|
Principal
Amount ($)
|
|
Value ($)
|
|
|
Municipal Bonds and Notes 89.1%
|
|
Massachusetts 83.6%
|
|
Boston, MA, General Obligation:
|
|
|
|
|
|
|
|
|
|
Series D, 4.0%, 10/1/2025
|
|
1,575,000
|
|
1,672,288
|
|
|
Series A, 4.0%, 4/1/2028
|
|
3,435,000
|
|
3,516,753
|
|
|
Series A, 4.0%, 3/1/2029
|
|
2,500,000
|
|
2,534,425
|
|
|
Series A, 4.75%, 4/1/2029
|
|
3,900,000
|
|
4,168,047
|
|
Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project:
|
|
|
|
|
|
|
|
|
|
AMT, 6.5%, 9/1/2035
|
|
1,895,000
|
|
1,328,262
|
|
|
AMT, 8.0%, 9/1/2035*
|
|
960,000
|
|
313,536
|
|
Boston, MA, Metropolitan Transit Parking Corp., System Wide Parking Revenue, 5.25%, 7/1/2036
|
|
2,720,000
|
|
2,875,230
|
|
Boston, MA, Water & Sewer Commission:
|
|
|
|
|
|
|
|
|
|
Series A, 4.0%, 11/1/2027
|
|
3,170,000
|
|
3,291,031
|
|
|
Series A, 5.0%, 11/1/2030
|
|
500,000
|
|
548,575
|
|
Boston, MA, Water & Sewer Commission Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, 5.0%, 11/1/2025
|
|
2,000,000
|
|
2,221,960
|
|
|
Series A, 5.0%, 11/1/2030
|
|
1,270,000
|
|
1,380,846
|
|
Braintree, MA, General Obligation, Municipal Purpose Loan:
|
|
|
|
|
|
|
|
|
|
5.0%, 5/15/2026
|
|
7,645,000
|
|
8,701,309
|
|
|
5.0%, 5/15/2027
|
|
2,295,000
|
|
2,564,433
|
|
Chicopee, MA, Electrical Systems, ETM, 7.125%, 1/1/2017
|
|
405,000
|
|
445,605
|
|
Massachusetts, Airport Revenue, USAir Private Jet, Series A, AMT, 5.75%, 9/1/2016 , INS: NATL
|
|
635,000
|
|
636,079
|
|
Massachusetts, Bay Transportation Authority Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, 5.25%, 7/1/2025
|
|
2,960,000
|
|
3,483,890
|
|
|
Series A, 5.25%, 7/1/2034
|
|
1,700,000
|
|
1,838,465
|
|
|
Series B, 6.2%, 3/1/2016
|
|
2,190,000
|
|
2,289,645
|
|
Massachusetts, Bay Transportation Authority, Sales Tax Revenue:
|
|
|
|
|
|
|
|
|
|
Series A-2, Zero Coupon, 7/1/2027
|
|
21,090,000
|
|
11,583,050
|
|
|
Series C, ETM, 5.0%, 7/1/2015
|
|
190,000
|
|
203,488
|
|
|
Series C, ETM, 5.0%, 7/1/2016
|
|
75,000
|
|
83,543
|
|
|
Series B, 5.0%, 7/1/2035
|
|
3,970,000
|
|
4,202,245
|
|
|
Series A, 5.25%, 7/1/2021
|
|
2,000,000
|
|
2,392,240
|
|
|
Series C, ETM, 5.5%, 7/1/2017
|
|
165,000
|
|
192,430
|
|
Massachusetts, Higher Education Revenue, Building Authority, University of Massachusetts, ETM, 6.875%, 5/1/2014
|
|
465,000
|
|
470,441
|
|
Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032
|
|
3,360,000
|
|
3,287,390
|
|
Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033
|
|
3,000,000
|
|
3,001,470
|
|
Massachusetts, Sales & Special Tax Revenue, Federal Highway Grant, Series A, ETM, Zero Coupon, 12/15/2014
|
|
3,000,000
|
|
2,994,240
|
|
Massachusetts, Special Obligation Consolidated Loan, Series A, 5.5%, 6/1/2016 , INS: NATL
|
|
2,600,000
|
|
2,911,636
|
|
Massachusetts, State Clean Energy Cooperative Corp., Municipal Lighting Plant Cooperative, 5.0%, 7/1/2032
|
|
1,000,000
|
|
1,055,720
|
|
Massachusetts, State College Building Authority, Series A, 5.0%, 5/1/2036
|
|
2,250,000
|
|
2,375,325
|
|
Massachusetts, State College Building Authority Project Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, Prerefunded, 5.0%, 5/1/2031, INS: AMBAC
|
|
2,630,000
|
|
2,909,700
|
|
|
Series A, 5.5%, 5/1/2039
|
|
5,730,000
|
|
6,207,767
|
|
Massachusetts, State College Building Authority Revenue, Series B, 5.0%, 5/1/2043
|
|
2,000,000
|
|
2,078,600
|
|
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series B, 5.0%, 1/1/2032
|
|
14,400,000
|
|
14,836,032
|
|
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Contract Assistance, Series B, 5.0%, 1/1/2035
|
|
4,500,000
|
|
4,674,690
|
|
Massachusetts, State Development Finance Agency Revenue, Bentley University, 5.0%, 7/1/2028
|
|
2,250,000
|
|
2,323,035
|
|
Massachusetts, State Development Finance Agency Revenue, Berkshire Health System, Series G, 5.0%, 10/1/2029
|
|
1,000,000
|
|
1,020,200
|
|
Massachusetts, State Development Finance Agency Revenue, Boston College:
|
|
|
|
|
|
|
|
|
|
Series P, 5.0%, 7/1/2022
|
|
1,500,000
|
|
1,685,550
|
|
|
Series Q-1, 5.0%, 7/1/2029
|
|
1,000,000
|
|
1,073,420
|
|
|
Series R-1, 5.0%, 7/1/2031
|
|
3,000,000
|
|
3,205,620
|
|
Massachusetts, State Development Finance Agency Revenue, Boston University:
|
|
|
|
|
|
|
|
|
|
Series V-1, 5.0%, 10/1/2029
|
|
3,400,000
|
|
3,615,254
|
|
|
Series X, 5.0%, 10/1/2048
|
|
1,500,000
|
|
1,507,140
|
|
Massachusetts, State Development Finance Agency Revenue, Carleton-Willard Village, 5.625%, 12/1/2030
|
|
500,000
|
|
515,165
|
|
Massachusetts, State Development Finance Agency Revenue, College of the Holy Cross, Series B, 5.0%, 9/1/2026
|
|
1,500,000
|
|
1,672,065
|
|
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility:
|
|
|
|
|
|
|
|
|
|
Series B, 11/15/2056 *
|
|
327,629
|
|
1,602
|
|
|
Series A-2, 5.5%, 11/15/2046
|
|
65,870
|
|
45,692
|
|
|
Series A-1, 6.25%, 11/15/2026
|
|
1,235,770
|
|
1,081,311
|
|
Massachusetts, State Development Finance Agency Revenue, Northern Berkshire Healthcare:
|
|
|
|
|
|
|
|
|
|
Series B, 2/15/2043 *
|
|
148,035
|
|
14,863
|
|
|
Series C, 144A, 2/15/2043 *
|
|
230,740
|
|
2
|
|
|
Series A, 144A, 6.0%, 2/15/2043
|
|
188,871
|
|
144,058
|
|
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc.:
|
|
|
|
|
|
|
|
|
|
Series L, 5.0%, 7/1/2036
|
|
500,000
|
|
511,610
|
|
|
Series L, 5.0%, 7/1/2041
|
|
2,000,000
|
|
2,048,980
|
|
Massachusetts, State Development Finance Agency Revenue, Solid Waste Disposal, Dominion Energy Brayton, Series 1, Prerefunded, 5.75% **, 12/1/2042
|
|
1,000,000
|
|
1,215,820
|
|
Massachusetts, State Development Finance Agency Revenue, Wellesley College, Series J, 5.0%, 7/1/2042
|
|
3,500,000
|
|
3,655,155
|
|
Massachusetts, State Development Finance Agency Revenue, Wheelock College, Series C, 5.25%, 10/1/2029
|
|
8,620,000
|
|
8,666,548
|
|
Massachusetts, State Development Finance Agency Revenue, Worcester Polytechnic Institute:
|
|
|
|
|
|
|
|
|
|
5.0%, 9/1/2040
|
|
3,500,000
|
|
3,549,280
|
|
|
5.0%, 9/1/2045
|
|
2,000,000
|
|
2,016,780
|
|
Massachusetts, State General Obligation:
|
|
|
|
|
|
|
|
|
|
Series A, 0.622% ***, 11/1/2018
|
|
5,000,000
|
|
4,949,250
|
|
|
Series A, 5.0%, 3/1/2034
|
|
5,000,000
|
|
5,370,500
|
|
|
Series D, 5.5%, 11/1/2019
|
|
2,000,000
|
|
2,420,660
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Berklee College of Music:
|
|
|
|
|
|
|
|
|
|
Series A, 5.0%, 10/1/2023
|
|
3,385,000
|
|
3,709,791
|
|
|
Series A, 5.0%, 10/1/2037
|
|
9,860,000
|
|
10,034,818
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, CareGroup Healthcare System:
|
|
|
|
|
|
|
|
|
|
Series E-1, 5.125%, 7/1/2033
|
|
3,245,000
|
|
3,289,197
|
|
|
Series E-1, 5.125%, 7/1/2038
|
|
1,500,000
|
|
1,504,770
|
|
|
Series B-2, 5.375%, 2/1/2026, INS: NATL
|
|
695,000
|
|
753,269
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Catholic Health East, 6.25%, 11/15/2032
|
|
1,530,000
|
|
1,681,761
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Children's Hospital, Series M, 5.25%, 12/1/2039 , GTY: The Children's Medical Center
|
|
5,500,000
|
|
5,580,685
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Dana Farber Cancer Institute, Series K, 5.25%, 12/1/2027
|
|
4,000,000
|
|
4,321,800
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Health Education, Stonehill College:
|
|
|
|
|
|
|
|
|
|
5.375%, 7/1/2023
|
|
1,170,000
|
|
1,320,743
|
|
|
5.375%, 7/1/2025
|
|
1,285,000
|
|
1,426,157
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Isabella Stewart Gardner, Series A, 5.0%, 5/1/2029
|
|
1,500,000
|
|
1,584,525
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Lesley University, Series A, 5.25%, 7/1/2039 , INS: AGC
|
|
2,500,000
|
|
2,567,675
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series A, 5.0%, 7/1/2038
|
|
1,965,000
|
|
2,058,062
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Northeastern University, Series Y-1, 5.625%, 10/1/2029
|
|
3,000,000
|
|
3,335,850
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Partners Healthcare Systems, Series J1, 5.0%, 7/1/2034
|
|
10,000,000
|
|
10,192,400
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Sterling & Francine Clark Art Institute, Series B, 5.0%, 7/1/2030
|
|
1,500,000
|
|
1,603,710
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
|
|
10,000,000
|
|
10,298,700
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Tufts University:
|
|
|
|
|
|
|
|
|
|
5.375%, 8/15/2038
|
|
3,000,000
|
|
3,256,020
|
|
|
Series M, 5.5%, 2/15/2027
|
|
1,705,000
|
|
2,000,323
|
|
|
Series M, 5.5%, 2/15/2028
|
|
3,000,000
|
|
3,504,390
|
|
Massachusetts, State Port Authority Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, 5.0%, 7/1/2034
|
|
1,500,000
|
|
1,553,310
|
|
|
Series B, 5.0%, 7/1/2034
|
|
1,350,000
|
|
1,397,979
|
|
|
Series A, AMT, 5.0%, 7/1/2037
|
|
2,200,000
|
|
2,213,618
|
|
|
Series B, 5.0%, 7/1/2040
|
|
8,500,000
|
|
8,570,380
|
|
Massachusetts, State Port Authority Supply Facilities Revenue, Delta Air Lines, Inc. Project:
|
|
|
|
|
|
|
|
|
|
Series A, AMT, 5.5%, 1/1/2014, INS: AMBAC
|
|
1,000,000
|
|
1,000,000
|
|
|
Series A, AMT, 5.5%, 1/1/2017, INS: AMBAC
|
|
4,000,000
|
|
4,001,000
|
|
|
Series A, AMT, 5.5%, 1/1/2018, INS: AMBAC
|
|
5,000,000
|
|
5,000,600
|
|
Massachusetts, State School Building Authority, Dedicated Sales Tax Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, Prerefunded, 5.0%, 8/15/2021, INS: AGMC
|
|
4,500,000
|
|
4,844,475
|
|
|
Series A, 5.0%, 8/15/2024, INS: AMBAC
|
|
7,800,000
|
|
8,774,688
|
|
|
Series A, 5.0%, 8/15/2037, INS: AMBAC
|
|
5,000,000
|
|
5,152,350
|
|
Massachusetts, State School Building Authority, Sales Tax Revenue, Series B, 5.25%, 10/15/2035
|
|
10,000,000
|
|
10,780,300
|
|
Massachusetts, State Transportation Fund Revenue, Accelerated Bridge Program, Series A, 5.0%, 6/1/2038
|
|
1,250,000
|
|
1,322,912
|
|
Massachusetts, State Water Pollution Abatement Trust:
|
|
|
|
|
|
|
|
|
|
Series 13, 5.0%, 8/1/2025
|
|
5,000,000
|
|
5,631,000
|
|
|
Series 13, 5.0%, 8/1/2026
|
|
5,000,000
|
|
5,539,000
|
|
|
Series 2, 5.7%, 2/1/2015
|
|
35,000
|
|
35,161
|
|
Massachusetts, State Water Pollution Abatement Trust, MWRA Program, Series A, 6.0%, 8/1/2019
|
|
4,000,000
|
|
4,922,680
|
|
Massachusetts, State Water Pollution Abatement Trust, Pool Program:
|
|
|
|
|
|
|
|
|
|
Series 11, 5.0%, 8/1/2017
|
|
115,000
|
|
123,266
|
|
|
Series 11, 5.0%, 8/1/2020
|
|
100,000
|
|
107,018
|
|
|
Series 6, 5.625%, 8/1/2015
|
|
120,000
|
|
120,539
|
|
Massachusetts, State Water Resources Authority:
|
|
|
|
|
|
|
|
|
|
Series A, 5.0%, 8/1/2036
|
|
2,500,000
|
|
2,650,300
|
|
|
Series B, 5.0%, 8/1/2036
|
|
3,500,000
|
|
3,687,075
|
|
|
Series A, 5.0%, 8/1/2039
|
|
5,115,000
|
|
5,318,424
|
|
|
Series B, 5.0%, 8/1/2039
|
|
7,500,000
|
|
7,775,550
|
|
|
Series C, 5.25%, 12/1/2015
|
|
825,000
|
|
874,549
|
|
|
Series C, ETM, 5.25%, 12/1/2015
|
|
1,290,000
|
|
1,367,671
|
|
|
Series A, 5.25%, 8/1/2026, INS: NATL
|
|
1,830,000
|
|
2,066,601
|
|
|
Series A, Prerefunded, 5.25%, 8/1/2026, INS: NATL
|
|
120,000
|
|
139,186
|
|
|
Series B, 5.25%, 8/1/2031, INS: AGMC
|
|
5,130,000
|
|
5,764,068
|
|
Massachusetts, Water & Sewer Revenue, Water Resource Authority:
|
|
|
|
|
|
|
|
|
|
Series C, 5.25%, 12/1/2015, INS: NATL
|
|
3,180,000
|
|
3,370,991
|
|
|
Series A, ETM, 6.5%, 7/15/2019
|
|
2,700,000
|
|
3,112,209
|
|
North Reading, MA, Municipal Purpose Loan, 5.0%, 5/15/2035
|
|
5,000,000
|
|
5,265,200
|
|
Plymouth, MA, General Obligation, Municipal Purpose Loan:
|
|
|
|
|
|
|
|
|
|
5.0%, 5/1/2029
|
|
1,660,000
|
|
1,785,264
|
|
|
5.0%, 5/1/2030
|
|
1,595,000
|
|
1,710,095
|
|
Springfield, MA, Water & Sewer Commission Revenue, Series B, 5.0%, 11/15/2030 , INS: AGC
|
|
5,000,000
|
|
5,328,550
|
|
University of Massachusetts, Building Authority Project Revenue, Series 2009-1, 5.0%, 5/1/2034
|
|
4,000,000
|
|
4,199,200
|
|
University of Massachusetts, Building Authority Revenue, Series 2, 5.0%, 11/1/2020 , INS: AMBAC
|
|
11,380,000
|
|
12,284,938
|
|
|
|
373,394,739
|
|
Guam 2.0%
|
|
Guam, Government Limited Obligation Revenue, Section 30:
|
|
|
|
|
|
|
|
|
|
Series A, 5.625%, 12/1/2029
|
|
3,920,000
|
|
4,054,103
|
|
|
Series A, 5.75%, 12/1/2034
|
|
3,725,000
|
|
3,854,816
|
|
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043
|
|
320,000
|
|
329,795
|
|
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2030 , INS: AGMC
|
|
415,000
|
|
424,417
|
|
|
|
8,663,131
|
|
Puerto Rico 3.3%
|
|
Commonwealth of Puerto Rico, General Obligation, Public Improvement, 5.5%, 7/1/2015 , INS: AGMC
|
|
2,500,000
|
|
2,520,250
|
|
Puerto Rico, Commonwealth Highway & Transportation Authority, Highway Revenue, Series Y, 6.25%, 7/1/2014
|
|
145,000
|
|
144,226
|
|
Puerto Rico, Electric Power Authority Revenue:
|
|
|
|
|
|
|
|
|
|
Series XX, 5.25%, 7/1/2040
|
|
5,585,000
|
|
3,491,351
|
|
|
Series WW, 5.375%, 7/1/2024
|
|
5,000,000
|
|
3,499,750
|
|
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
|
|
|
|
|
|
|
|
|
|
Series A, 6.0%, 8/1/2042
|
|
4,325,000
|
|
3,232,245
|
|
|
Series A, 6.375%, 8/1/2039
|
|
2,500,000
|
|
1,942,700
|
|
|
|
14,830,522
|
|
Virgin Islands 0.2%
|
|
Virgin Islands, Public Finance Authority Revenue, Series B, 5.0%, 10/1/2025
|
|
1,000,000
|
|
1,033,840
|
|
|
Total Municipal Bonds and Notes
(Cost $388,507,707)
|
|
397,922,232
|
|
|
Municipal Inverse Floating Rate Notes (a) 24.3%
|
|
Massachusetts
|
|
|
Massachusetts, Bay Transportation Authority, Sales Tax Revenue, Series A, 5.25%, 7/1/2028 (b)
|
|
10,000,000
|
|
11,508,400
|
|
|
Trust: Massachusetts, Bay Transportation Authority, Sales Tax Revenue, Series 2008-1111, 144A, 9.85%, 7/1/2028, Leverage Factor at purchase date: 2 to 1
|
|
|
|
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series B-2, 5.25%, 2/1/2034 (b)
|
|
5,000,000
|
|
5,443,150
|
|
|
Trust: Massachusetts, State Development Finance Agency Revenue, Harvard University, Series 4691, 144A, 10.12%, 1/17/2019, Leverage Factor at purchase date: 2 to 1
|
|
|
|
Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2027, INS: AGMC (b)
|
|
10,000,000
|
|
10,886,996
|
|
Massachusetts, State General Obligation, Series C, 5.25%, 8/1/2023, INS: AGMC (b)
|
|
5,000,000
|
|
5,781,514
|
|
|
Trust: Massachusetts, State General Obligation, Series 2755-1, 144A, 15.264%, 8/1/2027, Leverage Factor at purchase date: 3 to 1
|
|
|
|
Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2026, INS: AGMC (b)
|
|
20,000,000
|
|
22,009,800
|
|
|
Trust: Massachusetts, State General Obligation, Series 2648, 144A, 18.17%, 8/1/2015, Leverage Factor at purchase date: 4 to 1
|
|
|
|
Massachusetts, State Health & Educational Facilities Authority Revenue, Harvard University, Series B, 5.0%, 10/1/2038 (b)
|
|
10,000,000
|
|
10,476,338
|
|
|
Trust: Massachusetts, State Health & Educational Facilities Authority Revenue, Series 3104, 144A, 13.763%, 10/1/2015, Leverage Factor at purchase date: 3 to 1
|
|
|
|
Massachusetts, State Water Pollution Abatement Trust, 5.25%, 8/1/2031 (b)
|
|
12,615,000
|
|
14,357,276
|
|
|
Trust: Massachusetts, State Water Pollution Abatement Trust, Series 2840, 144A, 13.705%, 8/1/2031, Leverage Factor at purchase date: 3 to 1
|
|
|
|
Massachusetts, State Water Resources Authority, Series A, 5.0%, 8/1/2035 (b)
|
|
15,000,000
|
|
15,780,300
|
|
|
Trust: Massachusetts, State Water Resources Authority, Series 3690, 144A, 9.4%, 2/1/2018, Leverage Factor at purchase date: 2 to 1
|
|
|
|
Massachusetts, State Water Resource Authority, Series J, 5.5%, 8/1/2021, INS: AGMC (b)
|
|
10,000,000
|
|
12,076,000
|
|
|
Trust: Massachusetts, State Water Resources Authority, Series 2499, 144A, 19.93%, 8/1/2021, Leverage Factor at purchase date: 4 to 1
|
|
|
|
|
Total Municipal Inverse Floating Rate Notes
(Cost $101,187,118)
|
|
108,319,774
|
|
|
|
|
|
|
|
% of
Net Assets
|
|
Value ($)
|
|
|
Total Investment Portfolio
(Cost $489,694,825) †
|
113.4
|
|
506,242,006
|
|
Other Assets and Liabilities, Net
|
(13.4)
|
|
(59,634,507)
|
|
|
Net Assets
|
100.0
|
|
446,607,499
|
|