Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 95.6% | ||||
Alabama - 3.6% | ||||
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 | $356,274 | |
Alabama Southeast Energy, Cooperative District Energy Supply Rev., “B-1”, 5.75%, 4/01/2054 (Put Date 11/01/2031) | 345,000 | 386,367 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 185,000 | 186,300 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.5%, 10/01/2054 (Put Date 6/01/2032) | 250,000 | 276,198 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345,000 | 368,338 | ||
Black Belt Energy Gas District, AL, Gas Supply Rev., “D-1”, 4%, 7/01/2052 (Put Date 6/01/2027) | 315,000 | 316,734 | ||
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 | 1,009,277 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 1,110,000 | 1,116,143 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 2), “A”, 4%, 12/01/2051 (Put Date 12/01/2031) | 750,000 | 748,691 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | 215,000 | 233,460 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 1,000,000 | 1,064,195 | ||
$6,061,977 | ||||
Alaska - 0.2% | ||||
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | $ | 355,000 | $379,859 | |
Arizona - 3.6% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 4.5%, 7/01/2033 | $ | 515,000 | $509,902 | |
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 4.43%, 7/01/2033 | 500,000 | 487,139 | ||
Arizona Industrial Development Authority Education Rev. (Great Hearts Arizona Projects), “A”, 5%, 7/01/2026 | 125,000 | 129,789 | ||
Chandler, AZ, Industrial Development Authority Rev. (Intel Corp. Project), 5%, 9/01/2052 (Put Date 9/01/2027) | 1,255,000 | 1,305,269 | ||
Coconino County, AZ, Pollution Control Refunding Rev. (Nevada Power Co. Projects), “A”, 4.125%, 9/01/2032 (Put Date 3/31/2026) | 155,000 | 156,377 | ||
Glendale, AZ, Industrial Development Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.125%, 7/01/2033 | 5,000 | 4,256 | ||
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 | 13,632 | ||
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6.5%, 3/01/2055 | 290,000 | 329,348 | ||
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), 4.9%, 12/01/2035 (Put Date 2/01/2024) | 1,500,000 | 1,500,215 | ||
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 | 205,347 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 245,000 | 245,384 | ||
Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “B”, GNMA, 6.5%, 1/01/2055 | 345,000 | 388,265 | ||
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.25%, 6/15/2038 | 500,000 | 501,069 | ||
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village of Tempe Project), “A”, 4%, 12/01/2026 | 245,000 | 239,985 | ||
$6,015,977 | ||||
Arkansas - 0.2% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 135,000 | $131,371 | |
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2027 | 125,000 | 124,964 | ||
$256,335 | ||||
California - 3.8% | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 770,000 | $814,522 | |
California Community Choice Financing Authority, Clean Energy Project Rev., “F”, 5.5%, 10/01/2054 (Put Date 11/01/2030) | 395,000 | 438,180 | ||
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, VRDN, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 530,000 | 529,419 | ||
California Municipal Finance Authority Refunding Rev. (William Jessup University), 5%, 8/01/2027 | 500,000 | 500,466 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2034 | 1,000,000 | 1,196,303 | ||
California Municipal Finance Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 4.125%, 10/01/2041 (Put Date 10/01/2025) | 50,000 | 50,090 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group), “A”, 5%, 8/01/2032 (n) | $ | 500,000 | $529,593 | |
California School Finance Authority, Charter School Rev. (Partnerships to Uplift Communities Project), 5%, 8/01/2033 | 715,000 | 732,343 | ||
California Statewide Communities Development Authority Rev. (Adventist Health System West), “A”, 4.125%, 3/01/2034 | 90,000 | 91,224 | ||
California Statewide Communities Development Authority Rev. (American Baptist Homes of the West), 5%, 10/01/2027 | 90,000 | 92,278 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 130,000 | 130,324 | ||
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 | 82,983 | ||
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 | 229,415 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “C”, 5.5%, 5/01/2037 | 750,000 | 882,357 | ||
$6,299,497 | ||||
Colorado - 1.3% | ||||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2026 | $ | 125,000 | $123,586 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2037 | 1,000,000 | 1,116,342 | ||
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2031 | 750,000 | 852,225 | ||
$2,092,153 | ||||
Connecticut - 2.7% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 4%, 7/01/2030 | $ | 1,000,000 | $966,096 | |
Connecticut Higher Education Supplemental Loan Authority Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2031 | 1,530,000 | 1,684,524 | ||
Connecticut Higher Education Supplemental Loan Authority, “B”, 5%, 11/15/2024 | 250,000 | 253,121 | ||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “E-1”, GNMA, 5.5%, 11/15/2052 | 605,000 | 641,639 | ||
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | 890,000 | 917,005 | ||
$4,462,385 | ||||
Delaware - 0.5% | ||||
Delaware Housing Authority, Multi-Family Rev. (Luther Towers Apartments), HUD Section 8, 4.65%, 1/01/2041 | $ | 750,000 | $766,645 | |
District of Columbia - 0.9% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2049 (n) | $ | 250,000 | $222,054 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 100,000 | 95,155 | ||
District of Columbia, Housing Finance Agency, Multi-Family Development Program, “B-2”, 0.5%, 3/01/2027 (Put Date 10/01/2024) | 260,000 | 251,643 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5%, 10/01/2034 | 1,000,000 | 1,002,032 | ||
$1,570,884 | ||||
Florida - 4.8% | ||||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2028 (n) | $ | 500,000 | $463,184 | |
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n) | 500,000 | 469,148 | ||
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (Hampton Point Apartments), “E”, 5%, 5/01/2026 (Put Date 5/01/2025) | 400,000 | 407,844 | ||
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 | 464,147 | ||
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 | 510,618 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036 | 1,000,000 | 1,108,377 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2036 | 1,000,000 | 983,251 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2033 | 350,000 | 383,677 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4%, 6/01/2026 | 300,000 | 295,054 | ||
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.5%, 9/01/2038 | 1,000,000 | 1,176,099 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), 4%, 9/01/2040 | 100,000 | 85,528 | ||
Pompano Beach, FL, Rev. (John Knox Village Project), “A”, 4%, 9/01/2036 | 550,000 | 502,220 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2026 | 190,000 | 184,591 | ||
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 4.375%, 5/01/2033 | 1,000,000 | 1,002,124 | ||
$8,035,862 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - 3.6% | ||||
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 | $513,359 | |
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 | 251,895 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 1,060,423 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 4%, 8/01/2049 (Put Date 12/02/2024) | 775,000 | 776,720 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “B”, 5%, 12/01/2052 (Put Date 6/01/2029) | 500,000 | 527,730 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “C”, 5%, 9/01/2053 (Put Date 9/01/2030) | 455,000 | 486,762 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2037 | 250,000 | 283,672 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2038 | 250,000 | 280,351 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2039 | 250,000 | 277,548 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2040 | 500,000 | 552,251 | ||
Georgia Private Colleges & Universities Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | 985,000 | 1,026,341 | ||
$6,037,052 | ||||
Guam - 1.0% | ||||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2028 | $ | 100,000 | $105,549 | |
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,385 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,421 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 30,000 | 28,719 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 270,000 | 275,097 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 60,000 | 61,463 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 175,000 | 174,450 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 2.699%, 10/01/2026 | 25,000 | 23,173 | ||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 3.489%, 10/01/2031 | 55,000 | 46,471 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 65,000 | 67,039 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 110,000 | 114,748 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2037 | 135,000 | 140,254 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040 | 380,000 | 390,806 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 300,000 | 304,541 | ||
$1,743,116 | ||||
Idaho - 0.3% | ||||
Idaho Housing and Finance Association, Multi-Family Housing Rev. (Sunset Landing Apartments Project), “A”, 0.7%, 7/01/2024 | $ | 60,000 | $58,766 | |
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (White Pine Charter School Project), “A”, 5.5%, 5/01/2043 | 350,000 | 372,982 | ||
$431,748 | ||||
Illinois - 6.2% | ||||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $ | 245,000 | $219,451 | |
Chicago, IL, Board of Education, “A”, NPFG, 5.5%, 12/01/2026 | 70,000 | 72,851 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6.1%, 4/01/2036 | 455,000 | 484,167 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2041 | 1,000,000 | 1,056,777 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2030 | 500,000 | 522,871 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5.25%, 12/01/2036 | 500,000 | 537,670 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 225,000 | 207,624 | ||
Chicago, IL, General Obligation (Neighborhood Alive 21 Program), “B”, 5.5%, 1/01/2037 | 45,000 | 45,484 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2038 | 1,000,000 | 1,086,974 | ||
Chicago, IL, General Obligation, Refunding, “A”, 5.625%, 1/01/2031 | 100,000 | 104,838 | ||
Chicago, IL, Midway Airport Rev., “A”, 5%, 1/01/2026 | 135,000 | 138,834 | ||
Chicago, IL, Midway Airport Rev., “A”, BAM, 5.5%, 1/01/2040 | 1,000,000 | 1,141,759 | ||
Chicago, IL, Multi-Family Housing Rev. (Covent Apartments Project), 4%, 9/01/2025 (Put Date 9/01/2024) | 132,750 | 133,049 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 170,000 | 178,237 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2033 | 400,000 | 449,239 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “C”, 5%, 1/01/2034 | 200,000 | 225,165 | ||
East Moline, IL, General Obligation, Taxable, BAM, 1.665%, 1/15/2025 | 250,000 | 240,368 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2032 | 655,000 | 683,859 | ||
Illinois Finance Authority Rev. (OSF Healthcare System), “A”, 4.125%, 11/15/2037 | 70,000 | 70,240 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5.625%, 5/15/2030 | 855,000 | 858,791 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-2”, 5.25%, 11/15/2027 | 60,000 | 59,809 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “B-3”, 4.75%, 11/15/2027 | $ | 120,000 | $119,617 | |
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%, 5/01/2040 (Put Date 9/01/2028) | 250,000 | 253,369 | ||
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 2.25%, 7/01/2033 | 5,000 | 4,313 | ||
Illinois Highway Authority, Toll Rev., “A”, 5%, 1/01/2040 | 110,000 | 112,514 | ||
Illinois Housing Development Authority Multi-Family Housing Rev. (South Shore), GNMA, 4%, 6/01/2026 (Put Date 6/01/2025) | 325,000 | 326,916 | ||
Illinois Housing Development Authority, Multi-Family Housing Rev. (Berry Manor), 4%, 9/01/2025 (Put Date 9/01/2024) | 500,000 | 500,932 | ||
Southern Illinois University Housing and Auxiliary Facilities System Refunding Rev., “A”, 5%, 4/01/2032 | 200,000 | 222,758 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 150,000 | 166,073 | ||
State of Illinois, Sales Tax Rev., “A”, 5%, 6/15/2027 | 125,000 | 129,712 | ||
$10,388,198 | ||||
Indiana - 2.7% | ||||
Beech Grove, IN, Central Schools Building Corp., “B”, 2%, 7/15/2025 | $ | 100,000 | $97,661 | |
Indiana Finance Authority Refunding Rev., Taxable (BHI Senior Living), “B”, 2.45%, 11/15/2025 | 30,000 | 28,375 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 5%, 10/01/2026 | 200,000 | 206,021 | ||
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5%, 6/01/2038 | 800,000 | 833,468 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 1/01/2030 | 500,000 | 552,938 | ||
Indiana Housing & Community Development Authority, Single Family Mortgage Rev., “B”, 5%, 7/01/2030 | 285,000 | 317,353 | ||
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 5%, 6/01/2031 | 1,000,000 | 1,082,791 | ||
Indianapolis, IN Local Public Improvement Bond Bank Senior Rev. (Convention Center Hotel ), “E”, 5.5%, 3/01/2038 | 500,000 | 552,159 | ||
Whiting, IN, Environmental Facilities Rev. (BP Products North America, Inc. Project), 4.4%, 11/01/2045 (Put Date 6/10/2031) | 750,000 | 770,969 | ||
$4,441,735 | ||||
Iowa - 0.5% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2033 | $ | 600,000 | $653,692 | |
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | 5,000 | 4,824 | ||
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 | 115,000 | 96,184 | ||
$754,700 | ||||
Kansas - 0.6% | ||||
Kansas Development Finance Authority Rev. (Advent Health Obligated Group Hospital), ETM, “B”, 5%, 11/15/2054 (Prerefunded 11/15/2028) | $ | 70,000 | $77,608 | |
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2025 | 125,000 | 124,218 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 5.75%, 12/01/2033 | 725,000 | 726,825 | ||
$928,651 | ||||
Kentucky - 0.8% | ||||
Kentucky Higher Education Student Loan Corp. Rev., “A-1”, 5%, 6/01/2031 | $ | 500,000 | $542,745 | |
Kentucky State University, Certificates of Participation, BAM, 5%, 11/01/2024 | 10,000 | 10,151 | ||
Owen County, KY, Water Facilities Refunding Rev. (Kentucky-American Water Co. Project), 3.875%, 6/01/2040 (Put Date 9/01/2028) | 275,000 | 279,889 | ||
Trimble County, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027) | 210,000 | 213,231 | ||
Trimble County, KY, Environmental Facilities Rev. (Louisville Gas & Electric Co. Project), “A”, 4.7%, 6/01/2054 (Put Date 6/01/2027) | 345,000 | 350,309 | ||
$1,396,325 | ||||
Louisiana - 0.3% | ||||
Capital Area Finance Authority, LA, Single Family Mortgage Rev., GNMA, 6.5%, 4/01/2054 | $ | 255,000 | $287,140 | |
Louisiana Public Facilities Authority Refunding Rev. (Loyola University Project), 5%, 10/01/2025 | 200,000 | 205,327 | ||
$492,467 | ||||
Maine - 0.3% | ||||
State Maine Housing Authority Mortgage Purchase, “B”, 3.125%, 11/15/2054 (Put Date 5/01/2024) | $ | 465,000 | $465,000 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - 0.6% | ||||
Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), “A”, 4%, 7/01/2038 | $ | 450,000 | $468,532 | |
Chestertown, MD, Economic Development Rev., Taxable (Washington College Project), “B”, 1.78%, 3/01/2024 | 550,000 | 546,458 | ||
$1,014,990 | ||||
Massachusetts - 1.8% | ||||
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2026 | $ | 100,000 | $98,948 | |
Massachusetts Development Finance Agency Rev. (Simmons University), “N”, 5.25%, 10/01/2036 | 500,000 | 543,189 | ||
Massachusetts Development Finance Agency Rev. (South Shore Hospital), “I”, 4%, 7/01/2036 | 90,000 | 88,587 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “N”, 0.45%, 7/01/2041 (Put Date 7/01/2025) | 45,000 | 42,531 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue L, “B”, 4.25%, 7/01/2044 | 375,000 | 376,689 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., Issue M, “B”, 3.625%, 7/01/2038 | 275,000 | 261,684 | ||
Massachusetts Housing Finance Agency, “D-3”, FHA, 3.35%, 6/01/2027 | 1,000,000 | 1,003,077 | ||
Massachusetts Housing Finance Agency, Single Family Housing Rev., “225”, 5.5%, 12/01/2052 | 490,000 | 522,300 | ||
$2,937,005 | ||||
Michigan - 2.2% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Refunding Rev. (Catalyst Development Project), “A”, AGM, 5%, 7/01/2033 | $ | 100,000 | $100,673 | |
Michigan Finance Authority Hospital Rev. (Bronson Healthcare Group Inc.), “B”, 5%, 11/15/2044 (Put Date 11/16/2026) | 325,000 | 340,094 | ||
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 | 30,164 | ||
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 | 35,150 | ||
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 | 45,174 | ||
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 | 522,558 | ||
Michigan Housing Development Authority, Rental Housing Rev., “A”, 0.55%, 4/01/2025 | 110,000 | 104,796 | ||
Michigan Housing Development Authority, Single Family Mortgage Rev., “D”, 5.5%, 6/01/2053 | 360,000 | 382,524 | ||
Michigan Strategic Fund Limited Obligation Rev. (DTE Electric Co. Exempt Facilities Project), “DT”, 3.875%, 6/01/2053 (Put Date 6/03/2030) | 1,000,000 | 997,810 | ||
Michigan Strategic Fund Limited Obligation Rev. (I-75 Improvement Project), AGM, 4.125%, 6/30/2035 | 1,000,000 | 1,021,934 | ||
$3,580,877 | ||||
Minnesota - 1.3% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 3%, 7/01/2026 | $ | 125,000 | $118,448 | |
Minnesota Housing Finance Agency, Rental Housing, “C”, GNMA, 3.8%, 2/01/2025 | 145,000 | 145,236 | ||
Minnesota Housing Finance Agency, Residential Housing, “D”, 3%, 1/01/2052 | 215,000 | 208,742 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 4%, 11/01/2042 | 1,000,000 | 999,816 | ||
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 | 748,149 | ||
$2,220,391 | ||||
Mississippi - 0.1% | ||||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $ | 65,000 | $65,234 | |
Mississippi Home Corp., Single Family Mortgage Rev., “B”, GNMA, 3%, 6/01/2051 | 75,000 | 73,193 | ||
$138,427 | ||||
Missouri - 0.9% | ||||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 5%, 3/01/2026 | $ | 150,000 | $153,088 | |
Missouri Health & Educational Facilities Authority Health Facilities Rev. (Saint Luke's Health System, Inc.), 5%, 11/15/2029 | 655,000 | 682,733 | ||
Missouri Housing Development Commission, Single Family Mortgage Rev. (First Place Home Ownership Loan Program), “E”, GNMA, 6.5%, 5/01/2054 | 310,000 | 354,185 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2026 | 125,000 | 120,185 | ||
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., “B”, 3.375%, 12/01/2031 | 100,000 | 99,626 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Poplar Bluff, MO, Transportation Development District Convertible Transportation Sales Tax Refunding & Improvement Rev., Taxable, “A”, 3%, 12/01/2027 | $ | 120,000 | $121,345 | |
$1,531,162 | ||||
Nevada - 0.4% | ||||
Clark County, NV, Jet Aviation Fuel Tax Refunding Rev., “A”, 5%, 7/01/2026 | $ | 455,000 | $473,428 | |
Nevada Housing Division, Multi-Unit Housing Rev. (Woodcreek Apartments), 5%, 12/01/2025 (Put Date 12/01/2024) | 140,000 | 141,620 | ||
$615,048 | ||||
New Hampshire - 1.6% | ||||
National Finance Authority, New Hampshire Rev., Taxable (Centurion Foundation), “C”, 11%, 12/15/2038 | $ | 30,000 | $29,980 | |
National Finance Authority, NH, Lease Rent Rev. (Centurion Biosquare, Inc.), “A”, 5.88%, 12/15/2038 | 915,000 | 916,381 | ||
National Finance Authority, NH, Lease Rent Rev., Taxable (Centurion Biosquare, Inc.), “B”, 9.58%, 12/15/2038 | 55,000 | 54,968 | ||
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%, 12/01/2042 | 1,070,000 | 1,216,773 | ||
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 275,018 | 277,768 | ||
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5%, 4/01/2027 | 105,000 | 109,758 | ||
$2,605,628 | ||||
New Jersey - 3.5% | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds, 5%, 12/01/2024 | $ | 85,000 | $84,818 | |
Monmouth County, NJ, Improvement Authority Rev., Governmental Pooled Loan Project Notes, 4%, 3/15/2024 | 1,000,000 | 1,001,284 | ||
New Jersey Economic Development Authority Rev. (Portal North Bridge Project), “A”, 5%, 11/01/2034 | 1,000,000 | 1,165,255 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “SSS”, 5%, 6/15/2035 (w) | 1,000,000 | 1,166,353 | ||
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 | 262,610 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 630,000 | 622,131 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 5%, 7/15/2028 | 54,000 | 58,972 | ||
Salem County, NJ, Pollution Control Financing Authority Rev. (Philadelphia Electric Co. Project), “A”, 4.45%, 3/01/2025 (Put Date 3/01/2025) | 500,000 | 500,759 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2036 | 410,000 | 465,283 | ||
South Jersey, NJ, Transportation Authority System Rev., “A”, BAM, 5%, 11/01/2037 | 375,000 | 421,136 | ||
$5,748,601 | ||||
New Mexico - 1.0% | ||||
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 | $1,013,003 | |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, “E”, GNMA, 6.25%, 9/01/2053 | 555,000 | 610,038 | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, “D”, GNMA, 5.25%, 3/01/2053 | 110,000 | 116,280 | ||
$1,739,321 | ||||
New York - 5.6% | ||||
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “A”, 5%, 7/01/2032 | $ | 300,000 | $324,038 | |
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5%, 7/01/2036 | 750,000 | 822,665 | ||
Dutchess County, NY, Local Development Corp. Rev. (Nuvance Health), “B”, 5%, 7/01/2028 | 330,000 | 338,347 | ||
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), “A”, 5%, 12/01/2027 | 685,000 | 720,295 | ||
Long Beach, NY, General Obligation, “B”, BAM, 5.25%, 7/15/2032 | 200,000 | 225,562 | ||
Metropolitan Transportation Authority, NY, Transportation Refunding Rev. (Climate Bond Certified), “C-1”, 4%, 11/15/2035 | 500,000 | 507,697 | ||
New York Energy Research and Development Authority, Pollution Control Rev. (New York State Electric & Gas Corp. Project), “C”, 4%, 4/01/2034 (Put Date 4/01/2034) | 680,000 | 703,817 | ||
New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), 2.75%, 9/01/2050 (Put Date 9/02/2025) (n) | 500,000 | 482,155 | ||
New York Housing Finance Agency Affordable Rev., “A-2”, 2.5%, 11/01/2060 (Put Date 5/01/2027) | 950,000 | 913,731 | ||
New York Housing Finance Agency, Affordable Housing Rev., “G-2”, HUD Section 8, 3.45%, 5/01/2062 (Put Date 5/01/2027) | 170,000 | 170,149 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2025 | 500,000 | 503,855 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5.625%, 4/01/2040 | 165,000 | 177,511 |
Issuer | Shares/Par | Value ($) | ||
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%, 10/01/2040 | $ | 250,000 | $252,763 | |
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), 5.5%, 6/30/2041 | 750,000 | 822,847 | ||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060 | 910,000 | 954,417 | ||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Project), “A”, 5%, 12/01/2032 | 270,000 | 295,722 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development), “F-2-A”, 3.4%, 11/01/2062 (Put Date 12/22/2026) | 560,000 | 561,351 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Taxable, “A-1”, 1.015%, 6/01/2024 | 500,000 | 491,887 | ||
$9,268,809 | ||||
North Carolina - 1.0% | ||||
Greater Asheville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2039 | $ | 320,000 | $361,658 | |
North Carolina Education Assistance Authority, Student Loan Rev., “A”, 5%, 6/01/2043 | 60,000 | 62,114 | ||
North Carolina Housing Finance Agency, Home Ownership Refunding Rev., “45”, GNMA, 1.9%, 7/01/2032 | 780,000 | 658,123 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 5%, 3/01/2028 | 125,000 | 125,317 | ||
North Carolina Turnpike Authority, Triangle Expressway System Rev., Capital Appreciation, 0%, 1/01/2040 | 985,000 | 527,910 | ||
$1,735,122 | ||||
North Dakota - 0.8% | ||||
Grand Forks, ND, Healthcare System Rev. (Altru Health System), AGM, 3%, 12/01/2039 | $ | 985,000 | $820,599 | |
Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | 590,000 | 590,069 | ||
$1,410,668 | ||||
Ohio - 2.9% | ||||
Allen County, OH, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), “B-2”, 5%, 10/01/2051 (Put Date 6/04/2030) | $ | 500,000 | $542,435 | |
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 | 351,584 | ||
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 | 203,764 | ||
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.25%, 1/01/2038 | 750,000 | 759,652 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 145,000 | 147,831 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “B”, 4%, 9/01/2030 (Put Date 6/01/2027) | 170,000 | 172,732 | ||
Ohio Air Quality Development Authority Rev. (American Electric Power Co.), “C”, 2.1%, 4/01/2028 (Put Date 10/01/2024) | 750,000 | 732,085 | ||
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 | 504,167 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5%, 12/01/2032 | 600,000 | 626,775 | ||
Ohio Housing Finance Agency Multi-Family Housing Rev. (Thornwood Commons), HUD Section 8, 5%, 12/01/2026 (Put Date 12/01/2025) | 205,000 | 210,405 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “C”, FNMA, 5.75%, 3/01/2054 | 610,000 | 651,553 | ||
$4,902,983 | ||||
Oklahoma - 0.9% | ||||
Norman, OK, Regional Hospital Authority Refunding Rev., 4%, 9/01/2037 | $ | 355,000 | $325,323 | |
Oklahoma Housing Finance Agency, Single Family Mortgage Rev. (Homeownership Loan Project), “D”, GNMA, 6.5%, 9/01/2054 | 500,000 | 570,516 | ||
Rogers County, OK, Educational Facilities Lease Rev. (Catoosa Public Schools Project), 5%, 9/01/2032 | 500,000 | 578,373 | ||
$1,474,212 | ||||
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 | $224,425 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 5,000 | 4,348 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 10,000 | 8,950 | ||
Oregon Facilities Authority Lease Rent Rev. (Legacy Health System - Centurion Foundation), “A”, 4.9%, 9/15/2035 | 430,000 | 470,972 | ||
Oregon Health & Sciences University Rev., “B”, 3.375%, 7/01/2039 | 115,000 | 108,546 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - continued | ||||
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 | $124,107 | |
$941,348 | ||||
Pennsylvania - 4.8% | ||||
Allentown, PA, Commercial and Industrial Development Authority Education Facility Lease Rev. (Lincoln Leadership Academy Charter School Project), 5.5%, 6/15/2038 (n) | $ | 500,000 | $528,406 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2026 | 10,000 | 10,306 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2028 | 65,000 | 35,914 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2030 | 455,000 | 390,851 | ||
Chester County, PA, Industrial Development Authority Educational Facilities Rev. (Avon Grove Charter School), “A”, 4.75%, 12/15/2037 | 80,000 | 80,533 | ||
Delaware Valley, PA, Regional Finance Authority, “C”, FLR, 4.528% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | 795,000 | 682,786 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 | 10,000 | 7,441 | ||
East Bethlehem, PA, Municipal Authority Sewer Rev., 1%, 12/01/2024 | 150,000 | 145,198 | ||
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2031 | 440,000 | 486,502 | ||
Indiana County, PA Industrial Development Authority Rev. (Student Cooperative Association, Inc./Indiana University of Pennsylvania Project), BAM, 5%, 5/01/2032 | 450,000 | 499,527 | ||
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-2”, 5%, 7/01/2038 | 1,000,000 | 1,037,833 | ||
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038 | 500,000 | 507,234 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5%, 12/31/2033 | 1,000,000 | 1,112,404 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2028 | 150,000 | 154,209 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 4%, 3/15/2034 | 85,000 | 85,696 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 5%, 6/01/2027 | 200,000 | 209,526 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 10,000 | 8,907 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “135A”, 3%, 10/01/2051 | 265,000 | 259,144 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 615,000 | 659,299 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5%, 6/15/2032 | 100,000 | 100,490 | ||
Philadelphia, PA, School District, “A”, 5.25%, 9/01/2038 | 410,000 | 469,198 | ||
Westmoreland County, PA, Industrial Development Authority Rev. (Redstone Presbyterian Seniorcare Obligated Group), 4%, 5/15/2026 | 500,000 | 489,599 | ||
$7,961,003 | ||||
Puerto Rico - 1.3% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | $ | 6,295 | $6,172 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 49,801 | 31,047 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 292,016 | 316,713 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 40,810 | 45,395 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 38,698 | 37,889 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 34,785 | 33,632 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 29,854 | 28,502 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 40,591 | 37,228 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 42,214 | 37,599 | ||
Puerto Rico Aqueduct and Sewer Authority Rev., “A”, 5%, 7/01/2025 (n) | 500,000 | 503,429 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 100,000 | 26,000 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 165,000 | 42,900 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 10,000 | 9,857 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 260,000 | 67,600 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 40,000 | 10,400 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 20,000 | 5,200 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 90,000 | 23,400 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,400 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | $ | 40,000 | $10,400 | |
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 130,000 | 33,800 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 2,600 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 15,000 | 3,900 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 65,000 | 16,900 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 70,000 | 18,200 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 20,000 | 5,200 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 60,000 | 15,600 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 50,000 | 12,125 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 23,000 | 23,112 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 20,000 | 19,793 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 164,000 | 164,572 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 76,000 | 75,446 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 956 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 39,000 | 38,442 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 2,000 | 1,961 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 41,000 | 35,686 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 597,000 | 436,929 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 15,000 | 15,014 | ||
$2,211,799 | ||||
Rhode Island - 1.1% | ||||
Rhode Island Housing and Mortgage Finance Corp., Home Ownership Opportunity, “78-A”, 5.5%, 10/01/2052 | $ | 720,000 | $762,385 | |
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 | 1,000,000 | 1,001,895 | ||
$1,764,280 | ||||
South Carolina - 1.3% | ||||
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 4.5%, 10/01/2033 | $ | 415,000 | $414,002 | |
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043 | 280,000 | 277,261 | ||
Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | 335,000 | 334,801 | ||
Patriots Energy Group Financing Agency, SC, Gas Supply Rev., “B-1”, 5.25%, 2/01/2054 (Put Date 3/01/2031) | 650,000 | 707,837 | ||
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 | 254,411 | ||
South Carolina Ports Authority Rev., 5%, 7/01/2025 | 135,000 | 138,121 | ||
$2,126,433 | ||||
South Dakota - 0.0% | ||||
South Dakota Educational Enhancement Funding Corp., Tobacco Settlement Rev., Taxable, 0.961%, 6/01/2024 | $ | 65,000 | $63,844 | |
Tennessee - 6.0% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5%, 10/01/2044 | $ | 1,000,000 | $1,003,102 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CDFI Phase I LLC, University of Tennessee at Chattanooga), 5%, 10/01/2035 | 500,000 | 507,789 | ||
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), 4%, 4/01/2041 | 415,000 | 407,212 | ||
Jackson, TN, Hospital Rev. (Jackson-Madison County General Hospital), ETM, 4%, 4/01/2041 (Prerefunded 4/01/2025) | 10,000 | 10,115 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 750,000 | 772,262 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 9/01/2036 | 1,000,000 | 1,018,576 | ||
Knox County, TN, Health, Educational & Housing Facility Board, Multi-Family Housing Rev. (Westview Towers Project), 3.95%, 12/01/2027 (Put Date 12/01/2025) | 70,000 | 70,255 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 4.75%, 7/01/2027 | 300,000 | 257,531 | ||
Memphis-Shelby County, TN, Economic Development Growth Engine Industrial Development Board, Senior Tax Rev. (Graceland Project), “A”, 5.5%, 7/01/2037 | 100,000 | 69,112 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Lipscomb University Project), “A”, 5%, 10/01/2041 | 1,000,000 | 1,010,457 | ||
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.25%, 7/01/2033 | 1,150,000 | 1,333,727 | ||
Metropolitan Nashville, TN, Airport Authority Special Facilities Rev. (Aero Nashville LLC Project), 5.2%, 7/01/2026 | 290,000 | 290,526 | ||
Nashville, TN, Metropolitan Development and Housing Agency Rev. (Fifth & Broadway Development), 5.125%, 6/01/2036 (n) | 500,000 | 507,759 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Shelby County, TN, Health, Educational & Housing Facility Board, Residential Care Facility Mortgage Rev. (Village at Germantown), 5.25%, 12/01/2049 | $ | 550,000 | $490,137 | |
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 685,000 | 731,167 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 750,000 | 782,963 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2027 | 80,000 | 81,522 | ||
Tennessee Housing Development Agency, Residential Finance Program Rev., “4”, 4%, 7/01/2043 | 645,000 | 637,500 | ||
$9,981,712 | ||||
Texas - 7.7% | ||||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | $ | 145,000 | $149,472 | |
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | 220,000 | 226,620 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 95,000 | 95,227 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 75,000 | 75,811 | ||
Central Texas Regional Mobility Authority Subordinate Lien Rev., “D”, 5%, 1/01/2024 | 100,000 | 100,000 | ||
Dallas, TX, Housing Finance Corp., Multi-Family Housing Rev. (Highpoint at Wynnewood), 3.5%, 2/01/2044 (Put Date 2/01/2026) | 145,000 | 143,972 | ||
Dallas, TX, Senior Lien Special Tax Rev. (Fair Park Venue Project), 6.25%, 8/15/2053 (Put Date 8/15/2028) | 190,000 | 192,919 | ||
Dowdell, TX, Public Utility District, “A”, BAM, 2%, 9/01/2026 | 200,000 | 190,452 | ||
El Paso County, TX, Hospital District Rev., 5%, 8/15/2033 | 100,000 | 100,067 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2037 | 95,000 | 110,546 | ||
Fort Bend County, TX, Lamar Consolidated Independent School District, Unlimited Tax Schoolhouse, 5%, 2/15/2038 | 70,000 | 80,068 | ||
Galveston, TX, Wharves and Terminal First Lien Rev., 5.25%, 8/01/2032 | 750,000 | 837,918 | ||
Harlandale, TX, Independent School District, Maintenance Tax, BAM, 2%, 8/15/2040 (Put Date 8/15/2024) | 75,000 | 74,435 | ||
Horizon, TX, Regional Municipal Utility District, BAM, 3%, 2/01/2025 | 200,000 | 199,512 | ||
Houston, TX, Airport System Subordinate Lien Rev., “A”, AGM, 5%, 7/01/2038 | 665,000 | 738,150 | ||
Houston, TX, Convention & Entertainment Facilities Department, Hotel Occupancy Tax and Special Refunding Rev., 4%, 9/01/2027 | 60,000 | 62,560 | ||
Matagorda County, TX, Navigation District Number One Pollution Control Refunding Rev. (Central Power & Light Co. Project), 4.25%, 5/01/2030 | 500,000 | 500,595 | ||
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2035 | 500,000 | 492,431 | ||
McLennan County, TX, Waco Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 3%, 8/15/2036 | 500,000 | 487,535 | ||
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 | 184,862 | ||
North Texas, TX, Municipal Water District Savine Creek Regional Wastewater System Contract Rev., AGM, 5%, 6/01/2032 | 500,000 | 581,333 | ||
Port Beaumont, TX, Industrial Development Authority Facility Rev., Taxable (Jefferson Gulf Coast Energy Project), “B”, 4.1%, 1/01/2028 (n) | 200,000 | 166,266 | ||
Port Houston, TX, First Lien Rev., 4%, 10/01/2038 | 1,000,000 | 1,034,725 | ||
Reeves & Ward Counties, TX, Pecos-Barstow-Toyah Independent School District, Unlimited Tax School Building Bonds, Texas PSF, 5%, 2/15/2038 | 1,550,000 | 1,595,282 | ||
Student Loan Program Rev. (Higher Education Authority, Inc.), “1A”, 5.125%, 4/01/2043 | 430,000 | 463,493 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 5%, 7/01/2053 (Put Date 7/01/2032) | 105,000 | 118,199 | ||
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 | 280,603 | ||
Texas Municipal Gas Acquisition and Supply Corp IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034) | 930,000 | 1,033,528 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038 | 175,000 | 187,618 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2040 | 635,000 | 682,915 | ||
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2034 | 1,000,000 | 1,144,638 | ||
Texas Public Finance Authority Rev. (Texas Southern University), “A”, BAM, 5%, 5/01/2026 | 125,000 | 128,855 | ||
Texas Public Finance Authority, Financing System Refunding Rev. (Midwestern State University), “A”, 4%, 12/01/2033 | 75,000 | 76,173 | ||
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 | 338,181 | ||
$12,874,961 | ||||
U.S. Virgin Islands - 0.1% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2025 | $ | 100,000 | $100,797 | |
Utah - 1.4% | ||||
Mapleton City, UT, Municipal Energy Sales Tax & Telecommunications Fee Rev., 3%, 6/15/2025 | $ | 200,000 | $199,050 | |
Salt Lake City, UT, Airport Rev. (International Airport), “A”, 5.25%, 7/01/2037 | 1,000,000 | 1,142,923 | ||
Utah Housing Corp., Single Family Mortgage Rev, “A”, GNMA, 6.5%, 1/01/2054 (w) | 110,000 | 122,773 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Utah - continued | ||||
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 2.5%, 8/21/2051 | $ | 14,005 | $11,971 | |
Utah Housing Corp., Tax Exempt Mortgage-Backed Securities, “I”, GNMA, 5%, 9/21/2052 | 720,676 | 739,739 | ||
Utah Infrastructure Agency Telecommunications & Franchise Tax Rev. (Pleasant Grove City Project), 2%, 10/15/2025 | 125,000 | 121,491 | ||
$2,337,947 | ||||
Vermont - 1.8% | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2032 | $ | 1,700,000 | $1,849,478 | |
Vermont Student Assistance Corp., Education Loan Rev., Tax-Exempt, “A”, 5%, 6/15/2032 | 1,000,000 | 1,083,412 | ||
$2,932,890 | ||||
Virginia - 1.8% | ||||
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 | $74,879 | |
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 | 306,805 | ||
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 | 59,966 | ||
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “C-3”, 5.25%, 12/01/2027 (w) | 750,000 | 754,853 | ||
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 | 85,503 | ||
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 | 99,839 | ||
Virginia Beach, VA, Development Authority, Residential Care Facility Refunding Rev. (Westminster-Canterbury on Chesapeake Bay), 5%, 9/01/2029 | 95,000 | 96,572 | ||
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster-Canterbury on Chesapeake Bay), “B-3”, 5.375%, 9/01/2029 | 750,000 | 769,264 | ||
Virginia Small Business Financing Authority Rev. (Hampton University), 5.25%, 10/01/2029 | 180,000 | 182,234 | ||
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 | 613,611 | ||
$3,043,526 | ||||
Washington - 1.6% | ||||
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 210,000 | $207,191 | |
Seattle, WA, Housing Authority Rev. (Lam Bow Apartments Project), 4%, 6/01/2027 | 185,000 | 189,771 | ||
Washington Higher Education Facilities Authority Refunding Rev., (Gonzaga University Project), 4%, 4/01/2041 | 1,000,000 | 1,017,527 | ||
Washington State Housing Finance Commission Non-Profit Housing Refunding Rev. (Eastside Retirement Association DBA Emerald Heights Project), “A”, 4.75%, 7/01/2027 | 430,000 | 429,995 | ||
Washington State Housing Finance Commission Non-Profit Housing Rev. (Eastside Retirement Association DBA Emerald Heights Project), “B-1”, 5%, 7/01/2038 | 795,000 | 831,945 | ||
$2,676,429 | ||||
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 | $324,258 | |
Wisconsin - 3.4% | ||||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Froedtert Health, Inc. Obligated Group), “A”, 4%, 4/01/2040 | $ | 1,000,000 | $1,008,349 | |
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2024 | 205,000 | 204,012 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2027 | 290,000 | 281,725 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2028 | 195,000 | 187,700 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (Saint John's Communities, Inc.), “B”, 4%, 9/15/2029 | 310,000 | 295,510 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5%, 12/01/2037 | 200,000 | 219,323 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Milwaukee Science Education Consortium, Inc.), “A”, 4.5%, 3/15/2033 | 175,000 | 180,294 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Oakwood Lutheran Senior Ministries), 4%, 1/01/2030 | 400,000 | 350,819 | ||
Wisconsin Public Finance Authority Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033 | 750,000 | 814,533 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 215,000 | 215,189 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 | 500,000 | 523,126 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | $ | 55,000 | $51,540 | |
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev., Taxable (Searstone CCRC Project), “C”, 2.75%, 6/01/2026 (n) | 25,000 | 24,628 | ||
Wisconsin Public Finance Authority Hospital Rev., Taxable (UNC Health Southeastern), “B”, 1.143%, 2/01/2024 | 125,000 | 123,816 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 105,000 | 81,900 | ||
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.25%, 7/01/2037 | 670,000 | 770,907 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2030 | 270,000 | 260,530 | ||
$5,593,901 | ||||
Total Municipal Bonds | $158,878,938 | |||
Bonds – 0.4% | ||||
Consumer Services – 0.4% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 149,000 | $137,872 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2028 (n) | 500,000 | 373,487 | ||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 378,198 | 120,302 | ||
Total Bonds | $631,661 | |||
Other Municipal Bonds – 0.1% | ||||
Multi-Family Housing Revenue – 0.1% | ||||
Affordable Housing Opportunities Trust Certificates, AH-01 “A”, 3.527%, 5/01/2039 (n) | $ | 280,000 | $237,580 | |
Contingent Value Instruments - 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 171,535 | $93,487 | |
Investment Companies (h) - 4.1% | ||||
Money Market Funds – 4.1% | ||||
MFS Institutional Money Market Portfolio, 5.42% (v) | 6,739,112 | $6,740,460 | ||
Other Assets, Less Liabilities - (0.3)% | (421,463) | |||
Net Assets - 100.0% | $166,160,663 |
(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 $6,740,460 and $159,841,666, 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 $6,591,111, representing 4.0% 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. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $159,210,005 | $— | $159,210,005 |
U.S. Corporate Bonds | — | 631,661 | — | 631,661 |
Mutual Funds | 6,740,460 | — | — | 6,740,460 |
Total | $6,740,460 | $159,841,666 | $— | $166,582,126 |
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 | $53,276,562 | $49,584,357 | $(1,597) | $741 | $6,740,460 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $142,275 | $— |