Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 97.0% | ||||
Airport Revenue – 0.9% | ||||
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), AGM, 5.125%, 6/30/2060 | $ | 840,000 | $881,000 | |
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 95,000 | 95,625 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 105,000 | 106,060 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 80,000 | 80,217 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 125,000 | 125,335 | ||
$1,288,237 | ||||
General Obligations - General Purpose – 4.0% | ||||
Arkansas Higher Education, General Obligation, 4%, 6/01/2029 | $ | 2,000,000 | $2,005,985 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 375,000 | 335,895 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 80,000 | 87,165 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 550,000 | 600,906 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 225,000 | 226,349 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 9,759 | 9,567 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 77,204 | 48,130 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 65,135 | 70,644 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 63,265 | 70,373 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 59,992 | 58,738 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 111,025 | 107,344 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 46,282 | 44,186 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 62,925 | 57,711 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 216,442 | 192,779 | ||
Little Rock, AR, Library Construction Refunding, 4%, 3/01/2036 | 1,500,000 | 1,558,804 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 132,859 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 115,000 | 126,562 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 115,000 | 126,336 | ||
$5,860,333 | ||||
General Obligations - Schools – 9.3% | ||||
Benton County, AR, Bentonville School District No. 6 Construction Refunding, “B”, 4%, 6/01/2047 | $ | 1,000,000 | $979,342 | |
Benton County, AR, Bentonville School District No. 6 Construction, “G”, 2.25%, 6/01/2046 | 1,000,000 | 688,898 | ||
Crittenden County, AR, Community College District, 4.6%, 2/01/2035 | 285,000 | 285,097 | ||
Crittenden County, AR, Community College District, 4.7%, 2/01/2040 | 625,000 | 625,174 | ||
Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048 | 2,060,000 | 2,059,936 | ||
Fort Smith, AR, School District No. 100 Construction, “B”, 2.75%, 2/01/2045 | 1,370,000 | 1,086,686 | ||
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041 | 1,100,000 | 1,088,500 | ||
Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042 | 1,000,000 | 971,020 | ||
Johnson County, AR, Clarksville School District No. 17 Refunding, 0.5%, 12/01/2024 | 350,000 | 337,906 | ||
Little Rock, AR, School District & Construction of Pulaski County, 3%, 2/01/2030 | 1,030,000 | 1,020,112 | ||
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 755,000 | 608,189 | ||
North Little Rock, AR, School District No. 1, 2%, 2/01/2027 | 2,000,000 | 1,925,249 | ||
North Little Rock, AR, School District No. 1, 2%, 2/01/2038 | 865,000 | 646,160 | ||
Union County, AR, El Dorado School District No. 15 Refunding & Construction, “A”, 5%, 2/01/2044 | 1,250,000 | 1,326,241 | ||
$13,648,510 | ||||
Healthcare Revenue - Hospitals – 12.7% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047 | $ | 2,000,000 | $2,097,204 | |
Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), “A”, 5%, 12/01/2029 | 1,000,000 | 1,033,269 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2034 | 740,000 | 786,143 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 2,000,000 | 2,016,574 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4.25%, 7/01/2041 | 750,000 | 690,893 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 4%, 7/01/2052 | 1,250,000 | 988,452 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038 | 1,900,000 | 1,942,740 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042 | 990,000 | 925,719 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2033 | 1,645,000 | 1,662,636 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027 | $ | 500,000 | $523,980 | |
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 30,000 | 28,774 | ||
Conway, AR, Hospital Rev. (Conway Regional Medical Center), “A”, 4%, 8/01/2038 | 1,000,000 | 968,727 | ||
Doylestown, PA, Hospital Authority Rev., “A”, 4%, 7/01/2045 | 20,000 | 14,881 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 810,000 | 777,118 | ||
Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045 | 300,000 | 306,853 | ||
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048 | 1,000,000 | 1,000,269 | ||
Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040 | 2,820,000 | 2,901,876 | ||
$18,666,108 | ||||
Industrial Revenue - Other – 1.6% | ||||
Lowell, AR, Industrial Development Rev. (Arkansas Democrat-Gazette), VRDN, 2.75%, 10/01/2036 | $ | 2,000,000 | $2,000,000 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 2.875%, 1/01/2041 (n) | 170,000 | 112,083 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 390,000 | 279,125 | ||
$2,391,208 | ||||
Industrial Revenue - Paper – 0.1% | ||||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $ | 100,000 | $100,195 | |
Miscellaneous Revenue - Other – 2.7% | ||||
Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050 | $ | 1,000,000 | $1,000,442 | |
Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034 | 2,000,000 | 2,031,918 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 60,000 | 60,692 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 375,000 | 371,621 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 560,000 | 578,013 | ||
$4,042,686 | ||||
Multi-Family Housing Revenue – 0.3% | ||||
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | $ | 432,505 | $436,829 | |
Sales & Excise Tax Revenue – 18.3% | ||||
Alma, AR, Sales & Use Tax, AGM, 4.125%, 3/01/2039 | $ | 1,000,000 | $1,035,244 | |
Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2038 | 1,000,000 | 1,043,755 | ||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2034 | 1,000,000 | 963,673 | ||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2035 | 1,000,000 | 954,035 | ||
Bentonville, AR, Sales & Use Tax Refunding Improvement, “B”, 3%, 11/01/2036 | 785,000 | 742,571 | ||
Cabot, AR, Sales & Use Tax Refunding and Improvements, “B”, 4%, 12/01/2029 | 250,000 | 264,521 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | 1,585,000 | 670,463 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2030 | 850,000 | 850,860 | ||
Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035 | 1,150,000 | 1,151,021 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2032 | 350,000 | 346,768 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2033 | 370,000 | 366,214 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2034 | 380,000 | 375,409 | ||
Forrest City, AR, Sales & Use Tax , 3%, 11/01/2036 | 400,000 | 385,706 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 10,000 | 10,769 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 10,000 | 10,843 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 110,000 | 105,305 | ||
Guam Government Business Privilege Tax Rev., “D”, 5%, 11/15/2031 | 415,000 | 422,834 | ||
Madison County, AR, Sales & Use Tax, 4.375%, 12/01/2043 | 1,000,000 | 1,031,202 | ||
Madison County, AR, Sales & Use Tax, 4.625%, 12/01/2048 | 500,000 | 536,238 | ||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 1,000,000 | 1,155,287 | ||
Mississippi County, AR, 4%, 6/01/2036 | 650,000 | 651,595 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031 | 335,000 | 330,006 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2034 | 415,000 | 405,754 | ||
Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035 | 425,000 | 408,610 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038 | $ | 1,170,000 | $1,170,274 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 36,000 | 36,175 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 122,000 | 120,737 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 2,898,000 | 2,908,112 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 235,000 | 233,288 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 120,000 | 119,126 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 2,000 | 1,912 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 62,000 | 61,113 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2024 | 3,000 | 2,941 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 66,000 | 57,446 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 12,000 | 9,596 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 593,000 | 434,002 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 568,000 | 378,324 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 270,000 | 84,651 | ||
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2032 | 1,060,000 | 1,081,847 | ||
Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2033 | 1,495,000 | 1,521,512 | ||
Rogers, AR, Sales & Use Tax Rev., “B”, 5%, 11/01/2036 | 2,000,000 | 2,095,194 | ||
Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, “B”, BAM, 4.125%, 8/01/2050 | 2,000,000 | 1,992,476 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 280,000 | 218,400 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), ”A“, 5.625%, 8/01/2024 (a)(d)(n) | 200,000 | 156,000 | ||
$26,901,809 | ||||
Secondary Schools – 0.6% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | $ | 750,000 | $698,391 | |
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n) | 250,000 | 236,364 | ||
$934,755 | ||||
Single Family Housing - State – 0.8% | ||||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | $ | 825,000 | $839,125 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 275,000 | 278,824 | ||
$1,117,949 | ||||
State & Local Agencies – 2.5% | ||||
Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034 | $ | 2,605,000 | $2,608,715 | |
North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 2,360,000 | 1,027,621 | ||
$3,636,336 | ||||
Student Loan Revenue – 0.1% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 10,000 | $9,649 | |
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 | 185,000 | 154,730 | ||
$164,379 | ||||
Tax - Other – 4.3% | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | $ | 90,000 | $93,920 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 260,000 | 284,338 | ||
Fayetteville, AR, Liberty Improvement Bonds, 4%, 1/01/2037 | 2,000,000 | 2,028,118 | ||
Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034 | 3,000,000 | 3,029,177 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”C-3“, 3%, 5/15/2051 | 890,000 | 719,781 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 93,156 | ||
$6,248,490 | ||||
Tax Assessment – 0.0% | ||||
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029 | $ | 15,000 | $14,803 | |
Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | 13,000 | 13,230 | ||
$28,033 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Tobacco – 2.7% | ||||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2027 | $ | 2,470,000 | $2,209,976 | |
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2028 | 500,000 | 433,056 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 185,000 | 170,859 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 750,000 | 704,817 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 490,000 | 453,243 | ||
$3,971,951 | ||||
Toll Roads – 0.9% | ||||
Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), “A”, AGM, 4%, 10/01/2052 | $ | 1,000,000 | $968,271 | |
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | 500,000 | 410,139 | ||
$1,378,410 | ||||
Transportation - Special Tax – 2.0% | ||||
New Jersey Economic Development Authority Rev. (NJ Transit Transportation Project), 4%, 11/01/2044 | $ | 1,015,000 | $1,015,111 | |
New Jersey Transportation Trust Fund Authority, “A”, 5%, 12/15/2039 | 125,000 | 135,988 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “BB”, 4%, 6/15/2044 | 1,775,000 | 1,777,716 | ||
$2,928,815 | ||||
Universities - Colleges – 13.6% | ||||
Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031 | $ | 2,500,000 | $2,502,879 | |
Arkansas State University, Student Fee Rev. (Jonesboro Campus), “C”, AGM, 4.5%, 3/01/2027 | 545,000 | 545,608 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 5%, 12/01/2042 | 500,000 | 534,661 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2047 | 500,000 | 507,197 | ||
Arkansas Technology University Student Fee Rev., “A”, BAM, 4.5%, 12/01/2052 | 1,000,000 | 1,006,228 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2047 | 2,000,000 | 2,195,177 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), “A”, 5%, 12/01/2045 | 1,705,000 | 1,865,461 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2040 | 500,000 | 567,140 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2047 | 2,000,000 | 2,206,759 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), “A”, 5%, 4/01/2052 | 500,000 | 546,888 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047 | 1,000,000 | 1,091,930 | ||
Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052 | 1,000,000 | 962,787 | ||
Connecticut Health & Educational Facilities Authority Rev. (Connecticut College Issue), “M”, 3%, 7/01/2047 | 1,120,000 | 846,231 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 620,000 | 521,312 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 60,000 | 60,048 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 65,000 | 65,126 | ||
Pulaski, AR, Student Tuition & Fee Rev. (Technical College), BAM, 5%, 9/01/2030 | 1,000,000 | 1,028,563 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 340,000 | 341,230 | ||
University of Arkansas Facilities Rev. (Fayetteville Campus), “A”, 5%, 11/01/2043 | 1,500,000 | 1,599,617 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 5%, 11/01/2038 | 500,000 | 521,663 | ||
University of Central Arkansas Student Fee Rev., “A”, AGM, 4%, 11/01/2048 | 550,000 | 521,770 | ||
$20,038,275 | ||||
Utilities - Electric Power – 0.4% | ||||
Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $ | 625,000 | $524,198 | |
Utilities - Municipal Owned – 1.7% | ||||
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2030 | $ | 1,000,000 | $1,036,128 | |
Benton, AR, Public Utility Rev., AGM, 5%, 9/01/2035 | 1,000,000 | 1,032,007 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 3,900 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 155,000 | 40,300 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 260,000 | 67,600 | ||
Puerto Rico Electric Power Authority Refunding Rev., “VV”, NPFG, 5.25%, 7/01/2034 | 15,000 | 14,786 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 410,000 | 106,600 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 65,000 | 16,900 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Utilities - Municipal Owned – continued | ||||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | $ | 30,000 | $7,800 | |
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 15,000 | 3,900 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 145,000 | 37,700 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 60,000 | 15,600 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 70,000 | 18,200 | ||
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) | 210,000 | 54,600 | ||
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) | 25,000 | 6,500 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5%, 7/01/2018 (a)(d) | 95,000 | 24,700 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 110,000 | 28,600 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 35,000 | 9,100 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 95,000 | 24,700 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 80,000 | 19,400 | ||
$2,574,221 | ||||
Utilities - Other – 3.4% | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 815,000 | $862,124 | |
Osceola, AR, Utility & Improvement Refunding Rev., “A”, BAM, 4.25%, 8/01/2053 | 1,500,000 | 1,485,831 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 755,000 | 803,467 | ||
Southeast Alabama Energy, Cooperative District Energy Supply Rev., “A-1”, 5.5%, 11/01/2053 (Put Date 1/01/2031) | 1,005,000 | 1,100,382 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 725,000 | 756,864 | ||
$5,008,668 | ||||
Water & Sewer Utility Revenue – 14.1% | ||||
Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052 | $ | 500,000 | $489,046 | |
Conway, AR, Wastewater Improvement Rev., “A”, 4%, 10/01/2039 | 525,000 | 528,355 | ||
Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035 | 3,850,000 | 4,169,410 | ||
Fort Smith, AR, Water and Sewer Refunding Rev., BAM, 5%, 10/01/2028 | 1,370,000 | 1,451,389 | ||
Fort Smith, AR, Water and Sewer Rev., BAM, 5%, 10/01/2029 | 1,000,000 | 1,058,591 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 85,000 | 87,666 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 500,000 | 507,569 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 245,000 | 246,964 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 245,000 | 246,772 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 200,000 | 205,846 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2047 | 1,000,000 | 768,682 | ||
Hot Springs, AR, Construction Wastewater Rev., “B”, BAM, 2.75%, 12/01/2050 | 1,000,000 | 744,120 | ||
Hot Springs, AR, Wastewater Rev., “C”, BAM, 4.5%, 12/01/2052 | 2,000,000 | 2,022,522 | ||
Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047 | 1,500,000 | 1,516,528 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2035 | 1,125,000 | 1,189,156 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2039 | 1,000,000 | 1,024,528 | ||
Hot Springs, AR, Waterworks Rev., BAM, 4%, 10/01/2041 | 500,000 | 506,830 | ||
Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043 | 1,750,000 | 1,738,240 | ||
Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043 | 750,000 | 723,653 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 50,000 | 50,273 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 65,000 | 65,279 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 75,000 | 75,289 | ||
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2040 | 550,000 | 564,552 | ||
Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2043 | 685,000 | 693,675 | ||
$20,674,935 | ||||
Total Municipal Bonds | $142,565,330 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 245,000 | $226,703 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 472,747 | 150,377 | ||
Total Bonds | $377,080 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 265,920 | $144,927 | |
Investment Companies (h) – 1.7% | ||||
Money Market Funds – 1.7% | ||||
MFS Institutional Money Market Portfolio, 5.42% (v) | 2,540,818 | $2,541,326 | ||
Other Assets, Less Liabilities – 0.9% | 1,311,230 | |||
Net Assets – 100.0% | $146,939,893 |
(a) | Non-income producing security. | |||
(d) | In default. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,541,326 and $143,087,337, 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 $1,750,673, representing 1.2% of net assets. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
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 | $— | $142,710,257 | $— | $142,710,257 |
U.S. Corporate Bonds | — | 377,080 | — | 377,080 |
Mutual Funds | 2,541,326 | — | — | 2,541,326 |
Total | $2,541,326 | $143,087,337 | $— | $145,628,663 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,404,434 | $26,500,905 | $26,362,746 | $(1,185) | $(82) | $2,541,326 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $80,018 | $— |
Arkansas | 76.6% |
Puerto Rico | 4.1% |
New Jersey | 2.0% |
Illinois | 1.8% |
Texas | 1.4% |
Alabama | 1.3% |
Guam | 1.3% |
New York | 1.3% |
Alabama | 1.3% |
Massachusetts | 1.2% |
Maryland | 1.0% |
California | 0.9% |
Washington DC | 0.8% |
North Carolina | 0.7% |
Connecticut | 0.6% |
Ohio | 0.6% |
Tennessee | 0.5% |
Virginia | 0.5% |
Michigan | 0.4% |
Pennsylvania | 0.4% |
New Hampshire | 0.3% |
Wisconsin | 0.3% |
Indiana | 0.1% |
Iowa | 0.1% |
Colorado (o) | 0.0% |
U.S. Virgin Islands (o) | 0.0% |