Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 96.2% | ||||
Airport Revenue – 5.9% | ||||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 265,000 | $262,419 | |
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 250,000 | 241,268 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2038 | 2,000,000 | 2,141,491 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2040 | 2,755,000 | 2,927,675 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2042 | 3,000,000 | 3,101,447 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2042 | 3,455,000 | 3,739,429 | ||
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2047 | 1,500,000 | 1,539,129 | ||
Massachusetts Port Authority Rev., “C”, 5%, 7/01/2044 | 3,000,000 | 3,146,397 | ||
Massachusetts Port Authority Rev., “E”, 5%, 7/01/2051 | 3,055,000 | 3,201,627 | ||
$20,300,882 | ||||
General Obligations - General Purpose – 12.4% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 705,000 | $631,482 | |
Brockton, MA, Public Safety Facility, General Obligation, 4%, 8/01/2052 | 2,000,000 | 1,987,974 | ||
Commonwealth of Massachusetts, “B”, 5.25%, 8/01/2028 | 2,225,000 | 2,512,777 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “C”, 5%, 5/01/2029 | 1,410,000 | 1,411,188 | ||
Commonwealth of Massachusetts, General Obligation Consolidated Loan, “F”, 5%, 11/01/2042 | 3,000,000 | 3,159,287 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 23,374 | 22,915 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 184,909 | 115,275 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 156,003 | 169,197 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 343,525 | 382,122 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 143,685 | 140,682 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 282,284 | 272,924 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 110,848 | 105,828 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 150,711 | 138,223 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 516,737 | 460,243 | ||
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2041 | 1,095,000 | 1,233,941 | ||
Framingham, MA, General Obligation Purpose Loan, 5%, 8/01/2042 | 1,130,000 | 1,265,533 | ||
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2034 | 1,125,000 | 1,229,921 | ||
Lawrence, MA, General Obligation Purpose Loan, 4%, 6/01/2044 | 1,665,000 | 1,691,482 | ||
Lawrence, MA, General Obligation Purpose Loan, 3%, 2/01/2049 | 3,000,000 | 2,417,970 | ||
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2039 | 1,090,000 | 1,159,293 | ||
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2040 | 1,125,000 | 1,187,104 | ||
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2041 | 1,000,000 | 1,047,643 | ||
Nantucket, MA, General Obligation Purpose Loan, “A”, 4%, 8/15/2042 | 695,000 | 723,025 | ||
New Bedford, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 9/01/2047 | 5,000,000 | 5,009,722 | ||
Norton, MA, General Obligation Municipal Purpose Loan, 5%, 10/15/2025 | 350,000 | 364,885 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2041 | 685,000 | 709,078 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2042 | 790,000 | 811,331 | ||
Pittsfield, MA, General Obligation State Qualified Municipal Purpose Loan, 4%, 12/01/2043 | 730,000 | 747,431 | ||
Provincetown, MA, General Obligation Municipal Purpose Loan, Taxable, 3%, 6/15/2028 | 755,000 | 755,704 | ||
Quincy, MA, General Obligation, “B”, 5%, 7/01/2038 | 675,000 | 782,119 | ||
Quincy, MA, General Obligation, “B”, 5%, 7/01/2039 | 740,000 | 849,794 | ||
Quincy, MA, General Obligation, “B”, 5%, 7/01/2040 | 785,000 | 895,143 | ||
Quincy, MA, General Obligation, “B”, 5%, 7/01/2041 | 620,000 | 704,042 | ||
Quincy, MA, General Obligation, “B”, 5%, 7/01/2042 | 600,000 | 678,140 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 280,000 | 310,004 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 255,000 | 280,638 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2040 | 950,000 | 951,677 | ||
State of Illinois, General Obligation, “C”, 4%, 10/01/2041 | 595,000 | 592,892 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 | 395,000 | 398,521 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 | 160,000 | 160,824 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 5,000,000 | 4,081,633 | ||
$42,549,607 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
General Obligations - Schools – 2.9% | ||||
Bristol-Plymouth Regional Vocational Technical School District, MA, 5%, 2/28/2024 | $ | 6,000,000 | $6,012,879 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | 1,270,000 | 1,101,495 | ||
Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | 1,285,000 | 1,291,411 | ||
San Marcos, CA, Unified School District (Election of 2010), Capital Appreciation, “C”, 0%, 8/01/2038 (Prerefunded 2/15/2024) | 3,375,000 | 1,576,266 | ||
$9,982,051 | ||||
Healthcare Revenue - Hospitals – 15.2% | ||||
California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), “A”, 5%, 8/15/2051 | $ | 2,405,000 | $2,649,616 | |
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 1,960,000 | 1,880,435 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 (Prerefunded 6/01/2029) | 1,500,000 | 1,621,017 | ||
Massachusetts Development Finance Agency Rev. (Baystate Medical Center), “N”, 5%, 7/01/2044 | 2,000,000 | 2,008,403 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “J-2”, 5%, 7/01/2043 | 2,855,000 | 2,983,669 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “J-2”, 5%, 7/01/2048 | 3,615,000 | 3,743,161 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2036 | 635,000 | 689,753 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2037 | 850,000 | 917,183 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Lahey Health, Inc.), “K”, 5%, 7/01/2038 | 700,000 | 749,541 | ||
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 5.25%, 7/01/2048 | 2,000,000 | 2,188,413 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), “I”, 5%, 7/01/2037 | 1,000,000 | 1,032,988 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), “J-2”, 5%, 7/01/2036 | 1,000,000 | 1,072,087 | ||
Massachusetts Development Finance Agency Rev. (CareGroup), “J-2”, 5%, 7/01/2037 | 1,000,000 | 1,066,154 | ||
Massachusetts Development Finance Agency Rev. (Children's Hospital), “P”, 5%, 10/01/2032 (Prerefunded 10/01/2024) | 1,000,000 | 1,015,740 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “N”, 5%, 12/01/2041 | 1,690,000 | 1,748,977 | ||
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “O”, 5%, 12/01/2034 | 400,000 | 442,747 | ||
Massachusetts Development Finance Agency Rev. (Lahey Health System), “F”, 5%, 8/15/2030 | 2,000,000 | 2,045,425 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043 | 1,000,000 | 1,000,120 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “G”, 5%, 7/15/2046 (n) | 1,000,000 | 914,989 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “Q”, 5%, 7/01/2041 | 1,810,000 | 1,865,012 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “Q”, 5%, 7/01/2047 | 1,500,000 | 1,538,085 | ||
Massachusetts Development Finance Agency Rev. (Partners Healthcare), “S”, 4%, 7/01/2041 | 1,500,000 | 1,508,641 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 5%, 7/01/2041 | 2,300,000 | 2,329,150 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2041 | 1,850,000 | 1,885,254 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 | 2,000,000 | 2,054,745 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “L”, 5%, 7/01/2044 | 1,000,000 | 1,018,531 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 2,080,000 | 1,894,428 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 2,000,000 | 1,961,851 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “C”, AGM, 4%, 10/01/2045 | 4,150,000 | 3,909,321 | ||
New York Dormitory Authority Rev. (Norwell Health Obligated Group), “A”, 4.25%, 5/01/2052 | 2,120,000 | 2,120,053 | ||
$51,855,489 | ||||
Healthcare Revenue - Long Term Care – 1.3% | ||||
Massachusetts Development Finance Agency First Mortgage Rev. (Berkshire Retirement Community), 5%, 7/01/2031 | $ | 1,000,000 | $1,016,068 | |
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | 415,361 | 4,154 | ||
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 4%, 12/01/2042 | 485,000 | 444,792 | ||
Massachusetts Development Finance Agency Rev. (Carleton-Willard Village), 5%, 12/01/2042 | 525,000 | 535,173 | ||
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2031 (n) | 500,000 | 497,285 | ||
Massachusetts Development Finance Agency Rev. (Loomis Communities), 4%, 1/01/2051 | 900,000 | 753,415 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 1,250,000 | 1,238,876 | ||
$4,489,763 | ||||
Industrial Revenue - Environmental Services – 0.4% | ||||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.25%, 12/01/2044 (Put Date 12/02/2024) | $ | 1,165,000 | $1,167,035 | |
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 | $412,499 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Miscellaneous Revenue - Other – 3.3% | ||||
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, VRDN, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | $ | 2,235,000 | $2,232,551 | |
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2037 | 1,000,000 | 1,078,476 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2038 | 1,000,000 | 1,071,466 | ||
Massachusetts Development Finance Agency Rev. (Woods Hole Oceanographic Institution), 5%, 6/01/2043 | 1,000,000 | 1,060,230 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2038 | 1,180,000 | 1,251,391 | ||
Massachusetts Port Authority Special Facilities Rev. (BOSFuel Project), “A”, 5%, 7/01/2039 | 2,000,000 | 2,112,146 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 140,000 | 141,615 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 950,000 | 941,440 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 1,495,000 | 1,543,087 | ||
$11,432,402 | ||||
Multi-Family Housing Revenue – 5.7% | ||||
Massachusetts Housing Finance Agency, “A”, 3.7%, 12/01/2038 | $ | 1,000,000 | $995,056 | |
Massachusetts Housing Finance Agency, “A”, 3.8%, 12/01/2043 | 2,025,000 | 1,976,270 | ||
Massachusetts Housing Finance Agency, “C”, 5.35%, 12/01/2049 | 1,035,000 | 1,035,344 | ||
Massachusetts Housing Finance Agency, “C-1”, 5.1%, 12/01/2048 | 1,000,000 | 1,051,469 | ||
Massachusetts Housing Finance Agency, “C-1”, 5.2%, 12/01/2053 | 1,000,000 | 1,055,815 | ||
Massachusetts Housing Finance Agency, “C-1”, HUD Section 8, 4.85%, 12/01/2043 | 1,000,000 | 1,040,367 | ||
Massachusetts Housing Finance Agency, “C-1”, HUD Section 8, 5.125%, 12/01/2057 | 3,000,000 | 3,180,772 | ||
Massachusetts Housing Finance Agency, “A-3”, 3.05%, 12/01/2027 | 3,000,000 | 2,995,871 | ||
Massachusetts Housing Finance Agency, “C-1”, 2.9%, 12/01/2039 | 1,000,000 | 859,927 | ||
Massachusetts Housing Finance Agency, “C-1”, 3.1%, 12/01/2044 | 2,000,000 | 1,633,098 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.75%, 12/01/2030 | 1,425,000 | 1,426,025 | ||
Massachusetts Housing Finance Agency, Multi-Family Housing, “A”, FHA, 4.875%, 12/01/2032 | 1,190,000 | 1,190,826 | ||
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 1,102,858 | 1,113,883 | ||
$19,554,723 | ||||
Sales & Excise Tax Revenue – 5.5% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | $ | 20,000 | $21,538 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 25,000 | 27,107 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 255,000 | 244,116 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A”, 5%, 7/01/2024 | 2,590,000 | 2,617,485 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 1,850,000 | 2,137,280 | ||
Massachusetts School Building Authority, Senior Dedicated Sales Tax Rev., “A”, 5%, 2/15/2044 | 4,000,000 | 4,307,493 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 73,000 | 73,354 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 239,000 | 236,527 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 3,806,000 | 3,819,281 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 597,000 | 592,650 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 256,000 | 254,135 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 5,000 | 4,780 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 2,179,000 | 2,147,818 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 4,000 | 3,921 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 117,000 | 101,836 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 22,000 | 17,593 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 1,059,000 | 775,056 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 1,011,000 | 673,391 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 475,000 | 148,924 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 585,000 | 456,300 | ||
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 | 280,800 | ||
$18,941,385 | ||||
Secondary Schools – 2.1% | ||||
Collegiate Charter School of Lowell, MA, Rev., 5%, 6/15/2054 | $ | 1,000,000 | $926,482 | |
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | 290,000 | 251,347 | ||
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2039 | 1,000,000 | 984,123 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Secondary Schools – continued | ||||
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2030 | $ | 500,000 | $511,603 | |
Massachusetts Development Finance Agency Rev. (Dexter Southfield), 5%, 5/01/2031 | 1,015,000 | 1,038,386 | ||
Massachusetts Development Finance Agency Rev. (Foxborough Regional Charter School), “B”, 5%, 7/01/2037 | 1,000,000 | 1,015,671 | ||
Massachusetts Development Finance Agency Rev. (Roxbury Latin School), “A”, 3.5%, 7/01/2044 | 265,000 | 243,039 | ||
Massachusetts Development Finance Agency Rev. (Sabis International Charter School Issue), 5%, 4/15/2033 | 2,000,000 | 2,017,076 | ||
$6,987,727 | ||||
Single Family Housing - State – 3.8% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 490,000 | $488,581 | |
Massachusetts Housing Finance Agency, Single Family Housing Rev., “206”, 3.3%, 6/01/2034 | 365,000 | 358,528 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “206”, 3.45%, 12/01/2036 | 485,000 | 474,143 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “215”, GNMA, 4%, 12/01/2050 | 2,145,000 | 2,151,147 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “220”, GNMA, 1.35%, 12/01/2029 | 400,000 | 344,283 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “222”, GNMA, 3%, 6/01/2051 | 880,000 | 850,714 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052 | 3,925,000 | 4,183,728 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “230”, 4.3%, 6/01/2025 | 475,000 | 480,463 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “230”, 4.35%, 12/01/2025 | 525,000 | 534,053 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “230”, 4.45%, 6/01/2026 | 315,000 | 322,660 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “214”, GNMA, 2.95%, 12/01/2044 | 1,865,000 | 1,544,797 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “231”, 4.7%, 12/01/2033 | 500,000 | 548,699 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., Taxable, “231”, 4.75%, 12/01/2034 | 560,000 | 615,976 | ||
$12,897,772 | ||||
Student Loan Revenue – 6.2% | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2029 | $ | 1,400,000 | $1,504,775 | |
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2030 | 1,300,000 | 1,414,817 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 2,615,000 | 2,295,137 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | 2,250,000 | 2,030,131 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3.75%, 7/01/2047 | 4,000,000 | 3,372,305 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 635,000 | 613,419 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 3,000,000 | 3,013,512 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 5%, 7/01/2031 | 1,000,000 | 1,097,943 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 2,000,000 | 1,409,154 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 3,000,000 | 2,601,279 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 180,000 | 161,615 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 1,710,000 | 1,688,643 | ||
$21,202,730 | ||||
Tax - Other – 1.0% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035 | $ | 1,670,000 | $1,757,053 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 255,000 | 266,107 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 710,000 | 776,461 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 120,000 | 122,926 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 370,000 | 368,837 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 225,000 | 209,602 | ||
$3,500,986 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 25,000 | $24,673 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 32,000 | 32,566 | ||
$57,239 | ||||
Tobacco – 0.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | $ | 1,290,000 | $1,191,393 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 800,000 | 751,804 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 1,320,000 | 1,220,983 | ||
$3,164,180 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Toll Roads – 0.3% | ||||
Massachusetts Department of Transportation, Metropolitan Highway System Refunding Rev., Subordinated Contract Assistance, 5%, 1/01/2037 | $ | 1,000,000 | $1,101,325 | |
Transportation - Special Tax – 2.8% | ||||
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), “A”, 5%, 6/01/2036 | $ | 2,850,000 | $2,988,154 | |
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement & Accelerated Bridge Programs), “A”, 5%, 6/01/2042 | 3,000,000 | 3,155,817 | ||
Commonwealth of Massachusetts Transportation Fund Rev. (Rail Enhancement Program), “B”, 5%, 6/01/2049 | 3,000,000 | 3,333,458 | ||
$9,477,429 | ||||
Universities - Colleges – 19.8% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), “M”, 3%, 7/01/2047 | $ | 2,830,000 | $2,138,246 | |
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), “S-1”, 5%, 10/01/2038 | 3,015,000 | 3,283,236 | ||
Massachusetts Development Finance Agency Refunding Rev. (Brandeis University), “S-1”, 5%, 10/01/2040 | 2,665,000 | 2,885,320 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) “F”, 5%, 11/01/2040 | 850,000 | 956,228 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) “F”, 4%, 11/01/2041 | 1,800,000 | 1,847,399 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) “F”, 5%, 11/01/2042 | 950,000 | 1,060,598 | ||
Massachusetts Development Finance Agency Refunding Rev. (Olin College) “F”, 4.125%, 11/01/2043 | 1,250,000 | 1,284,853 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035 | 970,000 | 1,015,071 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2036 | 850,000 | 872,738 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2037 | 625,000 | 646,311 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2038 | 340,000 | 348,904 | ||
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 4%, 7/01/2039 | 3,055,000 | 2,839,341 | ||
Massachusetts Development Finance Agency Rev. (Bentley University), 5%, 7/01/2040 | 1,500,000 | 1,547,025 | ||
Massachusetts Development Finance Agency Rev. (Brandeis University), “R”, 5%, 10/01/2038 | 835,000 | 900,041 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2043 | 725,000 | 737,868 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), 5%, 1/01/2048 | 2,845,000 | 2,872,123 | ||
Massachusetts Development Finance Agency Rev. (Emerson College), “A”, 5.25%, 1/01/2042 | 2,000,000 | 2,043,586 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043 | 2,000,000 | 2,017,217 | ||
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 4%, 10/01/2046 | 1,375,000 | 1,204,132 | ||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2045 | 250,000 | 206,916 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2047 | 1,000,000 | 1,008,862 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), 5%, 7/01/2052 | 2,300,000 | 2,340,527 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), “B”, 4%, 7/01/2042 | 475,000 | 449,724 | ||
Massachusetts Development Finance Agency Rev. (Merrimack College), “B”, 4%, 7/01/2050 | 1,825,000 | 1,625,889 | ||
Massachusetts Development Finance Agency Rev. (Northeastern University), 5%, 10/01/2044 | 2,000,000 | 2,246,809 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), “H”, SYNCORA, 5.25%, 10/01/2026 | 1,420,000 | 1,462,171 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), “L”, 5%, 10/01/2035 | 2,000,000 | 2,093,264 | ||
Massachusetts Development Finance Agency Rev. (Simmons University), “M”, 5%, 10/01/2045 | 725,000 | 731,602 | ||
Massachusetts Development Finance Agency Rev. (Springfield College), “A”, 4%, 6/01/2056 | 3,000,000 | 2,453,069 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2046 | 1,000,000 | 873,282 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 1,385,000 | 1,164,544 | ||
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 | 2,000,000 | 2,011,407 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), 5%, 9/01/2031 | 1,110,000 | 1,126,086 | ||
Massachusetts Development Finance Agency Rev. (Western New England University), AGM, 5%, 9/01/2038 | 2,550,000 | 2,732,307 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2039 | 950,000 | 1,035,853 | ||
Massachusetts Development Finance Agency Rev. (Worcester Polytechnic Institute), 5%, 9/01/2047 | 1,395,000 | 1,454,340 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Boston College), 5.5%, 6/01/2027 | 1,735,000 | 1,908,595 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), “I-1”, 5.2%, 1/01/2028 | 1,000,000 | 1,118,211 | ||
Massachusetts Health & Educational Facilities Authority Rev. (University of Massachusetts), “A”, 2.45%, 11/01/2030 (Put Date 4/01/2026) | 3,500,000 | 3,459,257 | ||
Massachusetts Health & Educational Facilities Authority Rev. (Williams College), “I”, 0.7%, 7/01/2033 (Put Date 7/01/2025) | 2,400,000 | 2,276,893 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 265,000 | 259,243 | ||
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 | 75,060 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 90,000 | 90,175 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – continued | ||||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | $ | 470,000 | $471,700 | |
University of Massachusetts Building Authority Project Senior Rev., “1”, 5%, 11/01/2040 | 2,500,000 | 2,553,401 | ||
$67,729,424 | ||||
Utilities - Municipal Owned – 0.6% | ||||
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2039 | $ | 200,000 | $201,913 | |
Guam Power Authority Rev., “A”, AGM, 5%, 10/01/2044 | 235,000 | 236,552 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 35,000 | 9,100 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 315,000 | 81,900 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 510,000 | 132,600 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 385,000 | 379,250 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 35,000 | 34,501 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 800,000 | 208,000 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 125,000 | 32,500 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 65,000 | 16,900 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 30,000 | 7,800 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 300,000 | 78,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 150,000 | 39,000 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 135,000 | 35,100 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 25,000 | 6,500 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 415,000 | 107,900 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 30,000 | 7,800 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 65,000 | 16,900 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 195,000 | 50,700 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 220,000 | 57,200 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 75,000 | 19,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 230,000 | 59,800 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 190,000 | 46,075 | ||
$1,865,491 | ||||
Utilities - Other – 4.1% | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 2,250,000 | $2,380,098 | |
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) | 1,200,000 | 1,306,777 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 2,065,000 | 2,197,562 | ||
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | 2,720,000 | 2,978,149 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 1,270,000 | 1,355,595 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 1,610,000 | 1,661,627 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 2,020,000 | 2,108,780 | ||
$13,988,588 | ||||
Water & Sewer Utility Revenue – 1.9% | ||||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | $ | 455,000 | $468,299 | |
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2027 | 1,280,000 | 1,410,708 | ||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/01/2033 | 2,000,000 | 2,510,871 | ||
Massachusetts Water Pollution Abatement Trust (MWRA Program), “A”, 5%, 8/01/2032 | 75,000 | 75,111 | ||
Massachusetts Water Resources Authority, General Rev., “B”, 5%, 8/01/2042 | 430,000 | 491,335 | ||
Massachusetts Water Resources Authority, General Rev., “B”, 5%, 8/01/2043 | 750,000 | 853,993 | ||
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029 | 595,000 | 690,720 | ||
$6,501,037 | ||||
Total Municipal Bonds | $329,159,764 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 581,000 | $537,610 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 1,134,593 | 360,905 | ||
Total Bonds | $898,515 |
Issuer | Shares/Par | Value ($) | ||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 636,896 | $347,108 | |
Investment Companies (h) – 2.1% | ||||
Money Market Funds – 2.1% | ||||
MFS Institutional Money Market Portfolio, 5.42% (v) | 7,242,735 | $7,244,184 | ||
Other Assets, Less Liabilities – 1.3% | 4,565,978 | |||
Net Assets – 100.0% | $342,215,549 |
(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 $7,244,184 and $330,405,387, 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 $8,124,602, representing 2.4% 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. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
FHA | Federal Housing Administration |
GNMA | Government National Mortgage Assn. |
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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $329,506,872 | $— | $329,506,872 |
U.S. Corporate Bonds | — | 898,515 | — | 898,515 |
Mutual Funds | 7,244,184 | — | — | 7,244,184 |
Total | $7,244,184 | $330,405,387 | $— | $337,649,571 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $8,411,492 | $84,339,859 | $85,504,682 | $(2,284) | $(201) | $7,244,184 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $209,262 | $— |
Massachusetts | 79.2% |
Puerto Rico | 3.8% |
California | 3.7% |
Illinois | 2.0% |
Alabama | 1.6% |
Tennessee | 1.5% |
Texas | 1.0% |
New York | 0.9% |
Connecticut | 0.8% |
Ohio | 0.6% |
Guam | 0.5% |
New Jersey | 0.5% |
Pennsylvania | 0.5% |
South Carolina | 0.4% |
New Hampshire | 0.3% |
Virginia | 0.3% |
Wisconsin | 0.3% |
Colorado | 0.1% |
Washington DC | 0.1% |
Maryland (o) | 0.0% |
Minnesota (o) | 0.0% |
U.S. Virgin Islands (o) | 0.0% |