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
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: March 31
Date of reporting period: September 30, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
General Obligations - General Purpose | 15.3% |
Universities - Colleges | 14.5% |
Water & Sewer Utility Revenue | 13.8% |
Healthcare Revenue - Hospitals | 10.6% |
Sales & Excise Tax Revenue | 9.0% |
AAA | 4.6% |
AA | 35.7% |
A | 40.4% |
BBB | 9.3% |
BB | 1.1% |
CC | 0.1% |
Not Rated | 7.5% |
Cash & Cash Equivalents | 1.3% |
Average Duration (d) | 9.1 |
Average Effective Maturity (m) | 16.6 yrs. |
Alabama | 79.7% |
Puerto Rico | 4.1% |
Illinois | 2.6% |
California | 1.6% |
Texas | 1.2% |
Pennsylvania | 1.0% |
New York | 1.0% |
Guam | 0.8% |
New Jersey | 0.8% |
Maryland | 0.8% |
North Carolina | 0.7% |
Arkansas | 0.7% |
South Carolina | 0.6% |
Tennessee | 0.6% |
Virginia | 0.6% |
Massachusetts | 0.4% |
New Hampshire | 0.3% |
New Mexico | 0.3% |
Ohio | 0.2% |
Connecticut | 0.2% |
Colorado | 0.2% |
Wisconsin | 0.1% |
Iowa | 0.1% |
Michigan | 0.1% |
U.S. Virgin Islands (o) | 0.0% |
Minnesota (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Sales & Excise Tax Revenue | 18.0% |
Universities - Colleges | 15.2% |
Water & Sewer Utility Revenue | 14.0% |
Healthcare Revenue - Hospitals | 12.7% |
General Obligations - Schools | 9.0% |
AA | 51.6% |
A | 29.6% |
BBB | 10.2% |
BB | 1.0% |
CCC (o) | 0.0% |
Not Rated | 7.5% |
Cash & Cash Equivalents | 0.1% |
Average Duration (d) | 8.7 |
Average Effective Maturity (m) | 15.8 yrs. |
Arkansas | 78.7% |
Puerto Rico | 3.8% |
Illinois | 2.2% |
New Jersey | 1.9% |
Texas | 1.7% |
Alabama | 1.3% |
Guam | 1.3% |
Massachusetts | 1.1% |
Maryland | 1.0% |
California | 0.9% |
Washington DC | 0.8% |
New York | 0.7% |
North Carolina | 0.6% |
Ohio | 0.6% |
Connecticut | 0.5% |
Virginia | 0.5% |
Tennessee | 0.5% |
Michigan | 0.5% |
Pennsylvania | 0.4% |
Wisconsin | 0.3% |
New Hampshire | 0.3% |
Iowa | 0.1% |
Indiana | 0.1% |
U.S. Virgin Islands | 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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
General Obligations - Schools | 14.5% |
Healthcare Revenue - Hospitals | 13.5% |
Airport Revenue | 8.3% |
Multi-Family Housing Revenue | 7.0% |
Tax Assessment | 6.7% |
AAA | 6.2% |
AA | 32.0% |
A | 23.6% |
BBB | 19.5% |
BB | 3.1% |
B | 0.3% |
CCC (o) | 0.0% |
Not Rated | 13.9% |
Cash & Cash Equivalents | 1.4% |
Average Duration (d) | 9.6 |
Average Effective Maturity (m) | 18.3 yrs. |
California | 90.5% |
Puerto Rico | 3.3% |
Alabama | 1.6% |
Illinois | 0.8% |
Guam | 0.5% |
Texas | 0.4% |
Tennessee | 0.3% |
Wisconsin | 0.3% |
Virginia | 0.3% |
New Hampshire | 0.3% |
Ohio | 0.2% |
New Jersey | 0.1% |
Minnesota (o) | 0.0% |
U.S. Virgin Islands (o) | 0.0% |
Pennsylvania (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Universities - Colleges | 17.7% |
Healthcare Revenue - Hospitals | 12.4% |
Water & Sewer Utility Revenue | 10.8% |
Utilities - Municipal Owned | 9.2% |
General Obligations - Schools | 7.1% |
AAA | 8.8% |
AA | 38.6% |
A | 34.7% |
BBB | 9.8% |
BB | 1.0% |
CCC (o) | 0.0% |
CC | 0.1% |
Not Rated | 6.9% |
Cash & Cash Equivalents | 0.1% |
Average Duration (d) | 9.0 | |
Average Effective Maturity (m) | 16.4 yrs. |
Georgia | 78.8% |
Puerto Rico | 4.1% |
New York | 2.9% |
Illinois | 2.1% |
Alabama | 1.3% |
California | 1.2% |
South Carolina | 1.2% |
Virginia | 1.1% |
Texas | 0.8% |
Maryland | 0.8% |
Guam | 0.7% |
North Carolina | 0.7% |
Arkansas | 0.6% |
New Jersey | 0.6% |
Tennessee | 0.5% |
Ohio | 0.5% |
Massachusetts | 0.4% |
New Hampshire | 0.3% |
Wisconsin | 0.3% |
Washington DC | 0.2% |
Connecticut | 0.2% |
Michigan | 0.2% |
Pennsylvania | 0.2% |
Iowa | 0.1% |
Minnesota | 0.1% |
U.S. Virgin Islands (o) | 0.0% |
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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
General Obligations - General Purpose | 17.5% |
Healthcare Revenue - Hospitals | 16.5% |
State & Local Agencies | 9.2% |
Multi-Family Housing Revenue | 8.6% |
Transportation - Special Tax | 6.3% |
AAA | 17.6% |
AA | 31.5% |
A | 25.5% |
BBB | 13.4% |
BB | 0.8% |
B | 0.4% |
CCC (o) | 0.0% |
Not Rated | 10.1% |
Cash & Cash Equivalents | 0.7% |
Average Duration (d) | 8.0 |
Average Effective Maturity (m) | 14.7 yrs. |
Maryland | 75.0% |
Washington DC | 4.9% |
New York | 3.2% |
Puerto Rico | 3.0% |
Alabama | 2.2% |
Illinois | 1.7% |
California | 1.6% |
Texas | 1.2% |
Virginia | 1.1% |
Tennessee | 0.9% |
West Virginia | 0.8% |
Ohio | 0.7% |
Guam | 0.6% |
New Jersey | 0.5% |
South Carolina | 0.4% |
Pennsylvania | 0.4% |
Massachusetts | 0.3% |
New Hampshire | 0.2% |
Wisconsin | 0.2% |
Colorado | 0.1% |
Michigan | 0.1% |
Indiana | 0.1% |
Iowa | 0.1% |
Mississippi (o) | 0.0% |
U.S. Virgin Islands (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
General Obligations - General Purpose | 20.8% |
Universities - Colleges | 19.0% |
Healthcare Revenue - Hospitals | 13.0% |
Airport Revenue | 6.1% |
Sales & Excise Tax Revenue | 5.3% |
AAA | 8.0% |
AA | 48.3% |
A | 18.2% |
BBB | 18.9% |
BB | 1.3% |
B | 0.4% |
CC | 0.1% |
Not Rated | 4.9% |
Cash & Cash Equivalents | (0.1)% |
Average Duration (d) | 8.6 |
Average Effective Maturity (m) | 15.5 yrs. |
Massachusetts | 83.9% |
California | 3.8% |
Puerto Rico | 3.1% |
Alabama | 1.6% |
Illinois | 1.4% |
Tennessee | 1.3% |
Texas | 0.8% |
New York | 0.7% |
Connecticut | 0.7% |
New Jersey | 0.5% |
Ohio | 0.5% |
Guam | 0.4% |
Pennsylvania | 0.4% |
New Hampshire | 0.3% |
Wisconsin | 0.3% |
Virginia | 0.2% |
Colorado | 0.1% |
Washington DC | 0.1% |
Minnesota (o) | 0.0% |
U.S. Virgin Islands (o) | 0.0% |
Maryland (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.90% | $1,000.00 | $952.25 | $4.39 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.50 | $4.55 | |
B | Actual | 1.65% | $1,000.00 | $948.70 | $8.04 |
Hypothetical (h) | 1.65% | $1,000.00 | $1,016.75 | $8.32 | |
I | Actual | 0.65% | $1,000.00 | $952.65 | $3.17 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.75 | $3.29 | |
R6 | Actual | 0.58% | $1,000.00 | $952.97 | $2.83 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.10 | $2.93 |
(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 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.70% | $1,000.00 | $947.29 | $3.41 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.50 | $3.54 | |
B | Actual | 1.45% | $1,000.00 | $943.83 | $7.05 |
Hypothetical (h) | 1.45% | $1,000.00 | $1,017.75 | $7.31 | |
I | Actual | 0.60% | $1,000.00 | $948.34 | $2.92 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.00 | $3.03 | |
R6 | Actual | 0.53% | $1,000.00 | $948.68 | $2.58 |
Hypothetical (h) | 0.53% | $1,000.00 | $1,022.35 | $2.68 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.69% | $1,000.00 | $962.33 | $3.39 |
Hypothetical (h) | 0.69% | $1,000.00 | $1,021.55 | $3.49 | |
B | Actual | 1.44% | $1,000.00 | $958.73 | $7.05 |
Hypothetical (h) | 1.44% | $1,000.00 | $1,017.80 | $7.26 | |
C | Actual | 1.59% | $1,000.00 | $956.37 | $7.78 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
I | Actual | 0.59% | $1,000.00 | $962.60 | $2.89 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R6 | Actual | 0.52% | $1,000.00 | $961.80 | $2.55 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.40 | $2.63 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.90% | $1,000.00 | $954.38 | $4.40 |
Hypothetical (h) | 0.90% | $1,000.00 | $1,020.50 | $4.55 | |
B | Actual | 1.65% | $1,000.00 | $951.06 | $8.05 |
Hypothetical (h) | 1.65% | $1,000.00 | $1,016.75 | $8.32 | |
I | Actual | 0.65% | $1,000.00 | $956.09 | $3.18 |
Hypothetical (h) | 0.65% | $1,000.00 | $1,021.75 | $3.29 | |
R6 | Actual | 0.60% | $1,000.00 | $956.35 | $2.93 |
Hypothetical (h) | 0.60% | $1,000.00 | $1,022.00 | $3.03 |
(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 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.83% | $1,000.00 | $958.66 | $4.06 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.85 | $4.19 | |
B | Actual | 1.58% | $1,000.00 | $955.08 | $7.72 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.10 | $7.97 | |
I | Actual | 0.58% | $1,000.00 | $959.35 | $2.84 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.10 | $2.93 | |
R6 | Actual | 0.51% | $1,000.00 | $959.68 | $2.50 |
Hypothetical (h) | 0.51% | $1,000.00 | $1,022.45 | $2.58 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.82% | $1,000.00 | $957.94 | $4.01 |
Hypothetical (h) | 0.82% | $1,000.00 | $1,020.90 | $4.14 | |
B | Actual | 1.57% | $1,000.00 | $955.42 | $7.68 |
Hypothetical (h) | 1.57% | $1,000.00 | $1,017.15 | $7.92 | |
I | Actual | 0.57% | $1,000.00 | $960.14 | $2.79 |
Hypothetical (h) | 0.57% | $1,000.00 | $1,022.15 | $2.88 | |
R6 | Actual | 0.50% | $1,000.00 | $960.50 | $2.45 |
Hypothetical (h) | 0.50% | $1,000.00 | $1,022.50 | $2.53 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.2% | ||||
Airport Revenue – 0.1% | ||||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 55,000 | $47,938 | |
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 50,000 | 42,424 | ||
$90,362 | ||||
General Obligations - General Purpose – 15.0% | ||||
Arab, AL, General Obligation Warrants, “A”, AGM, 3%, 12/01/2046 | $ | 1,120,000 | $771,508 | |
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043 | 245,000 | 248,847 | ||
Birmingham-Jefferson, AL, Civic Center Authority Rev., “A”, 5.25%, 5/31/2053 | 750,000 | 763,801 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 160,000 | 138,124 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 40,000 | 41,634 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 270,000 | 276,281 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 110,000 | 109,061 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 5,121 | 4,947 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 40,508 | 23,874 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 34,739 | 35,648 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 34,176 | 35,314 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 115,194 | 120,299 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 31,477 | 28,214 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 57,199 | 49,709 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 24,283 | 20,384 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 33,016 | 26,545 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 121,336 | 93,548 | ||
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047 | 750,000 | 756,634 | ||
Jasper, AL, General Obligation Warrants, 5%, 3/01/2032 (Prerefunded 3/01/2024) | 500,000 | 501,924 | ||
Mobile County, AL, General Obligation Warrants, 5%, 8/01/2036 | 500,000 | 518,341 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034 | 655,000 | 599,823 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035 | 250,000 | 228,823 | ||
Oxford, AL, General Obligation Warrants, “A”, 5%, 7/01/2052 | 1,000,000 | 1,011,444 | ||
Pike Road, AL, General Obligation, 5%, 2/29/2048 | 500,000 | 514,240 | ||
Pike Road, AL, General Obligation, 5%, 2/29/2052 | 500,000 | 512,165 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 125,194 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 55,000 | 57,057 | ||
State of Illinois, General Obligation, ��C”, 4%, 10/01/2040 | 170,000 | 148,757 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 100,000 | 86,591 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 70,000 | 63,186 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 30,000 | 26,728 | ||
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041 | 750,000 | 677,560 | ||
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038 | 1,000,000 | 933,074 | ||
$9,549,279 | ||||
General Obligations - Schools – 5.4% | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | $ | 255,000 | $198,088 | |
Huntsville, AL, School Warrants, “C”, 5%, 11/01/2030 (Prerefunded 11/01/2023) | 1,000,000 | 1,000,786 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 625,000 | 425,396 | ||
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039 | 1,000,000 | 914,554 | ||
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, “B”, BAM, 4.125%, 3/01/2047 | 1,000,000 | 888,356 | ||
$3,427,180 | ||||
Healthcare Revenue - Hospitals – 10.5% | ||||
Alabama DCH Health Care Authority, “A”, 4%, 6/01/2046 | $ | 1,000,000 | $812,762 | |
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033 | 500,000 | 501,973 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Alabama Health Care Authority (Baptist Health), “A”, 5%, 11/15/2037 | $ | 875,000 | $886,067 | |
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025 | 270,000 | 281,617 | ||
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031 | 750,000 | 755,233 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 15,000 | 12,082 | ||
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048 | 500,000 | 404,956 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 430,000 | 365,714 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040 | 1,000,000 | 854,108 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 520,000 | 431,010 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 425,000 | 360,198 | ||
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035 | 1,000,000 | 1,017,239 | ||
$6,682,959 | ||||
Healthcare Revenue - Long Term Care – 1.7% | ||||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | $ | 250,000 | $201,886 | |
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038 | 1,000,000 | 872,996 | ||
$1,074,882 | ||||
Industrial Revenue - Environmental Services – 0.3% | ||||
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (z) | $ | 300,000 | $225,000 | |
Industrial Revenue - Other – 0.8% | ||||
Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $ | 500,000 | $409,770 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 77,307 | ||
$487,077 | ||||
Miscellaneous Revenue - Other – 1.7% | ||||
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | $ | 230,000 | $176,889 | |
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 375,000 | 372,709 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 35,000 | 35,133 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 260,000 | 240,200 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 275,000 | 264,885 | ||
$1,089,816 | ||||
Multi-Family Housing Revenue – 2.8% | ||||
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $ | 1,000,000 | $985,231 | |
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 220,418 | 204,104 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 75,000 | 75,548 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 120,000 | 120,568 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 585,000 | 369,732 | ||
$1,755,183 | ||||
Port Revenue – 1.6% | ||||
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035 | $ | 1,000,000 | $1,008,285 | |
Sales & Excise Tax Revenue – 8.9% | ||||
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048 | $ | 1,000,000 | $1,009,765 | |
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | 820,000 | 279,724 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 4,985 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 4,967 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 60,000 | 48,557 | ||
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052 | 810,000 | 806,855 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042 | $ | 1,000,000 | $870,206 | |
Lawrence County, AL, Board of Education Special Tax School Warrants, AGM, 4%, 1/31/2042 | 1,000,000 | 899,784 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 16,000 | 14,721 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 57,000 | 50,392 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 650,000 | 587,979 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 142,000 | 127,184 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 58,000 | 51,948 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 401,000 | 350,010 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 26,000 | 22,139 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 4,000 | 3,110 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 247,000 | 174,982 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 237,000 | 151,858 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 465,000 | 119,872 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 100,000 | 76,375 | ||
$5,655,413 | ||||
Single Family Housing - State – 0.9% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 130,000 | $128,048 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | 385,000 | 359,945 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 130,000 | 120,083 | ||
$608,076 | ||||
State & Local Agencies – 1.3% | ||||
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030 | $ | 280,000 | $283,270 | |
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030 | 210,000 | 210,119 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 350,000 | 358,918 | ||
$852,307 | ||||
Student Loan Revenue – 0.8% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 5,000 | $4,616 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 90,000 | 65,445 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 40,000 | 34,853 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 415,000 | 392,564 | ||
$497,478 | ||||
Tax - Other – 6.4% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043 | $ | 750,000 | $647,219 | |
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 500,000 | 498,704 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 45,000 | 44,419 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 125,000 | 130,862 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 30,000 | 29,285 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 85,000 | 74,538 | ||
Jefferson County, AL, Board of Education, 4%, 2/01/2042 | 805,000 | 719,703 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.125%, 2/01/2048 | 500,000 | 441,798 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 | 500,000 | 443,931 | ||
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026) | 1,000,000 | 1,034,225 | ||
$4,064,684 | ||||
Tobacco – 0.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 185,000 | $159,361 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 255,000 | 231,299 | ||
$390,660 | ||||
Toll Roads – 0.3% | ||||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | $ | 250,000 | $179,979 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – 3.4% | ||||
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2035 | $ | 1,000,000 | $1,048,881 | |
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2036 | 1,000,000 | 1,039,299 | ||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 45,000 | 46,163 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 40,000 | 42,145 | ||
$2,176,488 | ||||
Universities - Colleges – 14.3% | ||||
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044 | $ | 300,000 | $265,160 | |
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049 | 1,000,000 | 848,931 | ||
Auburn University, AL, General Fee Rev., “A”, 5%, 6/01/2048 | 1,500,000 | 1,520,685 | ||
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034 | 500,000 | 511,492 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036 | 580,000 | 584,044 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2048 | 750,000 | 764,942 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 345,000 | 261,163 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 60,000 | 58,177 | ||
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2035 | 755,000 | 793,091 | ||
University of Alabama in Huntsville, General Fee Rev., “B2”, 5%, 9/01/2036 | 475,000 | 496,034 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 1,000,000 | 1,029,119 | ||
University of South Alabama, Facilities Rev., BAM, 5%, 10/01/2036 | 500,000 | 509,054 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 750,000 | 744,590 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040 | 770,000 | 685,445 | ||
$9,071,927 | ||||
Utilities - Investor Owned – 0.8% | ||||
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | $ | 500,000 | $490,968 | |
Utilities - Municipal Owned – 0.6% | ||||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 5,000 | $1,250 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 115,000 | 28,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 14,793 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 180,000 | 45,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 5,000 | 1,250 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 50,000 | 49,482 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 15,000 | 14,370 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 1,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 70,000 | 67,947 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 5,000 | 1,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 55,000 | 13,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 40,000 | 10,000 | ||
$365,342 | ||||
Utilities - Other – 5.3% | ||||
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030) | $ | 500,000 | $505,044 | |
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 180,000 | 168,123 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Other – continued | ||||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | $ | 210,000 | $198,004 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 425,000 | 431,272 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 410,000 | 409,033 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 1,000,000 | 930,086 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 360,000 | 362,336 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 360,000 | 359,163 | ||
$3,363,061 | ||||
Water & Sewer Utility Revenue – 13.7% | ||||
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025) | $ | 1,000,000 | $1,020,793 | |
Birmingham, AL, Waterworks Board Water Rev., 5%, 1/01/2036 (Prerefunded 1/01/2028) | 750,000 | 793,782 | ||
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035 | 1,000,000 | 1,006,582 | ||
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033 | 1,000,000 | 979,329 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 45,000 | 45,003 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 120,000 | 113,097 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 45,000 | 45,078 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 45,000 | 45,027 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 95,000 | 88,041 | ||
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044 | 750,000 | 736,256 | ||
Limestone County, AL, Water & Sewer Authority Rev., 5%, 12/01/2045 | 1,000,000 | 1,018,483 | ||
Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050 | 1,000,000 | 666,149 | ||
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 | 15,085 | ||
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 | 20,044 | ||
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 | 10,047 | ||
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 | 20,054 | ||
Montgomery, AL, Water Works and Sanitary Sewer Board, Water and Sewer Rev., 5%, 9/01/2048 | 500,000 | 514,240 | ||
Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047 | 1,000,000 | 854,925 | ||
Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 | 700,000 | 489,432 | ||
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058 (w) | 200,000 | 205,607 | ||
$8,687,054 | ||||
Total Municipal Bonds (Identified Cost, $68,363,973) | $61,793,460 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 136,000 | $122,460 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 189,099 | 62,164 | ||
Total Bonds (Identified Cost, $200,659) | $184,624 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $88,426) | $ | 149,038 | $77,313 | |
Investment Companies (h) – 1.9% | ||||
Money Market Funds – 1.9% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $1,199,599) | 1,199,500 | $1,199,740 | ||
Other Assets, Less Liabilities – 0.5% | 348,065 | |||
Net Assets – 100.0% | $63,603,202 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.2% | ||||
Airport Revenue – 0.3% | ||||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | $ | 95,000 | $93,727 | |
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 105,000 | 104,994 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 79,827 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 125,000 | 123,166 | ||
$401,714 | ||||
General Obligations - General Purpose – 4.4% | ||||
Arkansas Higher Education, General Obligation, 4%, 6/01/2029 | $ | 2,000,000 | $1,948,184 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 375,000 | 323,728 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 80,000 | 83,268 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 550,000 | 562,794 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 225,000 | 223,080 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 9,759 | 9,427 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 77,204 | 45,501 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 66,209 | 67,941 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 65,135 | 67,305 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 63,265 | 66,069 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 59,992 | 53,773 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 111,025 | 96,486 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 46,282 | 38,851 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 62,925 | 50,593 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 216,442 | 166,873 | ||
Little Rock, AR, Library Construction Refunding, 4%, 3/01/2036 | 1,500,000 | 1,486,603 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 125,194 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 119,890 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 115,000 | 119,302 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 345,000 | 301,888 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 210,000 | 181,840 | ||
$6,138,590 | ||||
General Obligations - Schools – 8.9% | ||||
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2037 | $ | 1,500,000 | $1,398,525 | |
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047 | 1,000,000 | 858,577 | ||
Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046 | 1,000,000 | 587,354 | ||
Crittenden County, AR, Community College District, 4.6%, 2/01/2035 | 285,000 | 280,369 | ||
Crittenden County, AR, Community College District, 4.7%, 2/01/2040 | 625,000 | 607,437 | ||
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 | 2,060,000 | 1,763,004 | ||
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045 | 1,370,000 | 925,490 | ||
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041 | 1,100,000 | 934,216 | ||
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042 | 1,000,000 | 828,798 | ||
Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024 | 350,000 | 329,510 | ||
Little Rock, AR, School District & Construction of Pulaski County, 3%, 2/01/2030 | 1,030,000 | 930,223 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 755,000 | 513,879 | ||
North Little Rock, AR, School District No. 1, 2%, 2/01/2027 | 2,000,000 | 1,821,153 | ||
North Little Rock, AR, School District No. 1, 2%, 2/01/2038 | 865,000 | 579,436 | ||
$12,357,971 | ||||
Healthcare Revenue - Hospitals – 12.6% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $ | 2,000,000 | $1,949,144 | |
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029 | 1,000,000 | 1,014,250 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034 | 740,000 | 749,779 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 2,000,000 | 1,887,521 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 750,000 | 609,765 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | 1,250,000 | 863,149 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,900,000 | 1,801,227 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 | 990,000 | 802,012 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033 | 1,645,000 | 1,646,105 | ||
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 | 500,000 | 506,279 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | $ | 30,000 | $24,164 | |
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038 | 1,000,000 | 837,713 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | 20,000 | 14,257 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 810,000 | 688,903 | ||
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045 | 300,000 | 300,557 | ||
Pulaski, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048 | 1,000,000 | 880,773 | ||
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 | 2,820,000 | 2,823,968 | ||
$17,399,566 | ||||
Industrial Revenue - Other – 1.7% | ||||
Lowell, AR, Industrial Development Rev. (Arkansas Democrat-Gazette), VRDN, 3.2%, 9/30/2036 | $ | 2,000,000 | $2,000,000 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 170,000 | 105,612 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 390,000 | 261,752 | ||
$2,367,364 | ||||
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $100,652 | |
Miscellaneous Revenue - Other – 2.8% | ||||
Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050 | $ | 1,000,000 | $857,137 | |
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034 | 2,000,000 | 2,020,283 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 60,000 | 60,229 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 375,000 | 346,442 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 560,000 | 539,402 | ||
$3,823,493 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 433,939 | $401,821 | |
Sales & Excise Tax Revenue – 17.8% | ||||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034 | $ | 1,000,000 | $859,152 | |
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035 | 1,000,000 | 841,785 | ||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036 | 785,000 | 642,145 | ||
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2029 | 250,000 | 252,024 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | 1,585,000 | 540,686 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030 | 850,000 | 850,162 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 | 1,150,000 | 1,150,084 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032 | 350,000 | 307,267 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033 | 370,000 | 321,570 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034 | 380,000 | 326,062 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036 | 400,000 | 328,438 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 10,000 | 9,970 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 9,935 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 110,000 | 89,022 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 415,000 | 409,014 | ||
Madison County, AR, Sales & Use Tax, 4.375%, 11/30/2043 (w) | 1,000,000 | 931,403 | ||
Madison County, AR, Sales & Use Tax, 4.625%, 11/30/2048 (w) | 500,000 | 470,644 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 1,000,000 | 1,096,757 | ||
Mississippi County, AR, 4%, 6/01/2036 | 650,000 | 609,554 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031 | 335,000 | 296,311 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034 | 415,000 | 354,056 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 | 425,000 | 354,250 | ||
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 | 1,170,000 | 1,062,565 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 36,000 | 33,123 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 122,000 | 107,856 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,108,000 | 1,906,862 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | $ | 235,000 | $210,481 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 120,000 | 107,480 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 2,000 | 1,706 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 62,000 | 54,116 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,904 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 66,000 | 56,198 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 12,000 | 9,330 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 593,000 | 420,098 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 568,000 | 363,946 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,189,000 | 564,298 | ||
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2032 | 1,060,000 | 1,047,833 | ||
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2033 | 2,495,000 | 2,456,821 | ||
Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036 | 2,000,000 | 2,031,994 | ||
Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, “B”, BAM, 4.125%, 8/01/2050 | 2,000,000 | 1,751,835 | ||
Springdale, AR, Sales & Use Tax Rev., BAM, 5%, 4/01/2037 | 1,000,000 | 1,004,777 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 280,000 | 213,850 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 200,000 | 152,750 | ||
$24,611,114 | ||||
Secondary Schools – 0.6% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | $ | 750,000 | $660,781 | |
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n) | 250,000 | 224,118 | ||
$884,899 | ||||
Single Family Housing - State – 0.7% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | $ | 825,000 | $771,310 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 275,000 | 254,023 | ||
$1,025,333 | ||||
State & Local Agencies – 2.5% | ||||
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 | $ | 2,605,000 | $2,606,814 | |
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 2,360,000 | 834,158 | ||
$3,440,972 | ||||
Student Loan Revenue – 0.1% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 10,000 | $9,232 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 185,000 | 134,525 | ||
$143,757 | ||||
Tax - Other – 4.3% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 90,000 | $88,839 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 260,000 | 272,193 | ||
Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037 | 2,000,000 | 1,839,074 | ||
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 | 3,000,000 | 3,022,809 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | 890,000 | 598,995 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 88,977 | ||
$5,910,887 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 15,000 | $14,316 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 13,000 | 12,700 | ||
$27,016 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – 2.7% | ||||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027 | $ | 2,470,000 | $2,103,864 | |
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028 | 500,000 | 407,887 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 185,000 | 156,266 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 750,000 | 646,057 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 495,000 | 448,992 | ||
$3,763,066 | ||||
Toll Roads – 1.2% | ||||
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052 | $ | 1,000,000 | $860,931 | |
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 | 230,437 | ||
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 | 180,288 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 500,000 | 359,958 | ||
$1,631,614 | ||||
Transportation - Special Tax – 1.9% | ||||
New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044 | $ | 1,015,000 | $903,830 | |
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 125,000 | 128,231 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,775,000 | 1,563,660 | ||
$2,595,721 | ||||
Universities - Colleges – 15.0% | ||||
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 | $ | 2,500,000 | $2,500,853 | |
Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027 | 545,000 | 545,159 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 5%, 12/01/2042 | 500,000 | 500,320 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2047 | 500,000 | 457,736 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2052 | 1,000,000 | 903,973 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2047 | 2,000,000 | 2,041,846 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), “A”, 5%, 12/01/2045 | 1,705,000 | 1,740,561 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2040 | 500,000 | 519,593 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2047 | 2,000,000 | 2,034,569 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2052 | 500,000 | 506,518 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047 | 1,000,000 | 1,018,567 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052 | 1,000,000 | 838,946 | ||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), “M”, 3%, 7/01/2047 | 1,120,000 | 740,348 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 620,000 | 469,337 | ||
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 | 60,045 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 65,000 | 65,126 | ||
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030 | 1,000,000 | 1,012,580 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 340,000 | 334,394 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043 | 1,500,000 | 1,527,242 | ||
University of Arkansas Facilities Rev. (UAMS Campus), 5%, 11/01/2025 | 2,000,000 | 2,001,255 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038 | 500,000 | 509,568 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048 | 550,000 | 456,434 | ||
$20,784,970 | ||||
Utilities - Electric Power – 0.3% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 625,000 | $461,133 | |
Utilities - Municipal Owned – 3.0% | ||||
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030 | $ | 1,000,000 | $1,021,050 | |
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035 | 1,000,000 | 1,016,435 | ||
Conway, AR, Electric Improvement Rev., “A”, 4%, 12/01/2043 | 1,915,000 | 1,691,347 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 15,000 | $3,750 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 155,000 | 38,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 260,000 | 65,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 14,793 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 410,000 | 102,500 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 145,000 | 36,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 210,000 | 52,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 110,000 | 27,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 35,000 | 8,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 20,000 | ||
$4,217,375 | ||||
Utilities - Other – 3.3% | ||||
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | $ | 1,005,000 | $1,032,898 | |
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 815,000 | 813,078 | ||
Osceola, AR, Utility & Improvement Refunding Rev., “A”, BAM, 4.25%, 7/31/2053 | 1,500,000 | 1,310,970 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 755,000 | 759,900 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 725,000 | 723,315 | ||
$4,640,161 | ||||
Water & Sewer Utility Revenue – 13.7% | ||||
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052 | $ | 500,000 | $428,210 | |
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039 | 525,000 | 459,422 | ||
Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035 | 3,850,000 | 3,987,515 | ||
Fort Smith, AR, Water and Sewer Refunding Rev., BAM, 5%, 10/01/2028 | 1,370,000 | 1,410,486 | ||
Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029 | 1,000,000 | 1,028,698 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 85,000 | 85,005 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 500,000 | 471,237 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 245,000 | 245,422 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 245,000 | 245,148 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 200,000 | 185,349 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047 | 1,000,000 | 653,593 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050 | 1,000,000 | 632,999 | ||
Hot Springs, AR, Wastewater Rev., “C”, BAM, 4.5%, 12/01/2052 | 2,000,000 | 1,876,838 | ||
Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047 | 1,500,000 | 1,359,174 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035 | 1,125,000 | 1,107,122 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039 | 1,000,000 | 922,963 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041 | 500,000 | 452,147 | ||
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 | 1,750,000 | 1,487,261 | ||
Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043 | 750,000 | 614,230 | ||
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 | 50,285 | ||
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 | 65,143 | ||
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 | 30,143 | ||
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 | 75,203 | ||
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 8/31/2040 | 550,000 | 505,788 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 8/31/2043 | $ | 685,000 | $624,392 | |
$19,003,773 | ||||
Total Municipal Bonds (Identified Cost, $150,890,857) | $136,132,962 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 245,000 | $220,608 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 472,747 | 155,409 | ||
Total Bonds (Identified Cost, $410,593) | $376,017 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $168,530) | $ | 284,049 | $147,350 | |
Investment Companies (h) – 0.6% | ||||
Money Market Funds – 0.6% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $905,852) | 905,826 | $906,007 | ||
Other Assets, Less Liabilities – 0.8% | 1,102,339 | |||
Net Assets – 100.0% | $138,664,675 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.1% | ||||
Airport Revenue – 8.2% | ||||
California Municipal Finance Authority Rev. (LINXS APM Project), “A”, 5%, 12/31/2047 | $ | 2,190,000 | $2,132,322 | |
Fresno, CA, Airport Revenue, “A”, BAM, 4.25%, 7/01/2044 | 1,000,000 | 909,107 | ||
Fresno, CA, Airport Revenue, “A”, BAM, 5%, 7/01/2053 | 1,000,000 | 989,760 | ||
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5%, 6/01/2042 | 1,000,000 | 998,306 | ||
Long Beach, CA, Senior Airport Rev., “C”, AGM, 5.25%, 6/01/2047 | 1,500,000 | 1,526,879 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5.25%, 5/15/2042 | 2,000,000 | 2,061,799 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 4.125%, 5/15/2043 | 500,000 | 447,512 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “H”, 4%, 5/15/2047 | 3,000,000 | 2,601,165 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 4%, 5/15/2049 | 5,000,000 | 4,251,048 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “C”, 5%, 5/15/2038 | 1,935,000 | 1,949,742 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2037 | 1,305,000 | 1,328,235 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “D”, 5%, 5/15/2038 | 1,305,000 | 1,320,053 | ||
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2038 | 2,000,000 | 2,014,751 | ||
Sacramento County, CA, Airport System Rev., “C”, 5%, 7/01/2039 | 1,000,000 | 1,004,149 | ||
Sacramento County, CA, Special Facilities Airport Rev. (Cessna Aircraft Co. Project), VRDN, 3.95%, 10/31/2028 | 5,275,000 | 5,275,000 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2042 | 665,000 | 659,873 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2047 | 665,000 | 652,117 | ||
San Francisco, CA, City & County Airport Commission, International Airport Rev., “A”, 4%, 4/30/2052 | 2,500,000 | 2,057,033 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 5/01/2044 | 2,605,000 | 2,597,022 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 3,000,000 | 2,988,336 | ||
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2035 | 1,000,000 | 1,017,043 | ||
San Jose, CA, Airport Rev., “A”, 5%, 3/01/2047 | 2,000,000 | 1,961,603 | ||
$40,742,855 | ||||
General Obligations - General Purpose – 3.2% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 1,080,000 | $932,337 | |
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 810,000 | 816,300 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 35,723 | 34,509 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 282,606 | 166,558 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 242,360 | 248,701 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 238,428 | 246,370 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 497,583 | 519,636 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 219,601 | 196,836 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 383,721 | 333,473 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 169,415 | 142,213 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 230,339 | 185,196 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 765,550 | 590,224 | ||
San Francisco, CA, City & County General Obligation Refunding Bonds, 2020-R1, 5%, 6/14/2024 | 2,500,000 | 2,525,331 | ||
San Francisco, CA, City & County General Obligation Refunding Bonds, 2021-R2, 5%, 6/14/2024 | 2,440,000 | 2,464,723 | ||
State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 2,200,000 | 2,185,477 | ||
State of California, Various Purpose General Obligation, 5.25%, 10/01/2050 | 3,000,000 | 3,190,947 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 440,000 | 459,044 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 410,000 | 427,434 | ||
$15,665,309 | ||||
General Obligations - Schools – 14.5% | ||||
Alvord, CA, Unified School District (Election of 2007), General Obligation, “A”, BAM, 4%, 8/01/2048 | $ | 2,000,000 | $1,790,111 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | 4,335,000 | 3,466,567 | ||
Garden Grove, CA, Unified School District (Election 2016), General Obligation, BAM, 4%, 8/01/2046 | 3,000,000 | 2,732,664 | ||
Garvey, CA, School District (Election of 2004), Capital Appreciation, AGM, 0%, 8/01/2031 | 2,120,000 | 1,505,751 | ||
Imperial County, CA, Community College District Rev., BAM, 4%, 8/01/2040 | 465,000 | 429,843 | ||
Imperial County, CA, Community College District Rev., Capital Appreciation, “C”, BAM, 0%, 8/01/2034 | 500,000 | 307,071 | ||
Kern County, CA, Sierra Sands Unified School District (Election of 2006), Capital Appreciation, AGM, 0%, 11/01/2033 | 1,260,000 | 774,583 | ||
Lake Tahoe, CA, Unified School District (Election of 2008), Convertible Capital Appreciation, AGM, 0% to 8/01/2032, 6.375% to 8/01/2045 | 1,590,000 | 1,131,452 | ||
Los Angeles County, CA, Mt. San Antonio Community College District (Election of 2018), “A”, 4%, 8/01/2049 | 875,000 | 796,825 | ||
Los Angeles, CA, Paramount Unified School District, General Obligation, “C”, BAM, 3%, 8/01/2045 | 1,750,000 | 1,256,540 | ||
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2039 (Prerefunded 2/15/2027) | 2,000,000 | 2,043,400 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Marin County, CA, Community College District (Election of 2016), “B”, 4%, 8/01/2040 (Prerefunded 2/15/2027) | $ | 1,000,000 | $1,021,700 | |
Marin County, CA, San Rafael City Elementary School District Rev., “B”, 4%, 8/01/2047 | 2,595,000 | 2,377,680 | ||
Mendocino Lake, CA, Community College District Rev. (Election of 2006), Capital Appreciation, “B”, AGM, 0%, 8/01/2032 | 1,570,000 | 1,082,106 | ||
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046 | 170,000 | 120,649 | ||
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050 | 105,000 | 71,770 | ||
Moorpark, CA, Unified School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 500,000 | 323,378 | ||
Moreland, CA, School District (Election of 2002), Capital Appreciation, “B”, FGIC, 0%, 8/01/2028 | 1,440,000 | 1,190,944 | ||
Mount Diablo, CA, Unified School District (Election of 2010), Convertible Capital Appreciation, “A”, AGM, 5.5% to 8/01/2019, 6% to 8/01/2030 | 3,000,000 | 3,102,311 | ||
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 | 4,462,374 | ||
Napa Valley, CA, Unified School District (Election of 2006), Capital Appreciation, “A”, 0%, 8/01/2029 | 3,385,000 | 2,659,366 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2028 | 830,000 | 848,756 | ||
Oakland, CA, Unified School District Rev., AGM, 5%, 8/01/2030 | 830,000 | 848,515 | ||
Oxnard, CA, School District (Ventura County), “A”, BAM, 5%, 8/01/2045 | 2,590,000 | 2,655,856 | ||
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2038 | 400,000 | 389,556 | ||
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2039 | 1,045,000 | 1,010,202 | ||
Oxnard, CA, Union High School District, General Obligation, “C”, 4%, 8/01/2040 | 1,000,000 | 959,394 | ||
Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2033 | 500,000 | 521,878 | ||
Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2034 | 1,400,000 | 1,461,383 | ||
Placer & Nevada Counties, CA, Tahoe-Truckee Unified School District (Election of 2014) (School Facilities Improvement District No. 1), “B”, 5%, 8/01/2035 | 1,105,000 | 1,150,604 | ||
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048 | 90,000 | 62,089 | ||
San Diego, CA, Community College District (Election of 2002), 6%, 8/01/2033 (Prerefunded 8/01/2027) | 2,000,000 | 2,190,262 | ||
San Diego, CA, La Mesa-Spring Valley School District, General Obligation, “B”, 4%, 7/31/2051 | 2,000,000 | 1,776,422 | ||
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 | 2,190,000 | 1,970,805 | ||
San Diego, CA, San Ysidro School District (Measure U Election of 2020), General Obligation, “B”, AGM, 4%, 8/01/2045 | 1,850,000 | 1,664,835 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “G”, 0%, 7/01/2034 (Prerefunded 1/01/2024) | 1,235,000 | 699,227 | ||
San Diego, CA, Unified School District (Election of 2012), General Obligation, “I”, BAM, 4%, 7/01/2047 | 2,145,000 | 2,013,194 | ||
San Luis Obispo, CA, Lucia Mar Unified School District, General Obligation, “D”, 4%, 8/01/2049 | 2,235,000 | 2,028,253 | ||
Santa Clara County, CA, Mountain View Whisman School District General Obligation, Election of 2020, “B”, 4.25%, 9/01/2045 | 5,750,000 | 5,547,803 | ||
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2042 | 1,000,000 | 926,974 | ||
Santa Maria Bonita, CA, School District (Election of 2014), General Obligation, BAM, 4%, 8/01/2044 | 1,250,000 | 1,147,890 | ||
South Monterey County, CA, Joint Union High School District (Election of 2018), “A-1”, AGM, 4%, 8/01/2049 | 2,480,000 | 2,212,151 | ||
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2046 | 2,775,000 | 828,641 | ||
Stanislaus County, CA, CERES Unified School District, Capital Appreciation, BAM, 0%, 8/01/2047 | 3,035,000 | 853,421 | ||
Sweetwater, CA, Union High School District, “C”, 4%, 8/01/2043 | 2,000,000 | 1,837,706 | ||
West Contra Costa, CA, Unified School District (Election of 2020), General Obligation, “A-1”, AGM, 3%, 8/01/2046 | 3,365,000 | 2,388,785 | ||
Yolo County, CA, Davis Joint Unified School District, General Obligation, BAM, 3%, 8/01/2043 | 1,250,000 | 920,215 | ||
$71,561,902 | ||||
Healthcare Revenue - Hospitals – 13.3% | ||||
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | $ | 5,000,000 | $5,106,094 | |
California Health Facilities Financing Authority Rev. (Children's Hospital Los Angeles), “A”, 5%, 8/15/2042 | 2,550,000 | 2,484,954 | ||
California Health Facilities Financing Authority Rev. (El Camino Hospital), 5%, 2/01/2037 | 1,000,000 | 1,018,883 | ||
California Health Facilities Financing Authority Rev. (Marshall Medical Center), 5%, 11/01/2033 | 750,000 | 763,720 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2038 | 1,000,000 | 1,039,915 | ||
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2036 (n) | 175,000 | 166,302 | ||
California Municipal Finance Authority Rev. (Community Health Centers of the Central Coast, Inc.), “A”, 5%, 12/01/2046 (n) | 750,000 | 670,617 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2036 | 1,275,000 | 1,279,185 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2037 | 850,000 | 846,769 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 425,000 | 424,133 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2042 | 2,000,000 | 1,912,266 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “A”, 5%, 7/01/2047 | 1,000,000 | 930,115 | ||
California Municipal Finance Authority Rev. (Eisenhower Medical Center), “B”, 4%, 7/01/2047 | 1,685,000 | 1,325,418 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2028 | 205,000 | 205,727 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2029 | 165,000 | 165,346 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2030 | $ | 85,000 | $85,114 | |
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 315,000 | 310,462 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2044 | 415,000 | 352,350 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 1,500,000 | 1,285,987 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 | 4,000,000 | 4,126,020 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 2,545,000 | 2,388,756 | ||
California Public Finance Authority Rev. (Hoag Memorial Hospital Presbyterian), “A”, 4%, 7/15/2051 | 2,000,000 | 1,730,275 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2042 | 4,000,000 | 3,974,846 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2039 | 1,600,000 | 1,397,530 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2040 | 650,000 | 559,718 | ||
California Statewide Communities Development Authority Rev. (Emante Health), “A”, 4%, 4/01/2045 | 2,000,000 | 1,721,728 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 5,000,000 | 5,232,350 | ||
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2053 | 1,000,000 | 1,000,063 | ||
California Statewide Communities Development Authority Rev. (John Muir Health), “A”, 5%, 12/01/2057 | 2,000,000 | 1,988,020 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 (n) | 1,405,000 | 1,303,145 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 200,000 | 182,376 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2054 | 1,650,000 | 1,605,175 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 1,955,000 | 1,790,204 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2036 | 635,000 | 639,219 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2037 | 455,000 | 454,786 | ||
California Statewide Communities Development Authority Rev. (Marin General Hospital), “A”, 5%, 8/01/2038 | 430,000 | 423,669 | ||
California Statewide Communities Development Authority Rev. (Redlands Community Hospital), 5%, 10/01/2046 | 1,925,000 | 1,882,028 | ||
California Statewide Communities Development Authority, Hospital Rev. (Methodist Hospital of Southern California), 5%, 1/01/2038 | 1,500,000 | 1,474,034 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 6/30/2049 (Prerefunded 7/01/2029) | 5,000 | 5,368 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | 65,000 | 52,884 | ||
Palomar Health, CA, Refunding Rev., AGM, 5%, 11/01/2047 | 2,000,000 | 2,014,458 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2024 | 235,000 | 233,716 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2025 | 290,000 | 286,289 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 4%, 7/01/2026 | 300,000 | 295,214 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2028 | 665,000 | 686,528 | ||
Tulare County, CA, Sierra View Local Health Care District Rev., 5%, 7/01/2029 | 635,000 | 656,994 | ||
University of California Regents, Medical Center Pooled Rev., “P”, 4%, 5/15/2053 | 5,000,000 | 4,477,831 | ||
Upland, CA (San Antonio Regional Hospital), COP, 4%, 1/01/2042 | 1,000,000 | 813,877 | ||
Upland, CA (San Antonio Regional Hospital), COP, 5%, 1/01/2047 | 1,000,000 | 971,594 | ||
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2031 | 325,000 | 331,900 | ||
Washington Township, CA, Health Care District Rev., “A”, 5%, 7/01/2042 | 1,000,000 | 895,389 | ||
$65,969,341 | ||||
Healthcare Revenue - Long Term Care – 2.6% | ||||
ABAG Finance Authority for Non-Profit Corps., CA, Rev. (Eskaton Properties, Inc.), 5%, 11/15/2035 | $ | 1,270,000 | $1,184,461 | |
California Health Facilities Financing Authority Rev. (Northern California Presbyterian Homes and Services, Inc.), 5%, 7/01/2039 | 1,000,000 | 1,010,651 | ||
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2040 | 650,000 | 638,896 | ||
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2050 | 1,000,000 | 932,637 | ||
California Health Facilities Financing Authority Rev. (ON LOK Senior Health Services), 5%, 8/01/2055 | 1,000,000 | 921,459 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 775,000 | 724,633 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2046 (n) | 1,250,000 | 1,065,599 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 1,405,000 | 1,091,155 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2039 | 500,000 | 446,566 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2040 | 500,000 | 441,583 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 4%, 4/01/2042 | 735,000 | 637,853 | ||
California Statewide Communities Development Authority Rev. (Front Porch Communities and Services), “A”, 5%, 4/01/2047 | 1,835,000 | 1,794,887 | ||
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2038 | 435,000 | 421,235 | ||
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2039 | 430,000 | 409,494 | ||
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2040 | 435,000 | 410,627 | ||
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 4%, 7/01/2043 | 980,000 | 900,598 | ||
$13,032,334 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Environmental Services – 2.9% | ||||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), “A”, 4.7%, 6/30/2041 | $ | 2,750,000 | $2,749,945 | |
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 3,000,000 | 2,978,195 | ||
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 | 2,620,178 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.7%, 12/01/2044 (Put Date 12/01/2023) | 3,000,000 | 2,977,609 | ||
California Pollution Control Financing Authority, Solid Waste Refunding Rev. (Republic Services, Inc. Project), “B”, 3.75%, 7/31/2024 (Put Date 11/01/2023) (n) | 3,000,000 | 2,998,676 | ||
$14,324,603 | ||||
Industrial Revenue - Other – 0.1% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 500,000 | $386,536 | |
Miscellaneous Revenue - Other – 2.7% | ||||
California Infrastructure & Economic Development Bank Rev. (Academy of Motion Picture Arts and Sciences Obligated Group), “A”, 5%, 11/01/2035 | $ | 830,000 | $831,498 | |
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 4,300,000 | 4,273,732 | ||
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2031 | 1,335,000 | 1,341,336 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 205,000 | 205,781 | ||
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 | 1,515,245 | ||
San Luis Obispo, CA, Public Financing Authority, Lease Rev. (Cultural Arts District Parking Project), 5%, 11/30/2053 | 5,000,000 | 5,182,576 | ||
$13,350,168 | ||||
Multi-Family Housing Revenue – 6.9% | ||||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | $ | 2,200,000 | $1,695,543 | |
California Community Housing Agency, Essential Housing Rev. (Aster), “A-2”, 4%, 2/01/2043 (n) | 2,900,000 | 2,295,020 | ||
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-1”, 3%, 8/01/2056 (n) | 3,000,000 | 1,846,821 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 2,818,116 | 2,681,044 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 1,995,698 | 1,820,190 | ||
California Housing Finance Agency, Affordable Housing Rev., “A-1”, 4.125%, 7/31/2038 | 800,000 | 750,536 | ||
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 4,000,000 | 3,486,264 | ||
California Municipal Finance Authority, Multi-Family Tax-Exempt Mortgage-Backed (Greenfield Commons I), “A”, 5.28%, 8/31/2046 | 3,300,000 | 3,133,396 | ||
California Municipal Special Finance Agency VIII, Essential Housing Rev. (Elan Huntington Beach), “A-2”, 4%, 8/01/2047 (n) | 2,900,000 | 2,227,169 | ||
California Municipal Special Finance Agency XII, Essential Housing Rev. (Allure Apartments), “A-1”, 3.25%, 2/01/2057 (n) | 2,000,000 | 1,285,153 | ||
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 3,000,000 | 2,319,453 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 3,000,000 | 2,049,926 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 2,000,000 | 1,325,373 | ||
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA - Building 156 & 157 Apartments), “C”, 3.75%, 12/01/2046 (Put Date 12/01/2026) | 2,750,000 | 2,669,989 | ||
Los Angeles County, CA, Development Authority, Multi-Family Housing Rev. (West Los Angeles VA Campus Building 402 Apartments), 3.375%, 1/01/2046 (Put Date 7/01/2026) | 3,600,000 | 3,440,186 | ||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 1,339,662 | 1,240,507 | ||
$34,266,570 | ||||
Parking – 0.3% | ||||
Stockton, CA, Public Financing Authority Parking Rev., 5%, 3/01/2047 | $ | 1,625,000 | $1,434,644 | |
Sales & Excise Tax Revenue – 2.7% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 30,000 | $29,911 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 40,000 | 39,739 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 390,000 | 315,622 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 114,000 | 104,889 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 382,000 | 337,712 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 4,615,000 | 4,174,652 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 944,000 | 845,506 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 385,000 | 344,830 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 7,677 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | $ | 2,826,000 | $2,466,657 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 6,000 | 5,808 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 171,000 | 145,604 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 24,104 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,566,000 | 1,109,398 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,524,000 | 976,503 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 4,034,000 | 1,039,918 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 960,000 | 733,200 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 555,000 | 423,881 | ||
$13,125,611 | ||||
Secondary Schools – 4.5% | ||||
California Infrastructure & Economic Development Bank Rev. (Colburn School), 1.75%, 8/01/2055 (Put Date 8/01/2026) | $ | 1,000,000 | $912,987 | |
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4%, 11/01/2050 | 500,000 | 405,136 | ||
California Infrastructure & Economic Development Bank, Senior National Charter School Revolving Rev. (Equitable School), “B”, 4.125%, 11/01/2052 | 3,075,000 | 2,519,777 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2038 (n) | 970,000 | 910,168 | ||
California Municipal Finance Authority, Education Rev. (American Heritage Education Foundation Project), “A”, 5%, 6/01/2046 | 750,000 | 669,718 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (Prerefunded 8/01/2025) (n) | 50,000 | 51,122 | ||
California School Finance Authority, Charter School Refunding Rev. (Aspire Public Schools), 5%, 8/01/2041 (n) | 450,000 | 427,918 | ||
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.25%, 8/01/2038 | 500,000 | 480,540 | ||
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2043 | 550,000 | 532,546 | ||
California School Finance Authority, Charter School Refunding Rev. (Partnerships to Uplift Communities Project), 5.5%, 8/01/2047 | 525,000 | 497,623 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2040 (n) | 415,000 | 397,548 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), 5%, 8/01/2045 (n) | 415,000 | 384,489 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2040 (n) | 525,000 | 502,922 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2050 (n) | 1,000,000 | 905,349 | ||
California School Finance Authority, Charter School Rev. (Downtown College Prep - Obligated Group), 5%, 6/01/2046 (n) | 1,000,000 | 899,745 | ||
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2040 (n) | 1,125,000 | 1,056,158 | ||
California School Finance Authority, Charter School Rev. (Social Bonds - Fenton Charter Public Schools Obligated Group), “A”, 5%, 7/01/2058 (n) | 625,000 | 543,071 | ||
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2030 (n) | 1,100,000 | 1,098,693 | ||
California School Finance Authority, Educational Facilities Rev. (New Designs Charter School Adams Campus Project), “A”, 5%, 6/01/2050 (n) | 2,120,000 | 1,859,915 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 1,245,000 | 1,250,139 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2038 (n) | 870,000 | 841,417 | ||
California School Finance Authority, School Facility Rev. (Green Dot Public Schools California Projects), “A”, 5%, 8/01/2048 (n) | 870,000 | 789,257 | ||
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2034 | 530,000 | 532,124 | ||
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2037 (n) | 505,000 | 506,283 | ||
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5.125%, 7/01/2044 | 470,000 | 461,790 | ||
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 5%, 7/01/2047 (n) | 745,000 | 700,429 | ||
California School Finance Authority, School Facility Rev. (KIPP SoCal Projects), “A”, 5%, 7/01/2049 (n) | 1,050,000 | 979,679 | ||
California Statewide Communities Development Authority, School Facility Rev. (Alliance for College-Ready Public Schools), “A”, 6.375%, 7/01/2047 | 1,270,000 | 1,270,629 | ||
$22,387,172 | ||||
Single Family Housing - Other – 0.2% | ||||
California Department of Veterans Affairs, Home Purchase Rev., “A”, 5.5%, 12/01/2052 | $ | 1,000,000 | $1,041,410 | |
State & Local Agencies – 3.7% | ||||
Fresno, CA, Joint Powers Financing Authority Rev., Lease Revenue Refunding Rev. (Master Lease Projects), “A”, AGM, 5%, 4/01/2037 | $ | 800,000 | $825,236 | |
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 5.25%, 11/01/2047 | 3,735,000 | 3,889,861 | ||
North Lake Tahoe, CA, Public Financing Authority Lease Rev. (Health and Human Services Center), 5.5%, 12/01/2047 | 4,425,000 | 4,772,796 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2037 | $ | 300,000 | $323,475 | |
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2038 | 500,000 | 535,865 | ||
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2039 | 700,000 | 745,978 | ||
Ontario, CA, Public Financing Authority Lease Rev. (Civic Center Improvements), “A”, 5%, 11/01/2040 | 900,000 | 951,980 | ||
Santa Clara County, CA, Financing Authority Lease Rev. (Capital Facilities), “A”, 3%, 5/01/2039 | 5,270,000 | 4,201,593 | ||
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2034 | 500,000 | 541,884 | ||
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2035 | 725,000 | 782,632 | ||
Victorville, CA, Electric Rev., “A”, 5%, 5/01/2036 | 590,000 | 632,330 | ||
$18,203,630 | ||||
Student Loan Revenue – 0.0% | ||||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | $ | 275,000 | $239,617 | |
Tax - Other – 1.1% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 315,000 | $310,935 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 735,000 | 769,468 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 170,000 | 165,946 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 500,000 | 438,458 | ||
Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058 | 4,000,000 | 3,548,987 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 100,000 | 88,665 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 271,379 | ||
$5,593,838 | ||||
Tax Assessment – 6.7% | ||||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “A”, 5%, 9/02/2048 | $ | 940,000 | $916,068 | |
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2039 | 1,000,000 | 995,707 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 5%, 9/02/2044 | 1,000,000 | 982,930 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “B”, 4%, 9/02/2050 | 505,000 | 378,348 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 4%, 9/02/2040 | 1,985,000 | 1,613,764 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2044 | 500,000 | 480,925 | ||
California Statewide Communities Development Authority Rev. (Infrastructure Program), “C”, 5%, 9/02/2049 | 500,000 | 470,376 | ||
Huntington Beach, CA, Community Facilities District Special Tax (Grand Coast Resort), 5.125%, 9/01/2031 | 1,000,000 | 1,000,425 | ||
Lake Elsinore, CA, Public Financing Authority Rev., 5%, 9/01/2035 | 920,000 | 931,802 | ||
Lee Lake, CA, Public Financing Authority, Senior Lien Rev., “A”, 5.125%, 9/01/2035 | 1,000,000 | 1,001,081 | ||
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 4.125%, 9/01/2038 | 575,000 | 528,076 | ||
Newport Beach, CA, Limited Obligation Improvement Bonds, “A”, 5%, 9/01/2043 | 650,000 | 649,140 | ||
North Natomas, CA, Community Facilities District Special Tax, “4-E”, 5.25%, 9/01/2033 | 765,000 | 767,154 | ||
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2028 | 650,000 | 654,587 | ||
Pittsburg, CA, Redevelopment Successor Agency, Tax Allocation (Los Medanos Community Development Project), AGM, 5%, 8/01/2029 | 1,350,000 | 1,359,302 | ||
Rancho Cucamonga, CA, Community Facilities District Special Tax, 5.25%, 9/01/2033 | 1,000,000 | 1,000,598 | ||
Rancho Cucamonga, CA, Redevelopment Agency, Tax Allocation Refunding (Successor Agency to the Rancho Redevelopment Project Area), AGM, 5%, 9/01/2032 | 2,625,000 | 2,651,924 | ||
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 4.25%, 9/01/2047 | 5,000,000 | 4,733,846 | ||
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.25%, 9/01/2042 | 1,000,000 | 957,537 | ||
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 4.5%, 9/01/2047 | 2,550,000 | 2,495,108 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2030 | 890,000 | 908,317 | ||
Riverside County, CA, Jurupa Valley Redevelopment Project Rev., “B”, AGM, 5%, 10/01/2031 | 1,095,000 | 1,116,225 | ||
Riverside County, CA, Redevelopment Agency, Tax Allocation, “A”, AGM, 5%, 10/01/2034 | 1,385,000 | 1,397,217 | ||
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2026 (n) | 100,000 | 97,363 | ||
San Francisco, CA, City & County Development Special Tax District No. 2020-1 (Mission Rock Facilities & Services), “A”, 4%, 9/01/2051 (n) | 1,600,000 | 1,168,109 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 750,000 | 753,780 | ||
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4%, 9/30/2048 | 835,000 | 743,414 | ||
San Joaquin, CA, Area Flood Control Agency, Levee Construction & Maintenance Assessment District, “A”, AGM, 4.125%, 9/30/2053 | 1,000,000 | 890,476 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax Assessment – continued | ||||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2033 | $ | 300,000 | $303,750 | |
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2034 | 300,000 | 303,055 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2035 | 250,000 | 251,104 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “B”, 5%, 10/01/2038 | 600,000 | 581,992 | ||
$33,083,500 | ||||
Tobacco – 3.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 1,365,000 | $1,175,824 | |
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 5,000,000 | 830,775 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2049 | 3,515,000 | 2,952,037 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 5%, 6/01/2049 | 535,000 | 524,652 | ||
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), “B-1”, 5%, 6/01/2049 | 465,000 | 456,006 | ||
California County Tobacco Securitization Agency Settlement (Sonoma County Securitization Corp.), Capital Appreciation, “B-2”, 0%, 6/01/2055 | 10,000,000 | 1,661,549 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A-1”, 5%, 6/01/2051 | 4,000,000 | 4,061,337 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 1,615,000 | 1,464,892 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2036 | 250,000 | 259,797 | ||
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.), “A”, 5%, 6/01/2048 | 4,250,000 | 4,259,317 | ||
$17,646,186 | ||||
Toll Roads – 0.2% | ||||
Bay Area Toll Authority, California Toll Bridge Rev., “S-7”, 4%, 4/01/2034 | $ | 855,000 | $858,887 | |
Transportation - Special Tax – 0.1% | ||||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 500,000 | $512,926 | |
Universities - Colleges – 4.6% | ||||
California Educational Facilities Authority Rev. (Art Center College of Design), “A”, 5%, 12/01/2036 | $ | 2,060,000 | $2,073,592 | |
California Educational Facilities Authority Rev. (Chapman University), “B”, 4%, 4/01/2047 | 1,000,000 | 844,327 | ||
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2036 | 425,000 | 433,870 | ||
California Educational Facilities Authority Rev. (Loma Linda University), “A”, 5%, 4/01/2037 | 1,265,000 | 1,285,718 | ||
California Educational Facilities Authority Rev. (Loyola Marymount University), “B”, 5%, 10/01/2038 | 630,000 | 646,145 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2036 | 1,000,000 | 1,001,630 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2037 | 1,000,000 | 993,377 | ||
California Educational Facilities Authority Rev. (University of Redlands), “A”, 5%, 10/01/2038 | 500,000 | 492,617 | ||
California Educational Facilities Authority Rev. (University of San Francisco), “A”, 5%, 10/01/2038 | 1,000,000 | 1,025,627 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2033 | 625,000 | 635,991 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2035 | 1,195,000 | 1,212,709 | ||
California Municipal Finance Authority Rev. (Biola University), 5%, 10/01/2039 | 1,000,000 | 1,000,028 | ||
California Municipal Finance Authority Rev. (Emerson College), “B”, 5%, 1/01/2042 | 4,310,000 | 4,148,156 | ||
California Municipal Finance Authority Rev. (University of La Verne), “A”, 5%, 6/01/2043 | 1,500,000 | 1,506,357 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 500,000 | 440,920 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2048 | 2,500,000 | 2,048,657 | ||
California State University Systemwide Rev., “A”, 3%, 11/01/2052 | 2,000,000 | 1,377,675 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.875%, 11/01/2043 | 1,500,000 | 1,500,075 | ||
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051 | 200,000 | 135,576 | ||
$22,803,047 | ||||
Universities - Dormitories – 3.0% | ||||
California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n) | $ | 2,250,000 | $2,103,770 | |
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2045 | 600,000 | 596,803 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2050 | 650,000 | 636,786 | ||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2055 | 825,000 | 794,437 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Dormitories – continued | ||||
California Enterprise Development Authority, Student Housing Rev. (Provident Group - SDSU Properties LLC - M@College Project), “A”, 5%, 8/01/2057 | $ | 450,000 | $426,134 | |
California Municipal Finance Authority, Student Housing Rev. (Bowles Hall Foundation), “A”, 5%, 6/01/2035 | 225,000 | 224,395 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), 5%, 5/15/2037 | 2,605,000 | 2,647,147 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2034 (n) | 375,000 | 355,937 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2039 (n) | 475,000 | 438,044 | ||
California Statewide Communities Development Authority Rev. (Lancer Educational Student Housing Project), “A”, 5%, 6/01/2051 (n) | 1,440,000 | 1,243,188 | ||
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 | 1,628,266 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 3,000,000 | 2,550,779 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 3,250,000 | 1,125,317 | ||
$14,771,003 | ||||
Utilities - Cogeneration – 0.5% | ||||
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 | $1,001,294 | |
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 | 1,561,678 | ||
$2,562,972 | ||||
Utilities - Municipal Owned – 0.9% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 280,000 | $280,674 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 315,000 | 311,619 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 475,000 | 118,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 765,000 | 191,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 55,000 | 54,241 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,200,000 | 300,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 180,000 | 45,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 455,000 | 113,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 235,000 | 58,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 200,000 | 50,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 620,000 | 155,000 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 290,000 | 72,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 325,000 | 81,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 115,000 | 28,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 355,000 | 88,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 280,000 | 70,000 | ||
Truckee Donner Public Utility District Electric System Rev., “A”, 5%, 11/15/2037 | 1,250,000 | 1,286,946 | ||
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2039 | 425,000 | 422,713 | ||
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2040 | 365,000 | 362,007 | ||
Vernon, CA, Electric System Rev., “A”, 5%, 8/01/2041 | 420,000 | 405,904 | ||
$4,592,854 | ||||
Utilities - Other – 5.4% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 1,195,000 | $1,116,153 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 1,415,000 | 1,334,171 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 2,735,000 | 2,775,361 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028) | 4,000,000 | 3,872,296 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 5%, 12/01/2053 (Put Date 8/01/2029) | 5,000,000 | 5,035,702 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 5,000,000 | 4,988,207 | ||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 1,750,000 | 2,047,570 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Other – continued | ||||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | $ | 2,540,000 | $2,556,484 | |
Southern California Public Power Authority (Natural Gas Project No. 1), “A”, 5%, 11/01/2033 | 1,655,000 | 1,663,204 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,520,000 | 1,543,798 | ||
$26,932,946 | ||||
Water & Sewer Utility Revenue – 5.2% | ||||
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.625%, 9/01/2047 | $ | 1,000,000 | $993,654 | |
Cambria, CA, Community Services District Wastewater Rev., “A”, AGM, 4.75%, 9/01/2052 | 1,100,000 | 1,088,689 | ||
Fillmore, CA, Wastewater Refunding Rev., AGM, 5%, 5/01/2047 | 3,000,000 | 3,050,717 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 720,000 | 667,255 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2031 | 415,000 | 417,704 | ||
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2048 | 3,500,000 | 3,223,503 | ||
Pajaro Valley, CA, Water Management Agency Rev., COP, BAM, 4.125%, 3/01/2053 | 1,500,000 | 1,345,427 | ||
San Francisco, CA, City & County Public Utilities Commission, Power Rev. Bonds, “A”, 5%, 10/31/2053 (w) | 3,500,000 | 3,614,006 | ||
Santa Barbara County, CA, Solid Waste System Rev., COP, “B”, 5%, 12/01/2036 | 2,000,000 | 2,042,638 | ||
Silicon Valley Clean Water, CA, Wastewater Rev., 4%, 8/01/2044 | 3,250,000 | 3,008,309 | ||
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058 (w) | 1,560,000 | 1,603,732 | ||
Truckee Donner Public Utility District Water System Rev., “A”, 5%, 11/15/2042 | 2,070,000 | 2,173,933 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2031 | 1,700,000 | 1,750,098 | ||
Tulare, CA, Sewer Rev., AGM, 5%, 11/15/2035 | 830,000 | 852,300 | ||
$25,831,965 | ||||
Total Municipal Bonds (Identified Cost, $522,124,043) | $480,921,826 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 902,000 | $812,198 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,796,438 | 590,553 | ||
Total Bonds (Identified Cost, $1,532,327) | $1,402,751 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $616,905) | $ | 1,039,759 | $539,375 | |
Investment Companies (h) – 2.4% | ||||
Money Market Funds – 2.4% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $11,767,939) | 11,766,958 | $11,769,311 | ||
Other Assets, Less Liabilities – 0.1% | 659,046 | |||
Net Assets – 100.0% | $495,292,309 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.2% | ||||
Airport Revenue – 5.9% | ||||
Atlanta, GA, Airport General Refunding Rev., “B”, 5%, 1/01/2033 | $ | 1,000,000 | $1,001,803 | |
Atlanta, GA, Airport General Refunding Rev., “C”, 4%, 7/01/2038 | 1,000,000 | 925,839 | ||
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2052 | 1,000,000 | 989,853 | ||
Atlanta, GA, Airport General Rev., “C”, 5%, 6/30/2053 | 500,000 | 494,880 | ||
Atlanta, GA, Airport General Rev., “B”, 5%, 7/01/2044 | 1,000,000 | 999,445 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038 | 520,000 | 481,436 | ||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 530,000 | 486,848 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 265,000 | 263,970 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 30,000 | 29,598 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 35,000 | 34,998 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 25,000 | 24,946 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 40,000 | 39,413 | ||
$5,773,029 | ||||
General Obligations - General Purpose – 4.3% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $189,921 | |
Cartersville, GA, General Obligation, 2%, 10/01/2040 | 1,000,000 | 629,017 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 60,000 | 62,451 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 165,000 | 163,592 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 7,530 | 7,274 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 59,571 | 35,109 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 51,087 | 52,424 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 50,258 | 51,932 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 150,816 | 157,500 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 46,290 | 41,491 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 85,068 | 73,929 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 35,711 | 29,977 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 48,553 | 39,037 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 171,495 | 132,219 | ||
Roswell, GA, General Obligation, “A”, 4%, 2/01/2048 | 500,000 | 459,570 | ||
State of Georgia, General Obligation, “A”, 5%, 6/30/2024 | 1,000,000 | 1,008,923 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 180,000 | 187,791 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 85,000 | 88,180 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 245,000 | 214,385 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 155,000 | 134,215 | ||
Valdosta & Lowndes County, GA, Hospital Authority Rev. Anticipation Certificate, “A”, 5%, 10/01/2036 | 500,000 | 526,971 | ||
$4,285,908 | ||||
General Obligations - Schools – 7.0% | ||||
Ben Hill County, GA, School District Rev., 4%, 4/01/2037 | $ | 750,000 | $727,272 | |
Bryan County, GA, School District General Obligation, 4%, 8/01/2032 | 500,000 | 496,655 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 370,000 | 287,422 | ||
Clarke County, GA, General Obligation, 5%, 9/01/2025 | 1,000,000 | 1,022,460 | ||
Dalton, GA, General Obligation, 5%, 2/01/2036 | 500,000 | 523,379 | ||
Evans County, GA, School District, 4%, 6/01/2035 | 660,000 | 651,607 | ||
Gwinnett County, GA, School District, 5%, 2/01/2039 | 1,500,000 | 1,568,387 | ||
Gwinnett County, GA, School District General Obligation, 5%, 2/01/2029 | 1,000,000 | 1,014,337 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 930,000 | 632,990 | ||
$6,924,509 | ||||
Healthcare Revenue - Hospitals – 12.3% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 210,000 | $170,512 | |
Cedartown Polk County, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded 7/01/2026) | 500,000 | 516,510 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2041 | 485,000 | 434,758 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 25,000 | 20,137 | ||
Columbus, GA, Hospital Authority Refunding Rev., Anticipation Certificates, 5%, 6/30/2024 | 670,000 | 675,634 | ||
Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048 | 250,000 | 213,671 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | $ | 15,000 | $12,204 | |
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 5%, 7/01/2032 | 500,000 | 509,873 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2035 | 500,000 | 469,040 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2039 | 500,000 | 444,034 | ||
Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), “A”, 4%, 7/01/2049 | 1,000,000 | 841,410 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034 | 1,000,000 | 1,023,967 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 5%, 4/01/2042 | 750,000 | 748,346 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028 | 500,000 | 495,882 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 1,000,000 | 1,000,868 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 645,000 | 548,571 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 695,000 | 598,934 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 765,000 | 634,083 | ||
Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036 | 1,000,000 | 925,296 | ||
Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), “A”, 4%, 7/01/2043 | 1,000,000 | 860,275 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 570,000 | 483,090 | ||
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 550,000 | 460,282 | ||
$12,087,377 | ||||
Healthcare Revenue - Long Term Care – 1.0% | ||||
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), “A, 5%, 7/01/2036 | $ | 500,000 | $477,268 | |
Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. Obligated Group), 5%, 11/15/2033 | 500,000 | 501,689 | ||
$978,957 | ||||
Industrial Revenue - Other – 0.1% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 2.875%, 1/01/2041 (n) | $ | 130,000 | $80,762 | |
Industrial Revenue - Paper – 0.1% | ||||
Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $ | 150,000 | $137,566 | |
Miscellaneous Revenue - Other – 6.0% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”A“, 4%, 1/01/2054 | $ | 1,250,000 | $954,551 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., ”B“, 5%, 1/01/2054 (n) | 1,000,000 | 759,259 | ||
Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), ”A“, 4.625%, 4/30/2043 (w) | 1,000,000 | 982,880 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2034 | 500,000 | 521,566 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2036 | 500,000 | 505,916 | ||
Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), ”A“, 5%, 3/15/2044 | 660,000 | 667,706 | ||
Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052 | 1,000,000 | 927,666 | ||
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026 | 45,000 | 45,172 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 280,000 | 258,676 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 270,000 | 266,529 | ||
$5,889,921 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
New Hampshire National Finance Authority Municipal Certificates, ”1-A“, 4.375%, 9/20/2036 | $ | 324,878 | $300,832 | |
Port Revenue – 2.6% | ||||
Georgia Ports Authority Rev., 4%, 7/01/2047 | $ | 1,000,000 | $891,684 | |
Georgia Ports Authority Rev., 4%, 7/01/2052 | 1,000,000 | 868,865 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 1,000,000 | 819,567 | ||
$2,580,116 | ||||
Sales & Excise Tax Revenue – 6.6% | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, ”B-1“, AGM, 0%, 6/15/2044 | $ | 1,205,000 | $411,058 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | 5,000 | 4,985 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 9,935 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 90,000 | 72,836 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., ”A“, 5%, 7/01/2039 | 1,000,000 | 1,069,222 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”A“, 5%, 7/01/2044 (Prerefunded 7/01/2025) | $ | 1,000,000 | $1,021,345 | |
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev. (Third Indenture Series), ”C“, 4%, 7/01/2036 | 750,000 | 728,446 | ||
Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Rev., ”E-1“, 3%, 7/01/2040 | 1,000,000 | 780,540 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 24,000 | 22,082 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053 | 82,000 | 72,493 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 745,000 | 673,915 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 196,000 | 175,550 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 83,000 | 74,340 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 578,000 | 504,504 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 1,000 | 968 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 35,000 | 29,802 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 4,665 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 326,000 | 230,947 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 316,000 | 202,477 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 1,075,000 | 277,122 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n) | 245,000 | 187,119 | ||
$6,554,351 | ||||
Secondary Schools – 0.2% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2049 (n) | $ | 250,000 | $207,515 | |
Single Family Housing - State – 4.5% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 200,000 | $196,997 | |
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4.15%, 12/01/2038 | 1,000,000 | 905,395 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.85%, 12/01/2041 | 1,465,000 | 1,365,737 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 3.6%, 12/01/2044 | 1,000,000 | 807,225 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, ”A“, 4%, 12/01/2048 | 405,000 | 390,767 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043 | 595,000 | 556,278 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.5%, 9/01/2046 | 195,000 | 180,125 | ||
$4,402,524 | ||||
State & Local Agencies – 0.5% | ||||
Villa Rica, GA, Public Facilities Authority Rev. (Water and Sewerage Project), 5%, 3/01/2039 (Prerefunded 9/01/2024) | $ | 500,000 | $505,368 | |
Student Loan Revenue – 0.7% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3%, 12/01/2039 | $ | 5,000 | $4,616 | |
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | 130,000 | 94,531 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 55,000 | 47,923 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041 | 585,000 | 553,374 | ||
$700,444 | ||||
Tax - Other – 1.8% | ||||
Atlanta & Fulton County, GA, Recreation Authority Park Improvement, ”A“, 5%, 12/01/2032 | $ | 500,000 | $505,074 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 65,000 | 64,161 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 185,000 | 193,676 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036 | 35,000 | 34,165 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046 | 100,000 | 87,692 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045 | 930,000 | 832,231 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 88,977 | ||
$1,805,976 | ||||
Tax Assessment – 0.5% | ||||
Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026) | $ | 410,000 | $421,575 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 10,000 | 9,544 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 9,000 | 8,793 | ||
$439,912 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | $ | 560,000 | $482,389 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050 | 370,000 | 335,610 | ||
$817,999 | ||||
Toll Roads – 0.4% | ||||
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 | $80,152 | |
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 | 60,096 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 375,000 | 269,969 | ||
$410,217 | ||||
Transportation - Special Tax – 0.1% | ||||
New Jersey Transportation Trust Fund Authority, ”A“, 5%, 12/15/2039 | $ | 70,000 | $71,810 | |
Universities - Colleges – 17.5% | ||||
Albany-Dougherty County, GA, Inner City Authority Refunding Rev. (USG Real Estate Foundation X LLC Project), 4%, 6/01/2034 | $ | 1,430,000 | $1,396,145 | |
Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), ”A“, 3.5%, 6/01/2035 | 500,000 | 459,630 | ||
Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), 5%, 6/01/2038 | 600,000 | 605,607 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037 | 560,000 | 508,056 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 1,000,000 | 826,707 | ||
Bleckley-Dodge County, GA, Joint Development Authority Refunding Rev. (USG Real Estate Foundation VII LLC Project), 5%, 7/01/2038 | 815,000 | 822,731 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 (Prerefunded 7/01/2027) | 200,000 | 209,351 | ||
Bulloch County, GA, Development Authority Rev. (Georgia Southern University Housing Foundation Four, LLC Project), 5%, 7/01/2038 | 800,000 | 821,104 | ||
Carrollton, GA, Payroll Development Authority Refunding Rev. (UWG Housing, LLC Project), 5%, 7/01/2038 | 750,000 | 767,890 | ||
Clemson University, SC, Athletic Facilities Rev., ”A“, 3%, 5/01/2048 | 1,000,000 | 679,985 | ||
Cobb County, GA, Development Authority, Parking & Dining Hall Refunding Lease Rev. (Kennesaw State University Real Estate Foundations Projects), 5%, 7/15/2034 | 500,000 | 522,068 | ||
Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036 | 1,000,000 | 1,025,570 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 3/01/2034 | 300,000 | 314,398 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 | 1,000,000 | 1,027,292 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049 | 500,000 | 433,691 | ||
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052 | 1,000,000 | 1,020,111 | ||
Fulton County, GA, Development Authority Rev. (Spelman College), 5%, 6/01/2028 | 500,000 | 506,662 | ||
Georgia Higher Education Facilities Authority Refunding Rev. (USG Real Estate Foundation II LLC Project), 4%, 6/15/2036 | 750,000 | 703,597 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040 | 350,000 | 343,219 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 1,000,000 | 1,013,923 | ||
Gwinnett County, GA, Development Authority Rev. (Student Housing), ”A“, 5%, 7/01/2040 | 1,000,000 | 1,003,905 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 500,000 | 378,497 | ||
Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048 | 870,000 | 888,760 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 70,000 | 67,874 | ||
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 | 50,000 | 50,035 | ||
Richmond County, GA, Development Authority Rev. (Georgia Regents University Academic Research Center Project), AGM, 5%, 12/15/2032 | 325,000 | 326,808 | ||
South Regional, GA, Joint Development Authority Rev. (VSU Parking and Student Service Center Project), ”A“, 5%, 8/01/2035 | 500,000 | 506,974 | ||
$17,230,590 | ||||
Universities - Dormitories – 0.4% | ||||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030 | $ | 390,000 | $392,614 | |
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), ”C“, 5%, 7/15/2030 (Prerefunded 7/15/2025) | 10,000 | 10,201 | ||
$402,815 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Investor Owned – 0.7% | ||||
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | $ | 750,000 | $723,769 | |
Utilities - Municipal Owned – 9.1% | ||||
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029 | $ | 1,195,000 | $1,218,257 | |
Dalton, GA, Combined Utilities Rev., 5%, 3/01/2032 | 1,000,000 | 1,047,966 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035 | 500,000 | 473,976 | ||
Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036 | 500,000 | 467,868 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, 4.5%, 7/01/2063 | 1,000,000 | 889,444 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2048 | 1,000,000 | 1,010,043 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), ”A“, AGM, 5%, 7/01/2055 | 1,000,000 | 1,004,592 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), ”A“, 5%, 1/01/2039 | 750,000 | 753,742 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2037 | 1,000,000 | 1,034,680 | ||
Georgia Municipal Electric Authority (Project One), ”A“, 5%, 1/01/2038 | 125,000 | 126,876 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | 50,000 | 50,120 | ||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 60,000 | 59,356 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 155,000 | 38,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2030 | 70,000 | 69,166 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,862 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 245,000 | 61,250 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., ”RR“, AGM, 5%, 7/01/2028 | 490,000 | 492,985 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 125,000 | 31,250 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 75,000 | 18,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 60,000 | 15,000 | ||
$9,013,933 | ||||
Utilities - Other – 4.2% | ||||
Alabama Southeast Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031) | $ | 715,000 | $734,848 | |
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), ”A“, 4%, 12/01/2052 (Put Date 12/01/2029) | 250,000 | 233,505 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., ”A“, 4%, 6/01/2051 (Put Date 12/01/2031) | 300,000 | 282,863 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 585,000 | 583,620 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”A“, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 991,757 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., ”C“, 5%, 9/01/2053 (Put Date 9/01/2030) | 750,000 | 757,823 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A-1“, 5%, 5/01/2053 (Put Date 5/01/2028) | 520,000 | 518,791 | ||
$4,103,207 | ||||
Water & Sewer Utility Revenue – 10.6% | ||||
Atlanta, GA, Water & Wastewater Refunding Rev., 5%, 11/01/2036 | $ | 750,000 | $771,651 | |
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2037 | 1,000,000 | 1,023,903 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”A“, 5%, 11/01/2038 | 1,000,000 | 1,021,299 | ||
Atlanta, GA, Water & Wastewater Refunding Rev., ”B“, 4%, 11/01/2038 | 500,000 | 466,863 | ||
Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038 | 500,000 | 467,369 | ||
Cherokee County, GA, Water and Sewerage Authority Rev., 4%, 8/01/2053 | 1,000,000 | 873,301 | ||
Columbus, GA, Water and Sewerage Rev., 5%, 5/01/2036 | 150,000 | 153,261 | ||
DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052 | 1,000,000 | 1,027,937 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
DeKalb County, GA, Water & Sewer Rev., ”B“, 5.25%, 10/01/2025 | $ | 1,000,000 | $1,029,874 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 30,000 | 30,002 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 125,000 | 117,809 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 45,000 | 45,078 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 45,000 | 45,027 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 155,000 | 143,645 | ||
Henry County, GA, Water & Sewer Authority Rev., BHAC, 5.25%, 2/01/2027 | 1,000,000 | 1,051,180 | ||
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 | 15,086 | ||
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 | 20,044 | ||
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 | 10,048 | ||
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 | 20,054 | ||
Oconee County, GA, Water & Sewerage Rev., ”A“, 5%, 9/01/2033 | 555,000 | 576,042 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Project), 5%, 2/01/2038 (Prerefunded 2/01/2026) | 500,000 | 514,724 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053 | 1,000,000 | 1,032,611 | ||
$10,456,808 | ||||
Total Municipal Bonds (Identified Cost, $105,839,090) | $96,886,215 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 204,000 | $183,690 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 124,327 | ||
Total Bonds (Identified Cost, $336,057) | $308,017 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $130,039) | $ | 219,173 | $113,696 | |
Investment Companies (h) – 1.3% | ||||
Money Market Funds – 1.3% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $1,287,714) | 1,287,570 | $1,287,828 | ||
Other Assets, Less Liabilities – 0.1% | 101,608 | |||
Net Assets – 100.0% | $98,697,364 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.7% | ||||
Airport Revenue – 1.4% | ||||
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047 | $ | 70,000 | $61,012 | |
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053 | 65,000 | 55,152 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., ”A“, 5%, 9/30/2025 | 1,525,000 | 1,543,372 | ||
$1,659,536 | ||||
General Obligations - General Purpose – 17.2% | ||||
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 4/01/2033 | $ | 1,895,000 | $1,926,567 | |
Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2045 | 1,315,000 | 1,381,272 | ||
Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045 | 1,500,000 | 1,367,222 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 225,000 | 194,237 | ||
Cheverly, MD, Public Improvement, 4.5%, 11/01/2047 | 490,000 | 466,209 | ||
Chicago, IL, General Obligation, ”A“, 5.5%, 1/01/2040 | 480,000 | 491,165 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 6,747 | 6,518 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 53,375 | 31,457 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 45,774 | 46,972 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 45,031 | 46,531 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 121,739 | 127,135 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 41,476 | 37,176 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 75,390 | 65,518 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 31,997 | 26,859 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 43,504 | 34,978 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 150,243 | 115,834 | ||
Frederick County, MD, General Obligation, Public Facilities, ”A“, 5%, 8/01/2024 | 1,500,000 | 1,514,935 | ||
Howard County, MD, Metropolitan District Project, ”B“, 3%, 8/15/2051 | 1,155,000 | 785,291 | ||
Howard County, MD, Metropolitan District Project, ”C“, 4%, 2/15/2048 | 1,500,000 | 1,349,092 | ||
Maryland Community Development Administration, Local Government Infrastructure, ”A-2“, 4%, 6/01/2036 | 1,210,000 | 1,159,907 | ||
Maryland State & Local Facilities Loan, General Obligation, 4%, 6/01/2029 | 1,500,000 | 1,497,622 | ||
Maryland State & Local Facilities Loan, General Obligation Refunding, ”A“, 5%, 8/01/2025 | 2,055,000 | 2,100,038 | ||
Maryland State & Local Facilities Loan, General Obligation, ”A“, 5%, 6/01/2036 | 1,000,000 | 1,089,891 | ||
Maryland State & Local Facilities Loan, General Obligation, ”C“, 5%, 8/01/2024 | 2,000,000 | 2,020,566 | ||
Montgomery County, MD, General Obligation, Consolidated Public Improvement, ”A“, 5%, 8/01/2035 | 1,000,000 | 1,099,962 | ||
Oxford, AL, General Obligation Warrants, ”A“, 5%, 7/01/2052 | 385,000 | 389,406 | ||
State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 430,000 | 427,161 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 160,000 | 166,925 | ||
State of Illinois, General Obligation, ”B“, 5.5%, 5/01/2047 | 100,000 | 103,741 | ||
State of Illinois, General Obligation, ”C“, 4%, 10/01/2040 | 300,000 | 262,512 | ||
State of Illinois, General Obligation, ”C“, 4%, 10/01/2041 | 190,000 | 164,522 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 130,000 | 117,346 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 50,000 | 44,547 | ||
$20,659,114 | ||||
General Obligations - Schools – 0.5% | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047 | $ | 325,000 | $252,466 | |
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | 405,000 | 369,826 | ||
$622,292 | ||||
Healthcare Revenue - Hospitals – 16.2% | ||||
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 6/30/2045 (Prerefunded 7/01/2029) | $ | 5,000 | $5,110 | |
Doylestown, PA, Hospital Authority Rev., ”A“, 4%, 6/30/2045 | 10,000 | 7,128 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052 | 540,000 | 459,269 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 | 750,000 | 736,836 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), ”A“, 5%, 7/01/2034 | 750,000 | 755,098 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045 | 1,000,000 | 845,154 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2039 | 1,145,000 | 1,029,221 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), ”A“, 4%, 7/01/2041 | 1,000,000 | 878,066 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025) | 750,000 | 766,008 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033 | 400,000 | 408,208 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042 | $ | 1,000,000 | $861,331 | |
Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), ”A“, AGM, 5.25%, 8/15/2038 | 1,155,000 | 1,217,292 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033 | 1,030,000 | 1,040,633 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 8/15/2041 | 505,000 | 490,305 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), ”A“, 5%, 5/15/2042 | 750,000 | 745,718 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), ”A“, 5%, 7/01/2032 | 600,000 | 604,536 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027 | 500,000 | 503,189 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2033 | 1,205,000 | 1,236,775 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), ”A“, 5%, 7/01/2035 | 500,000 | 512,806 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), ”MD“, 5%, 12/01/2046 | 1,000,000 | 1,004,491 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”B“, 5%, 7/01/2034 | 1,000,000 | 1,027,916 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), ”D“, 4%, 7/01/2048 | 1,250,000 | 1,056,669 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034 (Prerefunded 7/01/2024) | 1,000,000 | 1,007,804 | ||
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045 | 1,240,000 | 1,242,302 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052 | 590,000 | 508,448 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., ”A“, 4%, 4/15/2043 | 635,000 | 538,179 | ||
$19,488,492 | ||||
Healthcare Revenue - Long Term Care – 2.9% | ||||
Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045 | $ | 1,000,000 | $812,632 | |
Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038 | 450,000 | 396,836 | ||
Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | 500,000 | 431,104 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), ”A“, 5%, 1/01/2045 | 500,000 | 489,302 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), ”B“, 5%, 11/01/2042 | 350,000 | 292,379 | ||
Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), ”B“, 5%, 1/01/2032 | 575,000 | 612,656 | ||
Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040 | 400,000 | 402,906 | ||
$3,437,815 | ||||
Healthcare Revenue - Other – 0.3% | ||||
Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 | $ | 370,000 | $370,086 | |
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $100,652 | |
Miscellaneous Revenue - Other – 2.4% | ||||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 20,000 | $19,696 | |
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034 | 85,000 | 80,790 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 70,000 | 60,135 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2028 | 90,000 | 90,529 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2029 | 210,000 | 211,531 | ||
Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039 | 1,100,000 | 928,727 | ||
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026 | 40,000 | 40,152 | ||
Montgomery County, MD, Transportation Fund Lease Authority Rev., ”A“, 5%, 11/01/2036 | 415,000 | 418,803 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 240,000 | 221,723 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 390,000 | 384,987 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 490,000 | 471,977 | ||
$2,929,050 | ||||
Multi-Family Housing Revenue – 8.5% | ||||
Howard County, MD, Housing Commission Rev. (Beech's Farm Apartments), VRDN, 3.19%, 11/30/2062 | $ | 3,000,000 | $3,000,000 | |
Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), ”A“, 5%, 6/01/2044 | 500,000 | 497,180 | ||
Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037 | 750,000 | 763,108 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”A“, FHA, 4%, 7/01/2048 | 500,000 | 405,157 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 3.65%, 7/01/2049 | 505,000 | 416,122 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Multi-Family Housing Revenue – continued | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”D“, 3.35%, 7/01/2049 | $ | 1,765,000 | $1,321,917 | |
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A“, 4.85%, 7/01/2053 | 500,000 | 455,352 | ||
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”A-1“, FHA, 3.05%, 7/01/2044 | 1,000,000 | 715,277 | ||
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., ”C“, 5.125%, 7/01/2037 | 1,000,000 | 1,017,585 | ||
Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., “C”, 3.1%, 7/01/2036 | 1,065,000 | 881,036 | ||
New Hampshire National Finance Authority Municipal Certificates, ”1-A“, 4.375%, 9/20/2036 | 283,356 | 262,383 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 765,000 | 483,496 | ||
$10,218,613 | ||||
Parking – 1.2% | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034 | $ | 1,385,000 | $1,394,082 | |
Port Revenue – 1.2% | ||||
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2044 | $ | 500,000 | $478,620 | |
Maryland Economic Development Corp. Rev. (Terminal Project), ”A“, 5%, 6/01/2049 | 250,000 | 233,610 | ||
Maryland Economic Development Corp. Rev. (Transportation Facilities Project), ”A“, 5%, 6/01/2031 | 650,000 | 661,616 | ||
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | 190,000 | 125,525 | ||
$1,499,371 | ||||
Sales & Excise Tax Revenue – 2.3% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | $ | 5,000 | $4,985 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 10,000 | 9,935 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 75,000 | 60,697 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 21,000 | 19,322 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053 | 81,000 | 71,609 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 1,276,000 | 1,154,248 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 160,000 | 143,306 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 75,000 | 67,175 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 267,000 | 233,049 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 1,000 | 968 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2027 | 36,000 | 30,653 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 6,000 | 4,665 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 338,000 | 239,449 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 332,000 | 212,729 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 1,467,000 | 378,175 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n) | 120,000 | 91,650 | ||
$2,722,615 | ||||
Secondary Schools – 0.2% | ||||
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2039 (n) | $ | 250,000 | $224,118 | |
Single Family Housing - Local – 0.9% | ||||
Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), ”A“, FHA, 5.75%, 7/01/2054 | $ | 1,000,000 | $1,045,438 | |
Single Family Housing - State – 6.1% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., ”B“, 2.1%, 9/01/2041 | $ | 1,500,000 | $934,669 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 4.45%, 9/01/2043 | 500,000 | 467,461 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”A“, GNMA, 5.5%, 9/01/2053 | 1,000,000 | 1,032,496 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 2.1%, 3/01/2033 | 250,000 | 199,494 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”C“, 3%, 9/01/2051 | 940,000 | 882,290 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Single Family Housing - State – continued | ||||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 5.05%, 3/01/2047 | $ | 1,000,000 | $993,385 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., ”D“, 6%, 3/01/2053 | 985,000 | 1,030,551 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2039 | 1,000,000 | 788,567 | ||
West Virginia Housing Development Fund Finance Bonds, ”C“, 4.85%, 11/01/2052 | 1,000,000 | 971,463 | ||
$7,300,376 | ||||
State & Local Agencies – 9.1% | ||||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026) | $ | 500,000 | $516,584 | |
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, ”A“, 5%, 5/01/2038 | 500,000 | 513,499 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, ”C“, 0%, 5/01/2054 | 2,000,000 | 377,643 | ||
Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046 | 1,405,000 | 1,226,300 | ||
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2036 | 1,000,000 | 955,083 | ||
Maryland Stadium Authority, Built to Learn Rev., ”A“, 4%, 6/01/2041 | 1,500,000 | 1,355,798 | ||
Maryland Stadium Authority, Hagerstown Multi-Use Sports & Events Facility Lease Rev., ”A“, 5%, 6/01/2052 | 1,000,000 | 1,024,164 | ||
Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038 | 1,000,000 | 812,463 | ||
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037 | 1,000,000 | 1,034,490 | ||
Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048 | 1,500,000 | 1,512,986 | ||
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), ”A“, 5%, 7/15/2040 | 1,500,000 | 1,581,521 | ||
$10,910,531 | ||||
Student Loan Revenue – 0.5% | ||||
Iowa Student Loan Liquidity Corp. Rev., ”B“, 3.5%, 12/01/2044 | $ | 115,000 | $83,624 | |
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041 | 490,000 | 463,509 | ||
$547,133 | ||||
Tax - Other – 1.7% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 85,000 | $83,903 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 225,000 | 235,552 | ||
New York, NY, Transitional Finance Authority Rev., ”C-1“, 4%, 5/01/2045 | 850,000 | 760,641 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), ”A“, BAM, 4.125%, 2/01/2048 | 500,000 | 441,798 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | 600,000 | 403,817 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 88,977 | ||
$2,014,688 | ||||
Tax Assessment – 3.6% | ||||
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), ”A“, 5%, 9/01/2038 | $ | 500,000 | $477,469 | |
Baltimore, MD, Special Obligation Rev. (Harbor Point Project), ”B“, 3.875%, 6/01/2046 (n) | 300,000 | 227,101 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 500,000 | 488,481 | ||
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), ”B“, 4.625%, 7/01/2043 (n) | 250,000 | 226,631 | ||
Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039 | 500,000 | 410,176 | ||
Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), ”B“, 4%, 7/01/2040 | 180,000 | 155,671 | ||
Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), ”A“, 5%, 7/01/2026 | 820,000 | 836,125 | ||
Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), ”A“, 5%, 7/01/2043 (n) | 250,000 | 230,790 | ||
Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044 | 230,000 | 225,309 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), ”A“, 4.5%, 2/15/2047 (n) | 300,000 | 254,839 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | 500,000 | 379,229 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 400,000 | 367,954 | ||
$4,279,775 | ||||
Tobacco – 0.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048 | $ | 410,000 | $346,318 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 500,000 | 430,705 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – continued | ||||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050 | $ | 365,000 | $331,075 | |
$1,108,098 | ||||
Toll Roads – 1.1% | ||||
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), ”A“, AGM, 4%, 10/01/2052 | $ | 500,000 | $430,466 | |
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 | 915,000 | 948,139 | ||
$1,378,605 | ||||
Transportation - Special Tax – 6.2% | ||||
Maryland Department of Transportation, Consolidated Transportation, 5%, 10/01/2026 | $ | 1,335,000 | $1,387,079 | |
Maryland Department of Transportation, Consolidated Transportation, 4%, 12/15/2029 | 1,500,000 | 1,492,230 | ||
Maryland Department of Transportation, Consolidated Transportation Refunding, ”A“, 5%, 12/01/2025 | 1,080,000 | 1,109,882 | ||
Maryland Department of Transportation, Consolidated Transportation, ”A“, 3%, 10/01/2033 | 500,000 | 447,962 | ||
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), ”E“, 4%, 11/15/2045 | 1,000,000 | 846,235 | ||
New Jersey Transportation Trust Fund Authority, ”CC“, 5.5%, 6/15/2050 | 75,000 | 79,021 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 440,000 | 449,221 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 440,000 | 447,453 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., ”B“, 5%, 7/01/2042 | 1,140,000 | 1,154,713 | ||
$7,413,796 | ||||
Universities - Colleges – 4.2% | ||||
Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), ”A“, 5%, 7/01/2044 | $ | 500,000 | $491,487 | |
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032 | 500,000 | 505,650 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), “A”, 5%, 10/01/2049 | 1,000,000 | 1,001,109 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033 | 450,000 | 454,514 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2046 | 750,000 | 625,119 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), “A”, 4%, 6/01/2051 | 250,000 | 201,465 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 420,000 | 317,938 | ||
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 | 75,000 | 75,052 | ||
University System of Maryland, Auxiliary Facility & Tuition Rev., ”A“, 5%, 4/01/2028 | 1,205,000 | 1,277,394 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), ”B“, 5.25%, 7/01/2035 (n) | 110,000 | 107,448 | ||
$5,057,176 | ||||
Universities - Dormitories – 2.0% | ||||
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | $ | 750,000 | $764,195 | |
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050 | 1,000,000 | 969,798 | ||
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027 | 410,000 | 409,977 | ||
Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030 | 300,000 | 297,969 | ||
$2,441,939 | ||||
Utilities - Electric Power – 0.3% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 555,000 | $409,487 | |
Utilities - Municipal Owned – 0.3% | ||||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | $ | 10,000 | $2,500 | |
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 160,000 | 40,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,862 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 250,000 | 62,500 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | $ | 125,000 | $31,250 | |
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 50,000 | 12,500 | ||
$308,612 | ||||
Utilities - Other – 3.0% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev., ”A“, 4%, 6/01/2051 (Put Date 12/01/2031) | $ | 375,000 | $353,579 | |
Black Belt Energy Gas District, AL, Gas Project Rev., ”C-1“, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 745,000 | 755,994 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 720,000 | 718,302 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), ”A“, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 665,000 | 669,316 | ||
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 410,000 | 416,419 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A-1“, 5%, 5/01/2053 (Put Date 5/01/2028) | 650,000 | 648,489 | ||
$3,562,099 | ||||
Water & Sewer Utility Revenue – 3.4% | ||||
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), ”A“, 4%, 7/01/2038 | $ | 550,000 | $514,671 | |
Baltimore, MD, Project Rev. (Stormwater Projects), ”A“, 5%, 7/01/2049 | 1,000,000 | 1,018,999 | ||
Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), ”B“, 5%, 7/01/2042 (Prerefunded 1/01/2024) | 1,320,000 | 1,322,866 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 20,000 | 20,001 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 105,000 | 98,960 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2029 | 205,000 | 205,353 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 7/01/2035 | 205,000 | 205,124 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | 130,000 | 120,477 | ||
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 | 25,143 | ||
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 | 30,066 | ||
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 | 15,071 | ||
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 | 35,095 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 50,000 | 50,154 | ||
Texas Water Development Board State Water Implementation Rev., ”A“, 5%, 10/15/2058 (w) | 380,000 | 390,653 | ||
$4,052,633 | ||||
Total Municipal Bonds (Identified Cost, $126,733,376) | $117,156,222 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 165,000 | $148,573 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 124,327 | ||
Total Bonds (Identified Cost, $298,629) | $272,900 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $116,515) | $ | 196,379 | $101,872 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 0.8% | ||||
Money Market Funds – 0.8% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $958,107) | 958,044 | $958,236 | ||
Other Assets, Less Liabilities – 1.2% | 1,466,348 | |||
Net Assets – 100.0% | $119,955,578 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 98.4% | ||||
Airport Revenue – 6.0% | ||||
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2047 | $ | 265,000 | $230,973 | |
Denver, CO, City & County Airport System Rev., ”A“, 4.125%, 11/15/2053 | 250,000 | 212,122 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2038 | 2,000,000 | 2,027,500 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2040 | 2,755,000 | 2,777,718 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042 | 3,000,000 | 3,000,425 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2042 | 3,455,000 | 3,468,456 | ||
Massachusetts Port Authority Rev., ”A“, 5%, 7/01/2047 | 1,500,000 | 1,485,148 | ||
Massachusetts Port Authority Rev., ”B“, 5%, 7/01/2043 | 3,625,000 | 3,615,601 | ||
Massachusetts Port Authority Rev., ”C“, 5%, 7/01/2044 | 3,000,000 | 2,998,335 | ||
Massachusetts Port Authority Rev., ”E“, 5%, 7/01/2051 | 3,055,000 | 3,020,709 | ||
$22,836,987 | ||||
General Obligations - General Purpose – 20.4% | ||||
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2040 | $ | 1,830,000 | $1,766,258 | |
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2041 | 1,905,000 | 1,798,551 | ||
Ashland, MA, General Obligation Purpose Loan, Unlimited Tax, 4%, 8/01/2042 | 1,980,000 | 1,848,956 | ||
Attleboro, MA, General Obligation School Construction Bond Anticipation Notes, 5%, 11/01/2023 | 8,800,000 | 8,807,135 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 705,000 | 608,609 | ||
Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052 | 4,000,000 | 3,464,937 | ||
Chicago, IL, General Obligation, ”A“, 5%, 1/01/2025 | 535,000 | 539,161 | ||
Commonwealth of Massachusetts, ”A“, 5%, 5/01/2048 | 4,000,000 | 4,153,202 | ||
Commonwealth of Massachusetts, ”B“, 5.25%, 8/01/2028 | 2,225,000 | 2,408,457 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”C“, 5%, 5/01/2029 | 1,410,000 | 1,411,040 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”E“, 5%, 11/01/2049 | 3,000,000 | 3,102,026 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”F“, 5%, 11/01/2042 | 3,000,000 | 3,068,271 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, ”I“, 5%, 12/01/2034 | 1,000,000 | 1,038,363 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 23,374 | 22,579 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 184,909 | 108,979 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 158,576 | 162,725 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 156,003 | 161,199 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 343,525 | 358,750 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 143,685 | 128,790 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 282,284 | 245,319 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 110,848 | 93,050 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 150,711 | 121,174 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 516,737 | 398,394 | ||
Fall River, MA, General Obligation Anticipation Notes, 4%, 2/02/2024 | 4,496,686 | 4,496,744 | ||
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2040 | 1,060,000 | 1,117,288 | ||
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041 | 1,095,000 | 1,146,722 | ||
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042 | 1,130,000 | 1,178,715 | ||
Hingham, MA, General Obligation Anticipation Notes, 4%, 2/16/2024 | 3,000,000 | 3,003,499 | ||
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2034 | 1,125,000 | 1,149,953 | ||
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044 | 1,665,000 | 1,510,531 | ||
Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049 | 3,000,000 | 2,045,423 | ||
Massachusetts Turnpike Authority, Metropolitan Highway System Rev., Capital Appreciation, ”A“, NPFG, 0%, 1/01/2029 | 1,560,000 | 1,245,040 | ||
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2039 | 1,090,000 | 1,067,473 | ||
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2040 | 1,125,000 | 1,085,759 | ||
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2041 | 1,000,000 | 944,066 | ||
Nantucket, MA, General Obligation Purpose Loan, ”A“, 4%, 8/15/2042 | 695,000 | 648,961 | ||
New Bedford, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 9/01/2047 | 5,000,000 | 4,492,648 | ||
Norton, MA, General Obligation Municipal Purpose Loan, 5%, 10/15/2023 | 1,215,000 | 1,215,435 | ||
Norton, MA, General Obligation Municipal Purpose Loan, 5%, 10/15/2024 | 740,000 | 749,395 | ||
Norton, MA, General Obligation Municipal Purpose Loan, 5%, 10/15/2025 | 350,000 | 360,018 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2041 | 685,000 | 635,827 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2042 | 790,000 | 724,992 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2043 | 730,000 | 664,656 | ||
Provincetown, MA, General Obligation Municipal Purpose Loan, Taxable, 3%, 6/15/2028 | 755,000 | 727,951 | ||
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2038 | 675,000 | 723,199 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - General Purpose – continued | ||||
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2039 | $ | 740,000 | $786,853 | |
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2040 | 785,000 | 831,553 | ||
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2041 | 620,000 | 652,122 | ||
Quincy, MA, General Obligation, ”B“, 5%, 7/01/2042 | 600,000 | 628,364 | ||
State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 1,410,000 | 1,400,692 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 280,000 | 292,119 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 255,000 | 265,843 | ||
State of Illinois, General Obligation, ”C“, 4%, 10/01/2040 | 950,000 | 831,287 | ||
State of Illinois, General Obligation, ”C“, 4%, 10/01/2041 | 595,000 | 515,214 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 395,000 | 356,553 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 160,000 | 142,550 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 5,000,000 | 3,404,183 | ||
$76,857,553 | ||||
General Obligations - Schools – 2.6% | ||||
Bristol-Plymouth Regional Vocational Technical School District, MA, 5%, 2/28/2024 | $ | 6,000,000 | $6,019,149 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., ”A“, 4%, 12/01/2047 | 1,270,000 | 986,557 | ||
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | 1,285,000 | 1,173,400 | ||
San Marcos, CA, Unified School District (Election of 2010), Capital Appreciation, ”C“, 0%, 8/01/2038 (Prerefunded 2/15/2024) | 3,375,000 | 1,559,205 | ||
$9,738,311 | ||||
Healthcare Revenue - Hospitals – 12.9% | ||||
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), ”A“, 5%, 8/15/2051 | $ | 2,405,000 | $2,456,031 | |
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), ”A“, 4.125%, 7/01/2052 | 1,960,000 | 1,666,975 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), ”A“, 4%, 6/01/2049 (Prerefunded 6/01/2029) | 1,500,000 | 1,536,551 | ||
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), ”N“, 5%, 7/01/2044 | 2,000,000 | 1,904,637 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”J-2“, 5%, 7/01/2048 | 3,615,000 | 3,560,407 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2036 | 635,000 | 651,124 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2037 | 850,000 | 866,926 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), ”K“, 5%, 7/01/2038 | 700,000 | 710,101 | ||
Massachusetts Development Finance Agency Rev. (Boston Medical Center), ”G“, 5.25%, 7/01/2048 | 2,000,000 | 1,969,112 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”I“, 5%, 7/01/2037 | 1,000,000 | 1,008,908 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2036 | 1,000,000 | 1,024,849 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), ”J-2“, 5%, 7/01/2037 | 1,000,000 | 1,018,078 | ||
Massachusetts Development Finance Agency Rev. (Children's Hospital), ”P“, 5%, 10/01/2032 (Prerefunded 10/01/2024) | 1,000,000 | 1,009,383 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”N“, 5%, 12/01/2041 | 1,690,000 | 1,698,394 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), ”O“, 5%, 12/01/2034 | 400,000 | 419,118 | ||
Massachusetts Development Finance Agency Rev. (Lahey Health System), ”F“, 5%, 8/15/2030 | 2,000,000 | 2,035,788 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”F“, 5.75%, 7/15/2043 | 1,000,000 | 913,919 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), ”G“, 5%, 7/15/2046 (n) | 1,000,000 | 808,805 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2041 | 1,810,000 | 1,820,446 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”Q“, 5%, 7/01/2047 | 1,500,000 | 1,484,251 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), ”S“, 4%, 7/01/2041 | 1,500,000 | 1,374,019 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), ”I“, 5%, 7/01/2041 | 2,300,000 | 2,207,667 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”I“, 5%, 7/01/2041 | 1,850,000 | 1,800,520 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”K“, 5%, 7/01/2038 | 2,000,000 | 1,968,617 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), ”L“, 5%, 7/01/2044 | 1,000,000 | 955,928 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 4%, 7/01/2044 | 2,080,000 | 1,643,453 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”A“, 5%, 7/01/2044 | 2,000,000 | 1,748,441 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), ”C“, AGM, 4%, 10/01/2045 | 4,150,000 | 3,586,827 | ||
Massachusetts Development Financing Agency Rev. (Beth Israel Lahey Health, Inc.), ”J-2“, 5%, 7/01/2043 | 2,855,000 | 2,861,799 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), ”A“, 4.25%, 5/01/2052 | 2,120,000 | 1,826,965 | ||
$48,538,039 | ||||
Healthcare Revenue - Long Term Care – 1.4% | ||||
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031 | $ | 1,000,000 | $999,945 | |
Massachusetts Development Finance Agency Rev. (Adventcare), ”A“, 6.75%, 10/15/2037 (a)(d) | 415,361 | 4,154 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Long Term Care – continued | ||||
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042 | $ | 485,000 | $382,234 | |
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042 | 525,000 | 490,365 | ||
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n) | 500,000 | 477,211 | ||
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051 | 900,000 | 699,901 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1,250,000 | 1,146,058 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), ”A“, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 1,000,000 | 1,002,484 | ||
$5,202,352 | ||||
Industrial Revenue - Environmental Services – 0.5% | ||||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), ”A“, 0.7%, 12/01/2044 (Put Date 12/01/2023) | $ | 2,000,000 | $1,985,073 | |
Industrial Revenue - Other – 0.1% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), ”A“, 3.625%, 1/01/2035 (n) | $ | 500,000 | $386,536 | |
Miscellaneous Revenue - Other – 4.4% | ||||
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), ”A“, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | $ | 2,235,000 | $2,221,347 | |
Commonwealth of Massachusetts, Federal Highway Grant Anticipation Notes (Accelerated Bridge Program), ”A“, 5%, 6/15/2024 | 6,000,000 | 6,049,171 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037 | 1,000,000 | 1,025,214 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038 | 1,000,000 | 1,020,156 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043 | 1,000,000 | 1,011,051 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), ”A“, 5%, 7/01/2039 | 3,000,000 | 3,002,863 | ||
Matching Fund Special Purpose Securitization Corp., ”A“, 5%, 10/01/2026 | 140,000 | 140,534 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), ”1“, 5%, 11/15/2044 (n) | 950,000 | 877,652 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 1,495,000 | 1,440,012 | ||
$16,788,000 | ||||
Multi-Family Housing Revenue – 4.5% | ||||
Massachusetts Development Finance Agency Rev. (Morville House Apartments), ”A“, LOC, 4.95%, 12/15/2023 | $ | 1,790,000 | $1,790,813 | |
Massachusetts Housing Finance Agency, ”A“, 3.7%, 12/01/2038 | 1,000,000 | 860,458 | ||
Massachusetts Housing Finance Agency, ”A“, 3.8%, 12/01/2043 | 2,025,000 | 1,658,831 | ||
Massachusetts Housing Finance Agency, ”C“, 5.35%, 12/01/2049 | 1,035,000 | 1,036,078 | ||
Massachusetts Housing Finance Agency, ”C-1“, HUD Section 8, 5.125%, 12/01/2057 | 3,000,000 | 2,918,927 | ||
Massachusetts Housing Finance Agency, “A-3”, 3.05%, 12/01/2027 | 3,000,000 | 2,875,726 | ||
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039 | 1,000,000 | 752,488 | ||
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044 | 2,000,000 | 1,413,709 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.75%, 12/01/2030 | 1,425,000 | 1,425,317 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, ”A“, FHA, 4.875%, 12/01/2032 | 1,190,000 | 1,190,246 | ||
New Hampshire National Finance Authority Municipal Certificates, ”1-A“, 4.375%, 9/20/2036 | 1,106,515 | 1,024,616 | ||
$16,947,209 | ||||
Sales & Excise Tax Revenue – 5.2% | ||||
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2030 | $ | 20,000 | $19,941 | |
Guam Government Business Privilege Tax Refunding, ”F“, 5%, 1/01/2031 | 25,000 | 24,837 | ||
Guam Government Business Privilege Tax Refunding, ”F“, 4%, 1/01/2042 | 255,000 | 206,368 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A“, 5%, 7/01/2024 | 2,590,000 | 2,611,971 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2029 | 1,850,000 | 2,029,001 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., ”A-1“, 5.25%, 7/01/2031 | 2,000,000 | 2,237,153 | ||
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., ”A“, 5%, 2/15/2044 | 4,000,000 | 4,093,489 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.55%, 7/01/2040 | 73,000 | 67,166 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 4.75%, 7/01/2053 | 239,000 | 211,291 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-1“, 5%, 7/01/2058 | 2,803,000 | 2,535,547 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040��� | 597,000 | 534,711 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.329%, 7/01/2040 | 256,000 | 229,290 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.536%, 7/01/2053 | 5,000 | 4,265 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., ”2019A-2“, 4.784%, 7/01/2058 | 2,179,000 | 1,901,927 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2024 | 4,000 | 3,872 |
Issuer | Shares/Par | Value ($) | ||
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 | $ | 117,000 | $99,624 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2029 | 22,000 | 17,106 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2031 | 1,059,000 | 750,225 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2033 | 1,011,000 | 647,798 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, ”2019A-1“, 0%, 7/01/2046 | 2,912,000 | 750,679 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), ”A“, 6.25%, 8/01/2027 (a)(d)(n) | 585,000 | 446,794 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 360,000 | 274,950 | ||
$19,698,005 | ||||
Secondary Schools – 1.8% | ||||
Collegiate Charter School of Lowell, MA, Rev., 5%, 6/15/2054 | $ | 1,000,000 | $865,384 | |
District of Columbia Rev. (Rocketship D.C.), ”A“, 5%, 6/01/2056 (n) | 290,000 | 233,642 | ||
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039 | 1,000,000 | 934,422 | ||
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030 | 500,000 | 508,048 | ||
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031 | 1,015,000 | 1,031,297 | ||
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), ”B“, 5%, 7/01/2037 | 1,000,000 | 937,214 | ||
Massachusetts Development Finance Agency Rev. (Roxbury Latin School), ”A“, 3.5%, 7/01/2044 | 265,000 | 214,231 | ||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033 | 2,000,000 | 1,952,248 | ||
$6,676,486 | ||||
Single Family Housing - State – 2.7% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), ”C-1“, 4%, 11/15/2047 | $ | 600,000 | $590,991 | |
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.3%, 6/01/2034 | 365,000 | 329,708 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”206“, 3.45%, 12/01/2036 | 485,000 | 426,079 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”215“, GNMA, 4%, 12/01/2050 | 2,390,000 | 2,323,737 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”220“, GNMA, 1.35%, 12/01/2029 | 400,000 | 330,848 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”222“, GNMA, 3%, 6/01/2051 | 935,000 | 874,556 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., ”225“, 5.5%, 12/01/2052 | 4,000,000 | 4,107,589 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044 | 1,865,000 | 1,364,492 | ||
$10,348,000 | ||||
Student Loan Revenue – 5.2% | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2029 | $ | 1,400,000 | $1,424,952 | |
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 5%, 7/01/2030 | 1,300,000 | 1,327,030 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”B“, 2%, 7/01/2037 | 3,000,000 | 2,403,422 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 4.125%, 7/01/2046 | 2,250,000 | 1,774,980 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”C“, 3.75%, 7/01/2047 | 4,000,000 | 2,936,592 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., ”J“, 3.5%, 7/01/2033 | 635,000 | 615,392 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, ”B“, 4.25%, 7/01/2044 | 3,000,000 | 2,779,883 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, ”B“, 5%, 7/01/2031 | 1,000,000 | 1,023,213 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 3%, 7/01/2051 | 2,000,000 | 1,213,597 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., ”C“, 4.125%, 7/01/2052 | 3,000,000 | 2,264,584 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 180,000 | 156,840 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 4%, 12/01/2041 | 1,710,000 | 1,617,554 | ||
$19,538,039 | ||||
Tax - Other – 0.4% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 255,000 | $251,710 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 710,000 | 743,296 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2036 | 120,000 | 117,139 | ||
Guam Government Limited Obligation Rev., ”A“, 5%, 12/01/2046 | 370,000 | 324,459 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 225,000 | 200,197 | ||
$1,636,801 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 25,000 | $23,859 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax Assessment – continued | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | $ | 32,000 | $31,263 | |
$55,122 | ||||
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, ”1“, 4%, 6/01/2048 | $ | 1,290,000 | $1,089,635 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, ”2“, 5%, 6/01/2055 | 800,000 | 689,128 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, ”B-1“, 3.85%, 6/01/2050 | 1,340,000 | 1,215,452 | ||
$2,994,215 | ||||
Toll Roads – 0.3% | ||||
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037 | $ | 1,000,000 | $1,051,467 | |
Transportation - Special Tax – 3.3% | ||||
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2036 | $ | 2,850,000 | $2,930,332 | |
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), ”A“, 5%, 6/01/2042 | 3,000,000 | 3,060,738 | ||
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), ”B“, 5%, 5/31/2049 (w) | 3,000,000 | 3,131,067 | ||
Massachusetts Transportation Fund Rev. (Rail Enhancement Program), ”B“, 5%, 6/01/2052 | 3,000,000 | 3,111,468 | ||
New Jersey Transportation Trust Fund Authority, ”A“, 5%, 12/15/2039 | 225,000 | 230,817 | ||
$12,464,422 | ||||
Universities - Colleges – 18.7% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), ”M“, 3%, 7/01/2047 | $ | 2,830,000 | $1,870,702 | |
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2038 | 605,000 | 629,345 | ||
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), ”S-1“, 5%, 10/01/2040 | 2,665,000 | 2,751,117 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 5%, 10/31/2040 | 850,000 | 880,772 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 4%, 10/31/2041 | 1,800,000 | 1,613,008 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 5%, 10/31/2042 | 950,000 | 976,792 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) ”F“, 4.125%, 10/31/2043 | 1,250,000 | 1,121,279 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035 | 970,000 | 974,929 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036 | 850,000 | 850,663 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037 | 625,000 | 618,063 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038 | 340,000 | 332,263 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039 | 3,055,000 | 2,608,217 | ||
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040 | 1,500,000 | 1,506,198 | ||
Massachusetts Development Finance Agency Rev. (Brandeis University), ”R“, 5%, 10/01/2038 | 835,000 | 860,912 | ||
Massachusetts Development Finance Agency Rev. (Brandeis University), ”S-1“, 5%, 10/01/2039 | 2,660,000 | 2,755,581 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043 | 725,000 | 694,662 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048 | 2,845,000 | 2,658,123 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), ”A“, 5.25%, 1/01/2042 | 2,000,000 | 1,994,360 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), ”A“, 5%, 10/01/2043 | 2,000,000 | 1,893,486 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 1,375,000 | 1,086,652 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045 | 250,000 | 189,941 | ||
Massachusetts Development Finance Agency Rev. (Lesley University), ”A“, 5%, 7/01/2044 | 2,250,000 | 2,074,060 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047 | 1,000,000 | 914,093 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2052 | 2,300,000 | 2,062,492 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), ”B“, 4%, 7/01/2042 | 475,000 | 389,201 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), ”B“, 4%, 7/01/2050 | 1,825,000 | 1,393,071 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044 | 2,000,000 | 2,081,718 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), ”A“, 5%, 10/01/2035 | 1,555,000 | 1,673,637 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), ”H“, SYNCORA, 5.25%, 10/01/2026 | 1,420,000 | 1,433,628 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), ”L“, 5%, 10/01/2035 | 2,000,000 | 2,000,899 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), ”M“, 5%, 10/01/2045 | 725,000 | 657,070 | ||
Massachusetts Development Finance Agency Rev. (Springfield College), ”A“, 4%, 6/01/2056 | 3,000,000 | 2,172,749 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046 | 1,000,000 | 787,037 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 1,385,000 | 1,048,438 | ||
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 | 2,000,000 | 1,812,640 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031 | 1,110,000 | 1,102,153 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038 | 2,550,000 | 2,599,248 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039 | $ | 950,000 | $985,156 | |
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047 | 1,395,000 | 1,415,753 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027 | 1,735,000 | 1,851,868 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), ”I-1“, 5.2%, 1/01/2028 | 1,000,000 | 1,075,185 | ||
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), ”A“, 2.45%, 11/01/2030 (Put Date 4/01/2026) | 3,500,000 | 3,365,327 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), ”I“, 0.7%, 7/01/2033 (Put Date 7/01/2025) | 2,400,000 | 2,217,876 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 265,000 | 256,950 | ||
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 | 75,056 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 90,000 | 90,174 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 470,000 | 462,251 | ||
University of Massachusetts Building Authority Project Senior Rev., ”1“, 5%, 11/01/2040 | 2,500,000 | 2,513,269 | ||
University of Massachusetts Building Authority Senior Refunding Rev., ”2019-1“, 5%, 5/01/2039 | 3,000,000 | 3,127,240 | ||
$70,505,304 | ||||
Utilities - Municipal Owned – 0.5% | ||||
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2039 | $ | 200,000 | $200,481 | |
Guam Power Authority Rev., ”A“, AGM, 5%, 10/01/2044 | 235,000 | 232,478 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2020 (a)(d) | 35,000 | 8,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2021 (a)(d) | 315,000 | 78,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”DDD“, 5%, 7/01/2022 (a)(d) | 510,000 | 127,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2029 | 385,000 | 380,764 | ||
Puerto Rico Electric Power Authority Refunding Rev., ”VV“, NPFG, 5.25%, 7/01/2034 | 35,000 | 34,517 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2029 (a)(d) | 800,000 | 200,000 | ||
Puerto Rico Electric Power Authority Rev., ”A“, 5%, 7/01/2042 (a)(d) | 125,000 | 31,250 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2021 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., ”AAA“, 5.25%, 7/01/2030 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., ”CCC“, 5.25%, 7/01/2027 (a)(d) | 300,000 | 75,000 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2021 (a)(d) | 150,000 | 37,500 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2023 (a)(d) | 135,000 | 33,750 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2027 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., ”TT“, 5%, 7/01/2037 (a)(d) | 415,000 | 103,750 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.375%, 7/01/2022 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., ”WW“, 5.25%, 7/01/2025 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5%, 7/01/2018 (a)(d) | 195,000 | 48,750 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2023 (a)(d) | 220,000 | 55,000 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2024 (a)(d) | 75,000 | 18,750 | ||
Puerto Rico Electric Power Authority Rev., ”ZZ“, 5.25%, 7/01/2026 (a)(d) | 230,000 | 57,500 | ||
Puerto Rico Electric Power Authority Rev., Taxable, ”EEE“, 6.05%, 7/01/2032 (a)(d) | 190,000 | 47,500 | ||
$1,825,740 | ||||
Utilities - Other – 3.5% | ||||
Alabama Southeast Energy, Cooperative District Energy Supply Rev., ”A-1“, 5.5%, 11/01/2053 (Put Date 1/01/2031) | $ | 2,720,000 | $2,795,505 | |
Black Belt Energy Gas District, AL, Gas Project Rev., ”A“, 4%, 6/01/2051 (Put Date 12/01/2031) | 1,165,000 | 1,098,451 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., ”C“, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 2,250,000 | 2,244,693 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), ”A“, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 2,065,000 | 2,078,401 | ||
Tennergy Corp., TN, Gas Supply Rev., ”A“, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,270,000 | 1,289,884 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A“, 5.25%, 9/01/2026 | 1,610,000 | 1,614,532 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., ”A-1“, 5%, 5/01/2053 (Put Date 5/01/2028) | 2,020,000 | 2,015,305 | ||
$13,136,771 | ||||
Water & Sewer Utility Revenue – 3.2% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), ”A“, 5%, 1/01/2050 | $ | 455,000 | $421,668 | |
Massachusetts Clean Water Trust, State Revolving Fund, 5%, 8/01/2038 | 1,255,000 | 1,326,785 | ||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027 | 1,280,000 | 1,365,170 | ||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033 | 2,000,000 | 2,308,053 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Massachusetts Water Pollution Abatement Trust (MWRA Program), ”A“, 5%, 8/01/2032 | $ | 75,000 | $75,055 | |
Massachusetts Water Resources Authority, General Refunding Rev. (Green Bonds), ”C“, 4%, 8/01/2040 | 2,910,000 | 2,693,749 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2042 | 430,000 | 453,770 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, 5%, 8/01/2043 | 750,000 | 789,817 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2029 | 595,000 | 653,304 | ||
Massachusetts Water Resources Authority, General Rev., ”B“, AGM, 5.25%, 8/01/2031 | 1,625,000 | 1,819,481 | ||
$11,906,852 | ||||
Total Municipal Bonds (Identified Cost, $402,941,702) | $371,117,284 | |||
Bonds – 0.2% | ||||
Consumer Services – 0.2% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 581,000 | $523,156 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,134,593 | 372,981 | ||
Total Bonds (Identified Cost, $978,658) | $896,137 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $403,641) | $ | 680,314 | $352,913 | |
Investment Companies (h) – 1.1% | ||||
Money Market Funds – 1.1% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $4,228,189) | 4,227,940 | $4,228,786 | ||
Other Assets, Less Liabilities – 0.2% | 610,214 | |||
Net Assets – 100.0% | $377,205,334 |
(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 | $1,199,740 | $62,055,397 |
Arkansas Fund | 906,007 | 136,656,329 |
California Fund | 11,769,311 | 482,863,952 |
Georgia Fund | 1,287,828 | 97,307,928 |
Maryland Fund | 958,236 | 117,530,994 |
Massachusetts Fund | 4,228,786 | 372,366,334 |
(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 | $1,360,985 | 2.1% |
Arkansas Fund | 1,680,541 | 1.2% |
California Fund | 63,210,241 | 12.8% |
Georgia Fund | 1,938,914 | 2.0% |
Maryland Fund | 2,604,383 | 2.2% |
Massachusetts Fund | 8,771,616 | 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. |
(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: |
Alabama Fund | |||
Restricted Securities | Acquisition Date | Cost | Value |
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), ”A“, 6%, 5/01/2040 | 6/10/2020 | $300,000 | $225,000 |
% of Net assets | 0.4% |
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 |
GNMA | Government National Mortgage Assn. |
LOC | Letter of Credit |
NPFG | National Public Finance Guarantee Corp. |
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, $68,653,058, $151,469,980, and $524,273,275, respectively) | $62,055,397 | $136,656,329 | $482,863,952 |
Investments in affiliated issuers, at value (identified cost, $1,199,599, $905,852, and $11,767,939, respectively) | 1,199,740 | 906,007 | 11,769,311 |
Cash | — | — | 12,100 |
Receivables for | |||
Investments sold | — | 799,283 | 2,525,940 |
Fund shares sold | 35,277 | 224,501 | 2,204,970 |
Interest | 752,143 | 1,827,118 | 5,668,110 |
Receivable from investment adviser | 7,671 | 3,844 | — |
Other assets | 7,467 | 10,154 | 17,257 |
Total assets | $64,057,695 | $140,427,236 | $505,061,640 |
Liabilities | |||
Payables for | |||
Distributions | $25,197 | $20,031 | $137,683 |
Investments purchased | — | — | 2,750,000 |
Fund shares reacquired | 150,779 | 183,514 | 1,446,883 |
When-issued investments purchased | 202,830 | 1,464,105 | 5,210,909 |
Payable to affiliates | |||
Investment adviser | — | — | 17,759 |
Administrative services fee | 159 | 248 | 666 |
Shareholder servicing costs | 14,168 | 29,350 | 100,686 |
Distribution and service fees | 879 | 966 | 3,292 |
Payable for independent Trustees' compensation | 7 | — | 3,720 |
Accrued expenses and other liabilities | 60,474 | 64,347 | 97,733 |
Total liabilities | $454,493 | $1,762,561 | $9,769,331 |
Net assets | $63,603,202 | $138,664,675 | $495,292,309 |
Net assets consist of | |||
Paid-in capital | $75,077,374 | $161,925,953 | $562,564,259 |
Total distributable earnings (loss) | (11,474,172) | (23,261,278) | (67,271,950) |
Net assets | $63,603,202 | $138,664,675 | $495,292,309 |
Alabama Fund | Arkansas Fund | California Fund | |
Net assets | |||
Class A | $42,576,900 | $115,825,249 | $296,945,904 |
Class B | 53,926 | 220,962 | 223,903 |
Class C | — | — | 10,286,007 |
Class I | 17,758,925 | 17,377,305 | 129,369,284 |
Class R6 | 3,213,451 | 5,241,159 | 58,467,211 |
Total net assets | $63,603,202 | $138,664,675 | $495,292,309 |
Shares of beneficial interest outstanding | |||
Class A | 4,822,946 | 13,610,179 | 56,809,805 |
Class B | 6,108 | 25,941 | 42,816 |
Class C | — | — | 1,961,392 |
Class I | 2,110,854 | 2,056,870 | 15,204,883 |
Class R6 | 381,932 | 620,412 | 6,876,243 |
Total shares of beneficial interest outstanding | 7,321,840 | 16,313,402 | 80,895,139 |
Class A shares | |||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $8.83 | $8.51 | $5.23 |
Offering price per share (100 / 95.75 x net asset value per share) | $9.22 | $8.89 | $5.46 |
Class B shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $8.83 | $8.52 | $5.23 |
Class C shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $— | $5.24 |
Class I shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.41 | $8.45 | $8.51 |
Class R6 shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.41 | $8.45 | $8.50 |
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 9/30/23 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Assets | |||
Investments in unaffiliated issuers, at value (identified cost, $106,305,186, $127,148,520, and $404,324,001, respectively) | $97,307,928 | $117,530,994 | $372,366,334 |
Investments in affiliated issuers, at value (identified cost, $1,287,714, $958,107, and $4,228,189, respectively) | 1,287,828 | 958,236 | 4,228,786 |
Receivables for | |||
Investments sold | 5,000 | 1,022,082 | 430,000 |
Fund shares sold | 17,740 | 61,910 | 237,699 |
Interest | 1,245,046 | 1,575,108 | 5,335,772 |
Receivable from investment adviser | 1,709 | 8,902 | — |
Other assets | 10,367 | 11,853 | 9,924 |
Total assets | $99,875,618 | $121,169,085 | $382,608,515 |
Liabilities | |||
Payables for | |||
Distributions | $17,153 | $29,846 | $99,483 |
Fund shares reacquired | 99,309 | 709,927 | 1,959,254 |
When-issued investments purchased | 981,660 | 385,377 | 3,171,690 |
Payable to affiliates | |||
Investment adviser | — | — | 3,866 |
Administrative services fee | 201 | 226 | 530 |
Shareholder servicing costs | 14,979 | 27,809 | 80,993 |
Distribution and service fees | 1,541 | 1,680 | 4,618 |
Payable for independent Trustees' compensation | — | 2,238 | 2,230 |
Accrued expenses and other liabilities | 63,411 | 56,404 | 80,517 |
Total liabilities | $1,178,254 | $1,213,507 | $5,403,181 |
Net assets | $98,697,364 | $119,955,578 | $377,205,334 |
Net assets consist of | |||
Paid-in capital | $114,439,428 | $135,162,369 | $428,078,912 |
Total distributable earnings (loss) | (15,742,064) | (15,206,791) | (50,873,578) |
Net assets | $98,697,364 | $119,955,578 | $377,205,334 |
Georgia Fund | Maryland Fund | Massachusetts Fund | |
Net assets | |||
Class A | $74,894,939 | $81,879,554 | $222,520,948 |
Class B | 48,396 | 206,026 | 147,401 |
Class I | 11,194,190 | 28,414,589 | 145,325,579 |
Class R6 | 12,559,839 | 9,455,409 | 9,211,406 |
Total net assets | $98,697,364 | $119,955,578 | $377,205,334 |
Shares of beneficial interest outstanding | |||
Class A | 7,940,175 | 8,682,017 | 23,170,031 |
Class B | 5,112 | 21,856 | 15,323 |
Class I | 1,308,871 | 3,340,008 | 17,288,459 |
Class R6 | 1,467,731 | 1,111,179 | 1,095,154 |
Total shares of beneficial interest outstanding | 10,721,889 | 13,155,060 | 41,568,967 |
Class A shares | |||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $9.43 | $9.43 | $9.60 |
Offering price per share (100 / 95.75 x net asset value per share) | $9.85 | $9.85 | $10.03 |
Class B shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $9.47 | $9.43 | $9.62 |
Class I shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.55 | $8.51 | $8.41 |
Class R6 shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.56 | $8.51 | $8.41 |
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 | $1,237,557 | $2,618,205 | $9,721,201 |
Dividends from affiliated issuers | 32,587 | 48,553 | 182,731 |
Other | 41 | 67 | 155 |
Total investment income | $1,270,185 | $2,666,825 | $9,904,087 |
Expenses | |||
Management fee | $152,824 | $329,509 | $1,123,633 |
Distribution and service fees | 56,956 | 155,141 | 437,361 |
Shareholder servicing costs | 25,425 | 54,594 | 167,985 |
Administrative services fee | 10,036 | 15,673 | 41,003 |
Independent Trustees' compensation | 1,665 | 2,277 | 5,252 |
Custodian fee | 10,499 | 14,426 | 36,177 |
Shareholder communications | 3,653 | 4,653 | 7,938 |
Audit and tax fees | 32,884 | 32,886 | 32,892 |
Legal fees | 2,566 | 1,987 | 9,090 |
Registration fees | 29,788 | 30,954 | 41,676 |
Miscellaneous | 13,242 | 13,904 | 17,286 |
Total expenses | $339,538 | $656,004 | $1,920,293 |
Fees paid indirectly | (38) | (46) | (416) |
Reduction of expenses by investment adviser and distributor | (62,803) | (155,500) | (259,869) |
Net expenses | $276,697 | $500,458 | $1,660,008 |
Net investment income (loss) | $993,488 | $2,166,367 | $8,244,079 |
Realized and unrealized gain (loss) | |||
Realized gain (loss) (identified cost basis) | |||
Unaffiliated issuers | $(388,478) | $(343,406) | $(976,246) |
Affiliated issuers | (95) | (922) | (2,557) |
Net realized gain (loss) | $(388,573) | $(344,328) | $(978,803) |
Change in unrealized appreciation or depreciation | |||
Unaffiliated issuers | $(3,809,839) | $(9,499,498) | $(26,690,503) |
Affiliated issuers | (140) | (138) | (276) |
Net unrealized gain (loss) | $(3,809,979) | $(9,499,636) | $(26,690,779) |
Net realized and unrealized gain (loss) | $(4,198,552) | $(9,843,964) | $(27,669,582) |
Change in net assets from operations | $(3,205,064) | $(7,677,597) | $(19,425,503) |
Six months ended 9/30/23 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Net investment income (loss) | |||
Interest | $1,844,064 | $2,398,548 | $7,142,213 |
Dividends from affiliated issuers | 32,085 | 42,981 | 123,804 |
Other | 57 | 62 | 142 |
Total investment income | $1,876,206 | $2,441,591 | $7,266,159 |
Expenses | |||
Management fee | $234,663 | $287,738 | $893,763 |
Distribution and service fees | 99,365 | 113,541 | 301,326 |
Shareholder servicing costs | 27,426 | 49,823 | 159,370 |
Administrative services fee | 12,647 | 14,340 | 33,670 |
Independent Trustees' compensation | 1,940 | 2,271 | 4,431 |
Custodian fee | 13,544 | 12,861 | 28,100 |
Shareholder communications | 4,340 | 4,372 | 6,737 |
Audit and tax fees | 32,886 | 32,886 | 32,891 |
Legal fees | 2,882 | 5,482 | 13,533 |
Registration fees | 29,924 | 31,892 | 31,545 |
Miscellaneous | 13,704 | 13,924 | 15,984 |
Total expenses | $473,321 | $569,130 | $1,521,350 |
Fees paid indirectly | (57) | (32) | (216) |
Reduction of expenses by investment adviser and distributor | (38,232) | (87,607) | (90,097) |
Net expenses | $435,032 | $481,491 | $1,431,037 |
Net investment income (loss) | $1,441,174 | $1,960,100 | $5,835,122 |
Realized and unrealized gain (loss) | |||
Realized gain (loss) (identified cost basis) | |||
Unaffiliated issuers | $(155,857) | $(222,527) | $(1,397,794) |
Affiliated issuers | (431) | 1,043 | (1,857) |
Net realized gain (loss) | $(156,288) | $(221,484) | $(1,399,651) |
Change in unrealized appreciation or depreciation | |||
Unaffiliated issuers | $(5,942,380) | $(7,037,533) | $(20,620,262) |
Affiliated issuers | (292) | (419) | (338) |
Net unrealized gain (loss) | $(5,942,672) | $(7,037,952) | $(20,620,600) |
Net realized and unrealized gain (loss) | $(6,098,960) | $(7,259,436) | $(22,020,251) |
Change in net assets from operations | $(4,657,786) | $(5,299,336) | $(16,185,129) |
Six months ended 9/30/23 (unaudited) | Alabama Fund | Arkansas Fund | California Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $993,488 | $2,166,367 | $8,244,079 |
Net realized gain (loss) | (388,573) | (344,328) | (978,803) |
Net unrealized gain (loss) | (3,809,979) | (9,499,636) | (26,690,779) |
Change in net assets from operations | $(3,205,064) | $(7,677,597) | $(19,425,503) |
Total distributions to shareholders | $(1,021,509) | $(2,205,916) | $(8,693,661) |
Change in net assets from fund share transactions | $(1,862,938) | $260,902 | $28,319,477 |
Total change in net assets | $(6,089,511) | $(9,622,611) | $200,313 |
Net assets | |||
At beginning of period | 69,692,713 | 148,287,286 | 495,091,996 |
At end of period | $63,603,202 | $138,664,675 | $495,292,309 |
Six months ended 9/30/23 (unaudited) | Georgia Fund | Maryland Fund | Massachusetts Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $1,441,174 | $1,960,100 | $5,835,122 |
Net realized gain (loss) | (156,288) | (221,484) | (1,399,651) |
Net unrealized gain (loss) | (5,942,672) | (7,037,952) | (20,620,600) |
Change in net assets from operations | $(4,657,786) | $(5,299,336) | $(16,185,129) |
Total distributions to shareholders | $(1,484,548) | $(2,017,479) | $(6,011,636) |
Change in net assets from fund share transactions | $(287,556) | $(1,632,999) | $(6,797,747) |
Total change in net assets | $(6,429,890) | $(8,949,814) | $(28,994,512) |
Net assets | |||
At beginning of period | 105,127,254 | 128,905,392 | 406,199,846 |
At end of period | $98,697,364 | $119,955,578 | $377,205,334 |
Year ended 3/31/23 | Alabama Fund | Arkansas Fund | California Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $1,900,283 | $4,066,652 | $15,087,890 |
Net realized gain (loss) | (3,251,665) | (2,958,247) | (17,308,102) |
Net unrealized gain (loss) | (1,588,812) | (4,537,002) | (15,378,465) |
Change in net assets from operations | $(2,940,194) | $(3,428,597) | $(17,598,677) |
Total distributions to shareholders | $(1,949,555) | $(4,258,041) | $(15,555,001) |
Change in net assets from fund share transactions | $(23,021,418) | $(14,864,563) | $(58,558,889) |
Total change in net assets | $(27,911,167) | $(22,551,201) | $(91,712,567) |
Net assets | |||
At beginning of period | 97,603,880 | 170,838,487 | 586,804,563 |
At end of period | $69,692,713 | $148,287,286 | $495,091,996 |
Year ended 3/31/23 | Georgia Fund | Maryland Fund | Massachusetts Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $2,669,959 | $3,086,315 | $10,273,856 |
Net realized gain (loss) | (4,548,239) | (3,054,181) | (9,629,585) |
Net unrealized gain (loss) | (1,275,352) | (1,132,077) | (8,711,265) |
Change in net assets from operations | $(3,153,632) | $(1,099,943) | $(8,066,994) |
Total distributions to shareholders | $(2,729,363) | $(3,232,520) | $(11,284,840) |
Change in net assets from fund share transactions | $(23,998,632) | $15,517,451 | $18,426,365 |
Total change in net assets | $(29,881,627) | $11,184,988 | $(925,469) |
Net assets | |||
At beginning of period | 135,008,881 | 117,720,404 | 407,125,315 |
At end of period | $105,127,254 | $128,905,392 | $406,199,846 |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.41 | $9.89 | $10.46 | $10.18 | $10.15 | $10.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.22 | $0.16 | $0.22 | $0.27 | $0.36 |
Net realized and unrealized gain (loss) | (0.57) | (0.47) | (0.57) | 0.28 | 0.02 | 0.09 |
Total from investment operations | $(0.44) | $(0.25) | $(0.41) | $0.50 | $0.29 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.23) | $(0.16) | $(0.22) | $(0.26) | $(0.32) |
Net asset value, end of period (x) | $8.83 | $9.41 | $9.89 | $10.46 | $10.18 | $10.15 |
Total return (%) (r)(s)(t)(x) | (4.77)(n) | (2.52) | (4.00) | 4.91 | 2.89 | 4.63 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.09(a) | 1.05 | 0.99 | 1.01 | 1.04 | 1.09 |
Expenses after expense reductions (f) | 0.90(a) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
Net investment income (loss) | 2.84(a) | 2.33 | 1.52 | 2.07 | 2.56 | 3.60 |
Portfolio turnover | 10(n) | 30 | 10 | 25 | 30 | 19 |
Net assets at end of period (000 omitted) | $42,577 | $46,256 | $62,260 | $61,257 | $53,321 | $51,280 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.41 | $9.90 | $10.47 | $10.18 | $10.15 | $10.02 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.15 | $0.08 | $0.15 | $0.19 | $0.28 |
Net realized and unrealized gain (loss) | (0.58) | (0.48) | (0.57) | 0.28 | 0.03 | 0.10 |
Total from investment operations | $(0.48) | $(0.33) | $(0.49) | $0.43 | $0.22 | $0.38 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.16) | $(0.08) | $(0.14) | $(0.19) | $(0.25) |
Net asset value, end of period (x) | $8.83 | $9.41 | $9.90 | $10.47 | $10.18 | $10.15 |
Total return (%) (r)(s)(t)(x) | (5.13)(n) | (3.35) | (4.71) | 4.24 | 2.13 | 3.85 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.84(a) | 1.80 | 1.74 | 1.77 | 1.80 | 1.84 |
Expenses after expense reductions (f) | 1.65(a) | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 |
Net investment income (loss) | 2.09(a) | 1.60 | 0.77 | 1.44 | 1.86 | 2.85 |
Portfolio turnover | 10(n) | 30 | 10 | 25 | 30 | 19 |
Net assets at end of period (000 omitted) | $54 | $59 | $61 | $64 | $176 | $250 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.97 | $9.43 | $9.97 | $9.70 | $9.67 | $9.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.23 | $0.18 | $0.23 | $0.27 | $0.37 |
Net realized and unrealized gain (loss) | (0.56) | (0.45) | (0.54) | 0.27 | 0.04 | 0.08 |
Total from investment operations | $(0.42) | $(0.22) | $(0.36) | $0.50 | $0.31 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.18) | $(0.23) | $(0.28) | $(0.33) |
Net asset value, end of period (x) | $8.41 | $8.97 | $9.43 | $9.97 | $9.70 | $9.67 |
Total return (%) (r)(s)(t)(x) | (4.74)(n) | (2.31) | (3.73) | 5.21 | 3.15 | 4.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.84(a) | 0.80 | 0.74 | 0.76 | 0.79 | 0.84 |
Expenses after expense reductions (f) | 0.65(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
Net investment income (loss) | 3.09(a) | 2.57 | 1.77 | 2.31 | 2.77 | 3.85 |
Portfolio turnover | 10(n) | 30 | 10 | 25 | 30 | 19 |
Net assets at end of period (000 omitted) | $17,759 | $20,064 | $30,262 | $29,971 | $22,796 | $11,490 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.97 | $9.43 | $9.97 | $9.70 | $9.67 | $9.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.18 | $0.23 | $0.28 | $0.37 |
Net realized and unrealized gain (loss) | (0.56) | (0.46) | (0.54) | 0.28 | 0.03 | 0.09 |
Total from investment operations | $(0.42) | $(0.22) | $(0.36) | $0.51 | $0.31 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.18) | $(0.24) | $(0.28) | $(0.34) |
Net asset value, end of period (x) | $8.41 | $8.97 | $9.43 | $9.97 | $9.70 | $9.67 |
Total return (%) (r)(s)(t)(x) | (4.70)(n) | (2.24) | (3.66) | 5.28 | 3.23 | 4.92 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.76(a) | 0.73 | 0.67 | 0.69 | 0.71 | 0.77 |
Expenses after expense reductions (f) | 0.58(a) | 0.58 | 0.58 | 0.58 | 0.57 | 0.58 |
Net investment income (loss) | 3.16(a) | 2.63 | 1.83 | 2.35 | 2.85 | 3.92 |
Portfolio turnover | 10(n) | 30 | 10 | 25 | 30 | 19 |
Net assets at end of period (000 omitted) | $3,213 | $3,314 | $5,020 | $3,867 | $2,100 | $1,242 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.12 | $9.54 | $10.07 | $9.75 | $9.80 | $9.64 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.24 | $0.22 | $0.25 | $0.27 | $0.33 |
Net realized and unrealized gain (loss) | (0.61) | (0.41) | (0.54) | 0.32 | (0.05) | 0.12 |
Total from investment operations | $(0.48) | $(0.17) | $(0.32) | $0.57 | $0.22 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.25) | $(0.21) | $(0.25) | $(0.27) | $(0.29) |
Net asset value, end of period (x) | $8.51 | $9.12 | $9.54 | $10.07 | $9.75 | $9.80 |
Total return (%) (r)(s)(t)(x) | (5.27)(n) | (1.73) | (3.22) | 5.85 | 2.27 | 4.74 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.94(a) | 0.93 | 0.91 | 0.91 | 0.92 | 0.93 |
Expenses after expense reductions (f) | 0.70(a) | 0.70 | 0.71 | 0.75 | 0.76 | 0.77 |
Net investment income (loss) | 2.94(a) | 2.63 | 2.15 | 2.47 | 2.77 | 3.40 |
Portfolio turnover | 6(n) | 26 | 17 | 22 | 20 | 14 |
Net assets at end of period (000 omitted) | $115,825 | $124,509 | $128,341 | $133,754 | $123,979 | $121,888 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.13 | $9.55 | $10.08 | $9.76 | $9.81 | $9.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.17 | $0.14 | $0.18 | $0.20 | $0.25 |
Net realized and unrealized gain (loss) | (0.61) | (0.41) | (0.53) | 0.31 | (0.05) | 0.13 |
Total from investment operations | $(0.51) | $(0.24) | $(0.39) | $0.49 | $0.15 | $0.38 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.18) | $(0.14) | $(0.17) | $(0.20) | $(0.22) |
Net asset value, end of period (x) | $8.52 | $9.13 | $9.55 | $10.08 | $9.76 | $9.81 |
Total return (%) (r)(s)(t)(x) | (5.62)(n) | (2.46) | (3.94) | 5.07 | 1.51 | 3.97 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.69(a) | 1.68 | 1.66 | 1.66 | 1.67 | 1.68 |
Expenses after expense reductions (f) | 1.45(a) | 1.45 | 1.46 | 1.50 | 1.51 | 1.52 |
Net investment income (loss) | 2.19(a) | 1.87 | 1.41 | 1.79 | 2.03 | 2.64 |
Portfolio turnover | 6(n) | 26 | 17 | 22 | 20 | 14 |
Net assets at end of period (000 omitted) | $221 | $295 | $480 | $610 | $1,587 | $2,477 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.05 | $9.47 | $9.99 | $9.68 | $9.73 | $9.57 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.22 | $0.25 | $0.28 | $0.33 |
Net realized and unrealized gain (loss) | (0.60) | (0.40) | (0.52) | 0.31 | (0.05) | 0.13 |
Total from investment operations | $(0.46) | $(0.16) | $(0.30) | $0.56 | $0.23 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.26) | $(0.22) | $(0.25) | $(0.28) | $(0.30) |
Net asset value, end of period (x) | $8.45 | $9.05 | $9.47 | $9.99 | $9.68 | $9.73 |
Total return (%) (r)(s)(t)(x) | (5.17)(n) | (1.67) | (3.07) | 5.88 | 2.36 | 4.86 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.69(a) | 0.68 | 0.66 | 0.66 | 0.67 | 0.68 |
Expenses after expense reductions (f) | 0.60(a) | 0.60 | 0.61 | 0.65 | 0.66 | 0.67 |
Net investment income (loss) | 3.04(a) | 2.68 | 2.25 | 2.56 | 2.86 | 3.49 |
Portfolio turnover | 6(n) | 26 | 17 | 22 | 20 | 14 |
Net assets at end of period (000 omitted) | $17,377 | $18,194 | $36,162 | $34,603 | $29,078 | $26,586 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.05 | $9.47 | $9.99 | $9.68 | $9.73 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.23 | $0.26 | $0.29 | $0.34 |
Net realized and unrealized gain (loss) | (0.60) | (0.41) | (0.52) | 0.31 | (0.05) | 0.11 |
Total from investment operations | $(0.46) | $(0.16) | $(0.29) | $0.57 | $0.24 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.26) | $(0.23) | $(0.26) | $(0.29) | $(0.30) |
Net asset value, end of period (x) | $8.45 | $9.05 | $9.47 | $9.99 | $9.68 | $9.73 |
Total return (%) (r)(s)(t)(x) | (5.13)(n) | (1.60) | (3.00) | 5.95 | 2.44 | 4.83 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.61(a) | 0.61 | 0.58 | 0.58 | 0.59 | 0.60 |
Expenses after expense reductions (f) | 0.53(a) | 0.53 | 0.54 | 0.57 | 0.58 | 0.59 |
Net investment income (loss) | 3.11(a) | 2.79 | 2.31 | 2.58 | 2.92 | 3.58 |
Portfolio turnover | 6(n) | 26 | 17 | 22 | 20 | 14 |
Net assets at end of period (000 omitted) | $5,241 | $5,290 | $5,856 | $3,971 | $1,538 | $954 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $5.53 | $5.87 | $6.24 | $5.97 | $6.04 | $5.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.17 | $0.14 | $0.15 | $0.18 | $0.22 |
Net realized and unrealized gain (loss) | (0.30) | (0.34) | (0.37) | 0.28 | (0.07) | 0.08 |
Total from investment operations | $(0.21) | $(0.17) | $(0.23) | $0.43 | $0.11 | $0.30 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.17) | $(0.14) | $(0.16) | $(0.18) | $(0.20) |
Net asset value, end of period (x) | $5.23 | $5.53 | $5.87 | $6.24 | $5.97 | $6.04 |
Total return (%) (r)(s)(t)(x) | (3.77)(n) | (2.83) | (3.82) | 7.24 | 1.76 | 5.21 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.85(a) | 0.86 | 0.84 | 0.84 | 0.86 | 0.87 |
Expenses after expense reductions (f) | 0.69(a) | 0.70 | 0.68 | 0.68 | 0.70 | 0.71 |
Net investment income (loss) | 3.28(a) | 3.00 | 2.22 | 2.50 | 2.94 | 3.76 |
Portfolio turnover | 9(n) | 36 | 25 | 31 | 22 | 15 |
Net assets at end of period (000 omitted) | $296,946 | $303,141 | $362,465 | $396,643 | $374,941 | $299,882 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $5.53 | $5.87 | $6.24 | $5.97 | $6.04 | $5.94 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.12 | $0.09 | $0.11 | $0.14 | $0.18 |
Net realized and unrealized gain (loss) | (0.30) | (0.33) | (0.37) | 0.27 | (0.08) | 0.08 |
Total from investment operations | $(0.23) | $(0.21) | $(0.28) | $0.38 | $0.06 | $0.26 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.13) | $(0.09) | $(0.11) | $(0.13) | $(0.16) |
Net asset value, end of period (x) | $5.23 | $5.53 | $5.87 | $6.24 | $5.97 | $6.04 |
Total return (%) (r)(s)(t)(x) | (4.13)(n) | (3.55) | (4.54) | 6.45 | 1.00 | 4.43 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.61 | 1.59 | 1.59 | 1.61 | 1.62 |
Expenses after expense reductions (f) | 1.44(a) | 1.45 | 1.43 | 1.43 | 1.45 | 1.46 |
Net investment income (loss) | 2.53(a) | 2.23 | 1.48 | 1.78 | 2.22 | 3.01 |
Portfolio turnover | 9(n) | 36 | 25 | 31 | 22 | 15 |
Net assets at end of period (000 omitted) | $224 | $247 | $451 | $627 | $1,033 | $1,506 |
Six months ended | Year ended | |||||
Class C | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $5.55 | $5.88 | $6.26 | $5.99 | $6.06 | $5.96 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.12 | $0.08 | $0.10 | $0.13 | $0.17 |
Net realized and unrealized gain (loss) | (0.31) | (0.33) | (0.38) | 0.27 | (0.08) | 0.08 |
Total from investment operations | $(0.24) | $(0.21) | $(0.30) | $0.37 | $0.05 | $0.25 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.07) | $(0.12) | $(0.08) | $(0.10) | $(0.12) | $(0.15) |
Net asset value, end of period (x) | $5.24 | $5.55 | $5.88 | $6.26 | $5.99 | $6.06 |
Total return (%) (r)(s)(t)(x) | (4.36)(n) | (3.51) | (4.83) | 6.27 | 0.85 | 4.26 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.61 | 1.59 | 1.59 | 1.61 | 1.62 |
Expenses after expense reductions (f) | 1.59(a) | 1.60 | 1.58 | 1.58 | 1.60 | 1.61 |
Net investment income (loss) | 2.38(a) | 2.08 | 1.33 | 1.62 | 2.05 | 2.86 |
Portfolio turnover | 9(n) | 36 | 25 | 31 | 22 | 15 |
Net assets at end of period (000 omitted) | $10,286 | $11,377 | $16,767 | $21,410 | $25,552 | $22,786 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.00 | $9.55 | $10.16 | $9.71 | $9.83 | $9.67 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.28 | $0.24 | $0.26 | $0.31 | $0.37 |
Net realized and unrealized gain (loss) | (0.48) | (0.54) | (0.61) | 0.46 | (0.13) | 0.13 |
Total from investment operations | $(0.33) | $(0.26) | $(0.37) | $0.72 | $0.18 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.29) | $(0.24) | $(0.27) | $(0.30) | $(0.34) |
Net asset value, end of period (x) | $8.51 | $9.00 | $9.55 | $10.16 | $9.71 | $9.83 |
Total return (%) (r)(s)(t)(x) | (3.74)(n) | (2.70) | (3.80) | 7.46 | 1.79 | 5.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.60(a) | 0.61 | 0.59 | 0.59 | 0.61 | 0.62 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.58 | 0.58 | 0.60 | 0.61 |
Net investment income (loss) | 3.38(a) | 3.08 | 2.32 | 2.60 | 3.04 | 3.85 |
Portfolio turnover | 9(n) | 36 | 25 | 31 | 22 | 15 |
Net assets at end of period (000 omitted) | $129,369 | $124,323 | $153,882 | $157,366 | $128,914 | $79,276 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.00 | $9.54 | $10.16 | $9.71 | $9.82 | $9.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.29 | $0.24 | $0.27 | $0.31 | $0.38 |
Net realized and unrealized gain (loss) | (0.49) | (0.54) | (0.62) | 0.45 | (0.11) | 0.12 |
Total from investment operations | $(0.34) | $(0.25) | $(0.38) | $0.72 | $0.20 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.29) | $(0.24) | $(0.27) | $(0.31) | $(0.34) |
Net asset value, end of period (x) | $8.50 | $9.00 | $9.54 | $10.16 | $9.71 | $9.82 |
Total return (%) (r)(s)(t)(x) | (3.82)(n) | (2.52) | (3.83) | 7.54 | 1.97 | 5.36 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.52 | 0.52 | 0.53 | 0.54 |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.50 | 0.51 | 0.52 | 0.53 |
Net investment income (loss) | 3.45(a) | 3.18 | 2.39 | 2.66 | 3.10 | 3.92 |
Portfolio turnover | 9(n) | 36 | 25 | 31 | 22 | 15 |
Net assets at end of period (000 omitted) | $58,467 | $56,005 | $53,240 | $40,556 | $28,396 | $12,773 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.02 | $10.45 | $11.06 | $10.70 | $10.73 | $10.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.17 | $0.21 | $0.26 | $0.36 |
Net realized and unrealized gain (loss) | (0.58) | (0.43) | (0.61) | 0.36 | (0.02) | 0.11 |
Total from investment operations | $(0.45) | $(0.20) | $(0.44) | $0.57 | $0.24 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.23) | $(0.17) | $(0.21) | $(0.27) | $(0.32) |
Net asset value, end of period (x) | $9.43 | $10.02 | $10.45 | $11.06 | $10.70 | $10.73 |
Total return (%) (r)(s)(t)(x) | (4.56)(n) | (1.82) | (4.08) | 5.38 | 2.17 | 4.51 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.97(a) | 0.96 | 0.91 | 0.92 | 0.95 | 1.02 |
Expenses after expense reductions (f) | 0.90(a) | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
Net investment income (loss) | 2.70(a) | 2.29 | 1.53 | 1.94 | 2.39 | 3.41 |
Portfolio turnover | 5(n) | 30 | 12 | 22 | 28 | 14 |
Net assets at end of period (000 omitted) | $74,895 | $80,018 | $99,895 | $108,346 | $95,352 | $70,456 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.06 | $10.48 | $11.10 | $10.74 | $10.77 | $10.62 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.15 | $0.09 | $0.14 | $0.19 | $0.28 |
Net realized and unrealized gain (loss) | (0.59) | (0.41) | (0.63) | 0.35 | (0.03) | 0.11 |
Total from investment operations | $(0.49) | $(0.26) | $(0.54) | $0.49 | $0.16 | $0.39 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.16) | $(0.08) | $(0.13) | $(0.19) | $(0.24) |
Net asset value, end of period (x) | $9.47 | $10.06 | $10.48 | $11.10 | $10.74 | $10.77 |
Total return (%) (r)(s)(t)(x) | (4.89)(n) | (2.45) | (4.87) | 4.61 | 1.44 | 3.73 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.72(a) | 1.71 | 1.66 | 1.68 | 1.71 | 1.77 |
Expenses after expense reductions (f) | 1.65(a) | 1.65 | 1.65 | 1.63 | 1.63 | 1.65 |
Net investment income (loss) | 1.94(a) | 1.52 | 0.77 | 1.29 | 1.72 | 2.67 |
Portfolio turnover | 5(n) | 30 | 12 | 22 | 28 | 14 |
Net assets at end of period (000 omitted) | $48 | $30 | $40 | $66 | $261 | $399 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.08 | $9.47 | $10.03 | $9.70 | $9.73 | $9.60 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.18 | $0.21 | $0.26 | $0.35 |
Net realized and unrealized gain (loss) | (0.52) | (0.39) | (0.56) | 0.34 | (0.02) | 0.09 |
Total from investment operations | $(0.39) | $(0.16) | $(0.38) | $0.55 | $0.24 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.23) | $(0.18) | $(0.22) | $(0.27) | $(0.31) |
Net asset value, end of period (x) | $8.55 | $9.08 | $9.47 | $10.03 | $9.70 | $9.73 |
Total return (%) (r)(s)(t)(x) | (4.39)(n) | (1.58) | (3.91) | 5.68 | 2.39 | 4.70 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.71 | 0.66 | 0.67 | 0.70 | 0.77 |
Expenses after expense reductions (f) | 0.65(a) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
Net investment income (loss) | 2.95(a) | 2.54 | 1.78 | 2.16 | 2.64 | 3.65 |
Portfolio turnover | 5(n) | 30 | 12 | 22 | 28 | 14 |
Net assets at end of period (000 omitted) | $11,194 | $12,077 | $14,154 | $15,012 | $9,345 | $7,834 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.09 | $9.48 | $10.03 | $9.70 | $9.73 | $9.60 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.18 | $0.22 | $0.27 | $0.36 |
Net realized and unrealized gain (loss) | (0.52) | (0.38) | (0.55) | 0.33 | (0.03) | 0.09 |
Total from investment operations | $(0.39) | $(0.15) | $(0.37) | $0.55 | $0.24 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.18) | $(0.22) | $(0.27) | $(0.32) |
Net asset value, end of period (x) | $8.56 | $9.09 | $9.48 | $10.03 | $9.70 | $9.73 |
Total return (%) (r)(s)(t)(x) | (4.36)(n) | (1.52) | (3.76) | 5.72 | 2.44 | 4.77 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.67(a) | 0.66 | 0.62 | 0.62 | 0.65 | 0.70 |
Expenses after expense reductions (f) | 0.60(a) | 0.60 | 0.60 | 0.60 | 0.60 | 0.59 |
Net investment income (loss) | 3.00(a) | 2.55 | 1.82 | 2.20 | 2.68 | 3.72 |
Portfolio turnover | 5(n) | 30 | 12 | 22 | 28 | 14 |
Net assets at end of period (000 omitted) | $12,560 | $13,001 | $20,920 | $17,956 | $11,022 | $7,371 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.00 | $10.47 | $11.04 | $10.62 | $10.76 | $10.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.20 | $0.26 | $0.31 | $0.40 |
Net realized and unrealized gain (loss) | (0.57) | (0.46) | (0.57) | 0.42 | (0.14) | 0.06 |
Total from investment operations | $(0.42) | $(0.21) | $(0.37) | $0.68 | $0.17 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.20) | $(0.26) | $(0.31) | $(0.35) |
Net asset value, end of period (x) | $9.43 | $10.00 | $10.47 | $11.04 | $10.62 | $10.76 |
Total return (%) (r)(s)(t)(x) | (4.23)(n) | (1.96) | (3.45) | 6.51 | 1.57 | 4.46 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.97(a) | 0.98 | 0.97 | 0.98 | 0.99 | 1.01 |
Expenses after expense reductions (f) | 0.83(a) | 0.83 | 0.83 | 0.83 | 0.82 | 0.82 |
Net investment income (loss) | 2.99(a) | 2.52 | 1.79 | 2.42 | 2.85 | 3.77 |
Portfolio turnover | 8(n) | 41 | 16 | 27 | 27 | 14 |
Net assets at end of period (000 omitted) | $81,880 | $92,970 | $80,515 | $82,725 | $83,852 | $75,215 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.99 | $10.47 | $11.04 | $10.62 | $10.75 | $10.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.17 | $0.12 | $0.18 | $0.23 | $0.32 |
Net realized and unrealized gain (loss) | (0.56) | (0.46) | (0.57) | 0.42 | (0.13) | 0.05 |
Total from investment operations | $(0.45) | $(0.29) | $(0.45) | $0.60 | $0.10 | $0.37 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.12) | $(0.18) | $(0.23) | $(0.27) |
Net asset value, end of period (x) | $9.43 | $9.99 | $10.47 | $11.04 | $10.62 | $10.75 |
Total return (%) (r)(s)(t)(x) | (4.49)(n) | (2.78) | (4.17) | 5.71 | 0.91 | 3.58 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.72(a) | 1.74 | 1.72 | 1.73 | 1.74 | 1.76 |
Expenses after expense reductions (f) | 1.58(a) | 1.58 | 1.58 | 1.58 | 1.58 | 1.58 |
Net investment income (loss) | 2.24(a) | 1.70 | 1.04 | 1.69 | 2.12 | 3.01 |
Portfolio turnover | 8(n) | 41 | 16 | 27 | 27 | 14 |
Net assets at end of period (000 omitted) | $206 | $257 | $576 | $656 | $1,040 | $1,217 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.02 | $9.45 | $9.96 | $9.58 | $9.70 | $9.61 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.20 | $0.26 | $0.30 | $0.38 |
Net realized and unrealized gain (loss) | (0.50) | (0.42) | (0.51) | 0.38 | (0.11) | 0.05 |
Total from investment operations | $(0.36) | $(0.17) | $(0.31) | $0.64 | $0.19 | $0.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.20) | $(0.26) | $(0.31) | $(0.34) |
Net asset value, end of period (x) | $8.51 | $9.02 | $9.45 | $9.96 | $9.58 | $9.70 |
Total return (%) (r)(s)(t)(x) | (4.07)(n) | (1.77) | (3.17) | 6.78 | 1.88 | 4.61 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.72(a) | 0.73 | 0.72 | 0.73 | 0.74 | 0.76 |
Expenses after expense reductions (f) | 0.58(a) | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
Net investment income (loss) | 3.24(a) | 2.74 | 2.03 | 2.64 | 3.07 | 4.01 |
Portfolio turnover | 8(n) | 41 | 16 | 27 | 27 | 14 |
Net assets at end of period (000 omitted) | $28,415 | $27,697 | $27,736 | $26,243 | $18,140 | $11,831 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.02 | $9.45 | $9.96 | $9.58 | $9.70 | $9.61 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.21 | $0.26 | $0.30 | $0.39 |
Net realized and unrealized gain (loss) | (0.51) | (0.42) | (0.51) | 0.39 | (0.11) | 0.05 |
Total from investment operations | $(0.36) | $(0.17) | $(0.30) | $0.65 | $0.19 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.21) | $(0.27) | $(0.31) | $(0.35) |
Net asset value, end of period (x) | $8.51 | $9.02 | $9.45 | $9.96 | $9.58 | $9.70 |
Total return (%) (r)(s)(t)(x) | (4.03)(n) | (1.70) | (3.10) | 6.84 | 1.93 | 4.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.64(a) | 0.66 | 0.65 | 0.66 | 0.68 | 0.70 |
Expenses after expense reductions (f) | 0.51(a) | 0.51 | 0.51 | 0.52 | 0.52 | 0.52 |
Net investment income (loss) | 3.30(a) | 2.80 | 2.09 | 2.67 | 3.10 | 4.07 |
Portfolio turnover | 8(n) | 41 | 16 | 27 | 27 | 14 |
Net assets at end of period (000 omitted) | $9,455 | $7,982 | $8,893 | $6,155 | $2,837 | $1,315 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.17 | $10.67 | $11.30 | $10.90 | $11.04 | $10.90 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.21 | $0.27 | $0.33 | $0.41 |
Net realized and unrealized gain (loss) | (0.56) | (0.47) | (0.63) | 0.39 | (0.15) | 0.09 |
Total from investment operations | $(0.42) | $(0.23) | $(0.42) | $0.66 | $0.18 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.27) | $(0.21) | $(0.26) | $(0.32) | $(0.36) |
Net asset value, end of period (x) | $9.60 | $10.17 | $10.67 | $11.30 | $10.90 | $11.04 |
Total return (%) (r)(s)(t)(x) | (4.21)(n) | (2.11) | (3.83) | 6.16 | 1.61 | 4.74 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.87(a) | 0.87 | 0.86 | 0.86 | 0.87 | 0.88 |
Expenses after expense reductions (f) | 0.82(a) | 0.83 | 0.85 | 0.84 | 0.83 | 0.85 |
Net investment income (loss) | 2.84(a) | 2.42 | 1.87 | 2.39 | 2.91 | 3.75 |
Portfolio turnover | 6(n) | 36 | 17 | 26 | 29 | 13 |
Net assets at end of period (000 omitted) | $222,521 | $246,509 | $216,458 | $216,177 | $226,471 | $207,565 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.18 | $10.69 | $11.32 | $10.92 | $11.06 | $10.92 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.17 | $0.13 | $0.19 | $0.25 | $0.32 |
Net realized and unrealized gain (loss) | (0.55) | (0.49) | (0.64) | 0.39 | (0.15) | 0.10 |
Total from investment operations | $(0.45) | $(0.32) | $(0.51) | $0.58 | $0.10 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.12) | $(0.18) | $(0.24) | $(0.28) |
Net asset value, end of period (x) | $9.62 | $10.18 | $10.69 | $11.32 | $10.92 | $11.06 |
Total return (%) (r)(s)(t)(x) | (4.46)(n) | (2.91) | (4.54) | 5.36 | 0.84 | 3.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.62(a) | 1.62 | 1.61 | 1.61 | 1.62 | 1.63 |
Expenses after expense reductions (f) | 1.57(a) | 1.58 | 1.60 | 1.60 | 1.60 | 1.62 |
Net investment income (loss) | 2.08(a) | 1.68 | 1.12 | 1.67 | 2.19 | 2.98 |
Portfolio turnover | 6(n) | 36 | 17 | 26 | 29 | 13 |
Net assets at end of period (000 omitted) | $147 | $267 | $347 | $470 | $1,081 | $1,664 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.90 | $9.34 | $9.89 | $9.54 | $9.66 | $9.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.21 | $0.25 | $0.30 | $0.38 |
Net realized and unrealized gain (loss) | (0.49) | (0.42) | (0.55) | 0.36 | (0.12) | 0.08 |
Total from investment operations | $(0.35) | $(0.18) | $(0.34) | $0.61 | $0.18 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.26) | $(0.21) | $(0.26) | $(0.30) | $(0.34) |
Net asset value, end of period (x) | $8.41 | $8.90 | $9.34 | $9.89 | $9.54 | $9.66 |
Total return (%) (r)(s)(t)(x) | (3.99)(n) | (1.89) | (3.58) | 6.41 | 1.86 | 4.95 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.62(a) | 0.62 | 0.61 | 0.61 | 0.62 | 0.63 |
Expenses after expense reductions (f) | 0.57(a) | 0.58 | 0.60 | 0.60 | 0.60 | 0.62 |
Net investment income (loss) | 3.09(a) | 2.67 | 2.11 | 2.60 | 3.10 | 3.98 |
Portfolio turnover | 6(n) | 36 | 17 | 26 | 29 | 13 |
Net assets at end of period (000 omitted) | $145,326 | $150,099 | $179,551 | $168,647 | $124,875 | $68,669 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.90 | $9.34 | $9.90 | $9.55 | $9.67 | $9.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.22 | $0.26 | $0.31 | $0.38 |
Net realized and unrealized gain (loss) | (0.49) | (0.41) | (0.57) | 0.35 | (0.12) | 0.10 |
Total from investment operations | $(0.35) | $(0.17) | $(0.35) | $0.61 | $0.19 | $0.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.27) | $(0.21) | $(0.26) | $(0.31) | $(0.35) |
Net asset value, end of period (x) | $8.41 | $8.90 | $9.34 | $9.90 | $9.55 | $9.67 |
Total return (%) (r)(s)(t)(x) | (3.95)(n) | (1.81) | (3.60) | 6.48 | 1.93 | 5.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.54(a) | 0.54 | 0.54 | 0.54 | 0.55 | 0.56 |
Expenses after expense reductions (f) | 0.50(a) | 0.51 | 0.52 | 0.53 | 0.53 | 0.55 |
Net investment income (loss) | 3.16(a) | 2.76 | 2.18 | 2.67 | 3.15 | 4.05 |
Portfolio turnover | 6(n) | 36 | 17 | 26 | 29 | 13 |
Net assets at end of period (000 omitted) | $9,211 | $9,326 | $10,769 | $9,628 | $6,636 | $3,176 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Level 1 | Level 2 | Level 3 | Total | |
Alabama Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $61,870,773 | $— | $61,870,773 |
U.S. Corporate Bonds | — | 184,624 | — | 184,624 |
Mutual Funds | 1,199,740 | — | — | 1,199,740 |
Total | $1,199,740 | $62,055,397 | $— | $63,255,137 |
Arkansas Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $136,280,312 | $— | $136,280,312 |
U.S. Corporate Bonds | — | 376,017 | — | 376,017 |
Mutual Funds | 906,007 | — | — | 906,007 |
Total | $906,007 | $136,656,329 | $— | $137,562,336 |
California Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $481,461,201 | $— | $481,461,201 |
U.S. Corporate Bonds | — | 1,402,751 | — | 1,402,751 |
Mutual Funds | 11,769,311 | — | — | 11,769,311 |
Total | $11,769,311 | $482,863,952 | $— | $494,633,263 |
Georgia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $96,999,911 | $— | $96,999,911 |
U.S. Corporate Bonds | — | 308,017 | — | 308,017 |
Mutual Funds | 1,287,828 | — | — | 1,287,828 |
Total | $1,287,828 | $97,307,928 | $— | $98,595,756 |
Maryland Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $117,258,094 | $— | $117,258,094 |
U.S. Corporate Bonds | — | 272,900 | — | 272,900 |
Mutual Funds | 958,236 | — | — | 958,236 |
Total | $958,236 | $117,530,994 | $— | $118,489,230 |
Level 1 | Level 2 | Level 3 | Total | |
Massachusetts Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $371,470,197 | $— | $371,470,197 |
U.S. Corporate Bonds | — | 896,137 | — | 896,137 |
Mutual Funds | 4,228,786 | — | — | 4,228,786 |
Total | $4,228,786 | $372,366,334 | $— | $376,595,120 |
Year ended 3/31/23 | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Ordinary income (including any short-term capital gains) | $52,208 | $148,830 | $502,450 | $52,176 | $137,919 | $318,834 |
Tax-exempt income | 1,897,347 | 4,109,211 | 15,052,551 | 2,677,187 | 3,094,601 | 10,966,006 |
Total distributions | $1,949,555 | $4,258,041 | $15,555,001 | $2,729,363 | $3,232,520 | $11,284,840 |
As of 9/30/23 | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Cost of investments | $69,966,822 | $152,613,486 | $537,089,705 | $107,749,477 | $128,209,078 | $409,303,400 |
Gross appreciation | 55,566 | 287,810 | 1,690,954 | 128,946 | 203,577 | 1,364,215 |
Gross depreciation | (6,767,251) | (15,338,960) | (44,147,396) | (9,282,667) | (9,923,425) | (34,072,495) |
Net unrealized appreciation (depreciation) | $(6,711,685) | $(15,051,150) | $(42,456,442) | $(9,153,721) | $(9,719,848) | $(32,708,280) |
As of 3/31/23 | ||||||
Undistributed ordinary income | — | — | — | — | — | 353,464 |
Undistributed tax-exempt income | 382,558 | 777,368 | 2,917,098 | 514,348 | 702,394 | 1,248,974 |
Capital loss carryforwards | (4,548,239) | (8,198,665) | (24,948,509) | (6,637,323) | (5,542,155) | (17,086,430) |
Other temporary differences | (170,205) | (375,645) | (1,518,947) | (247,631) | (335,794) | (1,075,493) |
Net unrealized appreciation (depreciation) | (2,911,713) | (5,580,823) | (15,602,428) | (3,229,124) | (2,714,421) | (12,117,328) |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Short-Term | $(1,191,462) | $(3,028,060) | $(8,986,891) | $(2,260,411) | $(2,524,706) | $(9,987,758) |
Long-Term | (3,356,777) | (5,170,605) | (15,961,618) | (4,376,912) | (3,017,449) | (7,098,672) |
Total | $(4,548,239) | $(8,198,665) | $(24,948,509) | $(6,637,323) | $(5,542,155) | $(17,086,430) |
Alabama Fund | Arkansas Fund | California Fund | |||||||||
Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | ||||||
Class A | $660,694 | $1,196,317 | $1,837,783 | $3,343,241 | $5,247,007 | $9,438,506 | |||||
Class B | 574 | 968 | 2,969 | 8,537 | 3,240 | 8,132 | |||||
Class C | — | — | — | — | 142,469 | 286,297 | |||||
Class I | 306,185 | 648,692 | 279,742 | 763,784 | 2,251,401 | 4,140,478 | |||||
Class R6 | 54,056 | 103,578 | 85,422 | 142,479 | 1,049,544 | 1,681,588 | |||||
Total | $1,021,509 | $1,949,555 | $2,205,916 | $4,258,041 | $8,693,661 | $15,555,001 |
Georgia Fund | Maryland Fund | Massachusetts Fund | |||||||||
Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | ||||||
Class A | $1,099,770 | $1,985,301 | $1,379,861 | $2,201,485 | $3,504,684 | $6,316,825 | |||||
Class B | 457 | 541 | 2,691 | 7,611 | 2,424 | 5,478 | |||||
Class I | 180,437 | 334,462 | 484,113 | 801,276 | 2,351,785 | 4,679,152 | |||||
Class R6 | 203,884 | 409,059 | 150,814 | 222,148 | 152,743 | 283,385 | |||||
Total | $1,484,548 | $2,729,363 | $2,017,479 | $3,232,520 | $6,011,636 | $11,284,840 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$4,267 | $9,200 | $31,371 | $6,552 | $8,034 | $24,953 |
Alabama Fund | Arkansas Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Class A | 0.90% | 0.70% | 0.90% | 0.83% | 0.82% |
Class B | 1.65% | 1.45% | 1.65% | 1.58% | 1.57% |
Class I | 0.65% | 0.60% | 0.65% | 0.58% | 0.57% |
Class R6 | 0.59% | 0.53% | 0.60% | 0.53% | 0.50% |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$964 | $2,342 | $2,385 | $1,389 | $1,121 | $2,191 |
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% | $56,692 |
Arkansas Fund | — | 0.25% | 0.25% | 0.10% | 153,820 |
California Fund | — | 0.25% | 0.25% | 0.10% | 380,413 |
Georgia Fund | — | 0.25% | 0.25% | 0.25% | 99,140 |
Maryland Fund | — | 0.25% | 0.25% | 0.25% | 112,386 |
Massachusetts Fund | — | 0.25% | 0.25% | 0.25% | 300,210 |
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% | $264 |
Arkansas Fund | 0.75% | 0.25% | 1.00% | 0.85% | 1,321 |
California Fund | 0.75% | 0.25% | 1.00% | 0.85% | 1,196 |
Georgia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 225 |
Maryland Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,155 |
Massachusetts Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,116 |
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% | $55,752 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Total Distribution and Service Fees | $56,956 | $155,141 | $437,361 | $99,365 | $113,541 | $301,326 |
(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, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Class A | $— | $— | $69 | $5 | $104 | $— |
CDSC Imposed | Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
Class A | $68 | $2,211 | $10,599 | $274 | $— | $24,164 |
Class B | — | — | — | — | 278 | — |
Class C | N/A | N/A | 12 | N/A | N/A | N/A |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Expenses paid | $968 | $1,120 | $7,376 | $1,485 | $4,636 | $9,533 |
Annual percentage of average daily net assets | 0.0029% | 0.0015% | 0.0030% | 0.0028% | 0.0073% | 0.0048% |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund |
$24,457 | $53,474 | $160,609 | $25,941 | $45,187 | $149,837 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Percentage of average daily net assets | 0.0296% | 0.0214% | 0.0164% | 0.0243% | 0.0224% | 0.0170% |
California Fund | Maryland Fund | Massachusetts Fund |
$229 | $143 | $145 |
California Fund | Maryland Fund | Massachusetts Fund |
$3,720 | $2,238 | $2,230 |
Fund | Date | Transaction | Class | Shares | Amount |
Alabama Fund | 8/03/2022 | Redemption | Class I | 17 | $157 |
Alabama Fund | 6/23/2023 | Purchase | Class B | 1,480 | 13,850 |
Alabama Fund | 6/23/2023 | Redemption | Class R6 | 6,014 | 53,645 |
Arkansas Fund | 8/03/2022 | Redemption | Class I | 15 | 139 |
California Fund | 8/03/2022 | Redemption | Class I | 17 | 158 |
California Fund | 8/03/2022 | Redemption | Class R6 | 21 | 195 |
Georgia Fund | 8/03/2022 | Purchase | Class B | 1,164 | 12,000 |
Georgia Fund | 8/03/2022 | Redemption | Class I | 15 | 140 |
Georgia Fund | 6/23/2023 | Purchase | Class B | 3,012 | 30,229 |
Maryland Fund | 8/03/2022 | Redemption | Class I | 18 | 167 |
Massachusetts Fund | 8/03/2022 | Redemption | Class I | 17 | 156 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Purchases | $6,657,169 | $12,401,331 | $73,692,339 | $6,262,638 | $13,224,988 | $24,431,530 |
Sales | $8,010,445 | $9,091,023 | $45,694,819 | $4,765,773 | $9,444,293 | $26,332,960 |
Alabama Fund | Arkansas Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 356,960 | $ 3,328,827 | 720,833 | $ 6,708,346 | 604,818 | $ 5,426,941 | 3,303,159 | $ 29,808,552 | |||
Class B | 1,530 | 14,314 | 76 | 702 | — | — | — | — | |||
Class I | 99,596 | 884,826 | 613,013 | 5,470,610 | 352,302 | 3,133,567 | 674,905 | 6,096,372 | |||
Class R6 | 78,193 | 689,863 | 143,020 | 1,275,915 | 88,896 | 793,427 | 320,125 | 2,867,747 | |||
536,279 | $4,917,830 | 1,476,942 | $13,455,573 | 1,046,016 | $9,353,935 | 4,298,189 | $38,772,671 |
Alabama Fund − continued | Arkansas Fund − continued | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 64,756 | $ 596,259 | 115,455 | $ 1,076,800 | 195,579 | $ 1,743,158 | 349,867 | $ 3,157,324 | |||
Class B | 12 | 111 | 28 | 264 | 333 | 2,969 | 944 | 8,522 | |||
Class I | 24,893 | 218,464 | 55,624 | 494,696 | 28,625 | 253,303 | 79,799 | 715,294 | |||
Class R6 | 6,162 | 54,056 | 11,645 | 103,578 | 9,609 | 84,995 | 15,828 | 141,901 | |||
95,823 | $868,890 | 182,752 | $1,675,338 | 234,146 | $2,084,425 | 446,438 | $4,023,041 | ||||
Shares reacquired | |||||||||||
Class A | (514,306) | $ (4,785,522) | (2,213,039) | $ (20,790,052) | (844,968) | $ (7,584,828) | (3,449,128) | $ (31,234,404) | |||
Class B | (1,715) | (16,173) | — | — | (6,670) | (59,986) | (18,905) | (170,457) | |||
Class I | (250,887) | (2,215,089) | (1,640,622) | (14,541,559) | (333,898) | (2,974,547) | (2,562,893) | (22,914,159) | |||
Class R6 | (71,915) | (632,874) | (317,588) | (2,820,718) | (62,542) | (558,097) | (369,744) | (3,341,255) | |||
(838,823) | $(7,649,658) | (4,171,249) | $(38,152,329) | (1,248,078) | $(11,177,458) | (6,400,670) | $(57,660,275) | ||||
Net change | |||||||||||
Class A | (92,590) | $ (860,436) | (1,376,751) | $ (13,004,906) | (44,571) | $ (414,729) | 203,898 | $ 1,731,472 | |||
Class B | (173) | (1,748) | 104 | 966 | (6,337) | (57,017) | (17,961) | (161,935) | |||
Class I | (126,398) | (1,111,799) | (971,985) | (8,576,253) | 47,029 | 412,323 | (1,808,189) | (16,102,493) | |||
Class R6 | 12,440 | 111,045 | (162,923) | (1,441,225) | 35,963 | 320,325 | (33,791) | (331,607) | |||
(206,721) | $(1,862,938) | (2,511,555) | $(23,021,418) | 32,084 | $260,902 | (1,656,043) | $(14,864,563) |
California Fund | Georgia Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 6,999,735 | $ 38,228,628 | 16,913,905 | $ 92,715,220 | 463,790 | $ 4,610,290 | 1,092,737 | $ 10,834,589 | |||
Class B | — | — | — | — | 3,012 | 30,229 | 1,164 | 12,000 | |||
Class C | 116,498 | 646,306 | 251,403 | 1,391,500 | — | — | — | — | |||
Class I | 3,041,761 | 26,827,263 | 12,846,155 | 115,742,704 | 150,570 | 1,339,794 | 683,449 | 6,167,535 | |||
Class R6 | 1,505,790 | 13,376,841 | 4,468,708 | 39,994,888 | 214,228 | 1,931,897 | 450,027 | 4,101,223 | |||
11,663,784 | $79,079,038 | 34,480,171 | $249,844,312 | 831,600 | $7,912,210 | 2,227,377 | $21,115,347 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 886,769 | $ 4,820,802 | 1,558,072 | $ 8,561,775 | 106,189 | $ 1,044,493 | 189,813 | $ 1,880,159 | |||
Class B | 596 | 3,240 | 1,367 | 7,519 | 38 | 374 | 31 | 306 | |||
Class C | 24,367 | 132,914 | 48,502 | 267,341 | — | — | — | — | |||
Class I | 205,939 | 1,822,373 | 344,502 | 3,082,155 | 14,545 | 129,766 | 25,607 | 229,581 | |||
Class R6 | 118,667 | 1,048,695 | 187,809 | 1,678,050 | 22,834 | 203,777 | 45,483 | 409,059 | |||
1,236,338 | $7,828,024 | 2,140,252 | $13,596,840 | 143,606 | $1,378,410 | 260,934 | $2,519,105 | ||||
Shares reacquired | |||||||||||
Class A | (5,891,610) | $(32,235,161) | (25,454,457) | $(140,562,940) | (617,233) | $ (6,109,561) | (2,859,001) | $ (28,365,428) | |||
Class B | (2,409) | (13,175) | (33,615) | (186,760) | (968) | (9,425) | (1,982) | (20,040) | |||
Class C | (229,901) | (1,259,910) | (1,098,697) | (6,076,143) | — | — | — | — | |||
Class I | (1,853,184) | (16,444,519) | (15,497,036) | (139,289,274) | (185,854) | (1,662,586) | (874,048) | (7,800,232) | |||
Class R6 | (973,709) | (8,634,820) | (4,010,627) | (35,884,924) | (199,912) | (1,796,604) | (1,272,812) | (11,447,384) | |||
(8,950,813) | $(58,587,585) | (46,094,432) | $(322,000,041) | (1,003,967) | $(9,578,176) | (5,007,843) | $(47,633,084) |
California Fund − continued | Georgia Fund − continued | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Net change | |||||||||||
Class A | 1,994,894 | $ 10,814,269 | (6,982,480) | $ (39,285,945) | (47,254) | $ (454,778) | (1,576,451) | $ (15,650,680) | |||
Class B | (1,813) | (9,935) | (32,248) | (179,241) | 2,082 | 21,178 | (787) | (7,734) | |||
Class C | (89,036) | (480,690) | (798,792) | (4,417,302) | — | — | — | — | |||
Class I | 1,394,516 | 12,205,117 | (2,306,379) | (20,464,415) | (20,739) | (193,026) | (164,992) | (1,403,116) | |||
Class R6 | 650,748 | 5,790,716 | 645,890 | 5,788,014 | 37,150 | 339,070 | (777,302) | (6,937,102) | |||
3,949,309 | $28,319,477 | (9,474,009) | $(58,558,889) | (28,761) | $(287,556) | (2,519,532) | $(23,998,632) |
Maryland Fund | Massachusetts Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 414,375 | $ 4,091,993 | 5,929,738 | $ 57,645,267 | 948,812 | $ 9,524,137 | 24,299,659 | $ 242,110,913 | |||
Class B | — | — | — | — | — | — | 1,470 | 14,902 | |||
Class I | 628,289 | 5,597,056 | 2,026,526 | 18,031,427 | 2,174,267 | 18,970,060 | 11,571,924 | 102,710,711 | |||
Class R6 | 265,022 | 2,356,441 | 436,181 | 3,903,263 | 150,010 | 1,316,966 | 374,602 | 3,315,322 | |||
1,307,686 | $12,045,490 | 8,392,445 | $79,579,957 | 3,273,089 | $29,811,163 | 36,247,655 | $348,151,848 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 129,716 | $ 1,270,950 | 196,702 | $ 1,946,856 | 324,385 | $ 3,234,032 | 583,760 | $ 5,877,136 | |||
Class B | 273 | 2,677 | 760 | 7,534 | 238 | 2,387 | 542 | 5,466 | |||
Class I | 46,190 | 408,045 | 74,108 | 662,159 | 230,431 | 2,010,168 | 439,024 | 3,870,082 | |||
Class R6 | 17,076 | 150,814 | 24,810 | 222,148 | 17,500 | 152,743 | 32,123 | 283,383 | |||
193,255 | $1,832,486 | 296,380 | $2,838,697 | 572,554 | $5,399,330 | 1,055,449 | $10,036,067 | ||||
Shares reacquired | |||||||||||
Class A | (1,163,673) | $(11,392,617) | (4,512,798) | $ (44,458,113) | (2,350,185) | $(23,463,478) | (20,925,299) | $(208,558,550) | |||
Class B | (4,115) | (40,694) | (30,068) | (295,257) | (11,111) | (111,080) | (8,248) | (83,468) | |||
Class I | (406,321) | (3,581,545) | (1,964,610) | (17,545,627) | (1,984,264) | (17,383,948) | (14,371,267) | (126,598,269) | |||
Class R6 | (56,041) | (496,119) | (517,057) | (4,602,206) | (119,710) | (1,049,734) | (511,978) | (4,521,263) | |||
(1,630,150) | $(15,510,975) | (7,024,533) | $(66,901,203) | (4,465,270) | $(42,008,240) | (35,816,792) | $(339,761,550) | ||||
Net change | |||||||||||
Class A | (619,582) | $ (6,029,674) | 1,613,642 | $ 15,134,010 | (1,076,988) | $(10,705,309) | 3,958,120 | $ 39,429,499 | |||
Class B | (3,842) | (38,017) | (29,308) | (287,723) | (10,873) | (108,693) | (6,236) | (63,100) | |||
Class I | 268,158 | 2,423,556 | 136,024 | 1,147,959 | 420,434 | 3,596,280 | (2,360,319) | (20,017,476) | |||
Class R6 | 226,057 | 2,011,136 | (56,066) | (476,795) | 47,800 | 419,975 | (105,253) | (922,558) | |||
(129,209) | $(1,632,999) | 1,664,292 | $15,517,451 | (619,627) | $(6,797,747) | 1,486,312 | $18,426,365 |
Alabama Fund | Arkansas Fund | California Fund | Georgia Fund | Maryland Fund | Massachusetts Fund | |
Commitment Fee | $178 | $380 | $1,279 | $257 | $339 | $1,059 |
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 | $1,420,478 | $10,387,302 | $10,607,805 | $(95) | $(140) | $1,199,740 |
Arkansas Fund | 2,404,434 | 14,840,018 | 16,337,385 | (922) | (138) | 906,007 |
California Fund | 9,269,803 | 82,815,081 | 80,312,740 | (2,557) | (276) | 11,769,311 |
Georgia Fund | 2,287,590 | 12,130,114 | 13,129,153 | (431) | (292) | 1,287,828 |
Maryland Fund | 2,575,767 | 17,672,543 | 19,290,698 | 1,043 | (419) | 958,236 |
Massachusetts Fund | 8,411,492 | 40,445,660 | 44,626,171 | (1,857) | (338) | 4,228,786 |
Dividend Income | Capital Gain Distributions | |
Alabama Fund | $32,587 | $— |
Arkansas Fund | 48,553 | — |
California Fund | 182,731 | — |
Georgia Fund | 32,085 | — |
Maryland Fund | 42,981 | — |
Massachusetts Fund | 123,804 | — |
1 | |
8 | |
12 | |
57 | |
61 | |
63 | |
65 | |
88 | |
101 | |
106 | |
106 | |
106 | |
106 | |
106 |
back cover |
General Obligations - General Purpose | 20.8% |
General Obligations - Schools | 13.5% |
Universities - Colleges | 11.5% |
Single Family Housing - State | 9.0% |
Water & Sewer Utility Revenue | 8.4% |
AAA | 10.3% |
AA | 47.8% |
A | 21.6% |
BBB | 9.8% |
BB | 1.9% |
Not Rated | 6.1% |
Cash & Cash Equivalents | 2.5% |
Average Duration (d) | 7.6 |
Average Effective Maturity (m) | 13.9 yrs. |
Mississippi | 74.7% |
Puerto Rico | 4.8% |
Massachusetts | 2.7% |
New York | 2.4% |
Alabama | 1.8% |
Illinois | 1.8% |
California | 1.7% |
Guam | 1.5% |
Texas | 1.2% |
South Carolina | 0.7% |
Michigan | 0.6% |
Arkansas | 0.6% |
Virginia | 0.6% |
New Jersey | 0.5% |
Ohio | 0.5% |
Pennsylvania | 0.4% |
Tennessee | 0.3% |
New Hampshire | 0.3% |
Colorado | 0.2% |
Iowa | 0.1% |
Wisconsin | 0.1% |
U.S. Virgin Islands (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Multi-Family Housing Revenue | 14.8% |
Healthcare Revenue - Hospitals | 10.7% |
Transportation - Special Tax | 7.7% |
General Obligations - General Purpose | 7.6% |
Universities - Colleges | 6.9% |
AAA | 2.4% |
AA | 30.3% |
A | 22.2% |
BBB | 23.4% |
BB | 6.8% |
B | 1.3% |
CCC | 0.8% |
C | 0.8% |
Not Rated | 11.3% |
Cash & Cash Equivalents | 0.7% |
Average Duration (d) | 10.1 |
Average Effective Maturity (m) | 18.8 yrs. |
New York | 83.0% |
Puerto Rico | 5.1% |
California | 2.6% |
Guam | 2.0% |
Alabama | 1.5% |
Illinois | 0.9% |
Colorado | 0.8% |
Ohio | 0.5% |
Wisconsin | 0.5% |
Tennessee | 0.5% |
Texas | 0.5% |
Virginia | 0.4% |
New Hampshire | 0.4% |
New Jersey | 0.2% |
Michigan | 0.2% |
Mississippi | 0.1% |
U.S. Virgin Islands | 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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
State & Local Agencies | 16.9% |
Universities - Colleges | 14.4% |
Healthcare Revenue - Hospitals | 11.7% |
Airport Revenue | 9.3% |
Water & Sewer Utility Revenue | 8.2% |
AAA | 4.4% |
AA | 49.5% |
A | 24.1% |
BBB | 10.6% |
BB | 1.9% |
Not Rated | 9.1% |
Cash & Cash Equivalents | 0.4% |
Average Duration (d) | 9.0 |
Average Effective Maturity (m) | 15.9 yrs. |
North Carolina | 78.6% |
Puerto Rico | 3.4% |
New York | 2.8% |
Illinois | 1.9% |
Alabama | 1.7% |
Texas | 1.5% |
Guam | 1.3% |
California | 1.3% |
Tennessee | 1.2% |
Pennsylvania | 1.1% |
Virginia | 0.9% |
New Jersey | 0.6% |
Maryland | 0.6% |
Ohio | 0.5% |
New Mexico | 0.4% |
Georgia | 0.3% |
South Carolina | 0.3% |
Wisconsin | 0.3% |
New Hampshire | 0.3% |
Michigan | 0.3% |
Connecticut | 0.2% |
Washington DC | 0.1% |
U.S. Virgin Islands (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Healthcare Revenue - Hospitals | 17.5% |
Universities - Colleges | 14.9% |
Water & Sewer Utility Revenue | 9.9% |
General Obligations - Schools | 8.8% |
General Obligations - General Purpose | 6.8% |
AAA | 2.4% |
AA | 27.4% |
A | 46.9% |
BBB | 11.1% |
BB | 3.3% |
CCC | 1.4% |
CC (o) | 0.0% |
Not Rated | 6.8% |
Cash & Cash Equivalents | 0.7% |
Average Duration (d) | 8.7 |
Average Effective Maturity (m) | 15.8 yrs. |
Pennsylvania | 83.9% |
Puerto Rico | 3.1% |
California | 1.9% |
Alabama | 1.8% |
Illinois | 1.3% |
New York | 1.2% |
Tennessee | 0.9% |
Texas | 0.8% |
Michigan | 0.7% |
South Carolina | 0.7% |
New Jersey | 0.6% |
Guam | 0.5% |
Ohio | 0.5% |
New Mexico | 0.4% |
New Hampshire | 0.3% |
Wisconsin | 0.3% |
Virginia | 0.2% |
Colorado | 0.2% |
U.S. Virgin Islands (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Water & Sewer Utility Revenue | 16.0% |
Healthcare Revenue - Hospitals | 12.9% |
Single Family Housing - State | 8.6% |
General Obligations - Schools | 7.9% |
State & Local Agencies | 7.9% |
AAA | 8.4% |
AA | 28.3% |
A | 46.8% |
BBB | 6.2% |
BB | 1.6% |
CCC (o) | 0.0% |
CC (o) | 0.0% |
Not Rated | 7.8% |
Cash & Cash Equivalents | 0.9% |
Average Duration (d) | 9.2 |
Average Effective Maturity (m) | 17.0 yrs. |
South Carolina | 77.6% |
Puerto Rico | 4.4% |
Illinois | 2.4% |
Alabama | 1.9% |
New York | 1.7% |
Tennessee | 1.2% |
Pennsylvania | 1.1% |
Virginia | 1.0% |
Texas | 1.0% |
California | 1.0% |
Guam | 0.8% |
Maryland | 0.8% |
New Jersey | 0.7% |
North Carolina | 0.7% |
Arkansas | 0.7% |
Ohio | 0.4% |
Wisconsin | 0.4% |
New Hampshire | 0.3% |
Michigan | 0.3% |
Colorado | 0.2% |
Connecticut | 0.2% |
Washington DC | 0.1% |
Indiana | 0.1% |
U.S. Virgin Islands | 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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Healthcare Revenue - Hospitals | 13.5% |
State & Local Agencies | 11.5% |
Multi-Family Housing Revenue | 10.2% |
Water & Sewer Utility Revenue | 10.0% |
General Obligations - General Purpose | 9.5% |
AAA | 15.7% |
AA | 48.2% |
A | 16.3% |
BBB | 9.7% |
BB | 1.6% |
B | 0.3% |
CCC (o) | 0.0% |
CC | 0.1% |
Not Rated | 7.3% |
Cash & Cash Equivalents | 0.8% |
Average Duration (d) | 9.3 |
Average Effective Maturity (m) | 16.1 yrs. |
Virginia | 75.6% |
Washington DC | 10.1% |
Puerto Rico | 4.0% |
Illinois | 1.6% |
Alabama | 1.5% |
Texas | 1.2% |
New York | 1.0% |
Guam | 0.7% |
Tennessee | 0.7% |
California | 0.7% |
New Jersey | 0.6% |
New Mexico | 0.4% |
Wisconsin | 0.3% |
New Hampshire | 0.3% |
Ohio | 0.2% |
Michigan | 0.1% |
Iowa | 0.1% |
Indiana | 0.1% |
Pennsylvania (o) | 0.0% |
U.S. Virgin Islands (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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Healthcare Revenue - Hospitals | 16.6% |
Water & Sewer Utility Revenue | 10.8% |
State & Local Agencies | 9.5% |
Universities - Colleges | 9.4% |
General Obligations - General Purpose | 9.2% |
AAA | 9.9% |
AA | 33.2% |
A | 37.7% |
BBB | 7.9% |
BB | 0.7% |
CCC (o) | 0.0% |
Not Rated | 9.9% |
Cash & Cash Equivalents | 0.7% |
Average Duration (d) | 9.0 |
Average Effective Maturity (m) | 16.5 yrs. |
West Virginia | 76.5% |
Puerto Rico | 4.3% |
New Jersey | 2.7% |
Alabama | 2.1% |
New York | 2.0% |
California | 1.7% |
Illinois | 1.5% |
U.S. Virgin Islands | 1.2% |
Virginia | 1.0% |
Guam | 1.0% |
Tennessee | 0.9% |
South Carolina | 0.8% |
North Carolina | 0.6% |
Arkansas | 0.6% |
Ohio | 0.6% |
Texas | 0.5% |
Michigan | 0.5% |
New Hampshire | 0.3% |
Wisconsin | 0.2% |
Pennsylvania | 0.2% |
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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.86% | $1,000.00 | $951.55 | $4.20 |
Hypothetical (h) | 0.86% | $1,000.00 | $1,020.70 | $4.34 | |
B | Actual | 1.52% | $1,000.00 | $949.61 | $7.41 |
Hypothetical (h) | 1.52% | $1,000.00 | $1,017.40 | $7.67 | |
I | Actual | 0.76% | $1,000.00 | $953.03 | $3.71 |
Hypothetical (h) | 0.76% | $1,000.00 | $1,021.20 | $3.84 | |
R6 | Actual | 0.70% | $1,000.00 | $953.31 | $3.42 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.50 | $3.54 |
(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 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.83% | $1,000.00 | $952.45 | $4.05 |
Hypothetical (h) | 0.83% | $1,000.00 | $1,020.85 | $4.19 | |
B | Actual | 1.58% | $1,000.00 | $948.70 | $7.70 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.10 | $7.97 | |
C | Actual | 1.58% | $1,000.00 | $949.78 | $7.70 |
Hypothetical (h) | 1.58% | $1,000.00 | $1,017.10 | $7.97 | |
I | Actual | 0.58% | $1,000.00 | $953.17 | $2.83 |
Hypothetical (h) | 0.58% | $1,000.00 | $1,022.10 | $2.93 | |
R6 | Actual | 0.50% | $1,000.00 | $955.79 | $2.44 |
Hypothetical (h) | 0.50% | $1,000.00 | $1,022.50 | $2.53 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.84% | $1,000.00 | $955.54 | $4.11 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.80 | $4.24 | |
B | Actual | 1.59% | $1,000.00 | $950.97 | $7.76 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
C | Actual | 1.59% | $1,000.00 | $951.03 | $7.76 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
I | Actual | 0.59% | $1,000.00 | $956.18 | $2.89 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R6 | Actual | 0.52% | $1,000.00 | $956.50 | $2.54 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.40 | $2.63 |
(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 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.69% | $1,000.00 | $955.62 | $3.37 |
Hypothetical (h) | 0.69% | $1,000.00 | $1,021.55 | $3.49 | |
B | Actual | 1.44% | $1,000.00 | $952.17 | $7.03 |
Hypothetical (h) | 1.44% | $1,000.00 | $1,017.80 | $7.26 | |
I | Actual | 0.59% | $1,000.00 | $955.32 | $2.88 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R6 | Actual | 0.52% | $1,000.00 | $956.78 | $2.54 |
Hypothetical (h) | 0.52% | $1,000.00 | $1,022.40 | $2.63 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.84% | $1,000.00 | $952.06 | $4.10 |
Hypothetical (h) | 0.84% | $1,000.00 | $1,020.80 | $4.24 | |
B | Actual | 1.59% | $1,000.00 | $947.59 | $7.74 |
Hypothetical (h) | 1.59% | $1,000.00 | $1,017.05 | $8.02 | |
I | Actual | 0.59% | $1,000.00 | $953.38 | $2.88 |
Hypothetical (h) | 0.59% | $1,000.00 | $1,022.05 | $2.98 | |
R6 | Actual | 0.53% | $1,000.00 | $953.64 | $2.59 |
Hypothetical (h) | 0.53% | $1,000.00 | $1,022.35 | $2.68 |
(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 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.81% | $1,000.00 | $950.43 | $3.95 |
Hypothetical (h) | 0.81% | $1,000.00 | $1,020.95 | $4.09 | |
B | Actual | 1.56% | $1,000.00 | $946.81 | $7.59 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.20 | $7.87 | |
C | Actual | 1.56% | $1,000.00 | $946.87 | $7.59 |
Hypothetical (h) | 1.56% | $1,000.00 | $1,017.20 | $7.87 | |
I | Actual | 0.56% | $1,000.00 | $952.14 | $2.73 |
Hypothetical (h) | 0.56% | $1,000.00 | $1,022.20 | $2.83 | |
R6 | Actual | 0.48% | $1,000.00 | $952.58 | $2.34 |
Hypothetical (h) | 0.48% | $1,000.00 | $1,022.60 | $2.43 |
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.87% | $1,000.00 | $954.06 | $4.25 |
Hypothetical (h) | 0.87% | $1,000.00 | $1,020.65 | $4.39 | |
B | Actual | 1.62% | $1,000.00 | $950.48 | $7.90 |
Hypothetical (h) | 1.62% | $1,000.00 | $1,016.90 | $8.17 | |
I | Actual | 0.62% | $1,000.00 | $954.94 | $3.03 |
Hypothetical (h) | 0.62% | $1,000.00 | $1,021.90 | $3.13 | |
R6 | Actual | 0.54% | $1,000.00 | $955.31 | $2.64 |
Hypothetical (h) | 0.54% | $1,000.00 | $1,022.30 | $2.73 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 95.8% | ||||
Airport Revenue – 0.9% | ||||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 60,000 | $52,296 | |
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 55,000 | 46,667 | ||
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034 | 230,000 | 227,772 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 45,000 | 44,397 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 230,000 | 229,987 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 35,000 | 34,924 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 60,000 | 59,120 | ||
$695,163 | ||||
General Obligations - General Purpose – 20.4% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 220,000 | $189,921 | |
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 50,000 | 52,042 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 135,000 | 133,848 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 6,174 | 5,964 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 48,848 | 28,789 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 41,891 | 42,987 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 41,212 | 42,585 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,029 | 41,803 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 37,958 | 34,023 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 66,803 | 58,055 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,283 | 24,581 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 39,814 | 32,011 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 128,406 | 98,998 | ||
Desoto County, MI, General Obligation Refunding, 5%, 11/01/2024 | 685,000 | 693,714 | ||
Jackson, MS, General Obligation Refunding, 5%, 3/01/2027 | 700,000 | 699,703 | ||
Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037 | 500,000 | 470,534 | ||
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 | 1,000,000 | 1,088,878 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045 | 500,000 | 432,066 | ||
Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049 | 750,000 | 764,652 | ||
Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 | 500,000 | 482,357 | ||
Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 | 500,000 | 387,878 | ||
Mississippi Development Bank Special Obligation (Rankin County General Obligation Bond Project), 5%, 8/01/2034 | 350,000 | 374,967 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031 | 1,000,000 | 1,041,663 | ||
Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032 | 1,000,000 | 1,039,974 | ||
Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048 | 1,000,000 | 1,023,962 | ||
Mississippi Development Bank Special Obligation Refunding, Taxable (Clay County Industrial Development Project), BAM, 2.955%, 3/01/2025 | 335,000 | 322,080 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 156,492 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 65,000 | 67,432 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 195,000 | 170,633 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 125,000 | 108,238 | ||
State of Mississippi, “A”, 5%, 10/01/2033 (Prerefunded 10/01/2027) | 1,000,000 | 1,054,680 | ||
State of Mississippi, “A”, 5%, 11/01/2036 (Prerefunded 11/01/2026) | 1,000,000 | 1,039,427 | ||
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026) | 1,000,000 | 1,042,248 | ||
State of Mississippi, “B”, 3%, 10/01/2035 | 875,000 | 740,466 | ||
State of Mississippi, “B”, 4%, 10/01/2038 | 1,000,000 | 960,150 | ||
State of Mississippi, “D”, 4%, 12/01/2030 | 1,000,000 | 1,002,340 | ||
State of Mississippi, General Obligation Refunding, “C”, 5%, 9/30/2024 | 250,000 | 252,784 | ||
$16,202,925 | ||||
General Obligations - Schools – 13.3% | ||||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | $ | 700,000 | $476,444 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – continued | ||||
Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 (Prerefunded 12/01/2025) | $ | 1,000,000 | $1,025,992 | |
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036 | 500,000 | 477,366 | ||
Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037 | 500,000 | 469,764 | ||
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024) | 500,000 | 502,632 | ||
Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024) | 500,000 | 502,632 | ||
Mississippi Development Bank Special Obligation (Hinds County School District), 4%, 3/01/2024 | 355,000 | 354,756 | ||
Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043 | 450,000 | 454,763 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), “B”, 5%, 10/01/2023 | 275,000 | 275,000 | ||
Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 | 1,000,000 | 1,031,561 | ||
Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM, 4.125%, 4/01/2043 | 1,000,000 | 911,395 | ||
Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 | 750,000 | 648,386 | ||
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 1,500,000 | 1,452,106 | ||
Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025 | 470,000 | 475,309 | ||
San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, “C”, 0%, 7/01/2035 | 1,020,000 | 615,841 | ||
Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038 | 1,000,000 | 897,499 | ||
$10,571,446 | ||||
Healthcare Revenue - Hospitals – 8.0% | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | $ | 20,000 | $16,109 | |
Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | 500,000 | 492,680 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 470,000 | 399,734 | ||
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Baptist Memorial Health Care Corp.), “A-2”, 4.125%, 8/31/2036 (Put Date 8/28/2024) | 1,000,000 | 995,568 | ||
Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), “A”, 5%, 1/01/2028 | 575,000 | 590,059 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2044 (Put Date 9/01/2025) | 500,000 | 507,171 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040 | 1,000,000 | 866,886 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2037 | 1,500,000 | 1,511,833 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 505,000 | 435,197 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 655,000 | 555,129 | ||
$6,370,366 | ||||
Industrial Revenue - Other – 1.3% | ||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development Rev. (Chevron U.S.A., Inc. Project), VRDN, 3.2%, 11/30/2030 | $ | 295,000 | $295,000 | |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development Rev. (Chevron U.S.A., Inc. Project), VRDN, 3.2%, 11/30/2030 | 200,000 | 200,000 | ||
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | 500,000 | 431,520 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 100,000 | 62,125 | ||
$988,645 | ||||
Industrial Revenue - Paper – 1.2% | ||||
Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), “B”, 1.6%, 8/01/2027 (Put Date 6/16/2025) | $ | 1,000,000 | $954,523 | |
Miscellaneous Revenue - Other – 1.6% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 35,000 | $35,134 | |
Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030 | 720,000 | 770,030 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 210,000 | 194,007 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 310,000 | 298,598 | ||
$1,297,769 | ||||
Multi-Family Housing Revenue – 0.8% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 242,838 | $224,865 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Multi-Family Housing Revenue – continued | ||||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | $ | 650,000 | $410,814 | |
$635,679 | ||||
Sales & Excise Tax Revenue – 4.7% | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | $ | 905,000 | $308,720 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 4,985 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 4,967 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 70,000 | 56,650 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 266,106 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 750,000 | 822,568 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 20,000 | 18,402 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 71,000 | 62,768 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 929,000 | 840,358 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 162,000 | 145,098 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 71,000 | 63,592 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 853 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 234,000 | 204,245 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 968 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 38,000 | 32,357 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,443 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 346,000 | 245,116 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 330,000 | 211,447 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,356,000 | 349,561 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 115,000 | 87,831 | ||
$3,732,035 | ||||
Single Family Housing - State – 8.9% | ||||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 5%, 5/31/2026 | $ | 200,000 | $204,787 | |
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 6/01/2050 | 470,000 | 441,718 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 3%, 12/01/2050 | 1,270,000 | 1,201,971 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, GNMA, 5.25%, 12/01/2053 | 1,000,000 | 1,019,730 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 2.875%, 12/01/2043 | 1,000,000 | 694,946 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 905,000 | 853,246 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 3.95%, 12/01/2042 | 1,000,000 | 878,427 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.05%, 12/01/2047 | 1,000,000 | 826,547 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “C”, GNMA, 4.65%, 12/01/2048 | 1,000,000 | 924,550 | ||
$7,045,922 | ||||
State & Local Agencies – 3.2% | ||||
Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 | $ | 500,000 | $500,229 | |
Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 | 1,500,000 | 1,512,680 | ||
Mississippi Development Bank Special Obligation Refunding, Taxable (Desoto County Highway Project), 2.358%, 1/01/2026 | 590,000 | 550,527 | ||
$2,563,436 | ||||
Student Loan Revenue – 0.6% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 10,000 | $9,231 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 110,000 | 79,988 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 420,000 | 397,294 | ||
$486,513 | ||||
Tax - Other – 4.1% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 455,000 | $453,820 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 60,000 | 59,226 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 150,000 | 157,034 | ||
State of Mississippi, Gaming Tax Rev., “A”, 4%, 10/15/2038 | 1,000,000 | 865,110 | ||
State of Mississippi, Gaming Tax Rev., “E”, 5%, 10/15/2030 | 1,305,000 | 1,315,830 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax - Other – continued | ||||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | $ | 545,000 | $366,801 | |
$3,217,821 | ||||
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 265,000 | $223,840 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 185,000 | 159,360 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 295,000 | 267,581 | ||
$650,781 | ||||
Toll Roads – 0.5% | ||||
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 | $110,209 | |
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 | 85,136 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 280,000 | 201,577 | ||
$396,922 | ||||
Transportation - Special Tax – 0.3% | ||||
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 | $ | 255,000 | $215,790 | |
Universities - Colleges – 11.4% | ||||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | $ | 370,000 | $280,088 | |
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 | 920,000 | 989,170 | ||
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 | 1,000,000 | 841,190 | ||
Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project), 4%, 3/01/2050 | 435,000 | 369,671 | ||
Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), “A”, 4%, 8/01/2043 | 600,000 | 519,957 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 5/31/2042 | 500,000 | 502,897 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 4%, 6/01/2047 | 1,000,000 | 872,907 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), “A”, 5%, 6/01/2047 | 1,250,000 | 1,247,488 | ||
University of Mississippi Medical Center, Educational Building Corp. Rev., “B”, AAC, 5.5%, 12/01/2023 | 165,000 | 165,358 | ||
University of Mississippi, Educational Building Corp. Rev. (New Facilities Project), 4.5%, 10/01/2052 | 1,000,000 | 927,206 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028 | 745,000 | 752,876 | ||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 9/01/2035 | 1,515,000 | 1,535,468 | ||
$9,004,276 | ||||
Utilities - Electric Power – 0.3% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 355,000 | $261,924 | |
Utilities - Investor Owned – 0.4% | ||||
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $ | 500,000 | $284,755 | |
Utilities - Municipal Owned – 2.6% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 315,000 | $317,386 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | 75,000 | 75,180 | ||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 85,000 | 84,088 | ||
Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035 | 500,000 | 509,010 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 90,000 | 22,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 150,000 | 37,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 105,000 | 103,749 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,862 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 240,000 | 60,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 35,000 | 8,750 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 22,500 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 80,000 | 79,171 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 15,000 | 14,370 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | $ | 40,000 | $10,000 | |
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 1,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 120,000 | 30,000 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2024 | 500,000 | 523,543 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 60,000 | 58,240 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 12,500 | ||
$2,057,099 | ||||
Utilities - Other – 2.2% | ||||
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | $ | 560,000 | $575,545 | |
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | 200,000 | 186,804 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 240,000 | 226,290 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 460,000 | 458,915 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 265,000 | 269,149 | ||
$1,716,703 | ||||
Water & Sewer Utility Revenue – 8.3% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 30,000 | $30,002 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 145,000 | 136,659 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 30,000 | 30,052 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 30,000 | 30,018 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 120,000 | 111,209 | ||
Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 | 2,000,000 | 2,002,349 | ||
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 | 25,143 | ||
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 | 30,066 | ||
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 | 15,071 | ||
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 | 35,095 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 750,000 | 752,314 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 | 1,305,000 | 1,108,837 | ||
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 | 1,500,000 | 1,234,279 | ||
West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 1,000,000 | 1,054,338 | ||
$6,595,432 | ||||
Total Municipal Bonds (Identified Cost, $83,163,647) | $75,945,925 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 161,000 | $144,971 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 283,648 | 93,245 | ||
Total Bonds (Identified Cost, $259,839) | $238,216 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $106,632) | $ | 179,722 | $93,231 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.6% | ||||
Money Market Funds – 1.6% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $1,287,233) | 1,286,841 | $1,287,098 | ||
Other Assets, Less Liabilities – 2.2% | 1,749,365 | |||
Net Assets – 100.0% | $79,313,835 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.2% | ||||
Airport Revenue – 5.2% | ||||
Albany County, NY, Airport Authority Rev., “A”, 5%, 12/15/2043 | $ | 1,500,000 | $1,508,740 | |
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034 | 900,000 | 891,284 | ||
New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), “A”, AGM, 4%, 7/01/2031 | 2,000,000 | 1,917,573 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2040 | 1,500,000 | 1,312,341 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2028 | 650,000 | 649,423 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2029 | 500,000 | 499,544 | ||
Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), “A”, 5%, 4/01/2038 | 1,000,000 | 997,705 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 88,794 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 15,000 | 14,999 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 79,827 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 130,000 | 128,093 | ||
$8,088,323 | ||||
General Obligations - General Purpose – 7.4% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 615,000 | $530,914 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 17,681 | 17,080 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 139,873 | 82,436 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 119,953 | 123,091 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 118,007 | 121,938 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 114,620 | 119,700 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 108,689 | 97,422 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 184,514 | 160,352 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 83,850 | 70,387 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 114,004 | 91,661 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 354,563 | 273,361 | ||
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 2,000,000 | 1,819,594 | ||
New York, NY, “B-1”, 3%, 10/01/2044 | 1,825,000 | 1,315,923 | ||
New York, NY, “D-1”, 5%, 12/01/2038 | 2,000,000 | 2,052,665 | ||
New York, NY, “J”, FGIC, 5.5%, 2/15/2026 | 5,000 | 5,006 | ||
New York, NY, General Obligation, “A”, 5%, 7/31/2051 | 1,500,000 | 1,523,737 | ||
New York, NY, General Obligation, “A”, 4.125%, 7/31/2053 | 1,500,000 | 1,303,802 | ||
Poughkeepsie, NY, Dutchess County Public Improvement, 5%, 6/01/2031 | 635,000 | 634,618 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 215,000 | 224,306 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 200,000 | 208,504 | ||
Yonkers, NY, General Obligation, “F”, BAM, 5%, 11/15/2042 | 750,000 | 774,720 | ||
$11,551,217 | ||||
Healthcare Revenue - Hospitals – 10.6% | ||||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026 | $ | 450,000 | $426,650 | |
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027 | 300,000 | 279,819 | ||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029 | 590,000 | 534,326 | ||
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | 2,000,000 | 2,042,438 | ||
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041 | 1,605,000 | 1,345,165 | ||
Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), “A”, 5%, 7/01/2044 (Prerefunded 7/01/2024) | 1,000,000 | 1,008,189 | ||
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 5%, 11/01/2037 | 2,000,000 | 1,741,469 | ||
Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046 | 2,000,000 | 1,902,770 | ||
Nassau County, NY, Local Economic Assistance Corp. Rev. (Catholic Health Services of Long Island Obligated Group Project), 5%, 7/01/2032 | 1,000,000 | 1,002,458 | ||
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050 | 2,000,000 | 1,699,201 | ||
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 | 1,500,000 | 1,159,386 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 3,000,000 | 2,585,329 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 800,000 | 749,759 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Westchester County, NY, Health Care Corp. Rev., “B”, “C-2”, 6%, 11/01/2030 | $ | 120,000 | $120,124 | |
$16,597,083 | ||||
Healthcare Revenue - Long Term Care – 2.7% | ||||
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 | $997,147 | |
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 | 1,582,286 | ||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037 | 750,000 | 724,897 | ||
Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), “A”, 5%, 7/01/2044 | 915,000 | 820,143 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 100,000 | 94,495 | ||
$4,218,968 | ||||
Industrial Revenue - Airlines – 4.8% | ||||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | $ | 1,500,000 | $1,295,282 | |
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 1,000,000 | 977,155 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 1,035,000 | 1,011,215 | ||
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 | 1,006,814 | ||
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 | 1,985,838 | ||
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 | 1,303,469 | ||
$7,579,773 | ||||
Industrial Revenue - Other – 0.2% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 200,000 | $154,614 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 255,000 | 158,419 | ||
$313,033 | ||||
Industrial Revenue - Paper – 0.3% | ||||
Build NYC Resource Corp. Solid Waste Disposal Rev. (Pratt Paper, Inc. Project), 4.5%, 1/01/2025 (n) | $ | 445,000 | $445,586 | |
Miscellaneous Revenue - Other – 6.0% | ||||
Battery Park, NY, Authority Senior Rev., “A”, 5%, 11/01/2053 | $ | 2,000,000 | $2,069,333 | |
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 90,000 | 90,343 | ||
New York City Convention Center Development Corp., Capital Appreciation, “B”, AGM, 0%, 11/15/2043 | 680,000 | 235,086 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,940,000 | 1,792,257 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n) | 1,500,000 | 1,442,301 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 2,585,000 | 2,551,772 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 750,000 | 545,223 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 1,000,000 | 726,893 | ||
$9,453,208 | ||||
Multi-Family Housing Revenue – 14.6% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 653,303 | $604,949 | |
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “B”, 3.7%, 11/01/2038 | 1,450,000 | 1,239,665 | ||
New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), “I”, 4%, 11/01/2043 | 1,015,000 | 886,802 | ||
New York Housing Finance Agency Affordable Housing Rev., “E-1”, 4.125%, 11/01/2047 | 4,080,000 | 3,391,496 | ||
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.1%, 11/01/2052 | 1,000,000 | 976,588 | ||
New York Housing Finance Agency Affordable Housing Rev., “F-1”, 5.15%, 11/01/2057 | 1,200,000 | 1,172,344 | ||
New York Housing Finance Agency Affordable Housing Rev., “G-1”, 4.625%, 11/01/2042 | 350,000 | 336,220 | ||
New York Housing Finance Agency Affordable Housing Rev., “G-1”, 4.8%, 11/01/2047 | 1,000,000 | 952,837 | ||
New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 2,000,000 | 1,858,375 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 276,686 | 271,855 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Multi-Family Housing Revenue – continued | ||||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | $ | 750,000 | $735,789 | |
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.6%, 11/01/2042 | 1,000,000 | 958,756 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.75%, 11/01/2047 | 500,000 | 471,672 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “F-1”, 4.85%, 11/01/2052 | 500,000 | 476,932 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 2,500,000 | 1,580,053 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “A-3-A”, 3.8%, 11/01/2039 | 1,870,000 | 1,639,934 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), “C-1-A”, 3.95%, 11/01/2048 | 2,610,000 | 2,163,626 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “C-1”, 4.25%, 11/01/2052 | 2,500,000 | 2,136,604 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev., “F-1”, 2.25%, 11/01/2041 | 1,535,000 | 993,045 | ||
$22,847,542 | ||||
Port Revenue – 3.1% | ||||
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 2,000,000 | $1,321,312 | |
Port Authority of NY & NJ (178th Series), 5%, 11/30/2033 | 1,500,000 | 1,502,464 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 2,485,000 | 2,036,623 | ||
$4,860,399 | ||||
Sales & Excise Tax Revenue – 4.6% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 15,000 | $14,956 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 19,870 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 185,000 | 149,718 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 750,000 | 739,182 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 63,000 | 57,965 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 200,000 | 176,812 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,186,000 | 1,977,419 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 451,000 | 403,944 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 210,000 | 188,089 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 3,412 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 635,000 | 554,256 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,904 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 103,000 | 87,703 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 17,000 | 13,218 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 942,000 | 667,339 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 904,000 | 579,238 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 3,848,000 | 991,969 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 545,000 | 416,244 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 255,000 | 194,756 | ||
$7,238,994 | ||||
Secondary Schools – 6.6% | ||||
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), “A”, 5%, 6/01/2035 | $ | 1,000,000 | $1,003,977 | |
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2025 | 220,000 | 215,693 | ||
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029 | 320,000 | 303,044 | ||
Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036 | 400,000 | 348,019 | ||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2042 | 550,000 | 519,049 | ||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2056 | 550,000 | 488,943 | ||
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043 | 750,000 | 721,420 | ||
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052 | 2,000,000 | 1,917,753 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2031 (n) | 350,000 | 319,647 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2041 (n) | 610,000 | 471,899 | ||
Build NYC Resource Corp. Rev. (New World Preparatory Charter School Project), “A”, 4%, 6/15/2051 (n) | 1,265,000 | 874,618 | ||
Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040 | 675,000 | 674,343 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Secondary Schools – continued | ||||
Nassau County, NY, Local Economic Assistance Corp. Education Rev. (Friends of Roosevelt Children's Academy Charter School, Inc. Project), “A”, 5%, 7/01/2055 | $ | 1,000,000 | $880,969 | |
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2034 | 450,000 | 455,141 | ||
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2035 | 500,000 | 505,469 | ||
Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), 5%, 1/01/2036 | 645,000 | 651,742 | ||
$10,351,726 | ||||
Single Family Housing - State – 1.2% | ||||
New York Mortgage Agency Homeowner Mortgage Rev., “211”, 3.8%, 10/01/2048 | $ | 400,000 | $358,109 | |
New York Mortgage Agency Homeowner Mortgage Rev., “212”, AMT, 3.7%, 10/01/2033 | 335,000 | 329,925 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “217”, 3.625%, 4/01/2039 | 355,000 | 343,636 | ||
New York Mortgage Agency Homeowner Mortgage Rev., “239”, 3.25%, 10/01/2051 | 940,000 | 883,456 | ||
$1,915,126 | ||||
State & Local Agencies – 1.8% | ||||
New York Dormitory Authority Rev., State Personal Income Tax Rev., 3%, 3/15/2050 | $ | 1,225,000 | $822,515 | |
Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042 | 2,000,000 | 2,062,752 | ||
$2,885,267 | ||||
Tax - Other – 3.9% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 135,000 | $133,258 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 325,000 | 340,241 | ||
Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, “B”, 0%, 1/01/2045 | 1,970,000 | 475,888 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 100,000 | 97,615 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 300,000 | 263,075 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 1,800,000 | 1,610,769 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “A-1”, 4%, 5/15/2046 | 3,350,000 | 2,958,529 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 146,812 | ||
$6,026,187 | ||||
Tobacco – 2.3% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 695,000 | $587,051 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 275,000 | 236,888 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 750,000 | 680,290 | ||
New York Counties Tobacco Trust II, 5.625%, 6/01/2035 | 5,000 | 5,091 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 1,000,000 | 1,019,795 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2036 | 1,000,000 | 1,015,535 | ||
$3,544,650 | ||||
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 | $ | 205,000 | $205,390 | |
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 | 170,272 | ||
$375,662 | ||||
Transportation - Special Tax – 7.6% | ||||
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 5%, 11/15/2033 | $ | 2,000,000 | $2,094,946 | |
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 | 1,340,000 | 1,133,955 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 3,170,000 | 2,573,424 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “A-2”, FLR, 4.364% (67% of SOFR + 0.8%), 11/01/2032 (Put Date 4/01/2026) | 1,500,000 | 1,486,313 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “B”, BAM, 5%, 11/15/2052 | 3,100,000 | 3,109,670 | ||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 185,000 | 189,783 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 125,000 | 131,702 | ||
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046 | 1,000,000 | 817,801 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Transportation - Special Tax – continued | ||||
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 | $ | 435,000 | $339,319 | |
$11,876,913 | ||||
Universities - Colleges – 6.8% | ||||
Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), “A”, 5%, 12/01/2033 | $ | 125,000 | $125,216 | |
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 980,000 | 915,433 | ||
Build NYC Resource Corp. Rev. (Manhattan College Project), 5%, 8/01/2047 | 2,000,000 | 1,910,959 | ||
Dobbs Ferry, NY, Local Development Corp. (Mercy College Project), 5%, 7/01/2039 | 1,000,000 | 1,003,412 | ||
Dutchess County, NY, Local Development Corp. Rev. (Vassar College Project), 5%, 7/01/2042 | 1,500,000 | 1,523,483 | ||
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), “A”, 3%, 7/01/2051 | 3,000,000 | 1,900,277 | ||
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2036 | 675,000 | 664,046 | ||
Hempstead, NY, Local Development Corp. Rev. (Molloy College Project), 5%, 7/01/2038 | 480,000 | 459,556 | ||
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 5%, 7/01/2037 | 1,000,000 | 1,023,036 | ||
Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051 | 750,000 | 757,230 | ||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2039 | 200,000 | 194,241 | ||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2040 | 150,000 | 144,645 | ||
St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp Rev., (Clarkson University), “B”, 5%, 9/01/2041 | 100,000 | 95,744 | ||
$10,717,278 | ||||
Universities - Dormitories – 0.6% | ||||
Onondaga County, NY, Trust for Cultural Resources Rev. (Abby Lane Housing Corp. Project), 5%, 5/01/2040 | $ | 1,000,000 | $988,859 | |
Utilities - Municipal Owned – 0.7% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 155,000 | $155,373 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 180,000 | 178,068 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 265,000 | 66,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 430,000 | 107,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 30,000 | 29,586 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 675,000 | 168,750 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 250,000 | 62,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 115,000 | 28,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 110,000 | 27,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 345,000 | 86,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 170,000 | 42,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 180,000 | 45,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 55,000 | 13,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 170,000 | 42,500 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 140,000 | 35,000 | ||
$1,161,777 | ||||
Utilities - Other – 3.5% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 525,000 | $490,360 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 630,000 | 594,012 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 1,265,000 | 1,283,668 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,210,000 | 1,207,146 | ||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | 1,085,000 | 1,227,368 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 705,000 | 716,038 | ||
$5,518,592 | ||||
Water & Sewer Utility Revenue – 2.5% | ||||
Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044 | $ | 1,340,000 | $971,242 | |
Buffalo, NY, Municipal Water Finance Authority, Water System Rev., “A”, AGM, 4%, 6/30/2046 | 1,500,000 | 1,302,417 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 215,000 | $214,890 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 270,000 | 265,956 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 750,000 | 720,950 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 345,000 | 319,726 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 100,000 | 100,309 | ||
$3,895,490 | ||||
Total Municipal Bonds (Identified Cost, $169,098,684) | $152,451,653 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 415,000 | $373,683 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 945,494 | 310,817 | ||
Total Bonds (Identified Cost, $749,208) | $684,500 | |||
Contingent Value Instruments – 0.2% | ||||
General Obligations - General Purpose – 0.2% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $305,332) | $ | 514,619 | $266,959 | |
Investment Companies (h) – 0.9% | ||||
Money Market Funds – 0.9% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $1,393,922) | 1,393,820 | $1,394,099 | ||
Other Assets, Less Liabilities – 1.3% | 2,008,131 | |||
Net Assets – 100.0% | $156,805,342 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.8% | ||||
Airport Revenue – 9.1% | ||||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2032 | $ | 1,245,000 | $1,242,261 | |
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 5%, 7/01/2039 | 1,000,000 | 1,033,731 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “A”, 4%, 7/01/2052 | 5,000,000 | 4,374,659 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 6/30/2037 | 1,000,000 | 940,038 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2039 | 1,700,000 | 1,561,586 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2040 | 2,000,000 | 1,814,529 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 4%, 7/01/2041 | 1,500,000 | 1,347,279 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2041 | 2,155,000 | 2,185,977 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042 | 1,000,000 | 998,292 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2042 | 2,300,000 | 2,318,628 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2047 | 2,000,000 | 1,977,476 | ||
Charlotte, NC, Airport Rev. (Charlotte/Douglas International Airport), “B”, 5%, 7/01/2049 | 2,500,000 | 2,475,425 | ||
Greater Asheville Regional Airport Authority Rev., “A”, AGM, 5.5%, 7/01/2052 | 1,500,000 | 1,541,043 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | 1,000,000 | 1,010,344 | ||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2053 | 4,000,000 | 4,021,943 | ||
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034 | 1,275,000 | 1,262,653 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2034 | 1,150,000 | 1,195,517 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2035 | 1,000,000 | 1,037,366 | ||
Raleigh-Durham, NC, Airport Authority Refunding Rev., “A”, 5%, 5/01/2036 | 1,000,000 | 1,031,532 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2036 | 2,000,000 | 2,022,668 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2037 | 2,000,000 | 2,013,600 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 1,445,000 | 1,439,382 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 175,000 | 172,656 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 195,000 | 194,989 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 150,000 | 149,675 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 240,000 | 236,479 | ||
$39,599,728 | ||||
General Obligations - General Purpose – 5.8% | ||||
Asheville, NC, General Obligation Refunding, 4%, 6/01/2039 | $ | 295,000 | $279,753 | |
Asheville, NC, General Obligation Refunding, 4%, 6/01/2041 | 500,000 | 465,294 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 1,030,000 | 889,174 | ||
Cartersville, GA, General Obligation, 2%, 10/01/2040 | 2,190,000 | 1,377,548 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 235,000 | 244,599 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 1,655,000 | 1,693,497 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 665,000 | 659,324 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 30,211 | 29,184 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 239,000 | 140,858 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 204,963 | 210,326 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 201,638 | 208,354 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 554,850 | 579,442 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 185,717 | 166,465 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 344,225 | 299,149 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 143,274 | 120,269 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 194,798 | 156,620 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 680,587 | 524,719 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2036 | 500,000 | 492,022 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2037 | 450,000 | 438,358 | ||
Durham County, NC, General Obligation Refunding, 4%, 6/01/2039 | 650,000 | 613,848 | ||
Forsyth, NC, General Obligation, “A”, 4%, 4/01/2034 | 5,100,000 | 5,149,549 | ||
Gaston County, NC, Rev., 5%, 4/01/2035 | 610,000 | 648,713 | ||
Granville County, NC, 5%, 10/01/2034 | 675,000 | 710,732 | ||
Granville County, NC, 5%, 10/01/2035 | 690,000 | 723,515 | ||
Howard County, MD, Metropolitan District Project, “B”, 3%, 8/15/2051 | 4,000,000 | 2,719,622 | ||
Lee County, NC, Limited Obligation, 3.25%, 5/01/2035 | 1,000,000 | 893,874 | ||
Lee County, NC, Limited Obligation, 4%, 5/01/2037 | 855,000 | 810,110 | ||
Randolph County, NC, 4%, 10/01/2037 | 1,045,000 | 979,391 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - General Purpose – continued | ||||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | $ | 375,000 | $391,231 | |
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 350,000 | 364,883 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 1,065,000 | 931,917 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 665,000 | 575,827 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 460,000 | 415,226 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 185,000 | 164,823 | ||
$25,068,216 | ||||
General Obligations - Schools – 0.3% | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | $ | 1,510,000 | $1,172,993 | |
Healthcare Revenue - Hospitals – 11.6% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 555,000 | $450,640 | |
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Atrium Health), “D”, 5%, 1/15/2049 (Put Date 12/01/2031) | 3,910,000 | 4,208,119 | ||
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2036 | 3,000,000 | 3,101,950 | ||
Charlotte-Mecklenburg, NC, Hospital Authority Health Care System Rev. (Carolinas Health Care System), “A”, 5%, 1/15/2040 | 3,000,000 | 3,014,039 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 2,480,000 | 2,109,234 | ||
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2036 (Prerefunded 10/01/2027) | 1,500,000 | 1,579,163 | ||
New Hanover County, NC, Hospital Rev. (New Hanover Regional Medical Center), 5%, 10/01/2047 (Prerefunded 10/01/2027) | 2,425,000 | 2,552,979 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 4,685,000 | 4,037,422 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052 | 5,000,000 | 4,356,704 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2032 | 600,000 | 627,583 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 5%, 7/01/2033 | 255,000 | 266,507 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 5,000,000 | 4,144,331 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2031 (Prerefunded 6/01/2025) | 2,800,000 | 2,856,725 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2033 (Prerefunded 6/01/2025) | 3,000,000 | 3,060,777 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Vidant Health), 5%, 6/01/2045 | 2,500,000 | 2,410,380 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Wake Forest Baptist Obligated Group), “A”, 5%, 12/01/2033 | 1,000,000 | 1,038,563 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 1,580,000 | 1,339,091 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 150,000 | 149,782 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2035 | 1,515,000 | 1,433,181 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2038 | 1,065,000 | 949,646 | ||
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2046 | 6,500,000 | 6,515,272 | ||
$50,202,088 | ||||
Healthcare Revenue - Long Term Care – 6.8% | ||||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community), 5%, 11/01/2037 | $ | 2,750,000 | $2,727,143 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 1,000,000 | 813,691 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 | 2,000,000 | 1,453,815 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 1,500,000 | 1,394,857 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2031 | 1,000,000 | 1,009,398 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), 5%, 10/01/2036 | 800,000 | 801,759 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 2,000,000 | 1,868,184 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052 | 3,000,000 | 2,140,518 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), 5%, 7/01/2045 | �� | 1,000,000 | 741,498 | |
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Aldersgate), “A”, 5%, 7/01/2047 | 1,000,000 | 727,186 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Carolina Village Project), “B”, 5%, 4/01/2047 | 2,000,000 | 1,584,537 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2033 | 180,000 | 165,397 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2034 | 185,000 | 168,125 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2041 | 830,000 | 666,476 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Forest at Duke Project), 4%, 9/01/2046 | 715,000 | 543,265 |
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%, 9/01/2051 | $ | 1,100,000 | $801,350 | |
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Friends Homes, Inc.), “A”, 4%, 9/01/2040 | 2,000,000 | 1,551,750 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Galloway Ridge), “A”, 5%, 1/01/2039 | 1,225,000 | 1,074,664 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Pennybyrn at Maryfield Project), “A”, 5%, 10/01/2050 | 1,500,000 | 1,213,790 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Salemtowne Project), 5.25%, 10/01/2037 | 1,500,000 | 1,330,642 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2049 | 2,000,000 | 1,608,159 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2031 | 800,000 | 775,402 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Southminster), 5%, 10/01/2037 | 2,200,000 | 1,989,769 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 1,500,000 | 1,515,432 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 5%, 10/01/2035 | 1,000,000 | 979,694 | ||
$29,646,501 | ||||
Human Services – 0.2% | ||||
North Carolina Capital Facilities Finance Agency Rev. (Arc of North Carolina Projects), “A”, 5%, 10/01/2034 | $ | 1,000,000 | $953,599 | |
Industrial Revenue - Other – 0.2% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 600,000 | $463,844 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 510,000 | 316,837 | ||
$780,681 | ||||
Miscellaneous Revenue - Other – 1.6% | ||||
Durham County, NC, Industrial Facilities & Pollution Control Financing Authority Rev. (Research Triangle Institute), 5%, 2/01/2025 | $ | 1,000,000 | $1,013,881 | |
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2041 | 1,000,000 | 1,060,287 | ||
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2042 | 1,000,000 | 1,055,332 | ||
Durham County, NC, Limited Obligation, “A”, 5%, 6/01/2043 | 875,000 | 921,525 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 190,000 | 190,724 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,130,000 | 1,043,944 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 1,690,000 | 1,627,840 | ||
$6,913,533 | ||||
Multi-Family Housing Revenue – 0.7% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 1,313,147 | $1,215,955 | |
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 675,000 | 679,930 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 1,070,000 | 1,075,063 | ||
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026) | 240,000 | 244,807 | ||
$3,215,755 | ||||
Sales & Excise Tax Revenue – 2.7% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 25,000 | $24,925 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 35,000 | 34,772 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 350,000 | 283,250 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 1,295,000 | 1,276,321 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 105,000 | 96,608 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 336,000 | 297,045 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,212,000 | 2,905,522 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 635,000 | 568,746 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 348,000 | 311,691 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 9,000 | 7,677 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 154,000 | 134,418 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 7,000 | 6,776 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 174,000 | 148,159 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 31,000 | 24,104 |
Issuer | Shares/Par | Value ($) | ||
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 | $ | 1,584,000 | $1,122,149 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,515,000 | 970,736 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 9,954,000 | 2,566,024 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 880,000 | 672,100 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 485,000 | 370,419 | ||
$11,821,442 | ||||
Secondary Schools – 0.1% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 430,000 | $346,436 | |
Single Family Housing - State – 7.5% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 780,000 | $768,289 | |
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 3%, 7/01/2051 | 2,295,000 | 2,168,859 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “41”, FNMA, 3.55%, 7/01/2044 | 1,290,000 | 1,135,264 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “43”, GNMA, 2.95%, 7/01/2043 | 2,740,000 | 1,992,713 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050 | 3,670,000 | 3,577,501 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “48”, 3.75%, 7/01/2052 | 3,395,000 | 3,262,568 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, 4.875%, 7/01/2042 | 1,200,000 | 1,185,224 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 5%, 7/01/2047 | 4,990,000 | 4,917,291 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “49”, GNMA, 6%, 7/01/2053 | 1,495,000 | 1,561,200 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “50”, GNMA, 5.5%, 1/01/2054 | 5,000,000 | 5,149,744 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 4.5%, 1/01/2048 | 3,000,000 | 2,719,694 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “51”, 5.75%, 1/01/2054 | 4,000,000 | 4,158,553 | ||
$32,596,900 | ||||
State & Local Agencies – 16.7% | ||||
Buncombe County, NC, Limited Obligation, 4%, 6/01/2034 | $ | 1,700,000 | $1,690,483 | |
Buncombe County, NC, Limited Obligation, 4%, 6/01/2035 | 1,465,000 | 1,446,369 | ||
Cabarrus County, NC, Limited Obligation, 4%, 6/01/2034 | 1,000,000 | 981,667 | ||
Charlotte, NC, Convention Facility Projects, COP, “A”, 4%, 6/01/2049 | 2,500,000 | 2,210,774 | ||
Charlotte, NC, COP, 5%, 12/01/2034 | 1,000,000 | 1,061,430 | ||
Charlotte, NC, COP, 5%, 12/01/2035 | 2,000,000 | 2,113,053 | ||
Charlotte, NC, COP, 3%, 6/01/2048 | 4,425,000 | 3,075,481 | ||
Charlotte, NC, COP (Government Facilities), “G”, VRDN, 3.15%, 5/31/2033 | 4,600,000 | 4,600,000 | ||
Charlotte, NC, Cultural Arts Facilities, COP, “B”, 4%, 6/01/2039 | 2,250,000 | 2,146,564 | ||
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 4%, 6/01/2038 | 4,500,000 | 4,274,038 | ||
Charlotte, NC, NASCAR Hall of Fame Public Facilities, COP, “C”, 3%, 6/01/2039 | 3,000,000 | 2,362,478 | ||
Charlotte, NC, Refunding COP (Transit Projects Phase II), “B”, 5%, 6/01/2026 | 1,250,000 | 1,273,054 | ||
Chatham County, NC, Limited Obligation, 4%, 11/01/2037 | 1,750,000 | 1,692,607 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2034 | 2,000,000 | 1,986,722 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2035 | 1,240,000 | 1,220,301 | ||
Durham County, NC, Financing Corp. Limited Obligation, 4%, 10/01/2036 | 1,375,000 | 1,340,997 | ||
Durham County, NC, Limited Obligation, 4%, 4/01/2035 | 1,270,000 | 1,255,875 | ||
Durham County, NC, Limited Obligation, 4%, 4/01/2037 | 3,000,000 | 2,915,076 | ||
Durham County, NC, Limited Obligation, 4.5%, 10/01/2042 (w) | 2,400,000 | 2,371,752 | ||
Durham County, NC, Limited Obligation, 4.5%, 10/01/2043 (w) | 2,000,000 | 1,968,840 | ||
Mecklenburg County, NC, School General Obligation, 5%, 9/01/2024 | 1,250,000 | 1,263,867 | ||
Mooresville, NC, Limited Obligation, “A”, 3%, 10/01/2036 | 350,000 | 291,175 | ||
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2038 | 1,250,000 | 1,326,273 | ||
North Carolina Turnpike Authority Refunding Rev., (Monroe Expressway System), 5%, 7/01/2041 | 1,795,000 | 1,885,049 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Refunding Rev., “A”, 4%, 1/01/2034 | 2,555,000 | 2,543,891 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2043 | 3,500,000 | 1,320,393 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2046 | 2,035,000 | 639,976 | ||
Onslow County, NC, Limited Obligation, 4%, 12/01/2040 | 500,000 | 466,048 | ||
Onslow County, NC, Limited Obligation, 4%, 12/01/2041 | 1,035,000 | 955,983 | ||
Onslow County, NC, Limited Obligation, 4%, 12/01/2042 | 500,000 | 456,647 | ||
Onslow County, NC, Limited Obligation, 4%, 12/01/2043 | 425,000 | 386,925 |
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 | $ | 2,530,000 | $2,594,466 | |
Raleigh, NC, COP (Downtown Improvement Projects), “B-1”, VRDN, 3.05%, 1/31/2034 | 1,100,000 | 1,100,000 | ||
Scotland County, NC, Limited Obligation, 5%, 12/01/2033 | 210,000 | 219,206 | ||
Scotland County, NC, Limited Obligation, 5%, 12/01/2034 | 1,000,000 | 1,043,265 | ||
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2033 | 2,500,000 | 2,757,724 | ||
State of North Carolina, Limited Obligation, “A”, 5%, 5/01/2034 | 2,500,000 | 2,753,908 | ||
Wake County, NC, Limited Obligation, “A”, 4%, 8/01/2037 | 3,000,000 | 2,908,584 | ||
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2040 | 1,825,000 | 1,943,879 | ||
Wake County, NC, Limited Obligation, “A”, 5%, 4/01/2041 | 1,625,000 | 1,721,678 | ||
Wake County, NC, Limited Obligation, “B”, 5%, 4/01/2041 | 1,765,000 | 1,870,008 | ||
$72,436,506 | ||||
Student Loan Revenue – 1.2% | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 2,305,000 | $2,180,387 | |
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2027 | 550,000 | 563,231 | ||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2028 | 1,000,000 | 1,030,384 | ||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 5%, 6/01/2029 | 700,000 | 723,968 | ||
North Carolina Education Assistance Authority, Tax-Exempt Student Loan Rev., “A”, 3.125%, 6/01/2039 | 720,000 | 664,915 | ||
$5,162,885 | ||||
Tax - Other – 1.1% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 285,000 | $281,322 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 670,000 | 701,420 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 3,715,000 | 3,324,448 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 305,000 | 271,379 | ||
$4,578,569 | ||||
Tax Assessment – 0.2% | ||||
Mooresville, NC, Special Assessment Rev., 5.375%, 3/01/2040 (n) | $ | 1,000,000 | $877,718 | |
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 1,455,000 | $1,229,007 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 1,030,000 | 887,252 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 1,565,000 | 1,419,539 | ||
$3,535,798 | ||||
Toll Roads – 3.4% | ||||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | $ | 2,000,000 | $1,955,889 | |
North Carolina Turnpike Authority, Triangle Expressway System Rev., 5%, 1/01/2040 | 2,000,000 | 2,021,679 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2038 | 3,000,000 | 3,057,602 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 1,975,000 | 2,042,480 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., 5%, 1/01/2032 | 1,150,000 | 1,178,978 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2039 | 2,600,000 | 2,623,877 | ||
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 | 435,826 | ||
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 | 350,560 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 1,505,000 | 1,083,475 | ||
$14,750,366 | ||||
Transportation - Special Tax – 1.6% | ||||
Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), “E”, 4%, 11/15/2045 | $ | 2,605,000 | $2,204,443 | |
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 260,000 | 266,721 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 250,000 | 263,405 | ||
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2034 | 2,000,000 | 2,011,826 | ||
North Carolina Department of State Treasurer, Grant Anticipation Rev., 4%, 3/01/2035 | 2,000,000 | 1,997,287 | ||
$6,743,682 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – 14.1% | ||||
Appalachian State University, Millennial Campus Rev. (End Zone Project), 5%, 5/01/2044 | $ | 3,000,000 | $3,048,923 | |
Elizabeth City, NC, State University General Rev., AGM, 5%, 4/01/2040 | 3,155,000 | 3,184,981 | ||
North Carolina Agricultural & Technical University Rev., “A”, 5%, 10/01/2035 | 3,075,000 | 3,103,839 | ||
North Carolina Capital Facilities Finance Agency Refunding Rev. (Duke University), “B”, 5%, 10/01/2044 | 4,955,000 | 5,042,568 | ||
North Carolina Capital Facilities Finance Agency Rev. (Duke University), “B”, ETM, 5%, 10/01/2055 (Prerefunded 10/01/2025) | 1,120,000 | 1,146,605 | ||
North Carolina Capital Facilities Finance Agency, Educational Facilities Rev. (Meredith College), 4%, 6/01/2034 | 1,370,000 | 1,294,115 | ||
North Carolina Central University Rev., 5%, 4/01/2044 | 3,265,000 | 3,192,454 | ||
North Carolina State University, Raleigh General Refunding Rev., 5%, 10/01/2023 | 1,200,000 | 1,200,000 | ||
North Carolina State University, Raleigh General Rev., “A”, 5%, 10/01/2035 | 1,180,000 | 1,262,237 | ||
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 | 115,086 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 140,000 | 140,271 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 735,000 | 722,881 | ||
University of North Carolina Board of Governors Rev., 4%, 4/01/2049 | 5,000,000 | 4,024,460 | ||
University of North Carolina, Ashville, Rev., 4%, 6/01/2039 | 1,450,000 | 1,326,145 | ||
University of North Carolina, Charlotte, Rev., 5%, 4/01/2043 (Prerefunded 4/01/2024) | 1,715,000 | 1,724,447 | ||
University of North Carolina, Charlotte, Rev., “A”, 5%, 10/01/2038 | 1,110,000 | 1,152,889 | ||
University of North Carolina, Charlotte, Rev., “A”, 4%, 10/01/2045 | 4,415,000 | 3,923,792 | ||
University of North Carolina, Greensboro, Refunding Rev., 4%, 4/01/2036 | 1,750,000 | 1,673,814 | ||
University of North Carolina, Greensboro, Rev., 4%, 4/01/2034 | 1,000,000 | 982,363 | ||
University of North Carolina, Greensboro, Rev., 4%, 4/01/2035 | 1,000,000 | 973,235 | ||
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 2,000,000 | 2,007,607 | ||
University of North Carolina, School of Art General Rev., 4%, 2/01/2040 | 1,000,000 | 896,640 | ||
University of North Carolina, School of Art General Rev., 4%, 2/01/2045 | 2,825,000 | 2,415,508 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 5%, 6/01/2028 | 3,045,000 | 3,096,111 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2032 | 500,000 | 491,348 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2033 | 400,000 | 386,124 | ||
University of North Carolina, Wilmington, Limited Obligation (Student Housing Projects), 4%, 6/01/2034 | 500,000 | 477,158 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 195,000 | 190,476 | ||
Western Carolina University, NC, General Obligation Rev., 5%, 10/01/2043 | 3,700,000 | 3,766,911 | ||
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2032 | 2,420,000 | 2,564,297 | ||
Western Carolina University, NC, General Rev., “B”, 5%, 4/01/2034 | 1,300,000 | 1,377,171 | ||
Winston-Salem State University, NC, General Rev., AGM, 5%, 10/01/2042 | 2,470,000 | 2,540,715 | ||
Winston-Salem State University, NC, Student Housing Project Rev., 5%, 6/01/2029 | 1,550,000 | 1,553,495 | ||
$60,998,666 | ||||
Utilities - Municipal Owned – 0.6% | ||||
Greenville, NC, Utilities Commission Combined Enterprise System Rev., 5%, 8/01/2044 | $ | 300,000 | $309,867 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 440,000 | 110,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 720,000 | 180,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 525,000 | 519,224 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 425,000 | 419,936 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 50,000 | 49,310 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 1,125,000 | 281,250 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 175,000 | 43,750 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 85,000 | 21,250 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 415,000 | 103,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 195,000 | 48,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 190,000 | 47,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 35,000 | 8,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 585,000 | 146,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 35,000 | 8,750 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 80,000 | 20,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 265,000 | 66,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 305,000 | 76,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 95,000 | 23,750 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | $ | 300,000 | $75,000 | |
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 240,000 | 60,000 | ||
$2,639,587 | ||||
Utilities - Other – 3.4% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 1,090,000 | $1,018,081 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 1,295,000 | 1,221,025 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 2,580,000 | 2,618,073 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 2,535,000 | 2,529,021 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 2,320,000 | 2,335,056 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,445,000 | 1,467,624 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 1,290,000 | 1,293,631 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 2,250,000 | 2,244,770 | ||
$14,727,281 | ||||
Water & Sewer Utility Revenue – 8.1% | ||||
Cape Fear Public Utility Authority, Water & Sewer System Rev., 5%, 6/01/2040 (Prerefunded 6/01/2024) | $ | 1,250,000 | $1,259,365 | |
Clayton, NC, Water & Sewer System Rev., 5%, 8/01/2045 | 2,500,000 | 2,587,053 | ||
Clayton, NC, Water & Sewer System Rev., 4%, 8/01/2047 | 2,500,000 | 2,238,718 | ||
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2047 | 1,000,000 | 1,064,935 | ||
Greensboro, NC, Enterprise System Rev., 5.25%, 6/01/2048 | 3,990,000 | 4,242,813 | ||
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2039 | 380,000 | 358,498 | ||
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4%, 12/01/2041 | 300,000 | 279,160 | ||
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 4.125%, 12/01/2043 | 510,000 | 472,852 | ||
Greenville, NC, Utilities Commission, Combined Enterprise System Rev., 5%, 12/01/2046 | 525,000 | 546,953 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 220,000 | 220,013 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 380,000 | 379,806 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 480,000 | 472,810 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,325,000 | 1,273,679 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 1,000,000 | 942,474 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 605,000 | 560,679 | ||
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2048 | 4,000,000 | 3,562,693 | ||
Johnston County, NC, Water & Sewer System Rev., 4%, 4/01/2053 | 5,000,000 | 4,370,926 | ||
Lincoln County, NC, Enterprise System Rev., 3%, 8/01/2034 | 175,000 | 152,767 | ||
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 | 95,542 | ||
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 | 115,254 | ||
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 | 60,285 | ||
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 | 140,380 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2025 | 2,010,000 | 2,043,902 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2028 | 500,000 | 519,560 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2029 | 1,400,000 | 1,421,517 | ||
Oak Island, NC, Enterprise System Rev., AGM, 5%, 6/01/2031 | 1,600,000 | 1,624,391 | ||
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058 (w) | 1,360,000 | 1,398,125 | ||
Union County, NC, Enterprise System Rev., 3%, 6/01/2046 | 2,500,000 | 1,769,415 | ||
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2034 | 700,000 | 694,288 | ||
Winston-Salem, NC, Water & Sewer Systems Rev., 4%, 6/01/2035 | 500,000 | 492,278 | ||
$35,361,131 | ||||
Total Municipal Bonds (Identified Cost, $464,521,719) | $424,130,061 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 786,000 | $707,746 |
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Consumer Services – continued | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | $ | 1,607,340 | $528,390 | |
Total Bonds (Identified Cost, $1,350,863) | $1,236,136 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $521,716) | $ | 879,323 | $456,149 | |
Investment Companies (h) – 1.0% | ||||
Money Market Funds – 1.0% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $4,492,433) | 4,491,916 | $4,492,814 | ||
Other Assets, Less Liabilities – 0.8% | 3,571,253 | |||
Net Assets – 100.0% | $433,886,413 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.4% | ||||
Airport Revenue – 1.7% | ||||
Philadelphia, PA, Airport Refunding Rev., 5%, 7/01/2029 | $ | 1,590,000 | $1,640,173 | |
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 | 750,000 | 762,291 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 55,000 | 54,263 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 65,000 | 64,996 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 45,000 | 44,902 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 80,000 | 78,827 | ||
$2,645,452 | ||||
General Obligations - General Purpose – 6.6% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 350,000 | $302,146 | |
Bucks County, PA, Northampton Township, General Obligation, 4%, 5/15/2043 | 1,000,000 | 888,334 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 220,000 | 221,711 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 600,000 | 613,957 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 9,939 | 9,601 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 78,634 | 46,344 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 67,435 | 69,199 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 66,341 | 68,551 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 245,437 | 256,315 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 61,103 | 54,769 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 116,918 | 101,608 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 47,139 | 39,570 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 64,091 | 51,530 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 234,653 | 180,913 | ||
Lancaster, PA, General Obligation, BAM, 5%, 11/01/2034 | 1,890,000 | 2,023,088 | ||
Penn Hills, PA, Capital Appreciation, “D”, 0%, 12/01/2032 | 595,000 | 384,915 | ||
Philadelphia, PA, “B”, 5%, 2/01/2035 | 1,000,000 | 1,050,401 | ||
Philadelphia, PA, Energy Authority City Service Agreement Rev. (Philadelphia Street Lighting Project), “A”, 5%, 11/01/2042 | 1,000,000 | 1,018,524 | ||
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2030 | 1,000,000 | 1,056,590 | ||
Reading, Berks County, PA, General Obligation, BAM, 5%, 11/01/2031 | 1,000,000 | 1,057,251 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 125,000 | 130,410 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 119,890 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 130,000 | 134,863 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 165,000 | 148,940 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 65,000 | 57,911 | ||
$10,087,331 | ||||
General Obligations - Schools – 8.7% | ||||
Beaver County, PA, Aliquippa School District, General Obligation, BAM, 4%, 12/01/2041 | $ | 1,000,000 | $910,224 | |
Berks County, PA, Reading School District, AGM, 5%, 3/01/2038 | 1,000,000 | 1,016,474 | ||
Coatesville, PA, Area School District, General Obligation, AGM, 5%, 8/01/2024 | 970,000 | 978,315 | ||
Conneaut, PA, School District, Capital Appreciation, “B”, AGM, 0%, 11/01/2031 | 1,150,000 | 797,108 | ||
Erie, PA, City School District General Obligation, “A”, AGM, 4%, 4/01/2033 | 1,150,000 | 1,139,931 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 4%, 4/15/2054 | 765,000 | 647,595 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 1,500,000 | 1,486,053 | ||
Montgomery County, PA, Springfield Township School District, General Obligation, 4%, 11/15/2037 | 1,500,000 | 1,423,535 | ||
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 (Prerefunded 9/01/2026) | 5,000 | 5,184 | ||
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 | 1,495,000 | 1,494,855 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2044 | 1,500,000 | 1,508,230 | ||
Scranton, PA, School District, “E”, BAM, 5%, 12/01/2034 | 1,000,000 | 1,033,624 | ||
Upper St. Clair Township, PA, School District General Obligation, “B”, 3.625%, 10/01/2039 | 1,000,000 | 836,811 | ||
$13,277,939 | ||||
Healthcare Revenue - Hospitals – 17.3% | ||||
Allegheny County, PA, Mt. Lebanon Hospital Authority Rev. (St. Clair Memorial Hospital), 5%, 7/01/2038 | $ | 1,000,000 | $1,009,532 | |
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 4%, 11/01/2038 | 500,000 | 284,999 | ||
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2040 | 1,600,000 | 912,537 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 1,000,000 | 843,760 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 (Prerefunded 12/01/2028) | $ | 665,000 | $714,430 | |
Bucks County, PA, St. Mary Hospital Authority Refunding Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 335,000 | 326,299 | ||
Centre County, PA, Hospital Authority Rev. (Mount Nittany Medical Center), 5%, 11/15/2041 (Prerefunded 11/15/2025) | 850,000 | 870,635 | ||
Chester County, PA, Health & Education Facilities Authority Health System Rev. (Main Line Health System), “A”, 5%, 10/01/2052 | 1,750,000 | 1,748,125 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 6/30/2049 (Prerefunded 7/01/2029) | 100,000 | 107,354 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | 900,000 | 732,234 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2039 | 500,000 | 490,574 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2040 | 1,000,000 | 976,896 | ||
DuBois, PA, Hospital Authority Rev. (Penn Highlands Healthcare), 5%, 7/15/2043 | 1,000,000 | 970,253 | ||
Fulton County, PA, Industrial Development Authority Hospital Rev. (Medical Center Project), 5%, 7/01/2040 | 500,000 | 427,180 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 900,000 | 765,448 | ||
Lancaster County, PA, Hospital Authority Rev. (University of Pennsylvania Health System), “A”, 5%, 8/15/2036 | 1,000,000 | 1,024,823 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2039 | 1,000,000 | 878,869 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2042 | 2,000,000 | 1,758,791 | ||
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039 | 1,000,000 | 928,151 | ||
Montour County, PA, Geisinger Authority Health System Rev., “A-1”, 5%, 2/15/2045 | 1,000,000 | 987,493 | ||
Northampton County, PA, General Purpose Authority Hospital Rev. (St. Luke's Hospital), “A”, 5%, 8/15/2048 | 500,000 | 475,382 | ||
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053 | 1,000,000 | 817,956 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (University of Pennsylvania Health System), “A”, VRDN, 3.16%, 12/31/2037 | 2,000,000 | 2,000,000 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2036 | 1,000,000 | 1,009,400 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 1,000,000 | 988,151 | ||
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), “A”, 5%, 7/01/2034 | 500,000 | 498,427 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 (Prerefunded 3/01/2024) | 810,000 | 812,787 | ||
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), 4%, 6/01/2044 | 1,000,000 | 874,443 | ||
Southcentral, PA, General Authority Rev. (WellSpan Health Obligated Group), “A”, 5%, 6/01/2044 (Prerefunded 6/01/2024) | 1,000,000 | 1,006,515 | ||
Westmoreland County, PA, Industrial Development Authority, Health System Rev. (Excela Health Project), “A”, 4%, 7/01/2037 | 1,400,000 | 1,188,024 | ||
$26,429,468 | ||||
Healthcare Revenue - Long Term Care – 4.1% | ||||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | $ | 500,000 | $391,394 | |
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039 | 140,000 | 132,550 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029) | 95,000 | 101,221 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, ETM, 5%, 1/01/2039 (Prerefunded 1/01/2029) | 765,000 | 815,099 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Willow Valley Communities Project), 5%, 12/01/2039 | 750,000 | 736,970 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Landis Homes Retirement Community Project), “A”, 5%, 7/01/2045 | 500,000 | 427,240 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2035 | 500,000 | 500,646 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2036 | 260,000 | 258,484 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2037 | 250,000 | 244,969 | ||
Lancaster County, PA, Hospital Authority Rev. (Brethren Village Project), 5.125%, 7/01/2037 | 500,000 | 441,409 | ||
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2040 | 500,000 | 409,216 | ||
Lancaster County, PA, Hospital Authority Rev. (Saint Anne's Retirement Community, Inc. Project), 5%, 3/01/2045 | 500,000 | 387,560 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 400,000 | 325,216 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 | 750,000 | 710,458 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 500,000 | 377,768 | ||
$6,260,200 | ||||
Industrial Revenue - Environmental Services – 1.8% | ||||
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | $ | 225,000 | $249,581 | |
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.7%, 12/01/2044 (Put Date 12/01/2023) | 500,000 | 496,268 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.125%, 8/01/2045 (Put Date 11/01/2023) | 1,000,000 | 999,487 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Environmental Services – continued | ||||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A-2”, 4.6%, 10/01/2046 (Put Date 10/01/2026) | $ | 1,000,000 | $999,679 | |
$2,745,015 | ||||
Industrial Revenue - Other – 0.7% | ||||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Procter & Gamble), 5.375%, 3/01/2031 | $ | 1,000,000 | $1,078,227 | |
Miscellaneous Revenue - Other – 1.5% | ||||
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | $ | 945,000 | $939,227 | |
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 65,000 | 65,248 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 395,000 | 364,918 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2034 | 970,000 | 969,184 | ||
$2,338,577 | ||||
Multi-Family Housing Revenue – 1.9% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 461,825 | $427,643 | |
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 225,000 | 226,643 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 355,000 | 356,680 | ||
Pennsylvania Housing Finance Agency, Special Limited Obligation, Multi-Family Housing Development Rev. (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 | 938,181 | 861,362 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 | 1,250,000 | 1,085,239 | ||
$2,957,567 | ||||
Port Revenue – 0.1% | ||||
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 300,000 | $198,197 | |
Sales & Excise Tax Revenue – 2.4% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 10,000 | $9,970 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 9,935 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 120,000 | 97,114 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 35,000 | 32,203 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 124,000 | 109,624 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 1,188,000 | 1,074,645 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 243,000 | 217,646 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 116,000 | 103,897 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 853 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 364,000 | 317,715 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 2,000 | 1,936 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 55,000 | 46,832 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 9,000 | 6,998 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 524,000 | 371,216 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 509,000 | 326,142 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 2,148,000 | 553,729 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 195,000 | 148,931 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 205,000 | 156,569 | ||
$3,585,955 | ||||
Secondary Schools – 2.0% | ||||
Bucks County, PA, Industrial Development Authority Rev. (School Lane Charter School Project), “A”, 5.125%, 3/15/2046 | $ | 500,000 | $451,609 | |
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047 | 500,000 | 437,034 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Tacony Academy School Project), 5.5%, 6/15/2043 (n) | 500,000 | 470,187 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (A String Theory Charter School Project), 5%, 6/15/2040 (n) | 900,000 | 835,380 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 450,000 | 452,738 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Secondary Schools – continued | ||||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Community Charter School II Project), 5%, 8/01/2050 | $ | 500,000 | $433,582 | |
$3,080,530 | ||||
Single Family Housing - State – 6.4% | ||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 3.65%, 10/01/2032 | $ | 1,000,000 | $906,481 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 1,585,000 | 1,520,662 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.6%, 10/01/2043 | 1,000,000 | 950,963 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 4.7%, 10/01/2046 | 1,000,000 | 945,053 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 4/01/2025 | 500,000 | 502,854 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2025 | 300,000 | 302,474 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134B”, 5%, 10/01/2026 | 1,545,000 | 1,568,414 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 1,490,000 | 1,542,234 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 | 1,500,000 | 1,542,108 | ||
$9,781,243 | ||||
State & Local Agencies – 2.3% | ||||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | $ | 1,255,000 | $1,286,978 | |
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2037 | 250,000 | 256,717 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Rebuild Project), 5%, 5/01/2038 | 1,000,000 | 1,020,737 | ||
Philadelphia, PA, Redevelopment Authority City Agreement Rev., “A”, 5%, 4/15/2028 | 1,000,000 | 1,014,121 | ||
$3,578,553 | ||||
Student Loan Revenue – 3.5% | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 820,000 | $775,669 | |
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2029 | 325,000 | 330,897 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 | 400,000 | 408,238 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 925,000 | 739,869 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 1,835,000 | 1,738,361 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044 | 1,000,000 | 907,141 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “B”, 5%, 6/01/2050 | 500,000 | 444,019 | ||
$5,344,194 | ||||
Tax - Other – 2.9% | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 | $ | 1,000,000 | $929,738 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.375%, 5/01/2042 (n) | 300,000 | 289,207 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 500,000 | 466,701 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 105,000 | 103,645 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 285,000 | 298,365 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 58,569 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 185,000 | 162,230 | ||
Lancaster County, PA, Convention Center Authority Hotel Room Rental Tax Rev., “B”, 4%, 5/01/2049 | 500,000 | 430,076 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 1,320,000 | 1,181,231 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 | 500,000 | 443,931 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 105,000 | 93,425 | ||
$4,457,118 | ||||
Tax Assessment – 0.3% | ||||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | $ | 500,000 | $470,287 | |
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 540,000 | $456,126 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 300,000 | 258,423 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 550,000 | 498,880 | ||
$1,213,429 | ||||
Toll Roads – 1.8% | ||||
Delaware River Port Authority Rev., 5%, 1/01/2029 (Prerefunded 1/01/2024) | $ | 1,145,000 | $1,147,345 | |
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 1,500,000 | 1,295,672 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Toll Roads – continued | ||||
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 | $140,266 | |
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 | 110,176 | ||
$2,693,459 | ||||
Transportation - Special Tax – 1.5% | ||||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 85,000 | $87,197 | |
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 90,000 | 94,826 | ||
Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 | 2,000,000 | 2,089,830 | ||
$2,271,853 | ||||
Universities - Colleges – 14.7% | ||||
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 5%, 3/01/2032 (Prerefunded 3/01/2025) | $ | 500,000 | $507,831 | |
Allegheny County, PA, Higher Education Building Authority Rev. (Duquesne University), “A”, 4%, 3/01/2041 | 2,000,000 | 1,766,976 | ||
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048 | 1,500,000 | 1,019,977 | ||
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2036 | 300,000 | 259,983 | ||
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), 4%, 5/01/2041 | 920,000 | 730,949 | ||
Indiana County, PA, Industrial Development Authority Refunding Rev. (Foundation for Indiana University of Pennsylvania Project), BAM, 4%, 5/01/2054 | 2,750,000 | 2,310,692 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | 95,000 | 61,785 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Germantown Academy Project), “A”, 4%, 10/01/2046 | 625,000 | 460,850 | ||
Northampton County, PA, General Purpose Authority College Rev. (Lafayette College), 4%, 11/01/2038 | 1,000,000 | 932,491 | ||
Northampton County, PA, General Purpose University Authority Rev. (Lehigh University), “B”, VRDN, 4.02%, 12/01/2030 | 2,000,000 | 2,000,000 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 1,000,000 | 836,021 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 5%, 5/01/2046 | 1,750,000 | 1,774,852 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 4%, 3/01/2037 | 750,000 | 697,996 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 | 750,000 | 754,535 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Widener University), “A”, 4%, 7/15/2051 | 1,250,000 | 919,873 | ||
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5%, 10/01/2038 | 1,200,000 | 1,216,352 | ||
Pennsylvania Public School Building Authority, College Rev. (Montgomery County Community College), 5%, 5/01/2033 | 1,000,000 | 1,009,480 | ||
Pennsylvania State University, Tax-Exempt, “A”, 5.25%, 9/01/2052 | 3,000,000 | 3,124,195 | ||
Philadelphia, PA, Authority for Industrial Development University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060 | 1,000,000 | 1,015,190 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 25,000 | 25,022 | ||
Wilkes-Barre, PA, Finance Authority Rev. (University of Scranton), “A”, 5%, 11/01/2026 | 1,000,000 | 1,015,008 | ||
$22,440,058 | ||||
Universities - Dormitories – 0.7% | ||||
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 | $1,007,090 | |
Utilities - Municipal Owned – 0.8% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 95,000 | $95,229 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 105,000 | 103,873 | ||
Philadelphia, PA, Gas Works Rev., 5%, 8/01/2031 | 500,000 | 501,648 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 150,000 | 37,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 245,000 | 61,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 14,793 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 390,000 | 97,500 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 55,000 | 13,750 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%,���7/01/2027 (a)(d) | 140,000 | 35,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 200,000 | 50,000 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | $ | 30,000 | $7,500 | |
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 105,000 | 26,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 23,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 20,000 | ||
$1,170,543 | ||||
Utilities - Other – 3.2% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | $ | 475,000 | $447,867 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 935,000 | 948,798 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 925,000 | 922,818 | ||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038 | 280,000 | 316,740 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 845,000 | 850,484 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 520,000 | 528,141 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 825,000 | 823,082 | ||
$4,837,930 | ||||
Water & Sewer Utility Revenue – 9.7% | ||||
Allegheny County, PA, Sanitation Authority Sewer Rev., 5%, 6/01/2053 | $ | 1,000,000 | $1,010,204 | |
Allegheny County, PA, Sanitation Authority Sewer Rev., BAM, 5%, 12/01/2030 | 500,000 | 508,932 | ||
Bucks County, PA, Water & Sewer Authority Sewer System Rev. “A”, AGM, 4.25%, 12/01/2047 | 2,000,000 | 1,837,707 | ||
Canonsburg-Houston, PA, Joint Authority Sewer Rev., “A”, 5%, 12/01/2040 | 1,000,000 | 1,013,425 | ||
Clairton, PA, Municipal Authority Sewer Rev., “B”, 5%, 12/01/2042 | 500,000 | 478,367 | ||
Erie, PA, Water Authority Rev., “A”, AGM, 5%, 12/01/2043 | 1,000,000 | 1,022,383 | ||
Erie, PA, Water Authority Rev., “A”, AGM, 4%, 12/01/2050 | 995,000 | 844,053 | ||
Erie, PA, Water Authority Rev., “D”, BAM, 4%, 12/01/2041 | 1,500,000 | 1,351,370 | ||
Florida Capital Region Water Sewer System Rev., 5%, 7/15/2042 | 1,000,000 | 1,007,149 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 205,000 | 189,982 | ||
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2037 | 1,000,000 | 1,025,560 | ||
Philadelphia, PA, Water & Wastewater Rev., “A”, 5%, 10/01/2038 | 1,000,000 | 1,020,670 | ||
Philadelphia, PA, Water & Wastewater Rev., “B”, AGM, 5.5%, 9/01/2053 | 1,000,000 | 1,059,040 | ||
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 5%, 9/01/2048 | 1,000,000 | 1,028,077 | ||
Pittsburgh, PA, Water & Sewer System Authority Subordinate Refunding Rev., “B”, AGM, 4%, 9/01/2034 | 1,500,000 | 1,442,244 | ||
$14,839,163 | ||||
Total Municipal Bonds (Identified Cost, $163,217,192) | $148,789,378 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 270,000 | $243,119 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 472,747 | 155,409 | ||
Total Bonds (Identified Cost, $434,586) | $398,528 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $171,651) | $ | 289,308 | $150,079 | |
Investment Companies (h) – 1.6% | ||||
Money Market Funds – 1.6% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $2,422,879) | 2,422,905 | $2,423,389 | ||
Other Assets, Less Liabilities – 0.6% | 984,264 | |||
Net Assets – 100.0% | $152,745,638 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.3% | ||||
Airport Revenue – 3.3% | ||||
Charleston County, SC, Airport District Rev., 5%, 7/01/2038 | $ | 750,000 | $768,653 | |
Charleston County, SC, Airport District Rev., 5%, 7/01/2039 | 450,000 | 459,896 | ||
Charleston County, SC, Airport District Rev., 5%, 7/01/2043 | 1,250,000 | 1,261,066 | ||
Charleston County, SC, Airport District Rev., 5%, 7/01/2048 | 1,500,000 | 1,500,417 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 160,000 | 139,456 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 150,000 | 127,273 | ||
Horry County, SC, Airport Refunding Rev., 4%, 7/01/2040 | 2,070,000 | 1,923,124 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 90,000 | 88,794 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 10,000 | 9,999 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 75,000 | 74,837 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 120,000 | 118,240 | ||
$6,471,755 | ||||
General Obligations - General Purpose – 4.5% | ||||
Berkeley County, SC, General Obligation, 5%, 3/01/2033 | $ | 2,000,000 | $2,202,813 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 475,000 | 410,056 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 325,000 | 327,528 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 785,000 | 803,260 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 14,669 | 14,170 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 116,044 | 68,392 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 99,518 | 102,122 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 97,904 | 101,165 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 330,093 | 344,723 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 90,173 | 80,825 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 170,651 | 148,305 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 69,565 | 58,395 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 94,583 | 76,046 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 349,365 | 269,354 | ||
Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052 | 2,000,000 | 1,828,819 | ||
Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039 | 725,000 | 570,616 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 190,000 | 198,224 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 175,000 | 182,441 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 165,000 | 171,172 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 495,000 | 433,144 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 310,000 | 268,431 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 210,000 | 189,560 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 85,000 | 75,730 | ||
$8,925,291 | ||||
General Obligations - Schools – 7.9% | ||||
Aiken County, SC, Consolidated School District Special Obligation, 4%, 6/01/2035 | $ | 275,000 | $271,503 | |
Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041 | 1,400,000 | 1,134,035 | ||
Beaufort County, SC, School District General Obligation (Credit Enhancement Program), “B”, 5%, 2/29/2024 | 2,000,000 | 2,008,349 | ||
Beaufort County, SC, School District, General Obligation , “C”, SCSDE, 4%, 3/01/2035 | 3,000,000 | 3,007,558 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 770,000 | 598,149 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 1,925,000 | 1,310,221 | ||
Spartanburg County, SC, School District No. 4, General Obligation, “A”, SCSDE, 5%, 3/01/2047 | 2,000,000 | 2,063,418 | ||
Spartanburg County, SC, School District No. 4, General Obligation, “A”, SCSDE, 5.25%, 3/01/2052 | 3,000,000 | 3,131,024 | ||
Spartanburg County, SC, School District No. 7, General Obligation, “B”, SCSDE, 5%, 3/01/2048 | 2,000,000 | 2,041,427 | ||
$15,565,684 | ||||
Healthcare Revenue - Hospitals – 12.7% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 255,000 | $207,051 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 50,000 | 40,273 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | 30,000 | 21,385 | ||
Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036 | 1,975,000 | 1,846,465 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 1,290,000 | 1,097,142 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031 | $ | 1,000,000 | $962,288 | |
Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2032 | 1,000,000 | 956,246 | ||
Lexington County, SC, Health Services District, Inc., Hospital Rev., 5%, 11/01/2035 | 1,000,000 | 1,007,574 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 1,405,000 | 1,210,796 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | 1,580,000 | 1,309,609 | ||
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044 | 285,000 | 249,065 | ||
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 5%, 12/01/2046 | 2,000,000 | 2,001,619 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Anmed Health), 5%, 2/01/2038 | 1,500,000 | 1,503,310 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (AnMed Health), 4.25%, 1/31/2048 | 2,000,000 | 1,793,016 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 2,000,000 | 1,976,820 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%, 11/01/2037 | 500,000 | 465,355 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048 | 2,000,000 | 1,717,354 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037 | 2,000,000 | 2,003,516 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 3,340,000 | 2,830,736 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2036 | 450,000 | 426,915 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2037 | 550,000 | 507,279 | ||
Spartanburg County, SC, Regional Health Services District, Inc. Hospital Refunding Rev., 4%, 4/15/2037 | 1,000,000 | 922,446 | ||
$25,056,260 | ||||
Healthcare Revenue - Long Term Care – 2.1% | ||||
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2049 | $ | 1,250,000 | $1,050,663 | |
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5%, 5/01/2043 | 750,000 | 580,123 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 250,000 | 188,975 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”, 5%, 5/01/2042 | 750,000 | 586,226 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1,000,000 | 892,345 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 1,000,000 | 798,212 | ||
$4,096,544 | ||||
Industrial Revenue - Other – 0.1% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 100,000 | $77,307 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 260,000 | 161,525 | ||
$238,832 | ||||
Industrial Revenue - Paper – 0.0% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $100,652 | |
Miscellaneous Revenue - Other – 1.3% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 100,000 | $100,381 | |
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 575,000 | 531,210 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 795,000 | 765,759 | ||
Saxe Gotha-Lexington, SC, Public Facilities Corp. Rev. (Icehouse Development Project), 5.5%, 5/03/2024 | 1,145,000 | 1,155,183 | ||
$2,552,533 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 667,348 | $617,954 | |
Port Revenue – 6.8% | ||||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | $ | 1,820,000 | $1,555,060 | |
South Carolina Ports Authority Rev., 5%, 7/01/2028 | 300,000 | 303,282 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2029 | 450,000 | 454,972 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2033 (Prerefunded 7/01/2025) | 500,000 | 504,353 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Port Revenue – continued | ||||
South Carolina Ports Authority Rev., 5%, 7/01/2036 | $ | 3,000,000 | $3,045,993 | |
South Carolina Ports Authority Rev., 4%, 7/01/2055 | 2,000,000 | 1,564,608 | ||
South Carolina Ports Authority Rev., 5.25%, 7/01/2055 (Prerefunded 7/01/2025) | 3,000,000 | 3,038,560 | ||
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044 | 3,000,000 | 2,922,769 | ||
$13,389,597 | ||||
Sales & Excise Tax Revenue – 4.0% | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | $ | 2,485,000 | $847,701 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 15,000 | 14,955 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 20,000 | 19,870 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 190,000 | 153,765 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 49,000 | 45,084 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 158,000 | 139,682 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,610,000 | 3,265,546 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 299,000 | 267,803 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 163,000 | 145,993 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 4,000 | 3,412 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 71,000 | 61,972 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,904 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 79,000 | 67,267 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 14,000 | 10,886 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 725,000 | 513,610 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 695,000 | 445,321 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 5,158,000 | 1,329,672 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 510,000 | 389,512 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 270,000 | 206,213 | ||
$7,931,168 | ||||
Secondary Schools – 0.5% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $207,516 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2056 (n) | 1,400,000 | 853,623 | ||
$1,061,139 | ||||
Single Family Housing - State – 8.5% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 380,000 | $374,294 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | 1,195,000 | 1,117,231 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 400,000 | 369,488 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.75%, 7/01/2043 | 285,000 | 260,185 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3.8%, 1/01/2049 | 270,000 | 244,501 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 3%, 1/01/2052 | 2,910,000 | 2,737,918 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 4.95%, 7/01/2053 | 1,000,000 | 980,967 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “A”, 5.75%, 1/01/2054 | 3,000,000 | 3,136,420 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.2%, 7/01/2042 | 1,995,000 | 1,841,918 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 3.25%, 1/01/2052 | 2,415,000 | 2,306,770 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 4.9%, 6/30/2053 | 1,355,000 | 1,318,867 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 6%, 12/31/2053 | 2,000,000 | 2,114,225 | ||
$16,802,784 | ||||
State & Local Agencies – 7.8% | ||||
Dillon County, SC, School Facilities Corp., 5%, 12/01/2032 | $ | 1,625,000 | $1,709,142 | |
Dillon County, SC, School Facilities Corp., 5%, 12/01/2033 | 1,705,000 | 1,792,535 | ||
Greenwood, SC, Fifty School Facilities, Inc., Installment Purchase Rev. (School District No. 50), BAM, 5%, 12/01/2028 | 3,000,000 | 3,088,164 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 2,000,000 | 1,706,090 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
State & Local Agencies – continued | ||||
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2029 | $ | 740,000 | $752,689 | |
Orangeburg County, SC, School District, Special Obligation, 5%, 6/01/2030 | 870,000 | 885,922 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 1,115,000 | 1,143,411 | ||
Scago, SC, Educational Facilities Installment Purchase Rev. (School District of Pickens County Project), 5%, 12/01/2028 | 2,000,000 | 2,022,870 | ||
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2026 | 1,000,000 | 1,020,805 | ||
Sumter, SC, School Facilities, Inc., Installment Purchase Rev. (Sumter Two School Facilities, Inc.), BAM, 5%, 12/01/2027 | 1,195,000 | 1,217,678 | ||
$15,339,306 | ||||
Student Loan Revenue – 0.6% | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 1,180,000 | $1,116,207 | |
Tax - Other – 3.0% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 940,000 | $937,563 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 135,000 | 133,258 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 375,000 | 392,586 | ||
Greenville County, SC, Road Fee Rev., 4%, 4/01/2043 | 1,000,000 | 912,243 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 95,000 | 92,735 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 285,000 | 249,921 | ||
Myrtle Beach, SC, Tax Increment Refunding Bonds Rev. (Myrtle Beach Air Force Base Redevelopment Project Area), 5%, 10/01/2030 | 1,000,000 | 1,024,919 | ||
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040 | 2,000,000 | 2,023,118 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 165,000 | 146,811 | ||
$5,913,154 | ||||
Tax Assessment – 0.4% | ||||
Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $ | 1,000,000 | $769,741 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 20,000 | 19,088 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 18,000 | 17,585 | ||
$806,414 | ||||
Tobacco – 0.8% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 280,000 | $236,510 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 740,000 | 637,443 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 765,000 | 693,896 | ||
$1,567,849 | ||||
Toll Roads – 0.7% | ||||
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 | $ | 800,000 | $828,974 | |
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 765,000 | 550,736 | ||
$1,379,710 | ||||
Transportation - Special Tax – 1.8% | ||||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 125,000 | $128,232 | |
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 120,000 | 126,434 | ||
South Carolina Transportation Infrastructure Bank Refunding Rev., “A”, 5%, 10/01/2036 | 1,205,000 | 1,239,680 | ||
South Carolina Transportation Infrastructure Bank Rev., “A”, 5%, 10/01/2040 | 2,000,000 | 2,033,816 | ||
$3,528,162 | ||||
Universities - Colleges – 4.4% | ||||
Clemson University, SC, Athletic Facilities Rev., “A”, 3%, 5/01/2048 | $ | 3,000,000 | $2,039,954 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 55,000 | 55,041 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 70,135 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 390,000 | 383,570 | ||
South Carolina Jobs & Economic Development Authority (Furman University), 5%, 10/01/2028 | 700,000 | 708,698 | ||
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035 | 1,565,000 | 1,583,907 | ||
South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049 | 2,000,000 | 1,940,936 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,027 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
University of South Carolina, Higher Education Rev. (Campus Village Project), “A”, 5%, 5/01/2046 | $ | 1,900,000 | $1,938,898 | |
$8,751,166 | ||||
Utilities - Municipal Owned – 6.7% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 145,000 | $145,349 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 170,000 | 168,175 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 205,000 | 51,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 330,000 | 82,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 25,000 | 24,655 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 525,000 | 131,250 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 80,000 | 20,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 190,000 | 47,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 90,000 | 22,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 270,000 | 67,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 120,000 | 30,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 140,000 | 35,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 145,000 | 36,250 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 115,000 | 28,750 | ||
Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041 | 1,000,000 | 1,005,771 | ||
Rock Hill, SC, Utility Systems Rev., “A”, BAM, 4%, 1/01/2049 | 650,000 | 556,313 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2035 | 500,000 | 472,323 | ||
South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., “A”, 4%, 6/01/2036 | 500,000 | 465,490 | ||
South Carolina Public Service Authority Improvement Rev., “B”, 4%, 12/01/2038 | 1,750,000 | 1,586,170 | ||
South Carolina Public Service Authority Improvement Rev., “B”, 4%, 12/01/2039 | 1,500,000 | 1,347,899 | ||
South Carolina Public Service Authority Improvement Rev., Tax-Exempt, “B”, 5%, 12/01/2051 | 2,055,000 | 1,998,784 | ||
South Carolina Public Service Authority Improvement Rev., Tax-Exempt, “E”, AGM, 5.25%, 12/01/2038 | 2,000,000 | 2,106,494 | ||
South Carolina Public Service Authority Refunding Rev., “A”, 4%, 12/01/2040 | 3,000,000 | 2,666,160 | ||
$13,169,833 | ||||
Utilities - Other – 3.3% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 520,000 | $485,690 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 1,230,000 | 1,248,151 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,195,000 | 1,192,181 | ||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 130,000 | 136,050 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1,090,000 | 1,097,074 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685,000 | 695,725 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 570,000 | 571,605 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 1,065,000 | 1,062,524 | ||
$6,489,000 | ||||
Water & Sewer Utility Revenue – 15.8% | ||||
Columbia, SC, Stormwater System Rev. (City Improvements), 5%, 2/01/2038 | $ | 755,000 | $780,974 | |
Columbia, SC, Waterworks & Sewer System Rev., 4%, 2/01/2043 | 2,000,000 | 1,838,462 | ||
Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047 | 1,000,000 | 1,040,652 | ||
Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052 | 500,000 | 526,063 | ||
Dorchester County, SC, Waterworks & Sewer Systems Rev., 4.25%, 10/01/2048 | 2,250,000 | 2,039,684 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 90,000 | 90,005 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 410,000 | 386,414 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 300,000 | 278,023 | ||
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2030 | 500,000 | 514,992 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Kershaw County, SC, Waterworks System Rev. (Lugoff Water District), “B”, 5%, 7/01/2035 | $ | 500,000 | $512,243 | |
Lexington County, SC, Joint Municipal Water & Sewer Commission and Improvement Refunding Rev., “A”, 4%, 6/01/2043 | 1,260,000 | 1,157,398 | ||
Lexington, SC, Waterworks & Sewer Systems Rev., 4%, 6/01/2041 | 2,000,000 | 1,847,593 | ||
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 | 50,285 | ||
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 | 60,132 | ||
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 | 30,143 | ||
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 | 70,190 | ||
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2036 | 1,000,000 | 1,036,001 | ||
Mount Pleasant, SC, Waterworks & Sewer System Rev., “A”, 5%, 6/01/2037 | 1,000,000 | 1,031,243 | ||
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 2/28/2042 | 605,000 | 629,224 | ||
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 2/28/2043 | 325,000 | 337,590 | ||
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 5%, 2/28/2045 | 1,350,000 | 1,387,032 | ||
Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., “C”, 4%, 2/29/2048 | 1,645,000 | 1,463,539 | ||
North Charleston, SC, Sewer District, 5%, 7/01/2039 | 3,425,000 | 3,433,697 | ||
South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052 | 5,000,000 | 4,479,210 | ||
Spartanburg, SC, Sanitary Sewer District Convertible Rev., “B”, 5%, 3/01/2034 | 2,000,000 | 2,021,437 | ||
Spartanburg, SC, Water System Refunding & Improvement Rev., “B”, 5%, 6/01/2039 | 2,000,000 | 2,034,698 | ||
York County, SC, Water and Sewer System Rev., 4%, 6/01/2040 | 1,100,000 | 1,025,933 | ||
York County, SC, Water and Sewer System Rev., 4%, 6/01/2042 | 1,100,000 | 1,016,734 | ||
$31,119,591 | ||||
Total Municipal Bonds (Identified Cost, $211,196,474) | $191,990,585 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 420,000 | $378,185 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 756,395 | 248,654 | ||
Total Bonds (Identified Cost, $683,868) | $626,839 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $253,316) | $ | 426,950 | $221,480 | |
Investment Companies (h) – 0.8% | ||||
Money Market Funds – 0.8% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $1,496,972) | 1,496,832 | $1,497,131 | ||
Other Assets, Less Liabilities – 1.5% | 2,879,935 | |||
Net Assets – 100.0% | $197,215,970 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.4% | ||||
Airport Revenue – 4.3% | ||||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 9/30/2034 | $ | 3,000,000 | $2,978,591 | |
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2037 | 1,000,000 | 1,006,729 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2038 | 1,000,000 | 1,003,394 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2039 | 1,000,000 | 917,768 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4%, 10/01/2041 | 1,000,000 | 897,341 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.25%, 10/01/2048 | 3,600,000 | 3,676,888 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2027 | 980,000 | 987,748 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “B”, 5%, 10/01/2028 | 1,000,000 | 1,008,973 | ||
New York Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2034 | 995,000 | 985,364 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “B”, 5%, 5/01/2046 | 1,160,000 | 1,155,490 | ||
$14,618,286 | ||||
General Obligations - General Purpose – 9.3% | ||||
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2043 | $ | 1,375,000 | $1,246,544 | |
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2044 | 1,430,000 | 1,286,636 | ||
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2045 | 1,485,000 | 1,326,110 | ||
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2046 | 1,550,000 | 1,373,761 | ||
Alexandria, VA, General Obligation, “B”, 4%, 12/15/2047 | 1,610,000 | 1,416,622 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 775,000 | 669,038 | ||
Chesterfield County, VA, Public Improvement, “A”, 4%, 1/01/2036 | 1,570,000 | 1,574,962 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 1,300,000 | 1,330,240 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 475,000 | 470,946 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 21,717 | 20,979 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 171,803 | 101,255 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 147,336 | 151,191 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 144,946 | 149,774 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 318,785 | 332,914 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 133,501 | 119,662 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 251,000 | 218,132 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 102,991 | 86,454 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 140,029 | 112,585 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 476,628 | 367,471 | ||
Fairfax County, VA, Public Improvement, “A”, 5%, 10/01/2037 | 2,000,000 | 2,105,176 | ||
Fairfax County, VA, Public Improvement, “B”, 4%, 10/01/2025 | 3,900,000 | 3,917,591 | ||
Lynchburg, VA, Public Improvement, 5%, 6/01/2026 | 1,000,000 | 1,008,602 | ||
Newport News, VA, General Obligation Improvement, “A”, 4%, 2/01/2038 | 1,425,000 | 1,350,294 | ||
Norfolk, VA, General Obligation Capital Improvement, 5%, 8/01/2043 (Prerefunded 8/01/2028) | 2,615,000 | 2,796,914 | ||
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2039 | 800,000 | 857,912 | ||
Norfolk, VA, General Obligation Capital Improvement, “A”, 5%, 9/01/2040 | 925,000 | 988,850 | ||
Petersburg, VA, General Obligation, 4.25%, 9/01/2048 | 1,160,000 | 1,077,185 | ||
Petersburg, VA, General Obligation, 4.25%, 9/01/2053 | 1,500,000 | 1,372,832 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 270,000 | 281,686 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 245,000 | 255,418 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 280,000 | 290,474 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 805,000 | 704,406 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 505,000 | 437,282 | ||
Suffolk, VA, General Obligation Capital Improvement, “A”, 2%, 2/01/2039 | 1,675,000 | 1,111,372 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | 365,000 | 329,473 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 145,000 | 129,186 | ||
$31,369,929 | ||||
Healthcare Revenue - Hospitals – 13.3% | ||||
Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037 | $ | 2,800,000 | $2,891,958 | |
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2033 | 2,000,000 | 2,077,630 | ||
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034 | 1,475,000 | 1,534,970 | ||
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043 | 625,000 | 531,111 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 (Prerefunded 7/01/2029) | 5,000 | 5,110 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | $ | 40,000 | $28,514 | |
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2044 | 2,000,000 | 1,812,976 | ||
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 5%, 5/15/2044 | 2,000,000 | 2,002,612 | ||
Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), “A”, 4%, 5/15/2048 | 4,000,000 | 3,439,585 | ||
Franklin County, VA, Industrial Development Authority Health Care Refunding Rev. (Inova Health System Project), 5%, 5/15/2029 | 1,475,000 | 1,565,214 | ||
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2031 | 750,000 | 752,205 | ||
Fredericksburg, VA, Economic Development Authority, Hospital Facilities Rev. (Mary Washington Healthcare Obligated Group), 5%, 6/15/2033 | 1,000,000 | 1,002,227 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 1,835,000 | 1,560,663 | ||
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038 | 2,200,000 | 2,010,731 | ||
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039 | 1,320,000 | 1,193,496 | ||
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2040 | 550,000 | 493,112 | ||
Lynchburg, VA, Economic Development Authority Rev. (Centra Health), “A”, 5%, 1/01/2047 | 3,000,000 | 2,871,927 | ||
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048 | 3,000,000 | 2,638,480 | ||
Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), “A”, 5%, 7/01/2047 | 1,625,000 | 1,638,049 | ||
Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), “A”, 3%, 11/01/2046 | 2,255,000 | 1,582,974 | ||
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 4%, 11/01/2039 | 3,750,000 | 3,443,305 | ||
Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040 | 3,370,000 | 2,605,911 | ||
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 3,445,000 | 2,883,042 | ||
Virginia Small Business Financing Authority, Hospital Rev. (Carilion Clinic Obligated Group), “A”, VRDN, 3.94%, 7/01/2042 | 1,250,000 | 1,250,000 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028 | 600,000 | 612,636 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030 | 400,000 | 406,912 | ||
Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), “A”, 5%, 1/01/2044 (Prerefunded 1/01/2024) | 2,000,000 | 2,003,360 | ||
$44,838,710 | ||||
Healthcare Revenue - Long Term Care – 2.9% | ||||
Alexandria, VA, Industrial Development Authority, Residential Care Facilities Mortgage Rev. (Goodwin House, Inc.), 5%, 10/01/2030 (Prerefunded 10/01/2025) | $ | 1,000,000 | $1,022,788 | |
Fairfax County, VA, Economic Development Authority Residential Care Facilities Rev. (Goodwin House, Inc.), 5%, 10/01/2036 (Prerefunded 10/01/2024) | 1,000,000 | 1,028,110 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia.), “C”, 5%, 12/01/2037 | 765,000 | 748,246 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2024 | 395,000 | 395,077 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Virginia United Methodist Homes, Inc.), 5%, 6/01/2025 | 385,000 | 385,058 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2040 | 500,000 | 424,650 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), 4%, 10/01/2045 | 720,000 | 585,038 | ||
Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037 | 1,000,000 | 886,970 | ||
Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), 5%, 1/01/2037 | 1,000,000 | 858,471 | ||
Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031 | 1,000,000 | 932,315 | ||
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 5%, 1/01/2033 | 1,750,000 | 1,766,679 | ||
Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), “C”, 5%, 6/01/2042 | 1,000,000 | 904,162 | ||
$9,937,564 | ||||
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 | $888,574 | |
Industrial Revenue - Other – 1.5% | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | $ | 300,000 | $231,922 | |
Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 5,000,000 | 4,995,771 | ||
$5,227,693 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | $ | 100,000 | $100,614 | |
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 130,000 | 130,848 | ||
$231,462 | ||||
Miscellaneous Revenue - Other – 0.9% | ||||
Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, “A”, 0%, 7/01/2049 | $ | 7,500,000 | $2,011,259 | |
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 130,000 | 130,496 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 845,000 | 780,648 | ||
$2,922,403 | ||||
Multi-Family Housing Revenue – 10.1% | ||||
Arlington County, VA, Industrial Development Authority Multi-Family Housing Rev. (Park Shirlington Apartments), “A”, 5%, 1/01/2026 | $ | 4,000,000 | $4,050,886 | |
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 988,085 | 914,952 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), 5%, 2/01/2042 (Put Date 9/01/2025) | 525,000 | 528,834 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), 5%, 2/01/2042 (Put Date 6/01/2025) | 830,000 | 833,928 | ||
Northampton County, VA Economic Development Authority, Multifamily Housing Rev. (Myrtle Landing Apartments), 4.5%, 4/01/2026 (Put Date 4/01/2025) | 3,720,000 | 3,699,767 | ||
Virginia Housing Development Authority, Rental Housing, “A”, 3.8%, 9/01/2044 | 2,000,000 | 1,623,223 | ||
Virginia Housing Development Authority, Rental Housing, “B”, 4.4%, 3/01/2043 | 710,000 | 655,380 | ||
Virginia Housing Development Authority, Rental Housing, “B”, 4.45%, 3/01/2045 | 1,535,000 | 1,386,975 | ||
Virginia Housing Development Authority, Rental Housing, “B”, 4.55%, 3/01/2048 | 2,580,000 | 2,324,042 | ||
Virginia Housing Development Authority, Rental Housing, “D”, 1.8%, 5/01/2033 | 500,000 | 381,253 | ||
Virginia Housing Development Authority, Rental Housing, “D”, 3.7%, 10/01/2038 | 3,000,000 | 2,596,870 | ||
Virginia Housing Development Authority, Rental Housing, “D”, 4.75%, 8/01/2053 | 4,000,000 | 3,680,263 | ||
Virginia Housing Development Authority, Rental Housing, “D”, 4%, 10/01/2053 | 2,875,000 | 2,358,875 | ||
Virginia Housing Development Authority, Rental Housing, “E”, 3.15%, 12/01/2049 | 1,635,000 | 1,096,632 | ||
Virginia Housing Development Authority, Rental Housing, “E”, 4.25%, 6/01/2052 | 3,000,000 | 2,513,778 | ||
Virginia Housing Development Authority, Rental Housing, “F”, 1.6%, 7/01/2033 | 770,000 | 572,815 | ||
Virginia Housing Development Authority, Rental Housing, “G”, 5.05%, 11/01/2047 | 1,000,000 | 976,338 | ||
Virginia Housing Development Authority, Rental Housing, “G”, 5.15%, 11/01/2052 | 2,680,000 | 2,637,105 | ||
Virginia Housing Development Authority, Rental Housing, “G”, 5.375%, 11/01/2064 | 1,250,000 | 1,249,589 | ||
$34,081,505 | ||||
Parking – 0.9% | ||||
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2035 | $ | 1,250,000 | $1,292,346 | |
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036 | 1,000,000 | 1,030,839 | ||
Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037 | 750,000 | 769,232 | ||
$3,092,417 | ||||
Port Revenue – 1.2% | ||||
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 590,000 | $389,787 | |
Virginia Port Authority Facilities Refunding Rev., “B”, 5%, 7/01/2041 | 750,000 | 740,579 | ||
Virginia Port Authority Facilities Rev, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2025) | 3,000,000 | 3,036,169 | ||
$4,166,535 | ||||
Sales & Excise Tax Revenue – 4.0% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 20,000 | $19,941 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 25,000 | 24,837 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 245,000 | 198,275 | ||
Hampton Roads, VA, Transportation Accountability Commission, “A”, 4%, 7/01/2057 | 4,000,000 | 3,497,544 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 77,000 | 70,846 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 249,000 | 220,131 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 4,818,000 | 4,358,283 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 476,000 | 426,336 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 251,000 | 224,812 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 6,000 | 5,118 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | $ | 122,000 | $106,487 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 5,000 | 4,840 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 135,000 | 114,951 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 26,000 | 20,216 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,212,000 | 858,614 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,160,000 | 743,270 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 7,149,000 | 1,842,928 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(n) | 795,000 | 607,181 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(n) | 345,000 | 263,494 | ||
$13,608,104 | ||||
Secondary Schools – 0.1% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 325,000 | $261,841 | |
State & Local Agencies – 11.4% | ||||
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2039 | $ | 1,000,000 | $920,707 | |
Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040 | 1,000,000 | 914,459 | ||
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2033 (Prerefunded 10/01/2024) | 500,000 | 505,665 | ||
Fairfax County, VA, Economic Development Authority Facilities Rev. (County Facilities Projects), “A”, 5%, 10/01/2034 (Prerefunded 10/01/2024) | 1,000,000 | 1,011,330 | ||
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2039 | 1,765,000 | 1,791,505 | ||
Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), AGM, 5%, 10/01/2038 | 1,500,000 | 1,526,190 | ||
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036 | 1,000,000 | 818,109 | ||
Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037 | 580,000 | 458,973 | ||
Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045 | 3,000,000 | 2,530,618 | ||
Loudoun County, VA, Economic Development Authority Refunding Rev. (Louduon County Public Facilities Project), “A”, 5%, 12/01/2024 | 1,860,000 | 1,885,549 | ||
Loudoun County, VA, Economic Development Authority Rev. (Louduon County Public Facilities Project), “A”, 3%, 12/01/2037 | 2,000,000 | 1,609,363 | ||
New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036 | 3,205,000 | 3,286,963 | ||
Virginia College Building Authority, Educational Facilities Refunding Rev. (21st Century College and Equipment Programs), “E”, 5%, 2/01/2025 | 540,000 | 548,968 | ||
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “A”, 5%, 2/01/2038 | 4,000,000 | 4,246,138 | ||
Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), “D”, 5%, 2/01/2025 | 1,435,000 | 1,458,830 | ||
Virginia College Building Authority, Educational Facilities Rev. (Public Higher Education Financing Program), “A”, 4%, 9/01/2039 | 5,810,000 | 5,487,518 | ||
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 (Prerefunded 8/01/2029) | 30,000 | 30,748 | ||
Virginia Public Building Authority, Facilities Rev., “A”, 4%, 8/01/2039 | 4,470,000 | 4,200,902 | ||
Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., “A”, 5%, 7/15/2045 | 5,000,000 | 5,115,131 | ||
$38,347,666 | ||||
Student Loan Revenue – 0.5% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 15,000 | $13,847 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 385,000 | 279,958 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 1,590,000 | 1,504,041 | ||
$1,797,846 | ||||
Tax - Other – 0.7% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 230,000 | $227,032 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 635,000 | 664,779 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | 1,965,000 | 1,322,501 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 220,000 | 195,749 | ||
$2,410,061 | ||||
Tax Assessment – 0.4% | ||||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | $ | 1,000,000 | $875,605 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tax Assessment – continued | ||||
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | $ | 500,000 | $500,919 | |
$1,376,524 | ||||
Tobacco – 0.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 970,000 | $835,567 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 1,155,000 | 1,047,648 | ||
$1,883,215 | ||||
Toll Roads – 5.8% | ||||
Chesapeake Bay Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051 | $ | 3,000,000 | $3,013,097 | |
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052 | 4,180,000 | 3,598,691 | ||
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 | 2,607,896 | ||
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 | 2,440,895 | ||
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035 | 3,000,000 | 3,108,653 | ||
Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), 4%, 1/01/2040 | 2,000,000 | 1,782,822 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 3,000,000 | 2,159,750 | ||
Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052 | 1,000,000 | 947,053 | ||
$19,658,857 | ||||
Transportation - Special Tax – 4.3% | ||||
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, 4%, 5/15/2042 | $ | 3,000,000 | $2,738,649 | |
Commonwealth of Virginia, Transportation Board Rev., Capital Projects, “A”, 4%, 5/15/2035 | 2,750,000 | 2,732,135 | ||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 190,000 | 194,912 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 200,000 | 210,724 | ||
Virginia Port Authority Rev., 5%, 7/01/2030 (Prerefunded 7/01/2025) | 1,000,000 | 1,011,217 | ||
Virginia Port Authority Rev., 5%, 7/01/2031 (Prerefunded 7/01/2025) | 500,000 | 505,609 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | 1,560,000 | 1,592,691 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | 1,560,000 | 1,586,423 | ||
Washington, D.C., Metropolitan Area Transit Authority Gross Rev., “B”, 5%, 7/01/2042 | 3,860,000 | 3,909,819 | ||
$14,482,179 | ||||
Universities - Colleges – 8.7% | ||||
Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026 | $ | 750,000 | $730,391 | |
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 11/01/2037 | 745,000 | 703,923 | ||
Commonwealth of Virginia, University General Pledge Refunding Rev., “A”, 4%, 5/01/2048 | 2,475,000 | 2,160,543 | ||
Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), “A”, 5%, 1/01/2043 | 1,000,000 | 1,022,531 | ||
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), “A”, 4%, 6/01/2037 | 1,000,000 | 967,076 | ||
Montgomery County, VA, Economic Development Authority Rev., Tax-Exempt (Virginia Tech Foundation), “A”, 4%, 6/01/2038 | 1,750,000 | 1,646,312 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 390,000 | 378,152 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 595,000 | 585,190 | ||
Roanoke, VA, Economic Development Authority, Educational Facilities Rev. (Lynchburg College), “A”, 5%, 9/01/2034 | 1,000,000 | 1,008,070 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2038 | 250,000 | 215,297 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2039 | 225,000 | 191,176 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 4%, 4/01/2040 | 250,000 | 209,621 | ||
Salem, VA, Economic Development Authority, Educational Facilities (Roanoke College), 5%, 4/01/2049 | 900,000 | 819,413 | ||
University of Virginia, General Rev. Pledge Refunding, “B”, 5%, 4/01/2046 | 2,500,000 | 2,548,678 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “A”, 5%, 7/01/2035 (n) | 1,000,000 | 951,259 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 1,000,000 | 976,802 | ||
Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041 | 1,600,000 | 1,382,882 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036 | 1,280,000 | 1,155,000 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041 | 470,000 | 331,416 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046 | 1,250,000 | 985,636 | ||
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031 | 1,000,000 | 1,061,191 | ||
Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), “A”, 5%, 1/01/2040 (Prerefunded 1/01/2025) | 1,000,000 | 1,014,893 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Virginia Commonwealth University, General Rev., “A”, 5%, 11/01/2033 | $ | 4,000,000 | $4,316,832 | |
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 2,500,000 | 2,517,351 | ||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.125%, 7/01/2048 | 1,000,000 | 875,943 | ||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.25%, 7/01/2058 | 755,000 | 653,045 | ||
$29,408,623 | ||||
Universities - Dormitories – 0.6% | ||||
Williamsburg, VA, Economic Development Authority Student Housing Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4%, 7/01/2048 | $ | 2,245,000 | $1,930,513 | |
Utilities - Electric Power – 0.3% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 1,455,000 | $1,073,519 | |
Utilities - Investor Owned – 1.1% | ||||
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027) | $ | 4,000,000 | $3,872,609 | |
Utilities - Municipal Owned – 2.1% | ||||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 30,000 | $7,500 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 320,000 | 80,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 535,000 | 133,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 25,000 | 25,003 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 340,000 | 335,949 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 35,000 | 34,517 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 835,000 | 208,750 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 130,000 | 32,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 30,000 | 7,500 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 305,000 | 76,250 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 315,000 | 311,735 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 45,000 | 43,112 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 145,000 | 36,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 140,000 | 35,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 430,000 | 107,500 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 185,000 | 179,573 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 25,000 | 6,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 205,000 | 51,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 225,000 | 56,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 215,000 | 53,750 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 175,000 | 43,750 | ||
Richmond, VA, Public Utility Refunding Rev., “C”, 4%, 1/15/2045 | 1,000,000 | 911,904 | ||
Richmond, VA, Public Utility Refunding Rev., “C”, 4.25%, 1/15/2053 | 2,500,000 | 2,303,344 | ||
Richmond, VA, Public Utility Rev., “A”, 5%, 1/15/2035 | 2,000,000 | 2,035,292 | ||
$7,170,429 | ||||
Utilities - Other – 2.1% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | $ | 1,045,000 | $985,306 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 2,020,000 | 2,049,809 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1,850,000 | 1,862,006 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,115,000 | 1,132,457 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 1,140,000 | 1,143,209 | ||
$7,172,787 | ||||
Water & Sewer Utility Revenue – 9.9% | ||||
Fairfax County, VA, Sewer Rev., “A”, 4%, 7/15/2039 | $ | 3,000,000 | $2,829,091 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041 | $ | 3,000,000 | $3,086,804 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 295,000 | 294,850 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 375,000 | 369,383 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 1,045,000 | 1,004,524 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 430,000 | 398,499 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 8/01/2034 (Prerefunded 8/01/2026) | 3,000,000 | 3,106,756 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 5%, 10/01/2035 (Prerefunded 10/01/2027) | 660,000 | 696,089 | ||
Hampton Roads, VA, Sanitation District Wastewater Rev., “A”, 4%, 10/01/2038 | 1,265,000 | 1,181,424 | ||
Henrico County, VA, Water and Sewer System Rev., 4%, 5/01/2046 | 1,435,000 | 1,288,288 | ||
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 | 80,456 | ||
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 | 100,220 | ||
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 | 50,238 | ||
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 | 110,298 | ||
Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046 | 3,865,000 | 3,701,457 | ||
Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044 | 2,065,000 | 1,530,661 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2025 | 5,000 | 5,004 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2027 | 45,000 | 45,031 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “B”, 5%, 11/01/2028 | 40,000 | 40,028 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2032 | 1,000,000 | 1,022,613 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2033 | 1,500,000 | 1,533,429 | ||
Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, “C”, 4%, 11/01/2036 | 3,450,000 | 3,428,393 | ||
Virginia Resources Authority, Infrastructure Rev., Unrefunded Balance, 5%, 11/01/2025 | 45,000 | 45,033 | ||
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2039 | 1,610,000 | 1,704,491 | ||
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2041 | 1,030,000 | 1,082,194 | ||
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “A”, 5%, 11/01/2042 | 1,330,000 | 1,390,575 | ||
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 5.25%, 11/01/2047 | 2,350,000 | 2,513,783 | ||
Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, “B”, 4.75%, 11/01/2052 | 750,000 | 742,068 | ||
$33,381,680 | ||||
Total Municipal Bonds (Identified Cost, $363,589,759) | $329,211,531 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 557,000 | $501,546 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,134,593 | 372,981 | ||
Total Bonds (Identified Cost, $955,625) | $874,527 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $375,033) | $ | 632,096 | $327,900 | |
Investment Companies (h) – 1.0% | ||||
Money Market Funds – 1.0% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $3,370,959) | 3,370,900 | $3,371,574 | ||
Other Assets, Less Liabilities – 1.2% | 4,109,539 | |||
Net Assets – 100.0% | $337,895,071 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.5% | ||||
Airport Revenue – 0.3% | ||||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | $ | 60,000 | $59,196 | |
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 70,000 | 69,996 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 55,000 | 54,881 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 85,000 | 83,753 | ||
$267,826 | ||||
General Obligations - General Purpose – 9.0% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 260,000 | $224,452 | |
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 360,000 | 368,374 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 6,627 | 6,402 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 52,422 | 30,896 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 44,957 | 46,133 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 44,227 | 45,700 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 42,958 | 44,862 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 40,735 | 36,512 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 74,630 | 64,857 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 31,426 | 26,380 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 42,727 | 34,353 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 143,435 | 110,586 | ||
State of California, Various Purpose General Obligation, 4%, 3/01/2036 | 405,000 | 402,326 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 165,000 | 172,142 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 230,000 | 201,259 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 145,000 | 125,556 | ||
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2043 | 400,000 | 413,563 | ||
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2043 | 1,000,000 | 1,026,809 | ||
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 6/01/2044 | 3,000,000 | 3,074,130 | ||
State of West Virginia, General Obligation Road Bonds, “A”, 5%, 12/01/2044 | 705,000 | 727,155 | ||
State of West Virginia, General Obligation Road Bonds, “B”, 4%, 12/01/2042 | 1,000,000 | 902,166 | ||
$8,084,613 | ||||
General Obligations - Schools – 4.1% | ||||
Berkeley County, WV, Public School Board of Education, 3%, 6/01/2026 | $ | 1,000,000 | $966,796 | |
Berkeley County, WV, Public School Board of Education, 4%, 6/01/2037 | 1,000,000 | 951,969 | ||
Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029 | 1,000,000 | 951,260 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 820,000 | 558,120 | ||
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | 310,000 | 283,077 | ||
$3,711,222 | ||||
Healthcare Revenue - Hospitals – 16.4% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 155,000 | $125,854 | |
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 (Prerefunded 7/01/2029) | 5,000 | 5,110 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | 10,000 | 7,128 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 4%, 4/15/2043 | 780,000 | 661,070 | ||
Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2049 | 490,000 | 410,070 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), 4%, 12/31/2037 | 230,000 | 192,143 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), “A”, 4.125%, 1/01/2047 | 1,245,000 | 910,043 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 8/31/2028 | 1,000,000 | 1,003,855 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 8/31/2039 | 1,500,000 | 1,421,208 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 (Prerefunded 1/01/2024) | 1,000,000 | 1,001,680 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 | 1,000,000 | 973,678 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 5%, 6/01/2027 | 200,000 | 205,034 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), “A”, 4%, 6/01/2035 | 1,500,000 | 1,397,331 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 5%, 6/01/2042 | 1,000,000 | 996,299 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 4%, 5/31/2051 | 860,000 | 697,477 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, 4.375%, 5/31/2053 | 1,000,000 | 904,782 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, AGM, 4%, 6/01/2051 | $ | 2,220,000 | $1,868,392 | |
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “C”, VRDN, TD BANK NA, 3.15%, 5/31/2034 | 2,000,000 | 2,000,000 | ||
$14,781,154 | ||||
Industrial Revenue - Other – 0.7% | ||||
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $ | 420,000 | $456,689 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 115,000 | 71,444 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 200,000 | 134,232 | ||
$662,365 | ||||
Miscellaneous Revenue - Other – 4.9% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 40,000 | $40,152 | |
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 580,000 | 535,830 | ||
West Virginia Economic Development Authority, Excess Lottery Rev., “A”, 5%, 7/01/2038 | 1,000,000 | 1,035,059 | ||
West Virginia School Building Authority, “A”, 3%, 7/01/2033 | 2,000,000 | 1,780,568 | ||
West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2038 | 265,000 | 282,638 | ||
West Virginia School Building Authority, Excess Lottery Refunding Rev., “B”, 5%, 7/01/2039 | 735,000 | 782,306 | ||
$4,456,553 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 284,054 | $263,030 | |
Port Revenue – 0.1% | ||||
New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $ | 170,000 | $112,312 | |
Sales & Excise Tax Revenue – 4.1% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 5,000 | $4,985 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 9,935 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 75,000 | 60,696 | ||
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) | 945,000 | 798,052 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 25,000 | 23,002 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 83,000 | 73,377 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 1,537,000 | 1,390,345 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 158,000 | 141,515 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 83,000 | 74,340 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 853 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 39,000 | 34,041 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 1,000 | 968 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 45,000 | 38,317 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,443 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 412,000 | 291,872 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 396,000 | 253,737 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 1,503,000 | 387,455 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 120,000 | 91,650 | ||
$3,680,583 | ||||
Single Family Housing - State – 9.0% | ||||
West Virginia Housing Development Fund, “A”, 3.875%, 11/01/2044 | $ | 1,175,000 | $1,097,630 | |
West Virginia Housing Development Fund, “A”, 4.75%, 11/01/2048 | 1,000,000 | 958,361 | ||
West Virginia Housing Development Fund, “B”, 1.8%, 5/01/2026 | 485,000 | 452,905 | ||
West Virginia Housing Development Fund, “B”, 4.2%, 11/01/2047 | 1,000,000 | 869,288 | ||
West Virginia Housing Development Fund, “B”, 4.25%, 11/01/2052 | 1,000,000 | 855,970 | ||
West Virginia Housing Development Fund, “B”, 4.7%, 11/01/2053 | 1,000,000 | 946,635 | ||
West Virginia Housing Development Fund, “C”, 4.45%, 11/01/2037 | 1,000,000 | 982,123 | ||
West Virginia Housing Development Fund, “C”, 4.625%, 11/01/2042 | 1,000,000 | 964,218 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Single Family Housing - State – continued | ||||
West Virginia Housing Development Fund, “C”, 4.8%, 11/01/2047 | $ | 1,000,000 | $973,027 | |
$8,100,157 | ||||
State & Local Agencies – 9.4% | ||||
Berkeley County, WV, Building Commission Lease Rev. (Berkeley County Day Report Center and Public Safety Building Projects), 4%, 12/01/2042 | $ | 1,740,000 | $1,539,431 | |
Berkeley County, WV, Building Commission Lease Rev. (LED Lighting Project), “B”, 5%, 6/01/2024 | 545,000 | 548,019 | ||
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 1,640,000 | 579,669 | ||
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2042 | 500,000 | 464,860 | ||
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.25%, 5/01/2047 | 500,000 | 451,218 | ||
Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), “A”, BAM, 4.375%, 5/01/2052 | 560,000 | 499,690 | ||
West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), “A”, 5%, 6/01/2029 | 2,000,000 | 2,001,729 | ||
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2025 | 215,000 | 215,183 | ||
West Virginia Economic Development Authority, Lease Rev. (State Office Building), “B”, NPFG, 5.25%, 1/01/2030 | 1,355,000 | 1,356,431 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034 | 795,000 | 795,600 | ||
$8,451,830 | ||||
Student Loan Revenue – 0.5% | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | $ | 485,000 | $458,780 | |
Tax - Other – 4.0% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | $ | 535,000 | $533,613 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 60,000 | 59,226 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 175,000 | 183,207 | ||
Monongalia County, WV, Senior Tax Increment Improvement Refunding Rev. (Development District No. 4 - University Town Centre), “A”, 6%, 5/31/2053 (n) | 1,000,000 | 1,023,227 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2045 | 790,000 | 706,948 | ||
Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032 | 1,000,000 | 999,966 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 88,977 | ||
$3,595,164 | ||||
Tax Assessment – 1.4% | ||||
Morgantown, WV, Tax Increment Rev., Parking Garage Project, “A”, 5%, 6/01/2033 | $ | 455,000 | $414,343 | |
Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034 | 1,000,000 | 881,835 | ||
$1,296,178 | ||||
Tobacco – 0.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 125,000 | $105,585 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 500,000 | 430,705 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 335,000 | 303,863 | ||
$840,153 | ||||
Toll Roads – 2.6% | ||||
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 | $155,294 | |
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 | 120,192 | ||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 325,000 | 233,973 | ||
West Virginia Parkways Authority, Senior Lien Turnpike Toll Rev., 4%, 6/01/2042 | 1,000,000 | 909,632 | ||
West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047 | 1,000,000 | 879,816 | ||
$2,298,907 | ||||
Transportation - Special Tax – 2.2% | ||||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2050 | $ | 1,000,000 | $869,110 | |
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,225,000 | 1,079,145 | ||
$1,948,255 | ||||
Universities - Colleges – 9.1% | ||||
Fairmont, WV, State University Board of Governors Refunding Rev., “A”, 5%, 6/01/2032 | $ | 1,050,000 | $1,119,028 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Marshall University, WV, Board of Governors Rev., “A”, AGM, 3%, 5/01/2046 | $ | 1,000,000 | $687,709 | |
Marshall University, WV, Board of Governors Rev., “A”, AGM, 4%, 5/01/2050 | 1,500,000 | 1,221,864 | ||
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 | 100,000 | 100,070 | ||
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2044 | 1,000,000 | 1,024,895 | ||
West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), “A”, 5%, 10/01/2049 | 2,000,000 | 2,025,988 | ||
West Virginia University, University Systems Rev., “A”, NPFG, 5.25%, 4/01/2028 | 2,035,000 | 2,078,319 | ||
$8,257,873 | ||||
Universities - Dormitories – 1.1% | ||||
West Virginia Economic Development Authority, University Facilities Refunding Rev. (Provident Group - Marshall Properties LLC - Marshall University Project), “A-1”, AGM, 5%, 6/30/2042 | $ | 1,000,000 | $1,022,890 | |
Utilities - Investor Owned – 2.8% | ||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | $ | 1,000,000 | $919,368 | |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 750,000 | 678,221 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025) | 1,000,000 | 923,334 | ||
$2,520,923 | ||||
Utilities - Municipal Owned – 1.0% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2033 | $ | 435,000 | $438,295 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 110,000 | 27,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 180,000 | 45,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 135,000 | 133,392 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,862 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 285,000 | 71,250 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 45,000 | 11,250 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 145,000 | 36,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 75,000 | 18,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 12,500 | ||
$910,299 | ||||
Utilities - Other – 3.0% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | $ | 280,000 | $264,006 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 565,000 | 573,338 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 560,000 | 558,679 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 510,000 | 513,310 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 310,000 | 314,853 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 490,000 | 488,861 | ||
$2,713,047 | ||||
Water & Sewer Utility Revenue – 10.6% | ||||
Berkeley County, WV, Public Service Sewer District, “A”, BAM, 5%, 6/01/2036 | $ | 1,700,000 | $1,721,401 | |
Greenbrier County, WV, Public Service District No. 1, Sewerage System Improvement Rev., “A”, BAM, 4.625%, 10/01/2052 | 1,000,000 | 926,081 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 40,000 | $40,002 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 180,000 | 169,645 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 20,000 | 20,035 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 20,000 | 20,012 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 135,000 | 125,110 | ||
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 | 35,200 | ||
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 | 40,088 | ||
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 | 20,095 | ||
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 | 50,136 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 75,000 | 75,232 | ||
Morgantown, WV, Combined Utility System Rev., “A”, AGM, 5%, 12/01/2041 | 1,000,000 | 1,016,878 | ||
Morgantown, WV, Combined Utility System Rev., “B”, 5%, 12/01/2043 | 2,000,000 | 2,025,897 | ||
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033 | 1,475,000 | 1,511,425 | ||
West Virginia Water Development Authority Rev. (Loan Program IV), “A-IV”, 5%, 11/01/2038 | 500,000 | 516,945 | ||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2051 | 1,500,000 | 1,263,068 | ||
$9,577,250 | ||||
Total Municipal Bonds (Identified Cost, $96,758,791) | $88,011,364 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 167,000 | $150,373 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 124,327 | ||
Total Bonds (Identified Cost, $300,549) | $274,700 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $114,434) | $ | 192,873 | $100,053 | |
Investment Companies (h) – 0.8% | ||||
Money Market Funds – 0.8% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $752,555) | 752,485 | $752,636 | ||
Other Assets, Less Liabilities – 1.3% | 1,160,199 | |||
Net Assets – 100.0% | $90,298,952 |
(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 | $1,287,098 | $76,277,372 |
New York Fund | 1,394,099 | 153,403,112 |
North Carolina Fund | 4,492,814 | 425,822,346 |
Pennsylvania Fund | 2,423,389 | 149,337,985 |
South Carolina Fund | 1,497,131 | 192,838,904 |
Virginia Fund | 3,371,574 | 330,413,958 |
West Virginia Fund | 752,636 | 88,386,117 |
(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 | $1,013,699 | 1.3% |
New York Fund | 8,620,033 | 5.5% |
North Carolina Fund | 5,517,910 | 1.3% |
Pennsylvania Fund | 4,069,648 | 2.7% |
South Carolina Fund | 4,715,831 | 2.4% |
Virginia Fund | 7,212,772 | 2.1% |
West Virginia Fund | 2,929,135 | 3.2% |
(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. |
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, $83,530,118, $170,153,224, $466,394,298, and $163,823,429, respectively) | $76,277,372 | $153,403,112 | $425,822,346 | $149,337,985 |
Investments in affiliated issuers, at value (identified cost, $1,287,233, $1,393,922, $4,492,433, and $2,422,879, respectively) | 1,287,098 | 1,394,099 | 4,492,814 | 2,423,389 |
Receivables for | ||||
Investments sold | — | — | 1,629,750 | 100,000 |
Fund shares sold | 1,002,526 | 57,720 | 3,020,153 | 204,256 |
Interest | 1,014,481 | 2,282,001 | 6,364,014 | 2,119,070 |
Receivable from investment adviser | — | 10,180 | — | 6,125 |
Other assets | 10,885 | 8,800 | 8,856 | 7,321 |
Total assets | $79,592,362 | $157,155,912 | $441,337,933 | $154,198,146 |
Liabilities | ||||
Payable to custodian | $— | $— | $— | $1,089 |
Payables for | ||||
Distributions | 8,952 | 71,097 | 56,805 | 45,511 |
Investments purchased | — | — | — | 1,000,000 |
Fund shares reacquired | 191,344 | 167,017 | 1,485,816 | 309,683 |
When-issued investments purchased | — | — | 5,704,296 | — |
Payable to affiliates | ||||
Investment adviser | 2,853 | — | 14,280 | — |
Administrative services fee | 178 | 269 | 594 | 264 |
Shareholder servicing costs | 15,507 | 41,575 | 85,905 | 31,094 |
Distribution and service fees | 571 | 2,828 | 7,410 | 875 |
Payable for independent Trustees' compensation | — | 24 | 2,225 | — |
Payable for audit and tax fees | 33,107 | 33,111 | 33,115 | 33,108 |
Accrued expenses and other liabilities | 26,015 | 34,649 | 61,074 | 30,884 |
Total liabilities | $278,527 | $350,570 | $7,451,520 | $1,452,508 |
Net assets | $79,313,835 | $156,805,342 | $433,886,413 | $152,745,638 |
Net assets consist of | ||||
Paid-in capital | $91,700,851 | $186,909,322 | $499,208,555 | $174,704,237 |
Total distributable earnings (loss) | (12,387,016) | (30,103,980) | (65,322,142) | (21,958,599) |
Net assets | $79,313,835 | $156,805,342 | $433,886,413 | $152,745,638 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | |
Net assets | ||||
Class A | $69,061,488 | $114,520,429 | $288,508,346 | $103,854,243 |
Class B | 50,714 | 427,319 | 144,579 | 332,056 |
Class C | — | 5,359,379 | 18,034,989 | — |
Class I | 7,089,108 | 32,134,428 | 95,199,379 | 28,829,091 |
Class R6 | 3,112,525 | 4,363,787 | 31,999,120 | 19,730,248 |
Total net assets | $79,313,835 | $156,805,342 | $433,886,413 | $152,745,638 |
Shares of beneficial interest outstanding | ||||
Class A | 8,247,920 | 12,226,307 | 28,349,516 | 11,568,039 |
Class B | 6,050 | 45,740 | 14,224 | 36,888 |
Class C | — | 572,856 | 1,773,144 | — |
Class I | 848,011 | 3,880,149 | 11,222,040 | 3,370,019 |
Class R6 | 372,321 | 526,171 | 3,771,823 | 2,306,262 |
Total shares of beneficial interest outstanding | 9,474,302 | 17,251,223 | 45,130,747 | 17,281,208 |
Class A shares | ||||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $8.37 | $9.37 | $10.18 | $8.98 |
Offering price per share (100 / 95.75 x net asset value per share) | $8.74 | $9.79 | $10.63 | $9.38 |
Class B shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $8.38 | $9.34 | $10.16 | $9.00 |
Class C shares | ||||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $9.36 | $10.17 | $— |
Class I shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.36 | $8.28 | $8.48 | $8.55 |
Class R6 shares | ||||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.36 | $8.29 | $8.48 | $8.56 |
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 9/30/23 | South Carolina Fund | Virginia Fund | West Virginia Fund |
Assets | |||
Investments in unaffiliated issuers, at value (identified cost, $212,133,658, $364,920,417, and $97,173,774, respectively) | $192,838,904 | $330,413,958 | $88,386,117 |
Investments in affiliated issuers, at value (identified cost, $1,496,972, $3,370,959, and $752,555, respectively) | 1,497,131 | 3,371,574 | 752,636 |
Receivables for | |||
Investments sold | — | — | 10,000 |
Fund shares sold | 544,653 | 3,019,538 | 1,835 |
Interest | 2,679,679 | 4,751,112 | 1,322,405 |
Receivable from investment adviser | — | 3,588 | 7,228 |
Other assets | 9,984 | 8,814 | 9,831 |
Total assets | $197,570,351 | $341,568,584 | $90,490,052 |
Liabilities | |||
Payables for | |||
Distributions | $16,825 | $63,652 | $10,660 |
Fund shares reacquired | 228,112 | 3,436,153 | 98,976 |
Payable to affiliates | |||
Investment adviser | 302 | — | — |
Administrative services fee | 316 | 483 | 191 |
Shareholder servicing costs | 35,217 | 82,247 | 22,460 |
Distribution and service fees | 2,876 | 5,228 | 1,484 |
Payable for independent Trustees' compensation | 2,250 | 2,241 | 2,249 |
Payable for audit and tax fees | 33,110 | 33,113 | 33,107 |
Accrued expenses and other liabilities | 35,373 | 50,396 | 21,973 |
Total liabilities | $354,381 | $3,673,513 | $191,100 |
Net assets | $197,215,970 | $337,895,071 | $90,298,952 |
Net assets consist of | |||
Paid-in capital | $233,677,032 | $391,263,892 | $105,448,075 |
Total distributable earnings (loss) | (36,461,062) | (53,368,821) | (15,149,123) |
Net assets | $197,215,970 | $337,895,071 | $90,298,952 |
South Carolina Fund | Virginia Fund | West Virginia Fund | |
Net assets | |||
Class A | $139,767,430 | $225,387,871 | $72,013,872 |
Class B | 66,924 | 209,667 | 57,452 |
Class C | — | 6,886,883 | — |
Class I | 42,056,872 | 83,723,771 | 14,760,306 |
Class R6 | 15,324,744 | 21,686,879 | 3,467,322 |
Total net assets | $197,215,970 | $337,895,071 | $90,298,952 |
Shares of beneficial interest outstanding | |||
Class A | 13,438,473 | 23,375,285 | 7,546,630 |
Class B | 6,439 | 21,762 | 6,022 |
Class C | — | 714,427 | — |
Class I | 4,991,170 | 9,990,326 | 1,757,379 |
Class R6 | 1,818,404 | 2,585,753 | 412,878 |
Total shares of beneficial interest outstanding | 20,254,486 | 36,687,553 | 9,722,909 |
Class A shares | |||
Net asset value per share (net assets / shares of beneficial interest outstanding) | $10.40 | $9.64 | $9.54 |
Offering price per share (100 / 95.75 x net asset value per share) | $10.86 | $10.07 | $9.96 |
Class B shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $10.39 | $9.63 | $9.54 |
Class C shares | |||
Net asset value and offering price per share (net assets / shares of beneficial interest outstanding) | $— | $9.64 | $— |
Class I shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.43 | $8.38 | $8.40 |
Class R6 shares | |||
Net asset value, offering price, and redemption price per share (net assets / shares of beneficial interest outstanding) | $8.43 | $8.39 | $8.40 |
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 | $1,429,255 | $3,819,928 | $8,031,438 | $2,994,790 |
Dividends from affiliated issuers | 33,969 | 92,080 | 168,467 | 72,703 |
Other | 47 | 88 | 154 | 75 |
Total investment income | $1,463,271 | $3,912,096 | $8,200,059 | $3,067,568 |
Expenses | ||||
Management fee | $184,728 | $429,772 | $1,020,409 | $365,658 |
Distribution and service fees | 89,755 | 187,615 | 478,074 | 140,456 |
Shareholder servicing costs | 27,320 | 79,336 | 162,661 | 61,388 |
Administrative services fee | 11,054 | 18,870 | 37,711 | 16,826 |
Independent Trustees' compensation | 1,771 | 2,757 | 4,829 | 2,414 |
Custodian fee | 9,895 | 17,899 | 30,526 | 16,505 |
Shareholder communications | 3,682 | 5,476 | 8,937 | 5,895 |
Audit and tax fees | 32,886 | 32,888 | 32,892 | 32,886 |
Legal fees | 2,717 | 7,118 | 5,188 | 5,969 |
Registration fees | 30,005 | 36,351 | 38,371 | 31,028 |
Miscellaneous | 13,379 | 14,807 | 16,809 | 14,139 |
Total expenses | $407,192 | $832,889 | $1,836,407 | $693,164 |
Fees paid indirectly | (22) | (162) | (169) | (96) |
Reduction of expenses by investment adviser and distributor | (58,922) | (101,387) | (32,670) | (163,584) |
Net expenses | $348,248 | $731,340 | $1,803,568 | $529,484 |
Net investment income (loss) | $1,115,023 | $3,180,756 | $6,396,491 | $2,538,084 |
Realized and unrealized gain (loss) | ||||
Realized gain (loss) (identified cost basis) | ||||
Unaffiliated issuers | $(239,847) | $(1,322,798) | $(1,486,395) | $(839,158) |
Affiliated issuers | (526) | (1,859) | (840) | (821) |
Net realized gain (loss) | $(240,373) | $(1,324,657) | $(1,487,235) | $(839,979) |
Change in unrealized appreciation or depreciation | ||||
Unaffiliated issuers | $(4,847,900) | $(9,227,004) | $(25,307,798) | $(8,871,658) |
Affiliated issuers | (313) | (558) | (1,103) | (125) |
Net unrealized gain (loss) | $(4,848,213) | $(9,227,562) | $(25,308,901) | $(8,871,783) |
Net realized and unrealized gain (loss) | $(5,088,586) | $(10,552,219) | $(26,796,136) | $(9,711,762) |
Change in net assets from operations | $(3,973,563) | $(7,371,463) | $(20,399,645) | $(7,173,678) |
Six months ended 9/30/23 | South Carolina Fund | Virginia Fund | West Virginia Fund |
Net investment income (loss) | |||
Interest | $3,748,245 | $6,220,464 | $1,794,156 |
Dividends from affiliated issuers | 62,766 | 156,824 | 23,904 |
Other | 86 | 126 | 50 |
Total investment income | $3,811,097 | $6,377,414 | $1,818,110 |
Expenses | |||
Management fee | $472,477 | $807,258 | $216,588 |
Distribution and service fees | 188,380 | 343,500 | 96,658 |
Shareholder servicing costs | 66,907 | 146,787 | 41,011 |
Administrative services fee | 20,233 | 30,912 | 12,070 |
Independent Trustees' compensation | 2,932 | 4,109 | 2,035 |
Custodian fee | 17,422 | 24,185 | 9,596 |
Shareholder communications | 5,500 | 7,223 | 3,917 |
Audit and tax fees | 32,887 | 32,890 | 32,886 |
Legal fees | 5,331 | 4,390 | 1,625 |
Registration fees | 30,172 | 37,916 | 31,117 |
Miscellaneous | 14,520 | 15,951 | 13,486 |
Total expenses | $856,761 | $1,455,121 | $460,989 |
Fees paid indirectly | (140) | (93) | (92) |
Reduction of expenses by investment adviser and distributor | (53,282) | (115,928) | (66,993) |
Net expenses | $803,339 | $1,339,100 | $393,904 |
Net investment income (loss) | $3,007,758 | $5,038,314 | $1,424,206 |
Realized and unrealized gain (loss) | |||
Realized gain (loss) (identified cost basis) | |||
Unaffiliated issuers | $(1,987,816) | $(3,820,888) | $(328,255) |
Affiliated issuers | (383) | 1,248 | (172) |
Net realized gain (loss) | $(1,988,199) | $(3,819,640) | $(328,427) |
Change in unrealized appreciation or depreciation | |||
Unaffiliated issuers | $(10,999,616) | $(18,822,309) | $(5,445,014) |
Affiliated issuers | (51) | (277) | (61) |
Net unrealized gain (loss) | $(10,999,667) | $(18,822,586) | $(5,445,075) |
Net realized and unrealized gain (loss) | $(12,987,866) | $(22,642,226) | $(5,773,502) |
Change in net assets from operations | $(9,980,108) | $(17,603,912) | $(4,349,296) |
Six months ended 9/30/23 (unaudited) | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $1,115,023 | $3,180,756 | $6,396,491 | $2,538,084 |
Net realized gain (loss) | (240,373) | (1,324,657) | (1,487,235) | (839,979) |
Net unrealized gain (loss) | (4,848,213) | (9,227,562) | (25,308,901) | (8,871,783) |
Change in net assets from operations | $(3,973,563) | $(7,371,463) | $(20,399,645) | $(7,173,678) |
Total distributions to shareholders | $(1,147,254) | $(3,354,767) | $(6,670,942) | $(2,640,874) |
Change in net assets from fund share transactions | $520,043 | $(50,252,308) | $8,647,188 | $(3,554,539) |
Total change in net assets | $(4,600,774) | $(60,978,538) | $(18,423,399) | $(13,369,091) |
Net assets | ||||
At beginning of period | 83,914,609 | 217,783,880 | 452,309,812 | 166,114,729 |
At end of period | $79,313,835 | $156,805,342 | $433,886,413 | $152,745,638 |
Six months ended 9/30/23 (unaudited) | South Carolina Fund | Virginia Fund | West Virginia Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $3,007,758 | $5,038,314 | $1,424,206 |
Net realized gain (loss) | (1,988,199) | (3,819,640) | (328,427) |
Net unrealized gain (loss) | (10,999,667) | (18,822,586) | (5,445,075) |
Change in net assets from operations | $(9,980,108) | $(17,603,912) | $(4,349,296) |
Total distributions to shareholders | $(3,043,698) | $(5,251,515) | $(1,456,184) |
Change in net assets from fund share transactions | $(3,086,032) | $(1,258,923) | $(3,388,528) |
Total change in net assets | $(16,109,838) | $(24,114,350) | $(9,194,008) |
Net assets | |||
At beginning of period | 213,325,808 | 362,009,421 | 99,492,960 |
At end of period | $197,215,970 | $337,895,071 | $90,298,952 |
Year ended 3/31/23 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Change in net assets | ||||
From operations | ||||
Net investment income (loss) | $2,129,191 | $6,817,763 | $11,114,359 | $4,562,568 |
Net realized gain (loss) | (1,887,065) | (8,287,593) | (10,728,203) | (4,208,152) |
Net unrealized gain (loss) | (2,459,904) | (6,865,116) | (10,633,552) | (5,102,945) |
Change in net assets from operations | $(2,217,778) | $(8,334,946) | $(10,247,396) | $(4,748,529) |
Total distributions to shareholders | $(2,234,760) | $(7,026,543) | $(11,616,464) | $(4,736,498) |
Change in net assets from fund share transactions | $(9,802,626) | $(26,384,440) | $(67,570,276) | $(15,531,967) |
Total change in net assets | $(14,255,164) | $(41,745,929) | $(89,434,136) | $(25,016,994) |
Net assets | ||||
At beginning of period | 98,169,773 | 259,529,809 | 541,743,948 | 191,131,723 |
At end of period | $83,914,609 | $217,783,880 | $452,309,812 | $166,114,729 |
Year ended 3/31/23 | South Carolina Fund | Virginia Fund | West Virginia Fund |
Change in net assets | |||
From operations | |||
Net investment income (loss) | $5,442,532 | $9,257,508 | $2,596,176 |
Net realized gain (loss) | (9,606,016) | (7,317,996) | (2,294,870) |
Net unrealized gain (loss) | (2,950,265) | (9,131,583) | (2,835,655) |
Change in net assets from operations | $(7,113,749) | $(7,192,071) | $(2,534,349) |
Total distributions to shareholders | $(5,622,830) | $(9,469,451) | $(2,712,235) |
Change in net assets from fund share transactions | $(53,709,621) | $4,859,970 | $(7,381,557) |
Total change in net assets | $(66,446,200) | $(11,801,552) | $(12,628,141) |
Net assets | |||
At beginning of period | 279,772,008 | 373,810,973 | 112,121,101 |
At end of period | $213,325,808 | $362,009,421 | $99,492,960 |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.92 | $9.33 | $9.90 | $9.63 | $9.64 | $9.53 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.21 | $0.19 | $0.23 | $0.28 | $0.34 |
Net realized and unrealized gain (loss) | (0.55) | (0.39) | (0.57) | 0.27 | (0.01) | 0.08 |
Total from investment operations | $(0.43) | $(0.18) | $(0.38) | $0.50 | $0.27 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.23) | $(0.19) | $(0.23) | $(0.28) | $(0.31) |
Net asset value, end of period (x) | $8.37 | $8.92 | $9.33 | $9.90 | $9.63 | $9.64 |
Total return (%) (r)(s)(t)(x) | (4.84)(n) | (1.93) | (3.95) | 5.20 | 2.80 | 4.47 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.03(a) | 1.01 | 0.97 | 0.97 | 0.98 | 1.00 |
Expenses after expense reductions (f) | 0.86(a) | 0.85 | 0.80 | 0.81 | 0.82 | 0.83 |
Net investment income (loss) | 2.70(a) | 2.41 | 1.90 | 2.33 | 2.88 | 3.53 |
Portfolio turnover | 9(n) | 19 | 13 | 20 | 30 | 16 |
Net assets at end of period (000 omitted) | $69,061 | $73,256 | $81,093 | $92,395 | $86,335 | $79,190 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.92 | $9.35 | $9.92 | $9.64 | $9.65 | $9.54 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.09 | $0.15 | $0.12 | $0.18 | $0.22 | $0.27 |
Net realized and unrealized gain (loss) | (0.54) | (0.41) | (0.57) | 0.26 | (0.01) | 0.09 |
Total from investment operations | $(0.45) | $(0.26) | $(0.45) | $0.44 | $0.21 | $0.36 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.09) | $(0.17) | $(0.12) | $(0.16) | $(0.22) | $(0.25) |
Net asset value, end of period (x) | $8.38 | $8.92 | $9.35 | $9.92 | $9.64 | $9.65 |
Total return (%) (r)(s)(t)(x) | (5.04)(n) | (2.78) | (4.56) | 4.63 | 2.14 | 3.79 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.78(a) | 1.76 | 1.72 | 1.72 | 1.73 | 1.75 |
Expenses after expense reductions (f) | 1.52(a) | 1.50 | 1.45 | 1.46 | 1.47 | 1.49 |
Net investment income (loss) | 2.06(a) | 1.71 | 1.26 | 1.79 | 2.24 | 2.87 |
Portfolio turnover | 9(n) | 19 | 13 | 20 | 30 | 16 |
Net assets at end of period (000 omitted) | $51 | $8 | $90 | $115 | $626 | $659 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.90 | $9.31 | $9.89 | $9.61 | $9.63 | $9.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.22 | $0.20 | $0.24 | $0.29 | $0.34 |
Net realized and unrealized gain (loss) | (0.53) | (0.40) | (0.58) | 0.28 | (0.02) | 0.09 |
Total from investment operations | $(0.41) | $(0.18) | $(0.38) | $0.52 | $0.27 | $0.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.23) | $(0.20) | $(0.24) | $(0.29) | $(0.31) |
Net asset value, end of period (x) | $8.36 | $8.90 | $9.31 | $9.89 | $9.61 | $9.63 |
Total return (%) (r)(s)(t)(x) | (4.70)(n) | (1.85) | (3.96) | 5.41 | 2.79 | 4.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.78(a) | 0.76 | 0.72 | 0.72 | 0.72 | 0.75 |
Expenses after expense reductions (f) | 0.76(a) | 0.75 | 0.70 | 0.70 | 0.71 | 0.74 |
Net investment income (loss) | 2.80(a) | 2.50 | 2.00 | 2.42 | 2.96 | 3.63 |
Portfolio turnover | 9(n) | 19 | 13 | 20 | 30 | 16 |
Net assets at end of period (000 omitted) | $7,089 | $7,777 | $13,661 | $13,878 | $11,374 | $8,672 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.90 | $9.31 | $9.89 | $9.61 | $9.63 | $9.51 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.20 | $0.24 | $0.29 | $0.35 |
Net realized and unrealized gain (loss) | (0.54) | (0.40) | (0.58) | 0.28 | (0.01) | 0.09 |
Total from investment operations | $(0.41) | $(0.17) | $(0.38) | $0.52 | $0.28 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.24) | $(0.20) | $(0.24) | $(0.30) | $(0.32) |
Net asset value, end of period (x) | $8.36 | $8.90 | $9.31 | $9.89 | $9.61 | $9.63 |
Total return (%) (r)(s)(t)(x) | (4.67)(n) | (1.78) | (3.90) | 5.48 | 2.85 | 4.74 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.71(a) | 0.70 | 0.65 | 0.65 | 0.66 | 0.68 |
Expenses after expense reductions (f) | 0.70(a) | 0.68 | 0.64 | 0.64 | 0.65 | 0.67 |
Net investment income (loss) | 2.86(a) | 2.57 | 2.06 | 2.47 | 2.95 | 3.71 |
Portfolio turnover | 9(n) | 19 | 13 | 20 | 30 | 16 |
Net assets at end of period (000 omitted) | $3,113 | $2,874 | $3,327 | $2,668 | $2,384 | $867 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.01 | $10.62 | $11.33 | $10.93 | $11.00 | $10.87 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.16 | $0.29 | $0.24 | $0.29 | $0.31 | $0.40 |
Net realized and unrealized gain (loss) | (0.63) | (0.60) | (0.71) | 0.39 | (0.08) | 0.11 |
Total from investment operations | $(0.47) | $(0.31) | $(0.47) | $0.68 | $0.23 | $0.51 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.30) | $(0.24) | $(0.28) | $(0.30) | $(0.38) |
Net asset value, end of period (x) | $9.37 | $10.01 | $10.62 | $11.33 | $10.93 | $11.00 |
Total return (%) (r)(s)(t)(x) | (4.75)(n) | (2.91) | (4.30) | 6.32 | 2.08 | 4.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.94(a) | 0.91 | 0.88 | 0.87 | 0.88 | 0.89 |
Expenses after expense reductions (f) | 0.83(a) | 0.83 | 0.83 | 0.84 | 0.86 | 0.88 |
Net investment income (loss) | 3.28(a) | 2.86 | 2.09 | 2.57 | 2.73 | 3.75 |
Portfolio turnover | 11(n) | 35 | 19 | 45 | 25 | 17 |
Net assets at end of period (000 omitted) | $114,520 | $126,231 | $153,525 | $170,723 | $174,514 | $154,803 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.98 | $10.60 | $11.31 | $10.90 | $10.97 | $10.84 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.21 | $0.15 | $0.20 | $0.22 | $0.32 |
Net realized and unrealized gain (loss) | (0.63) | (0.61) | (0.71) | 0.41 | (0.07) | 0.11 |
Total from investment operations | $(0.51) | $(0.40) | $(0.56) | $0.61 | $0.15 | $0.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.22) | $(0.15) | $(0.20) | $(0.22) | $(0.30) |
Net asset value, end of period (x) | $9.34 | $9.98 | $10.60 | $11.31 | $10.90 | $10.97 |
Total return (%) (r)(s)(t)(x) | (5.13)(n) | (3.74) | (5.02) | 5.63 | 1.32 | 4.05 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.69(a) | 1.66 | 1.63 | 1.62 | 1.63 | 1.64 |
Expenses after expense reductions (f) | 1.58(a) | 1.58 | 1.58 | 1.60 | 1.62 | 1.63 |
Net investment income (loss) | 2.53(a) | 2.10 | 1.35 | 1.85 | 2.00 | 3.01 |
Portfolio turnover | 11(n) | 35 | 19 | 45 | 25 | 17 |
Net assets at end of period (000 omitted) | $427 | $516 | $725 | $1,063 | $2,193 | $2,876 |
Six months ended | Year ended | |||||
Class C | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.99 | $10.61 | $11.32 | $10.91 | $10.98 | $10.86 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.12 | $0.21 | $0.15 | $0.20 | $0.22 | $0.32 |
Net realized and unrealized gain (loss) | (0.62) | (0.61) | (0.71) | 0.41 | (0.07) | 0.10 |
Total from investment operations | $(0.50) | $(0.40) | $(0.56) | $0.61 | $0.15 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.22) | $(0.15) | $(0.20) | $(0.22) | $(0.30) |
Net asset value, end of period (x) | $9.36 | $9.99 | $10.61 | $11.32 | $10.91 | $10.98 |
Total return (%) (r)(s)(t)(x) | (5.02)(n) | (3.73) | (5.02) | 5.63 | 1.32 | 3.95 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.69(a) | 1.66 | 1.63 | 1.62 | 1.63 | 1.64 |
Expenses after expense reductions (f) | 1.58(a) | 1.58 | 1.58 | 1.59 | 1.62 | 1.63 |
Net investment income (loss) | 2.53(a) | 2.09 | 1.34 | 1.83 | 1.98 | 2.99 |
Portfolio turnover | 11(n) | 35 | 19 | 45 | 25 | 17 |
Net assets at end of period (000 omitted) | $5,359 | $6,462 | $9,646 | $12,260 | $15,471 | $16,953 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.85 | $9.39 | $10.02 | $9.66 | $9.73 | $9.61 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.27 | $0.24 | $0.28 | $0.30 | $0.38 |
Net realized and unrealized gain (loss) | (0.56) | (0.53) | (0.64) | 0.35 | (0.08) | 0.10 |
Total from investment operations | $(0.41) | $(0.26) | $(0.40) | $0.63 | $0.22 | $0.48 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.16) | $(0.28) | $(0.23) | $(0.27) | $(0.29) | $(0.36) |
Net asset value, end of period (x) | $8.28 | $8.85 | $9.39 | $10.02 | $9.66 | $9.73 |
Total return (%) (r)(s)(t)(x) | (4.68)(n) | (2.67) | (4.08) | 6.65 | 2.25 | 5.13 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.69(a) | 0.66 | 0.62 | 0.62 | 0.63 | 0.64 |
Expenses after expense reductions (f) | 0.58(a) | 0.58 | 0.58 | 0.59 | 0.62 | 0.63 |
Net investment income (loss) | 3.53(a) | 3.10 | 2.32 | 2.81 | 2.97 | 3.99 |
Portfolio turnover | 11(n) | 35 | 19 | 45 | 25 | 17 |
Net assets at end of period (000 omitted) | $32,134 | $36,516 | $44,708 | $95,882 | $83,586 | $68,415 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.84 | $9.39 | $10.02 | $9.66 | $9.73 | $9.61 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.28 | $0.25 | $0.28 | $0.30 | $0.39 |
Net realized and unrealized gain (loss) | (0.53) | (0.54) | (0.64) | 0.36 | (0.07) | 0.10 |
Total from investment operations | $(0.38) | $(0.26) | $(0.39) | $0.64 | $0.23 | $0.49 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.17) | $(0.29) | $(0.24) | $(0.28) | $(0.30) | $(0.37) |
Net asset value, end of period (x) | $8.29 | $8.84 | $9.39 | $10.02 | $9.66 | $9.73 |
Total return (%) (r)(s)(t)(x) | (4.42)(n) | (2.70) | (4.02) | 6.72 | 2.31 | 5.19 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.59(a) | 0.58 | 0.57 | 0.56 | 0.56 | 0.57 |
Expenses after expense reductions (f) | 0.50(a) | 0.50 | 0.51 | 0.53 | 0.55 | 0.57 |
Net investment income (loss) | 3.51(a) | 3.21 | 2.51 | 2.86 | 3.01 | 4.04 |
Portfolio turnover | 11(n) | 35 | 19 | 45 | 25 | 17 |
Net assets at end of period (000 omitted) | $4,364 | $48,058 | $50,925 | $4,866 | $3,092 | $1,914 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.81 | $11.25 | $11.91 | $11.45 | $11.59 | $11.48 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.21 | $0.27 | $0.32 | $0.40 |
Net realized and unrealized gain (loss) | (0.63) | (0.43) | (0.67) | 0.46 | (0.13) | 0.07 |
Total from investment operations | $(0.48) | $(0.18) | $(0.46) | $0.73 | $0.19 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.20) | $(0.27) | $(0.33) | $(0.36) |
Net asset value, end of period (x) | $10.18 | $10.81 | $11.25 | $11.91 | $11.45 | $11.59 |
Total return (%) (r)(s)(t)(x) | (4.45)(n) | (1.56) | (3.91) | 6.42 | 1.55 | 4.23 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.86(a) | 0.85 | 0.84 | 0.84 | 0.85 | 0.86 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.83 | 0.83 | 0.83 | 0.85 |
Net investment income (loss) | 2.78(a) | 2.30 | 1.74 | 2.29 | 2.72 | 3.53 |
Portfolio turnover | 10(n) | 30 | 16 | 25 | 28 | 19 |
Net assets at end of period (000 omitted) | $288,508 | $302,524 | $354,752 | $359,286 | $326,916 | $295,515 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.80 | $11.24 | $11.90 | $11.44 | $11.57 | $11.46 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.16 | $0.12 | $0.19 | $0.24 | $0.32 |
Net realized and unrealized gain (loss) | (0.64) | (0.42) | (0.67) | 0.45 | (0.13) | 0.07 |
Total from investment operations | $(0.53) | $(0.26) | $(0.55) | $0.64 | $0.11 | $0.39 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.18) | $(0.11) | $(0.18) | $(0.24) | $(0.28) |
Net asset value, end of period (x) | $10.16 | $10.80 | $11.24 | $11.90 | $11.44 | $11.57 |
Total return (%) (r)(s)(t)(x) | (4.90)(n) | (2.29) | (4.63) | 5.64 | 0.88 | 3.46 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.61 | 1.59 | 1.59 | 1.61 | 1.62 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.58 | 1.58 | 1.59 | 1.61 |
Net investment income (loss) | 2.03(a) | 1.51 | 0.99 | 1.60 | 2.01 | 2.78 |
Portfolio turnover | 10(n) | 30 | 16 | 25 | 28 | 19 |
Net assets at end of period (000 omitted) | $145 | $165 | $323 | $416 | $788 | $1,299 |
Six months ended | Year ended | |||||
Class C | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.81 | $11.25 | $11.91 | $11.45 | $11.58 | $11.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.17 | $0.12 | $0.18 | $0.23 | $0.32 |
Net realized and unrealized gain (loss) | (0.64) | (0.43) | (0.67) | 0.46 | (0.12) | 0.07 |
Total from investment operations | $(0.53) | $(0.26) | $(0.55) | $0.64 | $0.11 | $0.39 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.18) | $(0.11) | $(0.18) | $(0.24) | $(0.28) |
Net asset value, end of period (x) | $10.17 | $10.81 | $11.25 | $11.91 | $11.45 | $11.58 |
Total return (%) (r)(s)(t)(x) | (4.90)(n) | (2.29) | (4.63) | 5.63 | 0.88 | 3.45 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.61(a) | 1.60 | 1.59 | 1.59 | 1.61 | 1.62 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.58 | 1.58 | 1.59 | 1.61 |
Net investment income (loss) | 2.03(a) | 1.54 | 0.99 | 1.56 | 1.96 | 2.78 |
Portfolio turnover | 10(n) | 30 | 16 | 25 | 28 | 19 |
Net assets at end of period (000 omitted) | $18,035 | $21,315 | $28,828 | $35,315 | $45,135 | $38,639 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.01 | $9.38 | $9.93 | $9.55 | $9.66 | $9.57 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.20 | $0.25 | $0.29 | $0.36 |
Net realized and unrealized gain (loss) | (0.52) | (0.36) | (0.56) | 0.38 | (0.10) | 0.06 |
Total from investment operations | $(0.39) | $(0.13) | $(0.36) | $0.63 | $0.19 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.19) | $(0.25) | $(0.30) | $(0.33) |
Net asset value, end of period (x) | $8.48 | $9.01 | $9.38 | $9.93 | $9.55 | $9.66 |
Total return (%) (r)(s)(t)(x) | (4.38)(n) | (1.35) | (3.67) | 6.64 | 1.87 | 4.46 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.60(a) | 0.60 | 0.59 | 0.59 | 0.60 | 0.61 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.58 | 0.58 | 0.59 | 0.60 |
Net investment income (loss) | 3.03(a) | 2.54 | 1.99 | 2.52 | 2.95 | 3.77 |
Portfolio turnover | 10(n) | 30 | 16 | 25 | 28 | 19 |
Net assets at end of period (000 omitted) | $95,199 | $97,036 | $116,857 | $113,800 | $83,861 | $58,802 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.01 | $9.38 | $9.93 | $9.55 | $9.66 | $9.57 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.23 | $0.20 | $0.25 | $0.30 | $0.37 |
Net realized and unrealized gain (loss) | (0.53) | (0.36) | (0.55) | 0.38 | (0.11) | 0.05 |
Total from investment operations | $(0.39) | $(0.13) | $(0.35) | $0.63 | $0.19 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.20) | $(0.25) | $(0.30) | $(0.33) |
Net asset value, end of period (x) | $8.48 | $9.01 | $9.38 | $9.93 | $9.55 | $9.66 |
Total return (%) (r)(s)(t)(x) | (4.35)(n) | (1.28) | (3.60) | 6.71 | 1.94 | 4.54 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.53(a) | 0.53 | 0.52 | 0.52 | 0.53 | 0.54 |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.51 | 0.51 | 0.52 | 0.53 |
Net investment income (loss) | 3.10(a) | 2.61 | 2.05 | 2.59 | 3.01 | 3.85 |
Portfolio turnover | 10(n) | 30 | 16 | 25 | 28 | 19 |
Net assets at end of period (000 omitted) | $31,999 | $31,269 | $40,985 | $34,703 | $24,040 | $16,161 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.55 | $10.05 | $10.60 | $10.24 | $10.26 | $10.15 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.21 | $0.27 | $0.33 | $0.40 |
Net realized and unrealized gain (loss) | (0.57) | (0.49) | (0.55) | 0.36 | (0.02) | 0.07 |
Total from investment operations | $(0.42) | $(0.24) | $(0.34) | $0.63 | $0.31 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.21) | $(0.27) | $(0.33) | $(0.36) |
Net asset value, end of period (x) | $8.98 | $9.55 | $10.05 | $10.60 | $10.24 | $10.26 |
Total return (%) (r)(s)(t)(x) | (4.44)(n) | (2.31) | (3.29) | 6.21 | 2.97 | 4.73 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.94(a) | 0.93 | 0.91 | 0.92 | 0.94 | 0.96 |
Expenses after expense reductions (f) | 0.69(a) | 0.69 | 0.71 | 0.76 | 0.78 | 0.80 |
Net investment income (loss) | 3.09(a) | 2.65 | 2.02 | 2.55 | 3.13 | 3.91 |
Portfolio turnover | 9(n) | 29 | 19 | 28 | 17 | 16 |
Net assets at end of period (000 omitted) | $103,854 | $113,427 | $132,466 | $137,727 | $117,575 | $105,777 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.57 | $10.07 | $10.62 | $10.27 | $10.29 | $10.18 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.14 | $0.19 | $0.25 | $0.32 |
Net realized and unrealized gain (loss) | (0.56) | (0.49) | (0.56) | 0.35 | (0.02) | 0.07 |
Total from investment operations | $(0.45) | $(0.31) | $(0.42) | $0.54 | $0.23 | $0.39 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.12) | $(0.19) | $(0.13) | $(0.19) | $(0.25) | $(0.28) |
Net asset value, end of period (x) | $9.00 | $9.57 | $10.07 | $10.62 | $10.27 | $10.29 |
Total return (%) (r)(s)(t)(x) | (4.78)(n) | (3.03) | (4.00) | 5.32 | 2.21 | 3.95 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.69(a) | 1.68 | 1.66 | 1.67 | 1.69 | 1.71 |
Expenses after expense reductions (f) | 1.44(a) | 1.44 | 1.46 | 1.51 | 1.53 | 1.55 |
Net investment income (loss) | 2.34(a) | 1.89 | 1.27 | 1.86 | 2.40 | 3.15 |
Portfolio turnover | 9(n) | 29 | 19 | 28 | 17 | 16 |
Net assets at end of period (000 omitted) | $332 | $414 | $577 | $851 | $1,507 | $2,373 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.10 | $9.57 | $10.09 | $9.76 | $9.78 | $9.67 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.21 | $0.26 | $0.32 | $0.38 |
Net realized and unrealized gain (loss) | (0.54) | (0.46) | (0.52) | 0.34 | (0.02) | 0.08 |
Total from investment operations | $(0.40) | $(0.21) | $(0.31) | $0.60 | $0.30 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.21) | $(0.27) | $(0.32) | $(0.35) |
Net asset value, end of period (x) | $8.55 | $9.10 | $9.57 | $10.09 | $9.76 | $9.78 |
Total return (%) (r)(s)(t)(x) | (4.47)(n) | (2.15) | (3.16) | 6.18 | 3.06 | 4.88 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.69(a) | 0.68 | 0.66 | 0.67 | 0.69 | 0.71 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.61 | 0.66 | 0.68 | 0.70 |
Net investment income (loss) | 3.18(a) | 2.74 | 2.11 | 2.64 | 3.21 | 4.00 |
Portfolio turnover | 9(n) | 29 | 19 | 28 | 17 | 16 |
Net assets at end of period (000 omitted) | $28,829 | $31,571 | $37,530 | $32,103 | $26,064 | $20,253 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $9.10 | $9.58 | $10.10 | $9.76 | $9.78 | $9.67 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.26 | $0.22 | $0.27 | $0.33 | $0.40 |
Net realized and unrealized gain (loss) | (0.54) | (0.48) | (0.52) | 0.34 | (0.02) | 0.07 |
Total from investment operations | $(0.39) | $(0.22) | $(0.30) | $0.61 | $0.31 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.22) | $(0.27) | $(0.33) | $(0.36) |
Net asset value, end of period (x) | $8.56 | $9.10 | $9.58 | $10.10 | $9.76 | $9.78 |
Total return (%) (r)(s)(t)(x) | (4.32)(n) | (2.19) | (3.09) | 6.35 | 3.13 | 4.94 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.62(a) | 0.61 | 0.59 | 0.60 | 0.61 | 0.64 |
Expenses after expense reductions (f) | 0.52(a) | 0.52 | 0.54 | 0.59 | 0.60 | 0.63 |
Net investment income (loss) | 3.25(a) | 2.83 | 2.18 | 2.71 | 3.28 | 4.13 |
Portfolio turnover | 9(n) | 29 | 19 | 28 | 17 | 16 |
Net assets at end of period (000 omitted) | $19,730 | $20,702 | $20,559 | $15,830 | $13,031 | $10,736 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $11.08 | $11.61 | $12.30 | $11.94 | $11.97 | $11.83 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.19 | $0.25 | $0.33 | $0.41 |
Net realized and unrealized gain (loss) | (0.68) | (0.52) | (0.69) | 0.36 | (0.04) | 0.10 |
Total from investment operations | $(0.53) | $(0.27) | $(0.50) | $0.61 | $0.29 | $0.51 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.19) | $(0.25) | $(0.32) | $(0.37) |
Net asset value, end of period (x) | $10.40 | $11.08 | $11.61 | $12.30 | $11.94 | $11.97 |
Total return (%) (r)(s)(t)(x) | (4.79)(n) | (2.26) | (4.15) | 5.18 | 2.44 | 4.39 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.89(a) | 0.88 | 0.86 | 0.87 | 0.88 | 0.90 |
Expenses after expense reductions (f) | 0.84(a) | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
Net investment income (loss) | 2.79(a) | 2.27 | 1.55 | 2.08 | 2.68 | 3.49 |
Portfolio turnover | 12(n) | 28 | 22 | 23 | 22 | 14 |
Net assets at end of period (000 omitted) | $139,767 | $154,644 | $204,883 | $222,730 | $192,059 | $156,427 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $11.08 | $11.60 | $12.30 | $11.93 | $11.97 | $11.82 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.17 | $0.10 | $0.18 | $0.24 | $0.32 |
Net realized and unrealized gain (loss) | (0.69) | (0.51) | (0.70) | 0.35 | (0.05) | 0.11 |
Total from investment operations | $(0.58) | $(0.34) | $(0.60) | $0.53 | $0.19 | $0.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.18) | $(0.10) | $(0.16) | $(0.23) | $(0.28) |
Net asset value, end of period (x) | $10.39 | $11.08 | $11.60 | $12.30 | $11.93 | $11.97 |
Total return (%) (r)(s)(t)(x) | (5.24)(n) | (2.91) | (4.95) | 4.50 | 1.59 | 3.70 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.64(a) | 1.63 | 1.61 | 1.62 | 1.64 | 1.65 |
Expenses after expense reductions (f) | 1.59(a) | 1.59 | 1.59 | 1.59 | 1.59 | 1.59 |
Net investment income (loss) | 2.02(a) | 1.55 | 0.81 | 1.48 | 1.96 | 2.74 |
Portfolio turnover | 12(n) | 28 | 22 | 23 | 22 | 14 |
Net assets at end of period (000 omitted) | $67 | $137 | $146 | $280 | $1,200 | $1,955 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.98 | $9.40 | $9.97 | $9.67 | $9.70 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.23 | $0.18 | $0.23 | $0.29 | $0.36 |
Net realized and unrealized gain (loss) | (0.54) | (0.42) | (0.57) | 0.30 | (0.03) | 0.08 |
Total from investment operations | $(0.41) | $(0.19) | $(0.39) | $0.53 | $0.26 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.23) | $(0.18) | $(0.23) | $(0.29) | $(0.32) |
Net asset value, end of period (x) | $8.43 | $8.98 | $9.40 | $9.97 | $9.67 | $9.70 |
Total return (%) (r)(s)(t)(x) | (4.66)(n) | (1.93) | (4.02) | 5.53 | 2.63 | 4.71 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.64(a) | 0.63 | 0.61 | 0.62 | 0.63 | 0.65 |
Expenses after expense reductions (f) | 0.59(a) | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
Net investment income (loss) | 3.04(a) | 2.52 | 1.80 | 2.31 | 2.92 | 3.74 |
Portfolio turnover | 12(n) | 28 | 22 | 23 | 22 | 14 |
Net assets at end of period (000 omitted) | $42,057 | $44,457 | $56,292 | $53,171 | $35,189 | $28,182 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.98 | $9.41 | $9.97 | $9.67 | $9.70 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.23 | $0.19 | $0.23 | $0.29 | $0.36 |
Net realized and unrealized gain (loss) | (0.55) | (0.42) | (0.57) | 0.31 | (0.03) | 0.09 |
Total from investment operations | $(0.41) | $(0.19) | $(0.38) | $0.54 | $0.26 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.24) | $(0.18) | $(0.24) | $(0.29) | $(0.33) |
Net asset value, end of period (x) | $8.43 | $8.98 | $9.41 | $9.97 | $9.67 | $9.70 |
Total return (%) (r)(s)(t)(x) | (4.64)(n) | (1.96) | (3.86) | 5.59 | 2.68 | 4.77 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.58(a) | 0.57 | 0.55 | 0.55 | 0.57 | 0.58 |
Expenses after expense reductions (f) | 0.53(a) | 0.53 | 0.53 | 0.53 | 0.53 | 0.52 |
Net investment income (loss) | 3.10(a) | 2.59 | 1.86 | 2.36 | 2.95 | 3.81 |
Portfolio turnover | 12(n) | 28 | 22 | 23 | 22 | 14 |
Net assets at end of period (000 omitted) | $15,325 | $14,088 | $18,450 | $14,608 | $8,892 | $4,341 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Six months ended | Year ended | |||||
Class A | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.29 | $10.77 | $11.42 | $11.07 | $11.14 | $10.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.26 | $0.24 | $0.29 | $0.33 | $0.37 |
Net realized and unrealized gain (loss) | (0.64) | (0.48) | (0.65) | 0.36 | (0.08) | 0.13 |
Total from investment operations | $(0.50) | $(0.22) | $(0.41) | $0.65 | $0.25 | $0.50 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.24) | $(0.30) | $(0.32) | $(0.34) |
Net asset value, end of period (x) | $9.64 | $10.29 | $10.77 | $11.42 | $11.07 | $11.14 |
Total return (%) (r)(s)(t)(x) | (4.96)(n) | (1.96) | (3.72) | 5.94 | 2.22 | 4.67 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.88(a) | 0.87 | 0.87 | 0.88 | 0.91 | 0.92 |
Expenses after expense reductions (f) | 0.81(a) | 0.81 | 0.81 | 0.82 | 0.84 | 0.84 |
Net investment income (loss) | 2.75(a) | 2.52 | 2.14 | 2.57 | 2.88 | 3.37 |
Portfolio turnover | 11(n) | 34 | 23 | 21 | 24 | 15 |
Net assets at end of period (000 omitted) | $225,388 | $247,207 | $246,986 | $251,971 | $235,639 | $226,366 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | N/A | N/A | 0.81 | 0.81 | 0.81 | 0.81 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.28 | $10.76 | $11.41 | $11.06 | $11.13 | $10.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.18 | $0.16 | $0.21 | $0.24 | $0.29 |
Net realized and unrealized gain (loss) | (0.64) | (0.47) | (0.66) | 0.36 | (0.07) | 0.12 |
Total from investment operations | $(0.54) | $(0.29) | $(0.50) | $0.57 | $0.17 | $0.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.15) | $(0.22) | $(0.24) | $(0.26) |
Net asset value, end of period (x) | $9.63 | $10.28 | $10.76 | $11.41 | $11.06 | $11.13 |
Total return (%) (r)(s)(t)(x) | (5.32)(n) | (2.68) | (4.45) | 5.16 | 1.46 | 3.80 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.63(a) | 1.63 | 1.62 | 1.63 | 1.66 | 1.67 |
Expenses after expense reductions (f) | 1.56(a) | 1.56 | 1.56 | 1.57 | 1.59 | 1.60 |
Net investment income (loss) | 2.00(a) | 1.76 | 1.39 | 1.82 | 2.14 | 2.62 |
Portfolio turnover | 11(n) | 34 | 23 | 21 | 24 | 15 |
Net assets at end of period (000 omitted) | $210 | $237 | $387 | $436 | $581 | $755 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | N/A | N/A | 1.56 | 1.56 | 1.56 | 1.56 |
Six months ended | Year ended | |||||
Class C | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.29 | $10.77 | $11.42 | $11.06 | $11.14 | $10.98 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.18 | $0.16 | $0.21 | $0.24 | $0.29 |
Net realized and unrealized gain (loss) | (0.64) | (0.47) | (0.66) | 0.37 | (0.08) | 0.13 |
Total from investment operations | $(0.54) | $(0.29) | $(0.50) | $0.58 | $0.16 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.15) | $(0.22) | $(0.24) | $(0.26) |
Net asset value, end of period (x) | $9.64 | $10.29 | $10.77 | $11.42 | $11.06 | $11.14 |
Total return (%) (r)(s)(t)(x) | (5.31)(n) | (2.69) | (4.44) | 5.25 | 1.36 | 3.89 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.63(a) | 1.63 | 1.62 | 1.63 | 1.66 | 1.67 |
Expenses after expense reductions (f) | 1.56(a) | 1.56 | 1.56 | 1.57 | 1.59 | 1.60 |
Net investment income (loss) | 2.00(a) | 1.76 | 1.39 | 1.82 | 2.13 | 2.62 |
Portfolio turnover | 11(n) | 34 | 23 | 21 | 24 | 15 |
Net assets at end of period (000 omitted) | $6,887 | $8,671 | $11,754 | $14,348 | $16,736 | $17,665 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | N/A | N/A | 1.56 | 1.56 | 1.56 | 1.56 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.94 | $9.36 | $9.93 | $9.62 | $9.68 | $9.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.25 | $0.24 | $0.28 | $0.31 | $0.34 |
Net realized and unrealized gain (loss) | (0.55) | (0.42) | (0.58) | 0.32 | (0.07) | 0.11 |
Total from investment operations | $(0.42) | $(0.17) | $(0.34) | $0.60 | $0.24 | $0.45 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.25) | $(0.23) | $(0.29) | $(0.30) | $(0.32) |
Net asset value, end of period (x) | $8.38 | $8.94 | $9.36 | $9.93 | $9.62 | $9.68 |
Total return (%) (r)(s)(t)(x) | (4.79)(n) | (1.75) | (3.53) | 6.26 | 2.47 | 4.82 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.62(a) | 0.62 | 0.62 | 0.63 | 0.66 | 0.67 |
Expenses after expense reductions (f) | 0.56(a) | 0.56 | 0.56 | 0.57 | 0.59 | 0.60 |
Net investment income (loss) | 2.99(a) | 2.76 | 2.39 | 2.80 | 3.12 | 3.61 |
Portfolio turnover | 11(n) | 34 | 23 | 21 | 24 | 15 |
Net assets at end of period (000 omitted) | $83,724 | $85,821 | $88,808 | $94,495 | $71,807 | $57,139 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | N/A | N/A | 0.56 | 0.56 | 0.56 | 0.56 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.95 | $9.37 | $9.93 | $9.63 | $9.69 | $9.55 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.24 | $0.28 | $0.31 | $0.35 |
Net realized and unrealized gain (loss) | (0.56) | (0.41) | (0.56) | 0.31 | (0.06) | 0.12 |
Total from investment operations | $(0.42) | $(0.16) | $(0.32) | $0.59 | $0.25 | $0.47 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.26) | $(0.24) | $(0.29) | $(0.31) | $(0.33) |
Net asset value, end of period (x) | $8.39 | $8.95 | $9.37 | $9.93 | $9.63 | $9.69 |
Total return (%) (r)(s)(t)(x) | (4.74)(n) | (1.66) | (3.35) | 6.23 | 2.55 | 5.01 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.54(a) | 0.55 | 0.54 | 0.55 | 0.58 | 0.59 |
Expenses after expense reductions (f) | 0.48(a) | 0.48 | 0.48 | 0.50 | 0.51 | 0.51 |
Net investment income (loss) | 3.07(a) | 2.84 | 2.46 | 2.87 | 3.20 | 3.69 |
Portfolio turnover | 11(n) | 34 | 23 | 21 | 24 | 15 |
Net assets at end of period (000 omitted) | $21,687 | $20,073 | $25,876 | $22,118 | $14,286 | $10,153 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | N/A | N/A | 0.48 | 0.48 | 0.48 | 0.48 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.15 | $10.64 | $11.19 | $10.95 | $10.98 | $10.89 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.15 | $0.25 | $0.23 | $0.28 | $0.33 | $0.38 |
Net realized and unrealized gain (loss) | (0.61) | (0.48) | (0.55) | 0.24 | (0.03) | 0.06 |
Total from investment operations | $(0.46) | $(0.23) | $(0.32) | $0.52 | $0.30 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.23) | $(0.28) | $(0.33) | $(0.35) |
Net asset value, end of period (x) | $9.54 | $10.15 | $10.64 | $11.19 | $10.95 | $10.98 |
Total return (%) (r)(s)(t)(x) | (4.59)(n) | (2.08) | (2.90) | 4.81 | 2.75 | 4.09 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.01(a) | 1.00 | 0.97 | 0.97 | 0.98 | 0.98 |
Expenses after expense reductions (f) | 0.87(a) | 0.87 | 0.87 | 0.87 | 0.86 | 0.86 |
Net investment income (loss) | 2.91(a) | 2.49 | 2.09 | 2.51 | 3.00 | 3.53 |
Portfolio turnover | 12(n) | 24 | 21 | 23 | 19 | 17 |
Net assets at end of period (000 omitted) | $72,014 | $79,776 | $94,024 | $99,380 | $98,950 | $98,510 |
Six months ended | Year ended | |||||
Class B | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $10.15 | $10.63 | $11.18 | $10.95 | $10.98 | $10.88 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.15 | $0.20 | $0.25 | $0.30 |
Net realized and unrealized gain (loss) | (0.61) | (0.47) | (0.55) | 0.23 | (0.03) | 0.06 |
Total from investment operations | $(0.50) | $(0.29) | $(0.40) | $0.43 | $0.22 | $0.36 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.15) | $(0.20) | $(0.25) | $(0.26) |
Net asset value, end of period (x) | $9.54 | $10.15 | $10.63 | $11.18 | $10.95 | $10.98 |
Total return (%) (r)(s)(t)(x) | (4.95)(n) | (2.72) | (3.63) | 3.93 | 1.98 | 3.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.76(a) | 1.75 | 1.72 | 1.72 | 1.73 | 1.73 |
Expenses after expense reductions (f) | 1.62(a) | 1.62 | 1.62 | 1.62 | 1.62 | 1.62 |
Net investment income (loss) | 2.16(a) | 1.74 | 1.35 | 1.78 | 2.28 | 2.77 |
Portfolio turnover | 12(n) | 24 | 21 | 23 | 19 | 17 |
Net assets at end of period (000 omitted) | $57 | $49 | $54 | $109 | $155 | $494 |
Six months ended | Year ended | |||||
Class I | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.94 | $9.36 | $9.84 | $9.64 | $9.67 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.23 | $0.27 | $0.32 | $0.36 |
Net realized and unrealized gain (loss) | (0.54) | (0.41) | (0.48) | 0.20 | (0.03) | 0.06 |
Total from investment operations | $(0.40) | $(0.17) | $(0.25) | $0.47 | $0.29 | $0.42 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.25) | $(0.23) | $(0.27) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $8.40 | $8.94 | $9.36 | $9.84 | $9.64 | $9.67 |
Total return (%) (r)(s)(t)(x) | (4.51)(n) | (1.72) | (2.63) | 4.94 | 2.95 | 4.44 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.76(a) | 0.75 | 0.72 | 0.72 | 0.73 | 0.73 |
Expenses after expense reductions (f) | 0.62(a) | 0.62 | 0.62 | 0.62 | 0.62 | 0.62 |
Net investment income (loss) | 3.15(a) | 2.74 | 2.32 | 2.73 | 3.23 | 3.75 |
Portfolio turnover | 12(n) | 24 | 21 | 23 | 19 | 17 |
Net assets at end of period (000 omitted) | $14,760 | $16,442 | $16,290 | $14,052 | $7,545 | $6,248 |
Six months ended | Year ended | |||||
Class R6 | 9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 |
Net asset value, beginning of period | $8.94 | $9.36 | $9.84 | $9.63 | $9.66 | $9.58 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.23 | $0.28 | $0.32 | $0.37 |
Net realized and unrealized gain (loss) | (0.53) | (0.41) | (0.47) | 0.21 | (0.03) | 0.04 |
Total from investment operations | $(0.39) | $(0.16) | $(0.24) | $0.49 | $0.29 | $0.41 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.26) | $(0.24) | $(0.28) | $(0.32) | $(0.33) |
Net asset value, end of period (x) | $8.40 | $8.94 | $9.36 | $9.84 | $9.63 | $9.66 |
Total return (%) (r)(s)(t)(x) | (4.47)(n) | (1.65) | (2.56) | 5.13 | 3.02 | 4.42 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.68(a) | 0.67 | 0.64 | 0.64 | 0.64 | 0.64 |
Expenses after expense reductions (f) | 0.54(a) | 0.54 | 0.54 | 0.54 | 0.54 | 0.53 |
Net investment income (loss) | 3.24(a) | 2.85 | 2.38 | 2.83 | 3.27 | 3.87 |
Portfolio turnover | 12(n) | 24 | 21 | 23 | 19 | 17 |
Net assets at end of period (000 omitted) | $3,467 | $3,226 | $1,754 | $824 | $715 | $246 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(x) | The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Level 1 | Level 2 | Level 3 | Total | |
Mississippi Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $76,039,156 | $— | $76,039,156 |
U.S. Corporate Bonds | — | 238,216 | — | 238,216 |
Mutual Funds | 1,287,098 | — | — | 1,287,098 |
Total | $1,287,098 | $76,277,372 | $— | $77,564,470 |
New York Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $152,718,612 | $— | $152,718,612 |
U.S. Corporate Bonds | — | 684,500 | — | 684,500 |
Mutual Funds | 1,394,099 | — | — | 1,394,099 |
Total | $1,394,099 | $153,403,112 | $— | $154,797,211 |
North Carolina Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $424,586,210 | $— | $424,586,210 |
U.S. Corporate Bonds | — | 1,236,136 | — | 1,236,136 |
Mutual Funds | 4,492,814 | — | — | 4,492,814 |
Total | $4,492,814 | $425,822,346 | $— | $430,315,160 |
Pennsylvania Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $148,939,457 | $— | $148,939,457 |
U.S. Corporate Bonds | — | 398,528 | — | 398,528 |
Mutual Funds | 2,423,389 | — | — | 2,423,389 |
Total | $2,423,389 | $149,337,985 | $— | $151,761,374 |
South Carolina Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $192,212,065 | $— | $192,212,065 |
U.S. Corporate Bonds | — | 626,839 | — | 626,839 |
Mutual Funds | 1,497,131 | — | — | 1,497,131 |
Total | $1,497,131 | $192,838,904 | $— | $194,336,035 |
Level 1 | Level 2 | Level 3 | Total | |
Virginia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $329,539,431 | $— | $329,539,431 |
U.S. Corporate Bonds | — | 874,527 | — | 874,527 |
Mutual Funds | 3,371,574 | — | — | 3,371,574 |
Total | $3,371,574 | $330,413,958 | $— | $333,785,532 |
West Virginia Fund | ||||
Financial Instruments | ||||
Municipal Bonds | $— | $88,111,417 | $— | $88,111,417 |
U.S. Corporate Bonds | — | 274,700 | — | 274,700 |
Mutual Funds | 752,636 | — | — | 752,636 |
Total | $752,636 | $88,386,117 | $— | $89,138,753 |
Year ended 3/31/23 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
Ordinary income (including any short-term capital gains) | $58,068 | $282,858 | $274,803 | $220,372 | $243,505 | $384,305 | $84,387 |
Tax-exempt income | 2,176,692 | 6,743,685 | 11,341,661 | 4,516,126 | 5,379,325 | 9,085,146 | 2,627,848 |
Total distributions | $2,234,760 | $7,026,543 | $11,616,464 | $4,736,498 | $5,622,830 | $9,469,451 | $2,712,235 |
As of 9/30/23 | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund |
Cost of investments | $85,049,972 | $171,925,709 | $471,406,274 | $166,516,685 |
Gross appreciation | 280,555 | 291,594 | 653,181 | 299,640 |
Gross depreciation | (7,766,057) | (17,420,092) | (41,744,295) | (15,054,951) |
Net unrealized appreciation (depreciation) | $(7,485,502) | $(17,128,498) | $(41,091,114) | $(14,755,311) |
As of 3/31/23 | ||||
Undistributed ordinary income | 3,315 | 146,186 | 81,957 | 4,271 |
Undistributed tax-exempt income | 454,472 | 1,402,208 | 2,178,952 | 910,121 |
Capital loss carryforwards | (4,875,465) | (12,320,398) | (23,475,075) | (6,700,696) |
Other temporary differences | (190,927) | (656,166) | (1,161,831) | (463,614) |
Net unrealized appreciation (depreciation) | (2,657,594) | (7,949,580) | (15,875,558) | (5,894,129) |
As of 9/30/23 | South Carolina Fund | Virginia Fund | West Virginia Fund |
Cost of investments | $214,089,032 | $369,007,433 | $98,101,589 |
Gross appreciation | 172,499 | 296,676 | 151,178 |
Gross depreciation | (19,925,496) | (35,518,577) | (9,114,014) |
Net unrealized appreciation (depreciation) | $(19,752,997) | $(35,221,901) | $(8,962,836) |
As of 3/31/23 | |||
Undistributed ordinary income | — | — | 15,920 |
Undistributed tax-exempt income | 1,153,565 | 1,746,617 | 517,455 |
Capital loss carryforwards | (15,505,590) | (15,343,516) | (6,102,646) |
Other temporary differences | (517,464) | (916,497) | (244,482) |
Net unrealized appreciation (depreciation) | (8,567,767) | (15,999,998) | (3,529,890) |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Short-Term | $(1,659,270) | $(6,308,479) | $(11,633,060) | $(3,542,058) | $(4,700,755) | $(5,589,554) | $(2,082,898) |
Long-Term | (3,216,195) | (6,011,919) | (11,842,015) | (3,158,638) | (10,804,835) | (9,753,962) | (4,019,748) |
Total | $(4,875,465) | $(12,320,398) | $(23,475,075) | $(6,700,696) | $(15,505,590) | $(15,343,516) | $(6,102,646) |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | ||||||||||||
Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | ||||||||
Class A | $992,220 | $1,872,021 | $2,133,544 | $3,974,888 | $4,358,953 | $7,560,408 | $1,775,567 | $3,253,708 | |||||||
Class B | 545 | 995 | 6,726 | 13,317 | 1,718 | 4,083 | 4,524 | 9,679 | |||||||
Class C | — | — | 81,443 | 165,999 | 215,291 | 392,590 | — | — | |||||||
Class I | 108,782 | 282,216 | 657,073 | 1,309,073 | 1,568,710 | 2,797,517 | 512,504 | 893,788 | |||||||
Class R6 | 45,707 | 79,528 | 475,981 | 1,563,266 | 526,270 | 861,866 | 348,279 | 579,323 | |||||||
Total | $1,147,254 | $2,234,760 | $3,354,767 | $7,026,543 | $6,670,942 | $11,616,464 | $2,640,874 | $4,736,498 |
South Carolina Fund | Virginia Fund | West Virginia Fund | |||||||||
Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | Six Months Ended 9/30/23 | Year Ended 3/31/23 | ||||||
Class A | $2,116,641 | $4,054,666 | $3,455,899 | $6,349,347 | $1,142,924 | $2,189,595 | |||||
Class B | 964 | 2,238 | 2,371 | 5,456 | 608 | 926 | |||||
Class C | — | — | 84,578 | 174,262 | — | — | |||||
Class I | 677,444 | 1,177,884 | 1,360,696 | 2,328,407 | 255,473 | 452,344 | |||||
Class R6 | 248,649 | 388,042 | 347,971 | 611,979 | 57,179 | 69,370 | |||||
Total | $3,043,698 | $5,622,830 | $5,251,515 | $9,469,451 | $1,456,184 | $2,712,235 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$5,158 | $11,999 | $28,490 | $10,209 | $13,192 | $22,539 | $6,047 |
New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Class A | 0.83% | 0.84% | 0.69% | 0.84% | 0.81% | 0.87% |
Class B | 1.58% | 1.59% | 1.44% | 1.59% | 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% | 0.59% | 0.56% | 0.62% |
Class R6 | 0.53% | 0.52% | 0.52% | 0.53% | 0.49% | 0.55% |
New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$89,388 | $4,165 | $69,924 | $40,090 | $93,379 | $60,946 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$2,384 | $793 | $3,497 | $1,059 | $2,552 | $2,065 | $147 |
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% | $89,500 |
New York Fund | — | 0.25% | 0.25% | 0.25% | 154,990 |
North Carolina Fund | — | 0.25% | 0.25% | 0.25% | 377,201 |
Pennsylvania Fund | — | 0.25% | 0.25% | 0.10% | 138,623 |
South Carolina Fund | — | 0.25% | 0.25% | 0.25% | 187,910 |
Virginia Fund | — | 0.25% | 0.25% | 0.25% | 302,446 |
West Virginia Fund | — | 0.25% | 0.25% | 0.25% | 96,384 |
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% | $255 |
New York Fund | 0.75% | 0.25% | 1.00% | 1.00% | 2,490 |
North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 800 |
Pennsylvania Fund | 0.75% | 0.25% | 1.00% | 0.85% | 1,833 |
South Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 470 |
Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 1,119 |
West Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 274 |
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% | $30,135 |
North Carolina Fund | 0.75% | 0.25% | 1.00% | 1.00% | 100,073 |
Virginia Fund | 0.75% | 0.25% | 1.00% | 1.00% | 39,935 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Total Distribution and Service Fees | $89,755 | $187,615 | $478,074 | $140,456 | $188,380 | $343,500 | $96,658 |
(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, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class’s 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates’ seed money. For the six months ended September 30, 2023, 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 | Virginia Fund | West Virginia Fund | |
Class A | $— | $— | $15 | $1 | $— | $10 | $— |
CDSC Imposed | Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
Class A | $— | $4,455 | $875 | $340 | $887 | $1,873 | $27 |
Class B | — | 173 | — | 220 | — | 274 | — |
Class C | N/A | 229 | 382 | N/A | N/A | 12 | N/A |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Expenses paid | $932 | $7,103 | $6,738 | $7,818 | $2,946 | $6,429 | $1,709 |
Annual percentage of average daily net assets | 0.0023% | 0.0074% | 0.0030% | 0.0096% | 0.0028% | 0.0036% | 0.0036% |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$26,388 | $72,233 | $155,923 | $53,570 | $63,961 | $140,358 | $39,302 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Percentage of average daily net assets | 0.0269% | 0.0198% | 0.0166% | 0.0207% | 0.0193% | 0.0172% | 0.0251% |
North Carolina Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$144 | $143 | $145 | $143 |
North Carolina Fund | South Carolina Fund | Virginia Fund | West Virginia Fund |
$2,225 | $2,250 | $2,241 | $2,249 |
Fund | Date | Transaction | Class | Shares | Amount |
Mississippi Fund | 8/03/2022 | Redemption | Class I | 15 | $137 |
Mississippi Fund | 4/21/2023 | Purchase | Class B | 5,631 | 50,000 |
New York Fund | 8/03/2022 | Redemption | Class I | 18 | 165 |
North Carolina Fund | 8/03/2022 | Redemption | Class I | 16 | 148 |
North Carolina Fund | 8/03/2022 | Redemption | Class R6 | 18 | 166 |
Pennsylvania Fund | 8/03/2022 | Redemption | Class I | 17 | 159 |
South Carolina Fund | 8/03/2022 | Redemption | Class I | 15 | 139 |
South Carolina Fund | 6/23/2023 | Redemption | Class R6 | 5,978 | 53,562 |
Virginia Fund | 8/03/2022 | Redemption | Class I | 16 | 147 |
Virginia Fund | 8/03/2022 | Redemption | Class R6 | 21 | 193 |
West Virginia Fund | 8/03/2022 | Redemption | Class I | 15 | 137 |
West Virginia Fund | 6/23/2023 | Purchase | Class B | 1,095 | 11,094 |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Purchases | $7,164,528 | $20,487,668 | $59,323,116 | $13,695,241 | $25,048,385 | $37,377,033 | $11,625,119 |
Sales | $7,522,804 | $66,958,051 | $44,416,543 | $14,766,518 | $28,210,195 | $36,859,800 | $13,811,608 |
Mississippi Fund | New York Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 447,554 | $ 3,879,709 | 1,018,773 | $ 9,067,006 | 557,726 | $ 5,516,471 | 1,612,232 | $ 16,075,395 | |||
Class B | 5,632 | 50,000 | 10 | 90 | — | — | — | 3 | |||
Class C | — | — | — | — | 13,158 | 130,625 | 56,801 | 565,117 | |||
Class I | 45,218 | 393,391 | 324,258 | 2,880,365 | 318,072 | 2,772,493 | 2,191,263 | 19,273,599 | |||
Class R6 | 76,120 | 670,345 | 73,853 | 660,231 | 120,827 | 1,058,155 | 299,108 | 2,633,060 | |||
574,524 | $4,993,445 | 1,416,894 | $12,607,692 | 1,009,783 | $9,477,744 | 4,159,404 | $38,547,174 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 109,447 | $ 953,263 | 202,281 | $ 1,790,717 | 186,258 | $ 1,829,468 | 343,648 | $ 3,420,403 | |||
Class B | 58 | 508 | 93 | 825 | 656 | 6,431 | 1,313 | 13,029 | |||
Class C | — | — | — | — | 7,823 | 76,756 | 15,408 | 153,202 | |||
Class I | 10,893 | 94,761 | 29,011 | 256,350 | 59,233 | 514,109 | 115,161 | 1,013,316 | |||
Class R6 | 5,259 | 45,706 | 8,995 | 79,528 | 41,087 | 360,573 | 177,756 | 1,563,264 | |||
125,657 | $1,094,238 | 240,380 | $2,127,420 | 295,057 | $2,787,337 | 653,286 | $6,163,214 |
Mississippi Fund − continued | New York Fund − continued | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares reacquired | |||||||||||
Class A | (523,049) | $ (4,575,400) | (1,698,929) | $ (15,074,773) | (1,133,199) | $(11,172,130) | (3,791,175) | $ (37,759,154) | |||
Class B | (527) | (4,551) | (8,829) | (78,549) | (6,653) | (64,578) | (18,020) | (179,027) | |||
Class C | — | — | — | — | (94,670) | (938,809) | (334,694) | (3,313,873) | |||
Class I | (81,491) | (709,368) | (946,422) | (8,343,888) | (624,723) | (5,433,827) | (2,938,093) | (25,718,519) | |||
Class R6 | (31,793) | (278,321) | (117,245) | (1,040,528) | (5,069,291) | (44,908,045) | (466,164) | (4,124,255) | |||
(636,860) | $(5,567,640) | (2,771,425) | $(24,537,738) | (6,928,536) | $(62,517,389) | (7,548,146) | $(71,094,828) | ||||
Net change | |||||||||||
Class A | 33,952 | $ 257,572 | (477,875) | $ (4,217,050) | (389,215) | $ (3,826,191) | (1,835,295) | $ (18,263,356) | |||
Class B | 5,163 | 45,957 | (8,726) | (77,634) | (5,997) | (58,147) | (16,707) | (165,995) | |||
Class C | — | — | — | — | (73,689) | (731,428) | (262,485) | (2,595,554) | |||
Class I | (25,380) | (221,216) | (593,153) | (5,207,173) | (247,418) | (2,147,225) | (631,669) | (5,431,604) | |||
Class R6 | 49,586 | 437,730 | (34,397) | (300,769) | (4,907,377) | (43,489,317) | 10,700 | 72,069 | |||
63,321 | $520,043 | (1,114,151) | $(9,802,626) | (5,623,696) | $(50,252,308) | (2,735,456) | $(26,384,440) |
North Carolina Fund | Pennsylvania Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 3,335,625 | $ 35,205,406 | 15,937,908 | $ 169,352,402 | 538,912 | $ 5,084,156 | 1,936,430 | $ 18,407,445 | |||
Class B | — | — | — | — | 20 | 186 | 11,207 | 108,343 | |||
Class C | 53,616 | 573,905 | 178,511 | 1,904,368 | — | — | — | — | |||
Class I | 1,716,006 | 15,327,628 | 5,433,999 | 48,750,067 | 424,427 | 3,803,334 | 1,577,787 | 14,289,405 | |||
Class R6 | 824,084 | 7,337,267 | 1,644,324 | 14,637,720 | 317,777 | 2,849,416 | 1,007,875 | 9,102,153 | |||
5,929,331 | $58,444,206 | 23,194,742 | $234,644,557 | 1,281,136 | $11,737,092 | 4,533,299 | $41,907,346 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 393,062 | $ 4,164,276 | 672,819 | $ 7,200,381 | 182,414 | $ 1,705,123 | 327,843 | $ 3,109,403 | |||
Class B | 162 | 1,718 | 376 | 4,025 | 482 | 4,520 | 984 | 9,354 | |||
Class C | 19,932 | 211,150 | 35,503 | 379,733 | — | — | — | — | |||
Class I | 161,389 | 1,425,173 | 282,258 | 2,517,802 | 54,671 | 486,964 | 92,196 | 833,133 | |||
Class R6 | 57,728 | 509,718 | 91,512 | 817,271 | 18,695 | 166,485 | 28,543 | 258,036 | |||
632,273 | $6,312,035 | 1,082,468 | $10,919,212 | 256,262 | $2,363,092 | 449,566 | $4,209,926 | ||||
Shares reacquired | |||||||||||
Class A | (3,353,981) | $(35,459,374) | (20,163,392) | $(214,917,787) | (1,031,490) | $ (9,690,321) | (3,568,841) | $ (33,995,612) | |||
Class B | (1,257) | (13,252) | (13,768) | (146,968) | (6,807) | (64,503) | (26,279) | (248,457) | |||
Class C | (272,503) | (2,902,727) | (805,366) | (8,637,197) | — | — | — | — | |||
Class I | (1,419,789) | (12,599,974) | (7,410,416) | (65,841,610) | (578,783) | (5,173,542) | (2,120,043) | (19,170,095) | |||
Class R6 | (578,676) | (5,133,726) | (2,636,646) | (23,590,483) | (305,256) | (2,726,357) | (908,309) | (8,235,075) | |||
(5,626,206) | $(56,109,053) | (31,029,588) | $(313,134,045) | (1,922,336) | $(17,654,723) | (6,623,472) | $(61,649,239) | ||||
Net change | |||||||||||
Class A | 374,706 | $ 3,910,308 | (3,552,665) | $ (38,365,004) | (310,164) | $ (2,901,042) | (1,304,568) | $ (12,478,764) | |||
Class B | (1,095) | (11,534) | (13,392) | (142,943) | (6,305) | (59,797) | (14,088) | (130,760) | |||
Class C | (198,955) | (2,117,672) | (591,352) | (6,353,096) | — | — | — | — | |||
Class I | 457,606 | 4,152,827 | (1,694,159) | (14,573,741) | (99,685) | (883,244) | (450,060) | (4,047,557) | |||
Class R6 | 303,136 | 2,713,259 | (900,810) | (8,135,492) | 31,216 | 289,544 | 128,109 | 1,125,114 | |||
935,398 | $8,647,188 | (6,752,378) | $(67,570,276) | (384,938) | $(3,554,539) | (1,640,607) | $(15,531,967) |
South Carolina Fund | Virginia Fund | ||||||||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | |||||||||||
Class A | 422,800 | $ 4,629,208 | 1,453,070 | $ 16,015,542 | 2,337,778 | $ 23,291,879 | 16,437,061 | $ 166,413,666 | |||
Class B | — | — | — | — | — | — | 34 | 359 | |||
Class C | — | — | — | — | 36,323 | 369,145 | 104,741 | 1,066,867 | |||
Class I | 672,490 | 5,950,522 | 2,782,524 | 24,452,341 | 1,647,090 | 14,512,033 | 6,940,567 | 61,299,000 | |||
Class R6 | 502,467 | 4,481,282 | 765,590 | 6,801,579 | 665,373 | 5,898,404 | 1,055,514 | 9,406,522 | |||
1,597,757 | $15,061,012 | 5,001,184 | $47,269,462 | 4,686,564 | $44,071,461 | 24,537,917 | $238,186,414 | ||||
Shares issued to shareholders in reinvestment of distributions | |||||||||||
Class A | 189,807 | $ 2,061,410 | 358,083 | $ 3,932,028 | 316,646 | $ 3,190,254 | 574,637 | $ 5,860,260 | |||
Class B | 89 | 964 | 204 | 2,238 | 236 | 2,371 | 494 | 5,032 | |||
Class C | — | — | ��� — | — | 7,411 | 74,719 | 15,269 | 155,703 | |||
Class I | 70,158 | 617,054 | 115,738 | 1,030,612 | 143,134 | 1,252,775 | 233,134 | 2,067,395 | |||
Class R6 | 28,226 | 248,259 | 43,595 | 387,858 | 39,576 | 346,604 | 68,668 | 609,841 | |||
288,280 | $2,927,687 | 517,620 | $5,352,736 | 507,003 | $4,866,723 | 892,202 | $8,698,231 | ||||
Shares reacquired | |||||||||||
Class A | (1,124,893) | $(12,298,031) | (5,512,390) | $ (60,411,065) | (3,303,234) | $(33,014,836) | (15,918,553) | $(160,940,142) | |||
Class B | (6,043) | (66,392) | (426) | (4,675) | (1,523) | (15,320) | (13,455) | (136,056) | |||
Class C | — | — | — | — | (172,186) | (1,739,893) | (368,755) | (3,767,138) | |||
Class I | (701,788) | (6,227,048) | (3,934,218) | (35,194,045) | (1,395,938) | (12,226,445) | (7,064,768) | (62,556,061) | |||
Class R6 | (280,714) | (2,483,260) | (1,202,514) | (10,722,034) | (362,016) | (3,200,613) | (1,643,452) | (14,625,278) | |||
(2,113,438) | $(21,074,731) | (10,649,548) | $(106,331,819) | (5,234,897) | $(50,197,107) | (25,008,983) | $(242,024,675) | ||||
Net change | |||||||||||
Class A | (512,286) | $ (5,607,413) | (3,701,237) | $ (40,463,495) | (648,810) | $ (6,532,703) | 1,093,145 | $ 11,333,784 | |||
Class B | (5,954) | (65,428) | (222) | (2,437) | (1,287) | (12,949) | (12,927) | (130,665) | |||
Class C | — | — | — | — | (128,452) | (1,296,029) | (248,745) | (2,544,568) | |||
Class I | 40,860 | 340,528 | (1,035,956) | (9,711,092) | 394,286 | 3,538,363 | 108,933 | 810,334 | |||
Class R6 | 249,979 | 2,246,281 | (393,329) | (3,532,597) | 342,933 | 3,044,395 | (519,270) | (4,608,915) | |||
(227,401) | $(3,086,032) | (5,130,744) | $(53,709,621) | (41,330) | $(1,258,923) | 421,136 | $4,859,970 |
West Virginia Fund | |||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 235,663 | $ 2,371,175 | 866,487 | $ 8,787,393 | |
Class B | 1,095 | 11,096 | — | — | |
Class I | 206,733 | 1,825,988 | 557,936 | 4,960,718 | |
Class R6 | 65,519 | 578,857 | 232,364 | 2,040,176 | |
509,010 | $4,787,116 | 1,656,787 | $15,788,287 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 111,581 | $ 1,110,500 | 210,761 | $ 2,121,870 | |
Class B | 61 | 608 | 92 | 926 | |
Class I | 25,489 | 223,347 | 44,164 | 391,284 | |
Class R6 | 6,532 | 57,175 | 7,844 | 69,370 | |
143,663 | $1,391,630 | 262,861 | $2,583,450 |
West Virginia Fund − continued | |||||
Six Months Ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares reacquired | |||||
Class A | (657,590) | $ (6,603,980) | (2,061,021) | $ (20,703,458) | |
Class B | — | — | (277) | (2,736) | |
Class I | (314,672) | (2,786,104) | (502,486) | (4,455,646) | |
Class R6 | (20,194) | (177,190) | (66,569) | (591,454) | |
(992,456) | $(9,567,274) | (2,630,353) | $(25,753,294) | ||
Net change | |||||
Class A | (310,346) | $ (3,122,305) | (983,773) | $ (9,794,195) | |
Class B | 1,156 | 11,704 | (185) | (1,810) | |
Class I | (82,450) | (736,769) | 99,614 | 896,356 | |
Class R6 | 51,857 | �� 458,842 | 173,639 | 1,518,092 | |
(339,783) | $(3,388,528) | (710,705) | $(7,381,557) |
Mississippi Fund | New York Fund | North Carolina Fund | Pennsylvania Fund | South Carolina Fund | Virginia Fund | West Virginia Fund | |
Commitment Fee | $219 | $559 | $1,166 | $437 | $529 | $949 | $260 |
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 | $1,072,843 | $11,423,363 | $11,208,269 | $(526) | $(313) | $1,287,098 |
New York Fund | 4,625,535 | 22,956,171 | 26,185,190 | (1,859) | (558) | 1,394,099 |
North Carolina Fund | 7,469,318 | 57,098,181 | 60,072,742 | (840) | (1,103) | 4,492,814 |
Pennsylvania Fund | 3,258,731 | 20,287,377 | 21,121,773 | (821) | (125) | 2,423,389 |
South Carolina Fund | 2,629,846 | 35,530,778 | 36,663,059 | (383) | (51) | 1,497,131 |
Virginia Fund | 4,049,683 | 52,280,141 | 52,959,221 | 1,248 | (277) | 3,371,574 |
West Virginia Fund | 716,373 | 12,559,439 | 12,522,943 | (172) | (61) | 752,636 |
Dividend Income | Capital Gain Distributions | |
Mississippi Fund | $33,969 | $— |
New York Fund | 92,080 | — |
North Carolina Fund | 168,467 | — |
Pennsylvania Fund | 72,703 | — |
South Carolina Fund | 62,766 | — |
Virginia Fund | 156,824 | — |
West Virginia Fund | 23,904 | — |
1 | |
3 | |
5 | |
117 | |
119 | |
120 | |
121 | |
128 | |
141 | |
145 | |
145 | |
145 | |
145 | |
145 |
back cover |
Healthcare Revenue - Hospitals | 16.2% |
Housing - Single Family | 7.8% |
General Obligations - General Purpose | 5.9% |
Airport Revenue | 5.7% |
Universities - Colleges | 5.4% |
Multi-Family Housing Revenue | 5.3% |
General Obligations - Schools | 5.3% |
Miscellaneous Revenue - Other | 4.7% |
Healthcare Revenue - Long Term Care | 4.5% |
State & Local Agencies | 3.9% |
AAA | 5.2% |
AA | 28.8% |
A | 32.7% |
BBB | 16.3% |
BB | 6.0% |
B | 0.6% |
CCC | 0.5% |
CC (o) | 0.0% |
C | 0.3% |
Not Rated | 10.0% |
Cash & Cash Equivalents | 0.1% |
Other | (0.5)% |
Average Duration (d) | 9.2 |
Average Effective Maturity (m) | 17.2 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
April 1, 2023 through September 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.74% | $1,000.00 | $957.94 | $3.62 |
Hypothetical (h) | 0.74% | $1,000.00 | $1,021.30 | $3.74 | |
B | Actual | 1.50% | $1,000.00 | $954.43 | $7.33 |
Hypothetical (h) | 1.50% | $1,000.00 | $1,017.50 | $7.57 | |
C | Actual | 1.50% | $1,000.00 | $954.57 | $7.33 |
Hypothetical (h) | 1.50% | $1,000.00 | $1,017.50 | $7.57 | |
I | Actual | 0.49% | $1,000.00 | $960.31 | $2.40 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
R6 | Actual | 0.43% | $1,000.00 | $959.38 | $2.11 |
Hypothetical (h) | 0.43% | $1,000.00 | $1,022.85 | $2.17 | |
A1 | Actual | 0.49% | $1,000.00 | $960.41 | $2.40 |
Hypothetical (h) | 0.49% | $1,000.00 | $1,022.55 | $2.48 | |
B1 | Actual | 1.25% | $1,000.00 | $956.87 | $6.12 |
Hypothetical (h) | 1.25% | $1,000.00 | $1,018.75 | $6.31 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 97.6% | ||||
Alabama - 2.9% | ||||
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033 | $ | 620,000 | $622,446 | |
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030) | 6,875,000 | 6,944,350 | ||
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | 1,315,000 | 1,011,344 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2035 | 240,000 | 234,574 | ||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2038 | 1,245,000 | 1,172,925 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 285,000 | 279,231 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “A-1”, 4%, 12/01/2049 (Put Date 12/01/2025) | 4,825,000 | 4,736,885 | ||
Black Belt Energy Gas District, AL, Gas Prepay Rev., “B-1”, FLR, 4.548% (67% of (SOFR - 1mo. + 0.11448%) + 0.9%), 12/01/2048 (Put Date 12/01/2023) | 15,870,000 | 15,867,548 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 12,920,000 | 12,181,968 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 6,810,000 | 6,956,177 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “B”, 5.25%, 12/01/2053 (Put Date 12/01/2030) | 4,500,000 | 4,615,709 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2053 | 2,235,000 | 2,276,930 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058 | 1,885,000 | 1,942,176 | ||
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052 | 9,730,000 | 9,692,218 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 925,000 | 775,972 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 1,305,000 | 930,442 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 1,865,000 | 942,434 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 3,535,000 | 1,637,538 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 360,000 | 360,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Alabama - continued | ||||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | $ | 9,535,000 | $8,868,366 | |
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 5,485,000 | 5,628,719 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028) | 10,165,000 | 10,152,868 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 18,165,000 | 18,282,885 | ||
Southeast Alabama Gas Supply District Rev. (Project No. 1), “A”, 4%, 4/01/2049 (Put Date 4/01/2024) | 11,470,000 | 11,423,512 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2038 | 1,185,000 | 1,222,354 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 490,000 | 504,268 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 3,205,000 | 3,219,925 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 1,955,000 | 1,940,896 | ||
$134,424,660 | ||||
Alaska - 0.1% | ||||
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2047 | $ | 1,580,000 | $1,557,484 | |
Alaska Municipal Bond Bank, General Obligation, “2”, 5.25%, 12/01/2052 | 1,975,000 | 1,920,697 | ||
$3,478,181 | ||||
Arizona - 2.1% | ||||
Arizona Board of Regents, Arizona State University System Rev., “B”, 4%, 7/01/2053 | $ | 10,795,000 | $9,228,770 | |
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.25%, 7/01/2043 | 120,000 | 113,231 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.375%, 7/01/2053 | 440,000 | 404,869 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058 | 415,000 | 384,242 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), “A”, 5%, 7/01/2052 | 975,000 | 907,984 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.125%, 7/01/2037 (n) | 790,000 | 757,209 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “A”, 5.25%, 7/01/2047 (n) | 590,000 | 534,312 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 95,000 | 89,926 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | $ | 130,000 | $113,644 | |
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 335,000 | 287,155 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2037 | 790,000 | 795,497 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2047 | 1,850,000 | 1,784,664 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “F”, 5%, 7/01/2052 | 1,475,000 | 1,402,257 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n) | 130,000 | 123,057 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n) | 130,000 | 113,644 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n) | 245,000 | 210,009 | ||
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.25%, 7/01/2053 | 440,000 | 387,275 | ||
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5.5%, 7/01/2058 | 440,000 | 392,244 | ||
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2047 | 300,000 | 277,172 | ||
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057 | 385,000 | 344,440 | ||
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2062 | 535,000 | 472,444 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2036 | 870,000 | 804,463 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2038 | 475,000 | 425,920 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2039 | 590,000 | 522,975 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2040 | 630,000 | 552,093 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4%, 11/01/2051 | 1,965,000 | 1,558,764 | ||
Arizona Industrial Development Authority National Charter School Revolving Loan Fund Rev., “A”, 4.25%, 11/01/2052 | 2,760,000 | 2,277,042 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 1,015,000 | 761,868 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | $ | 1,550,000 | $1,325,091 | |
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2042 | 2,360,000 | 2,157,831 | ||
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Sun Health Services), “A”, 5%, 11/15/2048 | 3,150,000 | 2,776,034 | ||
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions - Harmony Public Schools Project), ���A”, 5%, 2/15/2038 | 535,000 | 505,463 | ||
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 | 408,362 | ||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047 | 655,000 | 579,257 | ||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053 | 4,375,000 | 4,422,728 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 4%, 7/01/2034 | 135,000 | 128,325 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 | 235,000 | 234,992 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2039 (n) | 680,000 | 630,901 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 430,000 | 409,161 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2049 (n) | 365,000 | 317,142 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 | 545,000 | 512,701 | ||
Maricopa County, AZ, Industrial Development Authority Education Rev. (Legacy Traditional Schools Projects), “A”, 5%, 7/01/2054 (n) | 1,615,000 | 1,377,427 | ||
Maricopa County, AZ, Industrial Development Authority Rev. (Banner Health), “A”, 5%, 1/01/2038 | 2,360,000 | 2,391,660 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 625,000 | 545,028 | ||
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2037 | 5,115,000 | 5,263,671 | ||
Phoenix, AZ, Civic Improvement Corp. Rental Car Facility Charge Rev., “A”, 5%, 7/01/2045 | 7,865,000 | 7,889,310 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 370,000 | 360,669 |
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) | $ | 115,000 | $112,100 | |
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 450,000 | 398,188 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 270,000 | 237,312 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | 555,000 | 533,966 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | 445,000 | 407,103 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 705,000 | 621,343 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 665,000 | 649,371 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 730,000 | 649,209 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2046 (n) | 480,000 | 423,515 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2041 (n) | 1,885,000 | 1,424,401 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 6,255,000 | 4,279,079 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4.15%, 12/01/2057 (n) | 2,355,000 | 1,571,926 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 2,750,000 | 1,976,669 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2044 | 335,000 | 319,177 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2049 | 815,000 | 759,169 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC - Arizona State University Project), “A”, 5%, 7/01/2059 | 665,000 | 603,587 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2030 | 120,000 | 122,273 |
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 | $ | 420,000 | $427,417 | |
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2033 | 225,000 | 228,398 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2037 | 395,000 | 393,416 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042 | 480,000 | 461,879 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n) | 185,000 | 146,006 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2041 (n) | 995,000 | 785,277 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 1,105,000 | 782,580 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 285,000 | 201,842 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n) | 250,000 | 169,482 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2057 (n) | 1,245,000 | 843,780 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.75%, 11/15/2042 (n) | 925,000 | 926,776 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 6.875%, 11/15/2052 (n) | 2,625,000 | 2,600,271 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n) | 1,180,000 | 1,179,873 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 1,135,000 | 1,116,537 | ||
Salt River, AZ, Agricultural Improvement & Power District, “A”, 5%, 1/01/2038 | 6,295,000 | 6,449,119 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2053 | $ | 3,560,000 | $3,371,027 | |
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%, 6/15/2058 | 2,700,000 | 2,520,051 | ||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), “A-2”, 2.2%, 3/01/2028 (Put Date 6/03/2024) | 1,695,000 | 1,669,521 | ||
$97,624,563 | ||||
Arkansas - 0.4% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 170,000 | $161,509 | |
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 345,000 | 322,680 | ||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 40,000 | 35,242 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2026 | 3,515,000 | 3,579,321 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2027 | 3,690,000 | 3,788,559 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2028 | 1,595,000 | 1,648,274 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2029 | 1,360,000 | 1,409,668 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2036 | 685,000 | 683,811 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2037 | 480,000 | 473,568 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2039 | 380,000 | 368,659 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2040 | 420,000 | 404,551 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-2”, 5%, 9/01/2044 (Put Date 9/01/2027) | 965,000 | 993,113 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3%, 7/01/2032 | 135,000 | 108,944 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.125%, 7/01/2036 | 370,000 | 272,498 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 145,000 | 117,888 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arkansas - continued | ||||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | $ | 610,000 | $421,217 | |
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,310,000 | 1,241,898 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 345,000 | 345,122 | ||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 3,930,000 | 1,131,799 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 1,200,000 | 1,197,262 | ||
$18,705,583 | ||||
California - 7.1% | ||||
Alameda, CA, Corridor Transportation Authority Rev., Convertible Capital Appreciation, “C”, AGM, 0%, 10/01/2052 | $ | 6,270,000 | $3,036,014 | |
California Community Choice Financing Authority, Clean Energy Project Rev., “A-1”, 4%, 5/01/2053 (Put Date 8/01/2028) | 6,850,000 | 6,631,308 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 26,240,000 | 26,178,110 | ||
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2025 | 3,115,000 | 3,185,684 | ||
California Community College Financing Authority Lease Rev. (West Valley Mission Community College), “C”, ETM, 5%, 6/01/2026 | 3,260,000 | 3,379,707 | ||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 4,970,000 | 3,830,387 | ||
California County Tobacco Securitization Agency Settlement (Gold Country Settlement Funding Corp.), “A”, 4%, 6/01/2049 | 700,000 | 587,712 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2038 | 105,000 | 97,410 | ||
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2039 | 130,000 | 119,254 | ||
California Health Facilities Financing Authority Rev. (CommonSpirit Health), “A”, 4%, 4/01/2049 | 785,000 | 647,904 | ||
California Health Facilities Financing Authority Rev. (Sutter Health), “A”, 5%, 11/15/2046 (Prerefunded 11/15/2025) | 1,990,000 | 2,051,813 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4%, 3/20/2033 | 3,854,344 | 3,666,871 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 18,246,414 | 16,641,761 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Housing Finance Agency Municipal Certificates, “X”, 0.797%, 11/20/2035 (i) | $ | 53,562,443 | $2,646,724 | |
California Housing Finance Agency Municipal Certificates, “X”, 0.764%, 8/19/2036 (i)(n) | 19,136,753 | 994,537 | ||
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) | 6,245,000 | 5,247,419 | ||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 470,000 | 549,919 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 1,380,000 | 1,377,184 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 1,190,000 | 1,121,253 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 1,060,000 | 952,181 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 2,975,000 | 2,550,540 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 1,695,000 | 1,494,719 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 | 3,185,000 | 3,285,343 | ||
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 1,515,000 | 1,320,423 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 2.4%, 10/01/2044 (Put Date 10/01/2029) | 3,370,000 | 2,943,333 | ||
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 2,420,000 | 1,871,025 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc.), “A”, 2.5%, 11/01/2038 (Put Date 5/01/2024) | 2,985,000 | 2,951,936 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2033 | 205,000 | 206,860 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037 | 405,000 | 400,981 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047 | 405,000 | 380,136 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2026 | 330,000 | 321,816 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2027 | 315,000 | 305,832 | ||
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), “A”, 4%, 10/15/2028 | 285,000 | 274,940 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | $ | 705,000 | $659,182 | |
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 1,595,000 | 1,484,909 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 1,065,000 | 1,010,737 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038 | 7,220,000 | 7,223,500 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 7,275,000 | 7,347,239 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 5), “A”, 4%, 8/01/2061 (n) | 890,000 | 637,522 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 4%, 8/01/2051 | 550,000 | 414,334 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2024 (n) | 445,000 | 442,544 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 4%, 7/01/2025 (n) | 465,000 | 458,959 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 1,055,000 | 972,593 | ||
California School Finance Authority, School Facility Rev. (KIPP LA Projects), “A”, 4%, 7/01/2050 (n) | 2,740,000 | 2,135,121 | ||
California Statewide Communities Development Authority Multi-Family Housing Rev. (Apple Tree Village Apartments), “R”, 3.95%, 4/01/2060 (Put Date 10/01/2037) | 10,200,000 | 7,869,633 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2034 | 790,000 | 811,300 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System/West), “A”, 5%, 3/01/2035 | 1,160,000 | 1,189,978 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 3.5%, 11/01/2027 (n) | 2,590,000 | 2,432,717 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2032 (n) | 385,000 | 382,490 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 755,000 | 691,033 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.25%, 8/15/2052 | 2,640,000 | 2,748,636 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 2,510,000 | 2,626,640 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 190,000 | 190,103 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | $ | 510,000 | $511,207 | |
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 2,085,000 | 1,957,251 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 4,290,000 | 3,911,967 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 8,560,000 | 7,838,437 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.5%, 12/01/2058 | 5,820,000 | 5,528,335 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5%, 7/01/2029 (n) | 490,000 | 482,999 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2039 (n) | 375,000 | 350,919 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 1,415,000 | 1,269,785 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2052 (n) | 615,000 | 545,235 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 7,160,000 | 5,005,924 | ||
California Statewide Communities Development Authority, Insured Rev. (Viamonte Senior Living 1 Project), “A”, 3.5%, 7/01/2034 | 630,000 | 581,511 | ||
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2031 | 3,160,000 | 2,280,829 | ||
Escondido, CA, Union High School District (Election of 2008), Capital Appreciation, “A”, AGM, 0%, 8/01/2033 | 2,195,000 | 1,444,416 | ||
Foothill-De Anza, CA, Community College District, Capital Appreciation, NPFG, 0%, 8/01/2034 | 16,840,000 | 10,801,429 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2034 (Prerefunded 6/01/2025) | 2,360,000 | 2,411,637 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 18,505,000 | 16,785,036 | ||
Irvine, CA, Financial Authority Special Tax Rev. (Irvine Great Park Infrastructure Project), BAM, 4%, 9/01/2058 | 10,305,000 | 9,143,077 | ||
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 380,000 | 381,301 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2036 | $ | 1,345,000 | $1,391,672 | |
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2037 | 1,005,000 | 1,030,842 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2038 | 2,210,000 | 2,248,746 | ||
Los Angeles, CA, Department of Airports Refunding Rev. (Los Angeles International), “A”, 5%, 5/15/2039 | 3,275,000 | 3,331,015 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038 | 1,395,000 | 1,422,815 | ||
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5%, 5/15/2044 | 2,840,000 | 2,838,491 | ||
Los Angeles, CA, Department of Water & Power Water System Rev., “A”, 5%, 7/01/2038 | 3,180,000 | 3,242,534 | ||
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2046 | 1,415,000 | 1,004,225 | ||
Modesto, CA, Elementary School District, General Obligation, “B”, 3%, 8/01/2050 | 880,000 | 601,497 | ||
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2041 | 5,115,000 | 5,180,362 | ||
Montebello, CA, Public Financing Authority Lease Rev. (Montebello Home2 Suites by Hilton Hotel Project), “A”, 5%, 6/01/2046 | 1,575,000 | 1,588,753 | ||
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 5.875% to 8/01/2023, 5.875% to 7/31/2028 | 1,465,000 | 1,611,130 | ||
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.125%, 12/01/2048 | 1,000,000 | 917,629 | ||
Mountain House Financing Authority, CA, Utility Systems Rev., BAM, 4.25%, 12/01/2052 | 2,000,000 | 1,840,388 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2027 | 1,165,000 | 1,004,207 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2029 | 2,425,000 | 1,924,844 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, AGM, 0%, 8/01/2030 | 3,110,000 | 2,360,101 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2024 | 280,000 | 271,254 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | 155,000 | 134,854 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | 75,000 | 65,252 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2027 | $ | 130,000 | $113,103 | |
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029 | 225,000 | 182,525 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2029 | 125,000 | 101,403 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030 | 180,000 | 140,737 | ||
Oceanside, CA, Unified School District General Obligation, Capital Appreciation, “A”, ETM, AGM, 0%, 8/01/2030 | 125,000 | 97,081 | ||
Oxnard, CA, Financing Authority, Wastewater Rev., AGM, 5%, 6/01/2030 | 1,290,000 | 1,298,488 | ||
Pomona, CA, Unified School District, General Obligation, “F”, BAM, 3%, 8/01/2048 | 765,000 | 527,760 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2024 | 1,245,000 | 1,249,524 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2025 | 3,775,000 | 3,818,558 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2026 | 2,165,000 | 2,203,166 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, 5%, 5/01/2027 | 2,165,000 | 2,225,413 | ||
Port of Oakland, CA, Intermediate Lien Refunding Rev., “H”, ETM, 5%, 5/01/2024 | 95,000 | 95,643 | ||
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052 | 6,700,000 | 6,997,233 | ||
River Islands, CA, Public Finance Authority, Special Tax Community Facilities District No. 2016-1, AGM, 5.25%, 9/01/2052 | 1,575,000 | 1,644,872 | ||
Riverside County, CA, Transportation Commission Sales Tax Rev. (Limited Tax), “A”, 2%, 6/01/2029 | 1,585,000 | 1,384,540 | ||
Sacramento County, CA, Airport System Rev., “A”, 5%, 7/01/2041 | 7,865,000 | 8,013,223 | ||
Sacramento County, CA, Airport System Rev., “B”, 5%, 7/01/2041 | 4,720,000 | 4,805,280 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2041 | 1,310,000 | 1,170,869 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2046 | 1,500,000 | 1,279,522 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2046 | 1,875,000 | 1,845,146 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2051 | 1,875,000 | 1,837,545 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 4%, 7/01/2056 | 2,060,000 | 1,671,204 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2038 | $ | 3,385,000 | $3,415,604 | |
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2039 | 3,855,000 | 3,879,231 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “E”, 5%, 5/01/2040 | 1,800,000 | 1,806,670 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 270,000 | 271,361 | ||
San Mateo County, CA, Community College District (Election of 2005), Capital Appreciation, “A”, NPFG, 0%, 9/01/2026 | 4,015,000 | 3,594,438 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 8/01/2029 | 3,935,000 | 4,088,935 | ||
State of California, Various Purpose General Obligation Refunding, 5%, 9/01/2034 | 7,080,000 | 7,337,014 | ||
State of California, Veterans General Obligation, “CU”, 4.85%, 12/01/2046 | 1,445,000 | 1,451,422 | ||
Tulare and Kings Counties, CA, College of the Sequoias Community District (Area Improvement District No. 3), “E”, 3%, 8/01/2051 | 1,685,000 | 1,142,227 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2045 (n) | 6,640,000 | 5,645,724 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 6,760,000 | 5,362,299 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 9,605,000 | 3,325,744 | ||
West Contra Costa, CA, Unified School District (Election of 2005), Capital Appreciation, “C”, AGM, 0%, 8/01/2029 | 2,710,000 | 2,140,033 | ||
$334,385,649 | ||||
Colorado - 4.3% | ||||
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, 5%, 12/01/2043 | $ | 325,000 | $327,349 | |
Arapahoe County, CO, Whispering Pines Metropolitan District No. 1, General Obligation, AGM, 5%, 12/01/2052 | 645,000 | 631,683 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2027 | 45,000 | 46,878 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2028 | 44,000 | 45,841 | ||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2029 | 44,000 | 45,825 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2032 | $ | 56,000 | $58,296 | |
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 1,360,000 | 1,368,607 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 805,000 | 803,044 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.25%, 7/01/2043 | 3,105,000 | 2,701,672 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2053 | 5,250,000 | 4,467,140 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Leman Academy of Excellence-Douglas County, CO Campus Project), “A”, 4.5%, 7/01/2058 | 3,780,000 | 3,132,979 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2029 | 155,000 | 155,083 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2039 | 585,000 | 560,276 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Liberty Common Project), 5%, 1/15/2044 | 480,000 | 443,461 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 430,000 | 430,223 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 390,000 | 392,190 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 390,000 | 392,142 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Pinnacle Charter School Building Corp.), 5%, 6/01/2029 | 720,000 | 720,316 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Stargate Charter School Project), “A”, 4%, 12/01/2048 | 2,710,000 | 2,174,311 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 1,460,000 | 1,469,225 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2038 | 240,000 | 239,449 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2048 | 290,000 | 275,746 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Union Colony School Project), 5%, 4/01/2053 | 305,000 | 285,969 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2040 | 2,800,000 | 2,754,714 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2050 | $ | 14,255,000 | $13,462,364 | |
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2036 | 1,080,000 | 991,156 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Pinnacle Charter School, Inc. Project), “A”, 4%, 12/01/2041 | 1,315,000 | 1,130,572 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2040 | 1,380,000 | 1,367,388 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2050 | 2,825,000 | 2,673,708 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 4,165,000 | 3,892,358 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (American Academy Project), 5%, 12/01/2055 | 1,145,000 | 1,067,720 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2035 | 420,000 | 425,715 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2050 | 385,000 | 307,492 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding Rev. (Windsor Charter Academy Project), 4%, 9/01/2055 | 690,000 | 537,119 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Highline Academy Charter School Project), 5.75%, 12/01/2061 | 3,140,000 | 3,203,221 | ||
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 5%, 11/15/2041 | 7,865,000 | 7,979,461 | ||
Colorado Health Facilities Authority Rev. (Adventist System/Sunbelt Obligated Group), “A”, 4%, 11/15/2048 | 18,540,000 | 15,916,076 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.5%, 11/01/2047 | 2,915,000 | 2,964,110 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052 | 4,430,000 | 4,334,308 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 4,025,000 | 3,356,945 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | $ | 8,090,000 | $6,516,243 | |
Colorado Health Facilities Authority Rev. (Sanford Health), “A”, 5%, 11/01/2039 | 7,395,000 | 7,396,370 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2036 | 935,000 | 903,517 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2037 | 3,380,000 | 3,191,317 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 4%, 1/01/2038 | 3,895,000 | 3,656,453 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044 | 3,635,000 | 3,643,339 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043 | 3,685,000 | 3,317,826 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2032 | 800,000 | 831,030 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2033 | 790,000 | 820,972 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 5%, 10/01/2034 | 820,000 | 851,069 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2035 | 600,000 | 559,738 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2037 | 355,000 | 325,049 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2038 | 280,000 | 252,272 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2039 | 280,000 | 248,298 | ||
Colorado Health Facilities Authority, Hospital Rev. (Boulder Community Health Project), 4%, 10/01/2040 | 240,000 | 209,172 | ||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class I, “C”, 4.75%, 5/01/2049 (u) | 3,210,000 | 3,191,108 | ||
Colorado Housing & Finance Authority Rev., Single Family Mortgage Class III, “H”, 4.25%, 11/01/2049 | 3,285,000 | 3,223,487 | ||
Colorado Housing & Finance Authority, Single Family Mortgage, “F”, GNMA, 5.25%, 11/01/2052 | 5,830,000 | 5,885,522 | ||
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “D”, 5.75%, 5/01/2053 | 18,515,000 | 19,114,927 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 4%, 1/15/2033 | 280,000 | 273,369 | ||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 4%, 7/15/2036 | 465,000 | 440,379 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Regional Transportation District (Denver Transit Partners Eagle P3 Project), “A”, 4%, 7/15/2038 | $ | 335,000 | $307,091 | |
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2036 | 2,170,000 | 2,222,957 | ||
Colorado Regional Transportation District, Sales Tax Rev. (Fastracks Project), “A”, 5%, 11/01/2040 | 7,865,000 | 7,986,495 | ||
Colorado State University Board of Governors, System Enterprise Rev., “B”, 5%, 3/01/2025 | 2,360,000 | 2,396,639 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 2,700,000 | 2,353,313 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 2,535,000 | 2,150,913 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 760,000 | 745,503 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 1,290,000 | 1,196,880 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2038 | 620,000 | 524,444 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 1,000,000 | 823,769 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 955,000 | 945,496 | ||
Eagle, Garfield & Routt Counties, CO, School District RE50J General Obligation, 5%, 12/01/2034 | 1,995,000 | 2,048,811 | ||
Eagle, Garfield & Routt Counties, CO, School District RE50J General Obligation, 5%, 12/01/2035 | 3,935,000 | 4,036,440 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2030 | 1,160,000 | 1,182,724 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2031 | 1,310,000 | 1,339,548 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2032 | 1,385,000 | 1,411,722 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2033 | 1,385,000 | 1,411,312 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2034 | 1,140,000 | 1,158,290 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2035 | 1,285,000 | 1,300,325 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 4,155,000 | 4,045,061 | ||
Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028 | 960,000 | 1,004,680 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
State of Colorado (Building Excellent Schools Today), “S”, COP, AGM, 4%, 3/15/2046 | $ | 12,145,000 | $10,636,077 | |
$203,612,079 | ||||
Connecticut - 0.9% | ||||
Connecticut Airport Authority Rev. (Ground Transportation Center Project), “A”, 4%, 7/01/2049 | $ | 1,550,000 | $1,230,257 | |
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical Issue), “E”, 5.25%, 7/15/2048 | 1,910,000 | 1,950,876 | ||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut Children's Medical Issue), “E”, 4.25%, 7/15/2053 | 2,195,000 | 1,845,558 | ||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2025 | 2,355,000 | 2,339,324 | ||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2043 | 3,330,000 | 3,074,123 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 3.5%, 11/15/2033 | 1,380,000 | 1,234,651 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 3.75%, 11/15/2034 | 1,680,000 | 1,517,555 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 4%, 11/15/2035 | 1,000,000 | 910,990 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 4%, 11/15/2036 | 450,000 | 398,828 | ||
Connecticut Higher Education Supplemental Loan Authority Rev. (Chesla Loan Program), “B”, 4.25%, 11/15/2039 | 910,000 | 793,006 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 3.5%, 11/15/2045 | 360,000 | 356,541 | ||
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.5%, 10/01/2042 (n) | 2,050,000 | 2,011,860 | ||
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 5,560,000 | 5,434,923 | ||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 7,240,000 | 7,088,846 | ||
New Haven, CT, General Obligation, “A”, AGM, 5%, 8/15/2032 | 790,000 | 811,175 | ||
State of Connecticut, Special Tax Obligation Rev., Transportation Purposes, “A”, 5%, 5/01/2035 | 7,000,000 | 7,545,443 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2031 (n) | 145,000 | 133,719 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2036 (n) | 230,000 | 198,741 | ||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2041 (n) | 275,000 | 224,724 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Connecticut - continued | ||||
Steel Point Infrastructure Improvement District, CT, Special Obligation Rev. (Steel Point Harbor Project), 4%, 4/01/2051 (n) | $ | 630,000 | $475,779 | |
West Haven, CT, General Obligation, BAM, 4%, 3/15/2035 | 728,000 | 696,520 | ||
West Haven, CT, General Obligation, BAM, 4%, 3/15/2040 | 590,000 | 531,909 | ||
$40,805,348 | ||||
Delaware - 0.0% | ||||
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2036 | $ | 185,000 | $186,196 | |
Delaware Economic Development Authority Rev. (Newark Charter School, Inc.), “A”, 5%, 9/01/2046 | 375,000 | 356,405 | ||
$542,601 | ||||
District of Columbia - 0.6% | ||||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | $ | 2,705,000 | $2,624,282 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 3,545,000 | 3,340,309 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 720,000 | 636,697 | ||
District of Columbia University Rev. (Georgetown University), 5%, 4/01/2035 | 2,360,000 | 2,411,723 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2031 | 4,720,000 | 4,964,601 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2032 | 3,150,000 | 3,315,106 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 7,870,000 | 8,230,956 | ||
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052 | 2,085,000 | 1,795,041 | ||
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “B”, AGM, 4%, 10/01/2049 | 1,575,000 | 1,380,144 | ||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | 1,250,000 | 1,078,134 | ||
$29,776,993 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - 4.1% | ||||
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2040 | $ | 520,000 | $406,388 | |
Alachua County, FL, Health Facilities Authority, Continuing Care Retirement Community Rev. (Oak Hammock, Inc. at the University of Florida), 4%, 10/01/2046 | 700,000 | 505,825 | ||
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 | 795,000 | 807,806 | ||
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 | 1,345,000 | 1,356,671 | ||
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 | 1,750,000 | 1,752,386 | ||
Arborwood Community Development District, FL, Capital Improvement Rev., “A-1”, 6.9%, 5/01/2036 | 20,000 | 19,604 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 825,000 | 825,624 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 385,000 | 381,960 | ||
Broward County, FL, Airport System Rev., 5%, 10/01/2042 | 855,000 | 852,554 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2038 | 2,360,000 | 2,369,394 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2039 | 3,540,000 | 3,543,776 | ||
Broward County, FL, Airport System Rev., “A”, 5%, 10/01/2044 | 2,755,000 | 2,743,031 | ||
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 4,070,000 | 3,143,611 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.25%, 5/15/2035 (a)(d)(z) | 75,307 | 4,142 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 (a)(d)(z) | 492,158 | 27,069 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 741,965 | 40,808 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 135,552 | 7,455 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 (Prerefunded 6/01/2025) | 1,065,000 | 1,084,853 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 (Prerefunded 6/01/2025) | 1,120,000 | 1,140,879 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036 | $ | 465,000 | $466,043 | |
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 4.625%, 5/01/2028 | 80,000 | 78,990 | ||
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 495,000 | 470,504 | ||
Florida Capital Trust Agency, Air Cargo Rev. (Aero Miami FX LLC), “A”, 5.35%, 7/01/2029 | 4,660,000 | 4,663,276 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 4%, 8/01/2030 | 80,000 | 75,078 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2040 | 125,000 | 115,190 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Liza Jackson Preparatory School, Inc. Project), “A”, 5%, 8/01/2055 | 385,000 | 329,300 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 3%, 7/01/2031 (n) | 100,000 | 88,407 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n) | 510,000 | 392,180 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2047 | 250,000 | 226,729 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2052 | 880,000 | 782,417 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056 | 1,290,000 | 1,131,488 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 4%, 9/15/2030 (n) | 220,000 | 196,905 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2040 (n) | 395,000 | 335,374 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2050 (n) | 775,000 | 604,451 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2035 | 120,000 | 107,788 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2045 | 225,000 | 173,990 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 315,000 | 224,452 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2042 | 170,000 | 157,060 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 7/01/2051 | 155,000 | 136,334 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | $ | 185,000 | $159,716 | |
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 305,000 | 279,875 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 930,000 | 812,253 | ||
Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046 | 5,120,000 | 4,424,887 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2031 (n) | 540,000 | 511,302 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2035 (n) | 320,000 | 290,407 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 6,605,000 | 5,124,262 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2036 (n) | 645,000 | 487,350 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2041 (n) | 330,000 | 228,170 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2046 (n) | 390,000 | 249,640 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “B-1”, 2.375%, 6/01/2027 (n) | 100,000 | 94,874 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2031 | 740,000 | 750,351 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2033 | 1,020,000 | 1,030,840 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2034 | 845,000 | 851,282 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2035 | 470,000 | 471,213 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 5%, 10/01/2036 | 645,000 | 640,157 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2037 | 900,000 | 784,065 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2038 | 1,240,000 | 1,063,983 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2039 | 1,480,000 | 1,252,976 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Florida Institute of Technology), 4%, 10/01/2044 | 2,310,000 | 1,836,670 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | $ | 435,000 | $405,489 | |
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 1,990,000 | 1,763,760 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 1,785,000 | 1,502,172 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, FHLMC, 4%, 7/01/2049 | 2,360,000 | 2,319,188 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3%, 1/01/2052 | 4,785,000 | 4,527,546 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “1”, GNMA, 3.5%, 7/01/2052 | 7,720,000 | 7,362,460 | ||
Florida Housing Finance Corp., Homeowner Mortgage Rev., “2”, GNMA, 3%, 7/01/2052 | 5,795,000 | 5,442,604 | ||
Florida Mid-Bay Bridge Authority Rev., “A”, 5%, 10/01/2035 | 2,560,000 | 2,566,262 | ||
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2055 | 1,875,000 | 1,490,743 | ||
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 450,000 | 369,272 | ||
Lakeland, FL, Hospital Rev. (Lakeland Regional Health Systems), 5%, 11/15/2034 (Prerefunded 11/15/2024) | 1,525,000 | 1,544,401 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 95,000 | 91,535 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 150,000 | 132,492 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 480,000 | 466,494 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.125%, 5/01/2043 (w) | 1,080,000 | 1,081,497 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054 (w) | 1,500,000 | 1,499,831 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044 | 1,620,000 | 1,483,526 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049 | 1,705,000 | 1,520,452 | ||
Manatee Country, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2048 | 10,000,000 | 8,687,320 | ||
Manatee Country, FL, Public Utilities Improvement Refunding Rev., 4%, 10/01/2053 | 6,750,000 | 5,772,971 | ||
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051 | 9,745,000 | 7,800,357 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052 | $ | 1,630,000 | $1,618,721 | |
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045 | 4,880,000 | 4,136,909 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 225,000 | 220,875 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037 | 110,000 | 102,883 | ||
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037 | 185,000 | 173,030 | ||
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053 | 8,320,000 | 8,222,467 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036 | 1,000,000 | 882,068 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2042 | 3,625,000 | 2,946,595 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047 | 4,085,000 | 3,149,634 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2044 | 590,000 | 571,188 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2035 | 435,000 | 237,267 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2036 | 520,000 | 264,026 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 200,000 | 94,596 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2038 | 610,000 | 269,625 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2039 | 725,000 | 300,569 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2040 | 775,000 | 300,371 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2041 | $ | 865,000 | $314,231 | |
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 695,000 | 234,194 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2049 | 7,700,000 | 6,754,890 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2047 | 755,000 | 696,217 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052 | 985,000 | 898,382 | ||
Palm Beach County, FL, Health Facilities Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “B”, 5%, 11/15/2042 | 700,000 | 664,430 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2031 | 480,000 | 432,656 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2036 | 790,000 | 651,193 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2041 | 515,000 | 387,111 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 3,250,000 | 2,212,098 | ||
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5%, 9/01/2048 | 4,540,000 | 4,572,747 | ||
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.75%, 9/01/2054 | 4,430,000 | 4,712,179 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.3%, 5/01/2039 | 540,000 | 521,922 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 700,000 | 647,323 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 160,000 | 126,430 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2050 | 4,215,000 | 2,957,504 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051 | 3,020,000 | 2,103,468 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056 | 4,500,000 | 3,029,052 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “B-2”, 1.45%, 1/01/2027 | 575,000 | 509,314 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
South Miami, FL, Health Facilities Authority Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%, 8/15/2047 | $ | 13,610,000 | $12,092,037 | |
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2027 | 85,000 | 79,604 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2028 | 80,000 | 74,050 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2029 | 85,000 | 77,869 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2030 | 75,000 | 67,923 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2031 | 80,000 | 71,621 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2036 | 375,000 | 308,454 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2041 | 285,000 | 215,087 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2046 | 285,000 | 201,544 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 275,000 | 187,250 | ||
Sterling Hill Community Development District, FL, Capital Improvement Rev., “B”, 5.5%, 11/01/2010 (d) | 42,764 | 21,809 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 195,000 | 195,294 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 180,000 | 180,210 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 385,000 | 385,558 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 1,145,000 | 1,101,015 | ||
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055 | 875,000 | 770,342 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2034 | 1,125,000 | 647,844 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2035 | 620,000 | 334,378 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2036 | 955,000 | 480,714 |
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%, 9/01/2037 | $ | 450,000 | $210,822 | |
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2038 | 620,000 | 271,611 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2039 | 620,000 | 254,740 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2040 | 845,000 | 325,448 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2041 | 375,000 | 135,321 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2042 | 375,000 | 126,409 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2038 | 245,000 | 219,668 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2039 | 245,000 | 217,145 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 4%, 7/01/2045 | 3,865,000 | 3,225,763 | ||
Tampa, FL, Water and Wastewater Systems Rev., “A”, 5.25%, 10/01/2057 | 2,500,000 | 2,604,285 | ||
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.85%, 5/01/2038 | 325,000 | 313,140 | ||
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5%, 5/01/2043 | 490,000 | 468,752 | ||
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054 | 935,000 | 888,623 | ||
$193,614,932 | ||||
Georgia - 2.9% | ||||
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2038 | $ | 4,680,000 | $4,332,928 | |
Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien Rev., “D”, 4%, 7/01/2039 | 6,860,000 | 6,301,460 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | 1,040,000 | 875,899 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n) | 910,000 | 811,810 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | $ | 2,595,000 | $1,970,278 | |
Bainbridge, GA, Combined Utilities Rev., BAM, 4%, 12/01/2051 | 4,825,000 | 4,083,107 | ||
Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044 | 675,000 | 558,027 | ||
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 1.5%, 1/01/2040 (Put Date 2/03/2025) | 3,970,000 | 3,756,188 | ||
Burke County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Vogtle Project), 4.125%, 11/01/2045 | 2,000,000 | 1,609,995 | ||
Cherokee County, GA, Water and Sewerage Authority Rev., 4%, 8/01/2053 | 1,250,000 | 1,091,626 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 | 505,000 | 508,386 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 (Prerefunded 7/15/2025) | 10,000 | 10,201 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 (Prerefunded 2/15/2025) | 40,000 | 40,803 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 | 860,000 | 865,034 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2034 | 275,000 | 263,150 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2036 | 245,000 | 230,673 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 2,670,000 | 2,240,626 | ||
Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), 5%, 7/01/2042 | 5,275,000 | 4,723,892 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A”, 4%, 12/01/2047 | 835,000 | 824,632 | ||
Georgia Housing & Finance Authority Rev., Single Family Mortgage, “A-1”, 4%, 6/01/2044 | 55,000 | 54,887 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 665,000 | 673,300 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 1,370,000 | 1,406,524 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 1,470,000 | 1,414,792 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2031 | $ | 4,530,000 | $4,473,807 | |
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 17,500,000 | 17,355,742 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 5,030,000 | 4,997,707 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 3/01/2050 (Put Date 9/01/2026) | 1,670,000 | 1,632,196 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 4%, 5/01/2052 (Put Date 12/01/2028) | 14,255,000 | 13,614,718 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 9,915,000 | 10,018,421 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “D”, 5%, 12/01/2054 (Put Date 12/01/2030) | 8,570,000 | 8,489,940 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064 | 4,175,000 | 4,194,171 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2056 | 1,530,000 | 1,476,133 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 4%, 1/01/2046 | 590,000 | 511,455 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, AGM, 5%, 1/01/2062 | 2,125,000 | 2,132,014 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064 | 4,415,000 | 4,422,038 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 4%, 1/01/2046 | 945,000 | 819,194 | ||
Georgia Municipal Electric Authority Power Rev., “GG”, 5%, 1/01/2026 | 2,415,000 | 2,415,989 | ||
Georgia Ports Authority Rev., 4%, 7/01/2047 | 1,900,000 | 1,694,200 | ||
Georgia Ports Authority Rev., 4%, 7/01/2052 | 2,985,000 | 2,593,563 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2035 | 240,000 | 211,633 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2036 | 265,000 | 234,657 | ||
Glynn-Brunswick, GA, Memorial Hospital Authority Rev., Anticipation Certificates (Southeast Georgia Health System Project), 4%, 8/01/2037 | 185,000 | 159,917 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5%, 2/15/2042 | 3,150,000 | 3,152,733 |
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 | $ | 3,935,000 | $3,838,844 | |
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025) | 3,315,000 | 3,384,635 | ||
Monroe County, GA, Development Authority Pollution Control Rev. (Oglethorpe Power Corp. Scherer Project), “A”, 1.5%, 1/01/2039 (Put Date 2/03/2025) | 2,950,000 | 2,791,122 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053 | 1,325,000 | 1,368,210 | ||
$134,631,257 | ||||
Guam - 0.2% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 220,000 | $219,345 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 295,000 | 293,076 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 2,235,000 | 1,808,756 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.839%, 10/01/2036 | 680,000 | 515,958 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | 770,000 | 543,531 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 4,770,000 | 4,420,564 | ||
$7,801,230 | ||||
Hawaii - 0.0% | ||||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2035 | $ | 235,000 | $221,023 | |
Illinois - 8.7% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 7,230,000 | $6,241,481 | |
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 2,750,000 | 2,751,968 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028 | 7,785,000 | 6,083,515 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029 | 2,590,000 | 1,921,558 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030 | 1,125,000 | 790,581 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2023 | $ | 11,475,000 | $11,385,697 | |
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2026 | 2,680,000 | 2,304,478 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 3,065,000 | 2,395,115 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 270,000 | 274,194 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2033 | 220,000 | 224,639 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2036 | 795,000 | 800,717 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037 | 795,000 | 797,233 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2042 | 1,405,000 | 1,360,219 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 2,800,000 | 2,763,870 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 1,965,000 | 1,858,670 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 11,885,000 | 12,221,246 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 6,350,000 | 6,647,788 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 13,010,000 | 10,106,387 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 1,070,000 | 1,085,450 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 610,000 | 619,996 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 535,000 | 545,178 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 1,425,000 | 1,454,029 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 2,260,000 | 2,306,451 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 4,200,000 | 4,285,919 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042 | 9,915,000 | 9,126,596 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 4%, 12/01/2043 | 1,000,000 | 805,778 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2030 | $ | 200,000 | $204,111 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2033 | 180,000 | 183,603 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2034 | 175,000 | 178,164 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 130,000 | 131,743 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2036 | 955,000 | 831,555 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039 | 1,500,000 | 1,265,292 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2040 | 980,000 | 815,417 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 6,865,000 | 5,641,571 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 950,000 | 951,777 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 2,555,000 | 2,488,387 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 2,895,000 | 2,618,750 | ||
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2026 | 7,625,000 | 6,967,958 | ||
Chicago, IL, City Colleges Capital Improvement Project, Capital Appreciation, NPFG, 0%, 1/01/2027 | 1,435,000 | 1,262,653 | ||
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2039 | 5,435,000 | 5,581,324 | ||
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2041 | 1,740,000 | 1,767,395 | ||
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043 | 435,000 | 439,791 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 590,000 | 594,589 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 2,095,000 | 2,140,569 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 480,000 | 492,769 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 5,580,000 | 5,757,183 | ||
Chicago, IL, General Obligation, “A”, 4%, 1/01/2035 | 1,970,000 | 1,798,480 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038 | 7,390,000 | 7,483,554 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 1,435,000 | 1,429,702 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 280,000 | 277,350 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 3,540,000 | 3,426,236 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 5,505,000 | 5,517,205 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 740,000 | 746,380 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | $ | 240,000 | $249,257 | |
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), “A”, 4%, 12/15/2047 | 2,605,000 | 2,148,641 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), “A”, 4%, 6/15/2052 | 4,340,000 | 3,476,126 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2053 | 3,335,000 | 3,197,189 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), “A”, 5%, 6/15/2057 | 6,090,000 | 5,825,567 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056 | 4,020,000 | 681,761 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. (McCormick Place Expansion Project), NPFG, 5.5%, 6/15/2029 | 4,505,000 | 4,590,061 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority, Dedicated State Tax Rev. Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | 1,890,000 | 1,677,107 | ||
Chicago, IL, Midway Airport Rev., Second Lien, “A”, BAM, 5%, 1/01/2031 | 1,200,000 | 1,197,920 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 590,000 | 592,106 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 1,455,000 | 1,397,309 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 4,640,000 | 4,221,420 | ||
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2042 | 1,345,000 | 1,388,287 | ||
Chicago, IL, O’Hare International Airport, Customer Facility Charge Senior Lien Refunding, BAM, 5.25%, 1/01/2043 | 1,055,000 | 1,086,040 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.5%, 1/01/2048 | 7,210,000 | 6,562,120 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 2,610,000 | 2,587,051 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 4.625%, 1/01/2053 | 8,650,000 | 7,934,544 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 | 2,760,000 | 2,819,064 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 1,450,000 | 1,455,852 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 4%, 12/01/2050 | 2,365,000 | 1,995,682 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2057 | $ | 7,855,000 | $7,732,383 | |
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2053 | 5,000,000 | 5,123,591 | ||
Chicago, IL, Wastewater Transmission Rev., Second Lien, “A”, AGM, 5.25%, 1/01/2058 | 10,000,000 | 10,247,183 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 7,605,000 | 7,629,514 | ||
Cook County, IL, Sales Tax Rev., “A”, 5%, 11/15/2038 | 865,000 | 884,708 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2039 | 1,105,000 | 1,009,922 | ||
DuPage County, IL, Carol Stream Park District, “C”, BAM, 3%, 11/01/2032 | 985,000 | 880,874 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034 | 330,000 | 317,875 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038 | 405,000 | 368,369 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042 | 250,000 | 220,737 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047 | 455,000 | 390,920 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052 | 395,000 | 330,324 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 (Prerefunded 1/01/2027) | 1,820,000 | 1,890,886 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 (Prerefunded 1/01/2027) | 1,825,000 | 1,896,080 | ||
Illinois Finance Authority Rev. (McKinley Foundation), “A”, 5.125%, 11/01/2055 (n) | 2,525,000 | 1,957,498 | ||
Illinois Finance Authority Rev. (Mercy Health Corp.), 5%, 12/01/2046 | 7,265,000 | 6,735,826 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2042 | 1,640,000 | 1,627,617 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.5%, 5/15/2047 | 2,385,000 | 2,320,334 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.625%, 5/15/2052 | 1,940,000 | 1,882,992 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058 | 2,580,000 | 2,519,059 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-1”, 6%, 11/15/2027 | 2,425,000 | 2,406,549 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 815,000 | 831,737 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | $ | 1,210,000 | $1,218,058 | |
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 405,000 | 383,519 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 820,000 | 755,478 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 645,000 | 597,096 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 630,000 | 575,599 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “A”, 5%, 3/01/2047 | 7,865,000 | 7,324,836 | ||
Illinois Finance Authority Rev., Taxable (McKinley Foundation), “B”, 7%, 11/01/2037 (n) | 775,000 | 722,254 | ||
Illinois Finance Authority, Academic Facilities Lease Rev. (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), “A”, 5%, 10/01/2051 | 335,000 | 316,441 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 445,000 | 338,866 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 3%, 7/01/2035 | 400,000 | 341,959 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 2,430,000 | 1,888,734 | ||
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2053 | 5,210,000 | 5,362,482 | ||
Illinois Finance Authority, Lease Rev. (Provident Group - SCCIL Properties LLC - University of Illinois Urbana-Champaign Project), “A”, BAM, 5.25%, 10/01/2057 | 6,000,000 | 6,151,733 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2028 | 155,000 | 155,693 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 390,000 | 377,420 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 2,055,000 | 1,850,768 |
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%, 2/15/2050 | $ | 390,000 | $346,652 | |
Illinois Housing Development Authority Rev. “A”, GNMA, 4.8%, 10/01/2043 | 10,620,000 | 10,418,665 | ||
Illinois Housing Development Authority Rev. “A”, GNMA, 4.9%, 4/01/2047 | 2,775,000 | 2,740,554 | ||
Illinois Housing Development Authority Rev., “A”, 4.5%, 10/01/2048 | 2,870,000 | 2,838,599 | ||
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 (z) | 7,967,205 | 6,790,448 | ||
Illinois Housing Development Authority Rev., “A”, GNMA, 3%, 4/01/2051 | 2,265,000 | 2,140,769 | ||
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 (z) | 3,249,208 | 2,769,300 | ||
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 (z) | 3,242,283 | 2,714,666 | ||
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 (z) | 2,958,577 | 2,466,680 | ||
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 (z) | 2,036,058 | 1,690,386 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., AGM, 5%, 6/15/2027 | 1,395,000 | 1,394,950 | ||
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2036 | 200,000 | 187,740 | ||
Kane County, IL, East Aurora School District No. 131, “A”, AGM, 4%, 12/01/2039 | 645,000 | 580,323 | ||
Macon County, IL, Decatur School District No. 61 General Obligation School Rev., “C”, AGM, 4%, 1/01/2035 | 1,475,000 | 1,441,073 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2028 | 605,000 | 618,069 | ||
Madison County, IL, Edwardsville Community Unit School District No. 007, BAM, 5%, 12/01/2029 | 620,000 | 633,393 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2039 | 320,000 | 287,339 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2041 | 315,000 | 275,128 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., BAM, 4%, 10/01/2043 | 190,000 | 162,116 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2036 | 490,000 | 460,241 | ||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2038 | 555,000 | 500,607 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2040 | $ | 525,000 | $464,629 | |
Northern Illinois University, Auxiliary Facilities System Refunding Rev., “B”, BAM, 4%, 4/01/2041 | 250,000 | 219,100 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 1,330,000 | 1,222,315 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 1,095,000 | 1,031,786 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 890,000 | 733,306 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 885,000 | 689,722 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2028 | 590,000 | 579,286 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2029 | 315,000 | 302,992 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2031 | 750,000 | 704,262 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2034 | 710,000 | 655,050 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2036 | 515,000 | 459,066 | ||
Southern Illinois University Housing and Auxiliary Facilities System Rev., “A”, 4%, 4/01/2038 | 790,000 | 681,383 | ||
State of Illinois, General Obligation, 5%, 2/01/2025 | 2,045,000 | 2,066,069 | ||
State of Illinois, General Obligation, 5%, 11/01/2028 | 1,580,000 | 1,615,418 | ||
State of Illinois, General Obligation, 4.125%, 11/01/2031 | 1,355,000 | 1,317,142 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 1,310,000 | 1,366,700 | ||
State of Illinois, General Obligation, 4.5%, 11/01/2039 | 1,495,000 | 1,378,784 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 1,220,000 | 1,271,877 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2024 | 1,575,000 | 1,579,503 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2025 | 1,970,000 | 1,991,672 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2026 | 1,970,000 | 2,009,589 | ||
State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 7,725,000 | 7,990,068 | ||
State of Illinois, General Obligation, “A”, 5%, 11/01/2028 | 10,235,000 | 10,660,423 | ||
State of Illinois, General Obligation, “B”, 5%, 3/01/2024 | 2,755,000 | 2,762,764 | ||
State of Illinois, General Obligation, “B”, 5%, 3/01/2025 | 3,150,000 | 3,184,654 | ||
State of Illinois, General Obligation, “B”, 5%, 3/01/2026 | 2,560,000 | 2,611,446 | ||
State of Illinois, General Obligation, “B”, 4%, 11/01/2038 | 1,335,000 | 1,196,021 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 3,700,000 | 3,838,413 | ||
State of Illinois, General Obligation, “C”, 4%, 3/01/2024 | 4,865,000 | 4,859,328 | ||
State of Illinois, General Obligation, “C”, 4%, 3/01/2025 | 1,180,000 | 1,176,984 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2032 | $ | 1,740,000 | $1,692,291 | |
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2035 | 2,320,000 | 2,209,259 | ||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2036 | 1,190,000 | 1,118,967 | ||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2038 | 1,520,000 | 1,389,607 | ||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2044 | 790,000 | 701,304 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2029 | 535,000 | 530,615 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2030 | 670,000 | 662,061 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2032 | 930,000 | 909,385 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2034 | 1,385,000 | 1,317,119 | ||
Western Illinois Economic Development Authority, Local Government Program Rev. (City of Quincy Project), “B”, BAM, 4%, 12/01/2036 | 1,575,000 | 1,433,524 | ||
$408,842,861 | ||||
Indiana - 1.1% | ||||
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023) | $ | 2,235,000 | $2,238,824 | |
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 420,000 | 415,901 | ||
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 1,055,000 | 979,874 | ||
Indiana Finance Authority Student Housing Rev. (CHF - Tippecanoe, LLC - Student Housing Project), “A”, 5%, 6/01/2053 | 1,050,000 | 1,002,136 | ||
Indiana Finance Authority Student Housing Rev. (CHF - Tippecanoe, LLC - Student Housing Project), “A”, 5.125%, 6/01/2058 | 860,000 | 828,744 | ||
Indiana Finance Authority Student Housing Rev. (CHF - Tippecanoe, LLC - Student Housing Project), “A”, 5.375%, 6/01/2064 | 2,580,000 | 2,503,178 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Indiana - continued | ||||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2027 | $ | 150,000 | $154,172 | |
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 5%, 6/01/2032 | 320,000 | 335,285 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2033 | 180,000 | 172,744 | ||
Indiana Finance Authority, Education Facilities Rev. (Rose-Hulman Institute of Technology Project), 4%, 6/01/2034 | 185,000 | 176,479 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2028 | 205,000 | 206,400 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2033 | 135,000 | 135,318 | ||
Indiana Finance Authority, Environmental Facilities Refunding Rev. (Indianapolis Power & Light Co.), “B”, 0.95%, 12/01/2038 (Put Date 4/01/2026) | 2,260,000 | 1,990,369 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 4,685,000 | 4,472,269 | ||
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 4.25%, 1/01/2047 | 2,005,000 | 1,767,815 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B-1”, GNMA, 3.25%, 7/01/2049 | 1,265,000 | 1,215,106 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1-A”, 4.5%, 6/01/2039 | 3,760,000 | 3,488,066 | ||
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), “D”, 5%, 1/01/2027 | 8,655,000 | 8,796,018 | ||
Indianapolis, IN, Local Public Improvement (Indianapolis Airport Authority Project), “I”, 5%, 1/01/2028 | 1,570,000 | 1,576,149 | ||
Indianapolis, IN, Water System First Lien Refunding Rev., “A”, 5%, 10/01/2037 | 4,130,000 | 4,253,701 | ||
St. Joseph County, IN, Educational Facilities Rev. (University of Notre Dame), 6.5%, 3/01/2026 | 790,000 | 838,157 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 330,000 | 332,027 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 595,000 | 598,878 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 10,475,000 | 10,202,070 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), “A”, 5%, 12/01/2044 (Put Date 6/05/2026) | 2,620,000 | 2,660,386 | ||
$51,340,066 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - 0.4% | ||||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 610,000 | $573,691 | |
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 485,000 | 429,195 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 885,000 | 710,735 | ||
Iowa Finance Authority, Single Family Mortgage Rev., “A”, FNMA, 4%, 7/01/2047 | 430,000 | 421,832 | ||
Iowa Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 3%, 1/01/2047 | 2,710,000 | 2,554,210 | ||
Iowa Finance Authority, Single Family Mortgage Rev., “B”, 3%, 7/01/2051 | 7,010,000 | 6,615,702 | ||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042 | 620,000 | 568,800 | ||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047 | 660,000 | 616,184 | ||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052 | 730,000 | 708,933 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | 210,000 | 193,858 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 4,615,000 | 3,355,859 | ||
Iowa Tobacco Settlement Authority Asset-Backed, “B-1”, 4%, 6/01/2049 | 2,160,000 | 1,996,502 | ||
$18,745,501 | ||||
Kansas - 0.8% | ||||
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 3,000,000 | $3,041,430 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 1,200,000 | 1,216,572 | ||
Ellis County, KS, Unified School District No. 489 General Obligation, “B”, AGM, 4%, 9/01/2052 | 1,270,000 | 1,078,584 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 1,020,000 | 915,763 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 535,000 | 451,516 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2032 | 100,000 | 100,084 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2033 | 410,000 | 408,980 | ||
Lyon County, KS, School District No. 253 General Obligation, 4%, 9/01/2034 | 465,000 | 460,176 | ||
Lyon County, KS, School District No. 253 General Obligation, BAM, 4%, 9/01/2039 | 2,360,000 | 2,173,807 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2032 | $ | 815,000 | $771,531 | |
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2033 | 855,000 | 806,951 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2034 | 905,000 | 855,254 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2036 | 995,000 | 943,083 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2038 | 1,100,000 | 1,012,513 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2044 | 1,890,000 | 1,688,814 | ||
Overland Park, KS, Development Corp. Improvement and Refunding Rev. (Overland Park Convention Center Hotel), 5%, 3/01/2049 | 3,580,000 | 3,129,338 | ||
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2031 | 905,000 | 897,300 | ||
Sedgwick County, KS, Unified School District No. 266 General Obligation, “A”, 4%, 9/01/2032 | 675,000 | 669,117 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.25%, 12/01/2042 | 1,260,000 | 1,187,181 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052 | 2,310,000 | 2,169,624 | ||
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048 | 10,590,000 | 10,638,757 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2033 | 115,000 | 95,818 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038 | 140,000 | 103,875 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 4.625%, 5/15/2041 | 115,000 | 77,024 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 570,000 | 372,701 | ||
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 315,000 | 276,144 | ||
$35,541,937 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - 1.1% | ||||
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n) | $ | 1,915,000 | $1,766,039 | |
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 465,000 | 470,536 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 3,335,000 | 3,297,827 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 2,115,000 | 2,065,637 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 1,990,000 | 1,871,920 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 1,305,000 | 1,184,771 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 1,015,000 | 1,003,132 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 1,630,000 | 1,427,098 | ||
Kentucky Economic Development Finance Authority Louisville Arena Project Rev. (Louisville Arena Authority, Inc.), “A”, AGM, 5%, 12/01/2047 | 705,000 | 652,212 | ||
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036 | 5,095,000 | 4,990,369 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2036 | 60,000 | 58,318 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2038 | 125,000 | 116,637 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2041 | 95,000 | 85,810 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2051 | 200,000 | 169,544 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., “B”, 4%, 1/01/2049 (Put Date 1/01/2025) | 2,530,000 | 2,506,334 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., “C-1”, 4%, 12/01/2049 (Put Date 6/01/2025) | 20,000,000 | 19,706,286 | ||
Trimble, KY, Pollution Control Refunding Rev. (Louisville Gas & Electric Co. Project), “A”, 1.3%, 9/01/2044 (Put Date 9/01/2027) | 10,000,000 | 8,491,164 | ||
$49,863,634 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - 1.1% | ||||
East Baton Rouge, LA, Sewerage Commission Multi-Modal Rev., “A”, 1.3%, 2/01/2041 (Put Date 2/01/2028) | $ | 7,420,000 | $6,054,557 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 3,645,000 | 2,879,151 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2043 | 465,000 | 463,820 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Ragin' Cajun Facilities, Inc. - Student Housing & Parking Project), AGM, 5%, 10/01/2048 | 2,010,000 | 1,964,336 | ||
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) | 365,000 | 342,221 | ||
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) | 945,000 | 760,877 | ||
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) | 1,515,000 | 1,083,093 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 460,000 | 436,447 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 2,755,000 | 2,506,784 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2027 (Put Date 12/01/2023) | 3,950,000 | 3,925,405 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2033 (Put Date 12/01/2023) | 3,205,000 | 3,185,044 | ||
Louisiana Offshore Terminal Authority, Deepwater Port Rev. (Loop LLC Project), “A”, 1.65%, 9/01/2034 (Put Date 12/01/2023) | 2,470,000 | 2,454,620 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2034 | 445,000 | 458,730 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2035 | 1,160,000 | 1,188,431 | ||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 4%, 10/01/2041 | 875,000 | 749,341 | ||
Louisiana Public Facilities Authority Refunding Rev. (Tulane University Project), “A”, 5%, 4/01/2045 | 3,865,000 | 3,902,246 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 5.25% to 10/01/2023, 5.25% to 10/01/2046 | $ | 7,810,000 | $7,058,559 | |
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.375%, 1/01/2040 (n) | 3,175,000 | 2,918,027 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.5%, 1/01/2050 (n) | 2,175,000 | 1,909,995 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 7,310,000 | 5,864,375 | ||
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2043 | 590,000 | 595,432 | ||
New Orleans, LA, Aviation Board Special Facility Rev. (Parking Facilities Corp. Consolidated Garage System), “A”, AGM, 5%, 10/01/2048 | 955,000 | 957,385 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 630,000 | 645,716 | ||
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2044 | 790,000 | 682,717 | ||
Shreveport, LA, Water & Sewer Rev., “B”, AGM, 4%, 12/01/2049 | 985,000 | 820,073 | ||
$53,807,382 | ||||
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) | $ | 900,000 | $889,001 | |
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 450,000 | 450,874 | ||
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2028 | 395,000 | 407,176 | ||
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2029 | 395,000 | 409,060 | ||
Maine Finance Authority, Student Loan Rev., “A-1”, AGM, 5%, 12/01/2030 | 395,000 | 410,942 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2036 | 1,160,000 | 1,089,396 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2037 | 945,000 | 879,639 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2038 | 985,000 | 907,362 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2039 | 1,220,000 | 1,109,764 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maine - continued | ||||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2040 | $ | 1,735,000 | $1,560,307 | |
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050 | 6,175,000 | 5,150,875 | ||
Maine Housing Authority Mortgage, “C”, 4%, 11/15/2050 | 2,095,000 | 2,043,797 | ||
Maine Housing Authority Mortgage, “C-1”, 3.5%, 11/15/2044 | 440,000 | 435,804 | ||
Maine Housing Authority Mortgage, “E”, 5%, 11/15/2052 | 1,510,000 | 1,515,597 | ||
$17,259,594 | ||||
Maryland - 1.4% | ||||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $ | 1,125,000 | $1,107,905 | |
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2026 | 380,000 | 372,313 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2033 | 790,000 | 753,503 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034 | 2,875,000 | 2,732,605 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | 1,635,000 | 1,404,586 | ||
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046 | 1,070,000 | 890,174 | ||
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038 | 1,235,000 | 1,179,348 | ||
Baltimore, MD, Subordinate Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 5%, 7/01/2041 | 3,935,000 | 3,981,365 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | 300,000 | 286,315 | ||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 335,000 | 327,282 | ||
Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), “B”, 4.625%, 7/01/2043 (n) | 760,000 | 688,958 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.125%, 2/15/2034 (n) | 150,000 | 137,308 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n) | 155,000 | 138,705 | ||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | 870,000 | 739,034 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “A”, 4.5%, 9/01/2048 (u) | 5,455,000 | 5,386,276 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “B”, 4.5%, 9/01/2048 (u) | 4,420,000 | 4,328,912 | ||
Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., “C”, 4%, 9/01/2044 | 410,000 | 406,519 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, 3%, 9/01/2051 | $ | 5,500,000 | $5,203,117 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “D”, 3.25%, 9/01/2050 | 6,235,000 | 5,952,625 | ||
Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | 550,000 | 560,410 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 3.25%, 9/01/2030 (n) | 235,000 | 213,136 | ||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2040 (n) | 655,000 | 547,702 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 145,000 | 117,587 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 435,000 | 310,560 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 1,270,000 | 849,875 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 | 575,000 | 564,907 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 4,005,000 | 4,056,225 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 1,375,000 | 1,385,489 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 860,000 | 865,846 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 3,815,000 | 3,640,097 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Medstar Health Issue), 5%, 8/15/2025 | 5,055,000 | 5,103,078 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Pooled Loan Program), “B”, VRDN, 3.1%, 3/31/2035 | 7,355,000 | 7,355,000 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2051 | 4,985,000 | 1,123,850 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2052 | 7,475,000 | 1,587,046 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053 | 3,665,000 | 732,910 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2054 | $ | 5,485,000 | $1,035,685 | |
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2055 | 3,390,000 | 604,283 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.125%, 7/01/2039 (n) | 440,000 | 412,591 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 430,000 | 395,551 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 150,000 | 131,329 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 250,000 | 208,842 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 260,000 | 209,891 | ||
$68,028,740 | ||||
Massachusetts - 2.5% | ||||
Commonwealth of Massachusetts Transportation Fund Rev., “A”, 5%, 6/01/2043 | $ | 7,310,000 | $7,455,128 | |
Commonwealth of Massachusetts, “A”, AAC, 5.5%, 8/01/2030 | 3,935,000 | 4,361,038 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-2”, 5%, 7/01/2041 | 5,115,000 | 5,286,650 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-2”, 5%, 7/01/2042 | 1,770,000 | 1,823,859 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health Inc.), “K”, 5%, 7/01/2031 | 890,000 | 925,315 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health Inc.), “K”, 5%, 7/01/2032 | 905,000 | 940,480 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “2018 I-2”, 5%, 7/01/2053 | 6,820,000 | 6,630,056 | ||
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052 | 2,820,000 | 2,369,309 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), “J-1”, 5%, 7/01/2048 | 2,360,000 | 2,324,360 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2031 | 705,000 | 710,126 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042 | 200,000 | 199,436 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043 | 2,765,000 | 2,617,745 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | $ | 625,000 | $493,933 | |
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2030 | 790,000 | 804,136 | ||
Massachusetts Development Finance Agency Rev. (Lowell General Hospital), “G”, 5%, 7/01/2037 | 2,145,000 | 1,956,700 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043 | 365,000 | 333,580 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 110,000 | 100,853 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 1,205,000 | 1,021,679 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 2,330,000 | 1,902,039 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | 275,000 | 275,614 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043 (Prerefunded 11/15/2023) (n) | 435,000 | 436,081 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 5%, 7/01/2032 | 1,005,000 | 1,049,184 | ||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2025 | 125,000 | 123,951 | ||
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.125%, 1/01/2040 (n) | 400,000 | 349,643 | ||
Massachusetts Development Finance Agency Rev. (Salem Community Corp.), 5.25%, 1/01/2050 (n) | 1,045,000 | 854,429 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 560,000 | 564,379 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 4,140,000 | 3,133,959 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 | 1,025,000 | 1,008,916 | ||
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2032 | 670,000 | 692,724 | ||
Massachusetts Development Finance Agency Rev. (Wellforce Inc.), “C”, AGM, 5%, 10/01/2033 | 415,000 | 428,241 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2039 | 1,470,000 | 1,359,664 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 1,765,000 | 1,394,565 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | $ | 1,755,000 | $1,534,257 | |
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 | 905,000 | 820,220 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 3%, 7/01/2035 | 70,000 | 69,667 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 350,000 | 280,399 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 30,000 | 28,963 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | 8,040,000 | 6,342,594 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3.75%, 7/01/2047 | 9,100,000 | 6,680,747 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.7%, 7/01/2026 | 340,000 | 338,413 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 4.9%, 7/01/2028 | 350,000 | 348,102 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 10,675,000 | 10,345,368 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 2,580,000 | 1,565,540 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 8,155,000 | 6,155,893 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “221”, 3%, 12/01/2050 | 2,770,000 | 2,623,288 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037 | 3,080,000 | 3,139,394 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038 | 3,870,000 | 3,923,213 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2039 | 6,275,000 | 6,343,445 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2035 | 395,000 | 403,951 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2036 | 790,000 | 802,762 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2037 | 1,130,000 | 1,140,434 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047 | 4,785,000 | 3,409,883 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 3,015,000 | 2,052,722 | ||
University of Massachusetts Building Authority Rev., “2017-3”, 5%, 11/01/2036 | 7,000,000 | 7,284,770 | ||
$119,561,797 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - 1.8% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2037 | $ | 4,150,000 | $4,083,828 | |
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043 | 1,235,000 | 1,209,081 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., “B”, BAM, 5%, 7/01/2046 | 4,520,000 | 4,600,692 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, 5%, 7/01/2036 | 2,485,000 | 2,538,471 | ||
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051 | 990,000 | 990,234 | ||
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052 | 1,370,000 | 1,162,921 | ||
Michigan Building Authority Rev., “I”, 4%, 10/15/2049 | 2,205,000 | 1,896,199 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023 | 540,000 | 540,000 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024 | 680,000 | 672,461 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-1”, 1.2%, 10/15/2030 (Put Date 4/13/2028) | 2,005,000 | 1,706,251 | ||
Michigan Finance Authority Hospital Rev. (McLaren Health Care), “D-2”, 1.2%, 10/15/2038 (Put Date 4/13/2028) | 2,515,000 | 2,140,260 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2030 | 790,000 | 817,184 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2031 | 1,575,000 | 1,626,821 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 2,905,000 | 2,829,550 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), “2”, 4%, 12/01/2036 | 4,145,000 | 3,915,992 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), “A”, 5%, 12/01/2032 | 6,295,000 | 6,642,738 | ||
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 | 630,000 | 638,068 | ||
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 | 460,000 | 462,622 | ||
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 | 630,000 | 637,433 |
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 Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | $ | 385,000 | $385,849 | |
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 | 190,000 | 190,903 | ||
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 | 450,000 | 451,221 | ||
Michigan Finance Authority Tobacco Settlement Asset-Backed Rev. (2007 Sold Tobacco Receipts), “B-1”, 5%, 6/01/2049 | 540,000 | 540,608 | ||
Michigan Housing Development Authority, Rental Housing Rev., “A”, 5.15%, 10/01/2058 | 11,055,000 | 10,798,263 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), 5%, 6/30/2048 | 3,935,000 | 3,694,233 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/29/2035 | 7,315,000 | 6,972,695 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.25%, 12/31/2038 | 2,300,000 | 2,128,375 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 790,000 | 779,417 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 480,000 | 479,972 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 370,000 | 369,197 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 805,000 | 793,191 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040 | 5,590,000 | 5,608,645 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | 1,960,000 | 2,005,526 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | 2,030,000 | 2,076,991 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2030 | 775,000 | 824,216 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2031 | 945,000 | 1,005,662 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2032 | 1,455,000 | 1,545,133 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2034 | 2,755,000 | 2,913,198 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2036 | 790,000 | 824,715 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2037 | 870,000 | 896,805 | ||
$84,395,621 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Minnesota - 0.8% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031 | $ | 840,000 | $751,529 | |
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | 1,330,000 | 1,078,776 | ||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 555,000 | 416,818 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 2,195,000 | 1,885,558 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 2,010,000 | 1,968,955 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 2,585,000 | 2,143,198 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 1,585,000 | 1,518,230 | ||
Duluth, MN, Independent School District No. 709, “A”, 4.2%, 3/01/2034 | 240,000 | 225,670 | ||
Duluth, MN, Independent School District No. 709, “B”, COP, 5%, 2/01/2025 | 190,000 | 192,391 | ||
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2041 | 1,970,000 | 1,984,356 | ||
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Rev., “C”, 5%, 1/01/2046 | 2,360,000 | 2,362,008 | ||
Minnesota Housing Finance Agency, Residential Housing, “A”, 4%, 1/01/2041 | 130,000 | 129,086 | ||
Minnesota Housing Finance Agency, Residential Housing, “A”, 4.25%, 7/01/2049 (u) | 11,790,000 | 11,565,694 | ||
Minnesota Housing Finance Agency, Residential Housing, “B”, GNMA, 3%, 7/01/2051 | 4,705,000 | 4,438,244 | ||
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 4,875,000 | 4,586,543 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2037 | 1,170,000 | 1,135,416 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 1,815,000 | 1,581,469 | ||
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 240,000 | 219,960 | ||
$38,183,901 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Mississippi - 0.9% | ||||
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2048 | $ | 10,990,000 | $9,412,952 | |
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 | 8,350,000 | 7,023,933 | ||
Mississippi Development Bank Special Obligation (Harrison County Coliseum), “A”, 5.25%, 1/01/2034 | 1,935,000 | 2,106,980 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2025 | 315,000 | 315,503 | ||
Mississippi Development Bank Special Obligation (Jackson Sales Tax Rev. Infrastructure Project), 5%, 9/01/2026 | 790,000 | 792,024 | ||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 390,000 | 391,203 | ||
Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 3,150,000 | 3,049,421 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “A”, 4%, 12/01/2044 | 770,000 | 753,396 | ||
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 2,765,000 | 2,606,879 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 1,500,000 | 1,397,602 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2036 | 665,000 | 622,449 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2037 | 600,000 | 550,053 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2039 | 600,000 | 527,875 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), “A”, 4%, 1/01/2040 | 335,000 | 290,407 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2033 | 280,000 | 289,603 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2035 | 945,000 | 971,096 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), “IV”, 5%, 10/01/2039 | 670,000 | 662,764 | ||
State of Mississippi, “B”, 5%, 12/01/2032 (Prerefunded 12/01/2026) | 1,970,000 | 2,053,228 | ||
State of Mississippi, “B”, 5%, 12/01/2033 (Prerefunded 12/01/2026) | 1,970,000 | 2,053,228 | ||
State of Mississippi, “B”, 5%, 12/01/2034 (Prerefunded 12/01/2026) | 3,935,000 | 4,101,244 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Mississippi - continued | ||||
University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), “A”, 5%, 3/01/2028 | $ | 850,000 | $858,987 | |
$40,830,827 | ||||
Missouri - 1.3% | ||||
Brentwood & Maplewood, MO, Hanley Road Corridor Transportation Development District, Transportation Sales Tax Refunding Rev., 2%, 10/01/2039 | $ | 340,000 | $330,788 | |
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 | 15,250,000 | 15,676,468 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054 | 8,055,000 | 7,862,134 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 4,465,000 | 4,390,748 | ||
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n) | 160,000 | 124,188 | ||
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | 275,000 | 194,666 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2036 | 945,000 | 843,170 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2037 | 300,000 | 260,357 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2041 | 380,000 | 310,617 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 1,070,000 | 802,971 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), 5.5%, 12/01/2048 (w) | 3,995,000 | 4,202,512 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2030 | 3,935,000 | 4,082,053 | ||
Missouri Health & Educational Facilities Authority Rev. (Mercy Health), “A”, 5%, 6/01/2031 | 2,490,000 | 2,581,206 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2044 | 1,810,000 | 1,514,059 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2049 | 3,935,000 | 3,254,956 | ||
Missouri Health & Educational Facilities Authority Rev. (Mosaic Health System), “A”, 4%, 2/15/2054 | 3,580,000 | 2,910,396 | ||
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 (Prerefunded 6/01/2024) | 2,060,000 | 2,072,079 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, 3.75%, 5/01/2038 | $ | 155,000 | $152,971 | |
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FHLMC, 3%, 5/01/2052 | 4,070,000 | 3,835,570 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Homeownership Loan Program), “A”, FNMA, 4.25%, 5/01/2049 | 2,450,000 | 2,412,074 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030 | 255,000 | 224,077 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035 | 175,000 | 139,367 | ||
Poplar Bluff, MO, Transportation Development District, Transportation Sales Tax Refunding & Improvement Rev., “B”, 4%, 12/01/2037 | 1,115,000 | 979,844 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 115,000 | 107,186 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 95,000 | 83,547 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 205,000 | 164,680 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 150,000 | 127,276 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 580,000 | 445,163 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 1,805,000 | 1,252,529 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2049 | 2,385,000 | 2,298,227 | ||
$63,635,879 | ||||
Montana - 0.1% | ||||
Montana Board of Housing Single Family Mortgage, “B”, 4%, 12/01/2050 | $ | 2,685,000 | $2,614,022 | |
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A-2”, 3%, 12/01/2043 | 115,000 | 114,090 | ||
$2,728,112 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Nebraska - 0.1% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2034 | $ | 670,000 | $673,749 | |
Nebraska Investment Finance Authority, Single Family Housing Rev., “A”, 4%, 9/01/2044 | 210,000 | 208,085 | ||
Nebraska Investment Finance Authority, Single Family Housing Rev., “C”, FHLMC, 4%, 9/01/2048 | 2,310,000 | 2,259,737 | ||
$3,141,571 | ||||
Nevada - 0.2% | ||||
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2037 | $ | 710,000 | $667,605 | |
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2039 | 1,555,000 | 1,419,469 | ||
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 | 133,425 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2035 (n) | 500,000 | 476,670 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2038 (n) | 1,005,000 | 924,423 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | 600,000 | 527,322 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 2,835,000 | 2,400,639 | ||
Nevada Housing Division, Single Family Mortgage Rev., “A”, GNMA, 3%, 4/01/2051 | 2,085,000 | 1,962,841 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | 95,000 | 96,573 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 365,000 | 298,424 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 450,000 | 364,584 | ||
$9,271,975 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Hampshire - 1.0% | ||||
National Finance Authority, New Hampshire Municipal Certificates, “A-2”, 4%, 10/20/2036 | $ | 6,573,565 | $5,889,308 | |
National Finance Authority, New Hampshire Municipal Certificates, “A-2”, 3.875%, 1/20/2038 | 7,653,712 | 6,591,673 | ||
National Finance Authority, New Hampshire Municipal Certificates, “X-2”, 0.674%, 10/20/2036 (i) | 29,180,000 | 1,408,519 | ||
National Finance Authority, New Hampshire Resource Recovery Refunding Rev., “B”, 4.625%, 11/01/2042 (n) | 1,855,000 | 1,525,282 | ||
National Finance Authority, New Hampshire Resource Recovery Refunding Rev., “B”, 3.75%, 7/01/2045 (Put Date 7/02/2040) (n) | 2,290,000 | 1,689,012 | ||
National Finance Authority, New Hampshire Rev. (Presbyterian Senior Living Project), “A”, 5.25%, 7/01/2048 | 1,175,000 | 1,106,700 | ||
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2041 | 840,000 | 663,263 | ||
National Finance Authority, New Hampshire, Municipal Certificates, “A”, 4.125%, 1/20/2034 | 6,626,982 | 6,164,149 | ||
National Finance Authority, NV, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 6/01/2051 | 2,520,000 | 2,611,545 | ||
National Finance Authority, NV, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 4.5%, 6/01/2053 | 1,130,000 | 1,011,379 | ||
New Hampshire Health & Education Facilities Authority Rev., 4%, 7/01/2037 | 12,920,000 | 10,680,120 | ||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 9,472,971 | 8,771,828 | ||
$48,112,778 | ||||
New Jersey - 4.5% | ||||
Atlantic City, NJ, Board of Education, 4%, 4/01/2030 | $ | 130,000 | $130,091 | |
Atlantic City, NJ, Board of Education, 4%, 4/01/2031 | 130,000 | 129,307 | ||
Atlantic City, NJ, Board of Education, 4%, 4/01/2032 | 225,000 | 222,443 | ||
Atlantic City, NJ, Board of Education, 4%, 4/01/2034 | 225,000 | 221,032 | ||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2040 | 245,000 | 227,339 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2032 | 3,875,000 | 3,999,994 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | 475,000 | 478,407 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037 | $ | 1,315,000 | $1,340,413 | |
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2042 | 225,000 | 236,730 | ||
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2047 | 620,000 | 646,332 | ||
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2052 | 570,000 | 591,608 | ||
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062 | 1,880,000 | 1,939,988 | ||
Middlesex County, NJ, Improvement Authority Rev. (Rutgers University H-1 Project), “A”, 5%, 8/15/2053 | 22,330,000 | 23,037,075 | ||
New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 3.125%, 7/01/2029 | 670,000 | 609,895 | ||
New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, BAM, 5%, 7/01/2028 | 7,270,000 | 7,556,434 | ||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5.25%, 6/15/2036 (w) | 570,000 | 594,142 | ||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5.25%, 6/15/2037 (w) | 570,000 | 587,738 | ||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5.25%, 6/15/2038 (w) | 750,000 | 766,372 | ||
New Jersey Economic Development Authority Refunding Rev. (School Facilities Construction), “SSS”, 5.25%, 6/15/2039 (w) | 685,000 | 696,857 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 370,000 | 371,077 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 370,000 | 370,714 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 1,115,000 | 1,117,297 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 345,000 | 345,216 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 865,000 | 841,439 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 1,235,000 | 1,175,660 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042 | 2,250,000 | 2,365,156 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, BAM, 3.125%, 7/01/2031 | $ | 16,900,000 | $15,505,975 | |
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029 | 2,875,000 | 2,863,315 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 3,185,000 | 3,202,939 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 2,665,000 | 2,668,954 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (American Water Co., Inc. Project), “E”, 0.85%, 12/01/2025 | 1,550,000 | 1,382,383 | ||
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2031 | 590,000 | 636,314 | ||
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2032 | 790,000 | 858,070 | ||
New Jersey Educational Facilities Authority Rev. (Ramapo College Project), “A”, 5%, 7/01/2033 | 355,000 | 382,301 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2031 | 1,660,000 | 1,715,590 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2032 | 1,655,000 | 1,708,318 | ||
New Jersey Health Care Facilities, Financing Authority, State Contract Refunding Bonds (Hospital Asset Transformation Program), 5%, 10/01/2037 | 2,395,000 | 2,437,169 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 3.25%, 12/01/2039 | 2,800,000 | 2,531,677 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 11,485,000 | 10,864,096 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2028 | 315,000 | 321,060 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”A“, 5%, 12/01/2029 | 435,000 | 445,050 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2028 | 1,145,000 | 1,167,029 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 5%, 12/01/2029 | 1,115,000 | 1,139,559 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 4,365,000 | 4,050,133 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 2.5%, 12/01/2040 | 1,690,000 | 1,334,771 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | $ | 700,000 | $447,025 | |
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “B”, 4%, 12/01/2044 | 12,920,000 | 11,646,220 | ||
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053 | 1,475,000 | 1,267,290 | ||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “E”, 3.5%, 4/01/2051 | 8,110,000 | 7,771,693 | ||
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Rev., “H”, 3%, 10/01/2052 | 7,670,000 | 7,142,441 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2032 | 2,360,000 | 2,437,777 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2033 | 2,360,000 | 2,437,038 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2034 | 2,360,000 | 2,432,820 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035 | 2,320,000 | 2,382,524 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 | 840,000 | 884,287 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2038 | 1,120,000 | 1,044,220 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2038 | 1,200,000 | 1,241,623 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2040 | 840,000 | 862,770 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 | 955,000 | 877,886 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045 | 2,225,000 | 1,972,467 | ||
New Jersey Transportation Trust Fund Authority, “B”, AAC, 5.5%, 9/01/2026 | 2,775,000 | 2,890,332 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 2,405,000 | 2,533,952 | ||
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “A”, 0%, 12/15/2037 | 19,665,000 | 9,669,029 | ||
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2035 | 2,930,000 | 1,662,631 | ||
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2036 | 7,645,000 | 4,057,048 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029 | 2,690,000 | 2,743,106 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, Transportation System, “A”, 4.25%, 6/15/2040 | $ | 3,975,000 | $3,732,927 | |
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AAC, 0%, 12/15/2028 | 9,535,000 | 7,671,348 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2029 | 12,340,000 | 9,487,825 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, AGM, 0%, 12/15/2032 | 2,635,000 | 1,751,119 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2027 | 5,430,000 | 4,552,923 | ||
New Jersey Transportation Trust Fund Authority, Transportation System, Capital Appreciation, “C”, NPFG, 0%, 12/15/2031 | 3,935,000 | 2,734,208 | ||
Newark, NJ, General Obligation Refunding, “A”, AGM, 5%, 10/01/2024 | 590,000 | 595,478 | ||
Newark, NJ, General Obligation Refunding, “B”, AGM, 5%, 10/01/2023 | 790,000 | 790,000 | ||
Newark, NJ, General Obligation Refunding, “B”, AGM, 5%, 10/01/2025 | 395,000 | 400,965 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2031 | 1,015,000 | 1,070,410 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, AGM, 5%, 11/01/2033 | 575,000 | 606,163 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5.25%, 11/01/2052 | 2,760,000 | 2,844,906 | ||
$210,455,910 | ||||
New Mexico - 0.2% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 410,000 | $353,484 | |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “A-1”, FNMA, 4%, 1/01/2049 | 675,000 | 660,392 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “C”, FNMA, 4%, 1/01/2049 | 1,405,000 | 1,376,103 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053 | 5,500,000 | 5,591,918 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2034 | 215,000 | 196,858 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2039 | 165,000 | 140,501 | ||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2044 | 170,000 | 137,938 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Mexico - continued | ||||
Santa Fe, NM, Retirement Facility Rev. (El Castillo Retirement Residences Project), “A”, 5%, 5/15/2049 | $ | 445,000 | $345,305 | |
$8,802,499 | ||||
New York - 6.2% | ||||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2031 | $ | 730,000 | $750,639 | |
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2032 | 790,000 | 812,475 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 5%, 4/01/2033 | 830,000 | 853,746 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2034 | 790,000 | 751,487 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2036 | 1,420,000 | 1,117,468 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 3%, 4/01/2037 | 1,180,000 | 901,042 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2038 | 985,000 | 886,171 | ||
Broome County, NY, Local Development Corp. Rev. (United Health Services Hospitals, Inc.), AGM, 4%, 4/01/2039 | 1,065,000 | 947,072 | ||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 14,815,000 | 13,838,918 | ||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2052 | 290,000 | 261,557 | ||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062 | 2,170,000 | 1,898,226 | ||
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2057 | 1,615,000 | 1,528,054 | ||
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062 | 2,025,000 | 1,896,764 | ||
Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), “A”, 4%, 11/01/2032 | 380,000 | 335,910 | ||
New York Dormitory Authority Rev. (Cornell University), “D”, 5%, 7/01/2035 | 465,000 | 529,465 | ||
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050 | 4,750,000 | 4,035,603 | ||
New York Dormitory Authority Rev. (Northwell Health Obligated Group), “A”, 4%, 5/01/2045 | 4,380,000 | 3,716,602 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2033 (n) | 100,000 | 94,952 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 200,000 | 187,440 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2036 | $ | 880,000 | $920,016 | |
New York Dormitory Authority Rev. (Rochester Institute of Technology), “A”, 5%, 7/01/2040 | 995,000 | 1,020,655 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 4%, 3/15/2048 | 4,300,000 | 3,790,233 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2042 | 14,455,000 | 13,189,841 | ||
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 | 555,632 | ||
New York Housing Finance Agency Affordable Housing Rev., “L-2”, 0.75%, 11/01/2025 | 1,325,000 | 1,211,406 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 22,780,000 | 21,045,169 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040 (n) | 2,510,000 | 2,413,450 | ||
New York Power Authority, Green Transmission Project Rev., “A”, AGM, 4%, 11/15/2047 | 1,565,000 | 1,368,050 | ||
New York State Thruway Authority, Personal Income Tax Rev., “A”, 4%, 3/15/2043 | 10,645,000 | 9,618,525 | ||
New York State Thruway Authority, Personal Income Tax Rev., “C”, 4.125%, 3/15/2057 | 6,005,000 | 5,132,528 | ||
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046 | 7,000,000 | 5,724,609 | ||
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 | 1,740,000 | 1,357,278 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 555,000 | 479,254 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.25%, 8/01/2031 | 1,015,000 | 1,025,727 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 2,620,000 | 2,559,792 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 6,400,000 | 6,448,914 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 1,835,000 | 1,848,822 |
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), 5%, 10/01/2035 | $ | 4,395,000 | $4,410,032 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 1,035,000 | 952,406 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 5,050,000 | 4,837,988 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 5%, 12/01/2036 | 40,000 | 40,351 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 170,000 | 151,697 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2039 | 400,000 | 353,991 | ||
New York Transportation Development Corp., Special Facility Rev. (LaGuardia Airport Terminal B Redevelopment Project), “A”, 5%, 7/01/2046 | 10,000,000 | 9,505,647 | ||
New York Urban Development Corp., State Personal Income Tax Rev. (General Purpose), “C”, 4%, 3/15/2049 | 8,025,000 | 6,959,837 | ||
New York Urban Development Corp., State Personal Income Tax Rev., “A”, 4%, 3/15/2039 | 4,720,000 | 4,404,867 | ||
New York, NY, General Obligation, “B-1”, 5%, 12/01/2041 | 2,755,000 | 2,773,215 | ||
New York, NY, General Obligation, “F-1”, 5%, 3/01/2039 | 3,540,000 | 3,670,878 | ||
New York, NY, Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053 | 6,270,000 | 5,921,137 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 4,585,308 | 4,505,247 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 22,686,278 | 22,256,425 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, 4.75%, 11/01/2048 | 1,645,000 | 1,545,335 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, 4.85%, 11/01/2053 | 835,000 | 794,843 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.85%, 11/01/2053 | 2,625,000 | 2,498,759 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “A-1”, 4.95%, 11/01/2058 | 2,500,000 | 2,358,689 | ||
New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | 1,695,000 | 1,673,212 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York, NY, Industrial Development Agency, PILOT Refunding Rev. (Yankee Stadium Project), “A”, AGM, 3%, 3/01/2040 | $ | 3,155,000 | $2,369,001 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2046 | 5,505,000 | 5,553,215 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “CC-1”, 5%, 6/15/2048 | 4,055,000 | 4,099,324 | ||
New York, NY, Transitional Finance Authority Building Aid Rev., “S-3”, 5%, 7/15/2043 | 810,000 | 826,843 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “A”, 4%, 11/01/2034 | 790,000 | 791,710 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “A”, 4%, 11/01/2035 | 790,000 | 780,192 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “C”, 4%, 2/01/2041 | 6,035,000 | 5,556,238 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “C-1”, 4%, 5/01/2045 | 7,865,000 | 7,038,165 | ||
New York, NY, Transitional Finance Authority Future Tax Secured Subordinate, “F”, 4%, 2/01/2051 | 15,000,000 | 13,069,032 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2036 | 1,575,000 | 1,539,707 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2039 | 2,755,000 | 2,578,599 | ||
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 2,260,000 | 1,585,546 | ||
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2052 | 1,215,000 | 903,871 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2037 | 1,750,000 | 1,613,602 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2039 | 725,000 | 653,309 | ||
Port Authority of NY & NJ (214th Series), 4%, 9/01/2043 | 1,170,000 | 1,012,325 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2045 | 1,125,000 | 961,232 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2050 | 2,810,000 | 2,351,921 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 9,010,000 | 7,384,294 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2038 | 2,210,000 | 2,010,558 | ||
Port Authority of NY & NJ (223th Series), 4%, 7/15/2040 | 645,000 | 574,251 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2038 | 2,360,000 | 2,428,763 | ||
Port Authority of NY & NJ (226th Series), 5%, 10/15/2039 | 1,750,000 | 1,794,280 | ||
Schenectady County, NY, Capital Resource Corp. Tax-Exempt Rev. (Union College Project), 5.25%, 7/01/2052 | 555,000 | 576,073 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2028 | 1,315,000 | 956,322 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 1,915,000 | 1,392,564 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2030 | $ | 1,475,000 | $1,072,527 | |
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031 | 1,825,000 | 1,326,939 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 3,370,000 | 2,450,143 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2033 | 2,970,000 | 2,159,200 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 2,660,000 | 1,933,725 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035 | 3,550,000 | 2,580,594 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 1,160,000 | 843,196 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 380,000 | 387,522 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 2,135,000 | 2,136,977 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), “C-3”, 4%, 5/15/2051 | 8,500,000 | 7,290,718 | ||
Yonkers, NY, General Obligation, “C”, AGM, 5%, 3/15/2035 | 1,255,000 | 1,369,740 | ||
Yonkers, NY, School Serial Bonds, “D”, AGM, 5%, 3/15/2035 | 960,000 | 1,047,769 | ||
$289,668,035 | ||||
North Carolina - 1.0% | ||||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | $ | 735,000 | $742,603 | |
North Carolina Capital Facilities Finance Agency, Educational Facilities Refunding Rev. (High Point University), 4%, 5/01/2032 | 790,000 | 769,802 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “44”, 4%, 7/01/2050 | 985,000 | 960,174 | ||
North Carolina Housing Finance Agency, Home Ownership Rev., “46-A”, GNMA, 3%, 7/01/2051 | 9,840,000 | 9,267,001 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2029 | 220,000 | 202,111 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 1,070,000 | 870,650 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 370,000 | 273,456 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | $ | 4,170,000 | $2,716,120 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 465,000 | 378,366 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 | 175,000 | 127,209 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 70,000 | 69,373 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 205,000 | 197,617 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 225,000 | 209,229 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2040 | 720,000 | 707,864 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2045 | 690,000 | 658,133 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 445,000 | 415,671 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052 | 2,465,000 | 2,147,855 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Plantation Village, Inc.), “A”, 4%, 1/01/2052 | 1,370,000 | 977,503 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 80,000 | 80,823 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 480,000 | 479,180 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 940,000 | 919,268 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 1,920,000 | 1,873,325 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 1,650,000 | 1,597,902 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., AGM, 5%, 1/01/2031 | 1,260,000 | 1,300,325 |
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 | $ | 9,165,000 | $9,478,139 | |
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., AGM, 5%, 1/01/2049 | 1,400,000 | 1,403,746 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2027 | 1,105,000 | 1,132,141 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2030 | 985,000 | 1,028,368 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2031 | 1,065,000 | 1,111,730 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2032 | 790,000 | 825,043 | ||
Raleigh-Durham, NC, Airport Authority Rev., “A”, 5%, 5/01/2033 | 790,000 | 822,171 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2027 | 1,190,000 | 1,188,271 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2031 | 985,000 | 941,328 | ||
Surry County, NC, Northern Hospital District, Health Care Facilities Rev., 5%, 10/01/2033 | 1,085,000 | 1,031,980 | ||
$46,904,477 | ||||
North Dakota - 0.7% | ||||
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2048 | $ | 535,000 | $527,964 | |
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2053 | 1,315,000 | 1,295,468 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 4%, 1/01/2051 | 9,195,000 | 8,961,500 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “A”, 3%, 1/01/2052 | 6,950,000 | 6,556,489 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “D”, 4.25%, 1/01/2049 (u) | 3,960,000 | 3,901,916 | ||
North Dakota Housing Finance Agency Rev. (Home Mortgage Finance Program), “F”, 5%, 1/01/2053 | 2,485,000 | 2,494,174 | ||
North Dakota State Board of Higher Education, Housing and Auxiliary Facilities Rev. (University of North Dakota), “A”, AGM, 4%, 4/01/2039 | 1,845,000 | 1,680,833 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | 3,065,000 | 2,722,705 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038 | 2,850,000 | 2,350,084 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 160,000 | 116,984 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 1,170,000 | 831,563 | ||
$31,439,680 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - 3.1% | ||||
Brunswick, OH, School District, Classroom Facilities and School Improvement, Unlimited Tax General Obligation, BAM, 5.25%, 12/01/2053 | $ | 4,585,000 | $4,746,412 | |
Brunswick, OH, School District, Classroom Facilities and School Improvement, Unlimited Tax General Obligation, BAM, 5.5%, 12/01/2060 | 8,490,000 | 8,868,569 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 11,550,000 | 9,756,036 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 29,240,000 | 25,187,611 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 39,410,000 | 3,838,305 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 3,200,000 | 2,790,645 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 2,730,000 | 2,605,568 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2052 | 1,575,000 | 1,403,182 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 8,850,000 | 8,254,653 | ||
Cuyahoga County, OH, Metropolitan Housing Authority, General Rev. (2045 Initiative Project), 2%, 12/01/2031 | 2,305,000 | 1,937,659 | ||
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), “A”, 4%, 12/01/2055 (n) | 665,000 | 488,339 | ||
Cuyahoga County, OH, Port Authority Tax Increment Financing Rev. (Flats East Bank Project), “B”, 4.5%, 12/01/2055 (n) | 380,000 | 290,786 | ||
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047 | 3,260,000 | 2,807,034 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 12/31/2037 | 250,000 | 241,229 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.5%, 1/01/2043 | 755,000 | 728,869 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.75%, 1/01/2053 | 1,420,000 | 1,363,626 | ||
Lancaster, PA, Port Authority Gas Supply Rev., “A”, 5%, 8/01/2049 (Put Date 2/01/2025) | 4,130,000 | 4,143,482 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 7,745,000 | 7,530,221 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 2,470,000 | 2,071,442 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | 1,555,000 | 1,224,963 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 5%, 11/15/2034 | $ | 790,000 | $794,619 | |
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2038 | 1,775,000 | 1,523,275 | ||
Montgomery County, OH, Hospital Facilities Rev. (Premier Health Partners Obligated Group), “A”, 4%, 11/15/2045 | 850,000 | 674,442 | ||
Northeast Ohio Medical University, General Receipts and Refunding Bonds, “A”, 4%, 12/01/2035 | 115,000 | 105,269 | ||
Northeast Ohio Medical University, General Receipts and Refunding Bonds, “A”, 4%, 12/01/2045 | 85,000 | 68,160 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 2,615,000 | 2,556,688 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 3,105,000 | 3,035,437 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “B”, 2.6%, 6/01/2041 (Put Date 10/01/2029) | 3,630,000 | 3,046,566 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 12/01/2027 (Put Date 10/01/2024) | 6,610,000 | 6,383,816 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 3,090,000 | 2,984,265 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 5,030,000 | 4,928,352 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 250,000 | 235,640 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 330,000 | 295,394 | ||
Ohio Higher Educational Facility Commission Rev. (Franciscan University of Steubenville), 5%, 11/01/2041 | 2,360,000 | 2,343,339 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042 | 1,135,000 | 1,028,280 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.375%, 12/01/2052 | 1,850,000 | 1,650,411 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.5%, 9/01/2048 (u) | 2,630,000 | 2,600,572 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.8%, 9/01/2048 | 9,120,000 | 8,809,539 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053 | 4,370,000 | 4,252,277 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2036 | 500,000 | 440,962 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2038 | 490,000 | 415,077 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 4%, 11/15/2040 | $ | 465,000 | $383,185 | |
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 6,090,000 | 6,103,692 | ||
$144,937,888 | ||||
Oklahoma - 0.6% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 20,000 | $18,922 | |
Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045 | 3,120,000 | 2,350,176 | ||
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 2,605,000 | 2,388,547 | ||
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042 | 1,180,000 | 965,349 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041 | 3,920,000 | 3,496,560 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044 | 3,960,000 | 3,488,741 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 895,000 | 797,793 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 315,000 | 282,044 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 900,000 | 781,723 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.5%, 8/15/2057 | 9,390,000 | 8,287,713 | ||
Oklahoma Development Finance Authority, Health System Rev., Taxable (OU Medicine Project), “C”, 5.45%, 8/15/2028 | 6,087,000 | 5,233,032 | ||
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “A”, 4.75%, 9/01/2048 | 1,095,000 | 1,087,894 | ||
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024) | 595,000 | 597,330 | ||
$29,775,824 | ||||
Oregon - 1.0% | ||||
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2025 (Put Date 5/01/2024) | $ | 2,925,000 | $2,908,630 | |
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | 3,015,000 | 2,544,256 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2041 | 2,370,000 | 1,693,456 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 | 1,750,000 | 1,112,383 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 630,000 | 527,559 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - continued | ||||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | $ | 1,610,000 | $1,395,750 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev., Taxable (Terwilliger Plaza - Parkview Project), “C”, 1.25%, 6/01/2026 | 775,000 | 702,900 | ||
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System), “A”, 4.9%, 9/14/2035 | 14,015,000 | 13,957,473 | ||
Oregon Facilities Authority Rev. (Legacy Health Project), “A”, 5%, 6/01/2046 | 7,945,000 | 7,688,281 | ||
Oregon Health & Sciences University Rev., “B”, 5%, 7/01/2034 | 5,900,000 | 6,056,759 | ||
Port of Portland, OR, International Airport Rev., “24B”, 5%, 7/01/2042 | 1,055,000 | 1,045,606 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2036 | 575,000 | 491,876 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2046 | 690,000 | 517,085 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2046 | 1,360,000 | 1,019,181 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2051 | 580,000 | 420,480 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056 | 3,325,000 | 2,349,716 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028 | 700,000 | 605,434 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 280,000 | 261,045 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-3”, 1.75%, 11/15/2026 | 380,000 | 364,003 | ||
$45,661,873 | ||||
Pennsylvania - 6.8% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 5,185,000 | $4,210,031 | |
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2035 | 905,000 | 890,363 | ||
Allentown, PA, City School District Rev., “C”, BAM, 4%, 2/01/2036 | 870,000 | 843,589 | ||
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/14/2038 (n)(w) | 160,000 | 156,019 | ||
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.75%, 6/15/2043 (n)(w) | 330,000 | 320,579 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 6%, 6/15/2053 (n)(w) | $ | 575,000 | $555,841 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2028 (n) | 250,000 | 251,118 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n) | 135,000 | 135,329 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 330,000 | 306,577 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5.25%, 5/01/2042 (n) | 800,000 | 757,282 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2027 (n) | 1,180,000 | 1,184,357 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2035 | 395,000 | 387,763 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2036 | 850,000 | 828,140 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2037 | 395,000 | 374,731 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2038 | 395,000 | 371,709 | ||
Armstrong & Indiana Counties, PA, Armstrong School District, General Obligation, “A”, BAM, 4%, 3/15/2041 | 1,970,000 | 1,784,785 | ||
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2035 | 1,795,000 | 1,771,441 | ||
Beaver County, PA, Economic Development Authority Rev., BAM, 4%, 11/15/2036 | 675,000 | 657,029 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 885,000 | 544,493 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2029 | 3,115,000 | 1,850,189 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2030 | 1,595,000 | 945,118 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2037 | 740,000 | 422,999 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 1,150,000 | 653,728 | ||
Berks County, PA, Municipal Authority Rev. (Reading Hospital & Medical Center), “A”, 5%, 11/01/2044 | 6,035,000 | 3,434,570 | ||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-2”, 5%, 2/01/2040 (Put Date 2/01/2027) | 7,775,000 | 5,051,757 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “B-3”, 5%, 2/01/2040 (Put Date 2/01/2030) | $ | 3,305,000 | $1,964,356 | |
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 810,000 | 683,446 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 7,225,000 | 5,738,383 | ||
Bucks County, PA, Water & Sewer Authority, Sewer System Rev., “A”, AGM, 5.25%, 12/01/2047 | 1,710,000 | 1,781,150 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 1,555,000 | 1,122,789 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 880,000 | 799,100 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2047 | 420,000 | 367,109 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 5%, 12/15/2051 | 510,000 | 437,600 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025) | 245,000 | 245,109 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 (Prerefunded 1/01/2025) | 840,000 | 840,373 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 4%, 1/01/2033 | 615,000 | 561,759 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025) | 25,000 | 25,311 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 (Prerefunded 1/01/2025) | 115,000 | 116,433 | ||
Cumberland County, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), 5%, 1/01/2038 | 140,000 | 135,282 | ||
Cumberland County, PA, Municipal Authority Rev. (Penn State Health), 4%, 11/01/2049 | 3,355,000 | 2,767,237 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 400,000 | 337,924 | ||
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2030 | 670,000 | 672,746 | ||
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2031 | 395,000 | 395,222 | ||
Delaware County, PA, Chichester School General Obligation, AGM, 4%, 9/15/2032 | 395,000 | 394,136 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2046 | $ | 475,000 | $412,549 | |
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 4.55% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 5,755,000 | 4,817,802 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 (Prerefunded 7/01/2029) | 45,000 | 45,991 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | 420,000 | 299,395 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 6/30/2049 (Prerefunded 7/01/2029) | 50,000 | 53,677 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 | 415,000 | 337,641 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025) | 290,000 | 295,452 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025) | 370,000 | 376,956 | ||
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) | 385,000 | 387,730 | ||
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) | 210,000 | 211,489 | ||
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 5,000,000 | 4,202,314 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 7,900,000 | 6,627,248 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036 | 9,515,000 | 4,902,512 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 4,065,000 | 4,071,740 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2023 | 535,000 | 536,036 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2024 | 545,000 | 552,428 | ||
Luzerne County, PA, “A”, AGM, 5%, 12/15/2026 | 500,000 | 514,878 | ||
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2039 | 215,000 | 200,409 | ||
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2040 | 765,000 | 704,121 | ||
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2041 | 565,000 | 515,519 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 5%, 1/01/2042 | $ | 585,000 | $529,633 | |
Maxatawny Township, PA, Municipal Authority Rev. (Diakon Lutheran Social Ministries), “A”, 4.5%, 1/01/2045 | 2,015,000 | 1,660,867 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 1,550,000 | 1,337,439 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 1,480,000 | 1,229,266 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 4%, 9/01/2049 | 1,815,000 | 1,507,512 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, 4%, 5/01/2047 | 1,750,000 | 1,474,420 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | 2,415,000 | 1,570,633 | ||
Montgomery County, PA, Higher Education & Health Authority Rev., Taxable (Thomas Jefferson University), 4%, 9/01/2051 | 2,980,000 | 2,435,788 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement - Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 1,090,000 | 1,016,729 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5%, 1/01/2030 | 790,000 | 751,257 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 7,060,000 | 5,740,061 | ||
Montour County, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2039 | 2,615,000 | 2,427,114 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2032 | 355,000 | 343,444 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2033 | 475,000 | 457,053 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2044 | 1,035,000 | 894,486 | ||
Northeastern, PA, Hospital & Education Authority College Rev. (King's College Project), 5%, 5/01/2049 | 630,000 | 526,693 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049 | 1,180,000 | 1,117,786 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 7/01/2042 | 1,755,000 | 1,656,929 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5.25%, 7/01/2046 | 940,000 | 901,391 | ||
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038 | 10,825,000 | 10,419,007 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2035 | $ | 1,190,000 | $689,790 | |
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2036 | 1,255,000 | 681,887 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2037 | 1,215,000 | 616,872 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2038 | 1,245,000 | 585,872 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2039 | 1,365,000 | 601,445 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2040 | 1,315,000 | 544,482 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2041 | 1,265,000 | 491,951 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2042 | 1,215,000 | 442,506 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2043 | 1,160,000 | 397,728 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, BAM, 0%, 1/01/2046 | 2,750,000 | 815,707 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, BAM, 0%, 1/01/2047 | 2,865,000 | 800,473 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049 | 5,775,000 | 1,031,009 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053 | 11,855,000 | 11,523,807 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 13,590,000 | 13,090,142 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4.125%, 12/31/2038 | $ | 1,330,000 | $1,137,579 | |
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2026 | 875,000 | 855,944 | ||
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2027 | 600,000 | 582,148 | ||
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Refunding Rev. (Philadelphia Biosolids Facility Project), 4%, 1/01/2028 | 630,000 | 607,152 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 2.15%, 7/01/2041 (Put Date 7/01/2024) | 6,295,000 | 6,187,240 | ||
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2048 | 3,250,000 | 2,749,784 | ||
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053 | 4,265,000 | 3,488,582 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2030 | 200,000 | 204,119 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 1,005,000 | 803,858 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 790,000 | 748,395 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4%, 6/01/2044 | 9,770,000 | 8,862,765 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2038 | 790,000 | 799,789 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Duquesne University), “A”, 5%, 3/01/2039 | 200,000 | 201,209 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “128A”, 4.75%, 4/01/2033 (u) | 3,115,000 | 3,085,886 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 6,210,000 | 5,957,926 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2028 | 1,850,000 | 1,894,647 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2029 | 1,890,000 | 1,944,893 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2029 | 1,900,000 | 1,959,097 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 4/01/2030 | 1,905,000 | 1,965,107 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135B”, 5%, 10/01/2030 | $ | 1,105,000 | $1,142,057 | |
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “134A”, 3%, 10/01/2049 | 8,805,000 | 8,445,996 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 12,045,000 | 12,467,252 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2031 | 720,000 | 719,021 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2032 | 475,000 | 472,603 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2033 | 505,000 | 498,695 | ||
Pennsylvania Public School Building Authority, College Rev. (Northampton County Area Community College Project), BAM, 4%, 6/15/2034 | 510,000 | 505,580 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2030 | 1,575,000 | 1,618,894 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032 | 6,150,000 | 6,312,210 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 17,170,000 | 17,607,504 | ||
Philadelphia, PA, “B”, 5%, 2/01/2032 | 4,130,000 | 4,386,717 | ||
Philadelphia, PA, “B”, 5%, 2/01/2035 | 3,030,000 | 3,182,715 | ||
Philadelphia, PA, Airport Refunding Rev., “B”, AGM, 5%, 7/01/2042 | 8,790,000 | 8,649,089 | ||
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2034 | 4,200,000 | 4,268,829 | ||
Philadelphia, PA, Airport Rev., “B”, 5%, 7/01/2042 | 3,920,000 | 3,852,529 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.125%, 6/15/2042 | 335,000 | 299,174 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.25%, 6/15/2052 | 380,000 | 330,465 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057 | 180,000 | 156,150 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 250,000 | 252,544 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 815,000 | 816,818 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | $ | 1,205,000 | $1,154,568 | |
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 845,000 | 850,142 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035 | 820,000 | 831,225 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 8,505,000 | 8,404,223 | ||
Philadelphia, PA, Authority for Industrial Development University Rev. (Saint Joseph's University Project), 5.5%, 11/01/2060 | 7,085,000 | 7,192,619 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2037 | 1,620,000 | 1,622,656 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “I”, 5%, 12/01/2058 | 6,530,000 | 5,669,287 | ||
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 | 293,287 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | 400,000 | 334,913 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 445,000 | 372,843 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | 1,530,000 | 1,214,171 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 1,330,000 | 1,004,864 | ||
Philadelphia, PA, Gas Works Rev., “14”, AGM, 5%, 10/01/2033 | 2,290,000 | 2,322,128 | ||
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2035 | 1,375,000 | 1,428,844 | ||
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2036 | 1,965,000 | 2,024,549 | ||
Philadelphia, PA, School District General Obligation, “F”, 5%, 9/01/2038 | 205,000 | 204,980 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2037 | 980,000 | 877,846 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2038 | 1,400,000 | 1,249,871 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2038 | 305,000 | 309,426 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, School District, “B”, 5%, 9/01/2043 | $ | 915,000 | $923,754 | |
Philadelphia, PA, School District, “F”, 5%, 9/01/2037 | 805,000 | 806,032 | ||
Pittsburgh, PA, Water & Sewer System Authority Rev., “A”, AGM, 4.25%, 8/31/2053 | 2,910,000 | 2,562,999 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 2,320,000 | 2,008,981 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 3,440,000 | 2,959,412 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 65,000 | 61,137 | ||
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2043 | 500,000 | 446,043 | ||
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051 | 1,190,000 | 1,007,057 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 350,000 | 340,796 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 345,000 | 323,935 | ||
$317,275,618 | ||||
Puerto Rico - 2.2% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | $ | 240,138 | $231,975 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 1,878,095 | 1,106,886 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 1,611,004 | 1,653,154 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 1,584,778 | 1,637,564 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 3,538,937 | 3,695,787 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 1,459,691 | 1,308,372 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 2,865,019 | 2,489,849 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 1,126,601 | 945,707 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 1,531,429 | 1,231,288 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 1,592,259 | 1,227,600 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 | 11,815,000 | 11,847,339 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 335,000 | $83,750 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 3,140,000 | 785,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 5,075,000 | 1,268,750 | ||
Puerto Rico Electric Power Authority Refunding Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 1,405,000 | 1,353,914 | ||
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2024 | 160,000 | 160,017 | ||
Puerto Rico Electric Power Authority Refunding Rev., “PP”, NPFG, 5%, 7/01/2025 | 170,000 | 170,018 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 225,000 | 222,792 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 940,000 | 928,042 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 3,755,000 | 3,713,685 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 2,455,000 | 2,425,747 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 370,000 | 364,895 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 7,990,000 | 1,997,500 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 1,210,000 | 302,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 670,000 | 167,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 320,000 | 80,000 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 3,005,000 | 751,250 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 1,510,000 | 1,494,349 | ||
Puerto Rico Electric Power Authority Rev., “RR”, AGM, 5%, 7/01/2028 | 90,000 | 90,548 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 375,000 | 359,264 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 1,540,000 | 385,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 1,345,000 | 336,250 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | $ | 275,000 | $68,750 | |
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 4,105,000 | 1,026,250 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 765,000 | 765,356 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026 | 30,000 | 30,014 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 1,090,000 | 1,058,027 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 285,000 | 71,250 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 645,000 | 161,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 1,930,000 | 482,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 2,150,000 | 537,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 755,000 | 188,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 2,320,000 | 580,000 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 1,875,000 | 468,750 | ||
Puerto Rico Housing Finance Authority, Multi-Family Housing Collateralized Rev. (Mirador Las Casas Project), “B”, 5%, 3/01/2027 (Put Date 3/01/2026) | 1,435,000 | 1,463,742 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 1,920,000 | 1,861,672 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 100,000 | 100,609 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.5%, 7/01/2034 | 311,000 | 299,401 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 766,000 | 704,781 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 1,988,000 | 1,757,514 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 23,782,000 | 21,512,802 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 5,124,000 | 4,589,380 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 104,000 | 88,715 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | $ | 1,435,000 | $1,252,531 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 48,000 | 46,467 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 1,223,000 | 1,041,368 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 231,000 | 179,611 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 11,027,000 | 7,811,832 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 10,791,000 | 6,914,331 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 7,706,000 | 1,986,516 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 280,000 | 280,250 | ||
$102,146,211 | ||||
Rhode Island - 0.5% | ||||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 5%, 11/01/2034 | $ | 365,000 | $388,848 | |
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 5%, 11/01/2035 | 395,000 | 418,858 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 5%, 11/01/2036 | 415,000 | 435,733 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2037 | 525,000 | 489,487 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2038 | 555,000 | 515,658 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2039 | 675,000 | 618,938 | ||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev. (Providence College), “B”, 4%, 11/01/2040 | 710,000 | 644,258 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2028 | 690,000 | 709,662 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2029 | 555,000 | 574,754 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2030 | 515,000 | 530,350 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | 1,660,000 | 1,317,117 | ||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | 7,960,000 | 6,863,557 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Rhode Island - continued | ||||
Rhode Island Student Loan Authority, Education Loan Rev., Federally Taxable, “1”, 4.125%, 12/01/2041 | $ | 5,150,000 | $4,580,675 | |
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 910,000 | 870,757 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 3,710,000 | 3,260,640 | ||
$22,219,292 | ||||
South Carolina - 1.7% | ||||
Lexington County, SC, Health Services District, Inc., Hospital Refunding Rev., 5%, 11/01/2028 | $ | 515,000 | $530,108 | |
North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), “A”, 5%, 10/01/2040 | 3,055,000 | 3,090,312 | ||
Rock Hill, SC, Utility Systems Rev., “A”, BAM, 4%, 1/01/2049 | 3,425,000 | 2,931,340 | ||
South Carolina Housing Finance & Development Authority Mortgage Rev., “B”, 5%, 1/01/2052 | 11,685,000 | 11,756,444 | ||
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2036 (n) | 380,000 | 302,506 | ||
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 420,000 | 279,959 | ||
South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “A”, 4%, 12/01/2044 | 4,840,000 | 4,229,745 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047 | 6,630,000 | 6,553,157 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 5,260,000 | 4,965,684 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (St. Joseph's/Candler Health System, Inc.), “C”, 5%, 7/01/2032 | 3,935,000 | 4,016,783 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 2,060,000 | 1,644,317 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2048 | 790,000 | 626,261 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052 | 955,000 | 738,826 | ||
South Carolina Patriots Energy Group Finance Agency, Gas Supply Rev., “A-1”, 5.25%, 10/01/2054 (Put Date 8/01/2031) | 3,995,000 | 4,021,066 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - continued | ||||
South Carolina Ports Authority Rev., 5.25%, 7/01/2050 (Prerefunded 7/01/2025) | $ | 2,420,000 | $2,451,105 | |
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2035 | 2,680,000 | 2,479,491 | ||
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2037 | 4,165,000 | 3,697,215 | ||
South Carolina Ports Authority Rev., “B”, 4%, 7/01/2039 | 4,120,000 | 3,542,783 | ||
South Carolina Ports Authority Rev., “B”, 5%, 7/01/2044 | 6,295,000 | 6,132,944 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.641%, 12/01/2026 | 6,285,000 | 5,682,892 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.771%, 12/01/2027 | 2,910,000 | 2,570,213 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.923%, 12/01/2028 | 2,165,000 | 1,868,424 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 2.993%, 12/01/2029 | 1,420,000 | 1,190,430 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.043%, 12/01/2030 | 455,000 | 370,180 | ||
South Carolina Student Loan Corp., Student Loan Rev., Taxable, “A”, 3.593%, 12/01/2039 | 1,550,000 | 1,450,026 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 3,635,000 | 3,441,722 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 1,070,000 | 924,578 | ||
$81,488,511 | ||||
South Dakota - 0.3% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 1,570,000 | $1,519,054 | |
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 1.245%, 6/01/2025 | 2,755,000 | 2,555,157 | ||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 1.495%, 6/01/2026 | 1,970,000 | 1,768,154 | ||
South Dakota Housing Development Authority, Homeownership Mortgage, “A”, GNMA, 6%, 5/01/2054 | 3,935,000 | 4,111,017 | ||
South Dakota Housing Development Authority, Homeownership Mortgage, “B”, 4.5%, 11/01/2048 (u) | 5,310,000 | 5,253,976 | ||
$15,207,358 | ||||
Tennessee - 2.9% | ||||
Knox County, TN, Health, Educational & Housing Facility Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2042 | $ | 5,505,000 | $5,329,683 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 625,000 | 632,472 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 2,210,000 | 2,221,967 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2030 | $ | 4,525,000 | $4,592,593 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), “A”, 5%, 9/01/2040 | 7,445,000 | 6,812,338 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2031 | 200,000 | 207,941 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2032 | 910,000 | 946,032 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2033 | 1,380,000 | 1,434,400 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2034 | 2,910,000 | 3,019,993 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2035 | 3,055,000 | 3,144,497 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2036 | 3,205,000 | 3,271,878 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2037 | 3,370,000 | 3,410,176 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2038 | 3,535,000 | 3,552,210 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2039 | 3,710,000 | 3,714,639 | ||
Memphis-Shelby County, TN, Airport Authority Rev., “A”, 5%, 7/01/2040 | 1,540,000 | 1,534,282 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035 | 2,115,000 | 2,148,912 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 135,000 | 135,516 | ||
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., “A”, AGM, 5.25%, 7/01/2053 | 1,200,000 | 1,235,710 | ||
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Senior Rev., “A”, AGM, 5.25%, 7/01/2056 | 2,995,000 | 3,076,828 | ||
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., “B”, AGM, 5.25%, 7/01/2053 | 4,795,000 | 4,926,006 | ||
Metropolitan Government of Nashville & Davidson County, TN, Sports Authority Stadium Project Subordinate Rev., “B”, AGM, 5.25%, 7/01/2056 | 5,565,000 | 5,703,522 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2035 | $ | 1,340,000 | $1,374,911 | |
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.5%, 7/01/2052 | 5,055,000 | 5,189,726 | ||
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5%, 7/01/2054 | 7,865,000 | 7,699,321 | ||
Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048 | 8,825,696 | 7,935,082 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2032 | 445,000 | 296,440 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2033 | 630,000 | 398,148 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2034 | 380,000 | 227,249 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2035 | 490,000 | 275,511 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2036 | 475,000 | 250,427 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2037 | 570,000 | 280,346 | ||
Shelby County, TN, New Memphis Arena Public Building Authority, Local Government Public Improvement (City of Memphis Project), Capital Appreciation, 0%, 4/01/2038 | 475,000 | 217,190 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 19,225,000 | 19,525,994 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 2,210,000 | 2,216,221 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 18,000,000 | 17,958,159 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2028 | 1,580,000 | 1,655,356 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2029 | 850,000 | 891,579 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2029 | 1,480,000 | 1,558,184 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2030 | $ | 1,720,000 | $1,810,740 | |
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2030 | 1,745,000 | 1,843,329 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 1/01/2031 | 825,000 | 871,740 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 5%, 7/01/2031 | 1,855,000 | 1,966,138 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 3.75%, 7/01/2039 | 685,000 | 635,571 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “1”, 4%, 1/01/2043 | 935,000 | 917,482 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “2-C”, 4%, 1/01/2045 | 180,000 | 178,729 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “3”, 4.25%, 7/01/2049 | 1,140,000 | 1,121,968 | ||
$138,347,136 | ||||
Texas - 7.0% | ||||
Anna, TX, Independent School District, Unlimited Tax School Building, PSF, 4.125%, 2/15/2053 | $ | 795,000 | $702,927 | |
Arlington, TX, Higher Education Finance Corp. Rev. (Basis Charter Schools, Inc.), 4.5%, 6/15/2056 (Put Date 6/15/2026) (n) | 725,000 | 711,426 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, PSF, 4%, 8/15/2048 | 1,400,000 | 1,160,278 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, PSF, 4%, 8/15/2053 | 1,000,000 | 810,465 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Great Hearts America-Texas), “A”, PSF, 4.125%, 8/15/2058 | 1,500,000 | 1,227,203 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 | 4,400,000 | 4,447,956 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), PSF, 4.125%, 8/15/2042 | 2,915,000 | 2,571,020 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Trinity Basin Preparatory, Inc.), PSF, 4.375%, 8/15/2052 | 3,130,000 | 2,870,391 | ||
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2038 | 775,000 | 787,118 | ||
Arlington, TX, Senior Lien Special Tax Rev., “A”, AGM, 5%, 2/15/2043 | 4,015,000 | 4,028,222 | ||
Austin, TX, Airport System Rev., 5%, 11/15/2052 | 1,315,000 | 1,303,588 | ||
Austin, TX, Airport System Rev., “B”, 5%, 11/15/2041 | 845,000 | 842,708 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | 565,000 | 564,268 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | $ | 830,000 | $827,565 | |
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 160,000 | 151,246 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 390,000 | 382,243 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 250,000 | 243,221 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 365,000 | 351,058 | ||
Belton, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 4%, 2/15/2052 | 2,250,000 | 1,969,473 | ||
Bexar County, TX, Southwest Independent School District, PSF, 4%, 2/01/2053 | 15,000,000 | 13,144,476 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 2.35%, 4/01/2040 | 30,000 | 29,570 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 3%, 4/01/2040 | 710,000 | 533,041 | ||
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., Taxable, “1A”, 3.414%, 4/01/2040 | 65,000 | 64,702 | ||
Brock, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 8/15/2048 | 7,975,000 | 7,004,190 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.), PSF, 4.25%, 8/15/2052 | 2,500,000 | 2,155,489 | ||
College of the Mainland, TX, General Obligation, 4%, 8/15/2044 | 1,765,000 | 1,562,780 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 2.5%, 10/01/2031 | 340,000 | 271,498 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 1,165,000 | 834,503 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 3.5%, 10/01/2031 (n) | 355,000 | 286,915 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 535,000 | 397,675 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2046 | 265,000 | 217,597 | ||
Crowley, TX, Independent School District (Tarrant and Johnson Counties), PSF, 4.25%, 2/01/2053 | 8,960,000 | 8,135,714 | ||
Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2048 | 2,100,000 | 1,861,380 | ||
Denton County, TX, Lakes Fresh Water Supply District, BAM, 4%, 9/01/2048 | 5,385,000 | 4,500,463 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2033 | 235,000 | 236,424 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2035 | 200,000 | 200,391 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2036 | $ | 230,000 | $227,504 | |
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2038 | 390,000 | 353,577 | ||
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.5%, 8/15/2043 | 1,000,000 | 928,127 | ||
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2047 | 1,450,000 | 1,282,216 | ||
East Montgomery County, TX, Municipal Utility District No. 3, BAM, 4.375%, 8/15/2050 | 2,400,000 | 2,080,608 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2025 | 340,000 | 339,268 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2026 | 515,000 | 514,870 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2027 | 790,000 | 793,193 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2028 | 850,000 | 856,404 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2029 | 555,000 | 559,143 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2030 | 630,000 | 635,248 | ||
Ector County, TX, Hospital District General Obligation Refunding, 5%, 9/15/2031 | 870,000 | 874,076 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2032 | 180,000 | 177,184 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2033 | 205,000 | 200,810 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2034 | 320,000 | 313,485 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2035 | 410,000 | 398,787 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2036 | 270,000 | 256,367 | ||
Elgin, TX, Tax and General Obligation Rev., AGM, 4%, 7/15/2038 | 465,000 | 424,708 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2048 | 7,905,000 | 6,804,040 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 4%, 2/15/2053 | 5,535,000 | 4,654,084 | ||
Fredericksburg, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2052 | 4,005,000 | 3,460,956 | ||
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.375%, 9/01/2039 | 1,280,000 | 1,215,916 | ||
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2042 | 1,110,000 | 1,051,224 | ||
Galveston County, TX, Municipal Utility District No. 45, BAM, 4.5%, 9/01/2045 | 1,260,000 | 1,183,604 | ||
Galveston County, TX, Municipal Utility District No. 56, AGM, 4.5%, 6/01/2047 | 1,600,000 | 1,441,576 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | $ | 3,140,000 | $3,082,167 | |
Harlingen, TX, Economic Development Corp., Sales Tax Refunding Rev., “A”, BAM, 4%, 2/15/2030 | 925,000 | 926,052 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 7,825,000 | 6,655,143 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2035 | 1,240,000 | 1,213,418 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2036 | 2,195,000 | 2,088,026 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2037 | 2,970,000 | 2,772,764 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2038 | 2,480,000 | 2,294,576 | ||
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2046 | 1,615,000 | 1,353,077 | ||
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2048 | 1,755,000 | 1,442,512 | ||
Harris County, TX, Municipal Utility District No. 460, Unlimited Tax, AGM, 4%, 4/01/2050 | 1,915,000 | 1,550,968 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 180,000 | 180,492 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 430,000 | 431,144 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 710,000 | 257,273 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 1,770,000 | 468,997 | ||
Houston, TX, Airport System Refunding Rev., Subordinate Lien, “A”, AGM, 5.25%, 7/01/2053 | 6,970,000 | 7,024,160 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 1,365,000 | 1,362,141 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029 | 100,000 | 98,377 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), “A”, 5%, 7/01/2027 | 525,000 | 522,036 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | $ | 2,175,000 | $2,134,412 | |
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027 | 715,000 | 710,988 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 3.375%, 10/01/2037 | 190,000 | 149,256 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 630,000 | 469,358 | ||
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044 | 1,235,000 | 1,124,179 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2035 | 120,000 | 120,796 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2037 | 170,000 | 166,338 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2038 | 190,000 | 182,993 | ||
Irving, TX, Hotel Occupancy Tax Rev., 5%, 8/15/2043 | 345,000 | 319,952 | ||
Kaufman Country, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042 | 1,960,000 | 1,841,408 | ||
Kaufman Country, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2042 | 1,370,000 | 1,282,328 | ||
Kaufman Country, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048 | 2,580,000 | 2,360,168 | ||
Kaufman Country, TX, Fresh Water Supply District No. 4A, BAM, 4.625%, 9/01/2048 | 1,810,000 | 1,662,849 | ||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 3,110,000 | 3,101,522 | ||
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2045 | 1,035,000 | 888,841 | ||
Montgomery County, TX, Municipal Utility District No. 139, AGM, 4.125%, 4/01/2047 | 1,145,000 | 965,296 | ||
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 | 390,000 | 389,109 | ||
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 | 1,400,000 | 1,300,800 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2032 | 420,000 | 349,487 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2037 | $ | 570,000 | $430,811 | |
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2042 | 900,000 | 629,198 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4%, 1/01/2047 | 1,475,000 | 966,716 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 4.25%, 1/01/2057 | 3,155,000 | 1,955,403 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), 5%, 1/01/2057 | 2,100,000 | 1,527,355 | ||
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) | 280,000 | 284,062 | ||
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) | 280,000 | 284,062 | ||
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) | 705,000 | 715,227 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, PSF, 4%, 6/15/2052 | 1,375,000 | 1,147,397 | ||
Peaster, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 3%, 8/15/2051 | 2,645,000 | 1,742,139 | ||
Pflugerville, TX, Combination Tax & Limited Rev., 4%, 8/01/2049 | 3,185,000 | 2,716,096 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2035 | 495,000 | 481,094 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2037 | 630,000 | 588,141 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2038 | 315,000 | 287,603 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2039 | 240,000 | 217,139 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2040 | 280,000 | 250,240 | ||
Port Arthur, TX, Tax and Rev., BAM, 4%, 2/15/2041 | 280,000 | 246,018 | ||
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 14,750,000 | 11,663,517 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 2,515,000 | 1,944,278 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3%, 1/01/2050 (n) | $ | 1,540,000 | $843,995 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 1,980,000 | 1,328,894 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n) | 7,415,000 | 6,975,015 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 3,445,000 | 3,388,198 | ||
San Antonio, TX, Electric & Gas Systems Rev., 5%, 2/01/2031 | 4,720,000 | 4,833,039 | ||
San Antonio, TX, Passenger Facility Charge and Subordinate Lien Airport System Rev., “A”, 5%, 7/01/2031 | 295,000 | 303,296 | ||
San Antonio, TX, Water System Junior Lien Rev., “A”, 5.25%, 5/15/2052 | 15,000,000 | 15,494,523 | ||
Shallowater, TX, Independent School District, Unlimited Tax School Building, PSF, 5.25%, 2/15/2048 | 1,500,000 | 1,570,206 | ||
Shallowater, TX, Independent School District, Unlimited Tax School Building, PSF, 5.25%, 2/15/2053 | 2,800,000 | 2,907,206 | ||
Sweetwater, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2053 | 5,000,000 | 4,316,202 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053 | 9,115,000 | 7,333,977 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “D”, 5%, 11/15/2051 | 6,025,000 | 5,937,998 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 915,000 | 883,601 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 1,090,000 | 1,009,413 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d) | 7,357,772 | 4,782,552 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 2,535,000 | 2,281,033 | ||
Tarrant County, TX, Hospital District, 4.25%, 8/15/2053 | 4,340,000 | 3,865,211 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2033 | 160,000 | 157,818 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2034 | 200,000 | 197,624 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2037 | 160,000 | 149,488 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2038 | 135,000 | 121,934 | ||
Temple, TX, Reinvestment Zone 1 Rev., “A”, BAM, 4%, 8/01/2041 | 160,000 | 141,579 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2048 | $ | 4,980,000 | $4,495,269 | |
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 8/31/2052 | 2,010,000 | 1,790,783 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, 4.75%, 1/01/2049 (u) | 8,195,000 | 8,146,924 | ||
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., “A”, GNMA, 3.5%, 7/01/2052 | 5,745,000 | 5,458,634 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 4.75%, 3/01/2049 (u) | 1,895,000 | 1,883,834 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, 5.5%, 9/01/2052 | 4,635,000 | 4,762,362 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.125%, 9/01/2048 | 2,000,000 | 1,998,183 | ||
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 3%, 3/01/2052 | 10,125,000 | 9,474,225 | ||
Texas Highway 380 Municipal Management District No. 1, Unlimited Tax Road, AGM, 4%, 5/01/2048 | 6,740,000 | 5,466,139 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2030 | 785,000 | 776,655 | ||
Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev., 5%, 12/15/2031 | 2,245,000 | 2,210,821 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segment 3C Project), 5%, 6/30/2058 | 6,230,000 | 5,934,139 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 1,180,000 | 1,182,242 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 940,000 | 941,505 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5%, 5/01/2028 | 790,000 | 805,435 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2037 | 270,000 | 280,498 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2038 | 500,000 | 514,677 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039 | 600,000 | 615,916 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2040 | 500,000 | 511,986 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2041 | 500,000 | 510,068 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2042 | $ | 500,000 | $508,505 | |
Texas Rockwall Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2053 | 2,280,000 | 1,977,232 | ||
Texas State Affordable Housing Corp. Single Family Mortgage Rev., “A”, GNMA, 5.5%, 9/01/2053 | 3,935,000 | 4,035,566 | ||
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 5.5%, 8/01/2042 | 1,500,000 | 1,590,004 | ||
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 5.75%, 8/01/2047 | 2,145,000 | 2,284,049 | ||
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054 | 2,065,000 | 2,232,731 | ||
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 3,225,000 | 2,938,675 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 360,000 | 169,687 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 265,000 | 116,460 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 295,000 | 121,586 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 295,000 | 113,967 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 590,000 | 213,546 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | 810,000 | 273,354 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 665,000 | 210,346 | ||
Texas Water Development Boards State Water Implementation Rev., “A”, 4%, 4/15/2048 | 3,995,000 | 3,556,517 | ||
White Settlement, TX, Independent School District, Unlimited Tax School Building Bonds, PSF, 4%, 8/15/2052 | 2,015,000 | 1,728,312 | ||
$328,389,692 | ||||
U.S. Virgin Islands - 0.0% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 285,000 | $286,698 | |
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 1,365,000 | 1,370,204 | ||
$1,656,902 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Utah - 0.6% | ||||
Salt Lake City, UT, Airport Rev. (Salty Lake City International Airport), “A”, 5.5%, 7/01/2053 | $ | 9,000,000 | $9,289,381 | |
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049 | 1,450,000 | 1,380,091 | ||
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2037 | 790,000 | 792,517 | ||
Utah Charter School Finance Authority, Charter School Rev. (Syracuse Arts Academy Project), 5%, 4/15/2042 | 2,750,000 | 2,677,522 | ||
Utah County, UT, Hospital Rev. (IHC Health Services, Inc.), “A”, 5%, 5/15/2043 | 3,935,000 | 4,001,191 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “G”, GNMA, 4.5%, 7/21/2049 | 543,691 | 506,584 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “H”, GNMA, 4.5%, 8/21/2049 | 340,181 | 314,764 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 4%, 9/21/2049 | 549,847 | 486,350 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051 | 2,707,481 | 2,115,922 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “J”, GNMA, 2.5%, 9/21/2051 | 10,392,604 | 8,392,236 | ||
Utah Housing Corp., Tax-Exempt Mortgage-Backed Securities, “G”, GNMA, 3.5%, 2/21/2050 | 802,320 | 682,407 | ||
$30,638,965 | ||||
Vermont - 0.5% | ||||
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%, 4/01/2036 (Put Date 4/03/2028) (n) | $ | 815,000 | $795,455 | |
Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053 | 2,685,000 | 2,832,439 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.625%, 6/15/2029 | 165,000 | 162,856 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2029 | 395,000 | 401,210 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.75%, 6/15/2030 | 170,000 | 167,820 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2031 | 445,000 | 450,968 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2033 | 165,000 | 162,997 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2034 | 170,000 | 167,948 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Vermont - continued | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3%, 6/15/2035 | $ | 4,275,000 | $3,751,868 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.375%, 6/15/2036 | 3,700,000 | 3,417,921 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 | 715,000 | 640,166 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040 | 1,260,000 | 1,160,395 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4%, 6/15/2041 | 7,000,000 | 6,235,942 | ||
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 605,000 | 496,334 | ||
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4%, 6/15/2047 | 995,000 | 762,441 | ||
$21,606,760 | ||||
Virginia - 2.2% | ||||
Albemarle County, VA, Economic Development Authority, Hospital Facilities Rev. (Sentara Martha Jefferson Hospital), “A”, VRDN, 3.12%, 9/30/2048 | $ | 24,705,000 | $24,705,000 | |
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), 1.45%, 4/01/2027 | 320,000 | 285,316 | ||
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2027 (Put Date 5/01/2024) | 975,000 | 971,014 | ||
Commonwealth of Virginia, University Health System General Rev., “A”, 4%, 7/01/2040 | 10,345,000 | 9,384,255 | ||
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2035 | 3,075,000 | 3,200,911 | ||
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), “A”, 3.95%, 9/01/2038 (Put Date 5/01/2024) | 815,000 | 812,402 | ||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052 | 1,715,000 | 1,587,476 | ||
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems Project), RIBS, “B”, ETM, AGM, 3.865%, 8/23/2027 | 50,000 | 50,000 | ||
Henrico County, VA, Industrial Development Authority Rev. (Bon Secours Health Systems, Inc.), RIBS, ETM, AGM, 7.655%, 8/23/2027 (p) | 2,100,000 | 2,288,960 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
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) | $ | 3,275,000 | $2,991,091 | |
Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2055 | 4,080,000 | 3,334,844 | ||
Norfolk, VA, Economic Development Authority Hospital Facilities Refunding Rev. (Sentara Healthcare), “B”, 4%, 11/01/2048 | 10,590,000 | 9,313,835 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2028 (n) | 145,000 | 140,599 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 270,000 | 252,000 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 775,000 | 640,841 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | 1,195,000 | 1,046,348 | ||
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), “A”, 3.95%, 6/01/2028 (Put Date 5/01/2024) | 1,300,000 | 1,294,686 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | 630,000 | 629,239 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 565,000 | 551,893 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2027 | 295,000 | 297,913 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2028 | 315,000 | 319,384 | ||
Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 5%, 6/01/2029 | 315,000 | 320,088 | ||
Virginia Housing Development Authority, Rental Housing, “D”, 4.875%, 8/01/2065 | 22,080,000 | 20,174,699 | ||
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 495,000 | 498,436 | ||
Virginia Small Business Financing Authority Rev., Solid Waste Disposal (Covanta Project), 5%, 1/01/2048 (Put Date 7/01/2038) (n) | 185,000 | 164,386 | ||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 5.25%, 7/01/2053 | 810,000 | 842,745 | ||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 4.125%, 7/01/2058 | 4,195,000 | 3,599,053 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “A”, AGM, 4.375%, 7/01/2063 | $ | 11,360,000 | $10,109,290 | |
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.25%, 7/01/2058 | 925,000 | 800,088 | ||
Williamsburg, VA, Economic Development Authority Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William & Mary Project), “B”, AGM, 4.375%, 7/01/2063 | 4,050,000 | 3,560,160 | ||
$104,166,952 | ||||
Washington - 2.1% | ||||
Central Puget Sound, WA, Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax Rev., “S-1”, 5%, 11/01/2041 | $ | 10,225,000 | $10,362,405 | |
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | 10,030,000 | 8,787,812 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 1,485,000 | 1,504,532 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 1,900,000 | 1,869,584 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 3,645,000 | 3,467,930 | ||
Seattle, WA, Housing Authority Rev. (Northgate Plaza Project), 1%, 6/01/2026 | 4,220,000 | 3,814,945 | ||
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047 | 1,185,000 | 993,716 | ||
Seattle, WA, Port Intermediate Lien Rev., 5%, 4/01/2038 | 7,865,000 | 7,978,148 | ||
Seattle, WA, Port Intermediate Lien Rev., “C”, 5%, 8/01/2026 | 3,165,000 | 3,217,150 | ||
Seattle, WA, Port Rev., 4%, 4/01/2044 | 1,260,000 | 1,084,226 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2045 | 4,045,000 | 4,032,058 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2050 | 1,970,000 | 1,952,435 | ||
Washington Health Care Facilities Authority Rev. (Seattle Cancer Care Alliance), 5%, 9/01/2055 | 5,005,000 | 4,921,271 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2027 | 395,000 | 401,135 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2034 | 1,080,000 | 1,076,247 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 395,000 | 389,849 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 1,345,000 | 1,264,809 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - continued | ||||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042 | $ | 5,100,000 | $4,073,409 | |
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 2,380,000 | 2,059,477 | ||
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2037 | 9,440,000 | 9,459,548 | ||
Washington Motor Vehicle Fuel Tax, “E”, 5%, 2/01/2039 | 6,280,000 | 6,290,339 | ||
Washington State Housing Finance Commission Municipal Certificates, “A”, 3.5%, 12/20/2035 | 16,012,517 | 13,835,432 | ||
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2043 | 1,045,000 | 1,019,310 | ||
Washington State Housing Finance Commission, Non-Profit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2048 | 920,000 | 873,617 | ||
Washington State Housing Finance Commission, Single Family Rev., “1N”, GNMA, 3%, 12/01/2049 | 4,925,000 | 4,651,238 | ||
$99,380,622 | ||||
West Virginia - 0.4% | ||||
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) | $ | 1,040,000 | $878,279 | |
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “B”, 4.875%, 6/01/2043 (n) | 2,280,000 | 2,083,443 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | 3,610,000 | 3,318,920 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 0.625%, 12/01/2038 (Put Date 12/15/2025) | 2,625,000 | 2,373,773 | ||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Rev. (Appalachian Power Company - Amos Project), “A”, 1%, 1/01/2041 (Put Date 9/01/2025) | 2,470,000 | 2,280,634 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 8/31/2038 | 665,000 | 638,461 | ||
West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), “A”, 5%, 8/31/2039 | 200,000 | 189,494 | ||
West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), “A”, AGM, 4%, 6/01/2051 | 5,505,000 | 4,633,106 | ||
West Virginia Housing Development Fund, “A”, FHA, 3.45%, 11/01/2033 | 505,000 | 469,753 | ||
West Virginia Housing Development Fund, “A”, FHA, 3.75%, 11/01/2038 | 480,000 | 423,498 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
West Virginia - continued | ||||
West Virginia Water Development Authority Rev. (Loan Program II), “A-II”, 5%, 11/01/2033 | $ | 535,000 | $548,212 | |
$17,837,573 | ||||
Wisconsin - 3.6% | ||||
University of Wisconsin Hospitals and Clinics Authority Rev. (Green Bonds), “B”, 4%, 4/01/2051 | $ | 10,905,000 | $9,087,488 | |
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2032 | 515,000 | 342,557 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2033 | 785,000 | 496,582 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2034 | 750,000 | 449,922 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2035 | 1,120,000 | 634,031 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2036 | 1,150,000 | 613,436 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2037 | 1,865,000 | 936,253 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2038 | 2,025,000 | 959,830 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2039 | 2,200,000 | 983,943 | ||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | 950,000 | 400,700 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2031 | 390,000 | 272,296 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2032 | 525,000 | 349,209 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2033 | 505,000 | 319,457 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2034 | 470,000 | 281,951 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2035 | 600,000 | 339,660 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2036 | 580,000 | 309,385 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2037 | 585,000 | 293,677 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2038 | 600,000 | 284,394 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2039 | 560,000 | 250,458 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | $ | 140,000 | $59,051 | |
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | 17,300,000 | 15,331,758 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5.5%, 12/01/2052 | 4,335,000 | 4,428,957 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2036 | 945,000 | 878,272 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “A”, AGM, 4%, 2/15/2037 | 870,000 | 794,194 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2042 | 2,315,000 | 1,880,980 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 635,000 | 582,420 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050 | 2,260,000 | 1,662,522 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.75%, 3/15/2043 | 505,000 | 445,228 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 5%, 3/15/2053 | 510,000 | 440,107 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2037 | 1,810,000 | 1,423,033 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2047 | 2,230,000 | 1,515,462 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2057 | 3,845,000 | 2,418,870 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2039 | 645,000 | 525,947 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2046 | 1,445,000 | 1,087,067 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 6,435,000 | 4,601,477 | ||
Wisconsin Housing & Economic Development Authority Home Ownership, “D”, 4%, 3/01/2047 | 2,690,000 | 2,629,424 | ||
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2036 | 1,000,000 | 1,020,732 | ||
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037 | 1,205,000 | 1,217,329 | ||
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2039 | 250,000 | 249,217 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2043 | $ | 1,000,000 | $974,046 | |
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 785,000 | 785,046 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 1,430,000 | 1,321,153 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “C”, 5%, 7/01/2042 | 1,630,000 | 1,505,930 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2039 | 160,000 | 148,482 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2049 | 485,000 | 421,916 | ||
Wisconsin Public Finance Authority Education Facilities Rev. (Piedmont Community Charter School), 5%, 6/15/2053 | 335,000 | 286,874 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 95,000 | 93,283 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 95,000 | 94,797 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2042 | 495,000 | 435,539 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.25%, 6/15/2052 | 695,000 | 598,065 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.375%, 6/15/2057 | 665,000 | 573,898 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062 | 1,045,000 | 908,584 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 1,755,000 | 1,611,310 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n) | 935,000 | 909,026 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 650,000 | 545,774 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 25,000 | 24,501 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 130,000 | 120,160 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 175,000 | 146,915 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2042 | $ | 520,000 | $470,112 | |
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047 | 585,000 | 510,889 | ||
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 6,320,000 | 5,278,457 | ||
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) | 1,475,000 | 1,230,287 | ||
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) | 1,345,000 | 1,018,850 | ||
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) | 4,715,000 | 3,194,042 | ||
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) | 2,245,000 | 1,465,612 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 10,340,000 | 7,897,175 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 4,090,000 | 3,123,738 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 190,000 | 168,463 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 4,400,000 | 3,914,972 | ||
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.5%, 7/01/2052 | 5,510,000 | 5,755,591 | ||
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.625%, 7/01/2055 | 4,225,000 | 4,447,604 | ||
Wisconsin Public Finance Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “A”, 5%, 11/15/2041 | 795,000 | 756,719 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2041 | 190,000 | 153,759 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2046 | 260,000 | 196,918 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 | $ | 730,000 | $526,191 | |
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 | 295,000 | 232,049 | ||
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 | 395,000 | 299,586 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 1,180,000 | 1,107,764 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 885,000 | 796,453 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 2,215,000 | 1,940,816 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 1,860,000 | 1,580,736 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 390,000 | 392,938 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 360,000 | 364,166 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 295,000 | 299,208 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | 585,000 | 594,728 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 5,460,000 | 3,666,624 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 295,000 | 292,954 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2045 | 635,000 | 539,549 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2050 | 550,000 | 452,569 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 4%, 7/01/2055 | 620,000 | 501,126 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), “A”, 5.75%, 7/01/2053 (n) | $ | 4,715,000 | $4,564,585 | |
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Manoa LLC UH Residences for Graduate Students), “A”, 5.75%, 7/01/2063 (n) | 1,815,000 | 1,717,643 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), 5%, 7/01/2036 | 395,000 | 402,107 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2048 | 4,720,000 | 4,648,720 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2053 | 2,810,000 | 2,744,233 | ||
Wisconsin Public Finance Authority Student Housing Rev. (CHF - Wilmington LLC - University of North Carolina at Wilmington Project), AGM, 5%, 7/01/2058 | 3,935,000 | 3,835,625 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2041 (n) | 335,000 | 270,950 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2051 (n) | 1,310,000 | 957,925 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n) | 2,315,000 | 1,600,360 | ||
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 4.85%, 7/01/2031 (n) | 335,000 | 282,880 | ||
Wisconsin Public Finance Authority Student Housing Rev., Taxable (University of Hawai'i Foundation Project), “A-2”, 5.35%, 7/01/2040 (n) | 1,125,000 | 865,067 | ||
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “A”, 4%, 10/01/2052 | 7,495,000 | 6,346,987 | ||
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “E”, VRDN, 3.88%, 10/01/2044 | 15,810,000 | 15,810,000 | ||
$169,520,302 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wyoming - 0.2% | ||||
Laramie County, WY, Hospital Refunding Rev. (Cheyenne Regional Medical Center Project), 4%, 5/01/2037 | $ | 160,000 | $146,301 | |
Wyoming Community Development Authority, Housing Rev., 4%, 12/01/2050 | 5,960,000 | 5,803,056 | ||
Wyoming Community Development Authority, Housing Rev., GNMA, 3.5%, 6/01/2052 | 3,770,000 | 3,595,191 | ||
$9,544,548 | ||||
Total Municipal Bonds (Identified Cost, $5,028,982,739) | $4,579,988,903 | |||
Other Municipal Bonds – 1.0% | ||||
Multi-Family Housing Revenue – 1.0% | ||||
Affordable Housing Opportunities Trust Certificates, AH-01, “A”, 3.527%, 4/30/2039 (n) | $ | 9,275,000 | $7,178,858 | |
Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | 11,705,364 | 10,606,487 | ||
Freddie Mac, 2.625%, 6/15/2035 (n) | 13,290,000 | 10,649,066 | ||
Freddie Mac, 4.14%, 1/25/2040 | 15,956,015 | 13,992,698 | ||
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.219%, 7/24/2041 (i)(n) | 12,461,996 | 1,185,913 | ||
FRETE 2022-ML13 Trust, “X-CA”, 0.954%, 7/25/2036 (i) | 36,349,354 | 2,015,859 | ||
FRETE 2023-ML16 Trust, “X-CA”, 4.632%, 7/25/2038 | 3,014,446 | 2,700,320 | ||
Total Other Municipal Bonds (Identified Cost, $53,902,499) | $48,329,201 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 6,276,000 | $5,651,168 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | 4,770,000 | 3,999,823 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 670,000 | 521,609 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 2,726,000 | 1,967,289 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | 2,925,000 | 1,442,564 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 19,288,075 | 6,340,677 | ||
$19,923,130 | ||||
Medical & Health Technology & Services – 0.0% | ||||
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | $ | 385,000 | $303,669 | |
Total Bonds (Identified Cost, $22,312,449) | $20,226,799 |
Issuer | Shares/Par | Value ($) | ||
Contingent Value Instruments - 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $4,100,153) | $ | 6,910,575 | $3,584,861 | |
Investment Companies (h) - 0.3% | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $12,921,864) | 12,923,215 | $12,925,799 | ||
Other Assets, Less Liabilities - 0.6% | 26,688,223 | |||
Net Assets - 100.0% | $4,691,743,786 |
(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 $12,925,799 and $4,652,129,764, 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 $312,799,556, representing 6.7% 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 | $50,752 | $4,142 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 7.75%, 5/15/2035 | 11/15/17 | 331,061 | 27,069 |
Restricted Securities - continued | Acquisition Date | Cost | Value |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 11/15/17 | $490,570 | $40,808 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/15 | 89,586 | 7,455 |
Illinois Housing Development Authority Rev., “A”, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 9,313,021 | 6,790,448 |
Illinois Housing Development Authority Rev., “B”, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 3,798,062 | 2,769,300 |
Illinois Housing Development Authority Rev., “C”, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 3,789,967 | 2,714,666 |
Illinois Housing Development Authority Rev., “D”, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 3,458,339 | 2,466,680 |
Illinois Housing Development Authority Rev., “E”, FHLMC, 3.87%, 11/15/2035 | 2/04/21 | 2,379,988 | 1,690,386 |
Total Restricted Securities | $16,510,954 | ||
% of Net assets | 0.4% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHA | Federal Housing Administration |
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 |
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, $5,109,297,840) | $4,652,129,764 |
Investments in affiliated issuers, at value (identified cost, $12,921,864) | 12,925,799 |
Cash | 34,589 |
Receivables for | |
Investments sold | 4,992,377 |
Fund shares sold | 15,515,372 |
Interest | 57,710,547 |
Other assets | 22,115 |
Total assets | $4,743,330,563 |
Liabilities | |
Payables for | |
Distributions | $2,540,398 |
When-issued investments purchased | 10,507,930 |
Fund shares reacquired | 11,985,020 |
Interest expense and fees | 254,777 |
Payable to the holders of the floating rate certificates | 25,010,000 |
Payable to affiliates | |
Investment adviser | 136,524 |
Administrative services fee | 5,084 |
Shareholder servicing costs | 711,364 |
Distribution and service fees | 42,529 |
Accrued expenses and other liabilities | 393,151 |
Total liabilities | $51,586,777 |
Net assets | $4,691,743,786 |
Net assets consist of | |
Paid-in capital | $5,314,793,462 |
Total distributable earnings (loss) | (623,049,676) |
Net assets | $4,691,743,786 |
Shares of beneficial interest outstanding | 613,497,018 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $1,852,066,152 | 242,097,279 | $7.65 |
Class B | 1,456,080 | 189,983 | 7.66 |
Class C | 54,526,507 | 7,100,708 | 7.68 |
Class I | 1,765,591,693 | 230,922,256 | 7.65 |
Class R6 | 765,056,020 | 100,138,251 | 7.64 |
Class A1 | 252,995,150 | 33,041,733 | 7.66 |
Class B1 | 52,184 | 6,808 | 7.67 |
(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 $7.99 [100 / 95.75 x $7.65] and $8.00 [100 / 95.75 x $7.66], 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 | $93,237,657 |
Dividends from affiliated issuers | 2,509,361 |
Total investment income | $95,747,018 |
Expenses | |
Management fee | $8,829,862 |
Distribution and service fees | 2,717,104 |
Shareholder servicing costs | 1,478,582 |
Administrative services fee | 310,117 |
Independent Trustees' compensation | 39,691 |
Custodian fee | 191,056 |
Shareholder communications | 72,796 |
Audit and tax fees | 36,528 |
Legal fees | 30,105 |
Interest expense and fees | 723,397 |
Miscellaneous | 232,956 |
Total expenses | $14,662,194 |
Fees paid indirectly | (2,028) |
Reduction of expenses by investment adviser and distributor | (303,134) |
Net expenses | $14,357,032 |
Net investment income (loss) | $81,389,986 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(10,862,358) |
Affiliated issuers | (26,251) |
Net realized gain (loss) | $(10,888,609) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(272,251,848) |
Affiliated issuers | (22,527) |
Net unrealized gain (loss) | $(272,274,375) |
Net realized and unrealized gain (loss) | $(283,162,984) |
Change in net assets from operations | $(201,772,998) |
Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $81,389,986 | $132,055,116 |
Net realized gain (loss) | (10,888,609) | (177,993,608) |
Net unrealized gain (loss) | (272,274,375) | (94,557,739) |
Change in net assets from operations | $(201,772,998) | $(140,496,231) |
Total distributions to shareholders | $(83,435,879) | $(134,897,656) |
Change in net assets from fund share transactions | $279,850,676 | $(1,028,517,483) |
Total change in net assets | $(5,358,201) | $(1,303,911,370) |
Net assets | ||
At beginning of period | 4,697,101,987 | 6,001,013,357 |
At end of period | $4,691,743,786 | $4,697,101,987 |
Class A | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.12 | $8.54 | $9.09 | $8.68 | $8.77 | $8.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.13 | $0.22 | $0.20 | $0.23 | $0.26 | $0.32 |
Net realized and unrealized gain (loss) | (0.47) | (0.41) | (0.55) | 0.41 | (0.09) | 0.11 |
Total from investment operations | $(0.34) | $(0.19) | $(0.35) | $0.64 | $0.17 | $0.43 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.13) | $(0.23) | $(0.20) | $(0.23) | $(0.26) | $(0.29) |
Net asset value, end of period (x) | $7.65 | $8.12 | $8.54 | $9.09 | $8.68 | $8.77 |
Total return (%) (r)(s)(t)(x) | (4.21)(n) | (2.18) | (4.01) | 7.43 | 1.88 | 5.14 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.76(a) | 0.77 | 0.73 | 0.74 | 0.78 | 0.77 |
Expenses after expense reductions (f) | 0.74(a) | 0.76 | 0.71 | 0.73 | 0.77 | 0.75 |
Net investment income (loss) | 3.23(a) | 2.74 | 2.16 | 2.57 | 2.89 | 3.74 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $1,852,066 | $1,888,158 | $3,370,745 | $3,166,883 | $2,386,528 | $1,683,822 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.71(a) | 0.72 | 0.70 | 0.72 | 0.73 | 0.73 |
Class B | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.13 | $8.56 | $9.10 | $8.69 | $8.78 | $8.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.16 | $0.13 | $0.17 | $0.20 | $0.26 |
Net realized and unrealized gain (loss) | (0.47) | (0.42) | (0.54) | 0.40 | (0.10) | 0.10 |
Total from investment operations | $(0.37) | $(0.26) | $(0.41) | $0.57 | $0.10 | $0.36 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.17) | $(0.13) | $(0.16) | $(0.19) | $(0.23) |
Net asset value, end of period (x) | $7.66 | $8.13 | $8.56 | $9.10 | $8.69 | $8.78 |
Total return (%) (r)(s)(t)(x) | (4.56)(n) | (3.01) | (4.61) | 6.63 | 1.14 | 4.23 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.51(a) | 1.52 | 1.48 | 1.49 | 1.53 | 1.52 |
Expenses after expense reductions (f) | 1.50(a) | 1.51 | 1.46 | 1.48 | 1.52 | 1.50 |
Net investment income (loss) | 2.48(a) | 2.01 | 1.42 | 1.87 | 2.19 | 2.99 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $1,456 | $1,834 | $2,790 | $4,777 | $7,843 | $12,579 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.47(a) | 1.47 | 1.45 | 1.46 | 1.48 | 1.48 |
Class C | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.15 | $8.57 | $9.12 | $8.71 | $8.80 | $8.66 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.10 | $0.16 | $0.13 | $0.17 | $0.19 | $0.26 |
Net realized and unrealized gain (loss) | (0.47) | (0.41) | (0.55) | 0.40 | (0.09) | 0.11 |
Total from investment operations | $(0.37) | $(0.25) | $(0.42) | $0.57 | $0.10 | $0.37 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.10) | $(0.17) | $(0.13) | $(0.16) | $(0.19) | $(0.23) |
Net asset value, end of period (x) | $7.68 | $8.15 | $8.57 | $9.12 | $8.71 | $8.80 |
Total return (%) (r)(s)(t)(x) | (4.54)(n) | (2.89) | (4.71) | 6.62 | 1.13 | 4.35 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.51(a) | 1.52 | 1.48 | 1.49 | 1.53 | 1.52 |
Expenses after expense reductions (f) | 1.50(a) | 1.51 | 1.46 | 1.48 | 1.52 | 1.50 |
Net investment income (loss) | 2.48(a) | 2.01 | 1.42 | 1.86 | 2.16 | 2.99 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $54,527 | $66,358 | $90,334 | $113,569 | $155,843 | $151,636 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.47(a) | 1.47 | 1.45 | 1.46 | 1.48 | 1.48 |
Class I | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.11 | $8.54 | $9.08 | $8.67 | $8.76 | $8.63 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.22 | $0.25 | $0.28 | $0.34 |
Net realized and unrealized gain (loss) | (0.46) | (0.42) | (0.54) | 0.41 | (0.09) | 0.10 |
Total from investment operations | $(0.32) | $(0.18) | $(0.32) | $0.66 | $0.19 | $0.44 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.25) | $(0.22) | $(0.25) | $(0.28) | $(0.31) |
Net asset value, end of period (x) | $7.65 | $8.11 | $8.54 | $9.08 | $8.67 | $8.76 |
Total return (%) (r)(s)(t)(x) | (3.97)(n) | (2.06) | (3.66) | 7.70 | 2.13 | 5.27 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.51(a) | 0.52 | 0.48 | 0.49 | 0.53 | 0.52 |
Expenses after expense reductions (f) | 0.49(a) | 0.51 | 0.46 | 0.48 | 0.52 | 0.51 |
Net investment income (loss) | 3.48(a) | 3.03 | 2.41 | 2.82 | 3.15 | 3.99 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $1,765,592 | $1,709,032 | $1,498,236 | $1,389,505 | $1,042,592 | $870,855 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.46(a) | 0.47 | 0.45 | 0.47 | 0.48 | 0.48 |
Class R6 | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.11 | $8.53 | $9.08 | $8.67 | $8.76 | $8.62 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.25 | $0.23 | $0.26 | $0.29 | $0.35 |
Net realized and unrealized gain (loss) | (0.46) | (0.42) | (0.56) | 0.41 | (0.09) | 0.11 |
Total from investment operations | $(0.32) | $(0.17) | $(0.33) | $0.67 | $0.20 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.15) | $(0.25) | $(0.22) | $(0.26) | $(0.29) | $(0.32) |
Net asset value, end of period (x) | $7.64 | $8.11 | $8.53 | $9.08 | $8.67 | $8.76 |
Total return (%) (r)(s)(t)(x) | (4.06)(n) | (1.87) | (3.71) | 7.78 | 2.21 | 5.48 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.44(a) | 0.45 | 0.41 | 0.42 | 0.46 | 0.45 |
Expenses after expense reductions (f) | 0.43(a) | 0.44 | 0.39 | 0.41 | 0.45 | 0.43 |
Net investment income (loss) | 3.54(a) | 3.10 | 2.48 | 2.90 | 3.22 | 4.06 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $765,056 | $747,221 | $702,294 | $605,320 | $591,947 | $491,400 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.40(a) | 0.40 | 0.38 | 0.39 | 0.41 | 0.41 |
Class A1 | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.12 | $8.55 | $9.10 | $8.69 | $8.78 | $8.64 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.24 | $0.22 | $0.25 | $0.28 | $0.34 |
Net realized and unrealized gain (loss) | (0.46) | (0.42) | (0.55) | 0.41 | (0.09) | 0.12 |
Total from investment operations | $(0.32) | $(0.18) | $(0.33) | $0.66 | $0.19 | $0.46 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.14) | $(0.25) | $(0.22) | $(0.25) | $(0.28) | $(0.32) |
Net asset value, end of period (x) | $7.66 | $8.12 | $8.55 | $9.10 | $8.69 | $8.78 |
Total return (%) (r)(s)(t)(x) | (3.96)(n) | (2.04) | (3.76) | 7.70 | 2.14 | 5.40 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 0.51(a) | 0.52 | 0.48 | 0.49 | 0.53 | 0.52 |
Expenses after expense reductions (f) | 0.49(a) | 0.51 | 0.46 | 0.48 | 0.52 | 0.51 |
Net investment income (loss) | 3.48(a) | 3.02 | 2.42 | 2.85 | 3.18 | 3.99 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $252,995 | $284,440 | $336,545 | $381,748 | $421,338 | $454,350 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 0.46(a) | 0.47 | 0.45 | 0.47 | 0.48 | 0.48 |
Class B1 | Six months ended | Year ended | ||||
9/30/23 (unaudited) | 3/31/23 | 3/31/22 | 3/31/21 | 3/31/20 | 3/31/19 | |
Net asset value, beginning of period | $8.13 | $8.56 | $9.10 | $8.69 | $8.78 | $8.65 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.11 | $0.18 | $0.15 | $0.19 | $0.22 | $0.28 |
Net realized and unrealized gain (loss) | (0.46) | (0.42) | (0.54) | 0.40 | (0.09) | 0.10 |
Total from investment operations | $(0.35) | $(0.24) | $(0.39) | $0.59 | $0.13 | $0.38 |
Less distributions declared to shareholders | ||||||
From net investment income | $(0.11) | $(0.19) | $(0.15) | $(0.18) | $(0.22) | $(0.25) |
Net asset value, end of period (x) | $7.67 | $8.13 | $8.56 | $9.10 | $8.69 | $8.78 |
Total return (%) (r)(s)(t)(x) | (4.31)(n) | (2.77) | (4.38) | 6.90 | 1.38 | 4.49 |
Ratios (%) (to average net assets) and Supplemental data: | ||||||
Expenses before expense reductions (f) | 1.51(a) | 1.52 | 1.48 | 1.49 | 1.53 | 1.52 |
Expenses after expense reductions (f) | 1.25(a) | 1.26 | 1.21 | 1.23 | 1.27 | 1.25 |
Net investment income (loss) | 2.73(a) | 2.27 | 1.62 | 2.12 | 2.45 | 3.24 |
Portfolio turnover | 8(n) | 35 | 14 | 24 | 23 | 19 |
Net assets at end of period (000 omitted) | $52 | $60 | $69 | $34 | $58 | $91 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets after expense reductions and excluding interest expense and fees (f)(l) | 1.22(a) | 1.22 | 1.20 | 1.21 | 1.23 | 1.23 |
(a) | Annualized. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. See Note 2 in the Notes to Financial Statements for additional information. |
(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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $4,631,902,965 | $— | $4,631,902,965 |
U.S. Corporate Bonds | — | 20,226,799 | — | 20,226,799 |
Mutual Funds | 12,925,799 | — | — | 12,925,799 |
Total | $12,925,799 | $4,652,129,764 | $— | $4,665,055,563 |
Year ended 3/31/23 | |
Ordinary income (including any short-term capital gains) | $8,927,565 |
Tax-exempt income | 125,970,091 |
Total distributions | $134,897,656 |
As of 9/30/23 | |
Cost of investments | $5,098,210,201 |
Gross appreciation | 13,373,115 |
Gross depreciation | (471,537,753) |
Net unrealized appreciation (depreciation) | $(458,164,638) |
As of 3/31/23 | |
Undistributed tax-exempt income | 25,943,964 |
Capital loss carryforwards | (163,708,868) |
Other temporary differences | (12,886,286) |
Net unrealized appreciation (depreciation) | (187,189,609) |
Short-Term | $(75,382,866) |
Long-Term | (88,326,002) |
Total | $(163,708,868) |
Six months ended 9/30/23 | Year ended 3/31/23 | |
Class A | $31,722,385 | $58,735,121 |
Class B | 21,418 | 45,495 |
Class C | 791,509 | 1,538,014 |
Class I | 32,009,558 | 44,058,443 |
Class R6 | 14,000,898 | 21,227,438 |
Class A1 | 4,889,317 | 9,291,680 |
Class B1 | 794 | 1,465 |
Total | $83,435,879 | $134,897,656 |
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% | $ 2,399,501 |
Class B | 0.75% | 0.25% | 1.00% | 1.00% | 8,365 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 308,955 |
Class B1 | 0.75% | 0.25% | 1.00% | 0.75% | 283 |
Total Distribution and Service Fees | $2,717,104 |
(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, 2023 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, 2024. For the six months ended September 30, 2023, this reduction amounted to $71 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, 2023, this rebate amounted to $277 for Class A shares, and is included in the reduction of total expenses in the Statement of Operations. |
Amount | |
Class A | $69,521 |
Class B | 324 |
Class C | 2,296 |
Class A1 | — |
Class B1 | — |
Six months ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 32,783,704 | $263,049,316 | 98,284,339 | $797,054,723 | |
Class B | — | — | 5,526 | 44,658 | |
Class C | 322,388 | 2,599,356 | 1,468,132 | 11,839,413 | |
Class I | 54,068,527 | 434,501,080 | 156,596,680 | 1,264,571,253 | |
Class R6 | 20,795,266 | 166,403,977 | 59,236,837 | 476,571,226 | |
Class A1 | 28,097 | 226,716 | 156,903 | 1,270,701 | |
107,997,982 | $866,780,445 | 315,748,417 | $2,551,351,974 | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 3,850,819 | $30,667,351 | 6,916,062 | $55,945,063 | |
Class B | 2,674 | 21,347 | 5,455 | 44,109 | |
Class C | 91,065 | 728,425 | 171,393 | 1,387,960 | |
Class I | 2,471,061 | 19,659,068 | 3,653,641 | 29,457,906 | |
Class R6 | 1,665,081 | 13,241,535 | 2,524,493 | 20,334,074 | |
Class A1 | 533,627 | 4,255,911 | 1,006,421 | 8,124,770 | |
Class B1 | 99 | 794 | 181 | 1,465 | |
8,614,426 | $68,574,431 | 14,277,646 | $115,295,347 | ||
Shares reacquired | |||||
Class A | (27,163,822) | $(217,675,419) | (267,143,600) | $(2,188,092,837) | |
Class B | (38,285) | (307,282) | (111,476) | (903,972) | |
Class C | (1,457,291) | (11,725,250) | (4,032,515) | (32,685,715) | |
Class I | (36,291,634) | (289,644,325) | (125,110,537) | (1,010,153,693) | |
Class R6 | (14,504,762) | (115,898,670) | (51,923,278) | (418,694,789) | |
Class A1 | (2,533,034) | (20,248,357) | (5,523,112) | (44,626,055) | |
Class B1 | (610) | (4,897) | (960) | (7,743) | |
(81,989,438) | $(655,504,200) | (453,845,478) | $(3,695,164,804) |
Six months ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Net change | |||||
Class A | 9,470,701 | $76,041,248 | (161,943,199) | $(1,335,093,051) | |
Class B | (35,611) | (285,935) | (100,495) | (815,205) | |
Class C | (1,043,838) | (8,397,469) | (2,392,990) | (19,458,342) | |
Class I | 20,247,954 | 164,515,823 | 35,139,784 | 283,875,466 | |
Class R6 | 7,955,585 | 63,746,842 | 9,838,052 | 78,210,511 | |
Class A1 | (1,971,310) | (15,765,730) | (4,359,788) | (35,230,584) | |
Class B1 | (511) | (4,103) | (779) | (6,278) | |
34,622,970 | $279,850,676 | (123,819,415) | $(1,028,517,483) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $134,031,504 | $497,173,259 | $618,230,186 | $(26,251) | $(22,527) | $12,925,799 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $2,509,361 | $— |
Intermediate Fund
Intermediate Fund
1 | |
3 | |
5 | |
29 | |
31 | |
32 | |
33 | |
37 | |
48 | |
52 | |
52 | |
52 | |
52 | |
52 |
back cover |
Healthcare Revenue - Hospitals | 10.1% |
Healthcare Revenue - Long-Term Care | 8.8% |
Universities - Colleges | 7.9% |
Multi-Family Housing Revenue | 7.0% |
Student Loan Revenue | 7.0% |
Utilities - Investor Owned | 6.3% |
Housing - Single Family | 6.3% |
Utilities - Other | 6.0% |
Airport Revenue | 4.5% |
Secondary Schools | 3.8% |
AAA | 8.8% |
AA | 19.5% |
A | 32.0% |
BBB | 25.0% |
BB | 6.1% |
B | 0.3% |
CCC | 0.1% |
CC (o) | 0.0% |
Not Rated | 7.2% |
Cash & Cash Equivalents | 1.0% |
Average Duration (d) | 6.0 |
Average Effective Maturity (m) | 9.0 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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. |
(o) | Less than 0.1%. |
April 1, 2023 through September 30, 2023
Share Class | Annualized Expense Ratio | Beginning Account Value 4/01/23 | Ending Account Value 9/30/23 | Expenses Paid During Period (p) 4/01/23-9/30/23 | |
A | Actual | 0.70% | $1,000.00 | $967.02 | $3.44 |
Hypothetical (h) | 0.70% | $1,000.00 | $1,021.50 | $3.54 | |
C | Actual | 1.45% | $1,000.00 | $963.37 | $7.12 |
Hypothetical (h) | 1.45% | $1,000.00 | $1,017.75 | $7.31 | |
I | Actual | 0.45% | $1,000.00 | $968.25 | $2.21 |
Hypothetical (h) | 0.45% | $1,000.00 | $1,022.75 | $2.28 | |
R6 | Actual | 0.38% | $1,000.00 | $968.44 | $1.87 |
Hypothetical (h) | 0.38% | $1,000.00 | $1,023.10 | $1.92 |
(h) | 5% class return per year before expenses. |
(p) | “Expenses Paid During Period” are equal to each class’s annualized expense ratio, as shown above, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Expenses paid do not include any applicable sales charges (loads). If these transaction costs had been included, your costs would have been higher. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 97.1% | ||||
Alabama - 4.4% | ||||
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $ | 355,000 | $349,757 | |
Birmingham-Jefferson, AL, Civic Center Authority, “B”, 5%, 7/01/2043 | 495,000 | 493,717 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 185,000 | 174,432 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345,000 | 352,405 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “B”, 5.25%, 12/01/2053 (Put Date 12/01/2030) | 250,000 | 256,428 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027) | 315,000 | 306,749 | ||
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | 1,000,000 | 981,937 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 1,110,000 | 997,656 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 750,000 | 697,564 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 215,000 | 220,634 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 4), “B-1”, 5%, 5/01/2053 (Put Date 8/01/2028) | 480,000 | 479,427 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1,000,000 | 1,006,490 | ||
$6,317,196 | ||||
Alaska - 0.3% | ||||
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | $ | 360,000 | $371,953 | |
Arizona - 3.6% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033 | $ | 515,000 | $497,219 | |
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033 | 500,000 | 466,465 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2026 | 125,000 | 126,681 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | $ | 1,255,000 | $1,269,006 | |
Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026) | 155,000 | 152,565 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 5,000 | 3,753 | ||
Maricopa County, AZ, Pollution Control Corp. Rev. (Public Service Company of New Mexico Palo Verde Project), “B”, 0.875%, 6/01/2043 (Put Date 10/01/2026) | 15,000 | 13,081 | ||
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.125%, 12/01/2035 (Put Date 11/01/2023) | 1,500,000 | 1,499,290 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2026 | 200,000 | 201,924 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 245,000 | 241,015 | ||
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, 6/14/2038 | 500,000 | 476,803 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026 | 245,000 | 235,552 | ||
$5,183,354 | ||||
Arkansas - 0.1% | ||||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | $ | 125,000 | $120,231 | |
California - 3.3% | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 770,000 | $768,184 | |
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 530,000 | 526,762 | ||
California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | 500,000 | 490,426 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2034 | 1,000,000 | 1,103,684 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 50,000 | 49,637 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n) | 500,000 | 504,865 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033 | $ | 715,000 | $714,126 | |
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034 | 90,000 | 86,681 | ||
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | 90,000 | 90,677 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 130,000 | 122,035 | ||
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 | 82,096 | ||
Los Angeles County, CA, Development Authority, Multi-Family Housing Mortgage Rev. (2111 Firestone), “E”, 5%, 7/01/2043 (Put Date 7/01/2026) | 221,000 | 224,198 | ||
$4,763,371 | ||||
Colorado - 1.4% | ||||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | $ | 125,000 | $121,544 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037 | 1,000,000 | 1,033,151 | ||
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2031 | 750,000 | 789,323 | ||
$1,944,018 | ||||
Connecticut - 3.0% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030 | $ | 1,000,000 | $929,171 | |
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2031 | 1,530,000 | 1,567,926 | ||
Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024 | 250,000 | 251,393 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052 | 610,000 | 624,418 | ||
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | 890,000 | 874,259 | ||
$4,247,167 | ||||
District of Columbia - 1.1% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $207,515 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 100,000 | 88,430 | ||
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 260,000 | 247,854 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
District of Columbia - continued | ||||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 9/30/2034 | $ | 1,000,000 | $992,864 | |
$1,536,663 | ||||
Florida - 5.3% | ||||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n) | $ | 500,000 | $447,969 | |
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 500,000 | 443,156 | ||
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025) | 400,000 | 403,096 | ||
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Northside Transit Village III), “B”, GNMA, 5%, 2/01/2027 (Put Date 2/01/2026) | 450,000 | 454,829 | ||
Miami-Dade County, FL, Housing Finance Authority Multi-Family Rev. (Quail Roost Transit Village I), HUD Section 8, 5%, 9/01/2026 (Put Date 9/01/2025) | 500,000 | 502,518 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036 | 1,000,000 | 1,021,086 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036 | 1,000,000 | 882,068 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033 | 350,000 | 354,922 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026 | 300,000 | 290,060 | ||
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038 | 1,000,000 | 1,075,799 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 100,000 | 79,019 | ||
Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036 | 550,000 | 465,787 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026 | 190,000 | 180,819 | ||
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033 | 1,000,000 | 972,126 | ||
$7,573,254 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - 4.0% | ||||
Bartow County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Bowen Project), 3.95%, 12/01/2032 (Put Date 3/08/2028) | $ | 505,000 | $487,338 | |
Burke County, GA, Development Authority Pollution Control Rev. (Georgia Power Co. Plant Vogtle Project), 3.8%, 10/01/2032 (Put Date 5/21/2026) | 250,000 | 243,735 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 991,757 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 775,000 | 770,024 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029) | 500,000 | 499,067 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 455,000 | 459,746 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037 | 250,000 | 262,000 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038 | 250,000 | 259,880 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039 | 250,000 | 258,794 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040 | 500,000 | 515,557 | ||
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | 985,000 | 947,352 | ||
$5,695,250 | ||||
Guam - 1.1% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 100,000 | $100,423 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 4,985 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 4,967 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 30,000 | 24,279 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 266,106 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 58,569 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 175,000 | 153,460 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026 | 25,000 | 22,487 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 55,000 | 43,785 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Guam - continued | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $ | 65,000 | $65,004 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 110,000 | 109,944 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 135,000 | 132,978 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 380,000 | 365,282 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 300,000 | 282,742 | ||
$1,635,011 | ||||
Idaho - 0.0% | ||||
Idaho Housing and Finance Association Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024 | $ | 60,000 | $58,380 | |
Illinois - 5.5% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 245,000 | $211,502 | |
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026 | 70,000 | 70,715 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2041 | 1,000,000 | 1,003,874 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030 | 500,000 | 506,521 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 225,000 | 184,902 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 45,216 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 145,000 | 146,128 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 45,000 | 45,979 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038 | 1,000,000 | 1,012,660 | ||
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 100,000 | 103,857 | ||
Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026 | 135,000 | 136,315 | ||
Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | 132,750 | 131,716 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033 | 400,000 | 418,067 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034 | 200,000 | 208,186 | ||
East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025 | 250,000 | 236,308 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032 | 655,000 | 634,870 | ||
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037 | 70,000 | 63,873 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030 | $ | 855,000 | $842,669 | |
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-2”, 5.25%, 11/15/2027 | 60,000 | 58,932 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-3”, 4.75%, 11/15/2027 | 120,000 | 117,407 | ||
Illinois Finance Authority Rev., Taxable (Christian Horizons Obligated Group), “B”, 3.25%, 5/15/2027 | 75,000 | 33,937 | ||
Illinois Finance Authority Water Facilities Refunding Rev. (American Water Capital Corp. Project), 3.875%, 4/30/2040 (Put Date 9/01/2028) | 250,000 | 243,043 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 5,000 | 3,807 | ||
Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040 | 110,000 | 110,164 | ||
Illinois Housing Development Authority Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025) | 325,000 | 320,151 | ||
Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | 500,000 | 495,710 | ||
Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032 | 200,000 | 207,267 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 156,492 | ||
State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027 | 125,000 | 127,341 | ||
$7,877,609 | ||||
Indiana - 2.6% | ||||
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025 | $ | 100,000 | $94,736 | |
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025 | 30,000 | 27,742 | ||
Indiana Finance Authority Student Housing Rev. (CHF - Tippecanoe, LLC - Student Housing Project), “A”, 5%, 6/01/2038 | 800,000 | 798,299 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 200,000 | 200,530 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 1/01/2030 | 500,000 | 522,167 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 7/01/2030 | 285,000 | 298,488 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031 | 1,000,000 | 1,010,811 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 750,000 | 730,458 | ||
$3,683,231 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - 0.5% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 11/30/2033 | $ | 600,000 | $597,170 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | 5,000 | 4,615 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 115,000 | 83,624 | ||
$685,409 | ||||
Kansas - 1.0% | ||||
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), “B”, 5%, 11/15/2054 (Put Date 11/15/2028) | $ | 530,000 | $553,895 | |
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028) | 70,000 | 74,153 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | 125,000 | 121,958 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033 | 750,000 | 722,577 | ||
$1,472,583 | ||||
Kentucky - 0.6% | ||||
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 3.7%, 1/01/2032 (n) | $ | 105,000 | $99,401 | |
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “A-1”, 5%, 6/01/2031 | 500,000 | 506,684 | ||
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024 | 10,000 | 10,094 | ||
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 5/31/2040 (Put Date 9/01/2028) | 275,000 | 267,347 | ||
$883,526 | ||||
Louisiana - 0.1% | ||||
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | $ | 200,000 | $201,991 | |
Maine - 0.7% | ||||
State Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024) | $ | 1,000,000 | $992,726 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - 0.8% | ||||
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038 | $ | 450,000 | $421,094 | |
Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.78%, 3/01/2024 | 550,000 | 539,714 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Pooled Loan Program), “B”, VRDN, 3.1%, 3/31/2035 | 215,000 | 215,000 | ||
$1,175,808 | ||||
Massachusetts - 2.0% | ||||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | $ | 100,000 | $96,837 | |
Massachusetts Development Finance Agency Rev. (Simmons University), “N”, 5.25%, 9/30/2036 | 500,000 | 500,784 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036 | 90,000 | 79,217 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45,000 | 41,400 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 375,000 | 347,485 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038 | 315,000 | 265,127 | ||
Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027 | 1,000,000 | 956,866 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052 | 500,000 | 513,449 | ||
$2,801,165 | ||||
Michigan - 2.4% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 6/30/2033 | $ | 100,000 | $99,361 | |
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) | 325,000 | 329,589 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 30,000 | 30,171 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 35,000 | 35,077 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2035 | 20,000 | 20,095 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | $ | 45,000 | $45,122 | |
Michigan Housing Development Authority, Multi-Family Housing Rev. (Clark Road Senior Apartments Project), 4.5%, 12/01/2042 (Put Date 4/01/2026) | 515,000 | 513,940 | ||
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 110,000 | 103,410 | ||
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053 | 370,000 | 378,344 | ||
Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 5/31/2053 (Put Date 6/03/2030) | 1,000,000 | 953,566 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/29/2035 | 1,000,000 | 953,205 | ||
$3,461,880 | ||||
Minnesota - 2.1% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | $ | 125,000 | $117,284 | |
Minneapolis, MN, Health Care System Rev. (Allina Health System), “B”, 5%, 11/15/2053 (Put Date 11/15/2030) | 910,000 | 952,218 | ||
Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025 | 145,000 | 143,042 | ||
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 225,000 | 211,687 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042 | 1,000,000 | 867,517 | ||
St. Paul, MN, Housing & Redevelopment Authority, Multi-Family Housing Rev. (Dale Street Project), 3.5%, 12/01/2025 (Put Date 6/01/2024) | 750,000 | 742,529 | ||
$3,034,277 | ||||
Mississippi - 0.1% | ||||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $ | 65,000 | $65,201 | |
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 85,000 | 80,139 | ||
$145,340 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - 0.9% | ||||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $ | 150,000 | $149,700 | |
Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029 | 655,000 | 666,718 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 125,000 | 118,528 | ||
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding Rev., Taxable, “A”, 5%, 12/01/2027 | 220,000 | 215,310 | ||
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031 | 100,000 | 89,668 | ||
$1,239,924 | ||||
Nevada - 0.4% | ||||
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026 | $ | 455,000 | $461,004 | |
Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | 140,000 | 140,530 | ||
$601,534 | ||||
New Hampshire - 1.0% | ||||
National Finance Authority, NV, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 12/01/2042 | $ | 1,070,000 | $1,126,803 | |
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027 | 105,000 | 105,762 | ||
New Hampshire National Finance Authority Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 275,930 | 255,508 | ||
$1,488,073 | ||||
New Jersey - 3.8% | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024 | $ | 85,000 | $84,410 | |
Monmouth County, NJ, Improvement Authority Rev., Governmental Pooled Loan Project Notes, 4%, 3/15/2024 | 1,000,000 | 1,000,341 | ||
New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2034 | 1,000,000 | 1,059,918 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2035 (w) | 1,000,000 | 1,032,721 | ||
New Jersey Economic Development Authority, Water Facilities Rev. (AmericanWater Co., Inc. Project), “B”, 3.75%, 11/01/2034 (Put Date 6/01/2028) | 260,000 | 247,035 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 600,000 | 567,563 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | $ | 65,000 | $66,680 | |
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | 54,000 | 56,600 | ||
Salem Country, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025) | 500,000 | 496,680 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2036 | 410,000 | 433,546 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2037 | 375,000 | 392,736 | ||
$5,438,230 | ||||
New Mexico - 1.2% | ||||
Farmington, NM, Pollution Control Rev. (Public Service Company of New Mexico San Juan Project), “D”, 3.9%, 6/01/2040 (Put Date 6/01/2028) | $ | 1,000,000 | $969,953 | |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, “E”, GNMA, 6.25%, 9/01/2053 | 555,000 | 588,461 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053 | 110,000 | 111,839 | ||
$1,670,253 | ||||
New York - 4.9% | ||||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2032 | $ | 300,000 | $304,951 | |
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036 | 750,000 | 758,171 | ||
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028 | 330,000 | 331,800 | ||
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5%, 12/01/2027 | 685,000 | 692,872 | ||
Long Beach, NY, General Obligation, “B”, BAM, 5.25%, 7/15/2032 | 200,000 | 212,509 | ||
Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), “C-1”, 4%, 11/15/2035 | 500,000 | 473,812 | ||
New York Energy Research and Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 (Put Date 4/01/2034) | 680,000 | 643,107 | ||
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 500,000 | 478,993 | ||
New York State Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 950,000 | 882,728 | ||
New York State Housing Finance Agency, Affordable Housing Rev., “G-2”, HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | 170,000 | 162,531 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025 | $ | 500,000 | $501,699 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 250,000 | 239,504 | ||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032 | 270,000 | 277,153 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 10/31/2062 (Put Date 12/22/2026) | 560,000 | 533,605 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 485,005 | ||
$6,978,440 | ||||
North Carolina - 1.1% | ||||
Greater Asheville Regional Airport Authority, NC, Airport System Rev., AGM, 5.25%, 7/01/2039 | $ | 320,000 | $331,605 | |
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 1.9%, 7/01/2032 | 780,000 | 601,403 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 125,000 | 121,528 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., Capital Appreciation, 0%, 1/01/2040 | 985,000 | 442,134 | ||
$1,496,670 | ||||
North Dakota - 0.9% | ||||
Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039 | $ | 985,000 | $735,813 | |
Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | 590,000 | 583,638 | ||
$1,319,451 | ||||
Ohio - 3.3% | ||||
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030) | $ | 500,000 | $516,115 | |
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | 350,000 | 344,372 | ||
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Wade Park Apartments), 4.75%, 12/01/2027 (Put Date 12/01/2025) | 200,000 | 199,807 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 12/31/2037 | 750,000 | 723,688 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | $ | 145,000 | $141,767 | |
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 170,000 | 166,192 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 750,000 | 724,336 | ||
Ohio Air Quality Development Authority Rev. (Dayton Power And Light Co. Project), “A”, 4.25%, 11/01/2040 (Put Date 6/01/2027) | 500,000 | 485,755 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032 | 600,000 | 587,402 | ||
Ohio Housing Finance Agency Multi-Family Housing Rev. (Thornwood Commons), HUD Section 8, 5%, 12/01/2026 (Put Date 12/01/2025) | 205,000 | 206,512 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054 | 610,000 | 629,720 | ||
$4,725,666 | ||||
Oklahoma - 0.6% | ||||
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $ | 355,000 | $290,238 | |
Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032 | 500,000 | 535,583 | ||
$825,821 | ||||
Oregon - 0.6% | ||||
Gilliam County, OR, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2025 (Put Date 5/01/2024) | $ | 225,000 | $223,741 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 5,000 | 4,187 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 10,000 | 8,669 | ||
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System), “A”, 4.9%, 9/14/2035 | 430,000 | 428,235 | ||
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039 | 115,000 | 93,405 | ||
Oregon Housing & Community Services Department, Multi-Family Housing Rev. (Plaza Los Amigos Apartments Project, “T-2”, 3%, 2/01/2026 (Put Date 2/01/2025) | 125,000 | 122,349 | ||
$880,586 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - 5.1% | ||||
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/14/2038 (n)(w) | $ | 500,000 | $487,560 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | 10,000 | 10,065 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 65,000 | 39,991 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 455,000 | 393,016 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 80,000 | 72,645 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 4.55% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 795,000 | 665,535 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 6/30/2045 | 10,000 | 7,128 | ||
East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | 150,000 | 141,589 | ||
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031 | 440,000 | 454,598 | ||
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032 | 450,000 | 462,443 | ||
Lancaster County, PA, Hospital Authority Health Center Rev. (Masonic Villages Project), 5%, 11/01/2023 | 125,000 | 125,055 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 6/30/2038 | 1,000,000 | 978,494 | ||
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038 | 500,000 | 481,247 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033 | 1,000,000 | 1,047,034 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | 150,000 | 150,458 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | 85,000 | 82,406 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 200,000 | 202,512 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 10,000 | 7,999 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 265,000 | 254,243 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | $ | 615,000 | $636,559 | |
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032 | 100,000 | 96,974 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 500,000 | 483,578 | ||
$7,281,129 | ||||
Puerto Rico - 1.5% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | $ | 6,295 | $6,081 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 49,801 | 29,351 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | 42,709 | 43,826 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 292,016 | 301,742 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,810 | 42,619 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 38,698 | 34,686 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 34,785 | 30,230 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,854 | 25,061 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 40,591 | 32,636 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 42,214 | 32,546 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n) | 500,000 | 501,369 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 100,000 | 25,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 165,000 | 41,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,862 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 260,000 | 65,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | $ | 10,000 | $2,500 | |
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 22,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 40,000 | 10,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 130,000 | 32,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,500 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 3,750 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 65,000 | 16,250 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 70,000 | 17,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 5,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 15,000 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 12,500 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 23,000 | 21,162 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 20,000 | 17,681 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 164,000 | 148,352 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 76,000 | 68,070 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 853 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 39,000 | 34,041 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 2,000 | 1,936 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 41,000 | 34,911 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 7,000 | 5,443 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 597,000 | 422,931 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 15,000 | 15,013 | ||
$2,161,652 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Rhode Island - 1.1% | ||||
Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052 | $ | 750,000 | $767,222 | |
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | 1,000,000 | 862,256 | ||
$1,629,478 | ||||
South Carolina - 0.5% | ||||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | $ | 335,000 | $285,770 | |
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Refunding Rev. (South Carolina Episcopal Home at Still Hopes), “A”, 5%, 4/01/2038 | 280,000 | 245,976 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2025 | 135,000 | 136,266 | ||
$668,012 | ||||
South Dakota - 0.0% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 65,000 | $62,891 | |
Tennessee - 6.6% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044 | $ | 1,000,000 | $904,299 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | 500,000 | 502,917 | ||
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | 415,000 | 349,082 | ||
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025) | 10,000 | 10,008 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 750,000 | 754,061 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1,000,000 | 1,004,577 | ||
Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | 70,000 | 68,188 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027 | 300,000 | 252,038 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037 | 100,000 | 66,812 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041 | $ | 1,000,000 | $921,593 | |
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 6/30/2033 | 1,150,000 | 1,233,796 | ||
Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | 290,000 | 291,999 | ||
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500,000 | 488,365 | ||
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | 550,000 | 463,418 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685,000 | 695,725 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 750,000 | 748,257 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027 | 80,000 | 78,882 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043 | 645,000 | 608,461 | ||
$9,442,478 | ||||
Texas - 6.5% | ||||
Arlington, TX, Housing Finance Corp. Multi-Family Housing Rev. (6900 Matlock Road Project), 4.5%, 4/01/2041 (Put Date 4/01/2027) | $ | 500,000 | $497,569 | |
Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2024 | 100,000 | 100,207 | ||
Dallas and Fort Worth, TX, International Airport Rev., “A”, 5.25%, 11/01/2030 | 85,000 | 85,032 | ||
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | 145,000 | 140,940 | ||
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026 | 200,000 | 181,898 | ||
El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | 100,000 | 99,354 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037 | 95,000 | 101,046 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038 | 70,000 | 73,449 | ||
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 75,000 | 73,619 | ||
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 200,000 | 195,373 | ||
Houston, TX, Airport System Subordinate Lien Rev., “A”, AGM, 5%, 7/01/2038 | 665,000 | 679,235 | ||
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | 60,000 | 60,256 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Houston, TX, Independent School District, “A-2”, Texas PSF, 3.5%, 6/01/2039 (Put Date 6/01/2025) | $ | 400,000 | $395,172 | |
Matagorda County, TX, Navigation District Number One Pollution Control Refunding Rev. (Central Power & Light Co. Project), 4.25%, 4/30/2030 | 500,000 | 477,233 | ||
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035 | 500,000 | 430,338 | ||
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036 | 500,000 | 420,352 | ||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) | 185,000 | 184,496 | ||
North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032 | 500,000 | 545,053 | ||
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 200,000 | 158,149 | ||
Port Houston, TX, First Lien Rev., 4%, 10/01/2038 | 1,000,000 | 937,698 | ||
Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 5%, 2/14/2038 | 1,550,000 | 1,565,163 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032) | 105,000 | 109,501 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “F”, 5%, 11/15/2052 (Put Date 11/15/2030) | 250,000 | 265,182 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 4/30/2034 | 1,000,000 | 1,056,038 | ||
Texas Public Finance Authority Rev. (Texas Southern University), “A”, BAM, 5%, 4/30/2026 | 125,000 | 125,868 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033 | 75,000 | 71,901 | ||
Travis County, TX, Housing Finance Corp., Multi-Family Housing Rev. (Airport Gateway Apartments), 4.125%, 6/01/2045 (Put Date 6/01/2027) | 335,000 | 322,674 | ||
$9,352,796 | ||||
U.S. Virgin Islands - 0.1% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 100,000 | $100,596 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Utah - 1.5% | ||||
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $ | 200,000 | $193,969 | |
Salt Lake City, UT, Airport Rev. (International Airport), “A”, 5.25%, 6/30/2037 | 1,000,000 | 1,061,601 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051 | 14,295 | 11,172 | ||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052 | 723,198 | 683,683 | ||
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | 125,000 | 117,338 | ||
$2,067,763 | ||||
Vermont - 1.9% | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032 | $ | 1,700,000 | $1,714,170 | |
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 5%, 6/15/2032 | 1,000,000 | 1,004,112 | ||
$2,718,282 | ||||
Virginia - 1.7% | ||||
Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 3.95%, 8/01/2027 (Put Date 5/01/2024) | $ | 75,000 | $74,693 | |
Chesapeake, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 2/01/2032 (Put Date 10/01/2027) | 305,000 | 295,287 | ||
Gloucester County, VA, Industrial Development Authority Rev. (Waste Management Disposal Services of Virginia, Inc.), “A”, 3.95%, 9/01/2038 (Put Date 5/01/2024) | 60,000 | 59,809 | ||
Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), “A”, 3.65%, 11/01/2035 (Put Date 10/01/2027) | 85,000 | 82,293 | ||
Sussex County, VA, Industrial Development Authority Solid Waste Disposal Rev. (Atlantic Waste Disposal, Inc. Project), “A”, 3.95%, 6/01/2028 (Put Date 5/01/2024) | 100,000 | 99,591 | ||
Virginia Beach, VA, Development Authority Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | 95,000 | 93,377 | ||
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 180,000 | 181,249 | ||
Virginia Small Business Financing Authority, Environmental Facilities Rev. (Pure Salmon Virginia LLC Project), 3.5%, 11/01/2052 (Put Date 11/01/2023) | 1,000,000 | 999,154 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
York, VA, Economic Development Authority Pollution Control Rev. (Virginia Electric and Power Company Project), “A”, 3.65%, 5/01/2033 (Put Date 10/01/2027) | $ | 610,000 | $590,573 | |
$2,476,026 | ||||
Washington - 2.2% | ||||
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 210,000 | $183,992 | |
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | 185,000 | 182,998 | ||
Washington Economic Development Finance Authority, Environmental Facilities Refunding Rev. (Mura Cascade ELP LLC Project), 3.9%, 12/01/2042 (Put Date 12/08/2023) (n) | 680,000 | 678,357 | ||
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 1,000,000 | 865,326 | ||
Washington State Housing Finance Commission Non-Profit Housing Refunding Rev. (Eastside Retirement Association DBA Emerald Heights Project), “A”, 4.75%, 6/30/2027 | 430,000 | 422,985 | ||
Washington State Housing Finance Commission Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald Heights Project), “B-1”, 5%, 6/30/2038 | 795,000 | 797,733 | ||
$3,131,391 | ||||
West Virginia - 0.2% | ||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheeling Power Co. - Mitchell Project), “A”, 3%, 6/01/2037 (Put Date 6/18/2027) | $ | 330,000 | $303,391 | |
Wisconsin - 3.5% | ||||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | $ | 1,000,000 | $886,229 | |
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2024 | 205,000 | 202,967 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027 | 290,000 | 277,411 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028 | 195,000 | 184,246 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029 | 310,000 | 289,204 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2037 | 200,000 | 202,883 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033 | 175,000 | 168,699 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030 | $ | 400,000 | $358,427 | |
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033 | 750,000 | 749,774 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 | 500,000 | 488,924 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 55,000 | 50,497 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n) | 25,000 | 24,305 | ||
Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 125,000 | 119,938 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 105,000 | 80,194 | ||
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.25%, 7/01/2037 | 670,000 | 712,793 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030 | 270,000 | 251,654 | ||
$5,048,145 | ||||
Total Municipal Bonds (Identified Cost, $146,282,217) | $138,970,071 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 149,000 | $134,166 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 500,000 | 360,838 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 124,327 | ||
Total Bonds (Identified Cost, $650,245) | $619,331 | |||
Other Municipal Bonds – 0.1% | ||||
Multi-Family Housing Revenue – 0.1% | ||||
Affordable Housing Opportunities Trust Certificates, AH-01, “A”, 3.527%, 4/30/2039 (n) (Identified Cost, $223,432) | $ | 280,000 | $216,720 |
Issuer | Shares/Par | Value ($) | ||
Contingent Value Instruments - 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 (Identified Cost, $108,712) | $ | 183,229 | $95,050 | |
Investment Companies (h) - 2.0% | ||||
Money Market Funds – 2.0% | ||||
MFS Institutional Money Market Portfolio, 5.4% (v) (Identified Cost, $2,897,845) | 2,897,664 | $2,898,244 | ||
Other Assets, Less Liabilities - 0.3% | 373,558 | |||
Net Assets - 100.0% | $143,172,974 |
(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 $2,898,244 and $139,901,172, 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 $7,128,782, representing 5.0% of net assets. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHA | Federal Housing Administration |
FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
FNMA | Federal National Mortgage Assn. |
GNMA | Government National Mortgage Assn. |
LIBOR | London Interbank Offered Rate |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
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, $147,264,606) | $139,901,172 |
Investments in affiliated issuers, at value (identified cost, $2,897,845) | 2,898,244 |
Cash | 823 |
Receivables for | |
Investments sold | 1,291,195 |
Fund shares sold | 82,187 |
Interest | 1,854,515 |
Receivable from investment adviser | 13,944 |
Other assets | 148 |
Total assets | $146,042,228 |
Liabilities | |
Payables for | |
Distributions | $13,069 |
Investments purchased | 767,092 |
When-issued investments purchased | 1,564,245 |
Fund shares reacquired | 409,246 |
Payable to affiliates | |
Administrative services fee | 253 |
Shareholder servicing costs | 26,694 |
Distribution and service fees | 2,203 |
Accrued expenses and other liabilities | 86,452 |
Total liabilities | $2,869,254 |
Net assets | $143,172,974 |
Net assets consist of | |
Paid-in capital | $153,628,024 |
Total distributable earnings (loss) | (10,455,050) |
Net assets | $143,172,974 |
Shares of beneficial interest outstanding | 16,359,787 |
Net assets | Shares outstanding | Net asset value per share (a) | |
Class A | $105,030,530 | 11,999,008 | $8.75 |
Class C | 565,547 | 64,732 | 8.74 |
Class I | 29,717,332 | 3,397,070 | 8.75 |
Class R6 | 7,859,565 | 898,977 | 8.74 |
(a) | Maximum offering price per share was equal to the net asset value per share for all share classes, except for Class A, for which the maximum offering price per share was $9.14 [100 / 95.75 x $8.75]. 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 | $2,675,586 |
Dividends from affiliated issuers | 84,387 |
Total investment income | $2,759,973 |
Expenses | |
Management fee | $252,550 |
Distribution and service fees | 131,817 |
Shareholder servicing costs | 49,159 |
Administrative services fee | 15,518 |
Independent Trustees' compensation | 2,197 |
Custodian fee | 20,185 |
Shareholder communications | 5,069 |
Audit and tax fees | 30,539 |
Legal fees | 913 |
Registration fees | 46,283 |
Miscellaneous | 14,431 |
Total expenses | $568,661 |
Reduction of expenses by investment adviser | (116,066) |
Net expenses | $452,595 |
Net investment income (loss) | $2,307,378 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(401,557) |
Affiliated issuers | (1,097) |
Net realized gain (loss) | $(402,654) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $(6,734,585) |
Affiliated issuers | (10) |
Net unrealized gain (loss) | $(6,734,595) |
Net realized and unrealized gain (loss) | $(7,137,249) |
Change in net assets from operations | $(4,829,871) |
Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $2,307,378 | $2,519,712 |
Net realized gain (loss) | (402,654) | (1,671,391) |
Net unrealized gain (loss) | (6,734,595) | 837,124 |
Change in net assets from operations | $(4,829,871) | $1,685,445 |
Total distributions to shareholders | $(2,282,611) | $(2,542,750) |
Change in net assets from fund share transactions | $11,913,709 | $63,763,962 |
Total change in net assets | $4,801,227 | $62,906,657 |
Net assets | ||
At beginning of period | 138,371,747 | 75,465,090 |
At end of period | $143,172,974 | $138,371,747 |
Class A | Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | 3/31/22(c) | |
Net asset value, beginning of period | $9.19 | $9.41 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.14 | $0.22 | $0.13 |
Net realized and unrealized gain (loss) | (0.44) | (0.22) | (0.59) |
Total from investment operations | $(0.30) | $0.00(w) | $(0.46) |
Less distributions declared to shareholders | |||
From net investment income | $(0.14) | $(0.21) | $(0.08) |
From net realized gain | — | (0.01) | (0.05) |
Total distributions declared to shareholders | $(0.14) | $(0.22) | $(0.13) |
Net asset value, end of period (x) | $8.75 | $9.19 | $9.41 |
Total return (%) (r)(s)(t)(x) | (3.30)(n) | (0.05) | (4.62)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.86(a) | 0.93 | 0.97(a) |
Expenses after expense reductions (f) | 0.70(a) | 0.70 | 0.70(a) |
Net investment income (loss) | 3.13(a) | 2.38 | 1.46(a) |
Portfolio turnover | 17(n) | 39 | 165(n) |
Net assets at end of period (000 omitted) | $105,031 | $97,424 | $54,967 |
Class C | Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | 3/31/22(c) | |
Net asset value, beginning of period | $9.18 | $9.39 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.11 | $0.16 | $0.03 |
Net realized and unrealized gain (loss) | (0.44) | (0.22) | (0.56) |
Total from investment operations | $(0.33) | $(0.06) | $(0.53) |
Less distributions declared to shareholders | |||
From net investment income | $(0.11) | $(0.14) | $(0.03) |
From net realized gain | — | (0.01) | (0.05) |
Total distributions declared to shareholders | $(0.11) | $(0.15) | $(0.08) |
Net asset value, end of period (x) | $8.74 | $9.18 | $9.39 |
Total return (%) (r)(s)(t)(x) | (3.66)(n) | (0.69) | (5.32)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 1.61(a) | 1.68 | 1.82(a) |
Expenses after expense reductions (f) | 1.45(a) | 1.45 | 1.43(a) |
Net investment income (loss) | 2.38(a) | 1.79 | 0.36(a) |
Portfolio turnover | 17(n) | 39 | 165(n) |
Net assets at end of period (000 omitted) | $566 | $659 | $74 |
Class I | Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | 3/31/22(c) | |
Net asset value, beginning of period | $9.19 | $9.40 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.15 | $0.23 | $0.15 |
Net realized and unrealized gain (loss) | (0.44) | (0.20) | (0.60) |
Total from investment operations | $(0.29) | $0.03 | $(0.45) |
Less distributions declared to shareholders | |||
From net investment income | $(0.15) | $(0.23) | $(0.10) |
From net realized gain | — | (0.01) | (0.05) |
Total distributions declared to shareholders | $(0.15) | $(0.24) | $(0.15) |
Net asset value, end of period (x) | $8.75 | $9.19 | $9.40 |
Total return (%) (r)(s)(t)(x) | (3.17)(n) | 0.30 | (4.53)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.61(a) | 0.68 | 0.72(a) |
Expenses after expense reductions (f) | 0.45(a) | 0.45 | 0.45(a) |
Net investment income (loss) | 3.37(a) | 2.58 | 1.70(a) |
Portfolio turnover | 17(n) | 39 | 165(n) |
Net assets at end of period (000 omitted) | $29,717 | $34,682 | $20,041 |
Class R6 | Six months ended | Year ended | |
9/30/23 (unaudited) | 3/31/23 | 3/31/22(c) | |
Net asset value, beginning of period | $9.18 | $9.40 | $10.00 |
Income (loss) from investment operations | |||
Net investment income (loss) (d) | $0.16 | $0.27 | $0.08 |
Net realized and unrealized gain (loss) | (0.45) | (0.25) | (0.52) |
Total from investment operations | $(0.29) | $0.02 | $(0.44) |
Less distributions declared to shareholders | |||
From net investment income | $(0.15) | $(0.23) | $(0.11) |
From net realized gain | — | (0.01) | (0.05) |
Total distributions declared to shareholders | $(0.15) | $(0.24) | $(0.16) |
Net asset value, end of period (x) | $8.74 | $9.18 | $9.40 |
Total return (%) (r)(s)(t)(x) | (3.16)(n) | 0.25 | (4.49)(n) |
Ratios (%) (to average net assets) and Supplemental data: | |||
Expenses before expense reductions (f) | 0.54(a) | 0.60 | 0.85(a) |
Expenses after expense reductions (f) | 0.38(a) | 0.37 | 0.37(a) |
Net investment income (loss) | 3.44(a) | 2.94 | 0.93(a) |
Portfolio turnover | 17(n) | 39 | 165(n) |
Net assets at end of period (000 omitted) | $7,860 | $5,607 | $383 |
(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. See Note 2 in the Notes to Financial Statements for additional information. |
(n) | Not annualized. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(t) | Total returns do not include any applicable sales charges. |
(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 | $— | $139,281,841 | $— | $139,281,841 |
U.S. Corporate Bonds | — | 619,331 | — | 619,331 |
Mutual Funds | 2,898,244 | — | — | 2,898,244 |
Total | $2,898,244 | $139,901,172 | $— | $142,799,416 |
Year ended 3/31/23 | |
Ordinary income (including any short-term capital gains) | $71,363 |
Tax-exempt income | 2,404,782 |
Long-term capital gains | 66,605 |
Total distributions | $2,542,750 |
As of 9/30/23 | |
Cost of investments | $150,164,269 |
Gross appreciation | 209,687 |
Gross depreciation | (7,574,540) |
Net unrealized appreciation (depreciation) | $(7,364,853) |
As of 3/31/23 | |
Undistributed ordinary income | 75,432 |
Undistributed tax-exempt income | 349,589 |
Capital loss carryforwards | (2,644,977) |
Other temporary differences | (349,713) |
Net unrealized appreciation (depreciation) | (772,899) |
Short-Term | $(1,521,564) |
Long-Term | (1,123,413) |
Total | $(2,644,977) |
Six months ended 9/30/23 | Year ended 3/31/23 | ||
Class A | $1,587,580 | $1,713,170 | |
Class C | 7,419 | 6,455 | |
Class I | 563,298 | 760,370 | |
Class R6 | 124,314 | 62,755 | |
Total | $2,282,611 | $2,542,750 |
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% | $ 128,654 |
Class C | 0.75% | 0.25% | 1.00% | 1.00% | 3,163 |
Total Distribution and Service Fees | $131,817 |
(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, 2023 based on each class's average daily net assets. MFD has voluntarily agreed to rebate a portion of each class's 0.25% service fee attributable to accounts for which there is no financial intermediary specified on the account except for accounts attributable to MFS or its affiliates' seed money. There were no service fee rebates for the six months ended September 30, 2023. |
Amount | |
Class A | $3,807 |
Class C | — |
Class | Date | Shares | Amount |
Class A | 8/03/22 | 5,143 | $48,190 |
Class I | 8/03/22 | 5,118 | $47,904 |
Class R6 | 6/23/23 | 5,232 | $47,664 |
Six months ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold | |||||
Class A | 2,208,205 | $20,050,642 | 6,581,655 | $59,636,823 | |
Class C | 9,540 | 86,566 | 89,863 | 814,675 | |
Class I | 390,811 | 3,555,861 | 4,925,766 | 44,887,807 | |
Class R6 | 405,402 | 3,690,950 | 584,308 | 5,246,385 | |
3,013,958 | $27,384,019 | 12,181,592 | $110,585,690 |
Six months ended 9/30/23 | Year ended 3/31/23 | ||||
Shares | Amount | Shares | Amount | ||
Shares issued to shareholders in reinvestment of distributions | |||||
Class A | 168,330 | $1,517,657 | 176,051 | $1,600,706 | |
Class C | 824 | 7,419 | 711 | 6,455 | |
Class I | 62,284 | 561,751 | 83,396 | 757,235 | |
Class R6 | 13,589 | 122,308 | 6,738 | 61,260 | |
245,027 | $2,209,135 | 266,896 | $2,425,656 | ||
Shares reacquired | |||||
Class A | (973,991) | $(8,846,793) | (2,003,541) | $(18,220,517) | |
Class C | (17,481) | (157,299) | (26,579) | (239,408) | |
Class I | (830,552) | (7,492,871) | (3,366,717) | (30,594,693) | |
Class R6 | (130,561) | (1,182,482) | (21,298) | (192,766) | |
(1,952,585) | $(17,679,445) | (5,418,135) | $(49,247,384) | ||
Net change | |||||
Class A | 1,402,544 | $12,721,506 | 4,754,165 | $43,017,012 | |
Class C | (7,117) | (63,314) | 63,995 | 581,722 | |
Class I | (377,457) | (3,375,259) | 1,642,445 | 15,050,349 | |
Class R6 | 288,430 | 2,630,776 | 569,748 | 5,114,879 | |
1,306,400 | $11,913,709 | 7,030,353 | $63,763,962 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $3,049,111 | $33,410,405 | $33,560,165 | $(1,097) | $(10) | $2,898,244 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $84,387 | $— |
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included as part of the report to shareholders of such series under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. 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 14, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: November 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: November 14, 2023
* Print name and title of each signing officer under his or her signature.