Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – 95.8% | ||||
Airport Revenue – 0.1% | ||||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | $ | 55,000 | $54,464 | |
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 50,000 | 48,254 | ||
$102,718 | ||||
General Obligations - General Purpose – 13.5% | ||||
Arab, AL, General Obligation Warrants, “A”, AGM, 3%, 12/01/2046 | $ | 1,120,000 | $907,006 | |
Birmingham, AL, General Obligation Warrants, “B”, 5%, 12/01/2043 | 245,000 | 258,873 | ||
Birmingham-Jefferson, AL, Civic Center Authority Rev., “A”, 5.25%, 6/01/2053 | 750,000 | 814,659 | ||
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 160,000 | 143,315 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2035 | 40,000 | 43,582 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2040 | 270,000 | 294,990 | ||
Chicago, IL, General Obligation, “F”, 5.5%, 1/01/2042 | 110,000 | 110,660 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | 5,121 | 5,021 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | 40,508 | 25,253 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | 34,176 | 37,066 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | 115,194 | 128,137 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | 31,477 | 30,819 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | 57,199 | 55,302 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | 24,283 | 23,183 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 33,016 | 30,280 | ||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | 121,336 | 108,071 | ||
Fort Payne, AL, General Obligation Warrants, “A”, AGM, 5%, 5/01/2047 | 750,000 | 775,285 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2034 | 655,000 | 666,213 | ||
Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), 4%, 12/01/2035 | 250,000 | 255,056 | ||
Oxford, AL, General Obligation Warrants, “A”, 5%, 7/01/2052 | 1,000,000 | 1,082,234 | ||
Pike Road, AL, General Obligation, 5%, 3/01/2048 | 500,000 | 552,746 | ||
Pike Road, AL, General Obligation, 5%, 3/01/2052 | 500,000 | 549,053 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 120,000 | 132,859 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 55,000 | 60,422 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048 | 70,000 | 70,624 | ||
Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052 | 30,000 | 30,155 | ||
Trussville, AL, General Obligation Warrants, “A”, 4%, 8/01/2041 | 750,000 | 756,626 | ||
Vestavia Hills, AL, General Obligation Warrants, 4%, 8/01/2038 | 1,000,000 | 1,023,062 | ||
$8,970,552 | ||||
General Obligations - Schools – 4.1% | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, 4%, 12/01/2047 | $ | 255,000 | $221,166 | |
Little Rock, AR, School District & Construction, “A”, BAM, 3%, 2/01/2048 | 625,000 | 503,468 | ||
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039 | 1,000,000 | 1,015,449 | ||
Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, “B”, BAM, 4.125%, 3/01/2047 | 1,000,000 | 1,002,386 | ||
$2,742,469 | ||||
Healthcare Revenue - Hospitals – 10.0% | ||||
Alabama DCH Health Care Authority, “A”, 4%, 6/01/2046 | $ | 1,000,000 | $939,034 | |
Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033 | 500,000 | 508,923 | ||
Alabama Health Care Authority (Baptist Health), “A”, 5%, 11/15/2037 | 875,000 | 956,003 | ||
Alabama Special Care Facilities Financing Authority Rev. (Daughters of Charity), ETM, AAC, 5%, 11/01/2025 | 50,000 | 52,110 | ||
Birmingham, AL, Special Care Facilities Financing Authority Health Care Rev. (Children's Hospital), 5%, 6/01/2031 | 750,000 | 767,210 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 15,000 | 14,387 | ||
East Alabama Health Care Authority, Health Care Facilities Rev., “A”, 4%, 9/01/2048 | 500,000 | 477,052 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 430,000 | 412,544 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2040 | 1,000,000 | 968,356 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Healthcare Revenue - Hospitals – continued | ||||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), “A”, 4%, 7/01/2049 | $ | 520,000 | $495,117 | |
UAB Medicine Finance Authority Rev., “B”, 5%, 9/01/2035 | 1,000,000 | 1,041,327 | ||
$6,632,063 | ||||
Healthcare Revenue - Long Term Care – 1.8% | ||||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | $ | 250,000 | $213,119 | |
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), “A”, 4%, 12/01/2038 | 1,000,000 | 986,643 | ||
$1,199,762 | ||||
Industrial Revenue - Environmental Services – 0.5% | ||||
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 (z) | $ | 300,000 | $325,565 | |
Industrial Revenue - Other – 0.8% | ||||
Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $ | 500,000 | $440,671 | |
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 82,500 | ||
$523,171 | ||||
Miscellaneous Revenue - Other – 1.7% | ||||
Alabama Stadium Trace Village Improvement District Development Incentive Anticipation, 3.625%, 3/01/2036 | $ | 230,000 | $188,176 | |
California Infrastructure & Economic Development Bank Rev. (Brightline West Passenger Rail), “A”, VRDN, 3.65%, 1/01/2050 (Put Date 1/31/2024) (n) | 375,000 | 374,589 | ||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | 35,000 | 35,404 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 260,000 | 257,657 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 275,000 | 283,845 | ||
$1,139,671 | ||||
Multi-Family Housing Revenue – 2.8% | ||||
Alabama Housing Finance Authority, Multi-Family Housing Rev. (Maryvale Place Project), “F”, HUD Section 8, 4%, 10/01/2025 (Put Date 4/01/2025) | $ | 1,000,000 | $1,003,590 | |
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 219,689 | 221,886 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Mountain View II & III Apartments Project), HUD Section 8, 5%, 2/01/2042 (Put Date 9/01/2025) | 75,000 | 76,412 | ||
New Mexico Mortgage Finance Authority, Multifamily Housing Rev. (Santa Fe Apartment & Sangre de Cristo Project), HUD Section 8, 5%, 2/01/2042 (Put Date 6/01/2025) | 120,000 | 121,193 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), “G”, FHA, 2.45%, 11/01/2045 | 585,000 | 424,641 | ||
$1,847,722 | ||||
Port Revenue – 1.6% | ||||
Alabama Port Authority Docks Facilities Refunding Rev., “A”, AGM, 5%, 10/01/2035 | $ | 1,000,000 | $1,043,158 | |
Sales & Excise Tax Revenue – 9.5% | ||||
Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048 | $ | 1,000,000 | $1,051,202 | |
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2044 | 820,000 | 346,864 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2030 | 5,000 | 5,385 | ||
Guam Government Business Privilege Tax Refunding, “F”, 5%, 1/01/2031 | 5,000 | 5,421 | ||
Guam Government Business Privilege Tax Refunding, “F”, 4%, 1/01/2042 | 60,000 | 57,439 | ||
Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., “A”, 5.25%, 9/01/2052 | 810,000 | 854,378 | ||
Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042 | 1,000,000 | 1,003,703 | ||
Lawrence County, AL, Board of Education Special Tax School Warrants, AGM, 4%, 2/01/2042 | 1,000,000 | 1,024,925 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 16,000 | 16,078 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 57,000 | 56,410 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 796,000 | 798,778 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 142,000 | 140,965 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 58,000 | 57,577 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Sales & Excise Tax Revenue – continued | ||||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | $ | 401,000 | $395,262 | |
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 26,000 | 22,630 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2029 | 4,000 | 3,199 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 247,000 | 180,773 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 237,000 | 157,857 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 110,000 | 34,488 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 100,000 | 78,000 | ||
$6,291,334 | ||||
Single Family Housing - State – 0.9% | ||||
Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), “C-1”, 4%, 11/15/2047 | $ | 110,000 | $109,681 | |
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.45%, 9/01/2043 | 385,000 | 391,592 | ||
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “A”, GNMA, 4.5%, 9/01/2046 | 130,000 | 131,808 | ||
$633,081 | ||||
State & Local Agencies – 1.3% | ||||
Alabama Public Health Care Authority Lease Rev. (Department of Public Health Facilities), 5%, 9/01/2030 | $ | 280,000 | $286,296 | |
Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), “A”, AGM, 5%, 7/01/2030 | 210,000 | 210,273 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2033 | 350,000 | 368,058 | ||
$864,627 | ||||
Student Loan Revenue – 0.8% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3%, 12/01/2039 | $ | 5,000 | $4,825 | |
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044 | 90,000 | 75,274 | ||
Minnesota Office of Higher Education Supplemental Student Loan Program Rev., 2.65%, 11/01/2038 | 40,000 | 35,914 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 415,000 | 409,817 | ||
$525,830 | ||||
Tax - Other – 5.9% | ||||
Birmingham-Jefferson, AL, Civic Center Authority, “A”, 4%, 7/01/2043 | $ | 750,000 | $752,161 | |
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 45,000 | 46,960 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 125,000 | 136,701 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2036 | 30,000 | 30,731 | ||
Guam Government Limited Obligation Rev., “A”, 5%, 12/01/2046 | 85,000 | 84,733 | ||
Jefferson County, AL, Board of Education, 4%, 2/01/2042 | 805,000 | 809,367 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.125%, 2/01/2048 | 500,000 | 504,510 | ||
St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), “A”, BAM, 4.25%, 2/01/2052 | 500,000 | 508,071 | ||
Tuscaloosa, AL, Board of Education, School Tax Warrants, 5%, 8/01/2036 (Prerefunded 8/01/2026) | 1,000,000 | 1,059,426 | ||
$3,932,660 | ||||
Tobacco – 0.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 185,000 | $173,855 | |
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, “B-1”, 3.85%, 6/01/2050 | 250,000 | 231,247 | ||
$405,102 | ||||
Toll Roads – 0.3% | ||||
Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | $ | 250,000 | $205,069 | |
Transportation - Special Tax – 3.5% | ||||
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2035 | $ | 1,000,000 | $1,143,777 | |
Jefferson County, AL, Transportation Infrastructure Bank, Limited Obligation Rev., “B”, AGM, 5%, 8/15/2036 | 1,000,000 | 1,135,624 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 40,000 | 44,790 | ||
$2,324,191 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Universities - Colleges – 13.3% | ||||
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2044 | $ | 300,000 | $297,561 | |
Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049 | 1,000,000 | 952,062 | ||
Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2048 | 500,000 | 530,228 | ||
Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2053 | 500,000 | 527,492 | ||
Auburn University, AL, General Fee Rev., “A”, 5%, 6/01/2048 | 1,500,000 | 1,582,104 | ||
Homewood, AL, Educational Building Authority Facilities Rev. (Samford University), “A”, 5%, 12/01/2034 | 500,000 | 522,882 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, 5%, 7/01/2036 | 580,000 | 602,143 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.25%, 8/01/2048 | 750,000 | 822,516 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 345,000 | 290,085 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 | 60,000 | 58,697 | ||
University of North Alabama, General Fee Rev., “B”, BAM, 5%, 11/01/2039 | 1,000,000 | 1,086,279 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 750,000 | 782,478 | ||
University of West Alabama, General Fee Rev., AGM, 4%, 1/01/2040 | 770,000 | 775,792 | ||
$8,830,319 | ||||
Utilities - Investor Owned – 0.7% | ||||
Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), “C”, 3.78%, 6/01/2034 (Put Date 6/16/2026) | $ | 500,000 | $504,639 | |
Utilities - Municipal Owned – 0.6% | ||||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | $ | 5,000 | $1,300 | |
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 70,000 | 18,200 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2022 (a)(d) | 115,000 | 29,900 | ||
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) | 180,000 | 46,800 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2042 (a)(d) | 30,000 | 7,800 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 15,000 | 3,900 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 5,000 | 1,300 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 65,000 | 16,900 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, AGM, 3.65%, 7/01/2024 | 50,000 | 49,644 | ||
Puerto Rico Electric Power Authority Rev., “SS”, AGM, 4.375%, 7/01/2030 | 15,000 | 14,439 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 40,000 | 10,400 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2023 (a)(d) | 30,000 | 7,800 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 5,000 | 1,300 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2037 (a)(d) | 95,000 | 24,700 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 4.25%, 7/01/2027 | 70,000 | 68,207 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 5,000 | 1,300 | ||
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) | 40,000 | 10,400 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2023 (a)(d) | 50,000 | 13,000 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 15,000 | 3,900 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 55,000 | 14,300 | ||
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 40,000 | 9,700 | ||
$373,876 | ||||
Utilities - Other – 4.8% | ||||
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) | $ | 180,000 | $177,428 | |
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 210,000 | 211,475 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 425,000 | 453,835 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 410,000 | 433,707 | ||
Public Energy Authority of Kentucky, Gas Supply Rev., “A-1”, 4%, 8/01/2052 (Put Date 8/01/2030) | 1,000,000 | 1,003,681 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), “A”, 5.25%, 1/01/2054 (Put Date 7/01/2029) | 360,000 | 383,110 | ||
Southeast Alabama Energy Authority Commodity Supply Rev. (Project No.6), 5%, 1/01/2054 (Put Date 6/01/2030) | 500,000 | 533,664 | ||
$3,196,900 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds – continued | ||||
Water & Sewer Utility Revenue – 16.7% | ||||
Auburn, AL, Waterworks Board Water Rev., 5%, 9/01/2036 (Prerefunded 9/01/2025) | $ | 1,000,000 | $1,035,139 | |
Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.25%, 12/01/2048 | 500,000 | 500,580 | ||
Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.375%, 12/01/2053 | 500,000 | 500,008 | ||
Birmingham, AL, Water Rev., 5%, 1/01/2038 | 500,000 | 578,040 | ||
Birmingham, AL, Water Rev., 5%, 1/01/2039 | 250,000 | 286,646 | ||
Cullman, AL, Utilities Board Water Rev., “A”, AGM, 5%, 9/01/2035 | 1,000,000 | 1,011,672 | ||
Gadsden, AL, Waterworks and Sewer Rev., AGM, 4%, 6/01/2033 | 1,000,000 | 1,029,338 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | 45,000 | 46,412 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | 120,000 | 121,816 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2029 | 45,000 | 45,361 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 7/01/2035 | 45,000 | 45,326 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 95,000 | 97,777 | ||
Jefferson County, AL, Senior Lien Sewer Rev., Current Interest Warrants, “A”, AGM, 5%, 10/01/2044 | 750,000 | 760,678 | ||
Limestone County, AL, Water & Sewer Authority Rev., 5%, 12/01/2045 | 1,000,000 | 1,089,514 | ||
Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050 | 1,000,000 | 778,704 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C-7”, NPFG, 5%, 7/01/2032 | 15,000 | 15,082 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), “D-6”, NPFG, 5%, 7/01/2036 | 20,000 | 20,086 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), “D-1”, AGM, 5%, 7/01/2037 | 20,000 | 20,077 | ||
Montgomery, AL, Water Works and Sanitary Sewer Board, Water and Sewer Rev., 5%, 9/01/2048 | 500,000 | 553,156 | ||
Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047 | 1,000,000 | 999,985 | ||
Prattville, AL Water Works Board Rev., 5.125%, 8/01/2053 | 750,000 | 819,412 | ||
Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 | 700,000 | 508,773 | ||
Texas Water Development Board State Water Implementation Rev., “A”, 5%, 10/15/2058 | 200,000 | 221,266 | ||
$11,084,848 | ||||
Total Municipal Bonds | $63,699,327 | |||
Bonds – 0.3% | ||||
Consumer Services – 0.3% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $ | 136,000 | $125,843 | |
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | 189,099 | 60,151 | ||
Total Bonds | $185,994 | |||
Contingent Value Instruments – 0.1% | ||||
General Obligations - General Purpose – 0.1% | ||||
Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $ | 139,526 | $76,042 | |
Investment Companies (h) – 3.0% | ||||
Money Market Funds – 3.0% | ||||
MFS Institutional Money Market Portfolio, 5.42% (v) | 1,986,785 | $1,987,182 | ||
Other Assets, Less Liabilities – 0.8% | 514,185 | |||
Net Assets – 100.0% | $66,462,730 |
(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 $1,987,182 and $63,961,363, 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 $1,419,411, representing 2.1% 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. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
Muscle Shoals, Sheffield, and Tuscumbia, AL, Solid Waste Disposal Authority Rev. (Cherokee Industrial Landfill Project), “A”, 6%, 5/01/2040 | 6/10/2020 | $310,382 | $325,565 |
% of Net assets | 0.5% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
ETM | Escrowed to Maturity |
FHA | Federal Housing Administration |
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 | $— | $63,775,369 | $— | $63,775,369 |
U.S. Corporate Bonds | — | 185,994 | — | 185,994 |
Mutual Funds | 1,987,182 | — | — | 1,987,182 |
Total | $1,987,182 | $63,961,363 | $— | $65,948,545 |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $1,420,478 | $18,277,130 | $17,709,866 | $(499) | $(61) | $1,987,182 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $54,548 | $— |
Alabama | 77.8% |
Puerto Rico | 4.3% |
Illinois | 2.3% |
California | 1.6% |
Kentucky | 1.5% |
Texas | 1.3% |
New York | 1.0% |
Pennsylvania | 1.0% |
Arkansas | 0.8% |
Guam | 0.8% |
Maryland | 0.8% |
North Carolina | 0.8% |
New Jersey | 0.7% |
Virginia | 0.6% |
Massachusetts | 0.4% |
New Hampshire | 0.3% |
New Mexico | 0.3% |
Ohio | 0.3% |
Colorado | 0.2% |
Connecticut | 0.2% |
Iowa | 0.1% |
Michigan | 0.1% |
Minnesota | 0.1% |
U.S. Virgin Islands | 0.1% |
Wisconsin | 0.1% |