,000 | 929,658 | ||
$ 1,288,883 | ||||
Sales & Excise Tax Revenue – 6.3% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 5,000 | $ 6,160 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 5,000 | 6,371 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 30,000 | 34,602 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 40,000 | 44,680 | ||
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036 | 295,000 | 298,516 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 307,222 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 40,000 | 47,037 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 80,000 | 96,638 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 80,000 | 98,975 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 15,000 | 18,963 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 35,000 | 45,049 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 35,000 | 44,035 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 45,000 | 56,577 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 35,000 | 40,781 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 30,000 | 34,870 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 750,000 | 987,000 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2030 | 1,650,000 | 2,137,234 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 20,000 | 22,475 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 929,000 | 1,053,728 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 203,000 | 225,109 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 71,000 | 78,733 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,106 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 33,000 | 36,995 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 955 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 38,000 | 34,296 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 6,029 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 346,000 | 275,702 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 330,000 | 244,622 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,891,000 | 621,955 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 115,000 | 127,626 | ||
$ 7,040,289 | ||||
Single Family Housing - State – 5.0% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, GNMA, 4%, 11/15/2047 | $ | 310,000 | $ 332,851 | |
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 4%, 7/01/2047 | 330,000 | 354,114 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 335,000 | 371,798 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050 | 1,485,000 | 1,610,047 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043 | 1,000,000 | 1,033,971 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 1,000,000 | 1,089,131 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 370,000 | 395,790 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 375,000 | 413,080 | ||
$ 5,600,782 | ||||
State & Local Agencies – 5.8% | ||||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | $ | 25,000 | $30,574 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | $ | 25,000 | $ 30,459 | |
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 10,000 | 12,145 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 115,000 | 144,617 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 225,000 | 272,080 | ||
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2029 (Prerefunded 1/01/2023) | 500,000 | 529,876 | ||
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), 5%, 1/01/2030 (Prerefunded 1/01/2023) | 500,000 | 529,876 | ||
Mississippi Development Bank Special Obligation (Desoto County Mississippi Highway Construction Project), ETM, 5%, 1/01/2026 (Prerefunded 1/01/2023) | 1,105,000 | 1,171,026 | ||
Mississippi Development Bank Special Obligation (Laurel Highway Refunding Project), “B”, 4%, 1/01/2022 | 735,000 | 741,787 | ||
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 | 500,000 | 501,794 | ||
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 | 1,500,000 | 1,851,077 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 100,000 | 119,396 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 210,000 | 261,276 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 280,000 | 313,527 | ||
$ 6,509,510 | ||||
Student Loan Revenue – 0.2% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 45,000 | $ 47,361 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 110,000 | 112,956 | ||
$ 160,317 | ||||
Tax - Other – 3.8% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 455,000 | $ 534,209 | |
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 510,000 | 522,275 | ||
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038 | 1,000,000 | 1,141,741 | ||
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030 | 1,305,000 | 1,507,067 | ||
Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 545,000 | 565,609 | ||
$ 4,270,901 | ||||
Tobacco – 0.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 70,000 | $ 87,947 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 1,285,000 | 205,676 | ||
$ 293,623 | ||||
Toll Roads – 0.6% | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 110,000 | $ 123,203 | |
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 85,000 | 94,748 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 160,000 | 166,370 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 310,000 | 320,843 | ||
$ 705,164 | ||||
Transportation - Special Tax – 1.7% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | $ | 10,000 | $ 10,138 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 555,000 | 614,885 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 255,000 | 265,752 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 30,000 | 34,490 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 65,000 | 74,493 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 60,000 | 68,588 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 55,000 | 62,713 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 30,000 | 36,853 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 25,000 | 31,197 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 40,000 | 50,692 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | $ | 30,000 | $ 38,727 | |
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 40,000 | 51,265 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 35,000 | 44,609 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 35,000 | 44,351 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 35,000 | 44,117 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 20,000 | 25,095 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 60,000 | 74,707 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 40,000 | 49,492 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 165,000 | 196,207 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5.25%, 12/15/2021 | 55,000 | 55,547 | ||
$ 1,873,918 | ||||
Universities - Colleges – 10.0% | ||||
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 | $ | 920,000 | $ 1,164,543 | |
Medical Center, Educational Building Corp. Rev. (University of Mississippi Medical Center), “B”, AAC, 5.5%, 12/01/2023 | 470,000 | 498,427 | ||
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043 | 600,000 | 683,853 | ||
Mississippi State University, Educational Building Corp. Rev. (Campus Improvement Project), 5%, 11/01/2031 | 500,000 | 581,896 | ||
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1,000,000 | 1,091,946 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047 | 1,000,000 | 1,103,615 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047 | 1,250,000 | 1,479,702 | ||
University of Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 10/01/2028 | 115,000 | 145,333 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), 5%, 9/01/2034 | 1,480,000 | 1,753,218 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028 | 745,000 | 849,383 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035 | 1,515,000 | 1,791,097 | ||
$ 11,143,013 | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 120,000 | $ 123,000 | |
Utilities - Investor Owned – 0.4% | ||||
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $ | 500,000 | $ 493,795 | |
Utilities - Municipal Owned – 2.7% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 315,000 | $ 348,287 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | 75,000 | 82,430 | ||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 85,000 | 93,000 | ||
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035 | 500,000 | 583,990 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 240,000 | 234,600 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 35,000 | 34,212 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,813 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 88,312 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 9,750 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 90,000 | 88,087 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 150,000 | 146,625 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.625%, 7/01/2023 | 15,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 80,000 | 79,998 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,000 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 10,000 | 10,011 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 40,000 | 39,150 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 4,888 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 120,000 | 117,300 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 500,000 | 525,011 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | $ | 60,000 | $ 59,999 | |
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 105,000 | 113,581 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,874 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 60,000 | 57,975 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 65,000 | 63,781 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 58,875 | ||
$ 3,026,443 | ||||
Utilities - Other – 0.1% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | $ | 95,000 | $ 99,232 | |
Water & Sewer Utility Revenue – 10.7% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 30,000 | $ 33,879 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 145,000 | 162,089 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 30,000 | 32,726 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 30,000 | 32,435 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 120,000 | 144,640 | ||
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 | 2,000,000 | 2,294,685 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 25,000 | 27,988 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 30,000 | 33,481 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 15,000 | 16,775 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 35,000 | 39,071 | ||
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2033 | 200,000 | 241,320 | ||
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2035 | 405,000 | 485,694 | ||
Mississippi Development Bank Special Obligation (Diamondhead Water & Sewer District), 4%, 7/01/2037 | 545,000 | 649,085 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 750,000 | 842,842 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), “A”, AGM, 5%, 9/01/2023 | 1,220,000 | 1,224,135 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 | 1,305,000 | 1,516,680 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 | 1,500,000 | 1,731,216 | ||
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2043 (Prerefunded 1/01/2028) | 1,000,000 | 1,248,985 | ||
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 1,000,000 | 1,248,985 | ||
$ 12,006,711 | ||||
Total Municipal Bonds (Identified Cost, $99,703,562) | $106,282,042 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 161,000 | $ 143,395 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 300,000 | 93,477 | ||
Total Bonds (Identified Cost, $246,091) | $ 236,872 | |||
Investment Companies (h) – 2.9% | ||||
Money Market Funds – 2.9% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $3,283,206) | 3,283,206 | $ 3,283,206 | ||
Other Assets, Less Liabilities – 2.0% | 2,263,815 | |||
Net Assets – 100.0% | $112,065,935 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.4% | ||||
Airport Revenue – 2.7% | ||||
Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043 | $ | 1,500,000 | $ 1,825,315 | |
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 245,000 | 256,910 | ||
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 170,000 | 170,583 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040 | 1,500,000 | 1,696,908 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2028 | 650,000 | 719,830 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2029 | 500,000 | 553,715 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2035 | 1,000,000 | 1,237,643 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038 | 1,000,000 | 1,227,949 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 102,021 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 15,000 | 17,029 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 90,283 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 130,000 | 146,710 | ||
$ 8,044,896 | ||||
General Obligations - General Purpose – 13.0% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 615,000 | $ 653,993 | |
Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025 | 45,000 | 45,470 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 2,935,000 | 2,531,437 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 165,000 | 166,148 | ||
Nassau County, NY, General Improvement, “B”, 5%, 4/01/2023 | 1,820,000 | 1,950,612 | ||
Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2035 | 2,175,000 | 2,677,848 | ||
Nassau County, NY, General Improvement, “B”, AGM, 5%, 7/01/2037 | 3,000,000 | 3,684,089 | ||
New York, NY, “B-1”, 5%, 12/01/2041 | 3,000,000 | 3,604,498 | ||
New York, NY, “D-1”, 5%, 12/01/2038 | 2,000,000 | 2,482,400 | ||
New York, NY, “J”, FGIC, 5.5%, 2/15/2026 | 5,000 | 5,020 | ||
New York, NY, General Obligation, “A”, 3%, 3/15/2035 | 3,000,000 | 3,387,135 | ||
New York, NY, General Obligation, “F-1”, 5%, 4/01/2043 | 3,000,000 | 3,617,051 | ||
Oyster Bay, NY, Public Improvement Rev., AGM, 4%, 3/01/2026 | 350,000 | 398,761 | ||
Oyster Bay, NY, Public Improvement Rev., AGM, 4%, 3/01/2027 | 2,550,000 | 2,954,779 | ||
Oyster Bay, NY, Public Improvement Rev., AGM, 4%, 3/01/2028 | 850,000 | 1,000,815 | ||
Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031 | 635,000 | 724,677 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 115,000 | 121,088 | ||
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AAC, 5.45%, 7/01/2030 | 270,000 | 278,448 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 215,000 | 271,838 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 200,000 | 253,125 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 335,000 | 422,285 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 490,000 | 626,912 | ||
Suffolk County, NY, Public Improvement, “A”, BAM, 3%, 6/15/2032 | 4,000,000 | 4,363,336 | ||
Yonkers, NY, General Obligation, “A”, AGM, 5%, 2/15/2033 | 300,000 | 390,681 | ||
Yonkers, NY, General Obligation, “A”, AGM, 5%, 2/15/2034 | 300,000 | 389,000 | ||
Yonkers, NY, School District, “B”, AGM, 5%, 2/15/2033 | 360,000 | 468,817 | ||
Yonkers, NY, School District, “B”, AGM, 5%, 2/15/2034 | 380,000 | 492,734 | ||
$ 37,962,997 | ||||
General Obligations - Schools – 1.4% | ||||
Cayuga, NY, Moravia Central School District, Onondaga & Tompkins Counties Anticipation Notes, 1.25%, 6/30/2022 | $ | 4,000,000 | $ 4,030,552 | |
Healthcare Revenue - Hospitals – 6.6% | ||||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026 | $ | 450,000 | $ 517,811 | |
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027 | 300,000 | 344,478 | ||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029 | 590,000 | 676,027 | ||
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041 | 1,500,000 | 1,662,224 | ||
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024) | 1,000,000 | 1,126,176 | ||
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037 | 2,000,000 | 2,296,130 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | $ | 1,250,000 | $ 1,531,854 | |
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 40,000 | 40,176 | ||
Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046 | 2,000,000 | 2,280,244 | ||
Nassau County, NY, Local Economic Assistance Corp. Rev. (Catholic Health Services of Long Island Obligated Group Project), 5%, 7/01/2032 | 1,000,000 | 1,112,844 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 170,000 | 194,170 | ||
New York Dormitory Authority Rev. (Maimonides Medical Center), FHA, 4%, 8/01/2043 | 1,000,000 | 1,139,156 | ||
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2045 | 1,500,000 | 1,690,177 | ||
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 800,000 | 952,924 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2037 | 1,000,000 | 1,148,342 | ||
Oneida County, NY, Local Development Corp. Rev. (Mohawk Valley Health System Project), “A”, AGM, 4%, 12/01/2038 | 1,000,000 | 1,145,684 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 1,290,000 | 1,424,214 | ||
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030 | 130,000 | 130,492 | ||
$ 19,413,123 | ||||
Healthcare Revenue - Long Term Care – 1.9% | ||||
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), 5.25%, 11/01/2036 | $ | 1,000,000 | $ 1,189,723 | |
Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), “A”, 4%, 11/01/2045 | 2,000,000 | 2,236,560 | ||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037 | 750,000 | 841,572 | ||
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044 | 915,000 | 998,102 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 255,000 | 251,790 | ||
$ 5,517,747 | ||||
Industrial Revenue - Airlines – 3.1% | ||||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | $ | 1,500,000 | $ 1,604,522 | |
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 1,000,000 | 1,001,994 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 1,000,000 | 1,257,031 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034 | 1,000,000 | 1,196,578 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2036 | 2,000,000 | 2,388,791 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 1,500,000 | 1,736,948 | ||
$ 9,185,864 | ||||
Industrial Revenue - Environmental Services – 0.4% | ||||
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) | $ | 1,000,000 | $ 1,048,077 | |
Industrial Revenue - Other – 0.8% | ||||
Onondaga County, NY, Industrial Development Agency Sewer Facilities Rev. (Bristol-Meyers Squibb Co. Project), 5.75%, 3/01/2024 | $ | 1,000,000 | $ 1,123,733 | |
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 200,000 | 206,578 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 339,085 | 364,271 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 495,000 | 572,496 | ||
$ 2,267,078 | ||||
Industrial Revenue - Paper – 0.3% | ||||
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025 (n) | $ | 885,000 | $ 946,877 | |
Miscellaneous Revenue - Other – 5.5% | ||||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | $ | 205,000 | $ 219,619 | |
New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043 | 680,000 | 386,074 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Miscellaneous Revenue - Other – continued | ||||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | $ | 1,940,000 | $ 2,124,048 | |
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n) | 1,500,000 | 1,671,308 | ||
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2044 | 1,000,000 | 1,005,566 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 1,665,000 | 1,698,537 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev., (Queens Stadium Project), “A”, AGM, 5%, 1/01/2029 | 1,250,000 | 1,586,238 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev., (Queens Stadium Project), “A”, AGM, 5%, 1/01/2030 | 1,500,000 | 1,940,168 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 3,000,000 | 3,086,059 | ||
New York, NY, Trust for Cultural Resources Refunding Rev. (Carnegie Hall), 5%, 12/01/2038 | 250,000 | 313,865 | ||
New York, NY, Trust for Cultural Resources Refunding Rev. (Carnegie Hall), 5%, 12/01/2039 | 250,000 | 312,687 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 750,000 | 729,863 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 1,000,000 | 965,340 | ||
$ 16,039,372 | ||||
Multi-Family Housing Revenue – 3.0% | ||||
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038 | $ | 1,450,000 | $ 1,564,199 | |
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “I”, 4%, 11/01/2043 | 1,015,000 | 1,108,909 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 106,740 | 107,972 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 750,000 | 775,479 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039 | 2,000,000 | 2,167,708 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048 | 2,810,000 | 3,025,356 | ||
$ 8,749,623 | ||||
Port Revenue – 3.9% | ||||
Port Authority of NY & NJ (205th Series), 5%, 11/15/2042 | $ | 2,000,000 | $ 2,432,455 | |
Port Authority of NY & NJ (211th Series), 4%, 9/01/2043 | 2,000,000 | 2,311,844 | ||
Port Authority of NY & NJ (220th Series), 5%, 11/01/2044 | 3,000,000 | 3,668,836 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | 2,000,000 | 2,292,738 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2032 | 500,000 | 655,424 | ||
$ 11,361,297 | ||||
Sales & Excise Tax Revenue – 3.4% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 20,000 | $ 24,639 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 15,000 | 18,745 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 20,000 | 25,484 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 80,000 | 92,272 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 105,000 | 117,285 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 750,000 | 853,395 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 110,000 | 129,352 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 235,000 | 283,875 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 210,000 | 259,809 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 45,000 | 56,890 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 105,000 | 135,147 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 95,000 | 119,524 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 130,000 | 163,445 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 55,000 | 64,085 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 40,000 | 46,493 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 60,000 | 69,893 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 63,000 | 70,797 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,186,000 | 2,479,492 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 567,000 | 628,753 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 210,000 | 232,872 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 4,423 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 90,000 | 100,896 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 7,000 | 6,682 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 103,000 | 92,960 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 17,000 | 14,641 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | $ | 942,000 | $ 750,611 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 904,000 | 670,117 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,509,000 | 1,811,925 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 440,000 | 488,307 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 100,000 | 104,332 | ||
$ 9,917,141 | ||||
Secondary Schools – 2.7% | ||||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035 | $ | 1,000,000 | $ 1,108,976 | |
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025 | 220,000 | 244,177 | ||
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029 | 320,000 | 368,072 | ||
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036 | 400,000 | 450,747 | ||
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 750,000 | 773,535 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n) | 350,000 | 387,524 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n) | 610,000 | 667,426 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n) | 735,000 | 791,288 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2056 (n) | 530,000 | 568,290 | ||
Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040 | 675,000 | 745,561 | ||
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034 | 450,000 | 509,066 | ||
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035 | 500,000 | 564,776 | ||
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036 | 645,000 | 727,338 | ||
$ 7,906,776 | ||||
Single Family Housing - State – 2.0% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 895,000 | $ 993,312 | |
New York Mortgage Agency Homeowner Mortgage Rev., 4%, 10/01/2037 | 2,110,000 | 2,271,851 | ||
New York Mortgage Agency Rev., “212”, AMT, 3.7%, 10/01/2033 | 335,000 | 343,352 | ||
New York Mortgage Agency Rev., “217”, 3.625%, 4/01/2039 | 355,000 | 384,202 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 1,020,000 | 1,123,577 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 690,000 | 768,774 | ||
$ 5,885,068 | ||||
State & Local Agencies – 6.2% | ||||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 1,430,000 | $ 1,375,783 | |
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 30,000 | 35,609 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 15,000 | 19,340 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 12,871 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 10,000 | 11,826 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 35,000 | 41,298 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 30,000 | 35,278 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 30,000 | 35,139 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 45,000 | 52,530 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 28,988 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 265,000 | 316,400 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 615,000 | 765,164 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 3%, 3/15/2042 | 2,500,000 | 2,655,710 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “A” (Group C), 5%, 2/15/2037 | 1,000,000 | 1,197,702 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “D”, 5%, 2/15/2040 | 830,000 | 844,014 | ||
New York State Thruway Authority, Personal Income Tax Rev., “A-1”, 4%, 3/15/2038 | 4,000,000 | 4,722,767 | ||
New York Urban Development Corp., State Personal Income Tax Rev., “C”, 5%, 3/15/2034 | 2,000,000 | 2,443,619 | ||
New York, NY, Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043 | 3,000,000 | 3,683,984 | ||
$ 18,278,022 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax - Other – 6.8% | ||||
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045 | $ | 2,000,000 | $ 773,401 | |
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 190,000 | 219,952 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 100,000 | 115,595 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 300,000 | 341,722 | ||
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5%, 2/15/2042 | 2,000,000 | 2,358,505 | ||
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047 | 970,000 | 974,086 | ||
New York, NY, City Transitional Finance Authority Rev., “A-3”, 4%, 8/01/2043 | 3,000,000 | 3,403,124 | ||
New York, NY, City Transitional Finance Authority Rev., “B-1”, 5%, 8/01/2038 | 1,175,000 | 1,457,056 | ||
New York, NY, City Transitional Finance Authority Rev., “B-1”, 4%, 8/01/2042 | 2,000,000 | 2,272,091 | ||
New York, NY, City Transitional Finance Authority Rev., “E-1”, 5%, 2/01/2035 | 2,300,000 | 2,764,649 | ||
New York, NY, City Transitional Finance Authority Rev., “E-1”, 5%, 2/01/2043 | 2,500,000 | 2,980,584 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 350,000 | 358,424 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 425,000 | 452,282 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 1,215,000 | 1,324,319 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 186,486 | ||
$ 19,982,276 | ||||
Tobacco – 2.4% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037 (Prerefunded 6/01/2022) | $ | 765,000 | $ 795,693 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 180,000 | 226,149 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 3,650,000 | 584,217 | ||
New York Counties Tobacco Trust II, 5.625%, 6/01/2035 | 35,000 | 35,134 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B”, 5%, 6/01/2032 | 750,000 | 773,315 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050 | 2,000,000 | 2,258,704 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 1,000,000 | 1,186,783 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036 | 1,000,000 | 1,184,995 | ||
$ 7,044,990 | ||||
Toll Roads – 2.9% | ||||
Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2042 | $ | 1,000,000 | $ 1,182,519 | |
Buffalo & Fort Erie, NY, Public Bridge Authority Toll System Rev., 5%, 1/01/2047 | 1,000,000 | 1,181,269 | ||
New York Thruway Authority General Rev., Junior Indebtedness Obligations, “A”, 5.25%, 1/01/2056 | 2,000,000 | 2,329,201 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 205,000 | 229,605 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 170,000 | 189,496 | ||
Triborough Bridge & Tunnel Authority Rev., NY, “A”, 5%, 1/01/2028 (Prerefunded 1/01/2022) | 1,000,000 | 1,011,836 | ||
Triborough Bridge & Tunnel Authority Rev., NY, “A”, 4%, 11/15/2054 | 2,000,000 | 2,313,175 | ||
$ 8,437,101 | ||||
Transportation - Special Tax – 4.5% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038 | $ | 395,000 | $ 399,987 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 275,000 | 276,914 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 25,000 | 25,346 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 1,255,000 | 1,390,416 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 40,000 | 40,553 | ||
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “A-2”, AGM, 5%, 11/15/2044 | 3,000,000 | 3,651,882 | ||
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “C-1”, 4%, 11/15/2037 | 1,000,000 | 1,129,589 | ||
Metropolitan Transportation Authority Refunding Rev., NY (Climate Bond Certified), “E”, 5%, 11/15/2033 | 2,000,000 | 2,507,652 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 0.834% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026) | 1,500,000 | 1,517,861 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 85,000 | 97,720 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 170,000 | 194,827 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 160,000 | 182,901 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 140,000 | 159,633 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 75,000 | 92,131 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | $ | 70,000 | $ 87,351 | |
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 105,000 | 133,067 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 75,000 | 96,817 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 100,000 | 128,162 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 95,000 | 121,082 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 90,000 | 114,046 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 95,000 | 119,747 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 45,000 | 56,464 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 155,000 | 192,994 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 105,000 | 129,918 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 185,000 | 230,171 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 185,000 | 225,897 | ||
$ 13,303,128 | ||||
Universities - Colleges – 13.5% | ||||
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033 | $ | 125,000 | $ 137,591 | |
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 1,080,000 | 1,217,503 | ||
Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047 | 2,000,000 | 2,363,202 | ||
Dobbs Ferry, NY, Local Development Corp. (Mercy College Project), 5%, 7/01/2039 | 1,000,000 | 1,098,872 | ||
Dutchess County, NY, Local Development Corp. Rev. (Vassar College Project), 5%, 7/01/2042 | 1,500,000 | 1,809,927 | ||
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2047 | 2,000,000 | 2,403,099 | ||
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051 | 3,000,000 | 3,149,394 | ||
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2036 | 675,000 | 787,958 | ||
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038 | 480,000 | 557,975 | ||
Miami-Dade County, FL, Educational Facilities Authority Rev. (University of Miami), “B”, 5.25%, 4/01/2029 | 1,325,000 | 1,694,191 | ||
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2030 | 1,000,000 | 1,155,466 | ||
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2037 | 1,000,000 | 1,214,639 | ||
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050 | 2,000,000 | 2,306,559 | ||
New York Dormitory Authority Rev. (Columbia University), “B”, 5%, 10/01/2038 | 1,000,000 | 1,240,072 | ||
New York Dormitory Authority Rev. (New York University), “A”, 4%, 7/01/2041 | 1,500,000 | 1,709,538 | ||
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2033 | 1,000,000 | 1,218,632 | ||
New York Dormitory Authority Rev. (St. John's University), “A”, 4%, 7/01/2034 | 500,000 | 607,036 | ||
New York Dormitory Authority Rev. (Teachers College), 4%, 7/01/2038 (w) | 375,000 | 433,136 | ||
New York Dormitory Authority Rev. (Teachers College), 5%, 7/01/2039 (w) | 425,000 | 528,983 | ||
New York Dormitory Authority Rev. (Teachers College), 4%, 7/01/2040 (w) | 785,000 | 898,656 | ||
New York Dormitory Authority Rev. (Teachers College), 5%, 7/01/2041 (w) | 800,000 | 990,797 | ||
New York Dormitory Authority Rev., Non-State Supported Debt, “A”, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 3,000,000 | 3,108,494 | ||
New York Dormitory Authority Rev., Non-State Supported Debt, “A”, 5%, 7/01/2039 | 2,000,000 | 2,549,082 | ||
Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051 | 750,000 | 1,130,835 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 80,000 | 81,060 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 135,000 | 137,025 | ||
Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5%, 1/01/2047 | 2,000,000 | 2,362,538 | ||
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2038 (w) | 100,000 | 123,243 | ||
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2039 (w) | 200,000 | 245,813 | ||
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2040 (w) | 150,000 | 183,639 | ||
St. Lawrence County, NY, Industrial Development Agency Rev. (Clarkson University), “B”, 5%, 9/01/2041 (w) | 100,000 | 122,078 | ||
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Ithaca College Project), “A”, 5%, 7/01/2041 | 1,000,000 | 1,211,711 | ||
Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute Project), 4%, 9/01/2033 | 100,000 | 118,681 | ||
Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute Project), 4%, 9/01/2035 | 500,000 | 591,580 | ||
$ 39,489,005 | ||||
Universities - Dormitories – 2.3% | ||||
Amherst, NY, Development Corporation, Student Housing Facility Refunding Rev. (UBF Facility/Student Housing Corp./Greiner and Hadley Projects at SUNY Buffalo), “A”, AGM, 5%, 10/01/2045 | $ | 1,000,000 | $ 1,179,701 | |
New York Dormitory Authority Rev. (State University Dormitory Facilities), “A”, 5%, 7/01/2037 | 3,000,000 | 3,108,493 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Dormitories – continued | ||||
Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040 | $ | 1,000,000 | $ 1,148,965 | |
Westchester County, NY, Local Development Corp. Rev. (Purchase Housing Corp. II Project), 5%, 6/01/2042 | 1,250,000 | 1,408,268 | ||
$ 6,845,427 | ||||
Utilities - Cogeneration – 0.2% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 540,000 | $ 553,500 | |
Utilities - Municipal Owned – 1.9% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 155,000 | $ 170,355 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 180,000 | 196,942 | ||
Long Island, NY, Power Authority, Electric System General Rev., 5%, 9/01/2035 | 1,000,000 | 1,225,156 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 675,000 | 659,812 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 100,000 | 97,750 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 50,000 | 49,063 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 25,000 | 24,531 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 250,000 | 245,312 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 25,000 | 24,375 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 265,000 | 259,369 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 430,000 | 420,325 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 140,000 | 134,400 | ||
Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 885,000 | 897,236 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 115,000 | 112,556 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 110,000 | 107,525 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 20,000 | 19,550 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 345,000 | 337,237 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 30,000 | 32,621 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 20,000 | 19,650 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 50,000 | 49,063 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 170,000 | 164,263 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 180,000 | 176,625 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 55,000 | 53,969 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 170,000 | 166,813 | ||
$ 5,644,498 | ||||
Utilities - Other – 0.6% | ||||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | $ | 1,085,000 | $ 1,652,580 | |
Water & Sewer Utility Revenue – 6.4% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 215,000 | $ 247,693 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 270,000 | 310,741 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 750,000 | 859,837 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 345,000 | 415,841 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 100,000 | 112,379 | ||
New York Environmental Facilities Corp., Clean Water & Drinking Water Rev. (New York City Municipal Water Finance Authority Project), “B”, 5%, 6/15/2043 | 3,500,000 | 4,313,767 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 4%, 6/15/2041 | 3,000,000 | 3,500,334 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “BB”, 5%, 6/15/2046 | 1,000,000 | 1,200,240 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2029 | 1,325,000 | 1,721,997 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2034 | 2,000,000 | 2,158,654 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “DD”, 5%, 6/15/2037 | 3,000,000 | 3,742,726 | ||
$ 18,584,209 | ||||
Total Municipal Bonds (Identified Cost, $268,846,474) | $288,091,224 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 415,000 | $369,620 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Consumer Services – continued | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | $ | 1,000,000 | $ 311,589 | |
Total Bonds (Identified Cost, $710,166) | $ 681,209 | |||
Investment Companies (h) – 1.4% | ||||
Money Market Funds – 1.4% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $4,014,324) | 4,014,324 | $ 4,014,324 | ||
Other Assets, Less Liabilities – (0.0)% | (86,257) | |||
Net Assets – 100.0% | $292,700,500 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 95.9% | ||||
Airport Revenue – 5.4% | ||||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032 | $ | 1,245,000 | $ 1,399,238 | |
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039 | 1,000,000 | 1,252,763 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038 | 1,155,000 | 1,334,105 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2038 | 1,500,000 | 1,768,484 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2039 | 1,700,000 | 1,998,618 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2040 | 2,000,000 | 2,341,821 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2041 | 1,500,000 | 1,751,193 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042 | 1,000,000 | 1,196,812 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047 | 2,000,000 | 2,378,734 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049 | 2,500,000 | 3,052,740 | ||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 440,000 | 461,390 | ||
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 305,000 | 306,045 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2034 | 1,150,000 | 1,452,825 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2035 | 1,000,000 | 1,260,380 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2036 | 1,000,000 | 1,256,061 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036 | 2,000,000 | 2,402,846 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037 | 2,000,000 | 2,405,229 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 1,445,000 | 1,683,277 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 175,000 | 198,374 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 195,000 | 221,374 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 150,000 | 169,281 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 240,000 | 270,849 | ||
$ 30,562,439 | ||||
General Obligations - General Purpose – 10.5% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 1,030,000 | $ 1,095,305 | |
Charlotte, NC, General Obligation, “A”, 5%, 6/01/2026 | 8,000,000 | 9,641,676 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2033 | 315,000 | 355,556 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 235,000 | 293,152 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2040 | 85,000 | 95,661 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 665,000 | 746,968 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 5,015,000 | 4,325,437 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 675,000 | 681,478 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2036 | 500,000 | 595,351 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2037 | 450,000 | 534,375 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2039 | 650,000 | 768,396 | ||
Forsyth, NC, General Obligation, “A”, 5%, 4/01/2033 | 2,500,000 | 3,323,650 | ||
Forsyth, NC, General Obligation, “A”, 4%, 4/01/2034 | 5,100,000 | 6,282,542 | ||
Gaston County, NC, Rev., 5%, 4/01/2033 | 675,000 | 846,203 | ||
Gaston County, NC, Rev., 5%, 4/01/2035 | 610,000 | 764,246 | ||
Granville County, NC, 5%, 10/01/2034 | 675,000 | 843,589 | ||
Granville County, NC, 5%, 10/01/2035 | 690,000 | 861,116 | ||
Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2029 | 1,460,000 | 1,898,406 | ||
Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2030 | 1,385,000 | 1,839,714 | ||
Holly Springs, NC, General Obligation Public Improvement, 5%, 6/01/2031 | 1,490,000 | 2,022,122 | ||
Holly Springs, NC, General Obligation Public Improvement, 4%, 6/01/2032 | 1,500,000 | 1,873,820 | ||
Lee County, NC, Limited Obligation, 3.25%, 5/01/2035 | 1,000,000 | 1,090,771 | ||
Lee County, NC, Limited Obligation, 4%, 5/01/2036 | 500,000 | 584,175 | ||
Lee County, NC, Limited Obligation, 4%, 5/01/2037 | 855,000 | 996,592 | ||
North Carolina General Obligation Refunding, “A”, 5%, 6/01/2023 | 1,000,000 | 1,079,810 | ||
North Carolina Public Improvement General Obligation (Connect NC), “A”, 5%, 6/01/2030 | 4,790,000 | 6,348,642 | ||
North Carolina Public Improvement General Obligation (Connect NC), “B”, 5%, 6/01/2030 | 1,625,000 | 2,097,895 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 625,000 | 658,086 | ||
Randolph County, NC, 4%, 10/01/2037 | 1,045,000 | 1,236,014 | ||
Randolph County, NC, 4%, 10/01/2038 | 500,000 | 589,222 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - General Purpose – continued | ||||
Randolph County, NC, 4%, 10/01/2039 | $ | 500,000 | $ 587,813 | |
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 375,000 | 474,136 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 350,000 | 442,968 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 465,000 | 569,889 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 705,000 | 875,344 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 645,000 | 813,057 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 935,000 | 1,196,250 | ||
$ 59,329,427 | ||||
Healthcare Revenue - Hospitals – 9.1% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 555,000 | $ 623,462 | |
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036 | 3,000,000 | 3,738,338 | ||
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040 | 3,000,000 | 3,462,700 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 40,000 | 48,694 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 20,000 | 24,143 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 255,000 | 289,067 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 85,000 | 85,375 | ||
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027) | 1,500,000 | 1,853,012 | ||
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027) | 2,425,000 | 2,995,704 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 320,000 | 365,496 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Duke University Health System), “A”, 5%, 6/01/2042 (Prerefunded 6/01/2022) | 2,420,000 | 2,497,525 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032 | 600,000 | 765,645 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033 | 255,000 | 324,382 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 | 2,800,000 | 3,260,614 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 | 3,000,000 | 3,493,515 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045 | 2,500,000 | 2,856,326 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033 | 1,000,000 | 1,229,113 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2031 | 4,355,000 | 4,546,070 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (WakeMed), “A”, 5%, 10/01/2038 | 1,825,000 | 1,902,280 | ||
North Carolina Medical Care Commission, Hospital Rev. (Caromont Health/Gaston Healthcare), “B”, 5%, 2/01/2051 (Put Date 2/01/2026) | 2,500,000 | 2,965,710 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 1,580,000 | 1,783,259 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 150,000 | 178,728 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035 | 1,515,000 | 1,669,510 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038 | 1,065,000 | 1,166,863 | ||
University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2037 | 405,000 | 467,130 | ||
University of North Carolina, Hospitals at Chapel Hill Rev., 4%, 2/01/2038 | 1,040,000 | 1,197,010 | ||
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 6,500,000 | 7,598,685 | ||
$ 51,388,356 | ||||
Healthcare Revenue - Long Term Care – 6.5% | ||||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037 | $ | 2,750,000 | $ 3,179,504 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w) | 1,000,000 | 1,080,196 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w) | 2,000,000 | 2,120,491 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 1,500,000 | 1,596,289 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031 | 1,000,000 | 1,130,317 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036 | 800,000 | 894,653 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 2,000,000 | 2,384,162 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045 | 1,000,000 | 1,070,975 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047 | 1,000,000 | 1,099,185 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047 | 2,000,000 | 2,065,852 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2033 | $ | 180,000 | $ 211,549 | |
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2034 | 185,000 | 216,760 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041 | 830,000 | 957,130 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046 | 715,000 | 817,990 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2051 | 1,100,000 | 1,254,608 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040 | 2,000,000 | 2,191,431 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039 | 1,225,000 | 1,376,319 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050 | 1,500,000 | 1,676,337 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037 | 1,500,000 | 1,641,440 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049 | 2,000,000 | 2,227,578 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031 | 800,000 | 871,915 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037 | 2,200,000 | 2,378,456 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 | 1,500,000 | 1,613,712 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2033 | 1,590,000 | 1,686,849 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035 | 1,000,000 | 1,154,179 | ||
$ 36,897,877 | ||||
Human Services – 0.2% | ||||
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034 | $ | 1,000,000 | $ 1,186,605 | |
Industrial Revenue - Other – 0.4% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 600,000 | $ 619,735 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 571,335 | 613,771 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 830,000 | 959,943 | ||
$ 2,193,449 | ||||
Miscellaneous Revenue - Other – 0.9% | ||||
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025 | $ | 1,000,000 | $ 1,144,619 | |
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | 420,000 | 449,952 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 3,145,000 | 3,208,348 | ||
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | 85,000 | 85,189 | ||
$ 4,888,108 | ||||
Multi-Family Housing Revenue – 0.0% | ||||
Mecklenburg County, NC (Little Rock Apartments), FNMA, 5.15%, 1/01/2022 | $ | 70,000 | $ 70,583 | |
Sales & Excise Tax Revenue – 2.7% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 35,000 | $ 43,119 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 25,000 | 31,242 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 35,000 | 44,597 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 150,000 | 173,009 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 200,000 | 223,400 | ||
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036 | 1,140,000 | 1,153,588 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 1,295,000 | 1,473,529 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 185,000 | 217,546 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 400,000 | 483,192 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 375,000 | 463,945 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 75,000 | 94,817 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 175,000 | 225,245 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 165,000 | 207,594 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 220,000 | 276,599 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 100,000 | 116,518 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 65,000 | 75,551 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 105,000 | 122,313 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 105,000 | 117,995 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | $ | 1,056,000 | $ 1,197,779 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 957,000 | 1,061,229 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 348,000 | 385,901 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 9,953 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 154,000 | 172,644 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 14,000 | 13,365 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 174,000 | 157,038 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 26,698 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,584,000 | 1,262,174 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,515,000 | 1,123,039 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 9,954,000 | 3,273,897 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 670,000 | 743,558 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 185,000 | 193,015 | ||
$ 15,164,089 | ||||
Secondary Schools – 0.1% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 430,000 | $ 480,841 | |
Single Family Housing - Local – 0.4% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 2,180,000 | $ 2,418,831 | |
Single Family Housing - State – 3.3% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 1,275,000 | $ 1,368,059 | |
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 1,595,000 | 1,770,204 | ||
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051 | 2,780,000 | 3,011,481 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044 | 1,760,000 | 1,866,474 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043 | 3,470,000 | 3,625,209 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050 | 4,685,000 | 5,217,199 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 1,830,000 | 1,957,557 | ||
$ 18,816,183 | ||||
State & Local Agencies – 15.3% | ||||
Asheville, NC, Limited Obligation, 5%, 4/01/2028 (Prerefunded 4/01/2022) | $ | 400,000 | $ 409,571 | |
Buncombe County, NC, Limited Obligation, 4%, 6/01/2034 | 1,700,000 | 2,004,643 | ||
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035 | 1,465,000 | 1,724,396 | ||
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2027 | 125,000 | 154,340 | ||
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2028 | 200,000 | 253,126 | ||
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2029 | 275,000 | 354,991 | ||
Buncombe County, NC, Limited Obligation, “A”, 5%, 6/01/2030 | 250,000 | 329,171 | ||
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034 | 1,000,000 | 1,153,775 | ||
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2037 | 1,320,000 | 1,559,095 | ||
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049 | 2,500,000 | 2,895,008 | ||
Charlotte, NC, COP, 5%, 12/01/2034 | 1,000,000 | 1,259,034 | ||
Charlotte, NC, COP, 5%, 12/01/2035 | 2,000,000 | 2,518,728 | ||
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2038 | 2,015,000 | 2,373,147 | ||
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2039 | 1,250,000 | 1,471,742 | ||
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2038 | 4,500,000 | 5,299,832 | ||
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039 | 3,000,000 | 3,282,134 | ||
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2027 | 600,000 | 741,207 | ||
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2028 | 600,000 | 758,934 | ||
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2029 | 1,250,000 | 1,613,596 | ||
Charlotte, NC, Refunding COP (Transit Projects), “A”, 5%, 6/01/2030 | 700,000 | 921,679 | ||
Charlotte, NC, Transit Projects/Phase II, COP, “B”, 5%, 6/01/2026 | 1,250,000 | 1,452,475 | ||
Chatham County, NC, Limited Obligation, 4%, 11/01/2037 | 1,750,000 | 2,067,282 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 115,000 | 140,638 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 100,000 | 121,837 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | $ | 45,000 | $ 54,651 | |
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2025 | 175,000 | 197,444 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2026 | 275,000 | 317,835 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2027 | 300,000 | 353,829 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2028 | 300,000 | 360,117 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2029 | 200,000 | 243,983 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2030 | 200,000 | 247,269 | ||
Dare County, NC, Limited Obligation, “A”, 4%, 6/01/2031 | 275,000 | 338,052 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 2,310,000 | 2,222,418 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034 | 2,000,000 | 2,373,420 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035 | 1,240,000 | 1,469,391 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036 | 1,375,000 | 1,625,535 | ||
Durham County, NC, Limited Obligation, 4%, 4/01/2035 | 1,270,000 | 1,489,810 | ||
Durham County, NC, Limited Obligation, 4%, 4/01/2037 | 3,000,000 | 3,500,961 | ||
Harnett County, NC, Limited Obligation Refunding, 5%, 12/01/2026 | 750,000 | 912,936 | ||
Harnett County, NC, Limited Obligation Refunding, 5%, 12/01/2027 | 910,000 | 1,136,602 | ||
Harnett County, NC, Limited Obligation Refunding, 4%, 12/01/2028 | 250,000 | 302,402 | ||
Henderson County, NC, Limited Obligation, 4%, 6/01/2024 | 290,000 | 318,299 | ||
Henderson County, NC, Limited Obligation, 4%, 6/01/2026 | 150,000 | 173,514 | ||
Henderson County, NC, Limited Obligation, 4%, 6/01/2027 | 425,000 | 502,293 | ||
Henderson County, NC, Limited Obligation, 4%, 6/01/2029 | 300,000 | 366,469 | ||
Henderson County, NC, Limited Obligation, 4%, 6/01/2031 | 320,000 | 401,363 | ||
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 5%, 4/01/2033 | 550,000 | 712,121 | ||
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2034 | 500,000 | 603,091 | ||
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2036 | 800,000 | 954,094 | ||
Johnston County, NC, Finance Corp. Limited Obligation, “A”, 4%, 4/01/2037 | 500,000 | 594,556 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 520,000 | 653,922 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 1,010,000 | 1,221,339 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2026 | 300,000 | 349,277 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2027 | 350,000 | 415,358 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2028 | 300,000 | 362,117 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2029 | 280,000 | 343,252 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2030 | 200,000 | 248,318 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2031 | 140,000 | 172,997 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2032 | 125,000 | 153,594 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2033 | 150,000 | 183,665 | ||
Mooresville, NC, Limited Obligation, “A”, 4%, 10/01/2034 | 130,000 | 158,008 | ||
Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036 | 350,000 | 389,693 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 465,000 | 555,193 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 1,030,000 | 1,281,495 | ||
North Carolina Limited Obligation (Build, Inc.), “A”, 5%, 5/01/2029 | 1,625,000 | 2,104,992 | ||
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2038 | 1,250,000 | 1,648,929 | ||
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2041 | 1,795,000 | 2,348,972 | ||
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2031 | 835,000 | 1,127,838 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034 | 2,555,000 | 2,988,414 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043 | 3,500,000 | 1,926,763 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 2,530,000 | 3,035,560 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2022 | 245,000 | 250,818 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2023 | 225,000 | 240,972 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2025 | 425,000 | 492,153 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2027 | 400,000 | 491,995 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2029 | 300,000 | 386,407 | ||
Pitt County, NC, Limited Obligation, “B”, 5%, 4/01/2031 | 245,000 | 327,164 | ||
Scotland County, NC, Limited Obligation, 5%, 12/01/2033 | 210,000 | 257,795 | ||
Scotland County, NC, Limited Obligation, 5%, 12/01/2034 | 1,000,000 | 1,224,450 | ||
Wake County, NC, Limited Obligation, “A”, 5%, 8/01/2027 | 920,000 | 1,142,546 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Wake County, NC, Limited Obligation, “A”, 4%, 8/01/2037 | $ | 3,000,000 | $ 3,525,516 | |
$ 86,642,348 | ||||
Student Loan Revenue – 0.9% | ||||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2027 | $ | 550,000 | $ 651,597 | |
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2028 | 1,000,000 | 1,203,183 | ||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2029 | 700,000 | 852,922 | ||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 3.125%, 6/01/2039 | 2,235,000 | 2,259,081 | ||
$ 4,966,783 | ||||
Tax - Other – 0.7% | ||||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | $ | 290,000 | $ 365,359 | |
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 2,415,000 | 2,473,125 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 760,000 | 808,786 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 344,717 | ||
$ 3,991,987 | ||||
Tax Assessment – 0.2% | ||||
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $ | 1,000,000 | $ 1,032,374 | |
Tobacco – 0.5% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-3”, 6.25%, 6/01/2037 (Prerefunded 6/01/2022) | $ | 1,295,000 | $ 1,346,957 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | 325,000 | 408,324 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 6,270,000 | 1,003,573 | ||
$ 2,758,854 | ||||
Toll Roads – 6.3% | ||||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | $ | 2,000,000 | $ 2,253,590 | |
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2027 | 1,930,000 | 2,389,317 | ||
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2028 | 1,000,000 | 1,268,840 | ||
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2029 | 1,230,000 | 1,595,827 | ||
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2030 | 2,215,000 | 2,931,760 | ||
North Carolina Turnpike Authority, State Appropriation Refunding Rev. (Monroe Expressway System), 5%, 7/01/2032 | 1,500,000 | 2,018,316 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040 | 2,000,000 | 2,410,821 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | 500,000 | 597,982 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038 | 3,000,000 | 3,703,712 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 1,975,000 | 2,449,403 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 2/01/2024 | 6,000,000 | 6,611,195 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032 | 1,150,000 | 1,353,760 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039 | 2,600,000 | 3,087,954 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 435,000 | 487,211 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 350,000 | 390,139 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 595,000 | 618,689 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 1,160,000 | 1,200,573 | ||
$ 35,369,089 | ||||
Transportation - Special Tax – 3.4% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 435,000 | $ 438,027 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 65,000 | 65,899 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 1,640,000 | 1,789,018 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 1,210,000 | 1,261,017 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 290,000 | 361,086 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 260,000 | 323,484 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 260,000 | 317,477 | ||
North Carolina Department of State Treasurer, Grant Anticipation Rev., 5%, 3/01/2033 | 1,000,000 | 1,312,642 | ||
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2034 | 2,000,000 | 2,409,769 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2035 | $ | 2,000,000 | $ 2,397,038 | |
North Carolina Grant Anticipation Rev., 5%, 3/01/2027 | 7,000,000 | 8,586,667 | ||
$ 19,262,124 | ||||
Universities - Colleges – 19.5% | ||||
Appalachian State University Rev., 4%, 10/01/2048 | $ | 1,415,000 | $ 1,620,754 | |
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044 | 3,000,000 | 3,645,293 | ||
East Carolina University, NC, General Rev., “A”, 4%, 10/01/2045 | 2,195,000 | 2,436,472 | ||
Elizabeth City State University Rev., AGM, 5%, 4/01/2040 | 3,155,000 | 3,794,705 | ||
North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035 | 3,075,000 | 3,569,471 | ||
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 4%, 10/01/2039 | 3,265,000 | 3,655,202 | ||
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044 | 4,955,000 | 5,896,329 | ||
North Carolina Capital Facilities Finance Agency Rev. (Davidson College), 5%, 3/01/2045 | 1,500,000 | 1,526,655 | ||
North Carolina Capital Facilities Finance Agency Rev. (Wake Forest University), 4%, 1/01/2048 | 3,000,000 | 3,346,533 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2024 | 1,250,000 | 1,415,223 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2025 | 1,000,000 | 1,166,794 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2026 | 850,000 | 1,018,342 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (Campbell University), “A”, 5%, 10/01/2027 | 400,000 | 489,133 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 3%, 5/01/2022 | 220,000 | 223,372 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2023 | 265,000 | 280,074 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2024 | 190,000 | 206,258 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2025 | 255,000 | 292,593 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2026 | 275,000 | 324,581 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2027 | 400,000 | 482,859 | ||
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034 | 1,370,000 | 1,488,582 | ||
North Carolina Central University Rev., 5%, 4/01/2044 | 3,265,000 | 3,906,550 | ||
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2029 (Prerefunded 10/01/2023) | 5,000,000 | 5,475,758 | ||
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2033 | 500,000 | 648,187 | ||
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2034 | 1,000,000 | 1,292,170 | ||
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2035 | 1,180,000 | 1,522,210 | ||
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 450,000 | 451,445 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 170,000 | 172,253 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 275,000 | 279,125 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 115,000 | 115,756 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 140,000 | 142,100 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 735,000 | 852,174 | ||
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2030 | 750,000 | 1,005,489 | ||
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2031 | 1,000,000 | 1,369,141 | ||
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2032 | 1,000,000 | 1,361,909 | ||
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2033 | 750,000 | 1,017,552 | ||
University of North Carolina at Chapel Hill, General Rev., “B”, 5%, 12/01/2034 | 1,125,000 | 1,521,028 | ||
University of North Carolina Board of Governors Rev., 4%, 4/01/2049 | 5,000,000 | 5,584,318 | ||
University of North Carolina, Ashville, Rev., 4%, 6/01/2039 | 1,450,000 | 1,673,229 | ||
University of North Carolina, Charlotte, Rev., 5%, 4/01/2043 (Prerefunded 4/01/2024) | 1,715,000 | 1,915,853 | ||
University of North Carolina, Charlotte, Rev., “A”, 5%, 10/01/2038 | 1,110,000 | 1,398,580 | ||
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2040 | 6,310,000 | 7,181,677 | ||
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036 | 1,750,000 | 1,998,893 | ||
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034 | 1,000,000 | 1,151,109 | ||
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035 | 1,000,000 | 1,148,830 | ||
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 2,000,000 | 2,231,577 | ||
University of North Carolina, School of Art General Rev., 4%, 2/01/2040 | 1,000,000 | 1,147,295 | ||
University of North Carolina, School of Art General Rev., 4%, 2/01/2045 | 2,825,000 | 3,202,788 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028 | 3,045,000 | 3,511,923 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032 | 500,000 | 557,169 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033 | $ | 400,000 | $ 444,885 | |
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034 | 500,000 | 555,026 | ||
University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2039 | 1,000,000 | 1,165,042 | ||
University of North Carolina, Wilmington, Rev., “B”, 4%, 10/01/2044 | 1,405,000 | 1,618,691 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 195,000 | 212,721 | ||
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043 | 3,700,000 | 4,435,825 | ||
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2032 | 2,420,000 | 3,114,058 | ||
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2033 | 500,000 | 641,369 | ||
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2034 | 1,300,000 | 1,662,145 | ||
Winston-Salem State University, NC, General Rev., 5%, 4/01/2033 | 1,000,000 | 1,023,174 | ||
Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042 | 2,470,000 | 2,960,760 | ||
Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029 | 1,550,000 | 1,686,166 | ||
$ 110,235,175 | ||||
Universities - Dormitories – 0.7% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 3,045,000 | $ 3,687,688 | |
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 800,000 | $ 820,000 | |
Utilities - Municipal Owned – 1.2% | ||||
Greenville, NC, Greenville Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044 | $ | 300,000 | $ 375,069 | |
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,125,000 | 1,099,687 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 175,000 | 171,063 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 85,000 | 83,406 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 40,000 | 39,250 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 415,000 | 407,219 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 40,000 | 39,000 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 440,000 | 430,650 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 720,000 | 703,800 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 240,000 | 230,400 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 195,000 | 190,856 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 190,000 | 185,725 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 35,000 | 34,213 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 585,000 | 571,838 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 340,000 | 368,421 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 420,000 | 454,323 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 50,000 | 54,368 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 35,000 | 34,388 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 80,000 | 78,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 265,000 | 256,056 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 305,000 | 299,281 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 95,000 | 93,219 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 300,000 | 294,375 | ||
$ 6,495,107 | ||||
Utilities - Other – 0.3% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026 | $ | 1,290,000 | $ 1,531,606 | |
Water & Sewer Utility Revenue – 7.3% | ||||
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024) | $ | 1,250,000 | $ 1,406,146 | |
Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2030 | 2,000,000 | 2,658,950 | ||
Charlotte, NC, Water & Sewer System Refunding Rev., 5%, 7/01/2033 | 1,750,000 | 2,295,082 | ||
Charlotte, NC, Water & Sewer Systems Rev., 4%, 7/01/2047 | 4,000,000 | 4,616,452 | ||
Durham, NC, Utility System Refunding Rev., 5%, 8/01/2033 | 2,625,000 | 3,516,796 | ||
Durham, NC, Utility System Refunding Rev., 4%, 8/01/2034 | 1,675,000 | 2,073,480 | ||
Greensboro, NC, Enterprise Systems Rev., “A”, 4%, 6/01/2047 | 2,000,000 | 2,275,978 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 220,000 | $ 248,449 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 380,000 | 437,783 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 480,000 | 552,428 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,325,000 | 1,519,046 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 1,000,000 | 1,117,853 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 605,000 | 729,228 | ||
Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2024 | 500,000 | 560,181 | ||
Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2025 | 485,000 | 563,398 | ||
Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2026 | 450,000 | 538,946 | ||
Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2027 | 550,000 | 676,959 | ||
Jacksonville, NC, Enterprise Systems Refunding Rev., “A”, 5%, 5/01/2028 | 425,000 | 536,218 | ||
Lincoln County, NC, Enterprise System Rev., 3%, 8/01/2034 | 175,000 | 194,330 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 95,000 | 106,354 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 115,000 | 128,343 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 60,000 | 67,101 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 140,000 | 156,284 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025 | 2,010,000 | 2,326,324 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028 | 500,000 | 605,058 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029 | 1,400,000 | 1,606,712 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031 | 1,600,000 | 1,832,833 | ||
Raleigh, NC, Combined Enterprise Systems Rev., “A”, 5%, 3/01/2029 (Prerefunded 3/01/2023) | 3,145,000 | 3,357,191 | ||
Union County, NC, Enterprise System Rev., 5%, 6/01/2026 | 750,000 | 903,523 | ||
Union County, NC, Enterprise System Rev., 5%, 6/01/2027 | 800,000 | 989,777 | ||
Union County, NC, Enterprise System Rev., 5%, 6/01/2028 | 750,000 | 950,886 | ||
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034 | 700,000 | 812,637 | ||
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035 | 500,000 | 577,464 | ||
$ 40,938,190 | ||||
Total Municipal Bonds (Identified Cost, $511,072,585) | $541,128,113 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 786,000 | $ 700,052 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,700,000 | 529,701 | ||
Total Bonds (Identified Cost, $1,279,995) | $ 1,229,753 | |||
Investment Companies (h) – 3.2% | ||||
Money Market Funds – 3.2% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $18,403,574) | 18,403,631 | $ 18,403,631 | ||
Other Assets, Less Liabilities – 0.7% | 3,717,350 | |||
Net Assets – 100.0% | $564,478,847 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 96.1% | ||||
Airport Revenue – 4.0% | ||||
Allegheny County, PA, Airport Authority Rev., “A”, 5%, 1/01/2036 | $ | 2,000,000 | $ 2,527,349 | |
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030 | 215,000 | 245,042 | ||
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 | 750,000 | 900,923 | ||
Philadelphia, PA, Airport Rev., “C-1”, VRDN, 0.08%, 6/15/2025 | 4,000,000 | 4,000,000 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 55,000 | 62,346 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 65,000 | 73,791 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 45,000 | 50,784 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 80,000 | 90,283 | ||
$ 7,950,518 | ||||
General Obligations - General Purpose – 9.8% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 350,000 | $ 372,191 | |
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043 | 1,000,000 | 1,110,513 | ||
Chester County, PA, General Obligation, 4%, 7/15/2038 | 500,000 | 587,736 | ||
Chester County, PA, General Obligation, 4%, 7/15/2039 | 510,000 | 597,400 | ||
Chester County, PA, General Obligation, 4%, 7/15/2040 | 500,000 | 584,590 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 220,000 | 248,903 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 65,000 | 75,692 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 70,000 | 83,620 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 1,650,000 | 1,423,125 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 235,000 | 237,255 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 100,000 | 100,696 | ||
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2031 | 1,205,000 | 1,409,596 | ||
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2034 | 955,000 | 1,107,386 | ||
Lackawanna County, PA, General Obligations, “A”, BAM, 4%, 3/15/2035 | 500,000 | 577,942 | ||
Monroe County, PA, General Obligation, “A”, 4%, 7/15/2035 | 2,000,000 | 2,364,783 | ||
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032 | 595,000 | 472,632 | ||
Pennsylvania General Obligation, AGM, 5%, 9/15/2026 | 425,000 | 516,608 | ||
Pennsylvania General Obligation Refunding, 5%, 1/15/2023 | 1,415,000 | 1,502,182 | ||
Philadelphia, PA, “B”, 5%, 2/01/2035 | 1,000,000 | 1,256,227 | ||
Philadelphia, PA, General Obligation, “A”, 5%, 5/01/2034 | 1,000,000 | 1,303,979 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036 | 25,000 | 25,174 | ||
Puerto Rico Public Buildings Authority Rev., Guaranteed, “D”, AAC, 5.45%, 7/01/2030 | 165,000 | 170,163 | ||
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030 | 1,000,000 | 1,232,692 | ||
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031 | 1,000,000 | 1,229,397 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 125,000 | 158,045 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 145,547 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 220,000 | 277,322 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 320,000 | 409,412 | ||
$ 19,580,808 | ||||
General Obligations - Schools – 10.3% | ||||
Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2036 | $ | 400,000 | $ 472,545 | |
Allegheny County, PA, Pine-Richland School District, General Obligation, “B”, 4%, 3/01/2037 | 600,000 | 706,653 | ||
Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041 | 1,000,000 | 1,131,359 | ||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 | 1,000,000 | 1,191,969 | ||
Carlisle, PA, School District, 5%, 9/01/2026 (Prerefunded 3/01/2022) | 1,000,000 | 1,019,873 | ||
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031 | 1,150,000 | 950,753 | ||
Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033 | 1,150,000 | 1,341,542 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 | 765,000 | 871,304 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 1,500,000 | 1,825,678 | ||
Montebello, CA, Unified School District (Election of 2016), “A”, 4%, 8/01/2046 | 545,000 | 589,724 | ||
Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037 | 1,500,000 | 1,676,507 | ||
Northampton County, PA, Area School District, “A”, 5%, 10/01/2033 | 1,000,000 | 1,046,122 | ||
Pequea Valley, PA, School District Lancaster Country General Obligation, 4%, 5/15/2027 | 125,000 | 147,152 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026) | $ | 5,000 | $ 6,060 | |
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 | 1,495,000 | 1,763,526 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2044 | 1,500,000 | 1,852,747 | ||
Scranton, PA, School District General Obligation, 4%, 12/01/2040 | 1,500,000 | 1,721,239 | ||
Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034 | 1,000,000 | 1,201,802 | ||
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039 | 1,000,000 | 1,083,482 | ||
$ 20,600,037 | ||||
Healthcare Revenue - Hospitals – 15.7% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (University of Pittsburgh Medical Center), “B”, 5%, 10/15/2029 | $ | 1,000,000 | $ 1,294,481 | |
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 | 1,000,000 | 1,204,297 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038 | 500,000 | 523,850 | ||
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040 | 1,600,000 | 1,620,962 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 1,000,000 | 1,128,576 | ||
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028) | 665,000 | 846,725 | ||
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 335,000 | 409,194 | ||
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 | 850,000 | 987,134 | ||
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 6.25%, 11/15/2041 (Prerefunded 11/15/2021) | 500,000 | 503,453 | ||
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052 | 1,750,000 | 2,098,308 | ||
Doylestown, PA, Hospital Rev., “A”, 5%, 7/01/2049 | 1,000,000 | 1,172,377 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 | 500,000 | 607,535 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 | 1,000,000 | 1,212,982 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 | 1,000,000 | 1,191,415 | ||
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 | 500,000 | 544,450 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 735,000 | 900,730 | ||
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036 | 1,000,000 | 1,188,986 | ||
Lehigh County, PA, Hospital Authority, General Purpose Refunding Rev. (Health Network), “A”, 4%, 7/01/2039 | 1,000,000 | 1,163,347 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 25,000 | 25,110 | ||
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039 | 1,000,000 | 1,155,846 | ||
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045 | 1,000,000 | 1,171,799 | ||
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048 | 500,000 | 600,345 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Children's Hospital of Philadelphia Project), “A”, 5%, 7/01/2032 | 1,000,000 | 1,363,107 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036 | 1,000,000 | 1,192,135 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 1,000,000 | 1,185,825 | ||
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034 | 500,000 | 580,792 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 810,000 | 894,274 | ||
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 | 1,000,000 | 1,141,599 | ||
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 (Prerefunded 6/01/2024) | 1,000,000 | 1,124,917 | ||
West Shore, PA, Hospital Authority Rev. (Holy Spirit Hospital), “B”, 5.625%, 1/01/2032 (Prerefunded 1/01/2022) | 500,000 | 506,598 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 5%, 7/01/2029 | 100,000 | 126,675 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037 | 1,400,000 | 1,639,219 | ||
$ 31,307,043 | ||||
Healthcare Revenue - Long Term Care – 3.5% | ||||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | $ | 500,000 | $ 520,005 | |
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries Project), “A”, 5%, 1/01/2039 | 1,000,000 | 1,211,791 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 | 750,000 | 844,579 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045 | 500,000 | 543,993 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035 | 500,000 | 557,106 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 | 260,000 | 308,686 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 | 250,000 | 296,337 | ||
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 | 500,000 | 568,343 | ||
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 | 500,000 | 567,775 | ||
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 | 500,000 | 563,712 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 400,000 | 425,880 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | $ | 500,000 | $ 550,975 | |
$ 6,959,182 | ||||
Industrial Revenue - Environmental Services – 0.2% | ||||
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 | $ | 250,000 | $ 295,172 | |
Industrial Revenue - Other – 1.0% | ||||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 | $ | 1,000,000 | $ 1,328,690 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 106,835 | 114,770 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 400,000 | 462,623 | ||
$ 1,906,083 | ||||
Miscellaneous Revenue - Other – 0.5% | ||||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | $ | 145,000 | $ 155,341 | |
Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 750,000 | 881,159 | ||
$ 1,036,500 | ||||
Multi-Family Housing Revenue – 1.2% | ||||
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 | $ | 964,675 | $ 1,065,003 | |
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 | 1,250,000 | 1,413,061 | ||
$ 2,478,064 | ||||
Sales & Excise Tax Revenue – 2.0% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 10,000 | $ 12,320 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 10,000 | 12,497 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 10,000 | 12,742 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 50,000 | 57,670 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 70,000 | 78,190 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 60,000 | 70,555 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 130,000 | 157,037 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 125,000 | 154,648 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 25,000 | 31,606 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 60,000 | 77,227 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 55,000 | 69,198 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 70,000 | 88,009 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 55,000 | 64,085 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 35,000 | 40,771 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 35,000 | 39,332 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 188,000 | 213,241 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 367,000 | 406,971 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 116,000 | 128,634 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,106 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 69,000 | 77,353 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,728 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 55,000 | 49,638 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 9,000 | 7,751 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 524,000 | 417,537 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 509,000 | 377,311 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,990,000 | 983,419 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 195,000 | 216,409 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 100,000 | 104,332 | ||
$ 3,955,317 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Secondary Schools – 2.7% | ||||
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046 | $ | 500,000 | $ 563,525 | |
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047 | 500,000 | 552,849 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Haverford School Project), 4%, 3/01/2049 | 1,000,000 | 1,100,728 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | 900,000 | 1,048,179 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Discovery Charter School Project), 6.25%, 4/01/2037 | 500,000 | 509,351 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 500,000 | 558,081 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 | 500,000 | 591,321 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 400,000 | 434,249 | ||
$ 5,358,283 | ||||
Single Family Housing - Local – 0.4% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., “A”, 4%, 7/01/2049 | $ | 715,000 | $ 793,332 | |
Single Family Housing - State – 5.0% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | $ | 520,000 | $ 577,120 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032 | 1,000,000 | 1,066,691 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 2,000,000 | 2,153,671 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “A”, 4%, 4/01/2039 | 400,000 | 422,969 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 960,000 | 1,026,915 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2023 | 510,000 | 544,615 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2023 | 760,000 | 827,638 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2024 | 850,000 | 942,433 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2024 | 845,000 | 952,654 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2025 | 500,000 | 572,627 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025 | 300,000 | 348,752 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 400,000 | 445,666 | ||
$ 9,881,751 | ||||
State & Local Agencies – 6.9% | ||||
Colorado State University Board of Governors, System Enterprise Refunding Rev., “E”, 4%, 3/01/2043 | $ | 655,000 | $ 741,153 | |
Commonwealth Financing Authority Rev., “A-2”, 5%, 6/01/2036 (Prerefunded 6/01/2022) | 1,500,000 | 1,548,052 | ||
Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2032 | 225,000 | 296,924 | ||
Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2033 | 200,000 | 263,204 | ||
Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2034 | 215,000 | 282,146 | ||
Commonwealth Financing Authority Rev., “B”, 5%, 6/01/2035 | 260,000 | 340,367 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 1,000,000 | 1,214,462 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 745,000 | 716,754 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 10,000 | 12,894 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 12,871 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,913 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 25,000 | 29,499 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 15,000 | 17,639 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 20,000 | 23,426 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 25,000 | 29,183 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 15,000 | 17,393 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 155,000 | 185,064 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 340,000 | 423,018 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,255,000 | 1,505,782 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 | 250,000 | 304,615 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 | 1,000,000 | 1,214,769 | ||
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028 | 1,000,000 | 1,151,144 | ||
Philadelphia, PA, Redevelopment Authority City Service Agreement Refunding Rev., “B”, 5%, 4/15/2027 | 2,165,000 | 2,465,346 | ||
Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024 | 1,000,000 | 1,024,963 | ||
$ 13,826,581 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Student Loan Revenue – 1.0% | ||||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | $ | 325,000 | $ 393,424 | |
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 | 400,000 | 502,293 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 1,100,000 | 1,095,935 | ||
$ 1,991,652 | ||||
Tax - Other – 2.2% | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w) | $ | 1,000,000 | $ 1,236,179 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 300,000 | 350,207 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 500,000 | 573,350 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | 750,000 | 770,544 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 115,000 | 133,129 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 69,357 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 185,000 | 210,728 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 155,000 | 158,731 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 655,000 | 713,933 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 105,000 | 118,673 | ||
$ 4,334,831 | ||||
Tax Assessment – 0.3% | ||||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | $ | 500,000 | $ 543,160 | |
Tobacco – 0.2% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 110,000 | $ 138,202 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 2,055,000 | 328,922 | ||
$ 467,124 | ||||
Toll Roads – 3.1% | ||||
Delaware River Port Authority Rev., 5%, 1/01/2029 | $ | 1,145,000 | $ 1,264,999 | |
Pennsylvania Turnpike Commission Rev., “B”, 5%, 12/01/2046 | 1,000,000 | 1,268,543 | ||
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050 | 1,500,000 | 1,729,069 | ||
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 1,500,000 | 1,725,575 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 140,000 | 156,803 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 110,000 | 122,615 | ||
$ 6,267,604 | ||||
Transportation - Special Tax – 2.9% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026 | $ | 130,000 | $ 130,844 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 270,000 | 271,879 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 755,000 | 836,466 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 75,000 | 81,738 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 20,000 | 20,277 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 395,000 | 411,655 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 100,000 | 124,512 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 215,000 | 255,664 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 85,000 | 105,754 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 85,000 | 103,791 | ||
Pennsylvania Turnpike Commission (Motor License Fund), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2021) | 1,000,000 | 1,007,738 | ||
Southeastern, PA, Transportation Authority Capital Grant Receipts Refunding (Federal Transit Administration Section 5337 State of Good Repair Formula Program Funds), 5%, 6/01/2022 | 2,365,000 | 2,440,569 | ||
$ 5,790,887 | ||||
Universities - Colleges – 9.1% | ||||
Adams County, PA, General Obligation (Gettysburg College), 5%, 8/15/2033 | $ | 2,100,000 | $ 2,674,638 | |
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032 (Prerefunded 3/01/2025) | 500,000 | 576,125 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2039 | $ | 1,200,000 | $ 1,396,840 | |
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036 | 300,000 | 346,434 | ||
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041 | 920,000 | 1,047,711 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046 | 625,000 | 712,322 | ||
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038 | 1,000,000 | 1,159,835 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 1,000,000 | 1,159,315 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2027 | 600,000 | 734,459 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046 | 1,750,000 | 2,157,507 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 4%, 3/01/2037 | 750,000 | 858,996 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 | 750,000 | 919,497 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Saint Francis University Project), “JJ2”, 6.25%, 11/01/2041 (Prerefunded 11/01/2021) | 500,000 | 502,274 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051 | 1,250,000 | 1,416,074 | ||
Pennsylvania Public School Building Authority Rev. (Montgomery County Community College), 5%, 5/01/2033 | 1,000,000 | 1,132,089 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 95,000 | 96,425 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 25,000 | 25,346 | ||
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026 | 1,000,000 | 1,162,280 | ||
$ 18,078,167 | ||||
Universities - Dormitories – 1.2% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $ | 1,025,000 | $ 1,241,340 | |
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 1,000,000 | 1,125,880 | ||
$ 2,367,220 | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 265,000 | $ 271,625 | |
Utilities - Municipal Owned – 1.3% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 95,000 | $ 104,411 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 105,000 | 114,883 | ||
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031 | 500,000 | 581,917 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 390,000 | 381,225 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 55,000 | 53,762 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2022 (a)(d) | 25,000 | 24,531 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 140,000 | 137,375 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 14,625 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 150,000 | 146,812 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 245,000 | 239,487 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 76,800 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2022 (a)(d) | 65,000 | 63,619 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 65,000 | 63,537 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,775 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 200,000 | 195,500 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 16,311 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 30,000 | 29,438 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 91,794 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 105,000 | 103,031 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 30,000 | 29,438 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 93,219 | ||
$ 2,596,034 | ||||
Utilities - Other – 0.3% | ||||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | $ | 280,000 | $426,472 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Other – continued | ||||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | $ | 235,000 | $ 245,470 | |
$ 671,942 | ||||
Water & Sewer Utility Revenue – 11.2% | ||||
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030 | $ | 500,000 | $ 588,771 | |
Allegheny County, PA, Sanitation Authority Sewer Rev., “A”, 5%, 6/01/2032 | 300,000 | 396,383 | ||
Allegheny County, PA, Sanitation Authority Sewer Rev., “A”, 4%, 6/01/2033 | 250,000 | 304,322 | ||
Allegheny County, PA, Sanitation Authority Sewer Rev., “B”, 5%, 6/01/2032 | 550,000 | 726,702 | ||
Bucks County, PA, Water & Sewer Authority, Water System Rev., 5%, 12/01/2033 (Prerefunded 12/01/2021) | 1,000,000 | 1,007,738 | ||
Cambria County, PA, Greater Johnstown Water Authority Rev., AGM, 4%, 8/15/2041 | 2,000,000 | 2,317,757 | ||
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040 | 1,000,000 | 1,158,351 | ||
Capital Region Water Sewer System Rev., 5%, 7/15/2042 | 1,000,000 | 1,198,706 | ||
Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042 | 500,000 | 518,493 | ||
Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043 | 1,000,000 | 1,215,779 | ||
Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050 | 995,000 | 1,138,977 | ||
Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041 | 1,500,000 | 1,720,601 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 205,000 | 247,094 | ||
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031 | 1,000,000 | 1,167,248 | ||
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2032 | 500,000 | 586,391 | ||
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2037 | 1,000,000 | 1,226,291 | ||
Philadelphia, PA, Water and Wastewater Rev., “A”, 5%, 10/01/2038 | 1,000,000 | 1,243,398 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2033 | 675,000 | 881,251 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “B”, AGM, 5%, 9/01/2034 | 500,000 | 650,571 | ||
Pittsburgh, PA, Water and Sewer System Authority Subordinate Refunding Rev., “B”, AGM, 4%, 9/01/2034 | 2,500,000 | 2,971,904 | ||
Williamsport, PA, Sanitary Authority Sewer Rev., BAM, 5%, 1/01/2030 | 870,000 | 1,108,825 | ||
$ 22,375,553 | ||||
Total Municipal Bonds (Identified Cost, $179,933,910) | $191,684,470 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 270,000 | $ 240,476 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 500,000 | 155,794 | ||
Total Bonds (Identified Cost, $411,575) | $ 396,270 | |||
Investment Companies (h) – 3.1% | ||||
Money Market Funds – 3.1% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $6,249,619) | 6,249,619 | $ 6,249,619 | ||
Other Assets, Less Liabilities – 0.6% | 1,165,314 | |||
Net Assets – 100.0% | $199,495,673 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.5% | ||||
Airport Revenue – 4.5% | ||||
Charleston County, SC, Airport District Rev., 5%, 7/01/2037 | $ | 505,000 | $ 633,367 | |
Charleston County, SC, Airport District Rev., 5%, 7/01/2038 | 750,000 | 938,602 | ||
Charleston County, SC, Airport District Rev., 5%, 7/01/2039 | 450,000 | 561,881 | ||
Charleston County, SC, Airport District Rev., 5%, 7/01/2043 | 1,250,000 | 1,547,369 | ||
Charleston County, SC, Airport District Rev., 5%, 7/01/2048 | 1,500,000 | 1,844,109 | ||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 220,000 | 230,695 | ||
Dallas and Fort Worth, TX, International Airport Rev., “C”, 5%, 11/01/2045 | 155,000 | 155,531 | ||
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2038 | 1,500,000 | 1,783,113 | ||
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2039 | 1,500,000 | 1,778,066 | ||
Horry County, SC, Airport Rev. (Myrtle Beach International Airport), “A”, 5%, 7/01/2040 | 2,250,000 | 2,252,407 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2024 | 230,000 | 258,024 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2025 | 305,000 | 353,925 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2026 | 465,000 | 554,839 | ||
Salt Lake, UT, International Airport Rev., “A”, 5%, 7/01/2027 | 580,000 | 709,990 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 102,021 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 10,000 | 11,353 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 75,000 | 84,640 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 120,000 | 135,425 | ||
$ 13,935,357 | ||||
General Obligations - General Purpose – 7.1% | ||||
Aiken County, SC, County Administration Building Project, 5%, 3/01/2025 (Prerefunded 3/01/2022) | $ | 910,000 | $ 927,894 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 475,000 | 505,116 | ||
Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2023 | 1,210,000 | 1,270,932 | ||
Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2024 | 1,030,000 | 1,119,428 | ||
Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2025 | 800,000 | 895,304 | ||
Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2028 | 1,335,000 | 1,595,918 | ||
Charleston County, SC, General Obligation Park & Recreation District, 4%, 2/01/2030 | 620,000 | 763,671 | ||
Charleston County, SC, General Obligation, “C”, 5%, 11/01/2026 | 2,055,000 | 2,420,073 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 105,000 | 118,309 | ||
Chicago, IL, General Obligation Refunding Project, “A”, 5.25%, 1/01/2030 | 70,000 | 75,993 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 325,000 | 367,697 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 95,000 | 110,627 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 105,000 | 125,430 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2033 | 405,000 | 438,055 | ||
Commonwealth of Puerto Rico, General Obligation, “A”, 8%, 7/01/2035 (a)(d) | 2,435,000 | 2,100,187 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 35,000 | 35,336 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030 | 65,000 | 65,603 | ||
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5%, 7/01/2031 | 145,000 | 146,009 | ||
Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039 | 725,000 | 786,356 | ||
North Charleston, SC, General Obligation, 5%, 12/01/2024 | 675,000 | 773,150 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 105,000 | 110,558 | ||
Richland County, SC, Sewer System General Obligation Refunding, 5%, 3/01/2023 | 690,000 | 736,184 | ||
Richland County, SC, Sewer System General Obligation Refunding, 5%, 3/01/2024 | 725,000 | 807,832 | ||
South Carolina General Obligation State Institution Bonds, “A”, 5%, 4/01/2034 | 1,810,000 | 2,409,109 | ||
South Carolina General Obligation State Institution Bonds, “D”, 5%, 4/01/2034 | 850,000 | 1,131,350 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 190,000 | 240,229 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 175,000 | 221,484 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2028 | 250,000 | 306,392 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2029 | 370,000 | 459,400 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2030 | 340,000 | 428,588 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2031 | 495,000 | 633,309 | ||
$ 22,125,523 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – 12.2% | ||||
Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035 | $ | 275,000 | $ 322,979 | |
Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041 | 1,400,000 | 1,507,094 | ||
Aiken County, SC, Consolidated School District Special Obligation, “A”, 4%, 4/01/2036 | 2,000,000 | 2,357,954 | ||
Anderson County, SC, School District, “A”, 5%, 3/01/2026 | 1,240,000 | 1,480,063 | ||
Beaufort County, SC, School District General Obligation, “A”, 5%, 3/01/2029 | 5,000,000 | 6,428,491 | ||
Chesterfield County, SC, School District, 5%, 3/01/2025 | 1,000,000 | 1,019,104 | ||
Darlington County, SC, General Obligation School District, 5%, 3/01/2026 | 4,025,000 | 4,804,237 | ||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2040 | 1,295,000 | 1,501,083 | ||
Lancaster County, SC, School District General Obligation, “A”, 5%, 3/01/2025 | 4,140,000 | 4,783,597 | ||
Lexington County, SC, School District No. 1, “A”, 5%, 3/01/2023 | 1,030,000 | 1,099,396 | ||
Richland County, SC, School District No. 1, General Obligation Refunding, “D”, 5%, 3/01/2024 | 1,850,000 | 2,060,889 | ||
Richland County, SC, School District No. 2, General Obligation Refunding, 5%, 3/01/2023 | 2,825,000 | 3,016,579 | ||
Spartanburg County, SC, School District No. 2 General Obligation, 5%, 3/01/2028 | 1,030,000 | 1,260,196 | ||
Spartanburg County, SC, School District No. 7, General Obligation, “B”, 5%, 3/01/2048 | 2,000,000 | 2,468,455 | ||
Spartanburg County, SC, School District No. 7, General Obligation, “D”, 5%, 3/01/2042 | 3,000,000 | 3,733,995 | ||
$ 37,844,112 | ||||
Healthcare Revenue - Hospitals – 10.8% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 255,000 | $ 286,455 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 20,000 | 24,347 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 10,000 | 12,072 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 120,000 | 136,032 | ||
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 30,000 | 32,882 | ||
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036 | 1,500,000 | 1,697,715 | ||
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), “B”, 5%, 10/01/2031 | 1,950,000 | 1,995,680 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | 1,115,000 | 1,366,414 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2026 (Prerefunded 11/01/2021) | 175,000 | 175,628 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2026 | 325,000 | 326,179 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031 | 1,000,000 | 1,145,421 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032 | 1,000,000 | 1,142,739 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035 | 1,000,000 | 1,154,487 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2036 | 1,000,000 | 1,154,740 | ||
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046 | 2,000,000 | 2,502,281 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1,500,000 | 1,720,297 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5%, 7/01/2037 (Prerefunded 7/01/2022) | 1,250,000 | 1,294,632 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 2,000,000 | 2,333,927 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 500,000 | 551,477 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048 | 2,000,000 | 2,242,590 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Palmetto Health), “A”, 5.25%, 8/01/2030 (Prerefunded 8/01/2023) | 1,000,000 | 1,090,982 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037 | 2,000,000 | 2,420,195 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037 (Prerefunded 4/15/2022) | 30,000 | 30,742 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2037 | 1,970,000 | 2,013,737 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 3,340,000 | 3,769,674 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2027 | 580,000 | 707,072 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 5%, 4/15/2034 | 1,000,000 | 1,275,915 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036 | 450,000 | 529,191 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037 | 550,000 | 644,885 | ||
$ 33,778,388 | ||||
Healthcare Revenue - Long Term Care – 1.7% | ||||
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049 | $ | 1,250,000 | $ 1,419,412 | |
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043 | 750,000 | 759,484 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | $ | 250,000 | $ 253,290 | |
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042 | 750,000 | 782,174 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1,000,000 | 1,105,749 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,000,000 | 1,091,195 | ||
$ 5,411,304 | ||||
Industrial Revenue - Other – 0.3% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 100,000 | $ 103,289 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 264,765 | 284,431 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 395,000 | 456,840 | ||
$ 844,560 | ||||
Industrial Revenue - Paper – 0.4% | ||||
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | $ | 1,000,000 | $ 1,051,318 | |
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 100,000 | 112,455 | ||
$ 1,163,773 | ||||
Miscellaneous Revenue - Other – 0.9% | ||||
Florence, SC, Accommodations Fee Rev., 5%, 5/01/2035 | $ | 2,550,000 | $ 2,907,238 | |
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | 45,000 | 45,100 | ||
$ 2,952,338 | ||||
Port Revenue – 4.2% | ||||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | $ | 1,820,000 | $ 2,086,392 | |
South Carolina Ports Authority Rev., 5%, 7/01/2028 | 300,000 | 342,136 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2029 | 450,000 | 513,476 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025) | 500,000 | 582,892 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2036 | 3,000,000 | 3,671,146 | ||
South Carolina Ports Authority Rev., 4%, 7/01/2055 | 2,000,000 | 2,221,345 | ||
South Carolina Ports Authority Rev. (tax-exempt), “B”, 5%, 7/01/2044 | 3,000,000 | 3,633,670 | ||
$ 13,051,057 | ||||
Sales & Excise Tax Revenue – 3.1% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 20,000 | $ 24,639 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 15,000 | 18,745 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 20,000 | 25,484 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 80,000 | 92,272 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 110,000 | 122,870 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 95,000 | 111,713 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 185,000 | 223,476 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 185,000 | 228,880 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 35,000 | 44,248 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 85,000 | 109,405 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 80,000 | 100,652 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 105,000 | 132,013 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 40,000 | 46,607 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 45,000 | 52,305 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 50,000 | 58,244 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 49,000 | 55,065 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,610,000 | 4,094,679 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 450,000 | 499,010 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 163,000 | 180,753 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 4,423 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 71,000 | 79,595 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,728 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | $ | 79,000 | $ 71,299 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 14,000 | 12,057 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 725,000 | 577,699 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 695,000 | 515,190 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,158,000 | 1,696,480 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 405,000 | 449,464 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 100,000 | 104,332 | ||
$ 9,737,327 | ||||
Secondary Schools – 0.6% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $ 280,534 | |
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 220,000 | 227,079 | ||
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n) | 1,400,000 | 1,465,764 | ||
$ 1,973,377 | ||||
Single Family Housing - State – 5.3% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 610,000 | $ 654,522 | |
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.25%, 9/01/2049 | 795,000 | 882,327 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 865,000 | 925,293 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 1/01/2027 | 520,000 | 626,671 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5%, 7/01/2027 | 500,000 | 609,873 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 4%, 7/01/2050 | 2,845,000 | 3,183,864 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052 | 3,180,000 | 3,475,434 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052 | 2,970,000 | 3,241,569 | ||
South Carolina Housing, Finance & Development Authority Rev., “A”, 3.75%, 7/01/2043 | 585,000 | 622,841 | ||
South Carolina Housing, Finance & Development Authority Rev., “A”, 3.8%, 1/01/2049 | 530,000 | 563,360 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4.25%, 1/01/2050 | 900,000 | 991,392 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, FNMA, 4.75%, 1/01/2049 | 620,000 | 690,782 | ||
$ 16,467,928 | ||||
State & Local Agencies – 12.5% | ||||
Berkeley County, SC, School District Special Obligation, 5%, 12/01/2021 | $ | 1,000,000 | $ 1,007,687 | |
Charleston County, SC, Special Source Rev., “C”, 5%, 12/01/2021 | 1,000,000 | 1,007,735 | ||
Charleston, SC, Educational Excellence Finance Corp. Rev. (Charleston County School District Project), “B”, 5%, 12/01/2030 (Prerefunded 12/01/2023) | 3,595,000 | 3,959,862 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 55,000 | 67,262 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 45,000 | 54,827 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 25,000 | 30,362 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,330,000 | 1,279,574 | ||
Dillon County, SC, School Facilities Corp., 5%, 12/01/2028 | 590,000 | 735,886 | ||
Dillon County, SC, School Facilities Corp., 5%, 12/01/2032 | 1,625,000 | 2,035,499 | ||
Dillon County, SC, School Facilities Corp., 5%, 12/01/2033 | 1,705,000 | 2,129,015 | ||
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2030 | 1,035,000 | 1,261,838 | ||
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2031 | 500,000 | 604,389 | ||
Florence, SC, Public Facilities Corp., Installment Purchase Rev., “B”, 4%, 11/01/2032 | 500,000 | 600,033 | ||
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (Greenwood School District No. 50), BAM, 5%, 12/01/2028 | 3,000,000 | 3,565,513 | ||
Laurens County, SC, School District No. 55, 5%, 12/01/2021 | 515,000 | 518,917 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 240,000 | 301,810 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, “A”, 5%, 5/01/2047 | 465,000 | 562,300 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 35,000 | 41,544 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 20,000 | 25,787 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 12,871 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 10,000 | 11,826 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | $ | 35,000 | $ 41,298 | |
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 30,000 | 35,278 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 30,000 | 35,139 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 45,000 | 52,530 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 28,988 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “AAA”, 5%, 6/15/2026 | 230,000 | 274,612 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2039 | 490,000 | 609,643 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “LLL”, 5%, 6/15/2044 | 815,000 | 1,002,538 | ||
North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2038 | 1,000,000 | 1,204,909 | ||
North Charleston, SC, Public Facilities Corp. Refunding Rev., “B”, 4%, 6/01/2040 | 1,000,000 | 1,198,645 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 2,000,000 | 2,239,478 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,115,000 | 1,337,806 | ||
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028 | 2,000,000 | 2,297,341 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2026 | 400,000 | 460,941 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2027 | 655,000 | 805,246 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2028 | 400,000 | 504,258 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2030 | 300,000 | 393,771 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 5%, 4/01/2031 | 400,000 | 533,302 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2032 | 350,000 | 436,063 | ||
Square County, SC, Redevelopment Corp. Installment Purchase Rev. (Greenville County, South Carolina Project), 4%, 4/01/2033 | 600,000 | 738,844 | ||
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026 | 1,000,000 | 1,164,560 | ||
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027 | 1,195,000 | 1,388,032 | ||
Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2027 | 890,000 | 1,040,546 | ||
Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2029 | 535,000 | 643,477 | ||
Williamsburg County, SC, Public Facilities Corp. Installment Purchase Refunding Rev. (Williamsburg County Project), BAM, 4%, 6/01/2031 | 500,000 | 600,978 | ||
$ 38,882,760 | ||||
Tax - Other – 3.3% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 940,000 | $ 1,103,641 | |
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2035 | 180,000 | 208,375 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2036 | 95,000 | 109,816 | ||
Guam Government Ltd. Obligation Rev., “A”, 5%, 12/01/2046 | 285,000 | 324,636 | ||
Illinois Sports Facilities Authority Refunding Rev., BAM, 5%, 6/15/2029 | 1,260,000 | 1,587,422 | ||
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030 | 1,000,000 | 1,172,321 | ||
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040 | 2,000,000 | 2,371,974 | ||
North Charleston, SC, Limited Obligation Bond (Tax Increment Pledge), 4%, 10/01/2032 | 685,000 | 830,692 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 405,000 | 414,748 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 440,000 | 468,245 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025 | 50,000 | 53,927 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2026 | 1,245,000 | 1,357,018 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 186,486 | ||
$ 10,189,301 | ||||
Tax Assessment – 0.4% | ||||
Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $ | 1,000,000 | $ 1,114,635 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 20,000 | 22,901 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 18,000 | 21,184 | ||
$ 1,158,720 | ||||
Tobacco – 0.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 150,000 | $ 188,457 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 280,000 | 311,357 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 3,020,000 | 483,380 | ||
$ 983,194 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Toll Roads – 0.3% | ||||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | $ | 275,000 | $ 285,949 | |
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 535,000 | 553,712 | ||
$ 839,661 | ||||
Transportation - Special Tax – 5.2% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “AA-1”, AGM, 4.95%, 7/01/2026 | $ | 680,000 | $ 684,416 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 20,000 | 20,277 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.5%, 7/01/2029 | 1,125,000 | 1,246,389 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 90,000 | 98,178 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, “D-1”, 5%, 9/01/2022 | 600,000 | 625,298 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 85,000 | 97,720 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 175,000 | 200,557 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 170,000 | 194,333 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 145,000 | 165,334 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 80,000 | 98,273 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 70,000 | 87,350 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 110,000 | 139,404 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 80,000 | 103,272 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 100,000 | 128,162 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 95,000 | 121,082 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 95,000 | 120,382 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 100,000 | 126,049 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 50,000 | 62,738 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 150,000 | 186,768 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2050 | 105,000 | 129,918 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A-1”, 5%, 6/15/2027 | 350,000 | 416,197 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “A”, 5%, 12/15/2039 | 125,000 | 155,521 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 5%, 6/15/2044 | 125,000 | 152,633 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 5.25%, 12/15/2021 | 130,000 | 131,292 | ||
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036 | 1,205,000 | 1,471,426 | ||
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2037 | 1,500,000 | 1,828,734 | ||
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, AGM, 5%, 10/01/2035 | 2,000,000 | 2,447,116 | ||
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2030 | 2,000,000 | 2,523,136 | ||
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040 | 2,000,000 | 2,428,458 | ||
$ 16,190,413 | ||||
Universities - Colleges – 4.4% | ||||
College of Charleston, SC, Academic & Administrative Facilities Refunding Rev., “A”, 5%, 4/01/2028 | $ | 1,030,000 | $ 1,291,073 | |
College of Charleston, SC, Academic & Administrative Facilities Rev., “B”, 5%, 4/01/2022 | 1,205,000 | 1,233,372 | ||
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 200,000 | 200,642 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 75,000 | 75,994 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 125,000 | 126,875 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 55,000 | 55,362 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 71,050 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 390,000 | 452,174 | ||
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028 | 700,000 | 807,696 | ||
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035 | 1,565,000 | 1,800,681 | ||
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049 | 2,000,000 | 2,388,903 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,415 | ||
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2035 | 170,000 | 170,589 | ||
University of South Carolina, Athletic Facilities Rev., “A”, 5%, 5/01/2040 | 335,000 | 336,161 | ||
University of South Carolina, Higher Education Facilities Refunding Rev. (Campus Village Project), “A', 5%, 5/01/2041 | 3,000,000 | 3,871,125 | ||
University of South Carolina, Higher Education Facilities Refunding Rev., ”A“, 5%, 5/01/2040 | 575,000 | 691,627 | ||
$ 13,603,739 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 435,000 | $ 445,875 | |
Utilities - Municipal Owned – 8.8% | ||||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | $ | 145,000 | $ 159,365 | |
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 170,000 | 186,001 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2022 | 325,000 | 335,798 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2023 | 285,000 | 304,431 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2024 | 255,000 | 280,482 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2025 | 375,000 | 422,345 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2026 | 640,000 | 736,090 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 4%, 9/01/2027 | 200,000 | 234,214 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 5%, 9/01/2028 | 275,000 | 346,495 | ||
Newberry, SC, Combined Public Utility System Refunding Rev., ”A“, AGM, 5%, 9/01/2030 | 275,000 | 360,225 | ||
Piedmont, SC, Municipal Power Agency Rev., ”A“, 4%, 1/01/2025 | 2,350,000 | 2,615,127 | ||
Piedmont, SC, Municipal Power Agency Rev., ”B“, 5%, 1/01/2032 (w) | 3,000,000 | 3,857,161 | ||
Piedmont, SC, Municipal Power Agency Rev., ”C“, AGM, 5%, 1/01/2030 | 1,000,000 | 1,003,333 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 525,000 | 513,187 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 80,000 | 78,200 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 40,000 | 39,250 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 190,000 | 186,438 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 20,000 | 19,500 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 205,000 | 200,644 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 330,000 | 322,575 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 115,000 | 110,400 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 100,000 | 97,875 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 90,000 | 87,975 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 15,000 | 14,663 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 270,000 | 263,925 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 25,000 | 27,184 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 15,000 | 14,738 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 40,000 | 39,250 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 120,000 | 115,950 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 140,000 | 137,375 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 45,000 | 44,156 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 145,000 | 142,281 | ||
Rock Hill, SC, Combined Utility System Rev., ”A“, 4%, 1/01/2049 | 650,000 | 739,885 | ||
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041 | 1,000,000 | 1,140,162 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2032 | 500,000 | 653,006 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 5%, 6/01/2033 | 1,000,000 | 1,299,299 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2035 | 500,000 | 593,566 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., ”A“, 4%, 6/01/2036 | 500,000 | 591,836 | ||
South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2038 | 1,750,000 | 2,089,567 | ||
South Carolina Public Service Authority Improvement Rev., ”B“, 4%, 12/01/2039 | 1,500,000 | 1,781,240 | ||
South Carolina Public Service Authority Refunding Rev., ”A“, 4%, 12/01/2040 | 3,000,000 | 3,506,649 | ||
South Carolina Public Service Authority Refunding Rev., ”B“, 5%, 12/01/2038 | 500,000 | 544,940 | ||
South Carolina Public Service Authority Rev., ”A“, 5%, 12/01/2032 | 1,000,000 | 1,297,035 | ||
$ 27,553,443 | ||||
Utilities - Other – 0.6% | ||||
Nebraska Central Plains Energy Project, Gas Project Rev., ”3“, 5%, 9/01/2042 | $ | 790,000 | $ 823,332 | |
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 130,000 | 163,347 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | 290,000 | 302,920 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 570,000 | 676,756 | ||
$ 1,966,355 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – 11.5% | ||||
Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038 | $ | 755,000 | $ 934,354 | |
Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043 | 2,000,000 | 2,302,400 | ||
Columbia, SC, Waterworks & Sewer System Rev., ”A“, 4%, 2/01/2044 | 3,990,000 | 4,632,407 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 90,000 | 101,638 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 410,000 | 458,320 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 300,000 | 361,601 | ||
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2030 | 500,000 | 591,470 | ||
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), ”B“, 5%, 7/01/2035 | 500,000 | 588,965 | ||
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., ”A“, 4%, 6/01/2040 | 1,235,000 | 1,453,184 | ||
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., ”A“, 4%, 6/01/2043 | 1,260,000 | 1,472,552 | ||
Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041 | 2,000,000 | 2,319,698 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 50,000 | 55,976 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 60,000 | 66,962 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 30,000 | 33,550 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 70,000 | 78,142 | ||
Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2036 | 1,000,000 | 1,217,756 | ||
Mount Pleasant, SC, Waterworks & Sewer System Rev., ”A“, 5%, 6/01/2037 | 1,000,000 | 1,217,752 | ||
North Charleston, SC, Sewer District, 5%, 7/01/2039 | 3,425,000 | 3,825,370 | ||
South Carolina Grand Strand Water & Sewer Authority System Improvement Refunding Rev., ”A“, 4%, 6/01/2046 | 4,000,000 | 4,762,199 | ||
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2029 | 220,000 | 259,207 | ||
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2030 | 200,000 | 238,222 | ||
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2031 | 250,000 | 300,698 | ||
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2032 | 185,000 | 221,039 | ||
Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2033 (Prerefunded 3/01/2023) | 1,000,000 | 1,067,469 | ||
Spartanburg, SC, Sanitary Sewer District Convertible Rev., ”B“, 5%, 3/01/2034 | 2,000,000 | 2,281,074 | ||
Spartanburg, SC, Water System Refunding & Improvement Rev., ”B“, 5%, 6/01/2039 | 4,000,000 | 4,844,735 | ||
$ 35,686,740 | ||||
Total Municipal Bonds (Identified Cost, $293,589,172) | $306,785,245 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 420,000 | $ 374,074 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 800,000 | 249,271 | ||
Total Bonds (Identified Cost, $647,723) | $ 623,345 | |||
Investment Companies (h) – 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $894,911) | 894,911 | $ 894,911 | ||
Other Assets, Less Liabilities – 1.0% | 3,156,142 | |||
Net Assets – 100.0% | $311,459,643 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 75.0% | ||||
Airport Revenue – 3.7% | ||||
Memphis-Shelby County, TN, Airport Authority Facilities Rev., 5%, 7/01/2037 | $ | 1,000,000 | $ 1,210,152 | |
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2030 | 750,000 | 965,285 | ||
Metropolitan Nashville Airport Authority, TN, Airport Rev., ”B“, 5%, 7/01/2035 | 1,100,000 | 1,261,047 | ||
$ 3,436,484 | ||||
General Obligations - General Purpose – 13.1% | ||||
Bedford County, TN, General Obligation Refunding Rev., BAM, 5%, 4/01/2023 | $ | 1,190,000 | $ 1,274,472 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 245,000 | 260,534 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), ”B“, 5.5%, 1/01/2037 | 45,000 | 50,704 | ||
Chicago, IL, General Obligation Refunding Project, ”A“, 5.25%, 1/01/2030 | 30,000 | 32,568 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2025 | 145,000 | 164,050 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2026 | 40,000 | 46,580 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2027 | 45,000 | 53,756 | ||
Chicago, IL, General Obligation, ”A“, 5.25%, 1/01/2033 | 175,000 | 189,283 | ||
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 1,045,000 | 901,313 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A-4“, AGM, 5%, 7/01/2031 | 90,000 | 90,626 | ||
Jackson, TN, General Obligation, 5%, 6/01/2031 | 1,000,000 | 1,268,575 | ||
Memphis, TN, General Improvement, 4%, 6/01/2041 | 1,000,000 | 1,129,346 | ||
Memphis, TN, General Improvement, ”B“, 5%, 4/01/2031 | 1,000,000 | 1,110,061 | ||
Memphis, TN, General Improvement, ”B“, 5%, 4/01/2034 | 1,025,000 | 1,137,813 | ||
Metropolitan Government of Nashville & Davidson County, TN, General Obligation, ”C“, 5%, 1/01/2024 | 500,000 | 553,234 | ||
Nantucket, MA, General Obligation, 5%, 10/01/2022 (w) | 1,000,000 | 1,046,820 | ||
New Castle, DE, General Obligation, ”A“, 5%, 10/01/2023 (w) | 795,000 | 870,199 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-2“, AAC, 10%, 7/01/2035 | 190,000 | 200,058 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 189,654 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2030 | 120,000 | 151,266 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2031 | 175,000 | 223,897 | ||
Sullivan County, TN, General Obligation, 5%, 5/01/2027 | 1,000,000 | 1,232,679 | ||
$ 12,177,488 | ||||
General Obligations - Schools – 1.0% | ||||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 25,000 | $ 29,890 | |
Williamson County, TN, School District, 5%, 4/01/2026 | 740,000 | 885,900 | ||
$ 915,790 | ||||
Healthcare Revenue - Hospitals – 11.6% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), ”A“, 5%, 10/01/2044 | $ | 1,000,000 | $ 1,106,773 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), ”A“, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | 500,000 | 530,455 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2044 | 500,000 | 608,681 | ||
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 10,000 | 10,961 | ||
Jackson, TN, Hospital Refunding Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | 425,000 | 459,945 | ||
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 5%, 4/01/2028 | 1,500,000 | 1,717,321 | ||
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), ”A“, 5%, 1/01/2033 | 1,000,000 | 1,193,711 | ||
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (East Tennessee Children's Hospital), 5%, 11/15/2038 | 1,000,000 | 1,228,162 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 750,000 | 863,164 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1,000,000 | 1,138,146 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6%, 8/01/2030 | 25,000 | 25,110 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), ”A“, AGM, 5%, 7/01/2046 | 100,000 | 114,218 | ||
Shelby County, TN, Health, Educational & Housing Facility Board Rev. (Methodist Healthcare), ”A“, 5%, 5/01/2035 | 1,500,000 | 1,770,014 | ||
$ 10,766,661 | ||||
Healthcare Revenue - Long Term Care – 2.6% | ||||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Blakeford at Green Hills), 5%, 7/01/2037 (Prerefunded 7/01/2022) | $ | 1,000,000 | $1,033,797 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | $ | 550,000 | $ 594,247 | |
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), ”A“, 4%, 12/01/2026 (w) | 245,000 | 271,944 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 (w) | 500,000 | 547,976 | ||
$ 2,447,964 | ||||
Industrial Revenue - Other – 0.4% | ||||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | $ | 310,000 | $ 358,533 | |
Miscellaneous Revenue - Other – 3.1% | ||||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), ”B“, 3%, 7/01/2022 (n)(w) | $ | 100,000 | $ 99,966 | |
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Rev., Public Improvement, ”A“, 5%, 8/01/2023 | 1,205,000 | 1,302,330 | ||
Metropolitan Nashville Airport Authority, Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | 465,000 | 465,402 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 980,000 | 999,740 | ||
$ 2,867,438 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
District of Columbia Housing Finance Agency, Multi-Family Development Program, ”B-2“, 0.5%, 3/01/2027 (Put Date 10/01/2024) | $ | 260,000 | $ 259,307 | |
Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project ), ”A“, 0.7%, 7/01/2024 (w) | 45,000 | 44,978 | ||
$ 304,285 | ||||
Sales & Excise Tax Revenue – 2.4% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 5,000 | $ 6,160 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 5,000 | 6,371 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 30,000 | 34,602 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 35,000 | 39,095 | ||
Guam Government Business Privilege Tax Rev., ”A“, 5.25%, 1/01/2036 | 300,000 | 303,576 | ||
Guam Government Business Privilege Tax Rev., ”D“, 5%, 11/15/2031 | 270,000 | 307,222 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2026 | 40,000 | 47,037 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2027 | 80,000 | 96,638 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2028 | 75,000 | 92,789 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2029 | 20,000 | 25,285 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2030 | 35,000 | 45,049 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2036 | 35,000 | 44,035 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 5%, 1/01/2037 | 50,000 | 62,863 | ||
Illinois Sales Tax Securitization Corp., Second Lien, ”A“, 4%, 1/01/2040 | 50,000 | 58,244 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 23,000 | 25,847 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 164,000 | 186,019 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 226,000 | 250,614 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 76,000 | 84,277 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 1,000 | 1,106 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 39,000 | 43,721 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 3,000 | 2,864 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 41,000 | 37,003 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 7,000 | 6,029 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 380,000 | 302,794 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 105,000 | 116,528 | ||
$ 2,232,016 | ||||
Secondary Schools – 0.5% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n) | $ | 250,000 | $ 280,534 | |
North Texas Education Finance Corp., Education Rev. (Uplift Education), ”A“, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 130,000 | 134,183 | ||
$ 414,717 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Single Family Housing - Local – 0.5% | ||||
Montgomery County, MD, Housing Opportunities Commission Program Rev., ”A“, 4%, 7/01/2049 | $ | 450,000 | $ 499,300 | |
Single Family Housing - State – 3.9% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”D-1“, GNMA, 4%, 11/15/2047 | $ | 300,000 | $ 322,113 | |
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2047 | 340,000 | 364,845 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | 325,000 | 360,700 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 105,000 | 115,662 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 3%, 7/01/2051 | 500,000 | 543,330 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”3“, 3.85%, 7/01/2043 | 10,000 | 10,465 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”3“, 3.75%, 1/01/2050 | 865,000 | 956,942 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”4“, 4%, 7/01/2043 | 890,000 | 970,109 | ||
$ 3,644,166 | ||||
State & Local Agencies – 4.2% | ||||
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | $ | 795,000 | $ 764,858 | |
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 135,000 | 169,768 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 250,000 | 302,312 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 95,000 | 113,427 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”LLL“, 5%, 6/15/2039 | 220,000 | 273,717 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 335,000 | 375,113 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2033 | 665,000 | 797,884 | ||
Tennessee School Board Authority, Higher Education Facilities Second Program, ”A“, 5%, 11/01/2043 (Prerefunded 11/01/2022) | 1,000,000 | 1,051,629 | ||
$ 3,848,708 | ||||
Student Loan Revenue – 0.2% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 45,000 | $ 47,361 | |
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 115,000 | 118,091 | ||
$ 165,452 | ||||
Tax - Other – 2.5% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 495,000 | $ 581,173 | |
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2035 | 105,000 | 121,552 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2036 | 60,000 | 69,357 | ||
Guam Government Ltd. Obligation Rev., ”A“, 5%, 12/01/2046 | 175,000 | 199,338 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), ”A“, 4.75%, 7/01/2027 | 300,000 | 290,900 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), ”A“, 5.5%, 7/01/2037 | 100,000 | 95,802 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | 230,000 | 235,536 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2024 | 260,000 | 276,690 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2025 | 25,000 | 26,963 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2026 | 415,000 | 452,339 | ||
$ 2,349,650 | ||||
Tax Assessment – 0.6% | ||||
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth + Broadway Development), 5.125%, 6/01/2036 (n) | $ | 500,000 | $ 569,825 | |
Tobacco – 0.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 70,000 | $ 87,947 | |
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, ”A-1“, 1.015%, 6/01/2024 | 500,000 | 500,134 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, ”B-1“, 4%, 6/01/2050 | 15,000 | 16,940 | ||
Virgin Islands Tobacco Settlement Financing Corp., 5%, 5/15/2031 | 220,000 | 220,564 | ||
$ 825,585 | ||||
Toll Roads – 0.6% | ||||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | $ | 165,000 | $171,569 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Toll Roads – continued | ||||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | $ | 320,000 | $ 331,193 | |
$ 502,762 | ||||
Transportation - Special Tax – 1.6% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | $ | 15,000 | $ 15,207 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 665,000 | 736,754 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | 45,000 | 49,089 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 250,000 | 260,541 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 200,000 | 237,827 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 65,000 | 80,871 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 70,000 | 85,475 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 5.25%, 12/15/2021 | 55,000 | 55,547 | ||
$ 1,521,311 | ||||
Universities - Colleges – 2.8% | ||||
Franklin County, TN, Health & Educational Facilities Board Rev. (University of the South), 5%, 9/01/2030 | $ | 375,000 | $ 390,436 | |
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), ”A“, 5%, 10/01/2041 | 1,000,000 | 1,144,874 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039 | 200,000 | 241,393 | ||
Pinellas County, FL, Educational Facilities Authority Rev. (Barry University), 6%, 10/01/2041 | 120,000 | 120,386 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 5,000 | 5,006 | ||
Shelby County, TN, Health, Educational & Housing Facility Board, Educational Facilities Rev. (Rhodes College), 4%, 8/01/2035 | 605,000 | 690,572 | ||
University of Puerto Rico Rev., ”P“, NPFG, 5%, 6/01/2025 | 15,000 | 15,208 | ||
$ 2,607,875 | ||||
Universities - Dormitories – 0.6% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | $ | 500,000 | $ 555,038 | |
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 125,000 | $ 128,125 | |
Utilities - Investor Owned – 0.1% | ||||
Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), ”A“, 0.875%, 6/01/2040 (Put Date 10/01/2026) (w) | $ | 15,000 | $ 14,847 | |
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), ”A“, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 25,000 | 24,732 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), ”B“, 1%, 6/01/2043 (Put Date 10/01/2026) | 10,000 | 9,893 | ||
$ 49,472 | ||||
Utilities - Municipal Owned – 5.2% | ||||
Memphis, TN, Electric Systems Rev., 5%, 12/01/2034 (Prerefunded 12/01/2024) | $ | 1,000,000 | $ 1,147,285 | |
Metropolitan Government of Nashville & Davidson County, TN, Electric System Rev., ”A“, 5%, 5/15/2029 | 1,000,000 | 1,292,206 | ||
Metropolitan Government of Nashville & Davidson County, TN, Electric System Rev., ”A“, 5%, 5/15/2037 | 1,000,000 | 1,210,017 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 260,000 | 254,150 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 39,100 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,813 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 90,000 | 88,312 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,750 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 100,000 | 97,875 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 165,000 | 161,287 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,000 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 40,000 | 39,150 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 40,000 | 39,100 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | $ | 10,000 | $ 9,775 | |
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 130,000 | 127,075 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,874 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 15,000 | 14,719 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 65,000 | 62,806 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 70,000 | 68,688 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 60,000 | 58,875 | ||
$ 4,837,932 | ||||
Utilities - Other – 1.8% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 115,000 | $ 120,123 | |
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023 | 110,000 | 120,022 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 1,200,000 | 1,424,750 | ||
$ 1,664,895 | ||||
Water & Sewer Utility Revenue – 10.7% | ||||
Clarksville, TN, Water, Sewer & Gas Rev., 5%, 2/01/2029 (Prerefunded 2/01/2023) | $ | 1,000,000 | $ 1,063,481 | |
Clarksville, TN, Water, Sewer & Gas Rev., 4%, 2/01/2038 | 500,000 | 578,705 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 65,000 | 73,406 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 110,000 | 126,727 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 135,000 | 155,370 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 380,000 | 435,651 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 300,000 | 335,356 | ||
Knox County, TN, Hallsdale-Powell Utility District, Waterworks & Sewer Rev., 4%, 4/01/2035 | 1,000,000 | 1,171,206 | ||
Memphis, TN, Sanitary Sewerage Systems Rev., ”B“, 5%, 10/01/2039 | 1,000,000 | 1,287,973 | ||
Memphis, TN, Storm Water System Rev., 5%, 10/01/2039 | 1,410,000 | 1,731,163 | ||
Metropolitan Government of Nashville & Davidson County, TN, Water & Sewer Rev., 5%, 7/01/2032 | 2,000,000 | 2,157,616 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 30,000 | 33,585 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 35,000 | 39,061 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 20,000 | 22,367 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 45,000 | 50,234 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 65,000 | 73,046 | ||
Wilson County, TN, West Wilson Utility District Waterworks Rev., 5%, 6/01/2030 | 550,000 | 635,475 | ||
$ 9,970,422 | ||||
Total Municipal Bonds (Identified Cost, $65,406,558) | $69,661,894 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 149,000 | $ 132,707 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 400,000 | 124,635 | ||
Total Bonds (Identified Cost, $268,601) | $ 257,342 | |||
Investment Companies (h) – 26.8% | ||||
Money Market Funds – 26.8% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $24,949,484) | 24,949,486 | $ 24,949,486 | ||
Other Assets, Less Liabilities – (2.1)% | (1,933,834) | |||
Net Assets – 100.0% | $92,934,888 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 99.1% | ||||
Airport Revenue – 3.3% | ||||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, ”B“, 5%, 1/01/2030 | $ | 510,000 | $ 581,262 | |
Metropolitan Washington, D.C., Airport Authority Rev., ”B“, 5%, 10/01/2027 | 980,000 | 1,141,355 | ||
Metropolitan Washington, D.C., Airport Authority Rev., ”B“, 5%, 10/01/2028 | 1,000,000 | 1,164,648 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2037 | 1,000,000 | 1,232,351 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 10/01/2038 | 1,000,000 | 1,235,879 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2039 | 1,000,000 | 1,179,755 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2040 | 1,000,000 | 1,174,889 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 4%, 10/01/2041 | 1,000,000 | 1,171,354 | ||
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2028 | 500,000 | 629,572 | ||
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2029 | 500,000 | 642,269 | ||
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2030 | 400,000 | 523,224 | ||
Norfolk, VA, Airport Authority Refunding Rev., ”A“, 5%, 7/01/2031 | 500,000 | 665,597 | ||
Norfolk, VA, Airport Authority Rev., 5%, 7/01/2029 | 525,000 | 674,382 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., ”B“, 5%, 5/01/2046 | 1,160,000 | 1,351,281 | ||
$ 13,367,818 | ||||
General Obligations - General Purpose – 14.5% | ||||
Arlington County, VA, General Obligation Public Improvement, 5%, 6/15/2033 | $ | 2,755,000 | $ 3,696,069 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 775,000 | 824,137 | ||
Chesterfield County, VA, Public Improvement, ”A“, 4%, 1/01/2036 | 1,570,000 | 1,807,208 | ||
Chicago, IL, General Obligation, ”A“, 5.5%, 1/01/2033 | 400,000 | 451,500 | ||
Chicago, IL, General Obligation, ”D“, 5.5%, 1/01/2040 | 65,000 | 73,153 | ||
Chicago, IL, General Obligation, ”F“, 5.5%, 1/01/2042 | 475,000 | 533,548 | ||
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 3,605,000 | 3,109,312 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A-4“, AGM, 5%, 7/01/2031 | 240,000 | 241,670 | ||
Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2024 | 1,315,000 | 1,479,976 | ||
Commonwealth of Virginia, General Obligation, ”B“, 5%, 6/01/2026 | 4,750,000 | 5,724,745 | ||
Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2037 | 2,000,000 | 2,533,391 | ||
Loudoun County, VA, General Obligation Public Improvement, ”A“, 5%, 12/01/2022 | 3,000,000 | 3,168,143 | ||
Lynchburg, VA, Public Improvement, 5%, 6/01/2026 | 1,000,000 | 1,124,603 | ||
Newport News, VA, General Obligation Improvement, ”A“, 4%, 2/01/2038 | 1,425,000 | 1,672,172 | ||
Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028) | 2,615,000 | 3,333,079 | ||
Norfolk, VA, General Obligation Capital Improvement, ”A“, 5%, 3/01/2033 | 3,000,000 | 3,987,624 | ||
Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 (Prerefunded 2/01/2023) | 440,000 | 467,628 | ||
Portsmouth, VA, General Obligation Public Improvement, ”A“, 5%, 2/01/2032 | 60,000 | 63,809 | ||
Prince George County, VA, General Obligation, 5%, 8/01/2027 | 1,580,000 | 1,961,180 | ||
Prince George County, VA, General Obligation, 5%, 8/01/2028 | 1,865,000 | 2,372,376 | ||
Prince George County, VA, General Obligation, 5%, 8/01/2029 | 2,260,000 | 2,939,258 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-2“, AAC, 10%, 7/01/2035 | 170,000 | 178,999 | ||
Puerto Rico Public Buildings Authority Rev., Guaranteed, ”D“, AAC, 5.45%, 7/01/2030 | 380,000 | 391,890 | ||
Richmond, VA, General Obligation Public Improvement, ”B“, 5%, 7/15/2022 | 8,040,000 | 8,346,137 | ||
Richmond, VA, Public Improvement, ”A“, 5%, 3/01/2028 (Prerefunded 3/01/2023) | 220,000 | 234,843 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 270,000 | 341,378 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 245,000 | 310,078 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2028 | 330,000 | 404,437 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2029 | 495,000 | 614,603 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2030 | 455,000 | 573,552 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2031 | 660,000 | 844,412 | ||
Suffolk, VA, General Obligation, 5%, 12/01/2022 | 2,480,000 | 2,618,998 | ||
Virginia Beach, VA, Public Improvement, ”B“, 5%, 4/01/2022 | 2,000,000 | 2,047,794 | ||
$ 58,471,702 | ||||
General Obligations - Schools – 3.0% | ||||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | $ | 70,000 | $ 83,692 | |
Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2025 (w) | 2,405,000 | 2,816,105 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Virginia Public School Authority, Special Obligation School Financing (Henrico County), 5%, 8/15/2027 (w) | $ | 1,345,000 | $ 1,669,899 | |
Virginia Public School Authority, Special Obligation School Financing (Prince William County), 5%, 8/01/2025 | 1,305,000 | 1,476,795 | ||
Virginia Public School Authority, Special Obligation School Refunding (Montgomery County), 5%, 2/01/2025 | 5,330,000 | 6,140,862 | ||
$ 12,187,353 | ||||
Healthcare Revenue - Hospitals – 13.3% | ||||
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 | $ | 2,800,000 | $ 3,576,708 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2044 | 30,000 | 36,521 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | 15,000 | 18,107 | ||
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033 | 2,000,000 | 2,496,431 | ||
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 | 1,475,000 | 1,835,609 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), ”A-2“, 4%, 8/01/2044 | 180,000 | 204,047 | ||
Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040 | 2,000,000 | 2,254,684 | ||
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 45,000 | 49,322 | ||
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 5%, 5/15/2044 | 2,000,000 | 2,233,013 | ||
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), ”A“, 4%, 5/15/2048 | 4,000,000 | 4,578,421 | ||
Fairfax County, VA, Industrial Development Authority Rev. (Inova Health System Project), ”B“, 5%, 5/15/2022 | 5,000,000 | 5,147,458 | ||
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031 | 750,000 | 831,439 | ||
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033 | 1,000,000 | 1,108,585 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | 1,585,000 | 1,942,391 | ||
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), ”A“, 5%, 1/01/2047 | 3,000,000 | 3,460,077 | ||
Norfolk, VA, Economic Development Authority Health Care Facilities Rev. (Sentara Healthcare), ”B“, 5%, 11/01/2036 | 2,875,000 | 3,012,529 | ||
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), ”B“, 4%, 11/01/2048 | 3,000,000 | 3,381,207 | ||
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), ”A“, 5%, 7/01/2047 | 1,625,000 | 2,428,426 | ||
Virginia Small Business Financing Authority Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049 | 3,445,000 | 3,959,676 | ||
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 4%, 11/01/2039 | 3,750,000 | 4,377,944 | ||
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 | 3,370,000 | 3,631,888 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 | 600,000 | 697,729 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 | 400,000 | 463,880 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), ”A“, 5%, 1/01/2044 (Prerefunded 1/01/2024) | 2,000,000 | 2,206,044 | ||
$ 53,932,136 | ||||
Healthcare Revenue - Long Term Care – 3.4% | ||||
Albemarle County, VA, Economic Development Authority, Residential Care Facilities Rev. (Westminster-Canterbury Blue Ridge), ”A“, 5%, 1/01/2042 | $ | 1,000,000 | $ 1,029,594 | |
Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 | 1,000,000 | 1,147,253 | ||
Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 | 1,000,000 | 1,119,886 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), ”C“, 5%, 12/01/2037 | 765,000 | 893,472 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024 | 395,000 | 405,389 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025 | 385,000 | 394,842 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040 | 500,000 | 564,074 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045 | 720,000 | 806,147 | ||
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 | 1,000,000 | 1,071,355 | ||
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), ”A“, 5%, 1/01/2042 | 1,000,000 | 1,062,118 | ||
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037 | 1,000,000 | 1,070,756 | ||
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 | 1,000,000 | 1,100,805 | ||
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), ”A“, 5%, 1/01/2033 | 1,750,000 | 2,127,598 | ||
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), ”C“, 5%, 6/01/2042 | 1,000,000 | 1,066,735 | ||
$ 13,860,024 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Environmental Services – 0.3% | ||||
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | $ | 1,000,000 | $ 1,050,893 | |
Industrial Revenue - Other – 0.4% | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 300,000 | $ 309,868 | |
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 4.5%, 5/01/2032 (n) | 431,985 | 464,071 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | 635,000 | 734,414 | ||
$ 1,508,353 | ||||
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | $ | 100,000 | $ 111,551 | |
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 130,000 | 146,192 | ||
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), ”A“, 6.375%, 3/01/2019 (a)(d) | 1,683,272 | 168 | ||
$ 257,911 | ||||
Miscellaneous Revenue - Other – 1.5% | ||||
Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, ”A“, 0%, 7/01/2049 | $ | 7,500,000 | $ 3,272,764 | |
Rappahannock, VA, Regional Jail Authority Rev., 5%, 10/01/2033 (Prerefunded 10/01/2025) | 2,220,000 | 2,616,255 | ||
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | 70,000 | 70,156 | ||
$ 5,959,175 | ||||
Multi-Family Housing Revenue – 1.3% | ||||
Virginia Housing Development Authority Rev., Rental Housing, ”A“, 3.8%, 9/01/2044 | $ | 2,000,000 | $ 2,168,264 | |
Virginia Housing Development Authority Rev., Rental Housing, ”D“, 3.7%, 10/01/2038 | 3,000,000 | 3,288,173 | ||
$ 5,456,437 | ||||
Parking – 0.9% | ||||
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035 | $ | 1,250,000 | $ 1,505,488 | |
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 | 1,000,000 | 1,201,465 | ||
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 | 750,000 | 899,330 | ||
$ 3,606,283 | ||||
Port Revenue – 1.3% | ||||
Virginia Port Authority Facilities Refunding Rev., ”B“, 5%, 7/01/2027 | $ | 1,500,000 | $ 1,771,404 | |
Virginia Port Authority Facilities Rev, ”A“, 5%, 7/01/2031 (Prerefunded 7/01/2025) | 3,000,000 | 3,485,224 | ||
$ 5,256,628 | ||||
Sales & Excise Tax Revenue – 3.7% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 25,000 | $ 30,799 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 20,000 | 24,993 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 25,000 | 31,855 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 105,000 | 121,106 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 140,000 | 156,380 | ||
Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2029 | 1,000,000 | 1,296,557 | ||
Hampton Roads, VA, Transportation Accountability Commission, ”A“, 5%, 7/01/2030 | 1,000,000 | 1,322,617 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 77,000 | 86,530 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 4,818,000 | 5,464,865 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 717,000 | 795,090 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 251,000 | 278,337 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 6,000 | 6,635 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 122,000 | 136,770 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 11,000 | 10,501 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 135,000 | 121,840 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 26,000 | 22,392 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 1,212,000 | 965,754 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 1,160,000 | 859,885 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 7,149,000 | 2,351,325 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | $ | 640,000 | $ 710,264 | |
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 130,000 | 135,632 | ||
$ 14,930,127 | ||||
Secondary Schools – 0.1% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n) | $ | 325,000 | $ 363,426 | |
Single Family Housing - State – 1.3% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | $ | 1,135,000 | $ 1,259,675 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “125A”, 3.7%, 10/01/2037 | 1,370,000 | 1,465,493 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 1,280,000 | 1,409,980 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, FNMA, 4.75%, 1/01/2049 | 870,000 | 969,323 | ||
$ 5,104,471 | ||||
State & Local Agencies – 11.9% | ||||
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2039 | $ | 1,000,000 | $ 1,168,153 | |
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 | 1,000,000 | 1,165,618 | ||
Colorado State University Board of Governors, System Enterprise Refunding Rev., ”E“, 4%, 3/01/2043 | 1,555,000 | 1,759,531 | ||
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 1,955,000 | 1,880,878 | ||
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2033 | 500,000 | 567,208 | ||
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), ”A“, 5%, 10/01/2034 | 1,000,000 | 1,132,818 | ||
Fairfax County, VA, Public Improvement, ”A“, 5%, 10/01/2025 | 700,000 | 798,137 | ||
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039 | 3,265,000 | 3,999,784 | ||
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 | 1,000,000 | 1,079,801 | ||
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 | 580,000 | 624,295 | ||
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 | 3,000,000 | 3,349,761 | ||
Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), ”A“, 3%, 12/01/2037 | 2,000,000 | 2,229,785 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | 395,000 | 496,729 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 770,000 | 931,120 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 25,000 | 32,234 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 12,871 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 65,000 | 76,867 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 55,000 | 64,897 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 35,000 | 41,158 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 35,000 | 40,995 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 50,000 | 58,367 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 25,000 | 28,988 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 340,000 | 405,947 | ||
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 | 3,205,000 | 3,836,287 | ||
Southampton County, VA, Industrial Development Authority Rev., 5%, 12/01/2021 | 1,245,000 | 1,254,510 | ||
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), ”E-1“, 5%, 2/01/2023 | 2,140,000 | 2,276,660 | ||
Virginia Port Authority, Port Fund Rev., ”B“, 5%, 7/01/2027 | 2,510,000 | 3,053,748 | ||
Virginia Public Building Authority, Facilities Rev., ”A“, 4%, 8/01/2039 | 4,500,000 | 5,329,192 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”C“, 4%, 11/01/2036 | 3,450,000 | 4,060,209 | ||
Washington, D.C. Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 5%, 7/15/2046 | 5,000,000 | 6,404,299 | ||
$ 48,160,847 | ||||
Student Loan Revenue – 0.1% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 150,000 | $ 157,871 | |
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 385,000 | 395,346 | ||
$ 553,217 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax - Other – 1.4% | ||||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | $ | 375,000 | $ 384,026 | |
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2024 | 700,000 | 744,934 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2025 | 85,000 | 91,676 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2026 | 2,030,000 | 2,212,649 | ||
Triborough Bridge & Tunnel Authority, NY, Payroll Mobility Tax, ”C-3“, 3%, 5/15/2051 | 1,965,000 | 2,039,306 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 220,000 | 248,648 | ||
$ 5,721,239 | ||||
Tax Assessment – 0.6% | ||||
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | $ | 745,000 | $ 773,439 | |
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1,000,000 | 1,086,612 | ||
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | 500,000 | 527,426 | ||
$ 2,387,477 | ||||
Tobacco – 0.2% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 225,000 | $ 282,686 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 4,495,000 | 719,467 | ||
$ 1,002,153 | ||||
Toll Roads – 4.6% | ||||
Chesapeake Bay Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 | $ | 3,000,000 | $ 3,514,383 | |
Metropolitan Washington, D.C., Airport Authority Rev. Senior Lien (Dulles Toll Road), 5%, 10/01/2053 | 2,000,000 | 2,041,607 | ||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), ”B“, 4%, 10/01/2044 | 3,000,000 | 3,385,181 | ||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), ”B“, AGM, 4%, 10/01/2053 | 2,830,000 | 3,223,069 | ||
Virginia Small Business Financing Authority Rev. (95 Express Lanes LLC Project), 5%, 7/01/2034 | 2,500,000 | 2,527,405 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 465,000 | 483,513 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 905,000 | 936,654 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (95 Express Lanes LLC Project), 5%, 1/01/2044 | 1,500,000 | 1,515,739 | ||
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2049 | 1,000,000 | 1,187,878 | ||
$ 18,815,429 | ||||
Transportation - Special Tax – 8.0% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | $ | 50,000 | $ 50,691 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 1,715,000 | 1,900,051 | ||
Commonwealth of Virginia, Federal Transportation Grant Anticipation Rev., 5%, 9/15/2027 | 1,000,000 | 1,208,483 | ||
Commonwealth of Virginia, Transportation Board Grant Anticipation Rev., 5%, 9/15/2033 | 3,360,000 | 4,420,076 | ||
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2030 | 300,000 | 395,827 | ||
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2031 | 500,000 | 673,061 | ||
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2032 | 300,000 | 402,557 | ||
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2033 | 500,000 | 668,016 | ||
Commonwealth of Virginia, Transportation Board Interstate 81 Corridor Program Rev., 5%, 5/15/2034 | 1,655,000 | 2,201,378 | ||
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042 | 3,000,000 | 3,402,625 | ||
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, ”A“, 4%, 5/15/2035 | 2,750,000 | 3,195,232 | ||
Metropolitan Transportation Authority Rev., NY, Anticipation Note, ”D-1“, 5%, 9/01/2022 | 850,000 | 885,839 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 115,000 | 132,210 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 230,000 | 263,589 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2040 (w) | 215,000 | 245,774 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 190,000 | 216,645 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 100,000 | 122,841 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 90,000 | 112,308 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 145,000 | 183,759 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | 100,000 | 129,089 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | 135,000 | 173,019 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 130,000 | 165,691 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | 120,000 | 152,062 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | $ | 125,000 | $ 157,561 | |
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 65,000 | 81,559 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”A“, 5%, 12/15/2039 | 190,000 | 236,392 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 5%, 6/15/2044 | 190,000 | 232,002 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 5.25%, 12/15/2021 | 185,000 | 186,839 | ||
Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025) | 1,000,000 | 1,165,785 | ||
Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025) | 500,000 | 582,892 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 1,560,000 | 1,882,301 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 1,560,000 | 1,879,151 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042 | 3,860,000 | 4,617,341 | ||
$ 32,322,646 | ||||
Universities - Colleges – 9.3% | ||||
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 | $ | 1,190,000 | $ 1,181,780 | |
Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 11/01/2037 | 745,000 | 857,771 | ||
Commonwealth of Virginia, University General Pledge Refunding Rev., ”A“, 4%, 5/01/2048 | 2,475,000 | 2,796,454 | ||
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), ”A“, 5%, 1/01/2043 | 1,000,000 | 1,201,424 | ||
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2037 | 1,000,000 | 1,171,656 | ||
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), ”A“, 4%, 6/01/2038 | 1,750,000 | 2,045,888 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 445,000 | 447,117 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 230,000 | 233,450 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 595,000 | 689,855 | ||
Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), ”A“, 5%, 9/01/2034 | 1,000,000 | 1,195,256 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038 | 250,000 | 284,033 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2039 | 225,000 | 254,990 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040 | 250,000 | 282,514 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049 | 900,000 | 1,080,840 | ||
University of Virginia, General Rev. Pledge Refunding, ”A“, 5%, 6/01/2043 (Prerefunded 6/01/2023) | 685,000 | 739,407 | ||
University of Virginia, General Rev. Pledge Refunding, ”B“, 5%, 4/01/2046 | 2,500,000 | 2,994,956 | ||
University of Virginia, Rector and Visitors General Pledge Rev. (Multi-Year Capital Project), ”A“, 4%, 8/01/2048 | 2,000,000 | 2,307,679 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”A“, 5%, 7/01/2035 (n) | 1,000,000 | 1,082,033 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 1,000,000 | 1,090,875 | ||
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 | 1,600,000 | 1,797,926 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 | 1,280,000 | 1,483,276 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 | 470,000 | 483,088 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 | 1,250,000 | 1,407,962 | ||
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 | 1,000,000 | 1,272,774 | ||
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), ”A“, 5%, 1/01/2040 | 1,000,000 | 1,122,659 | ||
Virginia Commonwealth University, General Rev., ”A“, 5%, 11/01/2033 | 4,000,000 | 5,122,802 | ||
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 2,500,000 | 2,845,765 | ||
$ 37,474,230 | ||||
Utilities - Cogeneration – 0.1% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 595,000 | $ 609,875 | |
Utilities - Municipal Owned – 3.0% | ||||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | $ | 835,000 | $ 816,212 | |
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 130,000 | 127,075 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 60,000 | 58,875 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 30,000 | 29,438 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 305,000 | 299,281 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 30,000 | 29,250 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 320,000 | 313,200 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 535,000 | 522,962 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023 | 60,000 | 59,999 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024 | 315,000 | 314,993 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | $ | 175,000 | $ 168,000 | |
Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2024 | 25,000 | 25,346 | ||
Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030 | 30,000 | 30,034 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 145,000 | 141,919 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 140,000 | 136,850 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 25,000 | 24,438 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 430,000 | 420,325 | ||
Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027 | 185,000 | 184,996 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 340,000 | 367,785 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 35,000 | 38,058 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 25,000 | 24,563 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 60,000 | 58,875 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 205,000 | 198,081 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 225,000 | 220,781 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 70,000 | 68,687 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 215,000 | 210,969 | ||
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2027 (Prerefunded 1/15/2023) | 2,555,000 | 2,712,442 | ||
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2035 | 2,000,000 | 2,364,696 | ||
Richmond, VA, Public Utility Rev., ”A“, 5%, 1/15/2038 (Prerefunded 1/15/2023) | 2,000,000 | 2,123,242 | ||
$ 12,091,372 | ||||
Utilities - Other – 0.4% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 290,000 | $ 302,920 | |
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 1,140,000 | 1,353,512 | ||
$ 1,656,432 | ||||
Water & Sewer Utility Revenue – 11.1% | ||||
Fairfax County, VA, Sewer Rev., ”A“, 4%, 7/15/2039 | $ | 3,000,000 | $ 3,623,561 | |
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2028 (Prerefunded 4/01/2022) | 1,000,000 | 1,023,929 | ||
Fairfax County, VA, Water Authority Rev., 4%, 4/01/2032 | 2,175,000 | 2,716,437 | ||
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 | 3,000,000 | 3,603,982 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 295,000 | 339,858 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 375,000 | 431,584 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,045,000 | 1,198,040 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 430,000 | 518,294 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 5%, 10/01/2035 (Prerefunded 10/01/2027) | 660,000 | 821,855 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2037 | 1,350,000 | 1,528,762 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., ”A“, 4%, 10/01/2038 | 1,265,000 | 1,429,977 | ||
Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046 | 1,435,000 | 1,643,559 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 80,000 | 89,561 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 100,000 | 111,603 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 50,000 | 55,917 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 110,000 | 122,795 | ||
Norfolk, VA, Water Rev., 5%, 11/01/2028 (Prerefunded 5/01/2022) | 985,000 | 1,012,562 | ||
Norfolk, VA, Water Rev., 5%, 11/01/2028 | 15,000 | 15,411 | ||
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 | 2,065,000 | 2,240,709 | ||
Virginia Beach, VA, Water & Sewer System Rev., 5%, 10/01/2022 | 1,310,000 | 1,372,837 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, 5%, 11/01/2025 (Prerefunded 11/01/2021) | 1,550,000 | 1,555,681 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2025 (Prerefunded 11/01/2021) | 140,000 | 140,513 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2025 | 5,000 | 5,018 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2027 (Prerefunded 11/01/2021) | 5,710,000 | 5,730,929 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2027 | 45,000 | 45,165 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2028 (Prerefunded 11/01/2021) | 2,960,000 | 2,970,736 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, ”B“, 5%, 11/01/2028 | 40,000 | 40,146 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025 | $ | 45,000 | $ 45,165 | |
Virginia Resources Authority, Infrastructure Rev., Virginia Pooled Financing Program, ”C“, 5%, 11/01/2022 | 1,620,000 | 1,704,341 | ||
Virginia Resources Authority, Infrastructure Rev., Virginia Pooled Financing Program, ”C“, 4%, 11/01/2044 | 3,235,000 | 3,811,095 | ||
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2033 (Prerefunded 11/01/2022) | 2,245,000 | 1,480,327 | ||
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2034 (Prerefunded 11/01/2022) | 2,250,000 | 1,417,086 | ||
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2035 (Prerefunded 11/01/2022) | 1,950,000 | 1,171,454 | ||
Virginia Resources Authority, Water & Sewer Systems Rev. (Tuckahoe Creek Project), Capital Appreciation, 0%, 11/01/2036 (Prerefunded 11/01/2022) | 1,250,000 | 715,291 | ||
$ 44,734,180 | ||||
Total Municipal Bonds (Identified Cost, $383,371,034) | $400,841,834 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 557,000 | $ 496,092 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,200,000 | 373,907 | ||
Total Bonds (Identified Cost, $905,478) | $ 869,999 | |||
Investment Companies (h) – 1.2% | ||||
Money Market Funds – 1.2% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $4,654,379) | 4,654,412 | $ 4,654,412 | ||
Other Assets, Less Liabilities – (0.5)% | (1,830,567) | |||
Net Assets – 100.0% | $404,535,678 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 95.6% | ||||
Airport Revenue – 1.1% | ||||
Dallas and Fort Worth, TX, International Airport Rev., ”B“, 5%, 11/01/2044 | $ | 155,000 | $ 162,535 | |
Dallas and Fort Worth, TX, International Airport Rev., ”C“, 5%, 11/01/2045 | 110,000 | 110,377 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2024 | 90,000 | 100,966 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2025 | 115,000 | 133,447 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2026 | 175,000 | 208,811 | ||
Salt Lake, UT, International Airport Rev., ”A“, 5%, 7/01/2027 | 220,000 | 269,306 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, 5%, 12/01/2044 | 60,000 | 68,014 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, BAM, 5%, 12/01/2039 | 70,000 | 79,467 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2039 | 55,000 | 62,070 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2044 | 85,000 | 95,926 | ||
$ 1,290,919 | ||||
General Obligations - General Purpose – 13.0% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 260,000 | $ 276,485 | |
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 1,100,000 | 948,750 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A-4“, AGM, 5%, 7/01/2031 | 95,000 | 95,661 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 165,000 | 208,620 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2030 | 135,000 | 170,175 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2031 | 195,000 | 249,485 | ||
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2027 | 720,000 | 891,250 | ||
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2035 | 1,000,000 | 1,267,458 | ||
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 12/01/2042 | 3,000,000 | 3,881,948 | ||
State of West Virginia, General Obligation Road Bonds, ”A“, 5%, 6/01/2044 | 3,000,000 | 3,728,320 | ||
State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 12/01/2040 | 1,750,000 | 2,163,590 | ||
State of West Virginia, General Obligation Road Bonds, ”B“, 5%, 6/01/2041 | 200,000 | 246,465 | ||
State of West Virginia, General Obligation Road Bonds, ”B“, 4%, 12/01/2042 | 1,000,000 | 1,155,901 | ||
$ 15,284,108 | ||||
General Obligations - Schools – 2.3% | ||||
Greenbrier County, WV, Board of Education, 4%, 5/01/2024 | $ | 590,000 | $ 642,070 | |
Monongalia County, WV, Board of Education, 5%, 5/01/2031 (Prerefunded 5/01/2022) | 2,000,000 | 2,055,373 | ||
$ 2,697,443 | ||||
Healthcare Revenue - Hospitals – 15.7% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044 | $ | 155,000 | $ 174,120 | |
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 15,000 | 16,441 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043 | 780,000 | 880,343 | ||
Virginia Small Business Financing Authority Health Facilities Rev. (Bon Secours Mercy Health, Inc.), ”A“, 4%, 12/01/2049 | 490,000 | 563,205 | ||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038 | 230,000 | 259,353 | ||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2028 | 1,000,000 | 1,112,424 | ||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039 | 1,500,000 | 1,820,813 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), ”A“, 4.125%, 1/01/2047 | 1,245,000 | 1,391,266 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), ”A“, ETM, 6.5%, 9/01/2023 | 660,000 | 714,896 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 | 1,000,000 | 1,142,556 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), ETM, 5%, 1/01/2044 (Prerefunded 1/01/2024) | 1,000,000 | 1,104,209 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 5%, 6/01/2027 | 200,000 | 238,792 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 4%, 6/01/2035 | 1,500,000 | 1,673,631 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), ”A“, 5.5%, 6/01/2044 (Prerefunded 6/01/2023) | 3,460,000 | 3,760,412 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, AGM, 4%, 6/01/2051 | 2,000,000 | 2,239,845 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 5%, 6/01/2042 | 1,000,000 | 1,179,757 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 4%, 6/01/2051 | 220,000 | 246,383 | ||
$ 18,518,446 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Other – 1.0% | ||||
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $ | 420,000 | $ 590,860 | |
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 4%, 1/01/2050 (n) | 200,000 | 206,652 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), ”A“, 5.25%, 5/01/2044 (n) | 325,000 | 375,881 | ||
$ 1,173,393 | ||||
Miscellaneous Revenue - Other – 7.2% | ||||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2040 | $ | 140,000 | $ 149,984 | |
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 580,000 | 635,024 | ||
New York Liberty Development Corp., Liberty Rev. (7 World Trade Center Project), 5%, 9/15/2040 | 545,000 | 555,978 | ||
State of West Virginia, Higher Education Policy Commission Community & Technical Colleges Capital Improvement Refunding Rev., 5%, 7/01/2038 | 200,000 | 239,203 | ||
West Virginia Economic Development Authority, Excess Lottery Rev., 5%, 6/15/2022 | 250,000 | 257,865 | ||
West Virginia Economic Development Authority, Excess Lottery Rev., ”A“, 5%, 7/01/2038 | 1,000,000 | 1,231,437 | ||
West Virginia School Building Authority, ”A“, 5%, 7/01/2028 | 590,000 | 686,070 | ||
West Virginia School Building Authority, ”A“, 3%, 7/01/2033 | 2,000,000 | 2,171,484 | ||
West Virginia School Building Authority, Excess Lottery Rev., ”B“, 5%, 7/01/2030 | 1,000,000 | 1,003,589 | ||
West Virginia School Building Authority, Lottery Capital Improvement Rev., “A”, 5%, 7/01/2028 | 1,500,000 | 1,620,675 | ||
$ 8,551,309 | ||||
Sales & Excise Tax Revenue – 5.8% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2029 (w) | $ | 10,000 | $ 12,319 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 (w) | 5,000 | 6,248 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 (w) | 10,000 | 12,742 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2036 (w) | 30,000 | 34,602 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 (w) | 45,000 | 50,265 | ||
Guam Government Business Privilege Tax Rev., ”A“, 5.25%, 1/01/2036 | 335,000 | 338,993 | ||
Guam Government Business Privilege Tax Rev., ”A“, 5.125%, 1/01/2042 | 790,000 | 799,178 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2031 | 500,000 | 674,260 | ||
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), ”A“, 4.125%, 6/01/2043 (n) | 1,000,000 | 1,109,623 | ||
Ohio County, WV, Commission Special District Excise Tax Improvement Refunding Rev. (Fort Henry Economic Opportunity Development District - The Highlands Project), ”B“, 2.75%, 3/01/2041 | 290,000 | 280,605 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 25,000 | 28,094 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 1,537,000 | 1,743,358 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 238,000 | 263,921 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 92,040 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 1,000 | 1,106 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 39,000 | 43,721 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 3,000 | 2,864 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 45,000 | 40,613 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 7,000 | 6,029 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 412,000 | 328,293 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 396,000 | 293,547 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 1,503,000 | 494,341 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 120,000 | 133,174 | ||
$ 6,789,936 | ||||
Single Family Housing - State – 2.5% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.25%, 9/01/2049 | $ | 355,000 | $ 393,995 | |
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4.25%, 1/01/2050 | 400,000 | 440,619 | ||
West Virginia Housing Development Fund, ”A“, 3.875%, 11/01/2044 | 1,500,000 | 1,607,980 | ||
West Virginia Housing Development Fund, ”B“, 1.8%, 5/01/2026 | 485,000 | 504,029 | ||
$ 2,946,623 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – 7.2% | ||||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 (Prerefunded 5/01/2028) | $ | 140,000 | $ 176,056 | |
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2047 | 260,000 | 314,404 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 5,000 | 6,447 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | 5,000 | 5,913 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | 20,000 | 23,599 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 15,000 | 17,639 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 10,000 | 11,713 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 15,000 | 17,510 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | 10,000 | 11,595 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”AAA“, 5%, 6/15/2026 | 105,000 | 125,366 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 1,640,000 | 869,772 | ||
West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 5/01/2033 | 1,000,000 | 1,001,713 | ||
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile Public Safety Facilities), AGM, 5%, 6/01/2022 | 1,000,000 | 1,003,518 | ||
West Virginia Economic Development Authority, Lease Rev. (Correctional Juvenile Public Safety Facilities), ”A“, 5%, 6/01/2029 | 2,000,000 | 2,061,199 | ||
West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile, and Public Safety Facilities), ”A“, 5%, 6/01/2025 | 255,000 | 262,924 | ||
West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2025 | 410,000 | 411,592 | ||
West Virginia Economic Development Authority, Lease Rev. (State Office Building), ”B“, NPFG, 5.25%, 1/01/2030 | 1,355,000 | 1,360,262 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034 | 795,000 | 797,269 | ||
$ 8,478,491 | ||||
Tax - Other – 2.4% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 535,000 | $ 628,136 | |
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | 945,000 | 967,744 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2026 | 95,000 | 103,548 | ||
Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032 | 1,000,000 | 1,034,760 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 113,022 | ||
$ 2,847,210 | ||||
Tax Assessment – 1.2% | ||||
Morgantown, WV, Tax Increment Rev., Parking Garage Project, ”A“, 5%, 6/01/2033 | $ | 455,000 | $ 455,357 | |
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034 | 1,000,000 | 1,007,773 | ||
$ 1,463,130 | ||||
Tobacco – 0.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | $ | 75,000 | $ 94,229 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048 | 125,000 | 138,998 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 500,000 | 565,996 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 1,360,000 | 217,681 | ||
$ 1,016,904 | ||||
Toll Roads – 2.5% | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $ | 155,000 | $ 173,604 | |
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 120,000 | 133,762 | ||
West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042 | 1,250,000 | 1,478,401 | ||
West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047 | 1,000,000 | 1,136,723 | ||
$ 2,922,490 | ||||
Transportation - Special Tax – 4.9% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”AA-1“, AGM, 4.95%, 7/01/2026 | $ | 520,000 | $ 523,377 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.5%, 7/01/2029 | 760,000 | 842,005 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2050 | 1,000,000 | 1,143,049 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 220,000 | 261,610 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, ”BB“, 4%, 6/15/2044 | 1,225,000 | 1,379,317 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
West Virginia, Surface Transportation Improvements Special Obligation, ”A“, 5%, 9/01/2025 | $ | 1,400,000 | $ 1,638,888 | |
$ 5,788,246 | ||||
Universities - Colleges – 10.2% | ||||
Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2031 | $ | 720,000 | $ 940,244 | |
Fairmont, WV, State University Board of Governors Refunding Rev., ”A“, 5%, 6/01/2032 | 1,050,000 | 1,394,615 | ||
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 5%, 5/01/2030 | 860,000 | 1,111,083 | ||
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 3%, 5/01/2046 | 1,000,000 | 1,051,986 | ||
Marshall University, WV, Board of Governors Rev., ”A“, AGM, 4%, 5/01/2050 | 1,500,000 | 1,714,530 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | 110,000 | 113,572 | ||
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2044 | 1,000,000 | 1,283,361 | ||
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), ”A“, 5%, 10/01/2049 | 1,000,000 | 1,235,244 | ||
West Virginia University, University Systems Rev., ”A“, NPFG, 5.25%, 4/01/2028 | 2,720,000 | 3,154,358 | ||
$ 11,998,993 | ||||
Utilities - Cogeneration – 0.2% | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | $ | 240,000 | $ 246,000 | |
Utilities - Investor Owned – 1.5% | ||||
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 0.625%, 12/01/2038 (Put Date 12/15/2025) | $ | 750,000 | $ 742,096 | |
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025) | 1,000,000 | 1,000,352 | ||
$ 1,742,448 | ||||
Utilities - Municipal Owned – 1.6% | ||||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2033 | $ | 435,000 | $ 480,968 | |
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 285,000 | 278,587 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 45,000 | 43,988 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,813 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 100,000 | 98,125 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 9,750 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 110,000 | 107,662 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 180,000 | 175,950 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 48,000 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 40,000 | 39,150 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 50,000 | 48,875 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 9,775 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 145,000 | 141,737 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 135,000 | 146,032 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 10,874 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 70,000 | 67,638 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 75,000 | 73,594 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 19,625 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 65,000 | 63,781 | ||
$ 1,922,999 | ||||
Utilities - Other – 0.1% | ||||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | $ | 125,000 | $ 130,569 | |
Water & Sewer Utility Revenue – 14.3% | ||||
Berkeley County, WV, Public Service Sewer District, ”A“, BAM, 5%, 6/01/2036 | $ | 1,700,000 | $ 1,997,383 | |
Fairmont, WV, Waterworks Rev., AAC, 5.25%, 7/01/2022 | 75,000 | 77,470 | ||
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2027 | 200,000 | 232,954 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2028 | $ | 200,000 | $ 236,681 | |
Fairmont, WV, Waterworks Rev., ”A“, BAM, 4%, 7/01/2029 | 300,000 | 360,003 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 40,000 | 45,173 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 180,000 | 201,213 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 20,000 | 21,818 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 20,000 | 21,623 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 135,000 | 162,720 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 35,000 | 39,183 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 40,000 | 44,641 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 20,000 | 22,367 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 50,000 | 55,816 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 75,000 | 84,284 | ||
Morgantown, WV, Combined Utility System Rev., ”A“, AGM, 5%, 12/01/2041 | 1,000,000 | 1,192,607 | ||
Morgantown, WV, Combined Utility System Rev., ”A“, BAM, 4%, 12/01/2033 | 400,000 | 476,236 | ||
Morgantown, WV, Combined Utility System Rev., ”B“, 5%, 12/01/2043 | 2,000,000 | 2,418,517 | ||
West Virginia Water Development Authority Rev. (Loan Program II), ”A“, 5%, 11/01/2026 | 650,000 | 711,429 | ||
West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033 | 1,475,000 | 1,780,683 | ||
West Virginia Water Development Authority Rev. (Loan Program IV), ”A-IV“, 5%, 11/01/2038 | 500,000 | 608,986 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2038 (Prerefunded 6/01/2023) | 3,000,000 | 3,233,058 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2043 (Prerefunded 6/01/2023) | 1,000,000 | 1,077,686 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2051 | 1,500,000 | 1,754,685 | ||
$ 16,857,216 | ||||
Total Municipal Bonds (Identified Cost, $106,686,710) | $112,666,873 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 167,000 | $ 148,739 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 400,000 | 124,635 | ||
Total Bonds (Identified Cost, $284,871) | $ 273,374 | |||
Investment Companies (h) – 3.2% | ||||
Money Market Funds – 3.2% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $3,774,215) | 3,774,215 | $ 3,774,216 | ||
Other Assets, Less Liabilities – 0.9% | 1,110,131 | |||
Net Assets – 100.0% | $117,824,594 |
(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 each fund’s investments in affiliated issuers and in unaffiliated issuers were as follows: |
Affiliated Issuers | Unaffiliated Issuers | |
Mississippi Fund | $ 3,283,206 | $106,518,914 |
New York Fund | 4,014,324 | 288,772,433 |
North Carolina Fund | 18,403,631 | 542,357,866 |
Pennsylvania Fund | 6,249,619 | 192,080,740 |
South Carolina Fund | 894,911 | 307,408,590 |
Tennessee Fund | 24,949,486 | 69,919,236 |
Virginia Fund | 4,654,412 | 401,711,833 |
West Virginia Fund | 3,774,216 | 112,940,247 |
(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 and percentage of net assets for each fund is as follows: |
Value | Percent of net assets | |
Mississippi Fund | $ 1,193,877 | 1.1% |
New York Fund | 12,792,458 | 4.4% |
North Carolina Fund | 6,085,711 | 1.1% |
Pennsylvania Fund | 3,266,140 | 1.6% |
South Carolina Fund | 5,988,383 | 1.9% |
Tennessee Fund | 1,682,728 | 1.8% |
Virginia Fund | 8,425,513 | 2.1% |
West Virginia Fund | 2,733,728 | 2.3% |
(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 |
FGIC | Financial Guaranty Insurance Co. |
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. |
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. |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | |
Assets | ||||
Investments in unaffiliated issuers, at value (identified cost, $99,949,653, $269,556,640, $512,352,580, and $180,345,485, respectively) | $106,518,914 | $288,772,433 | $542,357,866 | $192,080,740 |
Investments in affiliated issuers, at value (identified cost, $3,283,206, $4,014,324, $18,403,574, and $6,249,619, respectively) | 3,283,206 | 4,014,324 | 18,403,631 | 6,249,619 |
Cash | 5,672 | 6,228 | 11,984 | 39,146 |
Receivables for | ||||
Investments sold | 1,625,000 | 2,615,708 | 894,001 | 560,538 |
Fund shares sold | 10,380 | 62,297 | 491,270 | 160,220 |
When-issued investments sold | 401,292 | 161,073 | — | — |
Interest | 1,089,176 | 2,965,416 | 6,872,048 | 2,077,433 |
Receivable from investment adviser | — | — | — | 3,953 |
Other assets | 13,548 | 9,893 | 11,079 | 8,988 |
Total assets | $112,947,188 | $298,607,372 | $569,041,879 | $201,180,637 |
Liabilities | ||||
Payables for | ||||
Distributions | $8,622 | $59,204 | $51,377 | $41,729 |
Fund shares reacquired | 71,389 | 211,706 | 655,722 | 142,155 |
When-issued investments purchased | 744,914 | 5,533,533 | 3,676,044 | 1,424,952 |
Payable to affiliates | ||||
Investment adviser | 2,685 | 1,521 | 13,529 | — |
Administrative services fee | 140 | 269 | 463 | 202 |
Shareholder servicing costs | 16,582 | 50,227 | 97,361 | 31,376 |
Distribution and service fees | 518 | 3,102 | 6,912 | 817 |
Payable for independent Trustees' compensation | — | — | 2,769 | — |
Accrued expenses and other liabilities | 36,403 | 47,310 | 58,855 | 43,733 |
Total liabilities | $881,253 | $5,906,872 | $4,563,032 | $1,684,964 |
Net assets | $112,065,935 | $292,700,500 | $564,478,847 | $199,495,673 |
Net assets consist of | ||||
Paid-in capital | $108,197,549 | $276,022,945 | $545,800,939 | $189,593,332 |
Total distributable earnings (loss) | 3,868,386 | 16,677,555 | 18,677,908 | 9,902,341 |
Net assets | $112,065,935 | $292,700,500 | $564,478,847 | $199,495,673 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | |
Net assets | ||||
Class A | $93,751,840 | $173,397,519 | $364,504,690 | $143,119,020 |
Class B | 96,590 | 861,796 | 388,680 | 709,984 |
Class C | — | 12,280,045 | 34,532,985 | — |
Class I | 15,249,149 | 100,526,497 | 122,596,732 | 36,583,537 |
Class R6 | 2,968,356 | 5,634,643 | 42,455,760 | 19,083,132 |
Total net assets | $112,065,935 | $292,700,500 | $564,478,847 | $199,495,673 |
Shares of beneficial interest outstanding | ||||
Class A | 9,440,916 | 15,169,965 | 30,450,596 | 13,386,890 |
Class B | 9,709 | 75,584 | 32,511 | 66,237 |
Class C | — | 1,075,633 | 2,886,571 | — |
Class I | 1,538,041 | 9,943,456 | 12,286,320 | 3,592,423 |
Class R6 | 299,391 | 557,459 | 4,254,724 | 1,873,155 |
Total shares of beneficial interest outstanding | 11,288,057 | 26,822,097 | 49,910,722 | 18,918,705 |
Class A shares | ||||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $9.93 | $11.43 | $11.97 | $10.69 |
Offering price per share (100 / 95.75 x net asset value per share) | $10.37 | $11.94 | $12.50 | $11.16 |
Class B shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $9.95 | $11.40 | $11.96 | $10.72 |
Class C shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $11.42 | $11.96 | $— |
Class I shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $9.91 | $10.11 | $9.98 | $10.18 |
Class R6 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $9.91 | $10.11 | $9.98 | $10.19 |
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. |
At 9/30/21 | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Assets | ||||
Investments in unaffiliated issuers, at value (identified cost, $294,236,895, $65,675,159, $384,276,512, and $106,971,581, respectively) | $307,408,590 | $69,919,236 | $401,711,833 | $112,940,247 |
Investments in affiliated issuers, at value (identified cost, $894,911, $24,949,484, $4,654,379, and $3,774,215, respectively) | 894,911 | 24,949,486 | 4,654,412 | 3,774,216 |
Cash | 6,661 | 2,047 | 8,553 | 2,499 |
Receivables for | ||||
Investments sold | 5,426,293 | 709,393 | 558,341 | 20,283 |
Fund shares sold | 555,726 | 953,435 | 539,403 | 61,201 |
Interest | 3,414,878 | 888,625 | 4,725,282 | 1,378,651 |
Receivable from investment adviser | — | 45,319 | 1,840 | 4,788 |
Other assets | 12,382 | 4 | 11,366 | 12,500 |
Total assets | $317,719,441 | $97,467,545 | $412,211,030 | $118,194,385 |
Liabilities | ||||
Payables for | ||||
Distributions | $23,432 | $943,210 | $69,952 | $12,016 |
Investments purchased | — | 10,598 | — | — |
Fund shares reacquired | 236,927 | 474,219 | 316,993 | 174,690 |
When-issued investments purchased | 5,895,989 | 3,028,807 | 7,150,468 | 115,469 |
Payable to affiliates | ||||
Investment adviser | 7,457 | — | — | — |
Administrative services fee | 282 | 127 | 348 | 144 |
Shareholder servicing costs | 45,876 | 19,364 | 76,572 | 23,407 |
Distribution and service fees | 3,123 | 917 | 4,332 | 1,368 |
Payable for independent Trustees' compensation | 2,802 | 500 | 2,786 | 2,801 |
Accrued expenses and other liabilities | 43,910 | 54,915 | 53,901 | 39,896 |
Total liabilities | $6,259,798 | $4,532,657 | $7,675,352 | $369,791 |
Net assets | $311,459,643 | $92,934,888 | $404,535,678 | $117,824,594 |
Net assets consist of | ||||
Paid-in capital | $303,273,678 | $90,318,924 | $393,992,794 | $115,548,378 |
Total distributable earnings (loss) | 8,185,965 | 2,615,964 | 10,542,884 | 2,276,216 |
Net assets | $311,459,643 | $92,934,888 | $404,535,678 | $117,824,594 |
South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Net assets | ||||
Class A | $227,505,207 | $66,962,044 | $259,678,302 | $99,554,826 |
Class B | 170,225 | — | 439,399 | 67,272 |
Class C | — | — | 13,906,209 | — |
Class I | 64,614,580 | 25,142,966 | 103,687,154 | 16,827,886 |
Class R6 | 19,169,631 | 829,878 | 26,824,614 | 1,374,610 |
Total net assets | $311,459,643 | $92,934,888 | $404,535,678 | $117,824,594 |
Shares of beneficial interest outstanding | ||||
Class A | 18,400,592 | 6,352,503 | 22,681,781 | 8,863,778 |
Class B | 13,776 | — | 38,408 | 5,991 |
Class C | — | — | 1,214,993 | — |
Class I | 6,450,622 | 2,552,107 | 10,420,709 | 1,702,259 |
Class R6 | 1,913,411 | 84,291 | 2,693,807 | 139,079 |
Total shares of beneficial interest outstanding | 26,778,401 | 8,988,901 | 37,049,698 | 10,711,107 |
Class A shares | ||||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $12.36 | $10.54 | $11.45 | $11.23 |
Offering price per share (100 / 95.75 x net asset value per share) | $12.91 | $11.01 | $11.96 | $11.73 |
Class B shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $12.36 | $— | $11.44 | $11.23 |
Class C shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $— | $11.45 | $— |
Class I shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.02 | $9.85 | $9.95 | $9.89 |
Class R6 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $10.02 | $9.85 | $9.96 | $9.88 |
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. |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | |
Net investment income (loss) | ||||
Interest | $1,516,512 | $4,308,921 | $7,237,254 | $2,682,028 |
Dividends from affiliated issuers | 617 | 772 | 2,558 | 931 |
Other | 26 | 49 | 79 | 35 |
Total investment income | $1,517,155 | $4,309,742 | $7,239,891 | $2,682,994 |
Expenses | ||||
Management fee | $252,036 | $660,357 | $1,260,735 | $440,636 |
Distribution and service fees | 118,358 | 285,795 | 633,385 | 181,994 |
Shareholder servicing costs | 34,671 | 103,571 | 189,910 | 68,793 |
Administrative services fee | 12,798 | 24,599 | 41,950 | 18,249 |
Independent Trustees' compensation | 1,943 | 3,170 | 5,084 | 2,485 |
Custodian fee | 10,269 | 18,397 | 30,077 | 14,887 |
Shareholder communications | 3,554 | 6,179 | 9,619 | 6,101 |
Audit and tax fees | 28,482 | 28,504 | 28,530 | 28,489 |
Legal fees | 3,967 | 5,375 | 3,489 | 5,146 |
Registration fees | 28,544 | 35,038 | 36,487 | 29,809 |
Miscellaneous | 15,018 | 16,545 | 18,470 | 15,558 |
Total expenses | $509,640 | $1,187,530 | $2,257,736 | $812,147 |
Fees paid indirectly | (1) | (1) | (2) | (1) |
Reduction of expenses by investment adviser and distributor | (78,023) | (51,732) | (36,141) | (136,383) |
Net expenses | $431,616 | $1,135,797 | $2,221,593 | $675,763 |
Net investment income (loss) | $1,085,539 | $3,173,945 | $5,018,298 | $2,007,231 |
Realized and unrealized gain (loss) | ||||
Realized gain (loss) (identified cost basis) | ||||
Unaffiliated issuers | $128,903 | $586,975 | $341,698 | $266,417 |
Net realized gain (loss) | $128,903 | $586,975 | $341,698 | $266,417 |
Change in unrealized appreciation or depreciation | ||||
Unaffiliated issuers | $184,969 | $1,776,028 | $2,072,012 | $1,296,648 |
Net realized and unrealized gain (loss) | $313,872 | $2,363,003 | $2,413,710 | $1,563,065 |
Change in net assets from operations | $1,399,411 | $5,536,948 | $7,432,008 | $3,570,296 |
Six months ended 9/30/21 | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Net investment income (loss) | ||||
Interest | $3,714,634 | $1,474,778 | $6,137,819 | $1,794,183 |
Dividends from affiliated issuers | 1,459 | 349 | 1,221 | 390 |
Other | 50 | 26 | 60 | 27 |
Total investment income | $3,716,143 | $1,475,153 | $6,139,100 | $1,794,600 |
Expenses | ||||
Management fee | $697,863 | $225,789 | $896,496 | $265,142 |
Distribution and service fees | 287,459 | 88,251 | 395,965 | 126,891 |
Shareholder servicing costs | 93,569 | 37,724 | 152,767 | 48,903 |
Administrative services fee | 25,683 | 12,040 | 31,423 | 13,177 |
Independent Trustees' compensation | 3,333 | 2,594 | 3,980 | 2,089 |
Custodian fee | 18,362 | 9,147 | 21,900 | 9,424 |
Shareholder communications | 5,724 | 35,151 | 7,896 | 3,788 |
Audit and tax fees | 28,499 | 9,086 | 28,638 | 28,482 |
Legal fees | 4,344 | 44,800 | 2,266 | 955 |
Registration fees | 29,778 | 37,037 | 36,880 | 28,382 |
Interest expense and fees | — | — | 2,057 | — |
Miscellaneous | 16,440 | 14,266 | 16,485 | 15,012 |
Total expenses | $1,211,054 | $515,885 | $1,596,753 | $542,245 |
Fees paid indirectly | — | (1) | (4) | (2) |
Reduction of expenses by investment adviser and distributor | (19,917) | (122,914) | (92,473) | (50,175) |
Net expenses | $1,191,137 | $392,970 | $1,504,276 | $492,068 |
Net investment income (loss) | $2,525,006 | $1,082,183 | $4,634,824 | $1,302,532 |
Realized and unrealized gain (loss) | ||||
Realized gain (loss) (identified cost basis) | ||||
Unaffiliated issuers | $440,740 | $1,757,353 | $469,990 | $230,684 |
Affiliated issuers | — | (2) | — | — |
Futures contracts | — | — | — | (8,181) |
Net realized gain (loss) | $440,740 | $1,757,351 | $469,990 | $222,503 |
Change in unrealized appreciation or depreciation | ||||
Unaffiliated issuers | $860,968 | $(1,028,759) | $(71,529) | $170,698 |
Affiliated issuers | — | (2) | — | 2 |
Futures contracts | — | — | — | 79,267 |
Net unrealized gain (loss) | $860,968 | $(1,028,761) | $(71,529) | $249,967 |
Net realized and unrealized gain (loss) | $1,301,708 | $728,590 | $398,461 | $472,470 |
Change in net assets from operations | $3,826,714 | $1,810,773 | $5,033,285 | $1,775,002 |
Six months ended 9/30/21 (unaudited) | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $1,085,539 | $3,173,945 | $5,018,298 | $2,007,231 |
Net realized gain (loss) | 128,903 | 586,975 | 341,698 | 266,417 |
Net unrealized gain (loss) | 184,969 | 1,776,028 | 2,072,012 | 1,296,648 |
Change in net assets from operations | $1,399,411 | $5,536,948 | $7,432,008 | $3,570,296 |
Total distributions to shareholders | $(1,094,003) | $(3,155,407) | $(4,978,085) | $(1,999,268) |
Change in net assets from fund share transactions | $2,703,871 | $5,525,201 | $18,504,421 | $11,415,410 |
Total change in net assets | $3,009,279 | $7,906,742 | $20,958,344 | $12,986,438 |
Net assets | ||||
At beginning of period | 109,056,656 | 284,793,758 | 543,520,503 | 186,509,235 |
At end of period | $112,065,935 | $292,700,500 | $564,478,847 | $199,495,673 |
Six months ended 9/30/21 (unaudited) | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $2,525,006 | $1,082,183 | $4,634,824 | $1,302,532 |
Net realized gain (loss) | 440,740 | 1,757,351 | 469,990 | 222,503 |
Net unrealized gain (loss) | 860,968 | (1,028,761) | (71,529) | 249,967 |
Change in net assets from operations | $3,826,714 | $1,810,773 | $5,033,285 | $1,775,002 |
Total distributions to shareholders | $(2,514,460) | $(1,889,010) | $(4,309,676) | $(1,312,929) |
Change in net assets from fund share transactions | $19,358,074 | $(7,263,643) | $20,443,548 | $2,997,618 |
Total change in net assets | $20,670,328 | $(7,341,880) | $21,167,157 | $3,459,691 |
Net assets | ||||
At beginning of period | 290,789,315 | 100,276,768 | 383,368,521 | 114,364,903 |
At end of period | $311,459,643 | $92,934,888 | $404,535,678 | $117,824,594 |
Year ended 3/31/21 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $2,453,632 | $7,242,791 | $11,752,260 | $4,438,214 |
Net realized gain (loss) | 330,567 | 678,932 | 2,064,543 | 673,571 |
Net unrealized gain (loss) | 2,507,375 | 9,128,733 | 17,451,614 | 4,984,720 |
Change in net assets from operations | $5,291,574 | $17,050,456 | $31,268,417 | $10,096,505 |
Total distributions to shareholders | $(2,422,939) | $(7,154,905) | $(11,694,845) | $(4,456,885) |
Change in net assets from fund share transactions | $5,469,528 | $(3,957,478) | $43,206,435 | $22,693,436 |
Total change in net assets | $8,338,163 | $5,938,073 | $62,780,007 | $28,333,056 |
Net assets | ||||
At beginning of period | 100,718,493 | 278,855,685 | 480,740,496 | 158,176,179 |
At end of period | $109,056,656 | $284,793,758 | $543,520,503 | $186,509,235 |
Year ended 3/31/21 | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $5,602,178 | $2,542,413 | $9,408,848 | $2,805,667 |
Net realized gain (loss) | 491,055 | 283,413 | 225,381 | (56,336) |
Net unrealized gain (loss) | 7,019,041 | 3,453,015 | 10,909,706 | 2,391,347 |
Change in net assets from operations | $13,112,274 | $6,278,841 | $20,543,935 | $5,140,678 |
Total distributions to shareholders | $(5,579,131) | $(2,524,171) | $(9,736,123) | $(2,825,621) |
Change in net assets from fund share transactions | $45,917,088 | $(2,310,962) | $33,511,986 | $4,684,892 |
Total change in net assets | $53,450,231 | $1,443,708 | $44,319,798 | $6,999,949 |
Net assets | ||||
At beginning of period | 237,339,084 | 98,833,060 | 339,048,723 | 107,364,954 |
At end of period | $290,789,315 | $100,276,768 | $383,368,521 | $114,364,903 |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.90 | $9.63 | $9.64 | $9.53 | $9.64 | $10.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.23 | $0.28 | $0.34 | $0.31 | $0.34(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.27 | (0.01) | 0.08 | (0.11) | (0.39) |
Total from investment operations | $0.13 | $0.50 | $0.27 | $0.42 | $0.20 | $(0.05) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.23) | $(0.28) | $(0.31) | $(0.31) | $(0.33) |
Net asset value, end of period (x) | $9.93 | $9.90 | $9.63 | $9.64 | $9.53 | $9.64 |
Total return (%) (r)(s)(t)(x) | 1.28(n) | 5.20 | 2.80 | 4.47 | 2.07 | (0.49)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.95(a) | 0.97 | 0.98 | 1.00 | 1.00 | 0.98(c) |
Expenses after expense reductions (f) | 0.79(a) | 0.81 | 0.82 | 0.83 | 0.83 | 0.81(c) |
Net investment income (loss) | 1.92(a) | 2.33 | 2.88 | 3.53 | 3.21 | 3.41(c) |
Portfolio turnover | 8(n) | 20 | 30 | 16 | 11 | 14 |
Net assets at end of period (000 omitted) | $93,752 | $92,395 | $86,335 | $79,190 | $82,526 | $84,401 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.92 | $9.64 | $9.65 | $9.54 | $9.65 | $10.04 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.18 | $0.22 | $0.27 | $0.25 | $0.27(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.26 | (0.01) | 0.09 | (0.11) | (0.39) |
Total from investment operations | $0.09 | $0.44 | $0.21 | $0.36 | $0.14 | $(0.12) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.16) | $(0.22) | $(0.25) | $(0.25) | $(0.27) |
Net asset value, end of period (x) | $9.95 | $9.92 | $9.64 | $9.65 | $9.54 | $9.65 |
Total return (%) (r)(s)(t)(x) | 0.95(n) | 4.63 | 2.14 | 3.79 | 1.40 | (1.25)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.70(a) | 1.72 | 1.73 | 1.75 | 1.75 | 1.72(c) |
Expenses after expense reductions (f) | 1.44(a) | 1.46 | 1.47 | 1.49 | 1.50 | 1.48(c) |
Net investment income (loss) | 1.27(a) | 1.79 | 2.24 | 2.87 | 2.55 | 2.74(c) |
Portfolio turnover | 8(n) | 20 | 30 | 16 | 11 | 14 |
Net assets at end of period (000 omitted) | $97 | $115 | $626 | $659 | $1,007 | $1,180 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.89 | $9.61 | $9.63 | $9.51 | $9.62 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.24 | $0.29 | $0.34 | $0.32 | $0.34(c) |
Net realized and unrealized gain (loss) | 0.02 | 0.28 | (0.02) | 0.09 | (0.11) | (0.38) |
Total from investment operations | $0.12 | $0.52 | $0.27 | $0.43 | $0.21 | $(0.04) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.24) | $(0.29) | $(0.31) | $(0.32) | $(0.34) |
Net asset value, end of period (x) | $9.91 | $9.89 | $9.61 | $9.63 | $9.51 | $9.62 |
Total return (%) (r)(s)(t)(x) | 1.23(n) | 5.41 | 2.79 | 4.67 | 2.15 | (0.42)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.70(a) | 0.72 | 0.72 | 0.75 | 0.74 | 0.75(c) |
Expenses after expense reductions (f) | 0.69(a) | 0.70 | 0.71 | 0.74 | 0.74 | 0.75(c) |
Net investment income (loss) | 2.02(a) | 2.42 | 2.96 | 3.63 | 3.29 | 3.44(c) |
Portfolio turnover | 8(n) | 20 | 30 | 16 | 11 | 14 |
Net assets at end of period (000 omitted) | $15,249 | $13,878 | $11,374 | $8,672 | $6,540 | $4,646 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.89 | $9.61 | $9.63 | $9.51 | $9.76 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.10 | $0.24 | $0.29 | $0.35 | $0.21 |
Net realized and unrealized gain (loss) | 0.02 | 0.28 | (0.01) | 0.09 | (0.24) |
Total from investment operations | $0.12 | $0.52 | $0.28 | $0.44 | $(0.03) |
Less distributions declared to shareholders | |||||
From net investment income | $(0.10) | $(0.24) | $(0.30) | $(0.32) | $(0.22) |
Net asset value, end of period (x) | $9.91 | $9.89 | $9.61 | $9.63 | $9.51 |
Total return (%) (r)(s)(t)(x) | 1.26(n) | 5.48 | 2.85 | 4.74 | (0.36)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.64(a) | 0.65 | 0.66 | 0.68 | 0.71(a) |
Expenses after expense reductions (f) | 0.63(a) | 0.64 | 0.65 | 0.67 | 0.70(a) |
Net investment income (loss) | 2.08(a) | 2.47 | 2.95 | 3.71 | 3.33(a) |
Portfolio turnover | 8(n) | 20 | 30 | 16 | 11 |
Net assets at end of period (000 omitted) | $2,968 | $2,668 | $2,384 | $867 | $560 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.33 | $10.93 | $11.00 | $10.87 | $10.93 | $11.31 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.29 | $0.31 | $0.40 | $0.40 | $0.41(c) |
Net realized and unrealized gain (loss) | 0.10 | 0.39 | (0.08) | 0.11 | (0.08) | (0.39) |
Total from investment operations | $0.22 | $0.68 | $0.23 | $0.51 | $0.32 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.28) | $(0.30) | $(0.38) | $(0.38) | $(0.40) |
Net asset value, end of period (x) | $11.43 | $11.33 | $10.93 | $11.00 | $10.87 | $10.93 |
Total return (%) (r)(s)(t)(x) | 1.95(n) | 6.32 | 2.08 | 4.82 | 2.89 | 0.15(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.87(a) | 0.87 | 0.88 | 0.89 | 0.89 | 0.89(c) |
Expenses after expense reductions (f) | 0.83(a) | 0.84 | 0.86 | 0.88 | 0.88 | 0.88(c) |
Net investment income (loss) | 2.11(a) | 2.57 | 2.73 | 3.75 | 3.60 | 3.68(c) |
Portfolio turnover | 10(n) | 45 | 25 | 17 | 23 | 28 |
Net assets at end of period (000 omitted) | $173,398 | $170,723 | $174,514 | $154,803 | $143,689 | $124,890 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.31 | $10.90 | $10.97 | $10.84 | $10.90 | $11.28 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.20 | $0.22 | $0.32 | $0.32 | $0.33(c) |
Net realized and unrealized gain (loss) | 0.09 | 0.41 | (0.07) | 0.11 | (0.09) | (0.40) |
Total from investment operations | $0.17 | $0.61 | $0.15 | $0.43 | $0.23 | $(0.07) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.20) | $(0.22) | $(0.30) | $(0.29) | $(0.31) |
Net asset value, end of period (x) | $11.40 | $11.31 | $10.90 | $10.97 | $10.84 | $10.90 |
Total return (%) (r)(s)(t)(x) | 1.48(n) | 5.63 | 1.32 | 4.05 | 2.12 | (0.60)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.62(a) | 1.62 | 1.63 | 1.64 | 1.64 | 1.64(c) |
Expenses after expense reductions (f) | 1.58(a) | 1.60 | 1.62 | 1.63 | 1.64 | 1.63(c) |
Net investment income (loss) | 1.37(a) | 1.85 | 2.00 | 3.01 | 2.87 | 2.94(c) |
Portfolio turnover | 10(n) | 45 | 25 | 17 | 23 | 28 |
Net assets at end of period (000 omitted) | $862 | $1,063 | $2,193 | $2,876 | $3,980 | $5,032 |
Six months ended | Year ended | |||||
Class C | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.32 | $10.91 | $10.98 | $10.86 | $10.92 | $11.30 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.20 | $0.22 | $0.32 | $0.31 | $0.33(c) |
Net realized and unrealized gain (loss) | 0.10 | 0.41 | (0.07) | 0.10 | (0.08) | (0.39) |
Total from investment operations | $0.18 | $0.61 | $0.15 | $0.42 | $0.23 | $(0.06) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.20) | $(0.22) | $(0.30) | $(0.29) | $(0.32) |
Net asset value, end of period (x) | $11.42 | $11.32 | $10.91 | $10.98 | $10.86 | $10.92 |
Total return (%) (r)(s)(t)(x) | 1.57(n) | 5.63 | 1.32 | 3.95 | 2.12 | (0.60)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.62(a) | 1.62 | 1.63 | 1.64 | 1.64 | 1.64(c) |
Expenses after expense reductions (f) | 1.58(a) | 1.59 | 1.62 | 1.63 | 1.64 | 1.63(c) |
Net investment income (loss) | 1.36(a) | 1.83 | 1.98 | 2.99 | 2.85 | 2.94(c) |
Portfolio turnover | 10(n) | 45 | 25 | 17 | 23 | 28 |
Net assets at end of period (000 omitted) | $12,280 | $12,260 | $15,471 | $16,953 | $22,932 | $25,246 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.02 | $9.66 | $9.73 | $9.61 | $9.67 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.28 | $0.30 | $0.38 | $0.38 | $0.39(c) |
Net realized and unrealized gain (loss) | 0.09 | 0.35 | (0.08) | 0.10 | (0.08) | (0.34) |
Total from investment operations | $0.21 | $0.63 | $0.22 | $0.48 | $0.30 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.27) | $(0.29) | $(0.36) | $(0.36) | $(0.38) |
Net asset value, end of period (x) | $10.11 | $10.02 | $9.66 | $9.73 | $9.61 | $9.67 |
Total return (%) (r)(s)(t)(x) | 2.09(n) | 6.65 | 2.25 | 5.13 | 3.07 | 0.49(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.62(a) | 0.62 | 0.63 | 0.64 | 0.64 | 0.64(c) |
Expenses after expense reductions (f) | 0.58(a) | 0.59 | 0.62 | 0.63 | 0.64 | 0.64(c) |
Net investment income (loss) | 2.36(a) | 2.81 | 2.97 | 3.99 | 3.84 | 3.97(c) |
Portfolio turnover | 10(n) | 45 | 25 | 17 | 23 | 28 |
Net assets at end of period (000 omitted) | $100,526 | $95,882 | $83,586 | $68,415 | $57,349 | $50,414 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $10.02 | $9.66 | $9.73 | $9.61 | $9.83 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.28 | $0.30 | $0.39 | $0.24 |
Net realized and unrealized gain (loss) | 0.09 | 0.36 | (0.07) | 0.10 | (0.23) |
Total from investment operations | $0.21 | $0.64 | $0.23 | $0.49 | $0.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.28) | $(0.30) | $(0.37) | $(0.23) |
Net asset value, end of period (x) | $10.11 | $10.02 | $9.66 | $9.73 | $9.61 |
Total return (%) (r)(s)(t)(x) | 2.12(n) | 6.72 | 2.31 | 5.19 | 0.11(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.55(a) | 0.56 | 0.56 | 0.57 | 0.60(a) |
Expenses after expense reductions (f) | 0.52(a) | 0.53 | 0.55 | 0.57 | 0.59(a) |
Net investment income (loss) | 2.41(a) | 2.86 | 3.01 | 4.04 | 3.80(a) |
Portfolio turnover | 10(n) | 45 | 25 | 17 | 23 |
Net assets at end of period (000 omitted) | $5,635 | $4,866 | $3,092 | $1,914 | $1,293 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.91 | $11.45 | $11.59 | $11.48 | $11.59 | $12.01 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.27 | $0.32 | $0.40 | $0.40 | $0.41(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.46 | (0.13) | 0.07 | (0.14) | (0.42) |
Total from investment operations | $0.17 | $0.73 | $0.19 | $0.47 | $0.26 | $(0.01) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.27) | $(0.33) | $(0.36) | $(0.37) | $(0.41) |
Net asset value, end of period (x) | $11.97 | $11.91 | $11.45 | $11.59 | $11.48 | $11.59 |
Total return (%) (r)(s)(t)(x) | 1.39(n) | 6.42 | 1.55 | 4.23 | 2.28 | (0.14)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.83(a) | 0.84 | 0.85 | 0.86 | 0.87 | 0.87(c) |
Expenses after expense reductions (f) | 0.82(a) | 0.83 | 0.83 | 0.85 | 0.86 | 0.86(c) |
Net investment income (loss) | 1.76(a) | 2.29 | 2.72 | 3.53 | 3.39 | 3.48(c) |
Portfolio turnover | 10(n) | 25 | 28 | 19 | 12 | 22 |
Net assets at end of period (000 omitted) | $364,505 | $359,286 | $326,916 | $295,515 | $283,545 | $263,433 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.90 | $11.44 | $11.57 | $11.46 | $11.58 | $11.99 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.19 | $0.24 | $0.32 | $0.31 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.45 | (0.13) | 0.07 | (0.14) | (0.41) |
Total from investment operations | $0.12 | $0.64 | $0.11 | $0.39 | $0.17 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.18) | $(0.24) | $(0.28) | $(0.29) | $(0.32) |
Net asset value, end of period (x) | $11.96 | $11.90 | $11.44 | $11.57 | $11.46 | $11.58 |
Total return (%) (r)(s)(t)(x) | 1.01(n) | 5.64 | 0.88 | 3.46 | 1.43 | (0.81)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.59(a) | 1.59 | 1.61 | 1.62 | 1.62 | 1.62(c) |
Expenses after expense reductions (f) | 1.57(a) | 1.58 | 1.59 | 1.61 | 1.62 | 1.61(c) |
Net investment income (loss) | 1.02(a) | 1.60 | 2.01 | 2.78 | 2.65 | 2.73(c) |
Portfolio turnover | 10(n) | 25 | 28 | 19 | 12 | 22 |
Net assets at end of period (000 omitted) | $389 | $416 | $788 | $1,299 | $2,288 | $3,303 |
Six months ended | Year ended | |||||
Class C | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.91 | $11.45 | $11.58 | $11.47 | $11.59 | $12.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.06 | $0.18 | $0.23 | $0.32 | $0.31 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.46 | (0.12) | 0.07 | (0.14) | (0.41) |
Total from investment operations | $0.11 | $0.64 | $0.11 | $0.39 | $0.17 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.18) | $(0.24) | $(0.28) | $(0.29) | $(0.32) |
Net asset value, end of period (x) | $11.96 | $11.91 | $11.45 | $11.58 | $11.47 | $11.59 |
Total return (%) (r)(s)(t)(x) | 0.92(n) | 5.63 | 0.88 | 3.45 | 1.42 | (0.81)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.58(a) | 1.59 | 1.61 | 1.62 | 1.62 | 1.62(c) |
Expenses after expense reductions (f) | 1.57(a) | 1.58 | 1.59 | 1.61 | 1.62 | 1.61(c) |
Net investment income (loss) | 1.02(a) | 1.56 | 1.96 | 2.78 | 2.64 | 2.73(c) |
Portfolio turnover | 10(n) | 25 | 28 | 19 | 12 | 22 |
Net assets at end of period (000 omitted) | $34,533 | $35,315 | $45,135 | $38,639 | $53,117 | $57,868 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.93 | $9.55 | $9.66 | $9.57 | $9.66 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.25 | $0.29 | $0.36 | $0.35 | $0.37(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.38 | (0.10) | 0.06 | (0.10) | (0.34) |
Total from investment operations | $0.15 | $0.63 | $0.19 | $0.42 | $0.25 | $0.03 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.25) | $(0.30) | $(0.33) | $(0.34) | $(0.37) |
Net asset value, end of period (x) | $9.98 | $9.93 | $9.55 | $9.66 | $9.57 | $9.66 |
Total return (%) (r)(s)(t)(x) | 1.52(n) | 6.64 | 1.87 | 4.46 | 2.54 | 0.23(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.58(a) | 0.59 | 0.60 | 0.61 | 0.62 | 0.62(c) |
Expenses after expense reductions (f) | 0.57(a) | 0.58 | 0.59 | 0.60 | 0.61 | 0.62(c) |
Net investment income (loss) | 2.01(a) | 2.52 | 2.95 | 3.77 | 3.62 | 3.71(c) |
Portfolio turnover | 10(n) | 25 | 28 | 19 | 12 | 22 |
Net assets at end of period (000 omitted) | $122,597 | $113,800 | $83,861 | $58,802 | $45,147 | $38,561 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.93 | $9.55 | $9.66 | $9.57 | $9.78 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.10 | $0.25 | $0.30 | $0.37 | $0.23 |
Net realized and unrealized gain (loss) | 0.05 | 0.38 | (0.11) | 0.05 | (0.22) |
Total from investment operations | $0.15 | $0.63 | $0.19 | $0.42 | $0.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.10) | $(0.25) | $(0.30) | $(0.33) | $(0.22) |
Net asset value, end of period (x) | $9.98 | $9.93 | $9.55 | $9.66 | $9.57 |
Total return (%) (r)(s)(t)(x) | 1.55(n) | 6.71 | 1.94 | 4.54 | 0.15(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.52(a) | 0.52 | 0.53 | 0.54 | 0.55(a) |
Expenses after expense reductions (f) | 0.50(a) | 0.51 | 0.52 | 0.53 | 0.55(a) |
Net investment income (loss) | 2.07(a) | 2.59 | 3.01 | 3.85 | 3.64(a) |
Portfolio turnover | 10(n) | 25 | 28 | 19 | 12 |
Net assets at end of period (000 omitted) | $42,456 | $34,703 | $24,040 | $16,161 | $13,198 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.60 | $10.24 | $10.26 | $10.15 | $10.19 | $10.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.27 | $0.33 | $0.40 | $0.40 | $0.38 |
Net realized and unrealized gain (loss) | 0.09 | 0.36 | (0.02) | 0.07 | (0.07) | (0.32) |
Total from investment operations | $0.20 | $0.63 | $0.31 | $0.47 | $0.33 | $0.06 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.27) | $(0.33) | $(0.36) | $(0.37) | $(0.37) |
Net asset value, end of period (x) | $10.69 | $10.60 | $10.24 | $10.26 | $10.15 | $10.19 |
Total return (%) (r)(s)(t)(x) | 1.87(n) | 6.21 | 2.97 | 4.73 | 3.29 | 0.57 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.90(a) | 0.92 | 0.94 | 0.96 | 0.97 | 0.96 |
Expenses after expense reductions (f) | 0.72(a) | 0.76 | 0.78 | 0.80 | 0.81 | 0.80 |
Net investment income (loss) | 2.02(a) | 2.55 | 3.13 | 3.91 | 3.90 | 3.64 |
Portfolio turnover | 6(n) | 28 | 17 | 16 | 16 | 15 |
Net assets at end of period (000 omitted) | $143,119 | $137,727 | $117,575 | $105,777 | $99,319 | $98,907 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.62 | $10.27 | $10.29 | $10.18 | $10.21 | $10.52 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.19 | $0.25 | $0.32 | $0.32 | $0.30 |
Net realized and unrealized gain (loss) | 0.10 | 0.35 | (0.02) | 0.07 | (0.05) | (0.32) |
Total from investment operations | $0.17 | $0.54 | $0.23 | $0.39 | $0.27 | $(0.02) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.19) | $(0.25) | $(0.28) | $(0.30) | $(0.29) |
Net asset value, end of period (x) | $10.72 | $10.62 | $10.27 | $10.29 | $10.18 | $10.21 |
Total return (%) (r)(s)(t)(x) | 1.58(n) | 5.32 | 2.21 | 3.95 | 2.62 | (0.19) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.65(a) | 1.67 | 1.69 | 1.71 | 1.72 | 1.71 |
Expenses after expense reductions (f) | 1.47(a) | 1.51 | 1.53 | 1.55 | 1.56 | 1.56 |
Net investment income (loss) | 1.28(a) | 1.86 | 2.40 | 3.15 | 3.15 | 2.87 |
Portfolio turnover | 6(n) | 28 | 17 | 16 | 16 | 15 |
Net assets at end of period (000 omitted) | $710 | $851 | $1,507 | $2,373 | $3,462 | $4,740 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.09 | $9.76 | $9.78 | $9.67 | $9.71 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.26 | $0.32 | $0.38 | $0.39 | $0.36 |
Net realized and unrealized gain (loss) | 0.09 | 0.34 | (0.02) | 0.08 | (0.07) | (0.29) |
Total from investment operations | $0.20 | $0.60 | $0.30 | $0.46 | $0.32 | $0.07 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.27) | $(0.32) | $(0.35) | $(0.36) | $(0.36) |
Net asset value, end of period (x) | $10.18 | $10.09 | $9.76 | $9.78 | $9.67 | $9.71 |
Total return (%) (r)(s)(t)(x) | 1.97(n) | 6.18 | 3.06 | 4.88 | 3.37 | 0.73 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.65(a) | 0.67 | 0.69 | 0.71 | 0.71 | 0.74 |
Expenses after expense reductions (f) | 0.62(a) | 0.66 | 0.68 | 0.70 | 0.71 | 0.73 |
Net investment income (loss) | 2.12(a) | 2.64 | 3.21 | 4.00 | 3.99 | 3.69 |
Portfolio turnover | 6(n) | 28 | 17 | 16 | 16 | 15 |
Net assets at end of period (000 omitted) | $36,584 | $32,103 | $26,064 | $20,253 | $20,579 | $19,388 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $10.10 | $9.76 | $9.78 | $9.67 | $9.84 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.11 | $0.27 | $0.33 | $0.40 | $0.26 |
Net realized and unrealized gain (loss) | 0.09 | 0.34 | (0.02) | 0.07 | (0.18) |
Total from investment operations | $0.20 | $0.61 | $0.31 | $0.47 | $0.08 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.27) | $(0.33) | $(0.36) | $(0.25) |
Net asset value, end of period (x) | $10.19 | $10.10 | $9.76 | $9.78 | $9.67 |
Total return (%) (r)(s)(t)(x) | 2.00(n) | 6.35 | 3.13 | 4.94 | 0.78(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.58(a) | 0.60 | 0.61 | 0.64 | 0.67(a) |
Expenses after expense reductions (f) | 0.55(a) | 0.59 | 0.60 | 0.63 | 0.66(a) |
Net investment income (loss) | 2.18(a) | 2.71 | 3.28 | 4.13 | 4.02(a) |
Portfolio turnover | 6(n) | 28 | 17 | 16 | 16 |
Net assets at end of period (000 omitted) | $19,083 | $15,830 | $13,031 | $10,736 | $1,205 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $12.30 | $11.94 | $11.97 | $11.83 | $11.91 | $12.35 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.25 | $0.33 | $0.41 | $0.38 | $0.39(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.36 | (0.04) | 0.10 | (0.09) | (0.46) |
Total from investment operations | $0.18 | $0.61 | $0.29 | $0.51 | $0.29 | $(0.07) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.25) | $(0.32) | $(0.37) | $(0.37) | $(0.37) |
Net asset value, end of period (x) | $12.36 | $12.30 | $11.94 | $11.97 | $11.83 | $11.91 |
Total return (%) (r)(s)(t)(x) | 1.27(n) | 5.18 | 2.44 | 4.39 | 2.41 | (0.56)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.85(a) | 0.87 | 0.88 | 0.90 | 0.91 | 0.90(c) |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.83(c) |
Net investment income (loss) | 1.56(a) | 2.08 | 2.68 | 3.49 | 3.20 | 3.19(c) |
Portfolio turnover | 11(n) | 23 | 22 | 14 | 15 | 19 |
Net assets at end of period (000 omitted) | $227,505 | $222,730 | $192,059 | $156,427 | $159,257 | $169,953 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $12.30 | $11.93 | $11.97 | $11.82 | $11.90 | $12.34 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.05 | $0.18 | $0.24 | $0.32 | $0.29 | $0.30(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.35 | (0.05) | 0.11 | (0.09) | (0.46) |
Total from investment operations | $0.12 | $0.53 | $0.19 | $0.43 | $0.20 | $(0.16) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.06) | $(0.16) | $(0.23) | $(0.28) | $(0.28) | $(0.28) |
Net asset value, end of period (x) | $12.36 | $12.30 | $11.93 | $11.97 | $11.82 | $11.90 |
Total return (%) (r)(s)(t)(x) | 0.90(n) | 4.50 | 1.59 | 3.70 | 1.64 | (1.31)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.60(a) | 1.62 | 1.64 | 1.65 | 1.66 | 1.65(c) |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59(c) |
Net investment income (loss) | 0.83(a) | 1.48 | 1.96 | 2.74 | 2.46 | 2.44(c) |
Portfolio turnover | 11(n) | 23 | 22 | 14 | 15 | 19 |
Net assets at end of period (000 omitted) | $170 | $280 | $1,200 | $1,955 | $2,718 | $3,777 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.97 | $9.67 | $9.70 | $9.58 | $9.65 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.23 | $0.29 | $0.36 | $0.33 | $0.34(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.30 | (0.03) | 0.08 | (0.08) | (0.36) |
Total from investment operations | $0.16 | $0.53 | $0.26 | $0.44 | $0.25 | $(0.02) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.23) | $(0.29) | $(0.32) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $10.02 | $9.97 | $9.67 | $9.70 | $9.58 | $9.65 |
Total return (%) (r)(s)(t)(x) | 1.41(n) | 5.53 | 2.63 | 4.71 | 2.60 | (0.21)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.60(a) | 0.62 | 0.63 | 0.65 | 0.66 | 0.65(c) |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59(c) |
Net investment income (loss) | 1.81(a) | 2.31 | 2.92 | 3.74 | 3.44 | 3.45(c) |
Portfolio turnover | 11(n) | 23 | 22 | 14 | 15 | 19 |
Net assets at end of period (000 omitted) | $64,615 | $53,171 | $35,189 | $28,182 | $21,954 | $12,140 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.97 | $9.67 | $9.70 | $9.58 | $9.79 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.09 | $0.23 | $0.29 | $0.36 | $0.23 |
Net realized and unrealized gain (loss) | 0.07 | 0.31 | (0.03) | 0.09 | (0.22) |
Total from investment operations | $0.16 | $0.54 | $0.26 | $0.45 | $0.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.11) | $(0.24) | $(0.29) | $(0.33) | $(0.22) |
Net asset value, end of period (x) | $10.02 | $9.97 | $9.67 | $9.70 | $9.58 |
Total return (%) (r)(s)(t)(x) | 1.45(n) | 5.59 | 2.68 | 4.77 | 0.08(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.54(a) | 0.55 | 0.57 | 0.58 | 0.60(a) |
Expenses after expense reductions (f) | 0.53(a) | 0.53 | 0.53 | 0.52 | 0.52(a) |
Net investment income (loss) | 1.86(a) | 2.36 | 2.95 | 3.81 | 3.53(a) |
Portfolio turnover | 11(n) | 23 | 22 | 14 | 15 |
Net assets at end of period (000 omitted) | $19,170 | $14,608 | $8,892 | $4,341 | $2,605 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $10.56 | $10.17 | $10.36 | $10.23 | $10.36 | $10.70 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.31 | $0.36 | $0.35 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.39 | (0.19) | 0.09 | (0.15) | (0.36) |
Total from investment operations | $0.18 | $0.64 | $0.12 | $0.45 | $0.20 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.25) | $(0.31) | $(0.32) | $(0.33) | $(0.34) |
Net asset value, end of period (x) | $10.54 | $10.56 | $10.17 | $10.36 | $10.23 | $10.36 |
Total return (%) (r)(s)(t)(x) | 1.73(n) | 6.38 | 1.13 | 4.52 | 1.92 | (0.01)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.11(a) | 0.98 | 0.98 | 0.98 | 0.98 | 0.96(c) |
Expenses after expense reductions (f) | 0.86(a) | 0.86 | 0.87 | 0.88 | 0.88 | 0.87(c) |
Net investment income (loss) | 2.08(a) | 2.44 | 3.00 | 3.50 | 3.32 | 3.42(c) |
Portfolio turnover | 9(n) | 23 | 34 | 13 | 18 | 11 |
Net assets at end of period (000 omitted) | $66,962 | $70,628 | $71,672 | $70,930 | $84,131 | $90,616 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.87 | $9.51 | $9.68 | $9.56 | $9.68 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.26 | $0.32 | $0.36 | $0.35 | $0.36(c) |
Net realized and unrealized gain (loss) | 0.06 | 0.36 | (0.17) | 0.08 | (0.14) | (0.34) |
Total from investment operations | $0.18 | $0.62 | $0.15 | $0.44 | $0.21 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.20) | $(0.26) | $(0.32) | $(0.32) | $(0.33) | $(0.34) |
Net asset value, end of period (x) | $9.85 | $9.87 | $9.51 | $9.68 | $9.56 | $9.68 |
Total return (%) (r)(s)(t)(x) | 1.84(n) | 6.59 | 1.46 | 4.75 | 2.18 | 0.19(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.86(a) | 0.73 | 0.73 | 0.73 | 0.73 | 0.74(c) |
Expenses after expense reductions (f) | 0.61(a) | 0.61 | 0.62 | 0.63 | 0.63 | 0.62(c) |
Net investment income (loss) | 2.33(a) | 2.68 | 3.25 | 3.77 | 3.56 | 3.68(c) |
Portfolio turnover | 9(n) | 23 | 34 | 13 | 18 | 11 |
Net assets at end of period (000 omitted) | $25,143 | $25,437 | $23,156 | $23,310 | $17,243 | $18,416 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.86 | $9.50 | $9.67 | $9.55 | $9.79 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.27 | $0.32 | $0.36 | $0.23 |
Net realized and unrealized gain (loss) | 0.08 | 0.36 | (0.17) | 0.09 | (0.25) |
Total from investment operations | $0.20 | $0.63 | $0.15 | $0.45 | $(0.02) |
Less distributions declared to shareholders | |||||
From net investment income | $(0.21) | $(0.27) | $(0.32) | $(0.33) | $(0.22) |
Net asset value, end of period (x) | $9.85 | $9.86 | $9.50 | $9.67 | $9.55 |
Total return (%) (r)(s)(t)(x) | 1.98(n) | 6.67 | 1.54 | 4.84 | (0.19)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.75(a) | 0.66 | 0.65 | 0.65 | 0.69(a) |
Expenses after expense reductions (f) | 0.54(a) | 0.54 | 0.54 | 0.55 | 0.55(a) |
Net investment income (loss) | 2.43(a) | 2.75 | 3.30 | 3.83 | 3.65(a) |
Portfolio turnover | 9(n) | 23 | 34 | 13 | 18 |
Net assets at end of period (000 omitted) | $830 | $4,033 | $3,777 | $3,081 | $3,024 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.42 | $11.07 | $11.14 | $10.98 | $11.10 | $11.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.29 | $0.33 | $0.37 | $0.38 | $0.41(c) |
Net realized and unrealized gain (loss) | 0.04 | 0.36 | (0.08) | 0.13 | (0.14) | (0.42) |
Total from investment operations | $0.17 | $0.65 | $0.25 | $0.50 | $0.24 | $(0.01) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.30) | $(0.32) | $(0.34) | $(0.36) | $(0.40) |
Net asset value, end of period (x) | $11.45 | $11.42 | $11.07 | $11.14 | $10.98 | $11.10 |
Total return (%) (r)(s)(t)(x) | 1.33(n) | 5.94 | 2.22 | 4.67 | 2.13 | (0.11)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.86(a) | 0.88 | 0.91 | 0.92 | 0.92 | 0.91(c) |
Expenses after expense reductions (f) | 0.81(a) | 0.82 | 0.84 | 0.84 | 0.83 | 0.83(c) |
Net investment income (loss) | 2.27(a) | 2.57 | 2.88 | 3.37 | 3.36 | 3.60(c) |
Portfolio turnover | 12(n) | 21 | 24 | 15 | 15 | 13 |
Net assets at end of period (000 omitted) | $259,678 | $251,971 | $235,639 | $226,366 | $221,291 | $228,297 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.81(a) | 0.81 | 0.81 | 0.81 | 0.81 | 0.81(c) |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.41 | $11.06 | $11.13 | $10.98 | $11.10 | $11.50 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.21 | $0.24 | $0.29 | $0.29 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.36 | (0.07) | 0.12 | (0.14) | (0.41) |
Total from investment operations | $0.12 | $0.57 | $0.17 | $0.41 | $0.15 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.22) | $(0.24) | $(0.26) | $(0.27) | $(0.31) |
Net asset value, end of period (x) | $11.44 | $11.41 | $11.06 | $11.13 | $10.98 | $11.10 |
Total return (%) (r)(s)(t)(x) | 0.95(n) | 5.16 | 1.46 | 3.80 | 1.37 | (0.77)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.63 | 1.66 | 1.67 | 1.67 | 1.66(c) |
Expenses after expense reductions (f) | 1.56(a) | 1.57 | 1.59 | 1.60 | 1.59 | 1.58(c) |
Net investment income (loss) | 1.52(a) | 1.82 | 2.14 | 2.62 | 2.61 | 2.82(c) |
Portfolio turnover | 12(n) | 21 | 24 | 15 | 15 | 13 |
Net assets at end of period (000 omitted) | $439 | $436 | $581 | $755 | $914 | $1,118 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.56(a) | 1.56 | 1.56 | 1.56 | 1.56 | 1.56(c) |
Six months ended | Year ended | |||||
Class C | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.42 | $11.06 | $11.14 | $10.98 | $11.10 | $11.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.21 | $0.24 | $0.29 | $0.29 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.37 | (0.08) | 0.13 | (0.14) | (0.42) |
Total from investment operations | $0.12 | $0.58 | $0.16 | $0.42 | $0.15 | $(0.10) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.22) | $(0.24) | $(0.26) | $(0.27) | $(0.31) |
Net asset value, end of period (x) | $11.45 | $11.42 | $11.06 | $11.14 | $10.98 | $11.10 |
Total return (%) (r)(s)(t)(x) | 0.95(n) | 5.25 | 1.36 | 3.89 | 1.36 | (0.86)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.63 | 1.66 | 1.67 | 1.67 | 1.66(c) |
Expenses after expense reductions (f) | 1.56(a) | 1.57 | 1.59 | 1.60 | 1.59 | 1.58(c) |
Net investment income (loss) | 1.52(a) | 1.82 | 2.13 | 2.62 | 2.61 | 2.85(c) |
Portfolio turnover | 12(n) | 21 | 24 | 15 | 15 | 13 |
Net assets at end of period (000 omitted) | $13,906 | $14,348 | $16,736 | $17,665 | $24,116 | $26,034 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.56(a) | 1.56 | 1.56 | 1.56 | 1.56 | 1.56(c) |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.93 | $9.62 | $9.68 | $9.55 | $9.65 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.28 | $0.31 | $0.34 | $0.35 | $0.38(c) |
Net realized and unrealized gain (loss) | 0.03 | 0.32 | (0.07) | 0.11 | (0.12) | (0.36) |
Total from investment operations | $0.16 | $0.60 | $0.24 | $0.45 | $0.23 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.29) | $(0.30) | $(0.32) | $(0.33) | $(0.37) |
Net asset value, end of period (x) | $9.95 | $9.93 | $9.62 | $9.68 | $9.55 | $9.65 |
Total return (%) (r)(s)(t)(x) | 1.39(n) | 6.26 | 2.47 | 4.82 | 2.42 | 0.21(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.61(a) | 0.63 | 0.66 | 0.67 | 0.67 | 0.67(c) |
Expenses after expense reductions (f) | 0.56(a) | 0.57 | 0.59 | 0.60 | 0.59 | 0.58(c) |
Net investment income (loss) | 2.52(a) | 2.80 | 3.12 | 3.61 | 3.60 | 3.83(c) |
Portfolio turnover | 12(n) | 21 | 24 | 15 | 15 | 13 |
Net assets at end of period (000 omitted) | $103,687 | $94,495 | $71,807 | $57,139 | $43,832 | $39,856 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.56(a) | 0.56 | 0.56 | 0.56 | 0.56 | 0.56(c) |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.93 | $9.63 | $9.69 | $9.55 | $9.77 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.13 | $0.28 | $0.31 | $0.35 | $0.23 |
Net realized and unrealized gain (loss) | 0.04 | 0.31 | (0.06) | 0.12 | (0.22) |
Total from investment operations | $0.17 | $0.59 | $0.25 | $0.47 | $0.01 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.14) | $(0.29) | $(0.31) | $(0.33) | $(0.23) |
Net asset value, end of period (x) | $9.96 | $9.93 | $9.63 | $9.69 | $9.55 |
Total return (%) (r)(s)(t)(x) | 1.53(n) | 6.23 | 2.55 | 5.01 | 0.05(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.53(a) | 0.55 | 0.58 | 0.59 | 0.60(a) |
Expenses after expense reductions (f) | 0.49(a) | 0.50 | 0.51 | 0.51 | 0.51(a) |
Net investment income (loss) | 2.59(a) | 2.87 | 3.20 | 3.69 | 3.61(a) |
Portfolio turnover | 12(n) | 21 | 24 | 15 | 15 |
Net assets at end of period (000 omitted) | $26,825 | $22,118 | $14,286 | $10,153 | $6,196 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.49(a) | 0.48 | 0.48 | 0.48 | 0.48(a) |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates. |
(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. |
Six months ended | Year ended | |||||
Class A | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.19 | $10.95 | $10.98 | $10.89 | $11.01 | $11.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.28 | $0.33 | $0.38 | $0.37 | $0.38(c) |
Net realized and unrealized gain (loss) | 0.04 | 0.24 | (0.03) | 0.06 | (0.13) | (0.38) |
Total from investment operations | $0.16 | $0.52 | $0.30 | $0.44 | $0.24 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.28) | $(0.33) | $(0.35) | $(0.36) | $(0.36) |
Net asset value, end of period (x) | $11.23 | $11.19 | $10.95 | $10.98 | $10.89 | $11.01 |
Total return (%) (r)(s)(t)(x) | 1.47(n) | 4.81 | 2.75 | 4.09 | 2.15 | 0.02(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.96(a) | 0.97 | 0.98 | 0.98 | 0.97 | 0.95(c) |
Expenses after expense reductions (f) | 0.87(a) | 0.87 | 0.86 | 0.86 | 0.86 | 0.86(c) |
Net investment income (loss) | 2.18(a) | 2.51 | 3.00 | 3.53 | 3.34 | 3.38(c) |
Portfolio turnover | 16(n) | 23 | 19 | 17 | 11 | 18 |
Net assets at end of period (000 omitted) | $99,555 | $99,380 | $98,950 | $98,510 | $101,013 | $111,179 |
Six months ended | Year ended | |||||
Class B | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $11.18 | $10.95 | $10.98 | $10.88 | $11.00 | $11.37 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.20 | $0.25 | $0.30 | $0.29 | $0.30(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.23 | (0.03) | 0.06 | (0.14) | (0.39) |
Total from investment operations | $0.13 | $0.43 | $0.22 | $0.36 | $0.15 | $(0.09) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.20) | $(0.25) | $(0.26) | $(0.27) | $(0.28) |
Net asset value, end of period (x) | $11.23 | $11.18 | $10.95 | $10.98 | $10.88 | $11.00 |
Total return (%) (r)(s)(t)(x) | 1.19(n) | 3.93 | 1.98 | 3.40 | 1.38 | (0.81)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.71(a) | 1.72 | 1.73 | 1.73 | 1.72 | 1.70(c) |
Expenses after expense reductions (f) | 1.62(a) | 1.62 | 1.62 | 1.62 | 1.62 | 1.62(c) |
Net investment income (loss) | 1.45(a) | 1.78 | 2.28 | 2.77 | 2.58 | 2.63(c) |
Portfolio turnover | 16(n) | 23 | 19 | 17 | 11 | 18 |
Net assets at end of period (000 omitted) | $67 | $109 | $155 | $494 | $613 | $866 |
Six months ended | Year ended | |||||
Class I | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 |
Net asset value, beginning of period | $9.84 | $9.64 | $9.67 | $9.58 | $9.69 | $10.00 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.27 | $0.32 | $0.36 | $0.35 | $0.35(c) |
Net realized and unrealized gain (loss) | 0.05 | 0.20 | (0.03) | 0.06 | (0.12) | (0.31) |
Total from investment operations | $0.17 | $0.47 | $0.29 | $0.42 | $0.23 | $0.04 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.27) | $(0.32) | $(0.33) | $(0.34) | $(0.35) |
Net asset value, end of period (x) | $9.89 | $9.84 | $9.64 | $9.67 | $9.58 | $9.69 |
Total return (%) (r)(s)(t)(x) | 1.74(n) | 4.94 | 2.95 | 4.44 | 2.33 | 0.37(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.70(a) | 0.72 | 0.73 | 0.73 | 0.72 | 0.72(c) |
Expenses after expense reductions (f) | 0.62(a) | 0.62 | 0.62 | 0.62 | 0.62 | 0.61(c) |
Net investment income (loss) | 2.41(a) | 2.73 | 3.23 | 3.75 | 3.58 | 3.63(c) |
Portfolio turnover | 16(n) | 23 | 19 | 17 | 11 | 18 |
Net assets at end of period (000 omitted) | $16,828 | $14,052 | $7,545 | $6,248 | $7,038 | $4,820 |
Six months ended | Year ended | ||||
Class R6 | 9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) |
Net asset value, beginning of period | $9.84 | $9.63 | $9.66 | $9.58 | $9.79 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.28 | $0.32 | $0.37 | $0.24 |
Net realized and unrealized gain (loss) | 0.05 | 0.21 | (0.03) | 0.04 | (0.22) |
Total from investment operations | $0.17 | $0.49 | $0.29 | $0.41 | $0.02 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.13) | $(0.28) | $(0.32) | $(0.33) | $(0.23) |
Net asset value, end of period (x) | $9.88 | $9.84 | $9.63 | $9.66 | $9.58 |
Total return (%) (r)(s)(t)(x) | 1.68(n) | 5.13 | 3.02 | 4.42 | 0.18(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.62(a) | 0.64 | 0.64 | 0.64 | 0.65(a) |
Expenses after expense reductions (f) | 0.54(a) | 0.54 | 0.54 | 0.53 | 0.54(a) |
Net investment income (loss) | 2.46(a) | 2.83 | 3.27 | 3.87 | 3.67(a) |
Portfolio turnover | 16(n) | 23 | 19 | 17 | 11 |
Net assets at end of period (000 omitted) | $1,375 | $824 | $715 | $246 | $130 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(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. |
Level 1 | Level 2 | Level 3 | Total | |
Mississippi Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $106,282,042 | $— | $106,282,042 |
U.S. Corporate Bonds | — | 236,872 | — | 236,872 |
Mutual Funds | 3,283,206 | — | — | 3,283,206 |
Total | $3,283,206 | $106,518,914 | $— | $109,802,120 |
New York Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $288,091,224 | $— | $288,091,224 |
U.S. Corporate Bonds | — | 681,209 | — | 681,209 |
Mutual Funds | 4,014,324 | — | — | 4,014,324 |
Total | $4,014,324 | $288,772,433 | $— | $292,786,757 |
North Carolina Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $541,128,113 | $— | $541,128,113 |
U.S. Corporate Bonds | — | 1,229,753 | — | 1,229,753 |
Mutual Funds | 18,403,631 | — | — | 18,403,631 |
Total | $18,403,631 | $542,357,866 | $— | $560,761,497 |
Level 1 | Level 2 | Level 3 | Total | |
Pennsylvania Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $191,684,470 | $— | $191,684,470 |
U.S. Corporate Bonds | — | 396,270 | — | 396,270 |
Mutual Funds | 6,249,619 | — | — | 6,249,619 |
Total | $6,249,619 | $192,080,740 | $— | $198,330,359 |
South Carolina Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $306,785,245 | $— | $306,785,245 |
U.S. Corporate Bonds | — | 623,345 | — | 623,345 |
Mutual Funds | 894,911 | — | — | 894,911 |
Total | $894,911 | $307,408,590 | $— | $308,303,501 |
Tennessee Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $69,661,894 | $— | $69,661,894 |
U.S. Corporate Bonds | — | 257,342 | — | 257,342 |
Mutual Funds | 24,949,486 | — | — | 24,949,486 |
Total | $24,949,486 | $69,919,236 | $— | $94,868,722 |
Virginia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $400,841,834 | $— | $400,841,834 |
U.S. Corporate Bonds | — | 869,999 | — | 869,999 |
Mutual Funds | 4,654,412 | — | — | 4,654,412 |
Total | $4,654,412 | $401,711,833 | $— | $406,366,245 |
West Virginia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $112,666,873 | $— | $112,666,873 |
U.S. Corporate Bonds | — | 273,374 | — | 273,374 |
Mutual Funds | 3,774,216 | — | — | 3,774,216 |
Total | $3,774,216 | $112,940,247 | $— | $116,714,463 |
Fund | Risk | Futures Contracts |
West Virginia Fund | Interest Rate | $(8,081) |
Fund | Risk | Futures Contracts |
West Virgina Fund | Interest Rate | $76,267 |
Year ended 3/31/21 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Ordinary income (including any short-term capital gains) | $26,771 | $85,904 | $364,526 | $54,673 | $67,319 | $27,295 | $302,307 | $28,504 |
Tax-exempt income | 2,396,168 | 7,069,001 | 11,330,319 | 4,402,212 | 5,511,812 | 2,496,876 | 9,433,816 | 2,797,117 |
Total distributions | $2,422,939 | $7,154,905 | $11,694,845 | $4,456,885 | $5,579,131 | $2,524,171 | $9,736,123 | $2,825,621 |
As of 9/30/21 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Cost of investments | $103,415,844 | $273,849,090 | $531,028,563 | $186,734,104 |
Gross appreciation | 6,535,665 | 19,701,781 | 31,074,384 | 11,899,827 |
Gross depreciation | (149,389) | (764,114) | (1,341,450) | (303,572) |
Net unrealized appreciation (depreciation) | $6,386,276 | $18,937,667 | $29,732,934 | $11,596,255 |
As of 3/31/21 | ||||
Undistributed ordinary income | 27,218 | 85,587 | 180,338 | 44,692 |
Undistributed tax-exempt income | 452,995 | 1,074,461 | 1,915,380 | 724,661 |
Capital loss carryforwards | (2,982,963) | (3,461,167) | (12,576,239) | (2,390,597) |
Other temporary differences | (191,992) | (566,454) | (948,724) | (357,848) |
Net unrealized appreciation (depreciation) | 6,257,720 | 17,163,587 | 27,653,230 | 10,310,405 |
As of 9/30/21 | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Cost of investments | $295,552,280 | $90,723,381 | $389,597,040 | $110,907,853 |
Gross appreciation | 13,802,092 | 4,211,925 | 20,672,595 | 6,039,514 |
Gross depreciation | (1,050,871) | (66,584) | (3,903,390) | (232,904) |
Net unrealized appreciation (depreciation) | $12,751,221 | $4,145,341 | $16,769,205 | $5,806,610 |
As of 3/31/21 | ||||
Undistributed ordinary income | 75,955 | 9,618 | 109,923 | 52,427 |
Undistributed tax-exempt income | 881,417 | 905,702 | 1,359,547 | 490,643 |
Capital loss carryforwards | (5,765,325) | (3,216,688) | (8,434,271) | (4,128,696) |
Other temporary differences | (457,431) | (190,629) | (772,530) | (252,710) |
Net unrealized appreciation (depreciation) | 12,139,095 | 5,186,198 | 17,556,606 | 5,652,479 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Short-Term | $(1,274,611) | $(3,461,167) | $(11,619,218) | $(2,390,597) | $(4,071,845) | $(2,411,985) | $(5,234,675) | $(1,627,402) |
Long-Term | (1,708,352) | — | (957,021) | — | (1,693,480) | (804,703) | (3,199,596) | (2,501,294) |
Total | $(2,982,963) | $(3,461,167) | $(12,576,239) | $(2,390,597) | $(5,765,325) | $(3,216,688) | $(8,434,271) | $(4,128,696) |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | ||||||||||||
Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | ||||||||
Class A | $913,085 | $2,055,799 | $1,833,052 | $4,260,533 | $3,199,124 | $7,895,170 | $1,433,808 | $3,301,867 | |||||||
Class B | 684 | 4,318 | 6,374 | 29,344 | 2,000 | 9,137 | 4,971 | 22,490 | |||||||
Class C | — | — | 83,758 | 253,482 | 174,409 | 626,025 | — | — | |||||||
Class I | 150,202 | 294,859 | 1,169,534 | 2,498,450 | 1,204,087 | 2,442,306 | 369,555 | 759,458 | |||||||
Class R6 | 30,032 | 67,963 | 62,689 | 113,096 | 398,465 | 722,207 | 190,934 | 373,070 | |||||||
Total | $1,094,003 | $2,422,939 | $3,155,407 | $7,154,905 | $4,978,085 | $11,694,845 | $1,999,268 | $4,456,885 |
South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | ||||||||||||
Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | Six Months Ended 9/30/21 | Year Ended 3/31/21 | ||||||||
Class A | $1,781,115 | $4,250,603 | $1,307,998 | $1,753,273 | $2,723,106 | $6,549,795 | $1,110,916 | $2,488,264 | |||||||
Class B | 865 | 8,828 | — | — | 2,993 | 10,591 | 587 | 2,229 | |||||||
Class C | — | — | — | — | 96,577 | 300,167 | — | — | |||||||
Class I | 571,976 | 1,051,444 | 522,463 | 660,204 | 1,183,929 | 2,341,558 | 188,408 | 313,431 | |||||||
Class R6 | 160,504 | 268,256 | 57,762 | 107,166 | 303,071 | 534,012 | 13,018 | 21,697 | |||||||
Total | $2,514,460 | $5,579,131 | $1,889,010 | $2,524,171 | $4,309,676 | $9,736,123 | $1,312,929 | $2,825,621 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
$7,192 | $18,843 | $35,975 | $12,573 | $19,913 | $6,443 | $25,581 | $7,566 |
New York Fund | North Carolina Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Class A | 0.83% | 0.84% | 0.84% | 0.86% | 0.81% | 0.87% |
Class B | 1.58% | 1.59% | 1.59% | N/A | 1.56% | 1.62% |
Class C | 1.58% | 1.59% | N/A | N/A | 1.56% | N/A |
Class I | 0.58% | 0.59% | 0.59% | 0.61% | 0.56% | 0.62% |
Class R6 | 0.53% | 0.52% | 0.53% | 0.54% | 0.49% | 0.55% |
New York Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
$32,889 | $116,471 | $66,774 | $42,609 |
Pennsylvania Fund | |
Class A | 0.69% |
Class B | 1.44% |
Class I | 0.59% |
Class R6 | 0.52% |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
$2,203 | $1,939 | $9,404 | $7,668 | $6,243 | $1,817 | $5,004 | $2,742 |
Class A | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Mississippi Fund | — | 0.25% | 0.25% | 0.10% | $117,830 |
New York Fund | — | 0.25% | 0.25% | 0.25% | 218,802 |
North Carolina Fund | — | 0.25% | 0.25% | 0.25% | 457,076 |
Pennsylvania Fund | — | 0.25% | 0.25% | 0.10% | 178,077 |
South Carolina Fund | — | 0.25% | 0.25% | 0.25% | 286,404 |
Tennessee Fund | — | 0.25% | 0.25% | 0.25% | 87,688 |
Virginia Fund | — | 0.25% | 0.25% | 0.25% | 322,810 |
West Virginia Fund | — | 0.25% | 0.25% | 0.25% | 126,490 |
Class B | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
Mississippi Fund | 0.75% | 0.25% | 1.00% | 0.75% | $528 |
New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | 4,708 |
North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,992 |
Pennsylvania Fund | 0.75% | 0.25% | 1.00% | 0.85% | 3,917 |
South Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,055 |
Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,200 |
West Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 401 |
Class C | |||||
Distribution Fee Rate (d) | Service Fee Rate (d) | Total Distribution Plan (d) | Annual Effective Rate (e) | Distribution and Service Fee | |
New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | $62,285 |
North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 174,317 |
Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 70,955 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund(c) | Virginia Fund | West Virginia Fund | |
Total Distribution and Service Fees | $118,358 | $285,795 | $633,385 | $181,994 | $287,459 | $88,251 | $395,965 | $126,891 |
(c) | The Total Distribution and Service Fees for the Tennessee Fund include $563 of Distribution and Service Fees incurred by Class B, prior to Class B shares converting to Class A shares during the six months ended September 30, 2021. |
(d) | In accordance with the distribution plan for certain classes, each 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 September 30, 2021 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 September 30, 2021, these rebates amounted to the following and are included in the reduction of total expenses in the Statements of Operations: |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Class A | $— | $— | $166 | $3 | $4 | $— | $118 | $— |
CDSC Imposed | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
Class A | $554 | $3,874 | $15,348 | $252 | $10,069 | $95 | $2,202 | $400 |
Class B | — | 1,280 | — | — | 52 | — | — | — |
Class C | N/A | 2,476 | 105 | N/A | N/A | N/A | 69 | N/A |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Expenses paid | $1,625 | $8,620 | $10,648 | $8,150 | $5,217 | $1,666 | $10,670 | $2,528 |
Percentage of average daily net assets | 0.0029% | 0.0059% | 0.0038% | 0.0083% | 0.0034% | 0.0033% | 0.0054% | 0.0043% |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund |
$33,046 | $94,951 | $179,262 | $60,643 | $88,352 | $36,058 | $142,097 | $46,375 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Percentage of average daily net assets | 0.0229% | 0.0168% | 0.0150% | 0.0186% | 0.0166% | 0.0240% | 0.0158% | 0.0224% |
North Carolina Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$121 | $119 | $119 | $119 |
North Carolina Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$2,769 | $2,802 | $2,786 | $2,801 |
Fund | Class | Shares | Amount |
North Carolina Fund | Class R6 | 5,743 | $57,893 |
Virginia Fund | Class R6 | 5,774 | 58,142 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Purchases | $8,972,071 | $31,558,489 | $60,411,795 | $21,167,950 | $63,777,341 | $8,975,168 | $73,287,623 | $19,507,989 |
Sales | $10,883,168 | $29,518,176 | $53,883,859 | $12,237,228 | $31,427,831 | $39,711,077 | $47,711,888 | $18,594,815 |
Mississippi Fund | New York Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 468,914 | $4,689,348 | 1,158,053 | $11,381,463 | 966,002 | $11,132,778 | 1,830,942 | $20,327,920 | |||
Class B | 37 | 372 | 203 | 1,992 | — | — | 2,514 | 28,267 | |||
Class C | — | — | — | — | 82,502 | 950,572 | 154,106 | 1,721,692 | |||
Class I | 192,971 | 1,928,786 | 411,802 | 4,071,191 | 502,392 | 5,119,183 | 1,701,251 | 16,809,838 | |||
Class R6 | 44,578 | 445,291 | 110,133 | 1,083,067 | 119,728 | 1,222,667 | 208,661 | 2,054,168 | |||
706,500 | $7,063,797 | 1,680,191 | $16,537,713 | 1,670,624 | $18,425,200 | 3,897,474 | $40,941,885 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 87,518 | $875,295 | 198,409 | $1,951,155 | 137,165 | $1,580,838 | 326,932 | $3,645,100 | |||
Class B | 17 | 174 | 209 | 2,024 | 522 | 5,997 | 2,230 | 24,720 | |||
Class C | — | — | — | — | 6,426 | 73,978 | 20,040 | 222,852 | |||
Class I | 13,504 | 134,803 | 26,461 | 259,865 | 102,468 | 1,044,487 | 231,894 | 2,288,157 | |||
Class R6 | 3,007 | 30,020 | 6,881 | 67,595 | 6,151 | 62,689 | 11,447 | 113,096 | |||
104,046 | $1,040,292 | 231,960 | $2,280,639 | 252,732 | $2,767,989 | 592,543 | $6,293,925 | ||||
Shares reacquired | |||||||||||
Class A | (447,516) | $(4,477,094) | (994,086) | $(9,740,963) | (996,614) | $(11,486,503) | (3,065,195) | $(33,791,067) | |||
Class B | (1,982) | (19,868) | (53,748) | (523,669) | (18,999) | (217,773) | (111,918) | (1,247,029) | |||
Class C | — | — | — | — | (96,329) | (1,109,571) | (508,585) | (5,680,181) | |||
Class I | (72,272) | (722,357) | (217,925) | (2,145,712) | (226,307) | (2,303,518) | (1,016,702) | (9,938,837) | |||
Class R6 | (18,115) | (180,899) | (95,165) | (938,480) | (53,904) | (550,623) | (54,612) | (536,174) | |||
(539,885) | $(5,400,218) | (1,360,924) | $(13,348,824) | (1,392,153) | $(15,667,988) | (4,757,012) | $(51,193,288) | ||||
Net change | |||||||||||
Class A | 108,916 | $1,087,549 | 362,376 | $3,591,655 | 106,553 | $1,227,113 | (907,321) | $(9,818,047) | |||
Class B | (1,928) | (19,322) | (53,336) | (519,653) | (18,477) | (211,776) | (107,174) | (1,194,042) | |||
Class C | — | — | — | — | (7,401) | (85,021) | (334,439) | (3,735,637) | |||
Class I | 134,203 | 1,341,232 | 220,338 | 2,185,344 | 378,553 | 3,860,152 | 916,443 | 9,159,158 | |||
Class R6 | 29,470 | 294,412 | 21,849 | 212,182 | 71,975 | 734,733 | 165,496 | 1,631,090 | |||
270,661 | $2,703,871 | 551,227 | $5,469,528 | 531,203 | $5,525,201 | (266,995) | $(3,957,478) |
North Carolina Fund | Pennsylvania Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 1,708,611 | $20,636,617 | 6,602,432 | $77,721,228 | 934,397 | $10,059,852 | 2,474,008 | $25,928,595 | |||
Class B | — | — | 1,276 | 14,396 | 11 | 117 | 38 | 388 | |||
Class C | 212,780 | 2,569,670 | 504,123 | 5,910,821 | — | — | — | — | |||
Class I | 1,694,976 | 17,045,174 | 4,368,095 | 42,924,803 | 566,148 | 5,812,744 | 915,677 | 9,163,074 | |||
Class R6 | 1,018,729 | 10,258,149 | 1,385,236 | 13,674,485 | 341,509 | 3,512,448 | 583,182 | 5,829,247 | |||
4,635,096 | $50,509,610 | 12,861,162 | $140,245,733 | 1,842,065 | $19,385,161 | 3,972,905 | $40,921,304 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 250,851 | $3,025,813 | 627,631 | $7,378,536 | 125,719 | $1,352,956 | 294,973 | $3,085,376 | |||
Class B | 149 | 1,799 | 726 | 8,481 | 426 | 4,592 | 2,040 | 21,320 | |||
Class C | 13,886 | 167,379 | 50,553 | 592,825 | — | — | — | — | |||
Class I | 105,174 | 1,057,603 | 214,421 | 2,103,354 | 30,123 | 308,725 | 63,165 | 629,313 | |||
Class R6 | 37,947 | 381,568 | 71,308 | 699,567 | 7,640 | 78,359 | 12,015 | 120,001 | |||
408,007 | $4,634,162 | 964,639 | $10,782,763 | 163,908 | $1,744,632 | 372,193 | $3,856,010 | ||||
Shares reacquired | |||||||||||
Class A | (1,668,709) | $(20,127,199) | (5,616,204) | $(66,037,402) | (671,939) | $(7,217,812) | (1,250,228) | $(13,104,888) | |||
Class B | (2,578) | (31,008) | (35,926) | (422,186) | (14,274) | (154,228) | (68,742) | (721,534) | |||
Class C | (306,320) | (3,691,941) | (1,531,861) | (18,023,528) | — | — | — | — | |||
Class I | (973,699) | (9,803,104) | (1,906,770) | (18,642,473) | (184,627) | (1,892,069) | (469,667) | (4,680,498) | |||
Class R6 | (296,462) | (2,986,099) | (480,280) | (4,696,472) | (43,804) | (450,274) | (362,505) | (3,576,958) | |||
(3,247,768) | $(36,639,351) | (9,571,041) | $(107,822,061) | (914,644) | $(9,714,383) | (2,151,142) | $(22,083,878) | ||||
Net change | |||||||||||
Class A | 290,753 | $3,535,231 | 1,613,859 | $19,062,362 | 388,177 | $4,194,996 | 1,518,753 | $15,909,083 | |||
Class B | (2,429) | (29,209) | (33,924) | (399,309) | (13,837) | (149,519) | (66,664) | (699,826) | |||
Class C | (79,654) | (954,892) | (977,185) | (11,519,882) | — | — | — | — | |||
Class I | 826,451 | 8,299,673 | 2,675,746 | 26,385,684 | 411,644 | 4,229,400 | 509,175 | 5,111,889 | |||
Class R6 | 760,214 | 7,653,618 | 976,264 | 9,677,580 | 305,345 | 3,140,533 | 232,692 | 2,372,290 | |||
1,795,335 | $18,504,421 | 4,254,760 | $43,206,435 | 1,091,329 | $11,415,410 | 2,193,956 | $22,693,436 |
South Carolina Fund | Tennessee Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 1,460,899 | $18,207,760 | 3,622,825 | $44,351,500 | 252,742 | $2,712,434 | 714,057 | $7,442,924 | |||
Class B | — | — | 1,030 | 12,749 | — | — | 3 | 36 | |||
Class I | 1,712,845 | 17,231,903 | 2,251,458 | 22,235,583 | 216,135 | 2,160,451 | 581,137 | 5,636,477 | |||
Class R6 | 509,139 | 5,139,748 | 646,473 | 6,413,862 | 46,534 | 465,628 | 125,051 | 1,209,802 | |||
3,682,883 | $40,579,411 | 6,521,786 | $73,013,694 | 515,411 | $5,338,513 | 1,420,248 | $14,289,239 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 138,638 | $1,725,441 | 336,266 | $4,097,388 | 113,127 | $1,201,849 | 152,279 | $1,587,030 | |||
Class B | 69 | 862 | 731 | 8,819 | 44 | 464 | 275 | 2,858 | |||
Class I | 49,779 | 502,050 | 91,275 | 902,178 | 51,374 | 510,235 | 65,870 | 641,923 | |||
Class R6 | 15,916 | 160,504 | 27,122 | 268,235 | 5,800 | 57,762 | 11,003 | 107,166 | |||
204,402 | $2,388,857 | 455,394 | $5,276,620 | 170,345 | $1,770,310 | 229,427 | $2,338,977 |
South Carolina Fund − continued | Tennessee Fund − continued | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares reacquired | |||||||||||
Class A | (1,300,475) | $(16,211,541) | (1,944,801) | $(23,726,152) | (701,208) | $(7,500,209) | (1,222,879) | $(12,780,270) | |||
Class B | (9,061) | (112,742) | (79,566) | (968,002) | (16,923) | (181,231) | (5,861) | (61,580) | |||
Class I | (645,804) | (6,512,066) | (647,031) | (6,417,783) | (292,566) | (2,924,300) | (504,967) | (4,895,965) | |||
Class R6 | (76,749) | (773,845) | (127,656) | (1,261,289) | (376,956) | (3,766,726) | (124,547) | (1,201,363) | |||
(2,032,089) | $(23,610,194) | (2,799,054) | $(32,373,226) | (1,387,653) | $(14,372,466) | (1,858,254) | $(18,939,178) | ||||
Net change | |||||||||||
Class A | 299,062 | $3,721,660 | 2,014,290 | $24,722,736 | (335,339) | $(3,585,926) | (356,543) | $(3,750,316) | |||
Class B | (8,992) | (111,880) | (77,805) | (946,434) | (16,879) | (180,767) | (5,583) | (58,686) | |||
Class I | 1,116,820 | 11,221,887 | 1,695,702 | 16,719,978 | (25,057) | (253,614) | 142,040 | 1,382,435 | |||
Class R6 | 448,306 | 4,526,407 | 545,939 | 5,420,808 | (324,622) | (3,243,336) | 11,507 | 115,605 | |||
1,855,196 | $19,358,074 | 4,178,126 | $45,917,088 | (701,897) | $(7,263,643) | (208,579) | $(2,310,962) |
Virginia Fund | West Virginia Fund | ||||||||||
Six Months Ended 9/30/21 | Year ended 3/31/21 | Six Months Ended 9/30/21 | Year ended 3/31/21 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 1,251,995 | $14,476,139 | 4,343,470 | $48,934,253 | 438,106 | $4,958,798 | 528,300 | $5,897,279 | |||
Class B | 2,129 | 24,462 | 2,258 | 25,986 | 2 | 16 | 2,112 | 23,813 | |||
Class C | 56,813 | 656,081 | 237,225 | 2,690,383 | — | — | — | — | |||
Class I | 1,480,345 | 14,851,277 | 3,369,391 | 33,380,444 | 322,988 | 3,224,347 | 733,254 | 7,204,193 | |||
Class R6 | 564,869 | 5,669,990 | 939,360 | 9,267,335 | 56,551 | 563,815 | 26,052 | 255,077 | |||
3,356,151 | $35,677,949 | 8,891,704 | $94,298,401 | 817,647 | $8,746,976 | 1,289,718 | $13,380,362 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 212,823 | $2,456,435 | 507,718 | $5,759,053 | 94,439 | $1,068,109 | 214,015 | $2,382,778 | |||
Class B | 226 | 2,606 | 845 | 9,574 | 51 | 582 | 200 | 2,226 | |||
Class C | 7,351 | 84,803 | 22,789 | 258,077 | — | — | — | — | |||
Class I | 100,020 | 1,003,058 | 204,142 | 2,014,090 | 15,230 | 151,595 | 25,141 | 246,860 | |||
Class R6 | 30,133 | 302,452 | 54,008 | 533,483 | 1,308 | 13,018 | 2,214 | 21,697 | |||
350,553 | $3,849,354 | 789,502 | $8,574,277 | 111,028 | $1,233,304 | 241,570 | $2,653,561 | ||||
Shares reacquired | |||||||||||
Class A | (843,147) | $(9,739,957) | (4,084,717) | $(45,948,525) | (553,817) | $(6,283,939) | (895,511) | $(9,976,692) | |||
Class B | (2,112) | (24,312) | (17,450) | (198,890) | (3,769) | (42,514) | (6,777) | (75,812) | |||
Class C | (105,738) | (1,221,719) | (516,194) | (5,859,010) | — | — | — | — | |||
Class I | (678,800) | (6,817,520) | (1,520,352) | (14,892,809) | (63,292) | (631,012) | (114,007) | (1,114,581) | |||
Class R6 | (127,577) | (1,280,247) | (251,195) | (2,461,458) | (2,535) | (25,197) | (18,727) | (181,946) | |||
(1,757,374) | $(19,083,755) | (6,389,908) | $(69,360,692) | (623,413) | $(6,982,662) | (1,035,022) | $(11,349,031) | ||||
Net change | |||||||||||
Class A | 621,671 | $7,192,617 | 766,471 | $8,744,781 | (21,272) | $(257,032) | (153,196) | $(1,696,635) | |||
Class B | 243 | 2,756 | (14,347) | (163,330) | (3,716) | (41,916) | (4,465) | (49,773) | |||
Class C | (41,574) | (480,835) | (256,180) | (2,910,550) | — | — | — | — | |||
Class I | 901,565 | 9,036,815 | 2,053,181 | 20,501,725 | 274,926 | 2,744,930 | 644,388 | 6,336,472 | |||
Class R6 | 467,425 | 4,692,195 | 742,173 | 7,339,360 | 55,324 | 551,636 | 9,539 | 94,828 | |||
1,949,330 | $20,443,548 | 3,291,298 | $33,511,986 | 305,262 | $2,997,618 | 496,266 | $4,684,892 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Tennessee Fund | Virginia Fund | West Virginia Fund | |
Commitment Fee | $194 | $499 | $964 | $336 | $512 | $129 | $670 | $199 |
Interest Expense | — | — | — | — | — | — | — | — |
Affiliated Issuer - MFS Institutional Money Market Portfolio | ||||||
Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value | |
Mississippi Fund | $38,650 | $15,610,578 | $12,366,022 | $— | $— | $3,283,206 |
New York Fund | 2,328,184 | 36,014,937 | 34,328,797 | — | — | 4,014,324 |
North Carolina Fund | 8,059,699 | 78,877,379 | 68,533,447 | — | — | 18,403,631 |
Pennsylvania Fund | 3,316,601 | 23,573,375 | 20,640,357 | — | — | 6,249,619 |
South Carolina Fund | 3,938,050 | 58,388,442 | 61,431,581 | — | — | 894,911 |
Tennessee Fund | 621,190 | 36,373,670 | 12,045,370 | (2) | (2) | 24,949,486 |
Virginia Fund | 4,569,228 | 63,354,996 | 63,269,812 | — | — | 4,654,412 |
West Virginia Fund | 588,118 | 22,852,570 | 19,666,474 | — | 2 | 3,774,216 |
Dividend Income | Capital Gain Distributions | |
Mississippi Fund | $617 | $— |
New York Fund | 772 | — |
North Carolina Fund | 2,558 | — |
Pennsylvania Fund | 931 | — |
South Carolina Fund | 1,459 | — |
Tennessee Fund | 349 | — |
Virginia Fund | 1,221 | — |
West Virginia Fund | 390 | — |
Number of Dollars | |
For | $46,345,832 |
Against | 1,067,975 |
Abstain | 8,533,985 |
1 | |
2 | |
4 | |
6 | |
132 | |
134 | |
135 | |
136 | |
143 | |
155 | |
159 | |
160 | |
160 | |
160 | |
160 | |
160 |
back cover |
Healthcare Revenue - Hospitals | 14.6% |
Housing - Single Family | 9.0% |
General Obligations - General Purpose | 8.8% |
Airport Revenue | 6.7% |
State & Local Agencies | 4.9% |
General Obligations - Schools | 4.7% |
Universities - Colleges | 4.2% |
Transportation – Special Tax | 4.0% |
Sales & Excise Tax Revenue | 3.8% |
Miscellaneous Revenue - Other | 3.7% |
AAA | 3.7% |
AA | 29.6% |
A | 31.4% |
BBB | 18.5% |
BB | 5.0% |
B | 1.2% |
CCC | 0.3% |
CC | 0.5% |
C | 0.1% |
D | 1.5% |
Not Rated | 9.3% |
Cash & Cash Equivalents | 0.6% |
Other | (1.7)% |
Average Duration (d) | 7.0 |
Average Effective Maturity (m) | 16.0 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. 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. |
(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 device (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. |
April 1, 2021 through September 30, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 4/01/21-9/30/21 | |
A | Actual | 0.71% | $1,000.00 | $1,019.88 | $3.60 |
Hypothetical (h) | 0.71% | $1,000.00 | $1,021.51 | $3.60 | |
B | Actual | 1.46% | $1,000.00 | $1,016.08 | $7.38 |
Hypothetical (h) | 1.46% | $1,000.00 | $1,017.75 | $7.38 | |
C | Actual | 1.46% | $1,000.00 | $1,016.05 | $7.38 |
Hypothetical (h) | 1.46% | $1,000.00 | $1,017.75 | $7.38 | |
I | Actual | 0.46% | $1,000.00 | $1,021.16 | $2.33 |
Hypothetical (h) | 0.46% | $1,000.00 | $1,022.76 | $2.33 | |
R6 | Actual | 0.39% | $1,000.00 | $1,020.40 | $1.98 |
Hypothetical (h) | 0.39% | $1,000.00 | $1,023.11 | $1.98 | |
A1 | Actual | 0.46% | $1,000.00 | $1,020.06 | $2.33 |
Hypothetical (h) | 0.46% | $1,000.00 | $1,022.76 | $2.33 | |
B1 | Actual | 1.20% | $1,000.00 | $1,017.19 | $6.07 |
Hypothetical (h) | 1.20% | $1,000.00 | $1,019.05 | $6.07 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 99.3% | ||||
Alabama - 1.6% | ||||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035 | $ | 300,000 | $ 357,848 | |
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2036 | 1,070,000 | 1,272,125 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2037 | 240,000 | 284,478 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038 | 1,580,000 | 1,868,192 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2039 | 310,000 | 364,226 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | 155,000 | 181,033 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 685,000 | 712,016 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A”, 4%, 12/01/2048 (Put Date 12/01/2023) | 6,570,000 | 7,023,676 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 10/01/2049 (Put Date 10/01/2026) | 4,945,000 | 5,680,013 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 0.958% (67% of LIBOR - 1mo. + 0.9%), 12/01/2048 (Put Date 12/01/2023) | 20,175,000 | 20,295,376 | ||
DCH Health Care Authority, AL, Health Care Facilities Rev., 5%, 6/01/2033 | 785,000 | 878,847 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 1,175,000 | 1,015,542 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 1,655,000 | 1,174,242 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 2,370,000 | 1,184,194 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 4,495,000 | 2,103,007 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021 | 310,000 | 310,000 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 455,000 | 498,357 | ||
Mobile, AL, General Obligation Warrants, “A”, 5%, 2/15/2030 | 3,130,000 | 3,782,900 | ||
Southeast Alabama Gas Supply District Rev. (Project No. 1), “A”, 4%, 4/01/2049 | 14,580,000 | 15,720,972 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 6,930,340 | 7,445,098 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 14,090,000 | 16,295,894 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038 | 1,505,000 | 1,856,423 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Alabama - continued | ||||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | $ | 620,000 | $ 763,070 | |
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 4,070,000 | 4,954,581 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 2,480,000 | 3,002,284 | ||
$99,024,394 | ||||
Alaska - 0.2% | ||||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2027 | $ | 620,000 | $ 760,896 | |
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2027 | 1,000,000 | 1,242,225 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2028 | 1,315,000 | 1,647,873 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 12/01/2028 | 1,365,000 | 1,729,121 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 5%, 6/01/2029 | 1,025,000 | 1,311,865 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 12/01/2029 | 1,830,000 | 2,216,957 | ||
Alaska Housing Finance Corp., Capital Project Bonds II, “A”, 4%, 6/01/2030 | 1,100,000 | 1,339,722 | ||
$10,248,659 | ||||
Arizona - 2.0% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | $ | 370,000 | $ 431,243 | |
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | 990,000 | 1,134,609 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 1,235,000 | 1,412,912 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n) | 1,000,000 | 1,147,500 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n) | 750,000 | 855,707 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 95,000 | 110,496 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 160,000 | 183,942 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 425,000 | 487,354 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037 | 1,000,000 | 1,165,567 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047 | $ | 2,350,000 | $ 2,696,083 | |
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052 | 1,870,000 | 2,139,753 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n) | 165,000 | 191,914 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n) | 165,000 | 189,690 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n) | 310,000 | 355,487 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2031 | 400,000 | 516,668 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2032 | 300,000 | 386,541 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2033 | 250,000 | 321,354 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2035 | 1,395,000 | 1,785,167 | ||
Arizona Industrial Development Authority Hospital Rev. (Phoenix Children's Hospital), “A”, 5%, 2/01/2040 | 290,000 | 366,693 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036 | 1,100,000 | 1,274,970 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038 | 600,000 | 691,529 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039 | 750,000 | 862,117 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040 | 800,000 | 916,105 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2045 | 1,015,000 | 1,146,657 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2050 | 1,385,000 | 1,552,306 | ||
Coconino County, AZ, Pollution Control Corp., “A”, 1.875%, 9/01/2032 (Put Date 3/31/2023) | 2,605,000 | 2,656,585 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 1,285,000 | 1,257,975 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 1,965,000 | 2,061,820 | ||
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042 | 3,000,000 | 3,456,140 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048 | $ | 4,000,000 | $ 4,584,582 | |
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2038 | 675,000 | 785,285 | ||
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048 | 465,000 | 533,271 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034 | 170,000 | 195,374 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 | 295,000 | 359,219 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n) | 860,000 | 1,007,144 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 545,000 | 652,063 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 460,000 | 528,253 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 | 690,000 | 823,411 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n) | 2,050,000 | 2,346,511 | ||
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038 | 3,000,000 | 3,589,001 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “A”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 1,580,000 | 1,563,066 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 1%, 6/01/2043 (Put Date 10/01/2026) | 790,000 | 781,533 | ||
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2037 | 6,500,000 | 7,971,133 | ||
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045 | 10,000,000 | 12,053,389 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 470,000 | 523,090 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | $ | 140,000 | $ 155,814 | |
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 570,000 | 629,382 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 340,000 | 375,292 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | 700,000 | 776,969 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | 560,000 | 617,687 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 895,000 | 982,224 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 840,000 | 911,717 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 925,000 | 990,313 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n) | 610,000 | 669,177 | ||
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 0.18%, 12/01/2035 (Put Date 11/01/2021) | 26,960,000 | 26,958,358 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2044 | 420,000 | 498,674 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2049 | 1,030,000 | 1,217,339 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC-Arizona State University Project), “A”, 5%, 7/01/2059 | 840,000 | 986,301 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2030 | 150,000 | 181,082 |
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%, 7/01/2031 | $ | 530,000 | $ 635,716 | |
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2033 | 285,000 | 340,252 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2037 | 500,000 | 592,763 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042 | 605,000 | 711,409 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n) | 1,075,000 | 1,086,797 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n) | 1,020,000 | 1,031,312 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n) | 550,000 | 555,909 | ||
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038 | 8,000,000 | 9,543,678 | ||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024) | 2,150,000 | 2,243,678 | ||
$122,743,052 | ||||
Arkansas - 0.5% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 215,000 | $ 222,995 | |
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 435,000 | 452,219 | ||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 45,000 | 46,593 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arkansas - continued | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $ | 905,000 | $ 1,097,733 | |
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2026 | 4,465,000 | 5,309,216 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027 | 4,690,000 | 5,709,533 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028 | 2,025,000 | 2,517,928 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029 | 1,725,000 | 2,178,502 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2036 | 870,000 | 1,085,334 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037 | 605,000 | 752,504 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2038 | 1,320,000 | 1,637,833 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039 | 480,000 | 594,059 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040 | 530,000 | 654,523 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 1,815,000 | 2,219,680 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027) | 1,500,000 | 1,779,738 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032 | 170,000 | 170,865 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036 | 470,000 | 471,310 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 180,000 | 195,342 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | 775,000 | 817,461 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,665,000 | 1,967,794 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 435,000 | 481,876 | ||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 4,995,000 | 2,319,782 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 1,520,000 | 1,718,942 | ||
$34,401,762 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - 8.6% | ||||
San Diego County, CA, Regional Transportation Commission Sales Tax Rev., “A”, 5%, 10/01/2022 | $ | 8,335,000 | $ 8,733,951 | |
Alameda, CA, Corridor Transportation Authority Senior Lien Rev., “A”, AGM, 5%, 10/01/2028 | 985,000 | 1,075,963 | ||
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2025 | 3,960,000 | 4,625,598 | ||
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2026 | 4,145,000 | 4,998,516 | ||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 8,605,000 | 9,385,849 | ||
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 1,710,000 | 1,702,583 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2032 | 140,000 | 180,496 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2035 | 190,000 | 227,299 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2037 | 305,000 | 362,526 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2038 | 130,000 | 154,135 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2039 | 165,000 | 195,123 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2046 (Prerefunded 11/15/2025) | 2,530,000 | 3,004,375 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 5,076,862 | 5,982,446 | ||
California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i) | 70,739,495 | 4,799,130 | ||
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) | 7,940,000 | 7,964,010 | ||
California Infrastructure & Economic Development Bank Refunding Rev. (Los Angeles County Museum of Art Project), “B”, FLR, 0.75% (MUNIPSA + 0.70%), 12/01/2050 (Put Date 6/01/2026) | 2,500,000 | 2,540,367 | ||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 595,000 | 896,371 | ||
California Municipal Finance Authority Rev. (Channing House Project), “B”, 5%, 5/15/2047 | 1,500,000 | 1,737,041 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 1,750,000 | 2,085,215 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | $ | 1,510,000 | $ 1,762,489 | |
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 4,890,000 | 5,681,277 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 235,000 | 270,446 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 2,150,000 | 2,393,882 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | 4,280,000 | 4,596,411 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2033 | 290,000 | 348,785 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2037 | 670,000 | 795,778 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2038 | 390,000 | 461,977 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 230,000 | 270,380 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024) | 3,795,000 | 3,983,947 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2033 | 260,000 | 306,645 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037 | 510,000 | 597,299 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 510,000 | 591,328 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026 | 415,000 | 474,922 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2027 | 400,000 | 465,306 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2028 | 360,000 | 424,882 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 895,000 | 1,049,144 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 2,025,000 | 2,051,285 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | $ | 1,350,000 | $ 1,364,434 | |
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 2,055,000 | 2,072,762 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2029 (w) | 5,000,000 | 6,341,722 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2030 (w) | 9,000,000 | 11,596,360 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2031 (w) | 7,845,000 | 10,360,560 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032 (w) | 8,055,000 | 10,855,819 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038 | 9,180,000 | 10,033,536 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 9,250,000 | 10,435,202 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 (n) | 560,000 | 609,800 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025 (n) | 585,000 | 650,816 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 505,000 | 571,116 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 1,340,000 | 1,489,791 | ||
California Statewide Communities Development Authority Insured Rev. (Viamonte Senior Living 1 Project), “A”, 3.5%, 7/01/2034 | 795,000 | 880,642 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034 | 1,000,000 | 1,219,163 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035 | 1,475,000 | 1,794,628 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3%, 11/01/2022 (n) | 725,000 | 734,389 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n) | 3,930,000 | 4,324,585 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n) | 485,000 | 577,927 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | $ | 955,000 | $ 1,115,729 | |
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.125%, 11/01/2023 | 55,000 | 57,676 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 190,000 | 206,155 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 645,000 | 730,631 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 2,645,000 | 2,987,716 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 5,455,000 | 6,046,537 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 990,000 | 1,102,398 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058 | 7,400,000 | 8,658,244 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n) | 620,000 | 666,706 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 475,000 | 516,804 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 1,795,000 | 1,922,024 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n) | 780,000 | 833,600 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 9,155,000 | 8,574,149 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n) | 2,297,637 | 2,622,727 | ||
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 4,495,000 | 3,910,446 | ||
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031 | 4,015,000 | 3,398,589 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | $ | 2,785,000 | $ 2,238,876 | |
Foothill-De Anza, CA, Community College District, Capital Appreciation, NPFG, 0%, 8/01/2034 | 21,410,000 | 17,144,974 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034 | 3,000,000 | 3,453,091 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 | 1,540,000 | 1,559,673 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047 | 880,000 | 906,294 | ||
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n) | 8,590,000 | 10,053,269 | ||
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 12,210,000 | 7,428,289 | ||
Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044 | 2,620,000 | 2,868,965 | ||
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 640,000 | 665,188 | ||
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 480,000 | 530,453 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 480,000 | 500,826 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 820,000 | 853,651 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2033 | 1,315,000 | 1,699,054 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2034 | 1,370,000 | 1,763,755 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2035 | 2,160,000 | 2,773,869 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | 1,710,000 | 2,187,860 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 2,210,000 | 2,818,619 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038 | 1,870,000 | 2,378,789 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039 | 2,010,000 | 2,549,926 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2040 | 2,100,000 | 2,657,953 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2041 | 2,255,000 | 2,846,044 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2028 | $ | 1,000,000 | $ 1,211,657 | |
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2034 | 465,000 | 574,349 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | 825,000 | 1,016,172 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 1,030,000 | �� 1,268,671 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038 | 1,770,000 | 2,203,906 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044 | 3,605,000 | 4,377,186 | ||
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038 | 4,040,000 | 4,748,880 | ||
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2041 | 6,435,000 | 7,558,231 | ||
Merced, CA, Union High School District, Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 580,000 | 500,614 | ||
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041 | 6,500,000 | 7,212,965 | ||
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046 | 2,000,000 | 2,212,242 | ||
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028 | 1,860,000 | 2,189,488 | ||
Oceanside, CA, Unified School District, Capital Appreciation, AGM, 0%, 8/01/2030 | 4,335,000 | 3,725,324 | ||
Oceanside, CA, Unified School District, Capital Appreciation, “A”, AGM, 0%, 8/01/2027 | 1,735,000 | 1,615,567 | ||
Oceanside, CA, Unified School District, Capital Appreciation, “A”, AGM, 0%, 8/01/2029 | 3,520,000 | 3,115,183 | ||
Oceanside, CA, Unified School District, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | 195,000 | 184,099 | ||
Oceanside, CA, Unified School District, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029 | 395,000 | 358,024 | ||
Oceanside, CA, Unified School District, Capital Appreciation, ETM, AGM, 0%, 8/01/2024 | 350,000 | 345,389 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1,640,000 | 1,828,114 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024 | 1,700,000 | 1,897,622 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2025 | $ | 4,800,000 | $ 5,540,720 | |
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2026 | 2,750,000 | 3,264,811 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2027 | 2,750,000 | 3,342,869 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2028 | 875,000 | 1,086,920 | ||
Port of Oakland, CA, Rev., “P”, 5%, 5/01/2033 | 10,815,000 | 11,112,518 | ||
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029 | 2,015,000 | 2,048,081 | ||
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 5.25%, 6/01/2039 (Prerefunded 6/01/2023) | 4,655,000 | 5,046,423 | ||
Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041 | 10,000,000 | 11,791,424 | ||
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041 | 6,000,000 | 7,074,854 | ||
Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033 | 115,000 | 138,899 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2024 | 500,000 | 540,134 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2025 | 1,500,000 | 1,619,306 | ||
San Diego County, CA, Regional Transportation Commission Sales Tax Rev., “A”, 3%, 10/01/2022 | 8,335,000 | 8,568,846 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2028 | 6,000,000 | 6,159,788 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 1,230,000 | 1,476,596 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038 | 4,300,000 | 5,310,947 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039 | 4,900,000 | 6,038,533 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040 | 2,285,000 | 2,810,608 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 340,000 | 377,420 | ||
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 6,795,000 | 8,066,684 | ||
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026 | 5,100,000 | 4,901,926 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
State of California, AGM, 5.25%, 8/01/2032 | $ | 9,160,000 | $ 12,630,015 | |
State of California, Various Purpose General Obligation, 5.25%, 10/01/2028 | 2,965,000 | 2,969,626 | ||
State of California, Various Purpose General Obligation, 5%, 12/01/2028 | 10,000,000 | 12,802,117 | ||
State of California, Various Purpose General Obligation, 5%, 12/01/2029 | 2,250,000 | 2,940,269 | ||
State of California, Various Purpose General Obligation, 5%, 12/01/2031 | 45,000 | 53,821 | ||
State of California, Various Purpose General Obligation, 5%, 12/01/2032 | 1,750,000 | 2,091,278 | ||
State of California, Various Purpose General Obligation, 5%, 12/01/2034 | 1,345,000 | 1,605,252 | ||
State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 9,730,000 | 12,102,970 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2024 | 4,365,000 | 4,469,530 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 8/01/2029 | 5,000,000 | 6,034,885 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 12/01/2030 | 500,000 | 663,664 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 4/01/2031 | 3,180,000 | 4,249,822 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2034 | 9,000,000 | 10,835,671 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2041 | 22,040,000 | 28,714,587 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2045 | 950,000 | 1,178,208 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | 865,000 | 1,068,767 | ||
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2029 (w) | 4,000,000 | 5,076,526 | ||
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2030 (w) | 3,000,000 | 3,883,961 | ||
University of California Regents, Limited Project Rev., “S”, 5%, 5/15/2031 (w) | 3,000,000 | 3,958,041 | ||
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029 | 3,440,000 | 3,051,483 | ||
$541,162,461 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - 4.0% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2027 | $ | 57,000 | $ 65,999 | |
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2028 | 92,000 | 115,820 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2028 | 55,000 | 63,548 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2029 | 92,000 | 118,071 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2029 | 55,000 | 63,431 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2030 | 96,000 | 122,617 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | 13,000 | 14,972 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2031 | 101,000 | 128,840 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2031 | 59,000 | 67,850 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2032 | 110,000 | 140,193 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032 | 70,000 | 80,371 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2033 | 110,000 | 139,753 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2034 | 125,000 | 158,353 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2035 | 44,000 | 55,641 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 527,000 | 648,416 | ||
Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2034 | 2,535,000 | 3,052,886 | ||
Colorado Eagle County School District RE50J, Garfield Routt Counties, General Obligation, 5%, 12/01/2035 | 5,000,000 | 6,007,497 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 1,725,000 | 1,904,280 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 1,020,000 | 1,117,403 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029 | 195,000 | 209,664 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039 | 740,000 | 785,210 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044 | $ | 605,000 | $ 639,455 | |
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 545,000 | 559,396 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 490,000 | 539,500 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 495,000 | 541,896 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029 | 910,000 | 965,220 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 5%, 12/01/2038 | 1,335,000 | 1,614,576 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048 | 3,440,000 | 3,833,367 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 1,855,000 | 2,029,851 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038 | 305,000 | 362,871 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048 | 365,000 | 427,221 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053 | 385,000 | 449,810 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040 | 3,555,000 | 4,458,631 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050 | 18,125,000 | 22,341,192 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 1,450,000 | 1,786,037 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2036 | 1,370,000 | 1,612,222 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041 | 1,670,000 | 1,934,466 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040 | 1,750,000 | 2,160,008 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050 | 3,590,000 | 4,366,086 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | $ | 5,295,000 | $ 6,421,795 | |
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2035 | 530,000 | 667,204 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2040 | 785,000 | 973,828 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050 | 3,225,000 | 3,940,813 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050 | 485,000 | 544,272 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055 | 875,000 | 978,273 | ||
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041 | 10,000,000 | 11,638,065 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2037 | 2,375,000 | 2,941,331 | ||
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 1,195,000 | 1,301,226 | ||
Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039 | 9,400,000 | 11,839,702 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036 | 1,185,000 | 1,397,902 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037 | 9,250,000 | 10,880,681 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044 | 4,620,000 | 5,063,754 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | 3,200,000 | 3,768,505 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043 | 4,685,000 | 5,438,216 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2032 | 1,015,000 | 1,301,324 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2033 | 1,000,000 | 1,275,805 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2034 | 1,040,000 | 1,320,359 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035 | $ | 760,000 | $ 882,450 | |
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037 | 450,000 | 519,387 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038 | 350,000 | 402,951 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039 | 350,000 | 401,891 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040 | 300,000 | 343,708 | ||
Colorado Housing & Finance Authority Rev., “B-1”, GNMA, 4%, 11/01/2048 | 1,920,000 | 2,077,625 | ||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, “C”, 4.75%, 5/01/2049 (u) | 4,770,000 | 5,302,468 | ||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class III, “H”, 4.25%, 11/01/2049 | 5,910,000 | 6,560,577 | ||
Colorado Housing & Finance Authority, Single Family Mortgage, “B”, GNMA, 3%, 5/01/2051 | 10,605,000 | 11,480,801 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2030 | 235,000 | 299,720 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2030 | 165,000 | 212,179 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2031 | 285,000 | 369,957 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2031 | 235,000 | 304,329 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 1/15/2032 | 380,000 | 490,770 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 5%, 7/15/2032 | 380,000 | 489,584 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 1/15/2033 | 355,000 | 425,502 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2033 | 355,000 | 438,734 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2034 | $ | 710,000 | $ 845,091 | |
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2036 | 590,000 | 695,587 | ||
Colorado Regional Transportation District, Private Activity Rev. (Denver Transit Partners Eagle P3 Project), “A-B”, 4%, 7/15/2038 | 425,000 | 497,788 | ||
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2036 | 2,755,000 | 3,294,121 | ||
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2040 | 10,000,000 | 11,848,042 | ||
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2025 | 3,000,000 | 3,460,853 | ||
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2041 | 1,500,000 | 1,781,962 | ||
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028 (Prerefunded 11/15/2022) | 1,930,000 | 2,031,013 | ||
Denver, CO, City & County School District No. 1, 5%, 12/01/2024 (Prerefunded 12/01/2021) | 10,000,000 | 10,077,382 | ||
Denver, CO, City & County School District No. 1, 5%, 12/01/2033 | 5,000,000 | 6,582,499 | ||
Denver, CO, City & County School District No. 1, 5%, 12/01/2034 | 8,750,000 | 11,482,763 | ||
Denver, CO, City & County School District No. 1, 4%, 12/01/2035 | 3,750,000 | 4,572,008 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 965,000 | 1,113,520 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 1,635,000 | 1,869,493 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038 | 785,000 | 901,269 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 1,210,000 | 1,297,937 | ||
E-470 Public Highway Authority Rev., CO, “A”, 5%, 9/01/2040 | 930,000 | 1,037,644 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030 | 1,470,000 | 1,750,694 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031 | 1,660,000 | 1,972,395 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032 | 1,755,000 | 2,080,445 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033 | $ | 1,760,000 | $ 2,081,543 | |
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034 | 1,445,000 | 1,706,620 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035 | 1,630,000 | 1,921,552 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 5,280,000 | 5,989,305 | ||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 1,215,000 | 1,526,670 | ||
$250,796,504 | ||||
Connecticut - 1.1% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2025 | $ | 2,990,000 | $ 3,411,532 | |
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043 | 4,230,000 | 4,756,336 | ||
Connecticut Health & Educational Facilities Authority Rev. (McLean Issue), “B-2”, 2.75%, 1/01/2026 (n) | 310,000 | 312,683 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “B-2”, 4%, 11/15/2032 | 105,000 | 106,009 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045 | 1,020,000 | 1,062,839 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “D-1”, 4%, 11/15/2044 | 235,000 | 238,755 | ||
Hamden, CT, General Obligation, BAM, 5%, 8/15/2028 | 810,000 | 1,009,282 | ||
Hamden, CT, General Obligation, BAM, 5%, 8/15/2030 | 375,000 | 483,219 | ||
Hamden, CT, General Obligation, BAM, 5%, 8/15/2032 | 75,000 | 96,984 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2028 | 4,290,000 | 5,167,219 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2029 | 2,375,000 | 2,848,873 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030 | 2,355,000 | 2,811,984 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2031 | 2,015,000 | 2,399,414 | ||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 9,200,000 | 9,687,981 | ||
New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2032 | 1,000,000 | 1,179,382 | ||
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2028 | 4,595,000 | 4,630,184 | ||
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2029 | 4,595,000 | 4,630,184 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Connecticut - continued | ||||
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2030 | $ | 4,615,000 | $ 4,650,337 | |
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 5/01/2033 | 5,505,000 | 7,273,277 | ||
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 5/01/2034 | 8,900,000 | 11,697,896 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n)(w) | 145,000 | 154,096 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n)(w) | 230,000 | 240,939 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n)(w) | 275,000 | 284,996 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n)(w) | 600,000 | 610,788 | ||
West Haven, CT, General Obligation , BAM, 4%, 3/15/2035 | 925,000 | 1,074,532 | ||
West Haven, CT, General Obligation , BAM, 4%, 3/15/2040 | 750,000 | 859,464 | ||
$71,679,185 | ||||
Delaware - 0.1% | ||||
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2036 | $ | 235,000 | $ 270,669 | |
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046 | 475,000 | 538,974 | ||
Delaware Economic Development Authority, Exempt Facility Refunding Rev. (NRG Energy Project), “A”, 1.25%, 10/01/2045 (Put Date 10/01/2025) | 5,600,000 | 5,636,958 | ||
$6,446,601 | ||||
District of Columbia - 0.7% | ||||
District of Columbia Rev. (Kipp D.C. Charter School), “A”, 6%, 7/01/2043 (Prerefunded 7/01/2023) | $ | 1,450,000 | $ 1,593,994 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 3,435,000 | 3,553,934 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 4,505,000 | 4,660,983 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 910,000 | 941,508 | ||
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035 | 3,000,000 | 3,558,691 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
District of Columbia - continued | ||||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2031 | $ | 6,000,000 | $ 7,893,737 | |
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2032 | 4,000,000 | 5,239,759 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2033 | 7,000,000 | 9,135,426 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 4,000,000 | 5,192,392 | ||
$41,770,424 | ||||
Florida - 3.1% | ||||
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2035 | $ | 1,005,000 | $ 1,271,771 | |
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2036 | 1,705,000 | 2,152,872 | ||
Alachua County, FL, Health Facilities Authority, Health Facilities Rev. (Shands Teaching Hospital and Clinics, Inc. at the University of Florida), “B-1”, 5%, 12/01/2037 | 2,225,000 | 2,801,689 | ||
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036 | 20,000 | 20,456 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 1,045,000 | 1,142,597 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 485,000 | 530,864 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 1,405,000 | 1,539,723 | ||
Broward County, FL, Airport System Rev., 5%, 10/01/2042 | 1,085,000 | 1,297,144 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038 | 3,000,000 | 3,741,610 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039 | 4,500,000 | 5,599,329 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044 | 3,500,000 | 4,307,777 | ||
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028 | 100,000 | 106,908 | ||
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 625,000 | 680,918 | ||
Capital Trust Agency, FL, Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029 | 7,525,000 | 7,552,309 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035 (a)(d)(z) | 100,000 | 68,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z) | $ | 835,000 | $ 567,800 | |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 1,265,000 | 860,200 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 180,000 | 122,400 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 | 1,350,000 | 1,546,085 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 | 1,420,000 | 1,620,193 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036 | 585,000 | 680,684 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 | 2,270,000 | 2,557,761 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030 | 105,000 | 117,669 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040 | 155,000 | 186,125 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055 | 485,000 | 571,106 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 3%, 7/01/2031 (n)(w) | 100,000 | 101,606 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)(w) | 645,000 | 670,840 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 4%, 9/15/2030 (n) | 220,000 | 237,876 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2040 (n) | 500,000 | 556,971 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “C”, 5%, 9/15/2050 (n) | 985,000 | 1,084,231 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035 | 150,000 | 163,150 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045 | 280,000 | 297,482 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 395,000 | 416,641 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | $ | 305,000 | $ 329,811 | |
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 1,180,000 | 1,263,704 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n) | 395,000 | 462,581 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n) | 320,000 | 371,527 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 8,395,000 | 9,558,299 | ||
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “B-1”, 2.375%, 6/01/2027 (n) | 400,000 | 396,327 | ||
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “B-2”, 1.75%, 6/01/2026 (n) | 375,000 | 373,663 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031 | 935,000 | 1,155,996 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2032 | 755,000 | 927,776 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033 | 550,000 | 672,669 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034 | 1,070,000 | 1,299,826 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2035 | 595,000 | 719,876 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036 | 815,000 | 983,389 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037 | 1,140,000 | 1,265,792 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038 | 1,575,000 | 1,743,973 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039 | 1,880,000 | 2,075,961 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044 | 2,040,000 | 2,223,357 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 550,000 | 644,396 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 680,000 | 797,406 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | $ | 1,230,000 | $ 1,436,383 | |
Florida Housing Finance Corp., Homeowner Mortgage Rev. (Special Program), “B”, 3%, 7/01/2045 | 685,000 | 698,373 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, 4%, 7/01/2049 (u) | 4,120,000 | 4,456,872 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052 | 7,000,000 | 7,595,253 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052 | 8,285,000 | 9,041,028 | ||
Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035 | 3,250,000 | 3,672,878 | ||
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 570,000 | 663,726 | ||
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034 | 1,935,000 | 2,212,760 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025 | 130,000 | 135,736 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 120,000 | 128,106 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 185,000 | 195,650 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 605,000 | 673,384 | ||
Lee County, FL, Airport Rev., “A”, 5%, 10/01/2025 | 3,180,000 | 3,718,615 | ||
Lee County, FL, Airport Rev., “A”, 5%, 10/01/2026 | 9,340,000 | 11,220,118 | ||
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), 5%, 11/15/2039 | 2,000,000 | 2,207,282 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2030 | 240,000 | 312,935 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2031 | 995,000 | 1,291,392 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2032 | 420,000 | 541,728 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 5%, 10/01/2033 | 1,300,000 | 1,671,056 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2034 | 760,000 | 903,981 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2035 | 760,000 | 900,968 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2036 | 945,000 | 1,117,017 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2037 | $ | 945,000 | $ 1,113,578 | |
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2038 | 1,065,000 | 1,251,818 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2039 | 795,000 | 931,987 | ||
Miami-Dade County, FL, Aviation Refunding Rev., “A”, 4%, 10/01/2041 | 710,000 | 828,188 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6.125%, 8/01/2042 | 595,000 | 597,251 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Cabana Club Apartments), 1.4%, 4/01/2023 (Put Date 4/01/2022) | 2,155,000 | 2,156,336 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Platform 3750), GNMA, 0.25%, 8/01/2024 (Put Date 8/01/2023) | 3,870,000 | 3,871,758 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045 | 6,205,000 | 7,159,432 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 280,000 | 291,535 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037 | 135,000 | 139,613 | ||
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | 230,000 | 237,859 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 5,785,000 | 6,707,026 | ||
Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034 | 495,000 | 603,938 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044 | 750,000 | 927,247 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 1,040,000 | 1,278,094 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2035 | 550,000 | 375,397 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036 | 660,000 | 432,941 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 250,000 | 157,624 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038 | $ | 770,000 | $ 466,774 | |
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039 | 920,000 | 535,973 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040 | 985,000 | 550,350 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041 | 1,095,000 | 586,959 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 880,000 | 452,263 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049 | 9,785,000 | 11,108,301 | ||
Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042 | 890,000 | 1,079,260 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049 | 430,000 | 452,890 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion), “B-2”, 2.625%, 6/01/2025 | 3,390,000 | 3,461,927 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039 | 685,000 | 787,950 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 885,000 | 1,021,270 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 200,000 | 217,452 | ||
St. John's County, FL, Industrial Development Authority Rev. (Bayview Project), “A”, 5.2%, 10/01/2027 (a)(d) | 125,000 | 87,500 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027 | 105,000 | 117,570 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028 | 100,000 | 112,841 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029 | 105,000 | 118,707 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030 | 95,000 | 106,749 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031 | 100,000 | 111,871 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036 | $ | 475,000 | $ 525,835 | |
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041 | 360,000 | 394,587 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046 | 360,000 | 392,417 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 345,000 | 374,206 | ||
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d) | 52,264 | 31,358 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 245,000 | 268,014 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 225,000 | 245,819 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 485,000 | 530,650 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 1,455,000 | 1,590,864 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034 | 1,430,000 | 1,011,781 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035 | 785,000 | 533,039 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036 | 1,210,000 | 786,875 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2037 | 570,000 | 354,332 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038 | 785,000 | 465,713 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039 | 785,000 | 444,181 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040 | 1,070,000 | 577,038 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041 | $ | 475,000 | $ 244,454 | |
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042 | 475,000 | 233,066 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2038 | 310,000 | 360,266 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2039 | 310,000 | 359,338 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2040 | 475,000 | 594,162 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045 | 1,665,000 | 1,893,507 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 3,380,000 | 4,151,864 | ||
$194,035,952 | ||||
Georgia - 3.0% | ||||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2035 | $ | 7,450,000 | $ 8,620,773 | |
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2037 | 4,000,000 | 4,602,468 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 5,000,000 | 5,727,039 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2040 | 2,250,000 | 2,572,098 | ||
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2025 | 1,415,000 | 1,431,537 | ||
Atlanta, GA, Airport Rev., “B”, 5%, 1/01/2026 | 800,000 | 809,350 | ||
Atlanta, GA, Airport Rev., “B”, 5%, 7/01/2044 | 9,800,000 | 12,075,144 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | 1,320,000 | 1,458,134 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n) | 1,155,000 | 1,391,022 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 3,295,000 | 3,860,224 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 855,000 | 970,218 | ||
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 2.25%, 10/01/2032 (Put Date 5/25/2023) | 5,115,000 | 5,267,351 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 1.5%, 1/01/2040 (Put Date 2/03/2025) | $ | 5,045,000 | $ 5,180,724 | |
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | 650,000 | 723,656 | ||
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | 1,140,000 | 1,260,827 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2031 | 300,000 | 387,484 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2032 | 335,000 | 399,915 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2033 | 190,000 | 226,084 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2034 | 345,000 | 409,156 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2036 | 310,000 | 365,394 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2037 | 325,000 | 411,867 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2038 | 335,000 | 423,543 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | 300,000 | 350,324 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 205,000 | 258,007 | ||
Coweta County, GA, Development Authority Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2044 | 9,425,000 | 11,628,427 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028 | 5,285,000 | 5,304,996 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029 | 1,415,000 | 1,420,354 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030 | 4,345,000 | 4,361,440 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041 | 3,910,000 | 3,924,734 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 3,395,000 | 3,839,722 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047 | 1,815,000 | 1,939,226 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044 | 325,000 | 336,214 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 3/15/2022 | $ | 4,545,000 | $ 4,636,547 | |
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 845,000 | 1,024,697 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 1,740,000 | 2,200,325 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 1,865,000 | 2,234,082 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “B”, FLR, 0.805% (67% of LIBOR - 1mo. + 0.75%), 4/01/2048 (Put Date 9/01/2023) | 10,315,000 | 10,381,911 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031 | 5,760,000 | 7,233,247 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 6,390,000 | 7,041,717 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026) | 20,295,000 | 23,162,000 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | 1,940,000 | 2,319,789 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | 1,945,000 | 2,325,767 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046 | 1,200,000 | 1,366,083 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046 | 750,000 | 853,802 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062 | 4,105,000 | 4,983,206 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062 | 2,700,000 | 3,277,626 | ||
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026 | 3,065,000 | 3,229,366 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035 | 305,000 | 358,524 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036 | 335,000 | 392,544 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037 | 230,000 | 268,692 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 4,000,000 | 4,689,978 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2045 | $ | 5,000,000 | $ 5,858,995 | |
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025) | 4,215,000 | 4,927,905 | ||
Monroe County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Scherer Project), “A”, 1.5%, 1/01/2039 (Put Date 2/03/2025) | 3,750,000 | 3,852,138 | ||
$188,556,393 | ||||
Guam - 0.2% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2029 (w) | $ | 370,000 | $ 455,825 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 (w) | 275,000 | 343,658 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 (w) | 370,000 | 471,457 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2036 (w) | 1,570,000 | 1,810,830 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 (w) | 2,125,000 | 2,373,622 | ||
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036 | 545,000 | 551,496 | ||
Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036 | 860,000 | 885,296 | ||
Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | 975,000 | 1,011,758 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 6,060,000 | 7,304,335 | ||
$15,208,277 | ||||
Hawaii - 0.2% | ||||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2033 | $ | 475,000 | $ 563,361 | |
Hawaii Harbor System Rev., “A”, 4%, 7/01/2034 | 415,000 | 489,787 | ||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2035 | 295,000 | 347,411 | ||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | 30,000 | 35,214 | ||
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021) | 1,380,000 | 1,390,567 | ||
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021) | 850,000 | 856,577 | ||
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2030 (Prerefunded 1/01/2022) | 3,695,000 | 3,738,641 | ||
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2031 | 1,380,000 | 1,395,734 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Hawaii - continued | ||||
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2032 | $ | 920,000 | $ 930,376 | |
$9,747,668 | ||||
Idaho - 0.1% | ||||
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038 | $ | 1,650,000 | $ 1,967,435 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039 | 1,645,000 | 1,955,901 | ||
$3,923,336 | ||||
Illinois - 9.7% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | $ | 9,190,000 | $ 9,772,671 | |
Chicago, IL, Board of Education, 5%, 12/01/2042 | 4,045,000 | 4,200,702 | ||
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 6,805,000 | 7,257,715 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2022 | 1,405,000 | 1,395,687 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2023 | 1,205,000 | 1,186,763 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 9,895,000 | 8,801,558 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029 | 3,290,000 | 2,846,239 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030 | 1,430,000 | 1,201,213 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2022 | 3,410,000 | 3,387,397 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2023 | 14,590,000 | 14,369,191 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026 | 3,405,000 | 3,184,211 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 3,895,000 | 3,464,585 | ||
Chicago, IL, Board of Education, “A”, 5.5%, 12/01/2039 | 105,000 | 105,749 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 270,000 | 318,895 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 220,000 | 265,984 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036 | 1,010,000 | 1,186,986 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037 | 1,005,000 | 1,179,090 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042 | $ | 1,785,000 | $ 2,083,137 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 2,495,000 | 2,897,758 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 15,110,000 | 18,351,065 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | 2,505,000 | 2,946,856 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | 970,000 | 1,172,395 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | 2,455,000 | 3,039,991 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 1,165,000 | 1,474,493 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 775,000 | 996,816 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 580,000 | 759,133 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 1,550,000 | 2,064,764 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 2,760,000 | 3,387,492 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 5,300,000 | 6,461,643 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 4,540,000 | 5,503,361 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | 310,000 | 387,340 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2030 | 200,000 | 248,371 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2031 | 200,000 | 247,478 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2032 | 200,000 | 246,819 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2033 | 180,000 | 221,514 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2034 | $ | 175,000 | $ 214,809 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 130,000 | 159,318 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 1,205,000 | 1,438,972 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 3,245,000 | 3,863,072 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 3,675,000 | 4,318,664 | ||
Chicago, IL, Capital Appreciation “A”, NPFG, 0%, 1/01/2027 | 1,490,000 | 1,382,360 | ||
Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026 | 9,690,000 | 9,192,842 | ||
Chicago, IL, City Colleges of Chicago Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027 | 1,820,000 | 1,688,520 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 745,000 | 842,875 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 3,885,000 | 4,524,060 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 2,660,000 | 3,177,572 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 605,000 | 738,323 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028 | 6,375,000 | 6,961,218 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 7,090,000 | 8,819,691 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | 625,000 | 783,672 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036 | 1,110,000 | 1,191,528 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 1,820,000 | 2,186,757 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 350,000 | 419,765 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 4,500,000 | 5,352,713 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 6,995,000 | 8,512,539 | ||
Chicago, IL, General Obligation, “A”, AGM, 5.25%, 1/01/2031 | 1,000,000 | 1,082,849 | ||
Chicago, IL, General Obligation, “C”, 5%, 1/01/2024 | 2,240,000 | 2,263,753 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 935,000 | 1,055,381 | ||
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 300,000 | 363,986 | ||
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2029 | 9,145,000 | 9,215,296 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031 | 1,525,000 | 1,676,872 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 745,000 | 901,449 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 1,850,000 | 2,185,392 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | $ | 5,900,000 | $ 6,921,363 | |
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 945,000 | 1,001,476 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 470,000 | 497,785 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 1,890,000 | 2,005,134 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 3,315,000 | 3,992,061 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “B”, 5%, 1/01/2030 | 2,735,000 | 3,117,162 | ||
Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2027 | 1,135,000 | 1,389,416 | ||
Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2028 | 1,200,000 | 1,503,762 | ||
Chicago, IL, Transit Authority Rev. (Section 5307 Urbanized Area Formula Funds), 5%, 6/01/2029 | 900,000 | 1,151,881 | ||
Chicago, IL, Transit Authority Rev. (Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2027 | 600,000 | 734,493 | ||
Chicago, IL, Transit Authority Rev. (Section 5337 State of Good Repair Formula Funds), 5%, 6/01/2028 | 1,200,000 | 1,503,762 | ||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029 (Prerefunded 12/01/2021) | 1,755,000 | 1,769,275 | ||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 (Prerefunded 12/01/2021) | 655,000 | 660,328 | ||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2040 (Prerefunded 12/01/2021) | 4,685,000 | 4,723,107 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 1,840,000 | 2,258,134 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2055 | 1,695,000 | 2,051,451 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 9,665,000 | 11,166,732 | ||
Cook County, IL, General Obligation Refunding, “A”, 5%, 11/15/2031 | 1,705,000 | 2,231,990 | ||
Cook County, IL, General Obligation Refunding, “A”, 5%, 11/15/2032 | 1,120,000 | 1,461,372 | ||
Cook County, IL, General Obligation Refunding, “A”, 5%, 11/15/2033 | 1,100,000 | 1,429,228 | ||
Cook County, IL, General Obligation Refunding, “C”, AGM, 5%, 11/15/2025 | 3,000,000 | 3,155,003 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2030 | 840,000 | 1,096,200 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2031 | $ | 1,050,000 | $ 1,387,187 | |
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2032 | 615,000 | 809,212 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2035 | 780,000 | 1,002,895 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2036 | 660,000 | 843,899 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2037 | 805,000 | 1,023,065 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2038 | 1,095,000 | 1,383,958 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2039 | 1,400,000 | 1,630,214 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2040 | 1,285,000 | 1,490,597 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041 | 1,015,000 | 1,176,860 | ||
DuPage County, IL, Carol Stream Park District, “C”, BAM, 4%, 11/01/2027 | 200,000 | 232,308 | ||
DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032 | 1,250,000 | 1,364,188 | ||
Illinois Finance Authority Rev. (Advocate Health Care Network), “A-1”, 4%, 11/01/2030 | 4,410,000 | 4,956,841 | ||
Illinois Finance Authority Rev. (Advocate Health Care Network), “A-2”, 4%, 11/01/2030 | 4,410,000 | 4,956,216 | ||
Illinois Finance Authority Rev. (Carle Foundation), “A”, 5%, 8/15/2032 | 2,960,000 | 3,925,323 | ||
Illinois Finance Authority Rev. (Carle Foundation), “B”, 5%, 8/15/2053 (Put Date 8/15/2031) | 4,800,000 | 6,383,568 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 2,310,000 | 2,727,121 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 2,315,000 | 2,727,931 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 275,000 | 294,455 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | 1,905,000 | 1,982,184 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 190,000 | 204,587 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | 1,310,000 | 1,364,449 | ||
Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n) | 3,205,000 | 3,439,196 | ||
Illinois Finance Authority Rev. (McKinley Foundation), “B”, 7%, 11/01/2037 (n) | 990,000 | 1,121,188 | ||
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046 | 9,235,000 | 10,743,755 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 1,035,000 | 1,238,209 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 1,535,000 | 1,827,377 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | $ | 6,315,000 | $ 6,749,949 | |
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 510,000 | 589,521 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 1,040,000 | 1,194,021 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 820,000 | 942,074 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 795,000 | 912,149 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047 | 10,000,000 | 11,725,936 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | 140,000 | 165,036 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2028 | 2,045,000 | 2,603,358 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2031 | 4,000,000 | 5,376,394 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2044 | 420,000 | 511,712 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2049 | 525,000 | 635,901 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051 | 420,000 | 508,053 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 560,000 | 546,904 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 770,000 | 797,364 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2040 | 2,180,000 | 2,497,611 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2028 | 195,000 | 230,050 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 490,000 | 564,206 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | $ | 980,000 | $ 1,115,698 | |
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 490,000 | 556,988 | ||
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 2.45%, 10/01/2039 (Put Date 10/01/2029) | 7,000,000 | 7,430,799 | ||
Illinois Finance Authority, Water Facilities Refunding Rev. (American Water Capital Corp. Project), 0.7%, 5/01/2040 (Put Date 9/01/2023) | 1,850,000 | 1,850,717 | ||
Illinois Housing Development Authority Rev., “A”, 3.87%, 11/15/2035 (n) | 7,967,205 | 9,112,272 | ||
Illinois Housing Development Authority Rev., “A”, 4.5%, 10/01/2048 | 5,700,000 | 6,368,102 | ||
Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051 | 3,680,000 | 3,993,062 | ||
Illinois Housing Development Authority Rev., “B”, 3.87%, 11/15/2035 (n) | 3,249,208 | 3,716,192 | ||
Illinois Housing Development Authority Rev., “B”, GNMA, 3%, 4/01/2051 | 17,745,000 | 19,318,014 | ||
Illinois Housing Development Authority Rev., “C”, 3.87%, 11/15/2035 (n) | 3,242,283 | 3,708,272 | ||
Illinois Housing Development Authority Rev., “D”, 3.87%, 11/15/2035 (n) | 2,958,577 | 3,383,791 | ||
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (n) | 2,036,058 | 2,328,686 | ||
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2029 | 120,000 | 147,731 | ||
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | 155,000 | 189,660 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 1,800,000 | 2,116,662 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 3,995,000 | 4,825,883 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 3,720,000 | 4,602,335 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 755,000 | 954,489 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 1,750,000 | 2,252,455 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 1,635,000 | 2,057,073 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | $ | 2,185,000 | $ 2,747,127 | |
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 1,050,000 | 1,223,440 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 615,000 | 714,830 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 1,050,000 | 1,223,128 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 1,770,000 | 1,953,697 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028 | 815,000 | 1,007,312 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 1,020,000 | 1,285,056 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030 | 610,000 | 759,047 | ||
Illinois Toll Highway Authority Rev., “A”, 5%, 12/01/2022 | 5,000,000 | 5,278,431 | ||
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2033 | 250,000 | 290,250 | ||
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036 | 250,000 | 288,443 | ||
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039 | 820,000 | 939,709 | ||
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2035 | 1,875,000 | 2,107,084 | ||
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2040 | 1,210,000 | 1,347,377 | ||
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2045 | 1,515,000 | 1,669,747 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028 | 765,000 | 899,098 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029 | 785,000 | 922,604 | ||
Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | 2,400,000 | 2,280,575 | ||
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, BAM, 5%, 6/15/2042 | 4,550,000 | 4,699,466 | ||
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056 | 5,110,000 | 1,872,461 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029 | $ | 5,725,000 | $ 6,761,911 | |
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2039 | 405,000 | 473,729 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2041 | 395,000 | 459,622 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2043 | 240,000 | 277,798 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2036 | 620,000 | 721,742 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2038 | 700,000 | 810,537 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2040 | 665,000 | 766,439 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2041 | 315,000 | 362,100 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 1,690,000 | 1,851,288 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 1,390,000 | 1,528,197 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 1,130,000 | 1,198,391 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 1,125,000 | 1,187,398 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2028 | 750,000 | 876,038 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2029 | 400,000 | 471,852 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031 | 950,000 | 1,138,642 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2034 | 900,000 | 1,058,769 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036 | 650,000 | 760,751 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038 | 1,000,000 | 1,163,547 | ||
State of Illinois, 5%, 2/01/2025 | 2,600,000 | 2,968,167 | ||
State of Illinois, 5%, 1/01/2028 | 425,000 | 429,746 | ||
State of Illinois, 5%, 5/01/2028 | 870,000 | 958,375 | ||
State of Illinois, 5.25%, 7/01/2028 | 2,530,000 | 2,719,231 | ||
State of Illinois, 5%, 11/01/2028 | 2,005,000 | 2,371,439 | ||
State of Illinois, 5%, 2/01/2029 | 2,180,000 | 2,574,272 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
State of Illinois, 4.125%, 11/01/2031 | $ | 1,720,000 | $ 1,928,806 | |
State of Illinois, 4.5%, 11/01/2039 | 1,895,000 | 2,139,087 | ||
State of Illinois, AGM, 5%, 4/01/2024 | 5,000,000 | 5,351,831 | ||
State of Illinois, AGM, 5%, 2/01/2027 | 1,465,000 | 1,611,835 | ||
State of Illinois, AGM, 4%, 2/01/2030 | 720,000 | 818,269 | ||
State of Illinois, NPFG, 6%, 11/01/2026 | 7,230,000 | 8,629,186 | ||
State of Illinois, “A”, 5%, 11/01/2027 | 9,820,000 | 11,962,934 | ||
State of Illinois, “A”, 5%, 11/01/2028 | 13,010,000 | 16,075,388 | ||
State of Illinois, “A”, 5%, 4/01/2036 | 1,705,000 | 1,791,323 | ||
State of Illinois, “A”, 5%, 12/01/2024 | 425,000 | 482,626 | ||
State of Illinois, “P“, ETM, 6.5%, 6/15/2022 | 700,000 | 730,385 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 1,660,000 | 2,098,842 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 1,545,000 | 1,955,388 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2024 | 2,000,000 | 2,213,137 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2025 | 2,500,000 | 2,861,419 | ||
State of Illinois, General Obligation, ”A“, 5%, 3/01/2026 | 2,500,000 | 2,944,719 | ||
State of Illinois, General Obligation, ”B“, 5%, 3/01/2024 | 3,500,000 | 3,872,989 | ||
State of Illinois, General Obligation, ”B“, 5%, 3/01/2025 | 4,000,000 | 4,578,270 | ||
State of Illinois, General Obligation, ”B“, 5%, 3/01/2026 | 3,250,000 | 3,828,134 | ||
State of Illinois, General Obligation, ”C“, 4%, 3/01/2024 | 6,185,000 | 6,696,339 | ||
State of Illinois, General Obligation, ”C“, 4%, 3/01/2025 | 1,500,000 | 1,666,420 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2032 | 2,210,000 | 2,638,243 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2035 | 2,950,000 | 3,489,808 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2036 | 1,510,000 | 1,779,824 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2038 | 1,930,000 | 2,262,752 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2039 | 1,705,000 | 1,993,929 | ||
University of Illinois, Auxiliary Facilities System Rev., ”A“, BAM, 4%, 4/01/2044 | 1,000,000 | 1,154,081 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2029 | 675,000 | 797,242 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2030 | 850,000 | 995,121 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2032 | 1,180,000 | 1,363,105 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2034 | $ | 1,755,000 | $ 1,997,622 | |
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), ”B“, BAM, 4%, 12/01/2036 | 2,000,000 | 2,269,296 | ||
$606,143,541 | ||||
Indiana - 1.3% | ||||
Indiana Finance Authority Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), ”B“, 0.95%, 12/01/2038 (Put Date 4/01/2026) | $ | 2,870,000 | $ 2,827,389 | |
Indiana Finance Authority Rev. (BHI Senior Living), ”A“, 6%, 11/15/2041 (Prerefunded 11/15/2023) | 2,840,000 | 3,184,064 | ||
Indiana Finance Authority Rev. (Marquette Project), ”A“, 5%, 3/01/2030 | 530,000 | 587,671 | ||
Indiana Finance Authority Rev. (Marquette Project), ”A“, 5%, 3/01/2039 | 1,340,000 | 1,469,003 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), ”A“, 5%, 7/01/2035 | 2,190,000 | 2,348,165 | ||
Indiana Finance Authority Rev. (State Revolving Fund Program), ”A“, 5%, 2/01/2029 (Prerefunded 2/01/2022) | 4,000,000 | 4,063,402 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2027 | 185,000 | 223,517 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2028 | 200,000 | 246,861 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2029 | 350,000 | 440,362 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2032 | 405,000 | 513,580 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2033 | 225,000 | 264,777 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2034 | 235,000 | 275,612 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028 | 255,000 | 312,628 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033 | 170,000 | 216,830 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 5,955,000 | 7,035,280 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”A“, GNMA, 4%, 7/01/2048 | 2,605,000 | 2,831,741 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Indiana - continued | ||||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”A“, GNMA, 3%, 7/01/2051 | $ | 1,395,000 | $ 1,511,803 | |
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”B“, 3%, 7/01/2050 | 2,905,000 | 3,155,486 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., ”B-1“, GNMA, 3.25%, 7/01/2049 | 2,430,000 | 2,617,861 | ||
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), ”D“, 5%, 1/01/2027 | 11,000,000 | 13,312,881 | ||
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), ”I“, 5%, 1/01/2028 | 1,995,000 | 2,266,862 | ||
Indianapolis, IN, Local Public Improvement, ”A“, 5%, 6/01/2027 | 7,000,000 | 8,569,087 | ||
Indianapolis, IN, Water System First Lien Refunding Rev., ”A“, 5%, 10/01/2037 | 5,250,000 | 6,505,237 | ||
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), ”A“, 5%, 4/01/2042 | 1,170,000 | 1,189,819 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 625,000 | 766,237 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 455,000 | 555,825 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 565,000 | 685,524 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 1,700,000 | 2,046,133 | ||
Mount Vernon, IN, Environmental Improvement Rev. (Southern Indiana Gas and Electric Co. Project), 0.875%, 9/01/2055 (Put Date 9/01/2023) | 3,965,000 | 3,965,409 | ||
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026 | 1,000,000 | 1,254,863 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 330,000 | 368,118 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 755,000 | 849,037 | ||
Warrick County, IN, Environmental Improvement Rev. (Southern Indiana Gas And Electric Co.), 0.875%, 9/01/2055 (Put Date 9/01/2023) | 2,510,000 | 2,510,259 | ||
$78,971,323 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - 0.6% | ||||
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”A“, 5.25%, 2/15/2044 (Prerefunded 2/15/2023) | $ | 3,000,000 | $ 3,206,237 | |
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2030 | 1,200,000 | 1,328,656 | ||
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2031 | 2,230,000 | 2,467,970 | ||
Iowa Finance Authority Health Facilities Rev. (UnityPoint Health), ”C“, 5%, 2/15/2032 | 1,085,000 | 1,200,241 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2033 | 775,000 | 843,237 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2038 | 615,000 | 666,868 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), ”A“, 5%, 3/01/2048 | 1,125,000 | 1,213,237 | ||
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, FNMA, 4%, 7/01/2047 | 830,000 | 900,200 | ||
Iowa Finance Authority, Single Family Mortgage Rev., ”A“, GNMA, 3%, 1/01/2047 | 4,165,000 | 4,515,580 | ||
Iowa Finance Authority, Single Family Mortgage Rev., ”B“, 3%, 7/01/2051 | 9,545,000 | 10,382,823 | ||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | 1,965,000 | 2,068,108 | ||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 5,865,000 | 6,022,616 | ||
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, ”B-2“, 0%, 6/01/2065 | 13,205,000 | 2,443,819 | ||
$37,259,592 | ||||
Kansas - 0.7% | ||||
Coffeyville, KS, Electric Utility System Rev., ”B“, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 3,800,000 | $ 4,372,751 | |
Coffeyville, KS, Electric Utility System Rev., ”B“, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 1,500,000 | 1,726,086 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 1,295,000 | 1,482,536 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 680,000 | 772,322 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2032 | 125,000 | 145,424 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033 | 520,000 | 604,149 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2034 | 585,000 | 678,751 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2039 | 3,000,000 | 3,458,147 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032 | $ | 1,030,000 | $ 1,064,613 | |
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033 | 1,085,000 | 1,123,273 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034 | 1,145,000 | 1,184,997 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036 | 1,260,000 | 1,301,800 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038 | 1,395,000 | 1,439,246 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044 | 1,510,000 | 1,545,915 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049 | 2,160,000 | 2,206,380 | ||
Sedgwick County, KS, Unified School District No. 266 General Obligation, ”A“, 4%, 9/01/2031 | 1,145,000 | 1,332,382 | ||
Sedgwick County, KS, Unified School District No. 266 General Obligation, ”A“, 4%, 9/01/2032 | 855,000 | 992,578 | ||
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), ”A“, 5%, 9/01/2048 | 13,460,000 | 16,350,847 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2033 | 145,000 | 157,714 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2038 | 175,000 | 189,088 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 4.625%, 5/15/2041 | 145,000 | 153,761 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), ”I“, 5%, 5/15/2047 | 720,000 | 770,791 | ||
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | 1,040,000 | 1,057,172 | ||
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 480,000 | 502,454 | ||
$44,613,177 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - 1.6% | ||||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 810,000 | $ 998,344 | |
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 800,000 | 983,510 | ||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 910,000 | 1,115,830 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2037 | 590,000 | 704,086 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2041 | 4,235,000 | 5,016,765 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), ”B“, 5%, 8/15/2046 | 2,685,000 | 3,177,865 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2037 | 2,530,000 | 2,954,958 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2041 | 1,655,000 | 1,926,000 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5.25%, 6/01/2041 | 1,290,000 | 1,513,905 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), ”A“, 5%, 6/01/2045 | 2,070,000 | 2,399,339 | ||
Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), ”A“, AGM, 5%, 12/01/2045 | 3,390,000 | 4,123,103 | ||
Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), ”A“, AGM, 5%, 12/01/2047 | 1,895,000 | 1,985,869 | ||
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, ”B-1“, 5%, 6/01/2036 | 6,475,000 | 7,360,309 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2033 | 125,000 | 149,779 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2035 | 130,000 | 154,875 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2036 | 75,000 | 89,088 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2038 | 155,000 | 182,983 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2041 | 120,000 | 140,477 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2046 | 210,000 | 242,805 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051 | 250,000 | 287,712 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - continued | ||||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056 | $ | 250,000 | $ 287,712 | |
Kentucky Turnpike Authority, Economic Development Road Rev. (Revitalization Projects), ”A“, 5%, 7/01/2032 | 2,000,000 | 2,164,988 | ||
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 0.7%, 6/01/2040 (Put Date 9/01/2023) | 1,650,000 | 1,649,703 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., ”B“, 4%, 1/01/2049 (Put Date 1/01/2025) | 3,215,000 | 3,540,911 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., ”C“, 4%, 2/01/2050 (Put Date 2/01/2028) | 6,935,000 | 8,111,556 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., ”C-1“, 4%, 12/01/2049 (Put Date 6/01/2025) | 31,565,000 | 35,154,265 | ||
Trimble, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), ”A“, 1.3%, 9/01/2044 (Put Date 9/01/2027) | 12,500,000 | 12,474,064 | ||
$98,890,801 | ||||
Louisiana - 1.7% | ||||
East Baton Rouge, LA, Sewerage Commission Multi-Modal Rev., ”A“, 1.3%, 2/01/2041 (Put Date 2/01/2028) | $ | 9,430,000 | $ 9,562,441 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), ”A“, 5.625%, 6/01/2045 | 4,825,000 | 5,043,966 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2043 | 590,000 | 702,830 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048 | 2,555,000 | 3,042,929 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), ”A“, 6%, 11/15/2035 | 580,000 | 633,920 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), ”A“, 6.25%, 11/15/2045 | 2,240,000 | 2,436,405 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2029 (n) | 480,000 | 515,902 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2039 (n) | $ | 1,200,000 | $ 1,271,764 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), ”A“, 5%, 7/01/2054 (n) | 1,925,000 | 2,001,238 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2027 | 5,020,000 | 5,084,324 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2033 (Put Date 12/01/2023) | 4,075,000 | 4,127,215 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), ”A“, 1.65%, 9/01/2034 (Put Date 12/01/2023) | 3,140,000 | 3,180,234 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2034 | 565,000 | 719,746 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2035 | 1,475,000 | 1,873,876 | ||
Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), ”A“, 5%, 4/01/2045 | 4,910,000 | 6,085,132 | ||
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 5,465,000 | 5,936,577 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.375%, 1/01/2040 (n) | 4,035,000 | 4,634,649 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.5%, 1/01/2050 (n) | 2,765,000 | 3,153,547 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), ”A-1“, 5.1%, 1/01/2057 (n) | 9,290,000 | 10,261,693 | ||
Louisiana Stadium & Exposition District Rev., 5%, 7/03/2023 | 5,850,000 | 6,177,500 | ||
Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2023 | 1,325,000 | 1,432,080 | ||
Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2024 | 1,270,000 | 1,370,086 | ||
Louisiana Stadium & Exposition District Rev., ”A“, 5%, 7/01/2025 | 1,000,000 | 1,077,897 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), ”A“, AGM, 5%, 10/01/2043 | $ | 745,000 | $ 898,449 | |
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), ”A“, AGM, 5%, 10/01/2048 | 1,210,000 | 1,441,363 | ||
New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2032 | 2,575,000 | 3,387,787 | ||
New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2033 | 5,815,000 | 7,601,415 | ||
New Orleans, LA, Regional Transit Authority Sale Tax Refunding Rev., ”A“, AGM, 5%, 1/01/2034 | 5,315,000 | 6,912,871 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 800,000 | 946,152 | ||
Shreveport, LA, Water & Sewer Rev., ”B“, AGM, 4%, 12/01/2044 | 1,000,000 | 1,122,354 | ||
Shreveport, LA, Water & Sewer Rev., ”B“, AGM, 4%, 12/01/2049 | 1,250,000 | 1,392,689 | ||
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 2,000,000 | 2,046,180 | ||
$106,075,211 | ||||
Maine - 0.4% | ||||
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), ”R-2“, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 1,140,000 | $ 1,265,864 | |
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), ”R-3“, 5.25%, 1/01/2025 (n) | 570,000 | 641,231 | ||
Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2028 | 500,000 | 613,682 | ||
Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2029 | 500,000 | 621,148 | ||
Maine Finance Authority, Student Loan Rev., ”A-1“, AGM, 5%, 12/01/2030 | 500,000 | 628,148 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2036 | 1,475,000 | 1,736,566 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2037 | 1,200,000 | 1,408,554 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2038 | 1,250,000 | 1,463,630 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2039 | 1,550,000 | 1,810,221 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maine - continued | ||||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2040 | $ | 2,200,000 | $ 2,563,724 | |
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2045 | 3,015,000 | 3,464,884 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), ”A“, 4%, 7/01/2050 | 5,375,000 | 6,120,509 | ||
Maine Housing Authority Mortgage, ”C“, 4%, 11/15/2050 | 3,365,000 | 3,740,770 | ||
Maine Housing Authority Mortgage, ”C-1“, 3.5%, 11/15/2044 | 1,365,000 | 1,416,061 | ||
$27,494,992 | ||||
Maryland - 1.8% | ||||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 1,430,000 | $ 1,515,821 | |
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026 | 480,000 | 513,792 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2029 | 540,000 | 580,588 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033 | 1,075,000 | 1,148,629 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2035 | 830,000 | 883,661 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 1,355,000 | 1,428,673 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 2,180,000 | 2,290,397 | ||
Baltimore, MD, Project Rev. (Water Projects), ”A“, 4%, 7/01/2039 | 1,500,000 | 1,752,119 | ||
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038 | 1,565,000 | 1,764,878 | ||
Baltimore, MD, Subordinate Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 5%, 7/01/2041 | 5,000,000 | 6,010,064 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 380,000 | 435,126 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 420,000 | 494,284 | ||
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n) | 970,000 | 1,146,537 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.125%, 2/15/2034 (n) | 150,000 | 157,981 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.375%, 2/15/2039 (n) | 155,000 | 163,717 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n) | 1,105,000 | 1,161,663 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, 4.5%, 9/01/2048 (u) | 8,035,000 | 9,028,631 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 4.5%, 9/01/2048 (u) | 6,525,000 | 7,289,801 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”C“, 4%, 9/01/2044 | $ | 1,355,000 | $ 1,430,992 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, 3%, 9/01/2051 | 8,235,000 | 8,932,794 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”B“, 3%, 9/01/2051 | 8,735,000 | 9,524,781 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2026 | 300,000 | 360,226 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2027 | 455,000 | 560,336 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 5%, 9/01/2028 | 355,000 | 446,487 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 3.25%, 9/01/2050 | 10,215,000 | 11,135,949 | ||
Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2040 | 350,000 | 409,264 | ||
Maryland Department of Transportation Special Project Rev., ”B“, 4%, 8/01/2041 | 1,400,000 | 1,632,201 | ||
Maryland Department of Transportation Special Project Rev., ”B“, 5%, 8/01/2046 | 5,580,000 | 6,994,138 | ||
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2030 | 180,000 | 219,812 | ||
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2032 | 125,000 | 151,279 | ||
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2035 | 225,000 | 270,410 | ||
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | 695,000 | 806,665 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n) | 235,000 | 260,477 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n) | 830,000 | 946,645 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2038 | 180,000 | 174,240 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2048 | $ | 550,000 | $ 504,323 | |
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), ”C“, 4%, 6/01/2058 | 1,610,000 | 1,429,176 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 (w) | 730,000 | 930,306 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), ”A“, 5.5%, 1/01/2036 | 5,090,000 | 6,112,969 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2033 | 1,745,000 | 1,992,903 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034 | 1,090,000 | 1,240,748 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2038 | 4,845,000 | 5,452,682 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025 | 6,425,000 | 7,384,273 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.125%, 7/01/2039 (n) | 555,000 | 617,520 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 545,000 | 605,711 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), ”A-1“, 5%, 11/01/2037 | 185,000 | 201,196 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042 | 315,000 | 340,918 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2047 | 330,000 | 356,032 | ||
State of Maryland, ”B“, 4%, 8/01/2027 | 2,570,000 | 2,651,979 | ||
$111,843,794 | ||||
Massachusetts - 3.0% | ||||
Commonwealth of Massachusetts Transportation Fund Rev. (Accelerated Bridge Program), ”A“, 5%, 6/01/2023 | $ | 2,645,000 | $ 2,855,636 | |
Commonwealth of Massachusetts Transportation Fund Rev., ”A“, 5%, 6/01/2043 | 9,290,000 | 11,412,757 | ||
Commonwealth of Massachusetts, ”A“, AAC, 5.5%, 8/01/2030 | 5,000,000 | 6,812,737 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”H“, 5%, 12/01/2026 | 10,000,000 | 12,217,923 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-2“, 5%, 7/01/2041 | 6,500,000 | 8,188,890 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-2“, 5%, 7/01/2042 | 2,250,000 | 2,829,459 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts College Building Authority Project Rev., ”A“, 5%, 5/01/2031 (Prerefunded 5/01/2023) | $ | 2,395,000 | $ 2,575,683 | |
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 5%, 6/01/2039 | 945,000 | 1,150,170 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), ”2018 I-2“, 5%, 7/01/2053 | 8,670,000 | 10,379,433 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2031 | 1,130,000 | 1,422,870 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health), ”K“, 5%, 7/01/2032 | 1,145,000 | 1,437,247 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-1“, 5%, 7/01/2048 | 3,000,000 | 3,594,088 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2029 | 1,550,000 | 1,731,337 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2030 | 3,225,000 | 3,588,065 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031 | 895,000 | 992,597 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042 | 250,000 | 289,987 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043 | 3,515,000 | 4,057,628 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 790,000 | 864,405 | ||
Massachusetts Development Finance Agency Rev. (Lahey Health System Obligated Group), ”F“, 5%, 8/15/2030 | 1,000,000 | 1,155,274 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043 | 460,000 | 487,213 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 110,000 | 119,648 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 1,530,000 | 1,660,796 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 2,960,000 | 3,209,916 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | 275,000 | 309,765 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 435,000 | 491,787 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 5%, 7/01/2032 | 1,275,000 | 1,571,032 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | $ | 305,000 | $ 328,527 | |
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 605,000 | 711,202 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 710,000 | 831,870 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2036 | 1,440,000 | 1,686,497 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038 | 1,300,000 | 1,534,168 | ||
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), ”C“, AGM, 5%, 10/01/2032 | 850,000 | 1,101,316 | ||
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), ”C“, AGM, 5%, 10/01/2033 | 525,000 | 677,902 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044 | 2,240,000 | 2,497,914 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044 | 935,000 | 1,117,176 | ||
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology Issue), 5%, 10/01/2046 | 1,145,000 | 1,309,307 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 3%, 7/01/2035 | 3,395,000 | 3,491,825 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037 | 440,000 | 436,015 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 2.625%, 7/01/2036 | 1,455,000 | 1,494,495 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046 | 6,960,000 | 7,371,903 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047 | 9,170,000 | 9,584,802 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 4.7%, 7/01/2026 | 615,000 | 616,142 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 4.9%, 7/01/2028 | 635,000 | 636,248 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 (u) | 7,335,000 | 7,483,352 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 | 2,500,000 | 2,550,563 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 5.25%, 7/01/2029 | 1,385,000 | 1,426,830 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”K“, 3.625%, 7/01/2032 | 4,975,000 | 5,102,547 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051 | $ | 1,850,000 | $ 1,834,532 | |
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”221“, 3%, 12/01/2050 | 3,900,000 | 4,243,212 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 470,000 | 486,602 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2037 | 3,915,000 | 4,832,861 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038 | 4,915,000 | 6,054,175 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2039 | 7,975,000 | 9,801,140 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2035 | 500,000 | 624,768 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2036 | 1,000,000 | 1,245,924 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2037 | 1,435,000 | 1,783,173 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2038 | 180,000 | 223,188 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029 | 4,215,000 | 5,579,593 | ||
University of Massachusetts Building Authority Rev., ”2017-3“, 5%, 11/01/2036 | 8,895,000 | 10,958,442 | ||
$185,064,554 | ||||
Michigan - 1.8% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), ”A“, AGM, 5%, 7/01/2043 | $ | 1,565,000 | $ 1,737,989 | |
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., ”A“, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 5,920,000 | 6,144,608 | ||
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2036 | 505,000 | 619,251 | ||
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2038 | 460,000 | 561,739 | ||
Downriver, MI, Utility Wastewater Authority, Sewer System Rev., AGM, 5%, 4/01/2043 | 815,000 | 978,742 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., ”B“, BAM, 5%, 7/01/2046 | 5,745,000 | 6,720,621 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., ”D“, 5%, 7/01/2036 | 3,155,000 | 3,748,373 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., ”D“, AGM, 5%, 7/01/2034 | 3,710,000 | 4,422,970 | ||
Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2031 (w) | 355,000 | 389,610 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2043 (w) | $ | 805,000 | $ 857,834 | |
Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2045 | 140,000 | 153,636 | ||
Michigan Building Authority Rev., ”I“, 4%, 10/15/2049 | 2,800,000 | 3,237,516 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), ”F“, 3.875%, 10/01/2023 | 685,000 | 716,758 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), ”F“, 4%, 10/01/2024 | 860,000 | 920,319 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), ”D-1“, 1.2%, 10/15/2030 (Put Date 4/13/2028) | 2,545,000 | 2,543,852 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), ”D-2“, 1.2%, 10/15/2038 (Put Date 4/13/2028) | 3,195,000 | 3,193,559 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030 | 1,000,000 | 1,221,182 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031 | 2,000,000 | 2,441,350 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035 (Prerefunded 12/01/2021) | 3,195,000 | 3,219,724 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 3,690,000 | 4,507,245 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), ”2“, 4%, 12/01/2036 | 5,265,000 | 6,193,223 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C“, 5%, 7/01/2033 | 800,000 | 923,507 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C“, 5%, 7/01/2034 | 1,790,000 | 2,063,481 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C“, 5%, 7/01/2035 | 1,155,000 | 1,331,002 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), ”C-7“, NPFG, 5%, 7/01/2032 | 580,000 | 649,317 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), ”C-1“, 5%, 7/01/2044 (Prerefunded 7/01/2022) | 450,000 | 466,240 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), ”D-2“, 5%, 7/01/2034 | $ | 800,000 | $ 922,226 | |
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), ”D-6“, NPFG, 5%, 7/01/2036 | 485,000 | 541,273 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2035 | 240,000 | 268,404 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), ”D-1“, AGM, 5%, 7/01/2037 | 570,000 | 636,300 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), ”B-1“, 5%, 6/01/2049 | 1,205,000 | 1,423,144 | ||
Michigan Housing Development Authority, ”A“, 4%, 6/01/2046 | 710,000 | 744,367 | ||
Michigan Strategic Fund Ltd. Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048 | 5,000,000 | 5,924,780 | ||
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026) | 1,685,000 | 1,870,571 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, 5%, 12/01/2044 | 1,000,000 | 1,133,568 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”B“, BAM, 5%, 12/01/2039 | 610,000 | 692,503 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2039 | 470,000 | 530,414 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”C“, 5%, 12/01/2044 | 1,020,000 | 1,151,110 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), ”D“, AGM, 5%, 12/01/2040 | 7,105,000 | 8,299,514 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “A”, 5%, 12/01/2046 | 3,810,000 | 4,873,026 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2046 | 1,225,000 | 1,544,896 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | 2,490,000 | 3,105,997 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | 2,580,000 | 3,211,662 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2030 | 980,000 | 1,289,280 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2031 | $ | 1,200,000 | $ 1,569,561 | |
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2032 | 1,850,000 | 2,409,158 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034 | 3,500,000 | 4,515,262 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036 | 1,000,000 | 1,274,314 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037 | 1,100,000 | 1,397,697 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | 290,000 | 367,612 | ||
$109,660,287 | ||||
Minnesota - 1.1% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2031 | $ | 1,020,000 | $ 1,115,462 | |
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2036 | 980,000 | 1,060,693 | ||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), ”A“, 4%, 7/01/2041 | 700,000 | 752,850 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 4.25%, 2/15/2043 | 2,275,000 | 2,584,320 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 5%, 2/15/2043 | 2,550,000 | 3,044,243 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 4.25%, 2/15/2048 | 2,280,000 | 2,574,820 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), ”A“, 5%, 2/15/2048 | 2,015,000 | 2,391,641 | ||
Duluth, MN, Independent School District No. 709, ”A“, COP, 5%, 2/01/2025 | 240,000 | 272,919 | ||
Duluth, MN, Independent School District No. 709, ”A“, COP, 4%, 3/01/2032 | 1,145,000 | 1,208,777 | ||
Duluth, MN, Independent School District No. 709, ”A“, COP, 4.2%, 3/01/2034 | 305,000 | 323,296 | ||
Duluth, MN, Independent School District No. 709, ”B“, COP, 5%, 2/01/2026 | 765,000 | 894,650 | ||
Duluth, MN, Independent School District No. 709, ”B“, COP, 5%, 2/01/2028 | 225,000 | 275,964 | ||
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., ”C“, 5%, 1/01/2041 | 2,500,000 | 2,971,273 | ||
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., ”C“, 5%, 1/01/2046 | 3,000,000 | 3,566,055 | ||
Minnesota Housing Finance Agency, Residential Housing, ”A“, 4%, 1/01/2041 | 515,000 | 537,488 | ||
Minnesota Housing Finance Agency, Residential Housing, ”A“, 4.25%, 7/01/2049 (u) | 17,505,000 | 19,431,963 | ||
Minnesota Housing Finance Agency, Residential Housing, ”B“, GNMA, 3%, 7/01/2051 | 7,075,000 | 7,681,093 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Minnesota - continued | ||||
Minnesota Housing Finance Agency, Residential Housing, ”D“, 3%, 1/01/2052 | $ | 7,215,000 | $ 7,851,803 | |
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037 (u) | 3,600,000 | 3,786,144 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 3,160,000 | 3,227,419 | ||
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), ”A“, 5.5%, 7/01/2052 (n) | 240,000 | 267,798 | ||
University of Minnesota, ”A“, 5%, 12/01/2025 (Prerefunded 12/01/2021) | 710,000 | 715,494 | ||
$66,536,165 | ||||
Mississippi - 0.9% | ||||
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev. (Weyerhaeuser Co.), 6.8%, 4/01/2022 | $ | 1,750,000 | $ 1,802,158 | |
Mississippi Development Bank Special Obligation (Harrison County Coliseum), ”A“, 5.25%, 1/01/2034 | 2,455,000 | 3,293,142 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025 | 400,000 | 465,722 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026 | 1,000,000 | 1,195,429 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 495,000 | 556,275 | ||
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 4,000,000 | 4,899,377 | ||
Mississippi Home Corp., Single Family Mortgage Rev., ”A“, 4%, 12/01/2044 | 1,455,000 | 1,591,709 | ||
Mississippi Home Corp., Single Family Mortgage Rev., ”A“, GNMA, 3%, 12/01/2050 | 1,635,000 | 1,772,678 | ||
Mississippi Home Corp., Single Family Mortgage Rev., ”B“, GNMA, 3%, 6/01/2051 | 3,900,000 | 4,247,609 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2022 | 1,445,000 | 1,503,130 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2023 | 3,560,000 | 3,853,242 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), ”A“, 5%, 9/01/2046 | 1,905,000 | 2,206,859 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2036 | 845,000 | 965,322 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Mississippi - continued | ||||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2037 | $ | 760,000 | $ 865,748 | |
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2039 | 760,000 | 861,620 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), ”A“, 4%, 1/01/2040 | 425,000 | 480,829 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2033 | 350,000 | 436,204 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2035 | 1,200,000 | 1,486,601 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), ”IV“, 5%, 10/01/2039 | 850,000 | 1,042,702 | ||
Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1,250,000 | 1,364,932 | ||
State of Mississippi, ”B“, 5%, 12/01/2025 | 585,000 | 692,830 | ||
State of Mississippi, ”B“, 5%, 12/01/2032 | 2,500,000 | 3,027,549 | ||
State of Mississippi, ”B“, 5%, 12/01/2033 | 2,500,000 | 3,021,161 | ||
State of Mississippi, ”B“, 5%, 12/01/2034 | 5,000,000 | 6,033,466 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), ”A“, 5%, 3/01/2028 | 1,080,000 | 1,231,320 | ||
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 5,750,000 | 7,181,664 | ||
$56,079,278 | ||||
Missouri - 1.6% | ||||
Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 1.625%, 10/01/2033 | $ | 685,000 | $ 685,705 | |
Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 2%, 10/01/2039 | 850,000 | 854,377 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), ”B“, AGM, 5%, 3/01/2055 | 5,675,000 | 6,823,247 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 14,865,000 | 17,935,317 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), ”B“, 5%, 2/01/2040 (n) | $ | 160,000 | $ 162,712 | |
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), ”B“, 5%, 2/01/2050 (n) | 275,000 | 278,250 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036 | 1,200,000 | 1,371,855 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037 | 380,000 | 432,695 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041 | 480,000 | 539,990 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 1,360,000 | 1,503,289 | ||
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023) | 730,000 | 799,460 | ||
Missouri Health & Educational Facilities Authority Rev. (BJC Health System), ”C“, 5%, 5/01/2052 (Put Date 5/01/2028) | 11,820,000 | 14,716,613 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), ”A“, 5%, 6/01/2030 | 5,000,000 | 6,277,211 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), ”A“, 5%, 6/01/2031 | 3,165,000 | 3,954,723 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2044 | 2,300,000 | 2,612,367 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2049 | 5,000,000 | 5,647,366 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), ”A“, 4%, 2/15/2054 | 4,550,000 | 5,132,657 | ||
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), ”A“, 5%, 6/01/2031 | 2,615,000 | 2,917,158 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, 3.75%, 5/01/2038 | 465,000 | 490,914 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, FHLMC, 3%, 5/01/2052 | 6,250,000 | 6,785,636 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”A“, FNMA, 4.25%, 5/01/2049 | 4,615,000 | 5,073,145 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), ”B“, FNMA, 4.75%, 5/01/2049 | 2,460,000 | 2,748,528 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 | $ | 320,000 | $ 322,795 | |
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 | 220,000 | 219,706 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5%, 8/15/2030 | 140,000 | 151,468 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5%, 8/15/2035 | 95,000 | 101,916 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), ”A“, 5.125%, 8/15/2045 | 260,000 | 275,231 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 3.875%, 11/15/2029 | 200,000 | 198,577 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 4.375%, 11/15/2035 | 735,000 | 738,675 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), ”A“, 4.75%, 11/15/2047 | 2,290,000 | 2,320,611 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2040 | 840,000 | 1,049,981 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 3,610,000 | 4,443,580 | ||
$97,565,755 | ||||
Montana - 0.2% | ||||
Montana Board of Housing Single Family Mortgage, ”B“, 4%, 12/01/2050 | $ | 4,585,000 | $ 5,114,723 | |
Montana Board of Housing Single Family Mortgage, ”B“, 3%, 12/01/2051 | 1,200,000 | 1,308,738 | ||
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), ”A“, 4%, 6/01/2049 | 825,000 | 891,155 | ||
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), ”A-2“, 3%, 12/01/2043 | 590,000 | 606,056 | ||
Montana Board of Investments, 0.15%, 3/01/2042 (Put Date 3/01/2022) | 3,000,000 | 2,998,605 | ||
$10,919,277 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Nebraska - 0.3% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), ”A“, 5%, 9/01/2034 | $ | 850,000 | $ 1,146,484 | |
Nebraska Investment Finance Authority, Single Family Housing Rev., ”A“, 4%, 9/01/2044 | 745,000 | 786,983 | ||
Nebraska Investment Finance Authority, Single Family Housing Rev., ”A“, GNMA, 3%, 9/01/2045 | 3,765,000 | 4,086,352 | ||
Nebraska Investment Finance Authority, Single Family Housing Rev., ”C“, 4%, 9/01/2048 (u) | 3,775,000 | 4,136,101 | ||
Nebraska Public Power District Rev., ”A“, 5%, 1/01/2027 (w) | 485,000 | 590,704 | ||
Nebraska Public Power District Rev., ”A“, 5%, 1/01/2030 (w) | 570,000 | 740,208 | ||
Nebraska Public Power District Rev., ”A“, 5%, 1/01/2031 (w) | 1,455,000 | 1,923,749 | ||
Nebraska Public Power District Rev., ”A“, 5%, 1/01/2032 (w) | 1,550,000 | 2,030,989 | ||
Nebraska Public Power District Rev., ”A“, 5%, 1/01/2033 (w) | 500,000 | 651,966 | ||
Nebraska Public Power District Rev., ”B“, 5%, 1/01/2029 (w) | 1,015,000 | 1,292,576 | ||
Nebraska Public Power District Rev., ”B“, 5%, 1/01/2030 (w) | 970,000 | 1,259,653 | ||
Nebraska Public Power District Rev., ”B“, 5%, 1/01/2031 (w) | 750,000 | 991,623 | ||
Nebraska Public Power District Rev., ”B“, 5%, 1/01/2032 (w) | 800,000 | 1,048,253 | ||
Nebraska Public Power District Rev., ”B“, 5%, 1/01/2033 (w) | 785,000 | 1,023,586 | ||
$21,709,227 | ||||
Nevada - 0.4% | ||||
Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2037 | $ | 900,000 | $ 1,062,021 | |
Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2039 | 1,975,000 | 2,318,853 | ||
Clark County, NV, School District General Obligation, ”A“, AGM, 4%, 6/15/2040 | 130,000 | 152,300 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 4.5%, 12/15/2029 (n) | 140,000 | 154,020 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2035 (n) | 630,000 | 698,731 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2038 (n) | 705,000 | 778,341 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5.125%, 12/15/2045 (n) | 760,000 | 832,323 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), ”A“, 5%, 12/15/2048 (n) | 2,745,000 | 2,989,281 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Nevada - continued | ||||
Nevada Housing Division, Single Family Mortgage Rev., ”A“, GNMA, 3%, 4/01/2051 | $ | 3,210,000 | $ 3,494,655 | |
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 5%, 6/01/2033 | 90,000 | 108,276 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 5%, 6/01/2038 | 115,000 | 136,708 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 4%, 6/01/2048 | 460,000 | 504,626 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), ”B“, AGM, 4.125%, 6/01/2058 | 570,000 | 628,668 | ||
Sparks, NV, Tourism Improvement District No. 1 Rev. (Legends at Sparks Marina), ”A“, 2.5%, 6/15/2024 (n) | 525,000 | 533,223 | ||
Washoe County, NV, Water Facilities Rev. (Sierra Pacific Power Projects), ”F“, 2.05%, 3/01/2036 (Put Date 4/15/2022) | 10,250,000 | 10,340,763 | ||
$24,732,789 | ||||
New Hampshire - 0.3% | ||||
National Finance Authority, New Hampshire, Municipal Certificates, ”A“, 4.125%, 1/20/2034 | $ | 8,720,842 | $ 10,369,680 | |
National Finance Authority, New Hampshire, Resource Recovery Refunding Rev., ”A“, 3.625%, 7/01/2043 (Put Date 7/02/2040) (n) | 1,695,000 | 1,785,631 | ||
National Finance Authority, New Hampshire, Resource Recovery Refunding Rev., ”B“, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n) | 2,910,000 | 3,077,534 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 1,600,000 | 1,892,944 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 1,595,000 | 1,879,537 | ||
New Hampshire National Finance Authority, Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041 | 1,050,000 | 1,144,014 | ||
$20,149,340 | ||||
New Jersey - 6.1% | ||||
Atlantic City, NJ, Board of Education, 4%, 4/01/2029 | $ | 200,000 | $ 233,607 | |
Atlantic City, NJ, Board of Education, 4%, 4/01/2030 | 165,000 | 190,217 | ||
Atlantic City, NJ, Board of Education, 4%, 4/01/2031 | 160,000 | 182,960 | ||
Atlantic City, NJ, Board of Education, 4%, 4/01/2032 | 285,000 | 324,789 | ||
Atlantic City, NJ, Board of Education, 4%, 4/01/2034 | 280,000 | 317,020 | ||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 5%, 7/01/2033 | 155,000 | 203,820 | ||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 5%, 7/01/2035 | 155,000 | 202,609 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2038 | $ | 255,000 | $ 303,880 | |
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2039 | 215,000 | 255,487 | ||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), ”A“, AGM, 4%, 7/01/2040 | 310,000 | 367,492 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2032 | 4,925,000 | 5,893,106 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2037 | 4,400,000 | 5,212,533 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”A“, BAM, 5%, 3/01/2042 | 600,000 | 705,000 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”B“, AGM, 5%, 3/01/2032 | 1,665,000 | 1,992,289 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), ”B“, AGM, 5%, 3/01/2037 | 1,670,000 | 1,978,393 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 355,000 | 421,371 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2029 | 555,000 | 612,010 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2030 | 850,000 | 934,550 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031 | 555,000 | 609,158 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032 | 555,000 | 608,407 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 470,000 | 523,212 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 470,000 | 516,862 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 1,415,000 | 1,561,783 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039 | 870,000 | 959,165 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 435,000 | 479,068 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2037 | $ | 1,970,000 | $ 2,335,794 | |
New Jersey Economic Development Authority Rev. (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project), AGM, 5%, 6/01/2042 | 2,190,000 | 2,590,162 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2030 | 1,095,000 | 1,151,729 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), ”A“, 5%, 1/01/2035 | 1,570,000 | 1,640,025 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 1,115,000 | 1,437,636 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 590,000 | 759,366 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 1,030,000 | 1,211,225 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 995,000 | 1,165,437 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 1,260,000 | 1,470,840 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2034 | 610,000 | 729,210 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2035 | 510,000 | 608,777 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”DDD“, 5%, 6/15/2042 | 2,855,000 | 3,389,545 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), ”NN“, 5%, 3/01/2027 | 4,135,000 | 4,399,422 | ||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 3.125%, 7/01/2029 | 850,000 | 864,491 | ||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 3.125%, 7/01/2031 (u) | 8,400,000 | 9,094,712 | ||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, 5%, 7/01/2033 | 485,000 | 575,100 | ||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, BAM, 5%, 7/01/2027 | 1,105,000 | 1,365,709 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., ”A“, BAM, 5%, 7/01/2028 | $ | 9,240,000 | $ 11,324,150 | |
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029 | 3,650,000 | 3,804,217 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), ”A“, 5.625%, 11/15/2030 | 4,050,000 | 4,467,606 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), ”C“, 5%, 6/15/2042 | 3,385,000 | 4,071,785 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), ”E“, 0.85%, 12/01/2025 | 1,965,000 | 1,958,284 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (Middlesex Water Co.), 5%, 8/01/2059 | 1,595,000 | 1,890,100 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), ”A“, AGM, 5%, 7/01/2046 | 5,485,000 | 6,264,833 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2031 | 2,105,000 | 2,546,403 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032 | 2,100,000 | 2,536,644 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2033 | 1,775,000 | 2,139,349 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2034 | 1,785,000 | 2,146,311 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2035 | 1,575,000 | 1,890,573 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2036 | 1,835,000 | 2,198,906 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037 | 3,040,000 | 3,634,481 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.25%, 12/01/2039 | 5,690,000 | 6,035,315 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028 | 400,000 | 495,826 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029 | $ | 550,000 | $ 691,336 | |
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028 | 1,450,000 | 1,797,371 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029 | 1,415,000 | 1,778,618 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 7,865,000 | 8,365,231 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040 | 2,145,000 | 2,187,326 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 885,000 | 891,688 | ||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”C“, 4.75%, 10/01/2050 (u) | 8,420,000 | 9,503,026 | ||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”E“, 3.5%, 4/01/2051 (u) | 10,830,000 | 11,963,684 | ||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., ”H“, 3%, 10/01/2052 | 10,660,000 | 11,728,843 | ||
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2032 | 3,000,000 | 3,690,250 | ||
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2033 | 3,000,000 | 3,679,690 | ||
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2034 | 3,000,000 | 3,669,754 | ||
New Jersey Tobacco Settlement Financing Corp., ”A“, 5%, 6/01/2035 | 2,950,000 | 3,602,359 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2038 (w) | 1,680,000 | 1,931,415 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2039 (w) | 3,430,000 | 3,930,914 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2040 (w) | 3,240,000 | 3,703,752 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2041 (w) | 2,825,000 | 3,221,166 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 4%, 6/15/2042 (w) | 2,820,000 | 3,204,636 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2029 (w) | 3,385,000 | 4,158,187 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2030 (w) | 3,070,000 | 3,830,941 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2031 (w) | 4,855,000 | 6,152,765 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2032 (w) | $ | 3,385,000 | $ 4,369,680 | |
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2033 (w) | 4,480,000 | 5,741,659 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2034 (w) | 4,235,000 | 5,397,699 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 | 1,065,000 | 1,364,021 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2035 (w) | 4,090,000 | 5,182,768 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 | 1,420,000 | 1,812,725 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2036 (w) | 4,235,000 | 5,338,170 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 | 1,420,000 | 1,807,075 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2037 (w) | 2,115,000 | 2,653,821 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 4%, 6/15/2038 | 1,420,000 | 1,657,613 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2038 | 1,520,000 | 1,929,416 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2039 | 1,420,000 | 1,797,727 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2040 | 1,065,000 | 1,343,457 | ||
New Jersey Transportation Trust Fund Authority, ”AA“, 5%, 6/15/2045 | 2,895,000 | 3,604,631 | ||
New Jersey Transportation Trust Fund Authority, ”B“, AAC, 5.5%, 9/01/2026 | 3,525,000 | 4,330,368 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A“, 5%, 6/15/2029 | 3,420,000 | 4,033,493 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A“, 5%, 6/15/2031 | 2,275,000 | 2,667,973 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., ”A-1“, 5%, 6/15/2027 | 3,985,000 | 4,738,705 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”A“, 5.25%, 12/15/2021 | 2,520,000 | 2,545,055 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, ”B“, NPFG, 5.5%, 12/15/2021 | 5,000,000 | 5,052,175 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”A“, 0%, 12/15/2037 | 25,000,000 | 16,748,378 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2028 | $ | 12,120,000 | $ 10,793,439 | |
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2035 | 3,725,000 | 2,704,274 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AAC, 0%, 12/15/2036 | 9,720,000 | 6,837,190 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AGM, 0%, 12/15/2029 | 15,690,000 | 13,714,767 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, AGM, 0%, 12/15/2032 | 3,345,000 | 2,689,940 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2027 | 6,900,000 | 6,302,471 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, ”C“, NPFG, 0%, 12/15/2031 | 5,000,000 | 4,084,685 | ||
New Jersey Turnpike Authority, Turnpike Rev., ”A“, 4%, 1/01/2042 | 2,340,000 | 2,748,529 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2032 | 196,000 | 258,653 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2033 | 239,000 | 314,002 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2034 | 377,000 | 455,282 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2036 | 368,000 | 440,723 | ||
Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2024 | 750,000 | 843,647 | ||
Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2026 | 925,000 | 1,101,224 | ||
Newark, NJ, General Obligation Refunding, ”A“, AGM, 5%, 10/01/2028 | 570,000 | 707,337 | ||
Newark, NJ, General Obligation Refunding, ”B“, AGM, 5%, 10/01/2023 | 1,000,000 | 1,085,452 | ||
Newark, NJ, General Obligation Refunding, ”B“, AGM, 5%, 10/01/2025 | 500,000 | 579,545 | ||
South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2031 | 1,290,000 | 1,641,436 | ||
South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2032 | 2,530,000 | 3,209,772 | ||
South Jersey, NJ, Transportation Authority System Rev., ”A“, AGM, 5%, 11/01/2033 | 725,000 | 916,931 | ||
State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2023 | 2,965,000 | 3,145,924 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
State of New Jersey, COVID-19 General Obligation, ”A“, 5%, 6/01/2024 | $ | 1,480,000 | $ 1,659,791 | |
State of New Jersey, COVID-19 General Obligation, ”A“, 5%, 6/01/2027 | 8,510,000 | 10,438,635 | ||
State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2030 | 5,930,000 | 7,227,735 | ||
State of New Jersey, COVID-19 General Obligation, ”A“, 4%, 6/01/2031 | 1,855,000 | 2,279,208 | ||
$381,762,904 | ||||
New Mexico - 0.2% | ||||
Albuquerque, NM, Bernalillo County Water Utility Authority (Joint Water and Sewer System Improvement Rev.), 5%, 7/01/2033 | $ | 2,300,000 | $ 2,791,935 | |
Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), ”A“, 0.875%, 6/01/2040 (Put Date 10/01/2026) (w) | 1,565,000 | 1,549,083 | ||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | 520,000 | 592,860 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”A-1“, FNMA, 4%, 1/01/2049 | 1,255,000 | 1,380,499 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”C“, FNMA, 4%, 1/01/2049 | 2,570,000 | 2,819,264 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, ”I“, 3%, 1/01/2052 | 3,700,000 | 4,033,723 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2034 | 270,000 | 306,969 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2039 | 205,000 | 231,619 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2044 | 215,000 | 241,407 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), ”A“, 5%, 5/15/2049 | 565,000 | 632,554 | ||
$14,579,913 | ||||
New York - 7.0% | ||||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2031 | $ | 925,000 | $ 1,187,901 | |
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2032 | 1,000,000 | 1,279,438 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2033 | 1,050,000 | 1,339,173 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034 | 1,000,000 | 1,174,704 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2035 | $ | 2,000,000 | $ 2,145,961 | |
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036 | 1,800,000 | 1,924,178 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037 | 1,500,000 | 1,598,662 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038 | 1,250,000 | 1,451,628 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039 | 1,350,000 | 1,563,819 | ||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 6,925,000 | 7,806,673 | ||
Hudson Yards, NY, Infrastructure Corp. Rev., ”A“, Unrefunded Balance, 5.75%, 2/15/2047 | 1,280,000 | 1,285,392 | ||
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), ”A“, 4%, 11/01/2032 | 480,000 | 520,049 | ||
New York Dormitory Authority Rev. (Cornell University), ”D“, 5%, 7/01/2035 | 590,000 | 847,852 | ||
New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2032 | 520,000 | 661,874 | ||
New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2036 | 1,115,000 | 1,403,996 | ||
New York Dormitory Authority Rev. (Rochester Institute of Technology), ”A“, 5%, 7/01/2040 | 1,265,000 | 1,578,551 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 5%, 7/01/2027 | 175,000 | 214,331 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 5%, 7/01/2028 | 165,000 | 206,538 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2029 | 425,000 | 510,698 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2030 | 850,000 | 1,033,097 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2031 | 1,000,000 | 1,228,978 | ||
New York Dormitory Authority Rev. (St. John's University), ”A“, 4%, 7/01/2032 | 1,100,000 | 1,345,472 | ||
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n) | 100,000 | 119,519 | ||
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 200,000 | 238,231 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Dormitory Authority Rev., State Personal Income Tax, ”A“, 5%, 12/15/2025 | $ | 5,000,000 | $ 5,287,030 | |
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) | 580,000 | 607,884 | ||
New York Environmental Facilities Corp., State Revolving Funds Rev., ”C“, 5%, 5/15/2041 | 2,745,000 | 2,754,724 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 16,940,000 | 18,547,094 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”2“, 5.375%, 11/15/2040 (n) | 3,190,000 | 3,554,315 | ||
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2031 | 2,300,000 | 2,312,802 | ||
New York Mortgage Agency Homeowner Mortgage Rev., ”213“, 3%, 4/01/2050 (u) | 28,575,000 | 31,375,064 | ||
New York State Thruway Authority, Personal Income Rev., ”A-1“, 4%, 3/15/2046 | 22,975,000 | 26,553,767 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | 1,490,000 | 1,493,023 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 700,000 | 748,777 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 765,000 | 766,526 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.25%, 8/01/2031 | 1,535,000 | 1,820,600 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 2,400,000 | 3,016,874 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 8,135,000 | 9,771,559 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 2,330,000 | 2,795,020 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2035 | 5,585,000 | 6,970,330 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | $ | 1,315,000 | $ 1,474,544 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 2,305,000 | 2,847,983 | ||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026 | 1,160,000 | 1,187,253 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2030 | 355,000 | 451,449 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2034 | 640,000 | 805,968 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2035 | 315,000 | 393,811 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2036 | 45,000 | 56,380 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 5%, 12/01/2037 | 510,000 | 637,520 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2038 | 210,000 | 238,558 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”A“, 4%, 12/01/2039 | 505,000 | 572,144 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2029 | 570,000 | 720,453 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2030 | 475,000 | 609,138 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2031 | 520,000 | 662,375 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2033 | 1,515,000 | 1,922,677 |
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), ”C“, 5%, 12/01/2034 | $ | 1,395,000 | $ 1,760,772 | |
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2035 | 520,000 | 653,070 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2036 | 945,000 | 1,187,591 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2037 | 1,135,000 | 1,422,031 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), ”C“, 5%, 12/01/2038 | 270,000 | 337,438 | ||
New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), ”C“, 4%, 3/15/2042 | 10,000,000 | 11,579,279 | ||
New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), ”C“, 4%, 3/15/2049 | 10,200,000 | 11,671,800 | ||
New York Urban Development Corp., State Personal Income Tax Rev., ”A“, 4%, 3/15/2039 | 6,000,000 | 7,007,639 | ||
New York Urban Development Corp., State Personal Income Tax Rev., ”C“, 5%, 3/15/2034 | 1,455,000 | 1,777,733 | ||
New York, NY, ”B-1“, 5%, 12/01/2041 | 3,500,000 | 4,205,248 | ||
New York, NY, General Obligation, ”F-1“, 5%, 3/01/2037 | 4,500,000 | 5,755,226 | ||
New York, NY, General Obligation, ”F-1“, 5%, 3/01/2039 | 4,500,000 | 5,725,171 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”E“, 3.5%, 2/15/2048 | 2,053,767 | 2,077,470 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), ”F“, 4.5%, 2/15/2048 | 28,847,667 | 29,827,686 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev., ”I-2“, 0.7%, 11/01/2060 (Put Date 5/01/2025) | 7,315,000 | 7,328,977 | ||
New York, NY, Housing Finance Agency Affordable Housing Rev., ”L-2“, 0.75%, 11/01/2025 | 1,800,000 | 1,801,246 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), ”A“, AGM, 4%, 3/01/2045 | 890,000 | 1,021,998 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 2,495,000 | 2,566,573 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2046 | 7,000,000 | 8,274,663 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”CC-1“, 5%, 6/15/2048 | 5,150,000 | 6,174,080 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., ”DD“, 5%, 6/15/2031 | $ | 3,800,000 | $ 5,115,610 | |
New York, NY, Transitional Finance Authority Building Aid Rev., ”S-3“, 5%, 7/15/2043 | 1,025,000 | 1,258,695 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Rev., ”A-4“, 4%, 11/01/2038 | 3,285,000 | 3,863,113 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”A“, 4%, 11/01/2034 | 1,000,000 | 1,193,662 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”A“, 4%, 11/01/2035 | 1,000,000 | 1,189,538 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2035 | 1,165,000 | 1,507,427 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2036 | 815,000 | 1,049,378 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, ”E-1“, 5%, 2/01/2037 | 4,360,000 | 5,596,462 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2036 | 2,000,000 | 2,368,984 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2037 | 2,280,000 | 2,690,170 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2038 | 2,800,000 | 3,292,760 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2039 | 3,500,000 | 4,104,990 | ||
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), ”A“, 4%, 12/01/2035 | 245,000 | 292,213 | ||
New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 5%, 12/01/2031 | 330,000 | 431,082 | ||
New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 5%, 12/01/2032 | 1,090,000 | 1,415,932 | ||
New York, NY, Trust for Cultural Resources Refunding Rev. (Lincoln Center for the Performing Arts, Inc.), ”A“, 4%, 12/01/2034 | 910,000 | 1,089,263 | ||
Port Authority of NY & NJ (182nd Series), 5.31%, 8/01/2046 | 2,125,000 | 2,343,597 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2037 | 2,220,000 | 2,578,756 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2039 | 920,000 | 1,062,277 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2043 | 1,485,000 | 1,696,997 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | 1,430,000 | 1,639,308 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2050 | 3,570,000 | 4,073,263 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 11,455,000 | 13,021,543 | ||
Port Authority of NY & NJ (223th Series), 5%, 7/15/2033 | 900,000 | 1,165,384 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2034 | $ | 1,030,000 | $ 1,226,483 | |
Port Authority of NY & NJ (223th Series), 4%, 7/15/2035 | 1,050,000 | 1,245,363 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2036 | 645,000 | 761,677 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2037 | 1,405,000 | 1,649,586 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2038 | 2,805,000 | 3,284,392 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2039 | 1,870,000 | 2,183,393 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2040 | 820,000 | 955,123 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2030 | 860,000 | 1,118,808 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2032 | 570,000 | 747,184 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2033 | 680,000 | 884,399 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2034 | 1,120,000 | 1,448,972 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2035 | 1,035,000 | 1,335,279 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2036 | 1,080,000 | 1,388,039 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2037 | 1,520,000 | 1,947,124 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2038 | 2,995,000 | 3,826,286 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2039 | 2,220,000 | 2,828,193 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2040 | 2,170,000 | 2,757,890 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2041 | 1,775,000 | 2,249,258 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, ”B-1“, 4%, 6/01/2050 | 880,000 | 993,830 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2028 | 1,670,000 | 1,665,447 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2029 | 2,435,000 | 2,420,218 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2030 | 1,870,000 | 1,851,205 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2031 | 2,315,000 | 2,274,672 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2032 | 4,280,000 | 4,195,717 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2033 | 3,775,000 | 3,685,934 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2034 | 3,380,000 | 3,289,249 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2035 | 4,510,000 | 4,369,541 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), ”A“, 5%, 1/01/2036 | 1,470,000 | 1,419,050 | ||
Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2034 | 950,000 | 1,129,145 | ||
Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2035 | 480,000 | 569,656 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Tobacco Settlement Asset Securitization Corp., NY, ”A“, 5%, 6/01/2041 | $ | 2,710,000 | $ 3,139,689 | |
Triborough Bridge & Tunnel Authority Rev., NY, ”A“, 5%, 11/01/2025 | 12,095,000 | 14,286,482 | ||
Triborough Bridge & Tunnel Authority Rev., NY, ”A“, FLR, 0.414% (67% of SOFR + 0.38%), 1/01/2032 (Put Date 2/01/2024) | 2,535,000 | 2,536,213 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | 14,800,000 | 18,573,031 | ||
$438,054,980 | ||||
North Carolina - 1.5% | ||||
Durham, SC, Multi-Family Housing Authority Rev. (JJ Henderson Senior Apartment Project), 0.3%, 6/01/2024 (Put Date 6/01/2023) | $ | 1,905,000 | $ 1,901,604 | |
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2029 | 525,000 | 658,695 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2030 | 560,000 | 712,594 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 5%, 5/01/2031 | 1,000,000 | 1,291,644 | ||
North Carolina Capital Facilities Finance Agency, Education Facilities Refunding Rev. (High Point University), 4%, 5/01/2032 | 1,000,000 | 1,187,011 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., ”44“, 4%, 7/01/2050 | 1,595,000 | 1,776,186 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., ”46-A“, GNMA, 3%, 7/01/2051 | 14,900,000 | 16,192,211 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2029 | 275,000 | 310,469 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2036 | 790,000 | 874,471 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2041 | 465,000 | 508,901 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”A“, 4%, 3/01/2051 | 5,300,000 | 5,731,537 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), ”C“, 4%, 3/01/2036 (w) | 585,000 | 631,914 |
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), ”C“, 4%, 3/01/2042 (w) | $ | 220,000 | $ 233,254 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 170,000 | 181,394 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 260,000 | 278,236 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 285,000 | 303,295 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2040 | 915,000 | 1,108,183 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2045 | 875,000 | 1,048,592 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), ”A“, 5%, 10/01/2050 | 560,000 | 667,565 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), ”A“, 4%, 11/01/2052 | 6,130,000 | 7,043,483 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”A“, 5%, 9/01/2037 | 100,000 | 107,581 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”C“, 5%, 9/01/2041 | 370,000 | 398,365 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), ”C“, 5%, 9/01/2046 | 1,350,000 | 1,450,048 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2042 | 610,000 | 690,949 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2047 | 1,195,000 | 1,346,520 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2051 | 2,440,000 | 2,744,452 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., ”A“, 5%, 7/01/2054 | 975,000 | 1,095,254 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | 1,600,000 | 1,913,542 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | $ | 11,650,000 | $ 14,448,377 | |
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049 | 1,780,000 | 2,203,153 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2027 | 1,400,000 | 1,708,621 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2028 | 1,875,000 | 2,338,527 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2029 | 1,490,000 | 1,891,466 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2030 | 1,250,000 | 1,604,464 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2031 | 1,350,000 | 1,722,821 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2032 | 1,000,000 | 1,271,524 | ||
Raleigh-Durham, NC, Airport Authority Rev., ”A“, 5%, 5/01/2033 | 1,000,000 | 1,267,465 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 1,510,000 | 1,799,200 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031 | 1,250,000 | 1,388,784 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033 | 1,375,000 | 1,520,654 | ||
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 5,065,000 | 5,921,129 | ||
$91,474,135 | ||||
North Dakota - 0.7% | ||||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 4%, 7/01/2034 | $ | 260,000 | $ 270,546 | |
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 4%, 1/01/2051 (u) | 11,850,000 | 13,192,957 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”A“, 3%, 1/01/2052 | 9,510,000 | 10,345,676 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), ”D“, 4.25%, 1/01/2049 (u) | 5,765,000 | 6,313,424 | ||
North Dakota State Board of Higher Education, Housing and Auxiliary Facilities Rev. (University of North Dakota), ”A“, AGM, 4%, 4/01/2039 | 2,340,000 | 2,710,715 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2034 | 3,895,000 | 4,622,050 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Dakota - continued | ||||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2038 | $ | 3,620,000 | $ 4,258,893 | |
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2048 | 200,000 | 231,012 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), ”C“, 5%, 6/01/2053 | 1,485,000 | 1,707,162 | ||
$43,652,435 | ||||
Ohio - 2.8% | ||||
Akron, Bath, & Copley, OH, Joint Township Hospital District, Hospital Improvement Rev. (Children's Hospital Medical Center of Akron), 5%, 11/15/2038 | $ | 3,005,000 | $ 3,215,207 | |
American Municipal Power, Inc. Rev. (AMP Fremont Energy Center Project), ”B“, 5%, 2/15/2024 (Prerefunded 2/15/2022) | 1,500,000 | 1,526,341 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2031 | 1,800,000 | 2,301,314 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2034 | 900,000 | 1,136,510 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2035 | 450,000 | 566,606 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 5%, 6/01/2036 | 1,400,000 | 1,758,935 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2039 | 450,000 | 519,668 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 22,550,000 | 25,526,417 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, ”2“, 0%, 6/01/2057 | 62,655,000 | 10,028,528 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 4,065,000 | 4,568,969 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 10,245,000 | 12,081,181 | ||
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”A“, 4%, 12/01/2055 (n) | 840,000 | 879,276 | ||
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), ”B“, 4.5%, 12/01/2055 (n) | 480,000 | 508,196 | ||
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031 | 2,925,000 | 2,940,361 | ||
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), ”A“, 4%, 5/15/2047 | 4,140,000 | 4,647,571 | ||
Lancaster, PA, Port Authority Gas Supply Rev., ”A“, 5%, 8/01/2049 (Put Date 2/01/2025) | 5,250,000 | 5,983,546 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Lucas County, OH, Hospital Rev. (Promedica Healthcare), ”A“, 5.25%, 11/15/2048 | $ | 485,000 | $ 581,184 | |
Miami County, OH, Hospital Facilities Rev. (Kettering Health), ”A“, 5%, 8/01/2049 | 9,845,000 | 11,920,554 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2041 | 3,140,000 | 3,615,679 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), ”A“, 4%, 8/01/2047 | 1,740,000 | 1,964,504 | ||
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 345,000 | 408,881 | ||
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 5%, 11/15/2034 | 1,000,000 | 1,232,054 | ||
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), ”A“, 4%, 11/15/2038 | 4,380,000 | 4,969,365 | ||
Northeast Ohio Medical University, General Receipts, ”A“, 4%, 12/01/2035 | 140,000 | 160,711 | ||
Northeast Ohio Medical University, General Receipts, ”A“, 4%, 12/01/2045 | 105,000 | 117,084 | ||
Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”B“, 2.6%, 6/01/2041 (Put Date 10/01/2029) | 4,615,000 | 4,845,962 | ||
Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”C“, 2.1%, 12/01/2027 (Put Date 10/01/2024) | 8,400,000 | 8,703,939 | ||
Ohio Air Quality Development Authority, Air Quality Rev. (American Electric Power Co.), ”C“, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 3,925,000 | 4,066,932 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 8,840,000 | 9,832,728 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 250,000 | 285,576 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 330,000 | 381,831 | ||
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041 | 3,000,000 | 3,463,461 | ||
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2035 | 1,130,000 | 1,417,644 | ||
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2038 | 1,075,000 | 1,337,190 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2039 | $ | 1,135,000 | $ 1,408,282 | |
Ohio Higher Educational Facility Rev. (Kenyon College 2020 Project), 5%, 7/01/2042 | 1,950,000 | 2,397,972 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.5%, 9/01/2048 (u) | 3,665,000 | 4,074,488 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), ”A“, 4.5%, 9/01/2049 (u) | 7,445,000 | 8,306,029 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034 | 865,000 | 1,083,470 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036 | 635,000 | 732,405 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038 | 620,000 | 702,317 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040 | 590,000 | 665,057 | ||
Ohio State University, Special Purpose Rev., ”A“, 5%, 6/01/2038 (u) | 3,355,000 | 3,593,108 | ||
Ohio State University, Special Purpose Rev., ”A“, 5%, 6/01/2043 (u) | 8,150,000 | 8,728,414 | ||
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 7,740,000 | 8,771,665 | ||
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | 380,000 | 380,846 | ||
$178,337,958 | ||||
Oklahoma - 0.4% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 200,000 | $ 204,543 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 2,360,000 | 2,867,638 | ||
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 1,495,000 | 1,622,082 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2029 | 150,000 | 184,537 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2033 | 810,000 | 980,932 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5%, 8/15/2038 | 1,135,000 | 1,359,482 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2043 | 395,000 | 479,025 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oklahoma - continued | ||||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.25%, 8/15/2048 | $ | 1,140,000 | $ 1,374,021 | |
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.5%, 8/15/2052 | 9,880,000 | 12,042,820 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), ”B“, 5.5%, 8/15/2057 | 2,630,000 | 3,205,730 | ||
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), ”A“, 4.75%, 9/01/2048 | 2,200,000 | 2,472,762 | ||
Tulsa, OK, Airport Improvement Trust Rev., ”A“, 5%, 6/01/2045 | 755,000 | 835,891 | ||
$27,629,463 | ||||
Oregon - 1.0% | ||||
Clackamas County, OR, Hospital Facility Authority Senior Living Rev. (Rose Villa Project), ”B-2“, 2.75%, 11/15/2025 (n) | $ | 950,000 | $ 951,595 | |
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 8/01/2025 (Put Date 5/02/2022) | 1,275,000 | 1,277,024 | ||
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 7/01/2038 (Put Date 5/01/2022) | 1,730,000 | 1,750,652 | ||
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), ”A“, 5%, 8/15/2045 | 2,140,000 | 2,670,749 | ||
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), ”A“, 4%, 8/15/2050 | 1,510,000 | 1,731,242 | ||
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), ”A“, 5%, 8/15/2050 | 1,425,000 | 1,770,176 | ||
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), ”A“, AGM, 4%, 8/15/2045 | 3,920,000 | 4,553,632 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B“, 1.2%, 6/01/2028 | 795,000 | 785,923 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”B-2“, 0.95%, 6/01/2027 | 2,045,000 | 2,024,873 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), ”C“, 1.25%, 6/01/2026 | 985,000 | 975,569 | ||
Oregon Facilities Authority Rev. (Legacy Health), ”A“, 5%, 6/01/2046 | 10,100,000 | 11,692,580 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), ”A“, 5%, 10/01/2040 | 750,000 | 923,578 | ||
Oregon Health & Sciences University Rev., ”B“, 5%, 7/01/2034 | 7,500,000 | 8,891,185 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - continued | ||||
Oregon Housing & Community Services Department Mortgage Rev. (Single-Family Mortgage Program), ”D“, 4.75%, 1/01/2050 (u) | $ | 6,435,000 | $ 7,124,414 | |
Port of Portland, OR, International Airport Rev., ”24B“, 5%, 7/01/2042 | 1,340,000 | 1,571,240 | ||
Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, ”B“, 5%, 6/15/2030 | 4,000,000 | 4,923,356 | ||
Washington Clackamas & Yamhill Counties, OR, Sherwood School District No. 88J, General Obligation, ”B“, 5%, 6/15/2033 | 1,750,000 | 2,132,494 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2036 | 730,000 | 871,909 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2046 | 1,115,000 | 1,301,227 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2051 | 525,000 | 610,823 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”A“, 5%, 11/15/2056 | 3,150,000 | 3,638,284 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-1“, 2.5%, 11/15/2028 | 885,000 | 887,638 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-2“, 2.125%, 11/15/2027 | 350,000 | 350,208 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), ”B-3“, 1.75%, 11/15/2026 | 705,000 | 705,897 | ||
$64,116,268 | ||||
Pennsylvania - 6.6% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), ”A“, 4%, 4/01/2044 | $ | 9,590,000 | $ 10,772,973 | |
Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2035 | 1,150,000 | 1,346,227 | ||
Allentown, PA, City School District Rev., ”C“, BAM, 4%, 2/01/2036 | 1,100,000 | 1,283,002 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w) | 985,000 | 1,217,636 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 (n) | 250,000 | 299,668 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 135,000 | 159,743 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 330,000 | 387,816 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n) | $ | 2,000,000 | $ 2,360,109 | |
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035 | 500,000 | 588,619 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036 | 1,075,000 | 1,261,345 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037 | 500,000 | 585,135 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038 | 500,000 | 583,879 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041 | 2,500,000 | 2,900,463 | ||
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035 | 2,280,000 | 2,594,672 | ||
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036 | 855,000 | 970,983 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 1,125,000 | 1,285,091 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029 | 3,955,000 | 4,500,634 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2030 | 2,025,000 | 2,294,298 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2037 | 940,000 | 1,048,738 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 1,460,000 | 1,606,490 | ||
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), ”A“, 5%, 11/01/2044 | 7,670,000 | 7,764,686 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B“, 5%, 2/01/2040 (Put Date 2/01/2030) | 4,200,000 | 4,839,694 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), ”B-1“, 5%, 2/01/2040 (Put Date 2/01/2025) | 9,885,000 | 10,742,646 | ||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 550,000 | 657,580 | ||
Berks County, PA, Reading School District, BAM, 4%, 4/01/2044 | 945,000 | 1,099,365 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 895,000 | 1,010,075 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 4,485,000 | 5,032,008 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2032 | $ | 225,000 | $ 256,402 | |
Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2033 | 270,000 | 306,955 | ||
Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2034 | 335,000 | 379,946 | ||
Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2035 | 325,000 | 368,084 | ||
Cambria County, PA, General Obligation, ”B“, AGM, 4%, 8/01/2036 | 170,000 | 192,114 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 4.75%, 12/15/2037 | 1,115,000 | 1,231,294 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2047 | 530,000 | 586,020 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), ”A“, 5%, 12/15/2051 | 645,000 | 712,332 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 1,475,000 | 1,803,836 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 1,260,000 | 1,535,142 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 630,000 | 765,111 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2022 | 1,105,000 | 1,116,521 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2023 | 795,000 | 836,773 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025) | 310,000 | 344,631 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 | 1,845,000 | 1,979,458 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025) | 30,000 | 34,314 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 | 315,000 | 346,281 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2022 | 170,000 | 171,945 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), ETM, 5%, 1/01/2023 | 120,000 | 126,938 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | $ | 1,440,000 | $ 1,558,831 | |
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 505,000 | 578,987 | ||
Delaware County, PA, Upper Darby School District, General Obligation, ”A“, BAM, 4%, 4/01/2046 | 600,000 | 695,540 | ||
Delaware County, PA, Upper Darby School District, General Obligation, ”A“, BAM, 4%, 4/01/2051 | 2,345,000 | 2,723,093 | ||
Delaware Valley, PA, Regional Finance Authority, ”C“, FLR, 0.83% (LIBOR - 3mo. + 0.75%), 6/01/2037 | 7,315,000 | 7,037,658 | ||
Doylestown, PA, Hospital Rev., ”A“, 4%, 7/01/2045 | 585,000 | 641,191 | ||
Doylestown, PA, Hospital Rev., ”A“, 5%, 7/01/2049 | 590,000 | 691,703 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | 365,000 | 425,512 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | 470,000 | 547,919 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024) | 485,000 | 546,053 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 265,000 | 298,358 | ||
Erie, PA, City School District General Obligation, ”A“, AGM, 5%, 4/01/2034 | 820,000 | 1,023,006 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), ”A“, 4%, 7/01/2049 | 7,950,000 | 9,027,945 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, ”B“, 0%, 12/01/2036 | 12,095,000 | 8,214,850 | ||
Lehigh County, PA, Water & Sewer Authority Rev., ”A“, 5%, 12/01/2043 | 4,445,000 | 4,843,862 | ||
Lehigh County, PA, Water & Sewer Authority Rev., ”A“, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 5,165,000 | 5,683,303 | ||
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2021 | 755,000 | 761,815 | ||
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2023 | 675,000 | 737,839 | ||
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2024 | 690,000 | 780,796 | ||
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2026 | 630,000 | 753,436 | ||
Luzerne County, PA, ”A“, AGM, 5%, 11/15/2029 | 5,835,000 | 6,835,614 | ||
Luzerne County, PA, ”A“, AGM, 5%, 12/15/2029 | 1,570,000 | 1,940,249 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | $ | 940,000 | $ 1,144,091 | |
Lycoming County, PA, College Rev. (Pennsylvania College of Technology), ”A“, BAM, 5%, 7/01/2030 | 2,000,000 | 2,568,423 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2031 | 680,000 | 856,920 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2032 | 2,625,000 | 3,252,382 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 5%, 9/01/2033 | 2,000,000 | 2,471,288 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 1,970,000 | 2,238,847 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 1,880,000 | 2,123,888 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2051 | 3,785,000 | 4,270,318 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), ”C“, 5%, 11/15/2045 | 1,380,000 | 1,665,370 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 2,385,000 | 2,539,308 | ||
Montour County, PA, Geisinger Authority Health System Rev., ”A“, 4%, 4/01/2039 | 3,320,000 | 3,837,410 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2032 | 450,000 | 540,988 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2033 | 600,000 | 718,795 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2044 | 1,310,000 | 1,527,178 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 800,000 | 927,452 | ||
Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2021 | 3,270,000 | 3,306,231 | ||
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026 | 1,110,000 | 1,243,247 | ||
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2027 | 760,000 | 862,166 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2028 | $ | 795,000 | $ 909,813 | |
Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2031 | 210,000 | 245,122 | ||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Rev. (Waste Management Project, Inc.), 0.45%, 6/01/2041 (Put Date 6/03/2024) | 5,800,000 | 5,820,330 | ||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 0.58%, 8/01/2037 (Put Date 8/01/2024) | 2,020,000 | 2,010,416 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management Project, Inc.), 2.15%, 7/01/2041 (Put Date 7/01/2024) | 8,000,000 | 8,347,797 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 5%, 6/01/2030 | 250,000 | 313,933 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., ”A“, 2.625%, 6/01/2042 | 1,080,000 | 1,076,009 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), ”A“, AGM, 4%, 5/01/2040 | 1,310,000 | 1,520,553 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2038 | 1,000,000 | 1,228,679 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), ”A“, 5%, 3/01/2039 | 250,000 | 306,499 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services, Inc. Housing Project), 5%, 10/01/2044 (Prerefunded 10/01/2022) | 3,915,000 | 4,101,879 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”128A“, 4.75%, 4/01/2033 (u) | 5,090,000 | 5,578,666 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135A“, 3%, 10/01/2051 | 9,965,000 | 10,730,666 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2028 | 2,350,000 | 2,884,225 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2029 | 2,400,000 | 2,993,126 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 10/01/2029 | 2,410,000 | 3,027,312 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 4/01/2030 | 2,420,000 | 3,060,044 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., ”135B“, 5%, 10/01/2030 | 1,400,000 | 1,783,378 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134A”, 3%, 10/01/2049 | $ | 15,200,000 | $ 16,321,711 | |
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 (Prerefunded 4/01/2022) | 1,870,000 | 1,913,806 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2030 | 2,000,000 | 2,408,588 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2032 | 7,820,000 | 9,404,459 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), ”A“, AGM, 5%, 6/01/2033 | 22,255,000 | 26,702,130 | ||
Pennsylvania Turnpike Commission Rev., ”A“, 5%, 12/01/2044 | 2,220,000 | 2,765,005 | ||
Philadelphia, PA, ”B“, 5%, 2/01/2032 | 5,250,000 | 6,664,742 | ||
Philadelphia, PA, ”B“, 5%, 2/01/2035 | 3,850,000 | 4,836,474 | ||
Philadelphia, PA, Airport Refunding Rev., ”B“, 5%, 7/01/2047 | 5,000,000 | 5,931,719 | ||
Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2033 | 4,215,000 | 5,074,902 | ||
Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2034 | 250,000 | 300,308 | ||
Philadelphia, PA, Airport Rev., ”B“, 5%, 7/01/2042 | 11,175,000 | 13,292,874 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.625%, 8/01/2036 | 315,000 | 352,022 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.75%, 8/01/2046 | 1,030,000 | 1,140,688 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”A“, 5.375%, 8/01/2051 | 1,530,000 | 1,728,507 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), ”B“, 6%, 8/01/2051 | 1,180,000 | 1,317,071 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), ”A-1“, 6.75%, 6/15/2033 | 150,000 | 163,197 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), ”A-1“, 7%, 6/15/2043 | 355,000 | 385,395 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), ”A“, 5%, 9/01/2035 | 1,040,000 | 1,242,214 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), ”A“, 5%, 9/01/2042 | 10,810,000 | 12,818,770 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2037 | 2,080,000 | 2,393,314 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”I“, 5%, 12/01/2058 | $ | 8,300,000 | $ 9,382,725 | |
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.25%, 12/01/2047 (n) | 350,000 | 370,191 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), ”III“, 5.5%, 12/01/2058 (n) | 505,000 | 536,330 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2037 | 565,000 | 632,390 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2042 | 1,940,000 | 2,151,802 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), ”A“, 5%, 7/01/2049 | 1,685,000 | 1,856,786 | ||
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), ”15“, 5%, 8/01/2042 | 9,075,000 | 10,785,358 | ||
Philadelphia, PA, Gas Works Rev., ”14“, AGM, 5%, 10/01/2033 | 2,910,000 | 3,472,205 | ||
Philadelphia, PA, Redevelopment Authority Refunding Rev. (Neighborhood Transformation Initiative), BAM, 5%, 4/15/2024 | 1,900,000 | 1,947,431 | ||
Philadelphia, PA, School District General Obligation, ”F“, 5%, 9/01/2038 | 255,000 | 300,802 | ||
Philadelphia, PA, School District, ”A“, 5%, 9/01/2033 | 310,000 | 384,432 | ||
Philadelphia, PA, School District, ”A“, 5%, 9/01/2035 | 1,160,000 | 1,429,025 | ||
Philadelphia, PA, School District, ”A“, 4%, 9/01/2036 | 1,565,000 | 1,821,675 | ||
Philadelphia, PA, School District, ”A“, 5%, 9/01/2036 | 385,000 | 472,589 | ||
Philadelphia, PA, School District, ”A“, 4%, 9/01/2037 | 1,240,000 | 1,439,395 | ||
Philadelphia, PA, School District, ”A“, 5%, 9/01/2037 | 385,000 | 471,173 | ||
Philadelphia, PA, School District, ”A“, 4%, 9/01/2038 | 1,775,000 | 2,055,772 | ||
Philadelphia, PA, School District, ”A“, 5%, 9/01/2038 | 385,000 | 470,529 | ||
Philadelphia, PA, School District, ”A“, 4%, 9/01/2039 | 1,000,000 | 1,155,443 | ||
Philadelphia, PA, School District, ”B“, 5%, 9/01/2043 | 1,160,000 | 1,405,451 | ||
Philadelphia, PA, School District, ”F“, 5%, 9/01/2037 | 1,020,000 | 1,205,345 | ||
Philadelphia, PA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2045 | 6,500,000 | 8,190,425 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2032 | 750,000 | 1,015,655 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2033 | 565,000 | 780,044 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 4%, 9/01/2035 | $ | 285,000 | $ 337,978 | |
Pittsburgh, PA, Water & Sewer Authority Rev., ”A“, AGM, 5%, 9/01/2044 | 1,875,000 | 2,325,294 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 1,920,000 | 2,143,323 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 2,945,000 | 3,275,644 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 2,015,000 | 2,235,189 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 65,000 | 66,380 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 80,000 | 86,906 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2030 | 445,000 | 492,884 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), ”A“, 5%, 7/01/2035 | 435,000 | 477,847 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), ”A“, 4%, 7/01/2025 | 350,000 | 391,847 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), ”A“, 5%, 7/01/2027 | 570,000 | 694,190 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), ”A“, 5%, 7/01/2029 | 640,000 | 810,721 | ||
$414,897,053 | ||||
Puerto Rico - 3.8% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”A“, NPFG, 4.75%, 7/01/2038 | $ | 5,860,000 | $ 5,933,990 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”D“, AGM, 5%, 7/01/2032 | 5,005,000 | 5,039,829 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”J“, NPFG, 5%, 7/01/2029 | 365,000 | 370,047 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”M“, AGM, 5%, 7/01/2032 | 660,000 | 664,669 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2030 | 5,350,000 | 5,830,665 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ”N“, AAC, 5.25%, 7/01/2031 | $ | 1,980,000 | $ 2,159,912 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, ”A“, NPFG, 5%, 7/01/2038 | 570,000 | 577,881 | ||
Commonwealth of Puerto Rico, General Obligation, ”A“, 8%, 7/01/2035 (a)(d) | 50,110,000 | 43,219,875 | ||
Commonwealth of Puerto Rico, Public Improvement, AAC, 4.5%, 7/01/2023 | 125,000 | 125,186 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A“, AGM, 5%, 7/01/2035 | 7,435,000 | 7,506,357 | ||
Commonwealth of Puerto Rico, Public Improvement, ”A-4“, AGM, 5.25%, 7/01/2030 | 785,000 | 792,289 | ||
Commonwealth of Puerto Rico, Public Improvement, ”C-7“, NPFG, 6%, 7/01/2027 | 2,560,000 | 2,589,724 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., ”A“, AAC, 5%, 7/01/2031 | 7,120,000 | 7,291,366 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 10,160,000 | 9,931,400 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 1,535,000 | 1,500,462 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2022 (a)(d) | 850,000 | 834,062 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 405,000 | 397,406 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 3,815,000 | 3,743,469 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 425,000 | 414,375 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 3,990,000 | 3,905,212 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 6,450,000 | 6,304,875 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.625%, 7/01/2023 | 445,000 | 444,990 | ||
Puerto Rico Electric Power Authority Rev., ”DDD“, AGM, 3.65%, 7/01/2024 | 1,915,000 | 1,914,955 | ||
Puerto Rico Electric Power Authority Rev., ”EEE“, 6.05%, 7/01/2032 (a)(d) | 2,380,000 | 2,284,800 | ||
Puerto Rico Electric Power Authority Rev., ”NN“, NPFG, 5.25%, 7/01/2022 | 1,505,000 | 1,515,833 | ||
Puerto Rico Electric Power Authority Rev., ”NN“, NPFG, 4.75%, 7/01/2033 | 225,000 | 227,841 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2022 | $ | 905,000 | $ 917,513 | |
Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2024 | 160,000 | 162,212 | ||
Puerto Rico Electric Power Authority Rev., ”PP“, NPFG, 5%, 7/01/2025 | 210,000 | 212,904 | ||
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 110,000 | 110,765 | ||
Puerto Rico Electric Power Authority Rev., ”RR“, NPFG, 5%, 7/01/2022 | 555,000 | 562,674 | ||
Puerto Rico Electric Power Authority Rev., ”SS“, AGM, 4.375%, 7/01/2030 | 230,000 | 230,262 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2022 (a)(d) | 1,955,000 | 1,913,456 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 1,705,000 | 1,666,637 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 345,000 | 337,238 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 5,215,000 | 5,097,662 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2024 | 970,000 | 983,412 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, NPFG, 5%, 7/01/2026 | 35,000 | 35,484 | ||
Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 5%, 7/01/2022 | 360,000 | 362,505 | ||
Puerto Rico Electric Power Authority Rev., ”UU“, AGM, 4.25%, 7/01/2027 | 1,385,000 | 1,384,967 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2025 | 280,000 | 297,801 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2026 | 840,000 | 900,328 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2029 | 2,295,000 | 2,486,845 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 3,085,000 | 3,337,110 | ||
Puerto Rico Electric Power Authority Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 465,000 | 505,626 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 360,000 | 353,700 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 815,000 | 799,719 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | $ | 2,450,000 | $ 2,367,312 | |
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 2,730,000 | 2,678,812 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 955,000 | 937,094 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 2,950,000 | 2,894,687 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 9.12%, 6/01/2022 | 3,700,000 | 3,792,500 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 2,805,000 | 2,818,347 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 130,000 | 130,163 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 600,000 | 608,071 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 155,000 | 155,388 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 2,205,000 | 2,232,036 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | 690,000 | 691,725 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 735,000 | 744,741 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | $ | 820,000 | $ 822,050 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 545,000 | 553,175 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2023 | 3,810,000 | 3,981,513 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2024 | 7,335,000 | 7,805,848 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2025 | 705,000 | 760,372 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., ”C“, AAC, 5.5%, 7/01/2028 | 755,000 | 834,435 | ||
Puerto Rico Municipal Finance Agency, ”A“, AGM, 5%, 8/01/2027 | 190,000 | 191,322 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”I“, AGM, 5%, 7/01/2036 | 425,000 | 427,957 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-2“, AAC, 10%, 7/01/2035 | 4,660,000 | 4,906,686 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-3“, NPFG, 6%, 7/01/2027 | 1,600,000 | 1,618,577 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”M-3“, NPFG, 6%, 7/01/2028 | 435,000 | 440,051 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., ”N“, AGM, 5%, 7/01/2032 | 400,000 | 402,784 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.5%, 7/01/2034 | 395,000 | 433,435 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 974,000 | 1,094,549 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 13,541,000 | 15,359,015 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 9,821,000 | 10,890,624 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 132,000 | 145,973 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 1,824,000 | 2,044,817 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 141,000 | 134,605 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | $ | 1,554,000 | $ 1,402,516 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 293,000 | 252,344 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 14,021,000 | 11,172,309 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 13,721,000 | 10,171,100 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 9,798,000 | 3,222,589 | ||
University of Puerto Rico Rev., ”P“, NPFG, 5%, 6/01/2025 | 350,000 | 354,839 | ||
$237,654,651 | ||||
Rhode Island - 0.4% | ||||
Providence, RI, ”A“, 5%, 1/15/2025 (Prerefunded 1/15/2023) | $ | 1,345,000 | $ 1,426,983 | |
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2028 | 350,000 | 442,576 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2029 | 375,000 | 483,187 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2030 | 380,000 | 497,799 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2031 | 400,000 | 533,211 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2032 | 425,000 | 564,057 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2033 | 440,000 | 581,771 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2034 | 460,000 | 606,035 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2035 | 500,000 | 657,397 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 5%, 11/01/2036 | 525,000 | 688,286 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Rhode Island - continued | ||||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2037 | $ | 665,000 | $ 799,351 | |
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2038 | 700,000 | 839,081 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2039 | 855,000 | 1,021,891 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2040 | 900,000 | 1,073,016 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), ”B“, 4%, 11/01/2041 | 175,000 | 208,008 | ||
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2028 | 875,000 | 1,083,949 | ||
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2029 | 700,000 | 880,491 | ||
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 5%, 12/01/2030 | 650,000 | 827,226 | ||
Rhode Island Student Loan Authority, Education Loan Rev., ”A“, 2.25%, 12/01/2039 | 2,485,000 | 2,499,784 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2021 | 1,120,000 | 1,128,391 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.25%, 12/01/2022 | 395,000 | 395,821 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 5%, 12/01/2022 | 700,000 | 737,046 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.5%, 12/01/2034 | 1,325,000 | 1,369,357 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 4,465,000 | 4,631,471 | ||
$23,976,185 | ||||
South Carolina - 1.9% | ||||
Chesterfield County, SC, School District, 5%, 3/01/2025 | $ | 2,250,000 | $ 2,292,985 | |
Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028 | 650,000 | 799,288 | ||
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), ”A“, 5%, 10/01/2040 | 3,880,000 | 4,601,629 | ||
Richland County, SC, Environmental Improvement Rev. (International Paper), ”A“, 3.875%, 4/01/2023 | 5,750,000 | 6,045,075 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - continued | ||||
Rock Hill, SC, Combined Utility System Rev., ”A“, 4%, 1/01/2049 | $ | 4,350,000 | $ 4,951,536 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2036 (n) | 480,000 | 519,607 | ||
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), ”A“, 4%, 6/01/2046 (n) | 420,000 | 443,865 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 8,425,000 | 9,831,668 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), ”A“, 5%, 5/01/2048 | 6,685,000 | 7,973,579 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (St. Joseph's/Candler Health System, Inc.), ”C“, 5%, 7/01/2032 | 5,000,000 | 6,251,311 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,580,000 | 1,724,089 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | 1,210,000 | 1,319,073 | ||
South Carolina Ports Authority Rev., 5.25%, 7/01/2050 (Prerefunded 7/01/2025) | 3,075,000 | 3,613,237 | ||
South Carolina Ports Authority Rev. (tax-exempt), ”B“, 5%, 7/01/2044 | 8,000,000 | 9,689,787 | ||
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2035 | 3,405,000 | 3,950,767 | ||
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2037 | 5,290,000 | 6,103,231 | ||
South Carolina Ports Authority Rev., ”B“, 4%, 7/01/2039 | 5,235,000 | 6,012,422 | ||
South Carolina Public Service Authority Rev., ”A“, 5.125%, 12/01/2043 | 2,745,000 | 3,000,603 | ||
South Carolina Public Service Authority Rev., ”B“, 5.125%, 12/01/2043 | 6,550,000 | 7,159,909 | ||
South Carolina Public Service Authority Rev., ”C“, 5%, 12/01/2036 | 2,920,000 | 2,942,359 | ||
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 2.641%, 12/01/2026 | 7,990,000 | 8,054,009 | ||
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 2.771%, 12/01/2027 | 3,700,000 | 3,716,555 | ||
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 2.923%, 12/01/2028 | 2,750,000 | 2,762,194 | ||
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 2.993%, 12/01/2029 | 1,800,000 | 1,798,945 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - continued | ||||
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 3.043%, 12/01/2030 | $ | 575,000 | $ 572,392 | |
South Carolina Student Loan Corp., Student Loan Rev., ”A“, 3.593%, 12/01/2039 | 4,150,000 | 4,139,093 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 5%, 4/15/2048 | 4,620,000 | 5,517,450 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, AGM, 4%, 4/15/2045 | 1,080,000 | 1,242,167 | ||
$117,028,825 | ||||
South Dakota - 0.4% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2024 | $ | 1,000,000 | $ 1,078,555 | |
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2025 | 1,000,000 | 1,078,555 | ||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., ”B“, 5%, 6/01/2026 | 1,400,000 | 1,509,978 | ||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Taxable Rev., 0.961%, 6/01/2024 | 1,995,000 | 2,002,123 | ||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Taxable Rev., 1.245%, 6/01/2025 | 3,500,000 | 3,505,627 | ||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Taxable Rev., 1.495%, 6/01/2026 | 2,500,000 | 2,496,921 | ||
South Dakota Housing Development Authority, Homeownership Mortgage, ”A“, 3%, 11/01/2051 | 2,990,000 | 3,240,965 | ||
South Dakota Housing Development Authority, Homeownership Mortgage, ”B“, 4.5%, 11/01/2048 (u) | 7,525,000 | 8,318,954 | ||
$23,231,678 | ||||
Tennessee - 2.0% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), ”A“, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 10,310,000 | $ 10,937,977 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2044 | 655,000 | 797,372 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), ”A-2“, 5%, 8/01/2049 | 330,000 | 398,363 | ||
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), ”A“, 5%, 1/01/2042 | 7,000,000 | 8,277,634 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 790,000 | 926,164 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 2,805,000 | 3,228,234 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2030 | $ | 7,250,000 | $ 8,884,753 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), ”A“, 5%, 9/01/2040 | 9,465,000 | 11,291,829 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2031 | 250,000 | 327,476 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2032 | 1,155,000 | 1,504,767 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2033 | 1,750,000 | 2,271,760 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2034 | 3,695,000 | 4,779,228 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2035 | 3,880,000 | 4,978,913 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2036 | 4,075,000 | 5,210,829 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2037 | 4,280,000 | 5,455,432 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2038 | 4,495,000 | 5,714,436 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2039 | 4,715,000 | 5,977,642 | ||
Memphis-Shelby County, TN, Airport Authority Rev., ”A“, 5%, 7/01/2040 | 1,955,000 | 2,472,754 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), ”A“, 5%, 7/01/2035 | 2,685,000 | 3,180,481 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 170,000 | 207,533 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039 | 230,000 | 277,602 | ||
Metropolitan Nashville Airport Authority, TN, Airport Rev., ”B“, 5%, 7/01/2035 | 1,700,000 | 2,138,993 | ||
Metropolitan Nashville Airport Authority, TN, Airport Rev., ”B“, 5%, 7/01/2054 | 10,000,000 | 12,168,468 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032 | 565,000 | 460,195 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033 | $ | 800,000 | $ 633,622 | |
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2034 | 480,000 | 369,083 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2035 | 620,000 | 462,825 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2036 | 600,000 | 433,323 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037 | 720,000 | 503,785 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2038 | 600,000 | 406,736 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2022 | 1,665,000 | 1,739,178 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2023 | 2,385,000 | 2,602,302 | ||
Tennessee Energy Acquisition Corp., Gas Rev., ”A“, 5.25%, 9/01/2026 | 2,805,000 | 3,330,352 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 3.75%, 7/01/2039 | 1,225,000 | 1,272,314 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”1“, 4%, 1/01/2043 | 1,795,000 | 1,949,187 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”2-C“, 4%, 1/01/2045 | 575,000 | 604,137 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”3“, 4.25%, 7/01/2049 | 2,125,000 | 2,329,775 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., ”4“, 4.5%, 7/01/2049 (u) | 6,840,000 | 7,601,819 | ||
$126,107,273 | ||||
Texas - 4.9% | ||||
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2028 | $ | 650,000 | $ 810,402 | |
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2029 | 600,000 | 762,249 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2030 | 850,000 | 1,083,692 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2031 | $ | 630,000 | $ 798,525 | |
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), PSF, 5%, 8/15/2032 | 625,000 | 789,266 | ||
Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2037 | 1,200,000 | 1,455,742 | ||
Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2038 | 980,000 | 1,186,681 | ||
Arlington, TX, Senior Lien Special Tax Rev., ”A“, AGM, 5%, 2/15/2043 | 5,100,000 | 6,112,257 | ||
Austin, TX, Airport System Rev., ”B“, 5%, 11/15/2041 | 1,070,000 | 1,266,369 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2029 | 715,000 | 813,125 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2031 | 1,055,000 | 1,189,428 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”A“, 5%, 1/01/2034 | 200,000 | 215,401 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2026 | 490,000 | 536,601 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2028 | 315,000 | 347,064 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), ”B“, 5%, 1/01/2030 | 460,000 | 501,434 | ||
Austin, TX, Water & Wastewater System Rev., 5%, 11/15/2027 | 3,000,000 | 3,159,682 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 2.35%, 4/01/2040 | 285,000 | 286,934 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., ”1A“, 3%, 4/01/2040 | 900,000 | 849,118 | ||
Brazos, TX, Higher Education Authority, Inc., Taxable Student Loan Program Rev., ”1A“, 3.414%, 4/01/2040 | 610,000 | 623,293 | ||
Capital Area Housing Finance Corp., Multi-Family Housing Rev. (Grand Ave. Flats), 0.29%, 8/01/2039 (Put Date 8/01/2024) | 4,180,000 | 4,164,120 | ||
Central Texas Regional Mobility Authority Subordinate Lien Rev., ”C“, 5%, 1/01/2027 | 13,975,000 | 16,306,049 | ||
Clear Creek, TX, Independent School District Variable Rate Unlimited Tax School Building, ”B“, 0.28%, 2/15/2038 (Put Date 8/15/2024) | 1,850,000 | 1,843,216 | ||
College of the Mainland, TX, General Obligation, 4%, 8/15/2044 | 2,240,000 | 2,607,559 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 2.5%, 10/01/2031 | 430,000 | 425,719 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), ”A“, 4%, 10/01/2050 | 910,000 | 986,956 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 3.5%, 10/01/2031 (n) | $ | 355,000 | $ 351,634 | |
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), ”B“, 5%, 10/01/2050 (n) | 680,000 | 734,770 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2041 | 290,000 | 332,927 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2046 | 335,000 | 376,738 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), ”C“, 4%, 10/01/2050 | 240,000 | 269,095 | ||
Dallas and Fort Worth, TX, International Airport Rev., ”C“, 5%, 11/01/2045 | 1,875,000 | 1,881,426 | ||
Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), ”A“, 5.25%, 9/01/2044 | 415,000 | 456,917 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2029 | 250,000 | 317,539 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2030 | 200,000 | 258,749 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 5%, 3/01/2031 | 330,000 | 434,783 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2032 | 330,000 | 403,378 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2033 | 295,000 | 359,326 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2034 | 280,000 | 339,814 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2035 | 250,000 | 302,529 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2036 | 290,000 | 349,205 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2038 | 490,000 | 585,657 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2022 | 400,000 | 414,714 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2023 | 850,000 | 912,123 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025 | 430,000 | 488,098 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026 | 650,000 | 752,882 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027 | 1,000,000 | 1,174,413 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028 | $ | 1,075,000 | $ 1,275,626 | |
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029 | 700,000 | 839,844 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030 | 800,000 | 970,294 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031 | 1,100,000 | 1,329,891 | ||
El Paso, TX, Water & Sewer Rev., 5%, 3/01/2028 (Prerefunded 3/01/2022) | 455,000 | 464,042 | ||
El Paso, TX, Independent School District, Maintenance Tax Notes, 2%, 2/01/2040 (Put Date 8/01/2023) | 1,720,000 | 1,771,401 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2031 | 200,000 | 242,065 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032 | 225,000 | 271,049 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033 | 255,000 | 306,303 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034 | 405,000 | 484,258 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2035 | 520,000 | 619,307 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036 | 340,000 | 403,500 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038 | 585,000 | 690,088 | ||
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2031 | 500,000 | 655,160 | ||
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2032 | 750,000 | 977,866 | ||
Greater Texas Cultural Education Facilities Finance Corp. Lease Rev. (Epicenter Multipurpose Facilities Project), ”A“, 5%, 3/01/2033 | 800,000 | 1,039,489 | ||
Harlandale, TX, Independent School District, Variable Rate Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 4,310,000 | 4,363,345 | ||
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev. (Cameron County), ”A“, BAM, 4%, 2/15/2030 | 1,170,000 | 1,337,993 | ||
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev. (Cameron County), ”A“, BAM, 4%, 2/15/2031 | 1,525,000 | 1,730,203 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2035 | 1,575,000 | 1,863,925 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2036 | $ | 2,790,000 | $ 3,293,104 | |
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2037 | 3,775,000 | 4,443,310 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), ”A“, 4%, 10/01/2038 | 3,150,000 | 3,699,199 | ||
Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2032 | 225,000 | 249,359 | ||
Harris County-Houston, TX, Sports Authority Rev., ”C“, 5%, 11/15/2033 | 545,000 | 603,907 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2041 | 900,000 | 415,996 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, ”A“, AGM, 0%, 11/15/2046 | 2,250,000 | 799,841 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 1,565,000 | 1,662,712 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029 | 100,000 | 108,850 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), ”A“, 5%, 7/01/2027 | 665,000 | 778,887 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-1“, 5%, 7/15/2030 | 2,760,000 | 3,061,962 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), ”B-2“, 5%, 7/15/2027 | 905,000 | 1,060,683 | ||
Houston, TX, Airport System Rev., Subordinate Lien, ”A“, 5%, 7/01/2031 (Prerefunded 7/01/2022) | 2,310,000 | 2,391,597 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037 | 240,000 | 240,071 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 800,000 | 868,216 | ||
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 10,000 | 10,032 | ||
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), ”A“, 5%, 10/15/2044 | 1,565,000 | 1,809,453 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2035 | 150,000 | 180,804 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2037 | 215,000 | 257,246 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038 | 240,000 | 286,532 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043 | 435,000 | 512,998 | ||
Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2032 | 1,500,000 | 1,923,473 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Lubbock, TX, Electric Light and Power System Rev., 5%, 4/15/2033 | $ | 1,775,000 | $ 2,263,991 | |
Lubbock, TX, Electric Light and Power System Rev., 4%, 4/15/2034 | 1,725,000 | 2,051,391 | ||
Matagorda County, TX, Navigation District 1, Pollution Control Refunding Rev. (Central Power & Light Co. Project), 0.9%, 5/01/2030 (Put Date 9/01/2023) | 2,640,000 | 2,647,073 | ||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 0.15%, 5/01/2046 (Put Date 12/01/2021) | 6,665,000 | 6,664,451 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 490,000 | 589,945 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | 1,595,000 | 1,909,671 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 1,780,000 | 2,124,412 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), ”A-1“, 5%, 7/01/2031 | 190,000 | 191,741 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), ”A-1“, 4%, 7/01/2036 | 955,000 | 898,000 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | 355,000 | 410,896 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | 355,000 | 410,896 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | 895,000 | 1,035,920 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Collegiate Housing Island Campus LLC - Texas A&M University - Corpus Christi Island Campus Project), ”A“, 5%, 4/01/2029 (Prerefunded 4/01/2027) | $ | 235,000 | $ 287,926 | |
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (Texas A&M University Project), ”A“, AGM, 5%, 4/01/2046 | 1,585,000 | 1,733,743 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2033 | 45,000 | 46,002 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2038 | 115,000 | 117,382 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2048 | 345,000 | 351,419 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2032 (Prerefunded 6/15/2022) | 155,000 | 160,092 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2037 (Prerefunded 6/15/2022) | 175,000 | 180,749 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5%, 6/15/2042 (Prerefunded 6/15/2022) | 215,000 | 222,063 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), ”A“, 5.25%, 6/15/2048 (Prerefunded 6/15/2022) | 300,000 | 310,377 | ||
North Texas Tollway Authority System Rev., ”B“, 4%, 1/01/2039 | 1,200,000 | 1,417,580 | ||
North Texas Tollway Authority System Rev., ”B“, 4%, 1/01/2040 | 950,000 | 1,117,031 | ||
North Texas Tollway Authority System Rev., ”B“, 4%, 1/01/2041 | 445,000 | 521,765 | ||
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2028 | 175,000 | 216,499 | ||
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2029 | 385,000 | 485,758 | ||
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2030 | 360,000 | 462,722 | ||
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2031 | 375,000 | 478,962 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2033 | 700,000 | 830,191 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2035 | 625,000 | 734,175 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2037 | 800,000 | 934,154 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2038 | 400,000 | 465,633 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039 | 300,000 | 348,862 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040 | 350,000 | 405,562 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041 | 350,000 | 404,221 | ||
Port Beaumont, TX, Industrial Development Authority Facility Taxable Rev. (Jefferson Gulf Coast Energy Project), ”B“, 4.1%, 1/01/2028 (n) | 11,900,000 | 11,693,938 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 3,195,000 | $ 3,300,089 | |
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), ”B“, 6%, 1/01/2025 (n) | 9,425,000 | 9,769,186 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 4,380,000 | 5,078,261 | ||
San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2029 | 420,000 | 533,803 | ||
San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2030 | 520,000 | 657,928 | ||
San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2031 | 420,000 | 529,555 | ||
San Antonio, TX, Airport System Rev., ”A“, 5%, 7/01/2032 | 420,000 | 528,948 | ||
San Antonio, TX, Electric & Gas Systems Rev., 5%, 2/01/2031 | 6,000,000 | 7,064,271 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2028 | 635,000 | 792,519 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2029 | 625,000 | 793,297 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2030 | 520,000 | 656,186 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2031 | 375,000 | 471,878 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., ”A“, 5%, 7/01/2032 | 465,000 | 583,299 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 1,160,000 | 1,313,927 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 1,385,000 | 1,551,769 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 1,505,000 | 1,676,749 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), ”B“, 5%, 11/15/2030 | 3,200,000 | 2,560,000 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | 9,356,076 | 10,016,465 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), ”A-1“, 5%, 10/01/2044 | 785,000 | 857,603 | ||
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2031 | 225,000 | 265,548 | ||
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2033 | 200,000 | 233,894 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2034 | $ | 250,000 | $ 291,146 | |
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2037 | 200,000 | 231,010 | ||
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2038 | 170,000 | 195,873 | ||
Temple, TX, Reinvestment Zone 1 Rev., ”A“, BAM, 4%, 8/01/2041 | 200,000 | 229,234 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., ”A“, 4.75%, 1/01/2049 (u) | 13,030,000 | 14,517,566 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, 4.75%, 3/01/2049 (u) | 3,025,000 | 3,367,582 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., ”A“, GNMA, 3%, 3/01/2052 | 13,890,000 | 15,280,695 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2030 | 5,140,000 | 6,703,032 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031 | 4,675,000 | 6,194,557 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2032 | 4,670,000 | 6,248,707 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058 | 22,920,000 | 27,391,039 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 1,495,000 | 1,674,436 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 1,195,000 | 1,332,045 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028 | 1,000,000 | 1,168,518 | ||
Texas State University, Financing System Rev., ”A“, 5%, 3/15/2032 | 5,000,000 | 6,027,250 | ||
Texas Transportation Commission, State Highway 249 System Rev., ”A“, 5%, 8/01/2057 | 4,100,000 | 4,721,962 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2037 | 455,000 | 258,962 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2038 | 335,000 | 180,483 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2039 | 375,000 | 191,355 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2040 | 375,000 | 180,725 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2041 | $ | 745,000 | $ 339,543 | |
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2042 | 1,025,000 | 441,570 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, ”A“, 0%, 8/01/2043 | 840,000 | 342,989 | ||
University of Texas, System Rev., ”J“, 5%, 8/15/2028 | 5,000,000 | 6,009,681 | ||
$308,791,808 | ||||
Utah - 0.6% | ||||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2039 | $ | 290,000 | $ 345,497 | |
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2044 | 260,000 | 306,579 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), ”A“, 5%, 4/15/2049 | 1,840,000 | 2,157,633 | ||
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037 | 1,000,000 | 1,142,070 | ||
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042 | 3,495,000 | 3,967,034 | ||
Utah County, UT, Hospital Rev. (IHC Health Services, Inc.), ”A“, 5%, 5/15/2043 | 5,000,000 | 6,323,148 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”G“, GNMA, 4.5%, 7/21/2049 | 1,615,347 | 1,700,163 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”H“, GNMA, 4.5%, 8/21/2049 | 802,302 | 844,429 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, 2.5%, 8/21/2051 | 3,973,718 | 4,133,092 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”I“, GNMA, 4%, 9/21/2049 | 1,621,303 | 1,695,850 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, ”J“, GNMA, 2.5%, 9/21/2051 | 15,000,000 | 15,628,156 | ||
Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, ”G“, GNMA, 3.5%, 2/21/2050 | 2,305,843 | 2,434,801 | ||
$40,678,452 | ||||
Vermont - 0.4% | ||||
Burlington, VT, Airport Rev., ”A“, 5%, 7/01/2022 | $ | 85,000 | $ 87,938 | |
Burlington, VT, Airport Rev., ”A“, 4%, 7/01/2028 | 2,020,000 | 2,059,287 | ||
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n) | 1,035,000 | 1,216,995 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.625%, 6/15/2029 | 375,000 | 394,711 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Vermont - continued | ||||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2029 | $ | 500,000 | $ 611,157 | |
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.75%, 6/15/2030 | 405,000 | 426,520 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 5%, 6/15/2031 | 565,000 | 704,915 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2033 | 380,000 | 401,035 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 4%, 6/15/2034 | 400,000 | 421,709 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3%, 6/15/2035 | 9,900,000 | 9,966,813 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 3.375%, 6/15/2036 | 5,425,000 | 5,500,313 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”A“, 2.375%, 6/15/2039 | 1,655,000 | 1,621,883 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4.375%, 6/15/2046 | 765,000 | 793,070 | ||
Vermont Student Assistance Corp., Education Loan Rev., ”B“, 4%, 6/15/2047 | 1,260,000 | 1,295,841 | ||
$25,502,187 | ||||
Virginia - 1.0% | ||||
Amelia County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | $ | 865,000 | $ 872,774 | |
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | 405,000 | 408,640 | ||
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 2.4%, 8/01/2027 (Put Date 5/02/2022) | 1,275,000 | 1,290,220 | ||
Commonwealth of Virginia, University Health System General Rev., ”A“, 4%, 7/01/2040 | 13,150,000 | 14,824,547 | ||
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | 2,100,000 | 2,180,164 | ||
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2035 | 3,905,000 | 4,831,092 | ||
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037 | 3,990,000 | 4,910,242 | ||
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), ”A“, 2.4%, 9/01/2038 (Put Date 5/02/2022) | 1,090,000 | 1,103,012 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
Halifax County, VA, Industrial Development Authority Recovery Zone Facility Rev. (Virginia Electric & Power Co. Project), ”A“, 0.45%, 12/01/2041 (Put Date 4/01/2022) | $ | 5,440,000 | $ 5,444,373 | |
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 11.516%, 8/23/2027 (p) | 2,900,000 | 3,884,952 | ||
King George County, VA, Industrial Development Authority Solid Waste Disposal Rev. (King George Landfill, Inc. Project), ”A“, 2.5%, 6/01/2023 (Put Date 6/01/2023) | 1,455,000 | 1,504,569 | ||
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) | 4,160,000 | 4,151,415 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4%, 9/01/2023 (n) | 10,000 | 10,187 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n) | 145,000 | 155,313 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 270,000 | 294,161 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 980,000 | 1,038,421 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 230,000 | 249,921 | ||
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), ”A“, 2.4%, 6/01/2028 (Put Date 5/01/2022) | 1,275,000 | 1,290,220 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2030 (n) | 800,000 | 881,096 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 715,000 | 779,976 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2027 | 375,000 | 451,707 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2028 | 400,000 | 490,575 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2029 | 400,000 | 498,998 | ||
Virginia Small Business Financing Authority Rev. (95 Express Lanes LLC Project), 5%, 7/01/2049 | 1,285,000 | 1,298,166 | ||
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 625,000 | 711,441 | ||
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 185,000 | 194,415 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
Virginia Small Business Financing Authority Senior Lien Rev. (95 Express Lanes LLC Project), 5%, 1/01/2044 | $ | 5,705,000 | $ 5,764,861 | |
West Point, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Chesapeake Corp.), ”A“, 6.375%, 3/01/2019 (a)(d) | 529,028 | 53 | ||
$59,515,511 | ||||
Washington - 2.1% | ||||
Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., ”S-1“, 5%, 11/01/2041 | $ | 13,000,000 | $ 15,444,744 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 1,885,000 | 2,189,354 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 2,410,000 | 2,770,059 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 4,630,000 | 5,234,677 | ||
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026 | 5,360,000 | 5,351,776 | ||
Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2037 | 10,000,000 | 12,265,969 | ||
Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2024 | 6,350,000 | 7,149,494 | ||
Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2025 | 3,175,000 | 3,689,938 | ||
Seattle, WA, Port Intermediate Lien Rev., ”C“, 5%, 8/01/2026 | 4,020,000 | 4,805,505 | ||
Seattle, WA, Port Rev., 4%, 4/01/2044 | 1,600,000 | 1,793,620 | ||
Seattle, WA, Port Rev., ”B“, 5%, 8/01/2024 | 3,000,000 | 3,113,794 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2045 | 5,140,000 | 6,454,153 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050 | 2,500,000 | 3,124,553 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055 | 6,360,000 | 7,937,482 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027 | 500,000 | 600,554 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 1,875,000 | 2,190,665 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 1,710,000 | 1,989,549 | ||
Washington Motor Vehicle Fuel Tax, ”E“, 5%, 2/01/2037 | 12,000,000 | 13,219,451 | ||
Washington Motor Vehicle Fuel Tax, ”E“, 5%, 2/01/2039 | 7,985,000 | 8,784,715 | ||
Washington State Housing Finance Commission, Municipal Certificates, ”A“, 3.5%, 12/20/2035 | 16,316,122 | 18,829,003 | ||
Washington State Housing Finance Commission, Single Family Rev., ”1N“, GNMA, 3%, 12/01/2049 | 7,000,000 | 7,613,638 | ||
$134,552,693 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
West Virginia - 0.6% | ||||
Harrison County, WV, Community Solid Waste Disposal Rev. (Monongahela Power Co.), 3%, 10/15/2037 (Put Date 10/15/2021) | $ | 10,000,000 | $ 10,005,900 | |
Monongalia County, WV, Board of Education, 5%, 5/01/2029 (Prerefunded 5/01/2022) | 1,445,000 | 1,485,007 | ||
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), ”A“, 4.125%, 6/01/2043 (n) | 1,390,000 | 1,542,376 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 3,335,000 | 3,299,851 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), ”A“, 1%, 1/01/2041 (Put Date 9/01/2025) | 3,140,000 | 3,141,107 | ||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2038 | 840,000 | 1,022,008 | ||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), ”A“, 5%, 9/01/2039 | 250,000 | 303,469 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), ”A“, 4%, 6/01/2051 | 10,000,000 | 11,199,223 | ||
West Virginia Housing Development Fund, ”A“, FHA, 3.45%, 11/01/2033 | 640,000 | 692,384 | ||
West Virginia Housing Development Fund, ”A“, FHA, 3.75%, 11/01/2038 | 605,000 | 654,889 | ||
West Virginia Water Development Authority Rev. (Loan Program II), ”A-II“, 5%, 11/01/2033 | 675,000 | 814,889 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2031 | 425,000 | 524,344 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2032 | 275,000 | 337,919 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2033 | 540,000 | 661,125 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2035 | 655,000 | 796,935 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2041 | 595,000 | 710,518 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2046 | 600,000 | 707,931 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
West Virginia - continued | ||||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., ”A“, BAM, 4%, 6/01/2051 | $ | 435,000 | $ 508,859 | |
$38,408,734 | ||||
Wisconsin - 1.9% | ||||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2032 | $ | 650,000 | $ 514,781 | |
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2033 | 995,000 | 757,713 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2034 | 950,000 | 695,659 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2035 | 1,420,000 | 999,027 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2036 | 1,460,000 | 985,569 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2037 | 2,370,000 | 1,532,617 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2038 | 2,570,000 | 1,590,019 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2039 | 2,795,000 | 1,653,336 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, ”D“, AGM, 0%, 12/15/2040 | 1,205,000 | 681,038 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2031 | 490,000 | 400,594 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2032 | 665,000 | 522,091 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2033 | 640,000 | 483,242 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2034 | 595,000 | 432,095 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2035 | 760,000 | 530,369 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2036 | 735,000 | 492,248 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2037 | 740,000 | 474,102 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2038 | 760,000 | 463,720 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2039 | 710,000 | 414,661 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, ”C“, AGM, 0%, 12/15/2040 | 175,000 | 97,759 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2030 | $ | 115,000 | $ 147,191 | |
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2031 | 130,000 | 165,719 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2032 | 150,000 | 190,643 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2033 | 160,000 | 202,714 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2034 | 150,000 | 189,498 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), ”A“, 5%, 12/01/2035 | 190,000 | 239,604 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2036 | 1,200,000 | 1,404,280 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”A“, AGM, 4%, 2/15/2037 | 1,100,000 | 1,283,533 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), ”C“, 5%, 2/15/2047 | 805,000 | 942,842 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2038 | 385,000 | 450,267 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2044 | 450,000 | 522,342 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), ”A“, 5%, 7/01/2049 | 1,875,000 | 2,168,344 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2039 | 815,000 | 917,582 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2046 | 1,045,000 | 1,164,895 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”A“, 5%, 11/01/2054 | 8,180,000 | 9,065,186 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), ”B-3“, 2.25%, 11/01/2026 | 1,735,000 | 1,735,352 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2040 (Prerefunded 9/15/2023) | 465,000 | 494,818 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2045 (Prerefunded 9/15/2023) | 630,000 | 668,275 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), ”A“, 5%, 9/15/2050 (Prerefunded 9/15/2023) | 2,560,000 | 2,712,999 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Housing & Economic Development Authority Home Ownership, ”A“, 3%, 3/01/2052 | $ | 4,145,000 | $ 4,511,773 | |
Wisconsin Housing & Economic Development Authority Home Ownership, ”D“, 4%, 3/01/2047 (u) | 4,420,000 | 4,849,354 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5%, 7/01/2022 | 150,000 | 151,905 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5.25%, 7/01/2028 | 1,260,000 | 1,296,463 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”B“, 5%, 7/01/2042 | 1,815,000 | 1,860,979 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), ”C“, 5%, 7/01/2042 | 1,630,000 | 1,670,802 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039 | 200,000 | 233,499 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049 | 615,000 | 705,631 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053 | 420,000 | 480,663 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 120,000 | 132,522 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 120,000 | 132,590 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2025 (n) | 75,000 | 80,513 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2030 (n) | 165,000 | 178,915 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), ”A“, 5%, 9/01/2038 (n) | 220,000 | 235,971 | ||
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042 | 655,000 | 756,735 | ||
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 605,000 | 694,756 | ||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2036 (n)(w) | 1,875,000 | 2,012,588 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2041 (n)(w) | $ | 1,705,000 | $ 1,804,623 | |
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2051 (n)(w) | 1,825,000 | 1,900,482 | ||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), ”A“, 4%, 9/01/2056 (n)(w) | 1,675,000 | 1,730,124 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (n) | 10,885,000 | 12,080,045 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (n) | 1,850,000 | 1,930,150 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 190,000 | 212,065 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 5,595,000 | 6,323,577 | ||
Wisconsin Public Finance Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), ”A“, 5%, 11/15/2041 | 1,010,000 | 1,226,759 | ||
Wisconsin Public Finance Authority Rev. (Celanese Corp.), ”B“, 5%, 12/01/2025 | 620,000 | 718,011 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2037 (n) | 995,000 | 1,089,691 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2042 (n) | 1,005,000 | 1,098,825 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2047 (n) | 2,395,000 | 2,618,592 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), ”A“, 5.25%, 5/15/2052 (n) | 200,000 | 218,672 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.125%, 11/15/2029 (n) | 490,000 | 527,984 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.5%, 11/15/2034 (n) | 455,000 | 492,507 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 5.75%, 11/15/2044 (n) | $ | 375,000 | $ 405,194 | |
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), ”A“, 6%, 11/15/2049 (n) | 740,000 | 803,893 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), ”A“, 4.5%, 6/01/2056 (n) | 5,400,000 | 5,359,572 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2044 | 375,000 | 447,266 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2045 | 805,000 | 897,945 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2050 | 695,000 | 772,345 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2054 | 485,000 | 573,881 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 4%, 7/01/2055 | 785,000 | 869,803 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), ”A“, AGM, 5%, 7/01/2058 | 560,000 | 661,853 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2036 | 500,000 | 603,662 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048 | 6,000,000 | 7,100,520 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053 | 3,570,000 | 4,211,931 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF-Wilmington LLC- University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058 | 5,000,000 | 5,888,751 | ||
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Blue Ridge Healthcare), ”A“, 4%, 1/01/2045 | 650,000 | 736,130 | ||
$121,677,236 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wyoming - 0.2% | ||||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2031 | $ | 235,000 | $ 285,387 | |
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2032 | 140,000 | 169,320 | ||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2033 | 235,000 | 283,192 | ||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2035 | 220,000 | 263,445 | ||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2037 | 200,000 | 237,794 | ||
Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050 (u) | 8,225,000 | 9,162,641 | ||
$10,401,779 | ||||
Total Municipal Bonds (Identified Cost, $5,860,901,963) | $ 6,215,485,892 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 7,980,000 | $ 7,107,395 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 6,065,000 | 5,106,987 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 851,000 | 685,124 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 2,473,000 | 1,875,810 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 25,900,000 | 8,070,160 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, ”A“, NPFG, 0%, 2/15/2045 (n) | 466,115 | 113,825 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, ”B“, NPFG, 0%, 2/15/2033 (n) | 3,715,000 | 2,014,973 | ||
Total Bonds (Identified Cost, $25,450,996) | $ 24,974,274 | |||
Other Municipal Bonds – 0.3% | ||||
Multi-Family Housing Revenue – 0.3% | ||||
Freddie Mac, VRDN, 2.625%, 6/15/2035 (Identified Cost, $17,915,817) | $ | 17,455,000 | $ 18,444,669 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) - 2.4% | ||||
Money Market Funds – 2.4% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $148,431,711) | 148,433,069 | $ 148,433,069 | ||
Other Assets, Less Liabilities - (2.4)% | (151,357,931) | |||
Net Assets - 100.0% | $6,255,979,973 |
(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 $148,433,069 and $6,258,904,835, 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 $371,296,309, representing 5.9% of net assets. |
(p) | Primary market inverse floater. |
(u) | Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters. |
(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 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.25%, 5/15/2035 | 6/30/15 | $100,000 | $68,000 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 7.75%, 5/15/2035 | 11/15/17 | 902,506 | 567,800 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 8.125%, 5/15/2044 | 11/15/17 | 1,377,710 | 860,200 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), ”A“, 6.5%, 5/15/2049 | 6/30/15 | 180,000 | 122,400 |
Total Restricted Securities | $1,618,400 | ||
% of Net assets | 0.0% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
CALHF | California Health Facility Construction Loan Insurance Program |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corp. |
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 |
MUNIPSA | SIFMA Municipal Swap Index |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
RIBS | Residual Interest Bonds |
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, $5,904,268,776) | $6,258,904,835 |
Investments in affiliated issuers, at value (identified cost, $148,431,711) | 148,433,069 |
Cash | 139,684 |
Receivables for | |
Investments sold | 22,244,163 |
Fund shares sold | 17,667,601 |
Interest | 62,798,602 |
Other assets | 40,872 |
Total assets | $6,510,228,826 |
Liabilities | |
Payables for | |
Distributions | $1,043,541 |
Fund shares reacquired | 6,608,936 |
When-issued investments purchased | 141,325,164 |
Interest expense and fees | 216,929 |
Payable to the holders of the floating rate certificates | 103,704,428 |
Payable to affiliates | |
Investment adviser | 119,182 |
Administrative services fee | 3,089 |
Shareholder servicing costs | 941,675 |
Distribution and service fees | 53,390 |
Payable for independent Trustees' compensation | 2,639 |
Accrued expenses and other liabilities | 229,880 |
Total liabilities | $254,248,853 |
Net assets | $6,255,979,973 |
Net assets consist of | |
Paid-in capital | $5,921,936,157 |
Total distributable earnings (loss) | 334,043,816 |
Net assets | $6,255,979,973 |
Shares of beneficial interest outstanding | 682,698,050 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $3,466,463,865 | 378,164,703 | $9.17 |
Class B | 3,756,235 | 409,169 | 9.18 |
Class C | 105,716,625 | 11,492,724 | 9.20 |
Class I | 1,596,904,833 | 174,363,753 | 9.16 |
Class R6 | 706,959,973 | 77,252,435 | 9.15 |
Class A1 | 376,099,102 | 41,006,625 | 9.17 |
Class B1 | 79,340 | 8,641 | 9.18 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Classes A and A1, for which the maximum offering prices per share were $9.58 [100 / 95.75 x $9.17] and $9.58 [100 / 95.75 x $9.17], respectively. On sales of $100,000 or more, the maximum offering prices of Class A and Class A1 shares are reduced. A contingent deferred sales charge may be imposed on redemptions of Class A, Class B, Class C, Class A1, and Class B1 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 | $87,613,704 |
Dividends from affiliated issuers | 23,630 |
Other | 600 |
Total investment income | $87,637,934 |
Expenses | |
Management fee | $10,929,865 |
Distribution and service fees | 4,803,393 |
Shareholder servicing costs | 1,898,236 |
Administrative services fee | 282,627 |
Independent Trustees' compensation | 41,773 |
Custodian fee | 185,776 |
Shareholder communications | 73,867 |
Audit and tax fees | 32,358 |
Legal fees | 18,875 |
Interest expense and fees | 365,798 |
Miscellaneous | 224,559 |
Total expenses | $18,857,127 |
Fees paid indirectly | (73) |
Reduction of expenses by investment adviser and distributor | (389,086) |
Net expenses | $18,467,968 |
Net investment income (loss) | $69,169,966 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $9,901,664 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $32,217,310 |
Affiliated issuers | (1) |
Net unrealized gain (loss) | $32,217,309 |
Net realized and unrealized gain (loss) | $42,118,973 |
Change in net assets from operations | $111,288,939 |
Six months ended | Year ended | |
9/30/21 (unaudited) | 3/31/21 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $69,169,966 | $138,702,422 |
Net realized gain (loss) | 9,901,664 | 8,168,725 |
Net unrealized gain (loss) | 32,217,309 | 220,486,637 |
Change in net assets from operations | $111,288,939 | $367,357,784 |
Total distributions to shareholders | $(68,809,269) | $(137,129,893) |
Change in net assets from fund share transactions | $551,664,629 | $825,458,111 |
Total change in net assets | $594,144,299 | $1,055,686,002 |
Net assets | ||
At beginning of period | 5,661,835,674 | 4,606,149,672 |
At end of period | $6,255,979,973 | $5,661,835,674 |
Class A | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.09 | $8.68 | $8.77 | $8.63 | $8.64 | $8.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.23 | $0.26 | $0.32 | $0.31 | $0.32(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.41 | (0.09) | 0.11 | (0.02) | (0.27) |
Total from investment operations | $0.18 | $0.64 | $0.17 | $0.43 | $0.29 | $0.05 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.23) | $(0.26) | $(0.29) | $(0.30) | $(0.30) |
Net asset value, end of period (x) | $9.17 | $9.09 | $8.68 | $8.77 | $8.63 | $8.64 |
Total return (%) (r)(s)(t)(x) | 1.99(n) | 7.43 | 1.88 | 5.14 | 3.35 | 0.59(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.74 | 0.78 | 0.77 | 0.77 | 0.78(c) |
Expenses after expense reductions (f) | 0.71(a) | 0.73 | 0.77 | 0.75 | 0.73 | 0.73(c) |
Net investment income (loss) | 2.19(a) | 2.57 | 2.89 | 3.74 | 3.49 | 3.67(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $3,466,464 | $3,166,883 | $2,386,528 | $1,683,822 | $1,418,893 | $1,234,571 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.70(a) | 0.72 | 0.73 | 0.73 | 0.72 | 0.72(c) |
Class B | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 | $8.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.17 | $0.20 | $0.26 | $0.24 | $0.26(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.40 | (0.10) | 0.10 | (0.02) | (0.26) |
Total from investment operations | $0.15 | $0.57 | $0.10 | $0.36 | $0.22 | $0.00(w) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.16) | $(0.19) | $(0.23) | $(0.23) | $(0.24) |
Net asset value, end of period (x) | $9.18 | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 |
Total return (%) (r)(s)(t)(x) | 1.61(n) | 6.63 | 1.14 | 4.23 | 2.58 | (0.04)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.47(a) | 1.49 | 1.53 | 1.52 | 1.52 | 1.53(c) |
Expenses after expense reductions (f) | 1.46(a) | 1.48 | 1.52 | 1.50 | 1.48 | 1.49(c) |
Net investment income (loss) | 1.45(a) | 1.87 | 2.19 | 2.99 | 2.75 | 2.94(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $3,756 | $4,777 | $7,843 | $12,579 | $18,135 | $23,866 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.45(a) | 1.46 | 1.48 | 1.48 | 1.48 | 1.47(c) |
Class C | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.12 | $8.71 | $8.80 | $8.66 | $8.67 | $8.92 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.17 | $0.19 | $0.26 | $0.24 | $0.26(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.40 | (0.09) | 0.11 | (0.02) | (0.27) |
Total from investment operations | $0.15 | $0.57 | $0.10 | $0.37 | $0.22 | $(0.01) |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.16) | $(0.19) | $(0.23) | $(0.23) | $(0.24) |
Net asset value, end of period (x) | $9.20 | $9.12 | $8.71 | $8.80 | $8.66 | $8.67 |
Total return (%) (r)(s)(t)(x) | 1.60(n) | 6.62 | 1.13 | 4.35 | 2.58 | (0.16)(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.47(a) | 1.49 | 1.53 | 1.52 | 1.52 | 1.53(c) |
Expenses after expense reductions (f) | 1.46(a) | 1.48 | 1.52 | 1.50 | 1.49 | 1.49(c) |
Net investment income (loss) | 1.45(a) | 1.86 | 2.16 | 2.99 | 2.74 | 2.92(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $105,717 | $113,569 | $155,843 | $151,636 | $181,793 | $184,018 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.45(a) | 1.46 | 1.48 | 1.48 | 1.48 | 1.47(c) |
Class I | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.08 | $8.67 | $8.76 | $8.63 | $8.63 | $8.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.28 | $0.34 | $0.33 | $0.34(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.41 | (0.09) | 0.10 | (0.01) | (0.26) |
Total from investment operations | $0.19 | $0.66 | $0.19 | $0.44 | $0.32 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.25) | $(0.28) | $(0.31) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $9.16 | $9.08 | $8.67 | $8.76 | $8.63 | $8.63 |
Total return (%) (r)(s)(t)(x) | 2.12(n) | 7.70 | 2.13 | 5.27 | 3.73 | 0.84(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.47(a) | 0.49 | 0.53 | 0.52 | 0.52 | 0.54(c) |
Expenses after expense reductions (f) | 0.46(a) | 0.48 | 0.52 | 0.51 | 0.49 | 0.49(c) |
Net investment income (loss) | 2.44(a) | 2.82 | 3.15 | 3.99 | 3.74 | 3.92(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $1,596,905 | $1,389,505 | $1,042,592 | $870,855 | $672,870 | $974,392 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.45(a) | 0.47 | 0.48 | 0.48 | 0.48 | 0.47(c) |
Class R6 | Six months ended | Year ended | |||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18(i) | |
Net asset value, beginning of period | $9.08 | $8.67 | $8.76 | $8.62 | $8.77 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.12 | $0.26 | $0.29 | $0.35 | $0.22 |
Net realized and unrealized gain (loss) | 0.07 | 0.41 | (0.09) | 0.11 | (0.15) |
Total from investment operations | $0.19 | $0.67 | $0.20 | $0.46 | $0.07 |
Less distributions declared to shareholders | |||||
From net investment income | $(0.12) | $(0.26) | $(0.29) | $(0.32) | $(0.22) |
Net asset value, end of period (x) | $9.15 | $9.08 | $8.67 | $8.76 | $8.62 |
Total return (%) (r)(s)(t)(x) | 2.04(n) | 7.78 | 2.21 | 5.48 | 0.75(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||||
Expenses before expense reductions (f) | 0.41(a) | 0.42 | 0.46 | 0.45 | 0.42(a) |
Expenses after expense reductions (f) | 0.39(a) | 0.41 | 0.45 | 0.43 | 0.41(a) |
Net investment income (loss) | 2.50(a) | 2.90 | 3.22 | 4.06 | 3.77(a) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 |
Net assets at end of period (000 omitted) | $706,960 | $605,320 | $591,947 | $491,400 | $492,474 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.38(a) | 0.39 | 0.41 | 0.41 | 0.40(a) |
Class A1 | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.64 | $8.65 | $8.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.25 | $0.28 | $0.34 | $0.33 | $0.35(c) |
Net realized and unrealized gain (loss) | 0.07 | 0.41 | (0.09) | 0.12 | (0.02) | (0.27) |
Total from investment operations | $0.18 | $0.66 | $0.19 | $0.46 | $0.31 | $0.08 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.25) | $(0.28) | $(0.32) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $9.17 | $9.10 | $8.69 | $8.78 | $8.64 | $8.65 |
Total return (%) (r)(s)(t)(x) | 2.01(n) | 7.70 | 2.14 | 5.40 | 3.61 | 0.85(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.47(a) | 0.49 | 0.53 | 0.52 | 0.52 | 0.54(c) |
Expenses after expense reductions (f) | 0.46(a) | 0.48 | 0.52 | 0.51 | 0.49 | 0.49(c) |
Net investment income (loss) | 2.45(a) | 2.85 | 3.18 | 3.99 | 3.75 | 3.94(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $376,099 | $381,748 | $421,338 | $454,350 | $476,864 | $504,886 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.45(a) | 0.47 | 0.48 | 0.48 | 0.48 | 0.48(c) |
Class B1 | Six months ended | Year ended | ||||
9/30/21 (unaudited) | 3/31/21 | 3/31/20 | 3/31/19 | 3/31/18 | 3/31/17 | |
Net asset value, beginning of period | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 | $8.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.08 | $0.19 | $0.22 | $0.28 | $0.26 | $0.28(c) |
Net realized and unrealized gain (loss) | 0.08 | 0.40 | (0.09) | 0.10 | (0.02) | (0.26) |
Total from investment operations | $0.16 | $0.59 | $0.13 | $0.38 | $0.24 | $0.02 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.08) | $(0.18) | $(0.22) | $(0.25) | $(0.25) | $(0.26) |
Net asset value, end of period (x) | $9.18 | $9.10 | $8.69 | $8.78 | $8.65 | $8.66 |
Total return (%) (r)(s)(t)(x) | 1.72(n) | 6.90 | 1.38 | 4.49 | 2.83 | 0.19(c) |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.46(a) | 1.49 | 1.53 | 1.52 | 1.52 | 1.53(c) |
Expenses after expense reductions (f) | 1.20(a) | 1.23 | 1.27 | 1.25 | 1.24 | 1.26(c) |
Net investment income (loss) | 1.62(a) | 2.12 | 2.45 | 3.24 | 2.99 | 3.17(c) |
Portfolio turnover | 6(n) | 24 | 23 | 19 | 21 | 20 |
Net assets at end of period (000 omitted) | $79 | $34 | $58 | $91 | $114 | $152 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.19(a) | 1.21 | 1.23 | 1.23 | 1.23 | 1.25(c) |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(i) | For Class R6, the period is from the class inception, August 1, 2017, through the stated period end. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates. |
(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 |
Municipal Bonds | $— | $6,233,930,561 | $— | $6,233,930,561 |
U.S. Corporate Bonds | — | 24,974,274 | — | 24,974,274 |
Mutual Funds | 148,433,069 | — | — | 148,433,069 |
Total | $148,433,069 | $6,258,904,835 | $— | $6,407,337,904 |
Year ended 3/31/21 | |
Ordinary income (including any short-term capital gains) | $2,956,859 |
Tax-exempt income | 134,173,034 |
Total distributions | $137,129,893 |
As of 9/30/21 | |
Cost of investments | $5,952,769,506 |
Gross appreciation | 368,452,665 |
Gross depreciation | (17,588,695) |
Net unrealized appreciation (depreciation) | $ 350,863,970 |
As of 3/31/21 | |
Undistributed ordinary income | 482,923 |
Undistributed tax-exempt income | 21,884,295 |
Capital loss carryforwards | (37,696,927) |
Other temporary differences | (11,493,899) |
Net unrealized appreciation (depreciation) | 318,387,754 |
Short-Term | $(37,696,927) |
Six months ended 9/30/21 | Year ended 3/31/21 | |
Class A | $36,826,015 | $73,701,042 |
Class B | 30,975 | 110,563 |
Class C | 793,654 | 2,529,854 |
Class I | 18,197,359 | 34,216,338 |
Class R6 | 8,279,903 | 15,392,100 |
Class A1 | 4,680,885 | 11,179,079 |
Class B1 | 478 | 917 |
Total | $68,809,269 | $137,129,893 |
Up to $1.3 billion | 0.40% |
In excess of $1.3 billion and up to $2 billion | 0.37% |
In excess of $2 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 | R6 | A1 | B1 |
0.73% | 1.48% | 1.48% | 0.48% | 0.42% | 0.48% | 1.23% |
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% | $ 4,228,407 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 21,504 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 553,184 |
Class B1 | 0.75% | 0.25% | 1.00% | 0.75% | 298 |
Total Distribution and Service Fees | $4,803,393 |
(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 September 30, 2021 based on each class's average daily net assets. MFD has agreed in writing to reduce the Class B1 service fee rate to 0.00% for all Class B1 shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until July 31, 2022. For the six months ended September 30, 2021, this reduction amounted to $75 and is included in the reduction of total expenses in the Statement of Operations. 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 September 30, 2021, this rebate amounted to $651 for Class A, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $78,539 |
Class B | 4,692 |
Class C | 11,349 |
Class A1 | — |
Class B1 | — |
Six months ended 9/30/21 | Year ended 3/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 69,735,050 | $644,614,567 | 163,511,074 | $1,449,898,229 | |
Class B | 464 | 4,264 | 64,740 | 584,142 | |
Class C | 629,218 | 5,835,383 | 2,048,091 | 18,244,795 | |
Class I | 32,194,773 | 297,527,068 | 67,870,480 | 605,302,854 | |
Class R6 | 13,818,534 | 127,446,889 | 25,691,923 | 229,019,554 | |
Class A1 | 93,612 | 865,613 | 243,978 | 2,158,367 | |
Class B1 | 5,393 | 50,000 | — | — | |
116,477,044 | $1,076,343,784 | 259,430,286 | $2,305,207,941 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 3,893,267 | $35,942,941 | 8,014,052 | $71,605,245 | |
Class B | 3,106 | 28,712 | 11,593 | 103,187 | |
Class C | 77,313 | 716,266 | 254,306 | 2,271,909 | |
Class I | 1,464,121 | 13,506,996 | 2,753,753 | 24,593,964 | |
Class R6 | 876,659 | 8,078,832 | 1,694,359 | 15,086,281 | |
Class A1 | 440,056 | 4,064,677 | 1,076,580 | 9,606,905 | |
Class B1 | 52 | 478 | 102 | 906 | |
6,754,574 | $62,338,902 | 13,804,745 | $123,268,397 |
Six months ended 9/30/21 | Year ended 3/31/21 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (43,821,932) | $(405,270,887) | (98,070,170) | $(869,788,795) | |
Class B | (119,137) | (1,103,535) | (453,749) | (4,038,228) | |
Class C | (1,663,082) | (15,414,436) | (7,743,118) | (69,691,992) | |
Class I | (12,275,539) | (113,211,719) | (37,848,226) | (336,537,260) | |
Class R6 | (4,139,949) | (38,170,171) | (28,991,570) | (252,854,317) | |
Class A1 | (1,496,306) | (13,842,727) | (7,859,719) | (70,080,445) | |
Class B1 | (497) | (4,582) | (3,057) | (27,190) | |
(63,516,442) | $(587,018,057) | (180,969,609) | $(1,603,018,227) | ||
Net change | |||||
Class A | 29,806,385 | $275,286,621 | 73,454,956 | $651,714,679 | |
Class B | (115,567) | (1,070,559) | (377,416) | (3,350,899) | |
Class C | (956,551) | (8,862,787) | (5,440,721) | (49,175,288) | |
Class I | 21,383,355 | 197,822,345 | 32,776,007 | 293,359,558 | |
Class R6 | 10,555,244 | 97,355,550 | (1,605,288) | (8,748,482) | |
Class A1 | (962,638) | (8,912,437) | (6,539,161) | (58,315,173) | |
Class B1 | 4,948 | 45,896 | (2,955) | (26,284) | |
59,715,176 | $551,664,629 | 92,265,422 | $825,458,111 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $144,969,899 | $604,157,071 | $600,693,900 | $— | $(1) | $148,433,069 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $23,630 | $— |
Intermediate Fund
Intermediate Fund
1 | |
2 | |
4 | |
6 | |
17 | |
19 | |
20 | |
21 | |
24 | |
33 | |
36 | |
36 | |
36 | |
36 | |
36 |
back cover |
General Obligations - General Purpose | 19.3% |
Universities - Colleges | 12.1% |
State & Local Agencies | 7.9% |
Water & Sewer Utility Revenue | 7.3% |
General Obligations - Schools | 6.8% |
Housing - Single Family | 6.6% |
Healthcare Revenue - Hospitals | 6.4% |
Healthcare Revenue - Long-Term Care | 6.1% |
Airports | 4.6% |
Sales & Excise Tax Revenue | 3.4% |
AAA | 4.9% |
AA | 38.8% |
A | 30.2% |
BBB | 17.7% |
BB | 5.3% |
B | 0.3% |
Not Rated | 3.8% |
Cash & Cash Equivalents | (1.0)% |
Average Duration (d) | 5.0 |
Average Effective Maturity (m) | 7.4 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. |
(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 device (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. |
May 18, 2021 through September 30, 2021
Share Class | Annualized Expense Ratio | Beginning Account Value 5/18/21 | Ending Account Value 9/30/21 | Expenses Paid During Period (p) 5/18/21-9/30/21 | |
A | Actual | 0.64% | $1,000.00 | $1,001.46 | $2.39 |
Hypothetical (h) | 0.64% | $1,000.00 | $1,021.86 | $3.24 | |
C | Actual | 1.39% | $1,000.00 | $999.00 | $5.18 |
Hypothetical (h) | 1.39% | $1,000.00 | $1,018.10 | $7.03 | |
I | Actual | 0.39% | $1,000.00 | $1,002.30 | $1.45 |
Hypothetical (h) | 0.39% | $1,000.00 | $1,023.11 | $1.98 | |
R6 | Actual | 0.38% | $1,000.00 | $1,002.43 | $1.42 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.16 | $1.93 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 136/365 for Actual Expenses (for Hypothetical Expenses, multiplied by 183/365 to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. For actual expenses paid, the calculation is based on the period from the commencement of the fund's investment operations, May 18, 2021, through September 30, 2021. For hypothetical expenses paid, it is assumed that the fund was in existence for the entire six month period ended September 30, 2021. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 100.1% | ||||
Alaska - 1.0% | ||||
Alaska Municipal Bond Bank, General Obligation, Refunding, Series “1”, 5%, 12/01/2027 | $ | 200,000 | $ 247,770 | |
Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, “B1”, 0.5%, 6/01/2031 | 5,000 | 4,939 | ||
$252,709 | ||||
Arizona - 4.1% | ||||
Arizona Industrial Development Authority Education Rev. (Greathearts Arizona Projects), “A”, 5%, 7/01/2026 | $ | 125,000 | $ 147,998 | |
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 5,000 | 4,895 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “A”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 10,000 | 9,893 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 1%, 6/01/2043 (Put Date 10/01/2026) | 5,000 | 4,946 | ||
Maricopa County, AZ, Special Healthcare District Rev., “D”, 5%, 7/01/2024 | 400,000 | 451,078 | ||
Mesa, AZ, Utility System Rev., BAM, 5%, 7/01/2026 | 200,000 | 239,672 | ||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 (Put Date 6/01/2027) | 200,000 | 200,217 | ||
$1,058,699 | ||||
Arkansas - 0.5% | ||||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | $ | 125,000 | $ 137,451 | |
California - 2.9% | ||||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2032 | $ | 125,000 | $ 150,885 | |
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 20,000 | 20,173 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034 | 90,000 | 100,485 | ||
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | 90,000 | 103,626 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 130,000 | 146,844 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Statewide Communities Development Authority Rev. (University of California, Irvine East Campus Apartments Phase IV-A CHF Irvine LLC), 5%, 5/15/2030 | $ | 80,000 | $ 96,891 | |
Sacramento, CA, Transient Occupancy Tax Rev. (Convention Center Complex), “A”, 5%, 6/01/2033 | 115,000 | 138,899 | ||
$757,803 | ||||
Colorado - 2.5% | ||||
Adams, Morgan, & Weld Counties, CO, Groundwater Management Subdistrict of the Central Water Conservancy District, BAM, 5%, 12/01/2028 | $ | 200,000 | $ 252,566 | |
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 (w) | 125,000 | 136,554 | ||
Colorado Mountain College, COP, 5%, 12/01/2027 | 200,000 | 245,889 | ||
$635,009 | ||||
Connecticut - 1.9% | ||||
Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024 | $ | 250,000 | $ 282,980 | |
State of Connecticut, General Obligation, “B”, 3%, 6/01/2025 | 200,000 | 218,862 | ||
$501,842 | ||||
District of Columbia - 2.6% | ||||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | $ | 100,000 | $ 103,463 | |
Washington, D.C. Metropolitan Airport Authority System Rev., “A”, 5%, 10/01/2027 | 250,000 | 308,316 | ||
Washington, D.C. Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), “A”, 5%, 7/15/2027 | 200,000 | 248,096 | ||
$659,875 | ||||
Florida - 4.1% | ||||
Florida Atlantic University Finance Corp., Capital Improvement Rev. (Student Housing Project), “B”, 5%, 7/01/2029 | $ | 75,000 | $ 96,148 | |
Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2026 | 150,000 | 179,939 | ||
Pasco County, FL, School Board Refunding, Certificate of Participation, “A”, 5%, 8/01/2027 | 150,000 | 184,649 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 100,000 | 108,726 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026 | 190,000 | 210,547 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Volusia County, FL, School Board Master Lease Program, “A”, 5%, 8/01/2030 | $ | 200,000 | $ 263,166 | |
$1,043,175 | ||||
Georgia - 1.3% | ||||
Bleckley County & Dodge County, GA, Joint Development Authority Rev. (USG Real Estate Foundation VII LLC), 5%, 7/01/2036 | $ | 75,000 | $ 91,671 | |
Carroll County, GA, Water Authority, Water & Sewerage Refunding and Improvement Rev., “A”, 4%, 7/01/2027 | 200,000 | 234,905 | ||
$326,576 | ||||
Guam - 0.8% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 (w) | $ | 100,000 | $ 121,200 | |
Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 55,000 | 55,966 | ||
Guam International Airport Authority Taxable Rev. (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026 | 25,000 | 25,278 | ||
$202,444 | ||||
Idaho - 0.1% | ||||
Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project ), “A”, 0.7%, 7/01/2024 (w) | $ | 15,000 | $ 14,993 | |
Illinois - 10.6% | ||||
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026 | $ | 70,000 | $ 80,957 | |
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 100,000 | 121,329 | ||
Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026 | 135,000 | 158,688 | ||
Chicago, IL, Transit Authority Capital Grant Receipts Refunding Rev. (Federal Transit Administration Section 5337 State Of Good Repair Formula Funds), 5%, 6/01/2026 | 200,000 | 238,801 | ||
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037 | 70,000 | 77,485 | ||
Illinois Finance Authority Taxable Rev. (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 100,000 | 99,394 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 5,000 | 4,883 | ||
Illinois Finance Authority, Health Facilities Rev. (Unitypoint Health), “D”, 5%, 2/15/2025 | 80,000 | 91,915 | ||
Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040 | 110,000 | 126,323 | ||
Illinois Housing Development Authority Rev., “B”, GNMA, 3%, 4/01/2051 | 250,000 | 272,161 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion, “B”, Refunded, 5%, 12/15/2028 | $ | 205,000 | $ 211,734 | |
Illinois Regional Transportation Authority, General Obligation Refunding Rev., “A”, NPFG, 6%, 7/01/2029 | 150,000 | 190,276 | ||
Northern Illinois Municipal Power Agency Project, Refunding Rev. (Prairie State Project), “A”, 4%, 12/01/2033 | 105,000 | 119,552 | ||
Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, BAM, 5%, 4/01/2032 | 200,000 | 255,708 | ||
State of Illinois, 5%, 2/01/2029 | 165,000 | 194,842 | ||
State of Illinois, General Obligation Refunding , AGM, 4%, 2/01/2031 | 100,000 | 113,232 | ||
State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027 | 125,000 | 148,298 | ||
Will County, IL, General Obligation, Alternate Rev. (Renewal Natural Gas Project), 4%, 11/15/2025 | 200,000 | 228,835 | ||
$2,734,413 | ||||
Indiana - 5.6% | ||||
Ball St. University, IN, Board of Trustees, Student Fee Bonds, “T”, 5%, 7/01/2027 | $ | 200,000 | $ 245,828 | |
Beech Grove, IN, Central Schools Building Corp., “A”, 3%, 7/15/2026 | 100,000 | 109,504 | ||
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025 | 100,000 | 104,387 | ||
Indiana Finance Authority Taxable Refunding Rev. (BHI Senior Living), “B”, 2.45%, 11/15/2025 | 30,000 | 29,939 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 200,000 | 235,650 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2050 | 10,000 | 10,862 | ||
Jefferson County, IN, Jail Building Corp., Lease Rental Rev., BAM, 4%, 1/15/2027 | 200,000 | 230,212 | ||
Lawrence County, IN, Mitchell High School Building Corp., 3%, 1/15/2026 | 200,000 | 218,467 | ||
Terre Haute, IN, Sanitary District Refunding Rev., BAM, 3%, 7/01/2023 | 125,000 | 130,297 | ||
Terre Haute, IN, Sanitary District Refunding Rev., BAM, 4%, 7/01/2027 | 100,000 | 115,211 | ||
��� $1,430,357 | ||||
Kansas - 1.2% | ||||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | $ | 125,000 | $ 134,835 | |
Sedgwick County, KS, Unified School District No. 268, General Obligation Refunding, “B”, 3%, 9/01/2028 | 150,000 | 167,809 | ||
$302,644 | ||||
Kentucky - 0.0% | ||||
Kentucky State University, COP, BAM, 5%, 11/01/2024 | $ | 10,000 | $ 11,312 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - 1.3% | ||||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | $ | 200,000 | $ 231,733 | |
Louisiana Stadium & Exposition District Rev., 4%, 7/03/2023 | 100,000 | 105,007 | ||
$336,740 | ||||
Massachusetts - 1.7% | ||||
Massachusetts Development Finance Agency Multi-Family Housing Rev. (Salem Heights II Preservation Associates LP), “B”, 0.25%, 7/01/2024 (Put Date 7/01/2023) | $ | 40,000 | $ 39,902 | |
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2040 | 130,000 | 149,117 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | 100,000 | 112,719 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036 | 90,000 | 99,397 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45,000 | 44,795 | ||
$445,930 | ||||
Michigan - 1.8% | ||||
Lake Superior State University Board of Trustees Rev., AGM, 4%, 11/15/2028 | $ | 200,000 | $ 236,757 | |
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 110,000 | 109,904 | ||
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026) | 100,000 | 111,013 | ||
$457,674 | ||||
Minnesota - 3.0% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | $ | 125,000 | $ 131,851 | |
Minnesota Higher Educational Facilities Authority Rev. (St. John's University), 4%, 10/01/2029 | 150,000 | 180,318 | ||
Minnesota Housing Finance Agency, Residential Housing, “C”, GNMA, 0.4%, 1/01/2023 | 200,000 | 199,929 | ||
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 240,000 | 261,183 | ||
$773,281 | ||||
Mississippi - 0.4% | ||||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | $ | 100,000 | $ 108,913 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - 2.9% | ||||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $ | 150,000 | $ 173,640 | |
Nixa, MO, Public Schools, Certificate of Participation, 4%, 4/01/2022 | 200,000 | 203,556 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 125,000 | 128,394 | ||
St. Louis, MO, Land Clearance for Redevelopment Authority, Special Obligation Refunding (600 Washington Project), “A”, 4%, 4/01/2028 | 200,000 | 230,781 | ||
$736,371 | ||||
Nevada - 2.1% | ||||
Clark County, NV, Airport System Rev., “B”, 5%, 7/01/2026 | $ | 200,000 | $ 238,743 | |
Director of the State of Nevada, Department of Business and Industry, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 0.25%, 12/01/2026 (Put Date 12/01/2021) (n) | 300,000 | 300,009 | ||
$538,752 | ||||
New Hampshire - 0.5% | ||||
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027 | $ | 105,000 | $ 124,907 | |
New Jersey - 2.6% | ||||
Atlantic City, NJ, 5%, 12/01/2024 | $ | 85,000 | $ 88,560 | |
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “PP”, 4%, 6/15/2030 | 115,000 | 123,519 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | 54,000 | 67,730 | ||
Perth Amboy, NJ, General Improvement Refunding, “A”, BAM, 3%, 3/15/2027 | 200,000 | 222,109 | ||
State of New Jersey, General Obligation, 4%, 6/01/2036 | 145,000 | 164,859 | ||
$666,777 | ||||
New York - 2.2% | ||||
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028 | $ | 80,000 | $ 100,080 | |
Hempstead, NY, Local Development Corp. Rev. (Hofstra University), “A”, 5%, 7/01/2028 | 200,000 | 252,126 | ||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), 2.25%, 8/01/2026 | 5,000 | 5,118 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-2”, 0.6%, 5/01/2061 (Put Date 7/01/2025) | 55,000 | 54,953 | ||
Troy, NY, Capital Resource Corp. Refunding Rev. (Rensselaer Polytechnic Institute Project), 5%, 9/01/2027 | 125,000 | 152,812 | ||
$565,089 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - 1.8% | ||||
Charlotte-Mecklenberg, NC, Hospital Authority Rev. (Atrium Health Obligated Group), “A”, 5%, 1/15/2028 | $ | 75,000 | $ 79,331 | |
Charlotte-Mecklenberg, NC, Hospital Authority Rev. (Atrium Health Obligated Group), “B”, 5%, 1/15/2050 (Put Date 12/02/2024) | 200,000 | 228,625 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 125,000 | 147,695 | ||
$455,651 | ||||
Ohio - 2.2% | ||||
Cleveland State University, OH, General Receipts “A”, 5%, 6/01/2029 | $ | 125,000 | $ 146,575 | |
Cuyahoga Falls, OH, School District Improvement Rev., BAM, 4%, 12/01/2029 | 75,000 | 88,536 | ||
Triway, OH, Local School District Board of Education, BAM, 4%, 12/01/2027 | 200,000 | 234,415 | ||
Warrensville Heights, OH, City School District, BAM, 4%, 11/01/2029 | 80,000 | 87,421 | ||
$556,947 | ||||
Oklahoma - 0.6% | ||||
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $ | 130,000 | $ 143,258 | |
Oregon - 1.1% | ||||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028 | $ | 5,000 | $ 4,943 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 10,000 | 9,902 | ||
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039 | 115,000 | 124,526 | ||
Port Portland, OR, International Airport Rev., “B”, 5%, 7/01/2028 | 105,000 | 131,046 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026 | 5,000 | 5,006 | ||
$275,423 | ||||
Pennsylvania - 8.5% | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 (w) | $ | 10,000 | $ 11,524 | |
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 65,000 | 74,250 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 80,000 | 88,344 | ||
East Bethlehem Township, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | 150,000 | 150,488 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | 125,000 | 136,377 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Montour, PA, School District, General Obligation, “A and B”, AGM, 5%, 4/01/2039 | $ | 115,000 | $ 135,527 | |
Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | 150,000 | 177,762 | ||
Pennsylvania Economic Development Financing Authority Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | 85,000 | 96,124 | ||
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Rev. (Waste Management Project, Inc.), 0.45%, 6/01/2041 (Put Date 6/03/2024) | 90,000 | 90,315 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 200,000 | 239,339 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 5,000 | 4,982 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 330,000 | 355,356 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2027 | 200,000 | 243,531 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2032 | 75,000 | 89,694 | ||
Schuylkill County, PA, Municipal Authority Water & Sewer Rev., BAM, 4%, 6/15/2024 | 260,000 | 285,345 | ||
$2,178,958 | ||||
Puerto Rico - 0.7% | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | $ | 217,000 | $ 172,911 | |
Rhode Island - 1.2% | ||||
Rhode Island Health and Educational Building Corp., Higher Education Facility Refunding Rev., (Providence College), “B”, 5%, 11/01/2027 | $ | 250,000 | $ 309,431 | |
South Carolina - 1.2% | ||||
South Carolina Jobs & Economic Development Authority Rev. (Alligator Rural Water & Sewer Company, Inc. Project), 4%, 3/15/2028 | $ | 125,000 | $ 145,575 | |
South Carolina Ports Authority Rev., 5%, 7/01/2025 | 135,000 | 156,438 | ||
$302,013 | ||||
South Dakota - 0.2% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Taxable Rev., 0.961%, 6/01/2024 | $ | 65,000 | $ 65,232 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - 0.6% | ||||
Knoxville, TN, Community Development Corp., Multi-Family Housing Rev. (Austin Homes 1B), 0.22%, 10/01/2024 (Put Date 10/01/2023) | $ | 55,000 | $ 54,898 | |
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027 | 80,000 | 95,328 | ||
$150,226 | ||||
Texas - 17.1% | ||||
Alamo, TX, Community College District, 5%, 8/15/2027 | $ | 200,000 | $ 248,103 | |
Arlington, TX, Higher Education Finance Corp., Education Rev. (Uplift Education), “A”, 4%, 12/01/2026 | 100,000 | 115,405 | ||
Brazoria County, TX, Municipal Utility District No. 28, AGM, 3%, 9/01/2026 | 285,000 | 313,259 | ||
Brownsville, TX, 5%, 2/15/2030 | 200,000 | 252,025 | ||
Bryan, TX, Electric System Rev., BAM, 5%, 7/01/2026 | 200,000 | 239,362 | ||
Clear Brook City, TX, Municipal Utility District, AGM, 4%, 2/01/2027 | 250,000 | 286,315 | ||
Clear Creek, TX, Independent School District Variable Rate Unlimited Tax School Building, “B”, 0.28%, 2/15/2038 (Put Date 8/15/2024) | 5,000 | 4,982 | ||
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5.25%, 11/01/2030 | 85,000 | 93,118 | ||
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026 | 200,000 | 211,244 | ||
Eagle Pass, TX, AGM, 5%, 3/01/2028 | 255,000 | 317,754 | ||
El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | 100,000 | 107,413 | ||
Elgin, TX, Tax and Rev., AGM, 4%, 7/15/2030 | 250,000 | 299,409 | ||
Fort Bend County, TX, Municipal Utility District No. 23, BAM, 3%, 9/01/2026 | 200,000 | 220,946 | ||
Harlandale, TX, Independent School District, Variable Rate Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 80,000 | 80,990 | ||
Horizon, TX, Regional Municipal Utility District Rev., BAM, 3%, 2/01/2025 | 200,000 | 214,542 | ||
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | 60,000 | 69,815 | ||
Houston, TX, Independent School District, “B”, 3%, 6/01/2036 (Put Date 6/01/2024) | 400,000 | 427,901 | ||
Magnolia Pointe Municipal Utility District No. 1, Texas Unlimited Tax Road, AGM, 4%, 9/01/2028 | 125,000 | 140,593 | ||
Port Arthur, TX, Tax and Rev., BAM, 5%, 2/15/2028 | 200,000 | 247,428 | ||
Port Beaumont, TX, Industrial Development Authority Facility Taxable Rev. (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 100,000 | 98,268 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 5%, 8/01/2028 | 150,000 | 186,204 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033 | 75,000 | 84,992 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 125,000 | 146,679 | ||
$4,406,747 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Utah - 1.4% | ||||
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $ | 200,000 | $ 214,959 | |
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, 2.5%, 8/21/2051 | 16,499 | 17,161 | ||
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | 125,000 | 130,197 | ||
$362,317 | ||||
Virginia - 1.2% | ||||
Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | $ | 95,000 | $ 111,033 | |
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 180,000 | 204,895 | ||
$315,928 | ||||
Washington - 2.3% | ||||
Clark County, WA, Discovery Clean Water Alliance Sewer Refunding Rev., 3%, 12/01/2025 | $ | 200,000 | $ 219,563 | |
Port Tacoma, WA, Refunding Rev., “A”, 5%, 12/01/2028 | 125,000 | 155,426 | ||
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | 185,000 | 211,351 | ||
$586,340 | ||||
West Virginia - 0.8% | ||||
Parkersburg, WV, Waterworks & Sewerage System Refunding Rev., “A”, BAM, 3%, 8/01/2025 | $ | 200,000 | $ 217,128 | |
Wisconsin - 1.5% | ||||
Wisconsin Health & Educational Facilities Authority Rev. (Saint John's Communities, Inc. Project), 4%, 9/15/2027 | $ | 150,000 | $ 158,715 | |
Wisconsin Housing & Economic Development Authority Home Ownership, “A”, 3%, 3/01/2052 | 90,000 | 97,964 | ||
Wisconsin Public Finance Authority Hospital Taxable Rev. (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 125,000 | 124,759 | ||
$381,438 | ||||
Total Municipal Bonds (Identified Cost, $25,737,157) | $ 25,703,684 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) - 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 0.04% (v) (Identified Cost, $86,929) | 86,929 | $ 86,929 | ||
Other Assets, Less Liabilities - (0.4)% | (102,947) | |||
Net Assets - 100.0% | $ 25,687,666 |
(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 $86,929 and $25,703,684, 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 $418,450, representing 1.6% 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: | |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $25,737,157) | $25,703,684 |
Investments in affiliated issuers, at value (identified cost, $86,929) | 86,929 |
Cash | 565 |
Receivables for | |
Interest | 232,588 |
Receivable from investment adviser | 13,383 |
Total assets | $26,037,149 |
Liabilities | |
Payables for | |
Distributions | $16,913 |
Investments purchased | 15,000 |
When-issued investments purchased | 283,661 |
Payable to affiliates | |
Administrative services fee | 96 |
Shareholder servicing costs | 71 |
Distribution and service fees | 6 |
Payable for independent Trustees' compensation | 70 |
Accrued expenses and other liabilities | 33,666 |
Total liabilities | $349,483 |
Net assets | $25,687,666 |
Net assets consist of | |
Paid-in capital | $25,681,808 |
Total distributable earnings (loss) | 5,858 |
Net assets | $25,687,666 |
Shares of beneficial interest outstanding | 2,567,695 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $236,990 | 23,689 | $10.00 |
Class C | 49,955 | 5,000 | 9.99 |
Class I | 646,638 | 64,650 | 10.00 |
Class R6 | 24,754,083 | 2,474,356 | 10.00 |
(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 $10.44 [100 / 95.75 x $10.00]. 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 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 | $94,752 |
Dividends | 3,489 |
Dividends from affiliated issuers | 362 |
Total investment income | $98,603 |
Expenses | |
Management fee | $33,297 |
Distribution and service fees | 394 |
Shareholder servicing costs | 442 |
Administrative services fee | 6,521 |
Independent Trustees' compensation | 927 |
Custodian fee | 11,523 |
Shareholder communications | 2,780 |
Audit and tax fees | 17,304 |
Legal fees | 2,963 |
Miscellaneous | 15,592 |
Total expenses | $91,743 |
Reduction of expenses by investment adviser | (55,174) |
Net expenses | $36,569 |
Net investment income (loss) | $62,034 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $39,018 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(33,473) |
Net realized and unrealized gain (loss) | $5,545 |
Change in net assets from operations | $67,579 |
(c) For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
Six months ended | |
9/30/21(c) (unaudited) | |
Change in net assets | |
From operations | |
Net investment income (loss) | $62,034 |
Net realized gain (loss) | 39,018 |
Net unrealized gain (loss) | (33,473) |
Change in net assets from operations | $67,579 |
Total distributions to shareholders | $(61,721) |
Change in net assets from fund share transactions | $25,681,808 |
Total change in net assets | $25,687,666 |
Net assets | |
At beginning of period | — |
At end of period | $25,687,666 |
(c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
Class A | Six months ended |
9/30/21(c) (unaudited) | |
Net asset value, beginning of period | $10.00 |
Income (loss) from investment operations | |
Net investment income (loss) (d) | $0.02 |
Net realized and unrealized gain (loss) | (0.01) |
Total from investment operations | $0.01 |
Less distributions declared to shareholders | |
From net investment income | $(0.01) |
Net asset value, end of period (x) | $10.00 |
Total return (%) (r)(s)(t)(x) | 0.15(n) |
Ratios (%) (to average net assets) and Supplemental data: | |
Expenses before expense reductions (f) | 1.22(a) |
Expenses after expense reductions (f) | 0.64(a) |
Net investment income (loss) | 0.41(a) |
Portfolio turnover | 78(n) |
Net assets at end of period (000 omitted) | $237 |
Class C | Six months ended |
9/30/21(c) (unaudited) | |
Net asset value, beginning of period | $10.00 |
Income (loss) from investment operations | |
Net investment income (loss) (d) | $(0.01) |
Net realized and unrealized gain (loss) | 0.00(w) |
Total from investment operations | $(0.01) |
Less distributions declared to shareholders | |
From net investment income | $— |
Net asset value, end of period (x) | $9.99 |
Total return (%) (r)(s)(t)(x) | (0.10)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |
Expenses before expense reductions (f) | 1.97(a) |
Expenses after expense reductions (f) | 1.39(a) |
Net investment income (loss) | (0.36)(a) |
Portfolio turnover | 78(n) |
Net assets at end of period (000 omitted) | $50 |
Class I | Six months ended |
9/30/21(c) (unaudited) | |
Net asset value, beginning of period | $10.00 |
Income (loss) from investment operations | |
Net investment income (loss) (d) | $0.03 |
Net realized and unrealized gain (loss) | (0.01) |
Total from investment operations | $0.02 |
Less distributions declared to shareholders | |
From net investment income | $(0.02) |
Net asset value, end of period (x) | $10.00 |
Total return (%) (r)(s)(t)(x) | 0.23(n) |
Ratios (%) (to average net assets) and Supplemental data: | |
Expenses before expense reductions (f) | 0.96(a) |
Expenses after expense reductions (f) | 0.39(a) |
Net investment income (loss) | 0.70(a) |
Portfolio turnover | 78(n) |
Net assets at end of period (000 omitted) | $647 |
Class R6 | Six months ended |
9/30/21(c) (unaudited) | |
Net asset value, beginning of period | $10.00 |
Income (loss) from investment operations | |
Net investment income (loss) (d) | $0.02 |
Net realized and unrealized gain (loss) | 0.00(w) |
Total from investment operations | $0.02 |
Less distributions declared to shareholders | |
From net investment income | $(0.02) |
Net asset value, end of period (x) | $10.00 |
Total return (%) (r)(s)(t)(x) | 0.24(n) |
Ratios (%) (to average net assets) and Supplemental data: | |
Expenses before expense reductions (f) | 0.96(a) |
Expenses after expense reductions (f) | 0.38(a) |
Net investment income (loss) | 0.66(a) |
Portfolio turnover | 78(n) |
Net assets at end of period (000 omitted) | $24,754 |
(a) | Annualized. |
(c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(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 |
Municipal Bonds | $— | $25,703,684 | $— | $25,703,684 |
Mutual Funds | 86,929 | — | — | 86,929 |
Total | $86,929 | $25,703,684 | $— | $25,790,613 |
As of 9/30/21 | |
Cost of investments | $25,823,782 |
Gross appreciation | 52,182 |
Gross depreciation | (85,351) |
Net unrealized appreciation (depreciation) | $ (33,169) |
Six months ended 9/30/21 (c) | |
Class A | $332 |
Class I | 984 |
Class R6 | 60,405 |
Total | $61,721 |
(c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
Up to $1 billion | 0.35% |
In excess of $1 billion and up to $2.5 billion | 0.325% |
In excess of $2.5 billion | 0.30% |
Classes | |||
A | C | I | R6 |
0.70% | 1.45% | 0.45% | 0.38% |
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% | $ 206 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 188 |
Total Distribution and Service Fees | $394 |
(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 period ended September 30, 2021 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. There were no service fee rebates for the period ended September 30, 2021. |
Class | Shares | Amount |
Class A | 20,000 | $200,000 |
Class C | 5,000 | $50,000 |
Class I | 5,000 | $50,000 |
Class R6 | 2,470,000 | $24,700,000 |
Purchases | Sales | |
U.S. Government securities | $15,260,568 | $15,282,443 |
Non-U.S. Government securities | 29,605,177 | 3,911,043 |
Six months ended 9/30/21 (c) | ||
Shares | Amount | |
Shares sold | ||
Class A | 23,667 | $237,000 |
Class C | 5,000 | 50,000 |
Class I | 64,583 | 650,000 |
Class R6 | 2,470,000 | 24,700,000 |
2,563,250 | $25,637,000 | |
Shares issued to shareholders in reinvestment of distributions | ||
Class A | 22 | $226 |
Class I | 67 | 679 |
Class R6 | 4,356 | 43,903 |
4,445 | $44,808 | |
Net change | ||
Class A | 23,689 | $237,226 |
Class C | 5,000 | 50,000 |
Class I | 64,650 | 650,679 |
Class R6 | 2,474,356 | 24,743,903 |
2,567,695 | $25,681,808 |
(c) | For the period from the commencement of the fund’s investment operations, May 18, 2021, through the stated period end. |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $— | $22,354,113 | $22,267,184 | $— | $— | $86,929 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $362 | $— |
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 any 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 of the Registrant 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. | 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 MUNICIPAL SERIES TRUST
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: November 12, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: November 12, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: November 12, 2021
* | Print name and title of each signing officer under his or her signature. |