01/20/2022 | Press release | Distributed by Public on 01/20/2022 13:26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05785
MFS INVESTMENT GRADE MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: November 30, 2021
ITEM 1. |
REPORTS TO STOCKHOLDERS. |
Item 1(a):
Letter from the CEO
|
1 |
Portfolio composition
|
2 |
Management review
|
4 |
Performance summary
|
7 |
Investment objective, principal investment strategies and principal risks
|
9 |
Effects of leverage
|
19 |
Portfolio managers' profiles
|
20 |
Dividend reinvestment and cash purchase plan
|
21 |
Portfolio of investments
|
22 |
Statement of assets and liabilities
|
60 |
Statement of operations
|
61 |
Statements of changes in net assets
|
62 |
Statement of cash flows
|
63 |
Financial highlights
|
64 |
Notes to financial statements
|
66 |
Report of independent registered public accounting firm
|
76 |
Results of shareholder meeting
|
78 |
Trustees and officers
|
79 |
Board review of investment advisory agreement
|
83 |
Proxy voting policies and information
|
87 |
Quarterly portfolio disclosure
|
87 |
Further information
|
87 |
Information about fund contracts and legal claims
|
87 |
Federal tax information
|
87 |
MFS® privacy notice
|
89 |
Contact information
|
back cover |
Healthcare Revenue - Hospitals | 31.5% |
General Obligations - General Purpose | 10.7% |
Universities - Colleges | 9.8% |
Student Loan Revenue | 8.9% |
Water & Sewer Utility Revenue | 8.5% |
Toll Roads | 7.5% |
Sales & Excise Tax Revenue | 7.4% |
State & Local Agencies | 7.2% |
Airport Revenue | 6.4% |
General Obligations - Schools | 6.3% |
AAA | 3.8% |
AA | 37.2% |
A | 52.3% |
BBB | 31.5% |
BB | 6.2% |
B | 1.6% |
CCC | 0.3% |
CC | 0.4% |
C | 0.3% |
D | 2.1% |
Not Rated | 16.4% |
Cash & Cash Equivalents (Less Liabilities) (b) |
(48.3)% |
Other | (3.8)% |
Average Duration (d) | 10.0 |
Average Effective Maturity (m) | 18.0 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(b) | Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the remarketable variable rate munifund term preferred shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative due to the aggregate liquidation value of RVMTP shares. Please see the Statement of Assets and Liabilities for additional information related to the fund's cash position and other assets and liabilities. Please see Note 7 in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund. |
(d) | Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This calculation is based on net assets applicable to common shares as of November 30, 2021. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio's ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument's effective maturity for purposes of calculating the fund's dollar-weighted average effective maturity, MFS uses the instrument's stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument's stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of November 30, 2021. |
(d) | Duration is a measure of how much a bond's price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
(r) | Securities rated "BBB", "Baa", or higher are considered investment grade; securities rated "BB", "Ba", or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the |
(y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
Inception Date | 1-yr | 5-yr | 10-yr | |
Market Value (r) | 5/16/89 | 7.63% | 5.95% | 5.77% |
Net Asset Value (r) | 5/16/89 | 5.46% | 6.25% | 6.71% |
Bloomberg Municipal Bond Index (f) | 1.97% | 4.38% | 3.90% |
(f) | Source: FactSet Research Systems Inc. |
(r) | Includes reinvestment of all distributions. Market value references New York Stock Exchange Price. |
(a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's |
(1) | borrow money except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. |
(2) | underwrite securities issued by other persons, except that all or any portion of the assets of the Fund may be invested in one or more investment companies, to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act, and except insofar as the Fund may technically be deemed an underwriter under the Securities Act of 1933, as amended, in selling a portfolio security. |
(3) | issue any senior securities except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. For purposes of this restriction, collateral arrangements with respect to any type of swap, option, Forward Contracts and Futures Contracts and collateral arrangements with respect to initial and variation margin are not deemed to be the issuance of a senior security. |
(4) | make loans except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. |
(5) | purchase or sell real estate (excluding securities secured by real estate or interests therein and securities of companies, such as real estate investment trusts, which deal in real estate or interests therein), interests in oil, gas or mineral leases, commodities or commodity contacts (excluding currencies and any type of option, Futures Contracts and Forward Contracts or other derivative instruments whose value is related to commodities or other commodity contracts) in the ordinary course of its business. The Fund reserves the freedom of action to hold and to sell real estate, mineral leases, commodities or commodity contracts (including currencies and any type of option, Futures Contracts and Forward Contracts) acquired as a result of the ownership of securities. |
(6) | purchase any securities of an issuer in a particular industry if as a result 25% or more of its total assets (taken at market value at the time of purchase) would be invested in securities of issuers whose principal business activities are in the same industry. |
RVMTP Shares as a Percentage of Total Assets (Including Assets Attributable to Leverage) | 32.26% | ||||
Estimated Annual Effective RVMTP Shares Dividend Rate | 1.00% | ||||
Self-Deposited Inverse Floaters as a Percentage of Total Assets (Including Assets Attributable to Leverage) | 2.43% | ||||
Estimated Annual Effective Interest Expense Rate Payable by Fund on Self-Deposited Inverse Floaters | 0.30% | ||||
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective RVMTP Shares Dividend Rate and Interest Expense on Self-Deposited Inverse Floaters | 0.33% | ||||
Assumed Return on Portfolio (Net of Expenses) | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% |
Corresponding Return to Common Shareholder | -15.82% | -8.16% | -0.51% | 7.15% | 14.81% |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Michael Dawson | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1998. |
Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 150.1% | ||||
Alabama - 1.2% | ||||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | $ | 40,000 | $ 47,152 | |
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 50,000 | 51,866 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, "B", AGM, 0%, 10/01/2026 | 95,000 | 82,165 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, "B", AGM, 0%, 10/01/2029 | 135,000 | 95,865 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, "B", AGM, 0%, 10/01/2034 | 190,000 | 95,038 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, "B", AGM, 0%, 10/01/2035 | 365,000 | 170,960 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), "A", 4.5%, 5/01/2032 (n) | 255,475 | 275,351 | ||
University of South Alabama, Facilities Rev., "A", BAM, 5%, 4/01/2044 | 170,000 | 208,701 | ||
University of South Alabama, Facilities Rev., "A", BAM, 5%, 4/01/2049 | 100,000 | 122,060 | ||
$1,149,158 | ||||
Arizona - 2.6% | ||||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2036 | $ | 60,000 | $ 66,667 | |
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2041 | 45,000 | 49,760 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), "A", 5%, 7/01/2046 | 80,000 | 88,058 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 70,000 | 76,057 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 80,000 | 85,785 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n) | 165,000 | 169,144 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)(w) | 120,000 | 123,297 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n) | 145,000 | 148,642 | ||
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032 | 795,000 | 1,050,248 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 | $ | 745,000 | $ 746,183 | |
$2,603,841 | ||||
Arkansas - 0.4% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2044 | $ | 140,000 | $ 173,607 | |
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 3.5%, 7/01/2046 | 25,000 | 25,224 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), "A", 5%, 2/01/2035 | 30,000 | 33,244 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), "C", 5%, 2/01/2033 | 50,000 | 55,555 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 120,000 | 134,752 | ||
$422,382 | ||||
California - 12.1% | ||||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | $ | 130,000 | $ 113,039 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 235,000 | 200,073 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 470,000 | 391,707 | ||
California Community Housing Agency, Essential Housing Rev. (Aster), "A-1", 4%, 2/01/2056 (n) | 175,000 | 184,023 | ||
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., "A", 4%, 1/15/2046 | 1,000,000 | 1,165,358 | ||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), "A", 4%, 8/15/2048 (w) | 935,000 | 1,108,857 | ||
California Housing Finance Agency Municipal Certificates, "X", 0.795%, 11/20/2035 (i) | 1,847,505 | 124,071 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 40,000 | 47,248 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), "B-1", 3.125%, 5/15/2029 (n) | 55,000 | 55,735 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), "B-2", 2.375%, 11/15/2028 (n) | 35,000 | 35,373 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), "B-3", 2.125%, 11/15/2027 (n) | 50,000 | 50,440 | ||
California Public Works Board Lease Rev. (Various Capital Projects), "A", 5%, 2/01/2032 | 445,000 | 604,770 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Public Works Board Lease Rev. (Various Capital Projects), "A", 5%, 8/01/2035 (w) | $ | 380,000 | $ 494,470 | |
California Public Works Board Lease Rev. (Various Capital Projects), "I", 5%, 11/01/2038 | 1,220,000 | 1,321,352 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), "A", 5%, 9/01/2033 | 1,135,000 | 1,270,622 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", 5%, 7/01/2030 (n) | 40,000 | 45,129 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), "A", 5%, 7/01/2045 (n) | 100,000 | 111,456 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2034 | 85,000 | 96,032 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5.25%, 12/01/2044 | 245,000 | 276,328 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), "A", 5%, 12/01/2046 (n) | 120,000 | 137,431 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 100,000 | 108,237 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), "A-1", 2.65%, 12/01/2046 (n) | 255,000 | 238,100 | ||
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), "A-1", 4%, 8/01/2056 (n) | 100,000 | 105,116 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A", 5%, 6/01/2030 (Prerefunded 6/01/2023) | 85,000 | 91,023 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., "A", 3.5%, 6/01/2036 | 65,000 | 65,664 | ||
Hastings Campus Housing Finance Authority Rev., "A", 5%, 7/01/2061 (n) | 325,000 | 376,241 | ||
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, "B", 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 330,000 | 201,465 | ||
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 50,000 | 51,582 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., "D", AGM, 5%, 9/01/2023 | 185,000 | 200,005 | ||
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., "D", ETM, AGM, 5%, 9/01/2023 | 25,000 | 27,041 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), "A", CALHF, 5%, 11/15/2034 | 35,000 | 36,343 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), "A", CALHF, 5%, 11/15/2044 | 65,000 | 67,405 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, "A", 0% to 8/01/2023, 5.875% to 8/01/2028 | $ | 140,000 | $ 165,346 | |
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, "A", 0% to 8/01/2028, 6.25% to 8/01/2043 | 355,000 | 408,566 | ||
San Diego County, CA, Regional Airport Authority Rev., "B", 5%, 7/01/2056 (w) | 360,000 | 449,570 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., "A", 5%, 1/01/2047 | 195,000 | 237,442 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), "A", 5%, 8/01/2043 | 25,000 | 27,729 | ||
State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 770,000 | 964,367 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, "A", 5%, 10/01/2049 | 55,000 | 68,621 | ||
West Contra Costa, CA, Unified School District, "B", NPFG, 6%, 8/01/2024 | 115,000 | 122,591 | ||
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 125,000 | 137,183 | ||
$11,983,151 | ||||
Colorado - 4.3% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | $ | 10,000 | $ 11,477 | |
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 41,000 | 50,904 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), "A", 5%, 12/01/2038 | 75,000 | 82,210 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 40,000 | 40,881 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 145,000 | 158,395 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 685,000 | 852,617 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), "A", 5%, 3/15/2055 | 325,000 | 398,183 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), "A", 5%, 6/01/2050 | 130,000 | 160,566 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | $ | 145,000 | $ 166,560 | |
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 90,000 | 97,246 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), "A", 5%, 1/01/2044 | 380,000 | 413,430 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), "A", 4%, 11/15/2038 | 115,000 | 136,601 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), "A", 4%, 11/15/2043 | 245,000 | 287,416 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 70,000 | 80,652 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 120,000 | 137,120 | ||
Denver, CO, Health & Hospital Authority Rev., "A", 4%, 12/01/2040 | 140,000 | 162,090 | ||
Denver, CO, Health & Hospital Authority Rev., "A", 5.25%, 12/01/2045 | 95,000 | 101,811 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., "A", NPFG, 5%, 12/01/2045 | 405,000 | 457,040 | ||
State of Colorado (Building Excellent Schools Today), "S", COP, 4%, 3/15/2046 (w) | 360,000 | 426,080 | ||
$4,221,279 | ||||
Connecticut - 0.3% | ||||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | $ | 275,000 | $ 288,197 | |
District of Columbia - 0.2% | ||||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), "B", AGM, 4%, 10/01/2053 | $ | 175,000 | $ 199,391 | |
Florida - 6.0% | ||||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | $ | 80,000 | $ 87,107 | |
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 35,000 | 38,193 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 60,000 | 65,579 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 | 105,000 | 119,511 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 | 105,000 | 119,511 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), "A", 4%, 7/01/2051 (n) | $ | 100,000 | $ 106,554 | |
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), "A", 4%, 7/01/2055 | 25,000 | 26,989 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 200,000 | 227,630 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), "A", 4%, 6/01/2055 (n) | 165,000 | 181,132 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), "A", 5%, 6/01/2048 (n) | 100,000 | 115,425 | ||
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), "A", 4%, 8/01/2045 | 1,000,000 | 1,169,526 | ||
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), "A", 4%, 1/01/2046 | 250,000 | 288,085 | ||
Miami-Dade County, FL, Aviation Rev., "A", 4%, 10/01/2040 | 250,000 | 295,904 | ||
Miami-Dade County, FL, Seaport Refunding Rev., "A-1", AGM, 4%, 10/01/2045 | 145,000 | 170,920 | ||
Miami-Dade County, FL, Special Obligation, "B", 5%, 10/01/2035 (Prerefunded 10/01/2022) | 180,000 | 187,203 | ||
North Broward, FL, Hospital District Rev. (Broward Health), "B", 5%, 1/01/2042 | 275,000 | 323,538 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), "A-1", 5%, 10/01/2049 | 60,000 | 74,216 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, 10/01/2037 | 105,000 | 67,240 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, "A-2", 0%, 10/01/2042 | 175,000 | 91,382 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 4.25%, 6/01/2056 (w) | 70,000 | 72,761 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 115,809 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), "A", 4%, 12/15/2050 | 40,000 | 43,405 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), "A", 5%, 7/01/2026 | 20,000 | 21,720 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), "A", 5%, 7/01/2029 | 20,000 | 21,694 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), "A", 5.125%, 7/01/2034 | 40,000 | 43,448 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), "A", 5.25%, 7/01/2044 | $ | 120,000 | $ 130,263 | |
Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 85,000 | 95,820 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, "A", 0%, 9/01/2045 | 980,000 | 429,559 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), "B", 5%, 7/01/2050 | 180,000 | 223,342 | ||
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025 | 825,000 | 910,161 | ||
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 50,000 | 50,052 | ||
$5,913,679 | ||||
Georgia - 4.0% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., "A", 4%, 1/01/2054 | $ | 65,000 | $ 73,649 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 100,000 | 116,285 | ||
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), "A", 4%, 7/01/2044 | 145,000 | 169,014 | ||
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), "A", 4%, 7/01/2049 | 215,000 | 248,922 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), "B", 4%, 4/01/2039 | 45,000 | 53,068 | ||
DeKalb County, GA, Water & Sewer Rev., "A", 5.25%, 10/01/2028 | 125,000 | 125,518 | ||
DeKalb County, GA, Water & Sewer Rev., "A", 5.25%, 10/01/2029 | 120,000 | 120,494 | ||
DeKalb County, GA, Water & Sewer Rev., "A", 5.25%, 10/01/2030 | 75,000 | 75,310 | ||
DeKalb County, GA, Water & Sewer Rev., "A", 5.25%, 10/01/2041 | 340,000 | 341,402 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), "A", 4%, 4/01/2050 | 130,000 | 148,891 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, 9/15/2026 | 120,000 | 145,026 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5.5%, 9/15/2028 | 250,000 | 316,012 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., "A", 5%, 5/15/2043 | 75,000 | 90,354 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), "A", 5%, 1/01/2056 | 65,000 | 78,782 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), "A", 5%, 1/01/2063 | 70,000 | 84,843 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), "A", AGM, 5%, 1/01/2062 | 395,000 | 483,899 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5.5%, 8/15/2054 (Prerefunded 2/15/2025) | $ | 320,000 | $ 370,780 | |
Private Colleges & Universities, GA, Authority Rev. (Emory University), "B", 4%, 9/01/2038 | 180,000 | 215,666 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), "B", 4%, 9/01/2039 | 145,000 | 173,377 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), "B", 4%, 9/01/2040 | 145,000 | 173,078 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), "B", 4%, 9/01/2041 | 290,000 | 345,353 | ||
$3,949,723 | ||||
Guam - 0.3% | ||||
Guam Government Business Privilege Tax Rev., "A", 5.25%, 1/01/2036 | $ | 40,000 | $ 40,161 | |
Guam International Airport Authority Rev. (A.B. Won Pat Airport), "A", 4.46%, 10/01/2043 | 35,000 | 36,771 | ||
Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | 175,000 | 214,041 | ||
$290,973 | ||||
Hawaii - 0.2% | ||||
Hawaii Harbor System Rev., "A", 4%, 7/01/2036 | $ | 35,000 | $ 41,795 | |
State of Hawaii, Highway Rev., "A", 5%, 1/01/2031 | 120,000 | 120,465 | ||
State of Hawaii, Highway Rev., "A", 5%, 1/01/2032 | 80,000 | 80,310 | ||
$242,570 | ||||
Idaho - 0.1% | ||||
Idaho Housing and Finance Association, Federal Highway Trust Fund, "A", 4%, 7/15/2038 | $ | 40,000 | $ 48,223 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, "A", 4%, 7/15/2039 | 45,000 | 53,910 | ||
$102,133 | ||||
Illinois - 15.2% | ||||
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 110,692 | $ 109,437 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 360,000 | 386,811 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 100,000 | 115,800 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 420,000 | 508,278 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2025 | $ | 85,000 | $ 99,354 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2026 | 30,000 | 36,082 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2027 | 85,000 | 104,842 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2028 | 40,000 | 50,506 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2029 | 30,000 | 38,522 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2030 | 20,000 | 26,194 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", AAC, 5.5%, 12/01/2031 | 55,000 | 73,445 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "C", AGM, 5%, 12/01/2030 | 115,000 | 142,567 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "C", AGM, 5%, 12/01/2031 | 220,000 | 272,013 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "C", AGM, 5%, 12/01/2032 | 190,000 | 234,533 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "A", AGM, 5%, 12/01/2029 | 100,000 | 124,383 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "H", 5%, 12/01/2046 | 180,000 | 210,976 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2025 | 25,000 | 28,215 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2026 | 120,000 | 139,241 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2027 | 80,000 | 95,160 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2028 | 20,000 | 24,328 | ||
Chicago, IL, General Obligation, "A", 5.25%, 1/01/2028 | 25,000 | 27,748 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2029 | 215,000 | 266,912 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2031 | 30,000 | 37,655 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2036 | 85,000 | 93,960 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2039 | 70,000 | 85,981 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2040 | 15,000 | 18,335 | ||
Chicago, IL, General Obligation, "A", 5%, 1/01/2044 | 210,000 | 254,741 | ||
Chicago, IL, General Obligation, "A", 5.5%, 1/01/2049 | 275,000 | 342,055 | ||
Chicago, IL, General Obligation, "D", 5.5%, 1/01/2033 | 70,000 | 80,514 | ||
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, "A", 4%, 12/01/2051 (w) | 565,000 | 672,830 | ||
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, "C", 5%, 12/01/2029 | 855,000 | 856,713 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 70,000 | 73,653 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | $ | 35,000 | $ 36,819 | |
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 145,000 | 152,666 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, 1/01/2048 | 140,000 | 167,977 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, "A", 5%, 1/01/2053 | 75,000 | 89,604 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., "A", 5%, 12/01/2045 | 270,000 | 334,565 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 455,000 | 529,225 | ||
Cook County, IL, Sales Tax Rev., "A", 4%, 11/15/2041 | 260,000 | 307,154 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), "A", 5%, 1/01/2034 | 145,000 | 171,306 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), "A", 5%, 1/01/2035 | 145,000 | 171,087 | ||
Illinois Finance Authority Rev. (Franciscan Communities), "A", 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 20,000 | 21,266 | ||
Illinois Finance Authority Rev. (Franciscan Communities), "A", 4.75%, 5/15/2033 | 140,000 | 145,177 | ||
Illinois Finance Authority Rev. (Franciscan Communities), "A", 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 15,000 | 16,031 | ||
Illinois Finance Authority Rev. (Franciscan Communities), "A", 5.125%, 5/15/2043 | 110,000 | 114,173 | ||
Illinois Finance Authority Rev. (Presence Health Network), "C", 5%, 2/15/2036 | 85,000 | 101,897 | ||
Illinois Finance Authority Rev. (Presence Health Network), "C", 5%, 2/15/2041 | 120,000 | 143,415 | ||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), "A", 6%, 7/01/2043 | 565,000 | 602,478 | ||
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), "C", 5%, 8/15/2035 | 315,000 | 360,597 | ||
Illinois Finance Authority Rev. (University of Chicago), "A", 5%, 10/01/2035 | 1,000,000 | 1,121,374 | ||
Illinois Finance Authority Rev. (University of Chicago), "A", 5%, 10/01/2035 | 390,000 | 567,241 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 230,000 | 259,707 | ||
Illinois Sales Tax Securitization Corp., "A", 5%, 1/01/2030 | 5,000 | 6,129 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2026 | 55,000 | 64,271 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2027 | $ | 120,000 | $ 144,327 | |
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | 110,000 | 135,648 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2029 | 25,000 | 31,552 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2030 | 55,000 | 70,833 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2036 | 50,000 | 63,522 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2037 | 70,000 | 90,223 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | 50,000 | 58,867 | ||
Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | 30,000 | 35,370 | ||
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 143,000 | 143,124 | ||
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, "A", AGM, 0%, 12/15/2056 | 220,000 | 82,108 | ||
Romeoville, IL, Rev. (Lewis University Project), "A", 5%, 10/01/2042 | 130,000 | 142,717 | ||
Romeoville, IL, Rev. (Lewis University Project), "B", 5%, 10/01/2039 | 60,000 | 66,068 | ||
Romeoville, IL, Rev. (Lewis University Project), "B", 4.125%, 10/01/2041 | 45,000 | 47,889 | ||
Romeoville, IL, Rev. (Lewis University Project), "B", 4.125%, 10/01/2046 | 50,000 | 52,980 | ||
State of Illinois, AGM, 5%, 2/01/2027 | 95,000 | 104,102 | ||
State of Illinois, "A", 5%, 11/01/2027 | 325,000 | 393,088 | ||
State of Illinois, "A", 5%, 12/01/2024 | 20,000 | 22,538 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 495,000 | 632,058 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 475,000 | 608,095 | ||
State of Illinois, General Obligation, "A", 5%, 3/01/2046 | 480,000 | 595,663 | ||
University of Illinois, Auxiliary Facilities System Rev., "A", BAM, 4%, 4/01/2047 | 355,000 | 412,432 | ||
$15,049,147 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Indiana - 1.4% | ||||
Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2030 | $ | 40,000 | $ 44,192 | |
Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2039 | 100,000 | 109,285 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | 350,000 | 374,801 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 70,000 | 82,710 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 | 90,000 | 106,172 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 295,000 | 350,284 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 25,000 | 30,649 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 20,000 | 24,461 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 25,000 | 30,415 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 75,000 | 90,698 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 110,000 | 122,852 | ||
$1,366,519 | ||||
Iowa - 0.4% | ||||
Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | $ | 170,000 | $ 174,929 | |
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, "B-2", 0%, 6/01/2065 | 1,045,000 | 195,184 | ||
$370,113 | ||||
Kansas - 1.9% | ||||
Coffeyville, KS, Electric Utility System Rev., "B", NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 300,000 | $ 343,010 | |
Coffeyville, KS, Electric Utility System Rev., "B", NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 114,337 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 45,000 | 51,754 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 45,000 | 51,441 | ||
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), "A", 5%, 9/01/2048 | 540,000 | 661,301 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047 | 215,000 | 245,975 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | $ | 140,000 | $ 159,435 | |
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 20,000 | 20,994 | ||
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., "A", 5%, 9/01/2044 | 195,000 | 216,840 | ||
$1,865,087 | ||||
Kentucky - 1.0% | ||||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 35,000 | $ 43,143 | |
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 35,000 | 43,253 | ||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 40,000 | 49,445 | ||
Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 3%, 7/01/2046 | 55,000 | 58,067 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), "B", 5%, 8/15/2037 | 35,000 | 41,919 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), "B", 5%, 8/15/2041 | 230,000 | 273,868 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), "B", 5%, 8/15/2046 | 135,000 | 160,677 | ||
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, "B-1", 5%, 6/01/2036 | 250,000 | 284,193 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056 | 30,000 | 35,511 | ||
$990,076 | ||||
Louisiana - 2.0% | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), "A", 6.25%, 11/15/2045 | $ | 240,000 | $ 260,562 | |
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 345,000 | 382,376 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), "A-1", 5.1%, 1/01/2057 (n) | 445,000 | 493,403 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 65,000 | 76,389 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025) | 185,000 | 213,602 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025) | $ | 85,000 | $ 99,894 | |
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 480,000 | 488,556 | ||
$2,014,782 | ||||
Maine - 0.2% | ||||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), "A", 4%, 7/01/2050 | $ | 210,000 | $ 241,890 | |
Maryland - 1.3% | ||||
Maryland Department of Transportation Special Project Rev., "B", 5%, 8/01/2046 | $ | 420,000 | $ 531,623 | |
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2038 | 10,000 | 9,752 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2048 | 20,000 | 18,520 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), "C", 4%, 6/01/2058 | 70,000 | 62,833 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2033 | 100,000 | 114,647 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2034 | 65,000 | 74,351 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2038 | 280,000 | 317,385 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 112,409 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), "A-1", 5%, 11/01/2037 | 10,000 | 10,849 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042 | 15,000 | 16,199 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2047 | 15,000 | 16,151 | ||
$1,284,719 | ||||
Massachusetts - 14.4% | ||||
Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029 | $ | 350,000 | $ 458,862 | |
Massachusetts College Building Authority Project Rev., "A", 5%, 5/01/2031 (Prerefunded 5/01/2023) | 190,000 | 202,794 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), "A", 5%, 6/01/2039 | 35,000 | 43,032 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), "A", 4%, 6/01/2049 | 30,000 | 33,875 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), "2018 I-2", 5%, 7/01/2053 | $ | 690,000 | $ 831,521 | |
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), "F", 5.75%, 7/15/2043 | 40,000 | 42,307 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 100,000 | 107,912 | ||
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), "G", 4%, 7/01/2046 | 145,000 | 170,770 | ||
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), "G", 5%, 7/01/2050 | 395,000 | 503,377 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 35,000 | 41,233 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 30,000 | 35,244 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "I", 5%, 7/01/2036 | 120,000 | 140,836 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "K", 5%, 7/01/2038 | 80,000 | 94,779 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 4%, 7/01/2044 | 1,675,000 | 1,890,963 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), "A", 5%, 7/01/2044 | 35,000 | 42,271 | ||
Massachusetts Development Finance Agency Rev. (Williams College), "P", 5%, 7/01/2043 | 1,000,000 | 1,066,918 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., "B", 2%, 7/01/2037 | 10,000 | 9,989 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., "C", 2.625%, 7/01/2036 | 40,000 | 41,167 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., "J", 3.5%, 7/01/2033 | 55,000 | 55,974 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., "J", 3.5%, 7/01/2033 (u) | 7,335,000 | 7,464,903 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., "K", 5.25%, 7/01/2029 | 105,000 | 107,456 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., "C", 3%, 7/01/2051 | 45,000 | 45,343 | ||
Massachusetts Port Authority Rev., "A", 5%, 7/01/2037 (Prerefunded 7/01/2022) | 35,000 | 35,953 | ||
Massachusetts Water Resources Authority, General Rev., "B", AGM, 5.25%, 8/01/2029 | 600,000 | 790,189 | ||
$14,257,668 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - 5.8% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), "A", AGM, 5%, 7/01/2043 | $ | 65,000 | $ 71,671 | |
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., "A", 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 460,000 | 473,645 | ||
Eastern Michigan University Board of Regents, General Rev., "A", 4%, 3/01/2047 | 250,000 | 275,641 | ||
Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2045 | 35,000 | 38,431 | ||
Kenty County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051 | 50,000 | 64,407 | ||
Michigan Building Authority Rev., "I", 4%, 10/15/2049 | 100,000 | 116,818 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), "F", 3.875%, 10/01/2023 | 50,000 | 52,082 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), "F", 4%, 10/01/2024 | 65,000 | 69,217 | ||
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), "F-4", 5%, 11/15/2047 | 570,000 | 718,459 | ||
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042 | 570,000 | 608,399 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 150,000 | 184,605 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C", 5%, 7/01/2033 | 65,000 | 74,538 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C", 5%, 7/01/2034 | 150,000 | 171,783 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C", 5%, 7/01/2035 | 100,000 | 114,484 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), "C-1", 5%, 7/01/2044 (Prerefunded 7/01/2022) | 175,000 | 179,910 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), "C-6", 5%, 7/01/2033 | 220,000 | 244,610 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), "C-2", 5%, 7/01/2044 (Prerefunded 7/01/2022) | 135,000 | 138,707 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), "D-2", 5%, 7/01/2034 | $ | 65,000 | $ 74,439 | |
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026) | 100,000 | 111,605 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 545,000 | 597,216 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "D", AGM, 5%, 12/01/2040 | 570,000 | 661,700 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "A", 5%, 12/01/2046 | 190,000 | 243,867 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2046 | 60,000 | 76,072 | ||
Wayne County, MI, Detroit School District, "A", 5%, 5/01/2038 | 105,000 | 134,167 | ||
Wayne County, MI, Detroit School District, "A", 5%, 5/01/2040 | 190,000 | 241,916 | ||
$5,738,389 | ||||
Minnesota - 1.7% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), "A", 4%, 7/01/2041 | $ | 55,000 | $ 58,998 | |
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2043 | 60,000 | 68,679 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2043 | 105,000 | 125,202 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 4.25%, 2/15/2048 | 60,000 | 68,276 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2048 | 85,000 | 100,768 | ||
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), "A-2", GNMA, 5%, 12/01/2038 | 60 | 60 | ||
Minneapolis, MN, Health Care System Rev. (Allina Health System), 4%, 11/15/2040 | 1,000,000 | 1,211,108 | ||
$1,633,091 | ||||
Mississippi - 0.2% | ||||
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $ | 110,000 | $ 105,709 | |
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 90,000 | 100,212 | ||
$205,921 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - 3.5% | ||||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), "B", AGM, 5%, 3/01/2049 | $ | 355,000 | $ 429,790 | |
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), "B", AGM, 5%, 3/01/2055 | 215,000 | 259,064 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), "A", AGM, 5%, 3/01/2057 | 1,000,000 | 1,220,812 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), "B", 5%, 3/01/2046 | 630,000 | 763,690 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 85,000 | 95,220 | ||
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023) | 55,000 | 59,772 | ||
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), "A", 5%, 6/01/2031 | 205,000 | 226,966 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 | 10,000 | 10,140 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 | 5,000 | 5,026 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 285,000 | 354,701 | ||
$3,425,181 | ||||
Nebraska - 0.1% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), "A", 5%, 9/01/2036 | $ | 105,000 | $ 145,996 | |
Nevada - 0.2% | ||||
Clark County, NV, School District General Obligation, "A", AGM, 4%, 6/15/2040 | $ | 90,000 | $ 106,564 | |
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 5%, 6/01/2033 | 5,000 | 6,031 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 5%, 6/01/2038 | 5,000 | 5,983 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4%, 6/01/2048 | 20,000 | 22,155 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), "B", AGM, 4.125%, 6/01/2058 | 25,000 | 27,826 | ||
$168,559 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Hampshire - 0.6% | ||||
National Finance Authority, New Hampshire Municipal Certificates "A", 4.125%, 1/20/2034 | $ | 265,351 | $ 316,168 | |
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 100,000 | 118,027 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 105,000 | 123,840 | ||
$558,035 | ||||
New Jersey - 9.3% | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), "B", AGM, 5%, 3/01/2032 | $ | 85,000 | $ 101,600 | |
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), "B", AGM, 5%, 3/01/2037 | 80,000 | 95,043 | ||
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. "A", BAM, 4%, 8/01/2060 | 285,000 | 332,595 | ||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046 | 105,000 | 123,229 | ||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051 | 170,000 | 198,537 | ||
New Jersey Building Authority Rev., Unrefunded Balance, "A", BAM, 5%, 6/15/2029 | 30,000 | 35,435 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 44,337 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 40,000 | 43,835 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 225,000 | 247,474 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 115,000 | 126,455 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039 | 70,000 | 76,892 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 35,000 | 38,408 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 10,000 | 12,886 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 5,000 | 6,422 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | $ | 15,000 | $ 17,517 | |
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 15,000 | 17,472 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 20,000 | 23,248 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), "DDD", 5%, 6/15/2034 | 55,000 | 65,586 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), "DDD", 5%, 6/15/2035 | 40,000 | 47,594 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), "DDD", 5%, 6/15/2042 | 240,000 | 281,953 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), "A", 5.625%, 11/15/2030 | 155,000 | 170,511 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), "C", 5%, 6/15/2042 | 150,000 | 178,475 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), "A", AGM, 5%, 7/01/2046 | 360,000 | 409,433 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 3.5%, 12/01/2039 | 230,000 | 244,142 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "C", 3.25%, 12/01/2051 | 20,000 | 20,200 | ||
New Jersey Tobacco Settlement Financing Corp., "A", 5%, 6/01/2035 | 550,000 | 665,803 | ||
New Jersey Transportation Trust Fund Authority, "A", 4%, 6/15/2038 (w) | 45,000 | 52,257 | ||
New Jersey Transportation Trust Fund Authority, "A", 4%, 6/15/2039 (w) | 90,000 | 104,207 | ||
New Jersey Transportation Trust Fund Authority, "A", 4%, 6/15/2040 (w) | 85,000 | 98,170 | ||
New Jersey Transportation Trust Fund Authority, "A", 4%, 6/15/2041 (w) | 70,000 | 80,596 | ||
New Jersey Transportation Trust Fund Authority, "A", 4%, 6/15/2042 (w) | 70,000 | 80,335 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2029 (w) | 85,000 | 105,061 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2030 (w) | 80,000 | 100,520 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2031 (w) | 125,000 | 159,913 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2032 (w) | 85,000 | 110,772 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2033 (w) | $ | 115,000 | $ 148,858 | |
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2034 (w) | 105,000 | 135,162 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2035 (w) | 105,000 | 134,380 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2036 (w) | 110,000 | 140,034 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2037 (w) | 55,000 | 69,698 | ||
New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2045 | 80,000 | 99,152 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A", 5%, 6/15/2029 | 150,000 | 176,342 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A", 5%, 6/15/2031 | 100,000 | 117,034 | ||
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2036 | 30,000 | 36,270 | ||
South Jersey Transportation Authority, Transportation System Rev., "A", BAM, 5%, 11/01/2041 | 1,000,000 | 1,267,361 | ||
State of New Jersey, COVID-19 General Obligation, "A", 4%, 6/01/2031 | 1,875,000 | 2,306,263 | ||
$9,147,467 | ||||
New Mexico - 0.0% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 15,000 | $ 17,296 | |
New York - 11.1% | ||||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 300,000 | $ 338,179 | |
New York Environmental Facilities Corp., State Revolving Funds Rev., "C", 5%, 5/15/2041 | 255,000 | 255,239 | ||
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | 1,725,000 | 2,437,959 | ||
New York State Thruway Authority, Personal Income Rev., "A-1", 4%, 3/15/2046 | 560,000 | 659,328 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 40,000 | 43,462 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 320,000 | 385,348 |
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%, 1/01/2032 | $ | 120,000 | $ 144,154 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 100,000 | 112,321 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 385,000 | 444,747 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "A", 4%, 12/01/2038 | 50,000 | 57,368 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), "C", 5%, 12/01/2038 | 205,000 | 258,355 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), "E", 3.5%, 2/15/2048 | 172,516 | 177,595 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), "F", 4.5%, 2/15/2048 | 570,000 | 587,397 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), "A", AGM, 4%, 3/01/2045 | 25,000 | 28,887 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023) | 470,000 | 504,015 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047 | 530,000 | 564,932 | ||
New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2037 | 140,000 | 168,161 | ||
New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2038 | 175,000 | 209,810 | ||
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), "A", 4%, 12/01/2035 | 70,000 | 83,947 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, "B-1", 4%, 6/01/2050 | 20,000 | 23,126 | ||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Capital Appreciation, "B-2", 0%, 6/01/2066 | 285,000 | 57,241 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2031 | 110,000 | 106,235 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2035 | 215,000 | 202,812 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, "A", 0%, 11/15/2029 | 1,125,000 | 976,848 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "A-2", 5%, 5/15/2051 | 380,000 | 487,050 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Utility Debt Securitization Authority Restructuring Rev., NY, "E", 5%, 12/15/2041 | $ | 1,500,000 | $ 1,632,797 | |
$10,947,313 | ||||
North Carolina - 1.7% | ||||
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023) | $ | 326,590 | $ 345,791 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, 3/01/2036 | 20,000 | 22,139 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, 3/01/2041 | 10,000 | 10,947 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, 3/01/2051 | 130,000 | 140,753 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, 3/01/2036 (w) | 15,000 | 16,241 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "C", 4%, 3/01/2042 (w) | 5,000 | 5,314 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), "A", 5%, 10/01/2050 | 65,000 | 77,336 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 4%, 11/01/2052 | 285,000 | 331,669 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 500,000 | 625,816 | ||
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 105,000 | 116,252 | ||
$1,692,258 | ||||
Ohio - 5.7% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, "1", 5%, 6/01/2036 | $ | 90,000 | $ 113,252 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055 | 405,000 | 464,701 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, "2", 0%, 6/01/2057 | 1,825,000 | 300,852 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 220,000 | 249,148 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 580,000 | 691,102 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031 | $ | 75,000 | $ 75,753 | |
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), "A", 4%, 5/15/2047 | 160,000 | 180,712 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), "A", 5%, 8/01/2049 | 405,000 | 493,796 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2041 | 90,000 | 106,111 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), "A", 4%, 8/01/2047 | 50,000 | 57,439 | ||
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 10,000 | 11,797 | ||
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034 | 1,000,000 | 1,252,822 | ||
Ohio State Hospital Rev. (University Hospitals Health System, Inc.), "E", 4%, 1/15/2041 | 175,000 | 199,015 | ||
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 395,000 | 445,016 | ||
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/2021 | 1,000,000 | 1,002,170 | ||
$5,643,686 | ||||
Oklahoma - 0.3% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 15,000 | $ 15,391 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 25,000 | 30,702 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5%, 8/15/2029 | 5,000 | 6,156 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5%, 8/15/2033 | 35,000 | 42,760 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5%, 8/15/2038 | 50,000 | 60,632 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2043 | 30,000 | 36,833 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), "B", 5.25%, 8/15/2048 | 50,000 | 61,188 | ||
Tulsa, OK, Airport Improvement Trust Rev., "A", 5%, 6/01/2045 (Prerefunded 6/01/2024) | 55,000 | 61,097 | ||
$314,759 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - 0.7% | ||||
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), "A", 5%, 5/01/2036 | $ | 95,000 | $ 106,252 | |
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), "A", 4%, 8/15/2050 | 260,000 | 301,566 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "B", 1.2%, 6/01/2028 | 20,000 | 19,728 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), "B-2", 0.95%, 6/01/2027 | 50,000 | 49,390 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), "A", 5%, 10/01/2040 | 20,000 | 24,950 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), "A", 5%, 11/15/2056 | 120,000 | 138,544 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), "B-1", 2.5%, 11/15/2028 | 20,000 | 20,062 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), "B-2", 2.125%, 11/15/2027 | 10,000 | 10,008 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), "B-3", 1.75%, 11/15/2026 | 15,000 | 15,016 | ||
$685,516 | ||||
Pennsylvania - 8.7% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 | $ | 555,000 | $ 619,100 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w) | 25,000 | 30,897 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 585,000 | 649,914 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 140,000 | 155,147 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 70,000 | 85,696 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 60,000 | 73,267 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 30,000 | 36,559 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | 80,000 | 86,020 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 20,000 | 22,759 | ||
Delaware County, PA, Upper Darby School District, General Obligation, "A", BAM, 4%, 4/01/2051 | 155,000 | 181,739 | ||
Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | 20,000 | 21,859 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | $ | 25,000 | $ 28,937 | |
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | 35,000 | 40,512 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024) | 35,000 | 39,097 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 20,000 | 22,341 | ||
Erie, PA, City School District General Obligation, "A", AGM, 5%, 4/01/2034 | 30,000 | 37,557 | ||
Geisinger, PA, Geisinger Authority Health System Rev., "A", 4%, 4/01/2050 | 720,000 | 824,036 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), "A", 4%, 7/01/2049 | 275,000 | 313,571 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, "B", 0%, 12/01/2036 | 940,000 | 663,901 | ||
Lehigh County, PA, Water & Sewer Authority Rev., "A", 5%, 12/01/2043 (Prerefunded 12/01/2023) | 480,000 | 524,199 | ||
Lehigh County, PA, Water & Sewer Authority Rev., "A", 5%, 12/01/2043 | 420,000 | 454,407 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 35,000 | 42,932 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 80,000 | 91,334 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 70,000 | 79,425 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), "C", 5%, 11/15/2045 | 80,000 | 96,343 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 125,000 | 133,937 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", 0.58%, 8/01/2037 (Put Date 8/01/2024) | 50,000 | 49,842 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "A", 2.625%, 6/01/2042 | 25,000 | 25,189 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 (Prerefunded 4/01/2022) | $ | 140,000 | $ 142,220 | |
Pennsylvania Turnpike Commission Rev., "A", 5%, 12/01/2044 | 70,000 | 88,007 | ||
Pennsylvania Turnpike Commission Rev., "A", 4%, 12/01/2050 | 275,000 | 317,390 | ||
Pennsylvania Turnpike Commission Subordinate Rev., "A", AGM, 4%, 12/01/2049 | 615,000 | 719,508 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), "A-1", 7%, 6/15/2043 | 100,000 | 107,970 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2035 | 65,000 | 77,714 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), "A", 5%, 9/01/2042 | 645,000 | 767,778 | ||
Philadelphia, PA, School District, "A", 4%, 9/01/2039 | 100,000 | 116,596 | ||
Pittsburgh, PA, Urban Redevelopment Authority Rev., "C", GNMA, 4.8%, 4/01/2028 | 225,000 | 226,158 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., "A", AGM, 5%, 9/01/2032 | 30,000 | 40,788 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., "A", AGM, 5%, 9/01/2033 | 20,000 | 27,799 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., "A", AGM, 4%, 9/01/2035 | 10,000 | 11,929 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., "A", AGM, 5%, 9/01/2044 | 70,000 | 87,592 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 65,000 | 73,050 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 105,000 | 117,585 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 70,000 | 78,170 | ||
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051 | 90,000 | 105,027 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), "A", 5%, 7/01/2030 | 30,000 | 33,127 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), "A", 5%, 7/01/2035 | 35,000 | 38,343 | ||
$8,607,268 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - 9.1% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., "D", AGM, 5%, 7/01/2032 | $ | 300,000 | $ 302,243 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., "J", NPFG, 5%, 7/01/2029 | 20,000 | 20,297 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., "N", AAC, 5.25%, 7/01/2030 | 145,000 | 148,190 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., "N", AAC, 5.25%, 7/01/2031 | 120,000 | 122,549 | ||
Commonwealth of Puerto Rico, Public Improvement, "A", AGM, 5%, 7/01/2035 | 325,000 | 327,453 | ||
Commonwealth of Puerto Rico, Public Improvement, "A-4", AGM, 5.25%, 7/01/2030 | 65,000 | 65,648 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., "A", AAC, 5%, 7/01/2031 | 375,000 | 383,054 | ||
Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | 25,000 | 24,156 | ||
Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,850 | ||
Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 35,000 | 34,475 | ||
Puerto Rico Electric Power Authority Rev., "DDD", 5%, 7/01/2020 (a)(d) | 15,000 | 14,438 | ||
Puerto Rico Electric Power Authority Rev., "DDD", 5%, 7/01/2021 (a)(d) | 15,000 | 14,437 | ||
Puerto Rico Electric Power Authority Rev., "EEE", 6.05%, 7/01/2032 (a)(d) | 70,000 | 67,725 | ||
Puerto Rico Electric Power Authority Rev., "NN", NPFG, 5.25%, 7/01/2022 | 115,000 | 115,652 | ||
Puerto Rico Electric Power Authority Rev., "NN", NPFG, 4.75%, 7/01/2033 | 20,000 | 20,271 | ||
Puerto Rico Electric Power Authority Rev., "PP", NPFG, 5%, 7/01/2022 | 45,000 | 45,669 | ||
Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | 60,000 | 57,750 | ||
Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | 10,000 | 9,825 | ||
Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2032 (a)(d) | 685,000 | 673,012 | ||
Puerto Rico Electric Power Authority Rev., "UU", AGM, 5%, 7/01/2022 | 30,000 | 30,224 | ||
Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2025 | 25,000 | 26,526 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2029 | $ | 125,000 | $ 135,260 | |
Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | 205,000 | 221,493 | ||
Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,863 | ||
Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | 25,000 | 24,625 | ||
Puerto Rico Electric Power Authority Rev., "WW", 5%, 7/01/2028 (a)(d) | 575,000 | 564,937 | ||
Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | 30,000 | 29,550 | ||
Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | 90,000 | 88,650 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 320,000 | 330,400 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 5,000 | 5,000 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 50,000 | 50,673 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 10,000 | 10,025 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 155,000 | 156,900 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | 55,000 | 55,137 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 55,000 | 55,729 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | $ | 55,000 | $ 55,137 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 45,000 | 45,675 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., "C", AAC, 5.5%, 7/01/2023 | 220,000 | 227,856 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., "C", AAC, 5.5%, 7/01/2024 | 140,000 | 144,201 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., "C", AAC, 5.5%, 7/01/2028 | 60,000 | 62,426 | ||
Puerto Rico Municipal Finance Agency, "A", AGM, 5%, 8/01/2027 | 15,000 | 15,112 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., "I", AGM, 5%, 7/01/2036 | 35,000 | 35,262 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., "M-2", AAC, 10%, 7/01/2035 | 315,000 | 325,154 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., "M-3", NPFG, 6%, 7/01/2027 | 125,000 | 126,392 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., "M-3", NPFG, 6%, 7/01/2028 | 25,000 | 25,278 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | 29,000 | 32,870 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 1,816,000 | 2,080,332 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | 270,000 | 302,402 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | 1,000 | 1,118 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | 32,000 | 36,252 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | 51,000 | 46,608 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | 550,000 | 441,281 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | 524,000 | 391,727 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 772,000 | 257,194 | ||
University of Puerto Rico Rev., "P", NPFG, 5%, 6/01/2025 | 30,000 | 30,446 | ||
$8,944,234 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Rhode Island - 1.1% | ||||
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), "B", 4%, 11/01/2041 | $ | 750,000 | $ 899,367 | |
Rhode Island Student Loan Authority, Education Loan Rev., "A", 2.25%, 12/01/2039 | 65,000 | 65,597 | ||
Rhode Island Student Loan Authority, Student Loan Rev., "A", 3.625%, 12/01/2037 | 130,000 | 135,399 | ||
$1,100,363 | ||||
South Carolina - 2.3% | ||||
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038 (Prerefunded 2/01/2023) | $ | 1,000,000 | $ 1,055,740 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), "A", 4%, 6/01/2046 (n) | 100,000 | 105,501 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), "A", 5%, 5/01/2048 | 270,000 | 322,600 | ||
South Carolina Public Service Authority Rev., "A", 5.125%, 12/01/2043 | 215,000 | 234,482 | ||
South Carolina Public Service Authority Rev., "B", 5.125%, 12/01/2043 | 515,000 | 561,665 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", AGM, 4%, 4/15/2045 | 30,000 | 34,906 | ||
$2,314,894 | ||||
Tennessee - 2.2% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), "A", 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 820,000 | $ 863,346 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), "A-2", 5%, 8/01/2049 | 10,000 | 12,211 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 50,000 | 58,616 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 60,000 | 69,411 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 5,000 | 6,086 | ||
Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2022 | 205,000 | 212,375 | ||
Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2026 | 610,000 | 717,523 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Tennessee Energy Acquisition Corp., Gas Rev., "C", 5%, 2/01/2025 | $ | 185,000 | $ 209,666 | |
$2,149,234 | ||||
Texas - 10.3% | ||||
Central Texas Regional Mobility Authority Senior Lien Rev., "A", 5%, 1/01/2045 (Prerefunded 7/01/2025) | $ | 100,000 | $ 115,827 | |
Central Texas Regional Mobility Authority Senior Lien Rev., "B", 5%, 1/01/2046 | 495,000 | 621,177 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 330,000 | 338,081 | ||
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039 | 155,000 | 169,106 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), "A", 4%, 10/01/2050 | 30,000 | 33,074 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), "B", 5%, 10/01/2050 (n) | 100,000 | 109,762 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), "C", 4%, 10/01/2050 | 20,000 | 22,731 | ||
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034 | 465,000 | 465,980 | ||
Dallas, TX, Dallas Area Rapid Transit Rev., "B", 4%, 12/01/2051 (w) | 135,000 | 158,552 | ||
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2040 | 195,000 | 234,391 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 250,000 | 250,375 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), "A", 4%, 10/01/2035 | 60,000 | 71,436 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), "A", 4%, 10/01/2036 | 105,000 | 124,817 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), "A", 4%, 10/01/2037 | 140,000 | 166,077 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), "A", 4%, 10/01/2038 | 120,000 | 142,115 | ||
Harris County-Houston, TX, Sports Authority Rev., "C", 5%, 11/15/2031 | 90,000 | 99,602 | ||
Harris County-Houston, TX, Sports Authority Rev., "C", 5%, 11/15/2032 | 20,000 | 22,129 | ||
Harris County-Houston, TX, Sports Authority Rev., "C", 5%, 11/15/2033 | 40,000 | 44,243 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2041 | 70,000 | 33,101 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, "A", AGM, 0%, 11/15/2046 | 175,000 | 63,710 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B-1", 5%, 7/15/2030 | $ | 100,000 | $ 110,972 | |
Houston, TX, Airport System Rev., Subordinate Lien, "A", 5%, 7/01/2031 (Prerefunded 7/01/2022) | 140,000 | 143,845 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 30,000 | 33,007 | ||
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 100,000 | 100,339 | ||
Lone Star College System, TX, Limited Tax General Obligation, "A", 4%, 2/15/2046 | 1,000,000 | 1,191,723 | ||
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028 | 2,000,000 | 2,480,478 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), "A-1", 5%, 7/01/2031 | 15,000 | 15,146 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), "A-1", 4%, 7/01/2036 | 80,000 | 72,325 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | 25,000 | 28,738 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | 30,000 | 34,485 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | 65,000 | 74,718 | ||
North Texas Education Finance Corp., Education Rev. (Uplift Education), "A", 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 150,000 | 153,642 | ||
North Texas Tollway Authority System Rev., "B", 4%, 1/01/2041 | 185,000 | 220,016 | ||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), "B", 6%, 1/01/2025 (n) | 100,000 | 103,211 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 160,000 | 186,328 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 60,000 | 67,026 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 70,000 | 77,773 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | $ | 539,834 | $ 577,976 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), "A-1", 5%, 10/01/2044 | 60,000 | 65,309 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 115,000 | 127,943 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 95,000 | 105,227 | ||
Texas Transportation Commission, State Highway 249 System Rev., "A", 5%, 8/01/2057 | 165,000 | 191,862 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2037 | 20,000 | 11,576 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2038 | 10,000 | 5,483 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2039 | 15,000 | 7,794 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2040 | 15,000 | 7,364 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2041 | 30,000 | 13,935 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2042 | 40,000 | 17,568 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, "A", 0%, 8/01/2043 | 35,000 | 14,574 | ||
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/2043 (Prerefunded 3/01/2022) | 675,000 | 683,012 | ||
$10,209,681 | ||||
Utah - 0.6% | ||||
Salt Lake City, UT, Salt Lake City International Airport Rev., "A", 5%, 7/01/2043 | $ | 265,000 | $ 319,837 | |
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 165,000 | 176,512 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2039 | 10,000 | 12,119 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2044 | 10,000 | 12,012 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Utah - continued | ||||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), "A", 5%, 4/15/2049 | $ | 20,000 | $ 23,885 | |
$544,365 | ||||
Vermont - 0.0% | ||||
Vermont Student Assistance Corp., Education Loan Rev., "A", 2.375%, 6/15/2039 | $ | 35,000 | $ 35,085 | |
Virginia - 0.7% | ||||
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023) | $ | 165,000 | $ 178,415 | |
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037 | 145,000 | 179,669 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 275,000 | 282,780 | ||
$640,864 | ||||
Washington - 1.0% | ||||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | $ | 80,000 | $ 93,296 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 100,000 | 115,780 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 195,000 | 222,451 | ||
Seattle, WA, Port Rev., 4%, 4/01/2044 | 60,000 | 67,945 | ||
Washington State Housing Finance Commission Municipal Certificates, "X", 3.5%, 12/20/2035 | 395,995 | 458,992 | ||
$958,464 | ||||
West Virginia - 0.0% | ||||
Wheeling, WV, Combined Waterworks and Sewerage System Rev., "A", BAM, 4%, 6/01/2051 | $ | 40,000 | $ 47,295 | |
Wisconsin - 3.7% | ||||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, "D", AGM, 0%, 12/15/2040 | $ | 405,000 | $ 228,111 | |
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, "C", AGM, 0%, 12/15/2040 | 175,000 | 97,883 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 700,000 | 783,783 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), "A", 5%, 11/01/2054 | 325,000 | 359,896 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5%, 7/01/2022 | 10,000 | 10,098 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5.25%, 7/01/2028 | $ | 95,000 | $ 97,154 | |
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), "B", 5%, 7/01/2042 | 65,000 | 66,351 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), "B-2", 2.25%, 6/01/2027 (n) | 35,000 | 35,108 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), "A", 4%, 7/01/2051 | 70,000 | 80,300 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), "A", 4%, 1/01/2045 | 20,000 | 22,908 | ||
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), "A", 4%, 10/01/2049 | 700,000 | 788,045 | ||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), "A", 4%, 9/01/2051 (n) | 195,000 | 207,245 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (n) | 155,000 | 165,623 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 109,765 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), "A", 4%, 10/01/2051 (w) | 35,000 | 39,092 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, 5/15/2037 (n) | 25,000 | 27,326 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, 5/15/2042 (n) | 10,000 | 10,913 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, 5/15/2047 (n) | 105,000 | 114,587 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), "A", 5.25%, 5/15/2052 (n) | 15,000 | 16,370 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), "A", 4.5%, 6/01/2056 (n) | 155,000 | 156,878 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, 5%, 7/01/2044 | 15,000 | 18,012 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, 5%, 7/01/2054 | $ | 20,000 | $ 23,814 | |
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), "A", AGM, 5%, 7/01/2058 | 20,000 | 23,787 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), "A-1", 4%, 7/01/2061 | 125,000 | 133,619 | ||
$3,616,668 | ||||
Total Municipal Bonds (Identified Cost, $136,476,873) | $ 148,298,360 | |||
Bonds - 0.1% | ||||
Consumer Services - 0.1% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, "A", NPFG, 0%, 2/15/2045 (n) | $ | 16,377 | $ 4,290 | |
Toll Road Investors Partnership II LP, Capital Appreciation, "B", NPFG, 0%, 2/15/2033 (n) | 120,000 | 68,913 | ||
Total Bonds (Identified Cost, $74,674) | $ 73,203 | |||
Other Municipal Bonds - 0.1% | ||||
Multi-Family Housing Revenue - 0.1% | ||||
FRETE 2021 - ML12 Trust, "X-US", FHLMC, 1.219%, 1/25/2041 (i)(n) (Identified Cost, $49,498) | $ | 375,712 | $ 49,522 | |
Other Assets, Less Liabilities - (1.0)% | (949,964) | |||
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $48,800,000 net of unamortized debt issuance costs of $103,275 (issued by the fund) - (49.3)% | (48,696,725) | |||
Net assets applicable to common shares - 100.0% | $ 98,774,396 |
(a) | Non-income producing security. |
(d) | In default. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(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 $6,246,744, representing 6.3% of net assets applicable to common shares. |
(u) | Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters. |
(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 |
CALHF | California Health Facility Construction Loan Insurance Program |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHLMC | Federal Home Loan Mortgage Corp. |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $136,601,045) | $148,421,085 |
Cash | 3,140,153 |
Receivables for | |
Investments sold | 2,905,263 |
Interest | 1,860,297 |
Other assets | 2,018 |
Total assets | $156,328,816 |
Liabilities | |
Payables for | |
Distributions on common shares | $11,915 |
When-issued investments purchased | 4,993,202 |
Interest expense and fees | 54,493 |
Payable to the holders of the floating rate certificates | 3,674,420 |
Payable to affiliates | |
Investment adviser | 32,346 |
Administrative services fee | 167 |
Transfer agent and dividend disbursing costs | 287 |
Payable for independent Trustees' compensation | 7 |
Accrued expenses and other liabilities | 90,858 |
RVMTP shares, at liquidation value of $48,800,000 net of unamortized debt issuance costs of $103,275 | 48,696,725 |
Total liabilities | $57,554,420 |
Net assets applicable to common shares | $98,774,396 |
Net assets consist of | |
Paid-in capital - common shares | $85,407,343 |
Total distributable earnings (loss) | 13,367,053 |
Net assets applicable to common shares | $98,774,396 |
RVMTP shares, at liquidation value of $48,800,000 net of unamortized debt issuance costs of $103,275 (488 shares issued and outstanding at $100,000 per share) | 48,696,725 |
Net assets including preferred shares | $147,471,121 |
Common shares of beneficial interest issued and outstanding | 9,110,245 |
Net asset value per common share (net assets of $98,774,396 / 9,110,245 shares of beneficial interest outstanding) | $10.84 |
Net investment income (loss) | |
Income | |
Interest | $5,462,232 |
Other | 25 |
Total investment income | $5,462,257 |
Expenses | |
Management fee | $961,923 |
Transfer agent and dividend disbursing costs | 14,924 |
Administrative services fee | 30,059 |
Independent Trustees' compensation | 6,897 |
Stock exchange fee | 23,741 |
Custodian fee | 5,558 |
Shareholder communications | 14,277 |
Audit and tax fees | 87,399 |
Legal fees | 11,124 |
Interest expense and fees and amortization of RVMTP shares debt issuance costs | 604,148 |
Miscellaneous | 65,651 |
Total expenses | $1,825,701 |
Reduction of expenses by investment adviser | (66,859) |
Net expenses | $1,758,842 |
Net investment income (loss) | $3,703,415 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $610,498 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $634,272 |
Net realized and unrealized gain (loss) | $1,244,770 |
Change in net assets from operations | $4,948,185 |
Year ended | ||
11/30/21 | 11/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $3,703,415 | $3,839,428 |
Net realized gain (loss) | 610,498 | 210,145 |
Net unrealized gain (loss) | 634,272 | 315,645 |
Change in net assets from operations | $4,948,185 | $4,365,218 |
Distributions to common shareholders | $(4,187,433) | $(4,184,062) |
Total change in net assets | $760,752 | $181,156 |
Net assets applicable to common shares | ||
At beginning of period | 98,013,644 | 97,832,488 |
At end of period | $98,774,396 | $98,013,644 |
Cash flows from operating activities: | |
Change in net assets from operations | $4,948,185 |
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
Purchase of investment securities | (28,481,082) |
Proceeds from disposition of investment securities | 28,230,235 |
Realized gain/loss on investments | (610,498) |
Unrealized appreciation/depreciation on investments | (634,272) |
Net amortization/accretion of income | 506,958 |
Amortization of RVMTP shares debt issuance costs | 12,831 |
Decrease in interest receivable | 100,838 |
Increase in accrued expenses and other liabilities | 22,043 |
Decrease in receivable from investment adviser | 153 |
Increase in other assets | (83) |
Decrease in payable for interest expense and fees | (18,312) |
Net cash provided by operating activities | $4,076,996 |
Cash flows from financing activities: | |
Payment of RVMTP shares debt issuance costs | $(116,106) |
Cash receipts from issuance of RVMTP shares, at liquidation value | 48,800,000 |
Cash payments to repurchase Variable Rate Municipal Term Preferred Shares (VMTP shares) | (48,750,000) |
Cash distributions paid on common shares | (4,189,253) |
Proceeds from partial call of underlying security of special purpose trust | 2,519,572 |
Payment for redemption of floating rate certificates | (1,260,000) |
Net cash used by financing activities | $(2,995,787) |
Net increase in cash and restricted cash | $1,081,209 |
Cash and restricted cash: | |
Beginning of period | $2,058,944 |
End of period | $3,140,153 |
Common Shares | Year ended | ||||
11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |
Net asset value, beginning of period | $10.76 | $10.74 | $10.14 | $10.47 | $10.15 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.41 | $0.42 | $0.45 | $0.47(c) | $0.48 |
Net realized and unrealized gain (loss) | 0.13 | 0.06 | 0.58 | (0.36) | 0.29 |
Total from investment operations | $0.54 | $0.48 | $1.03 | $0.11 | $0.77 |
Less distributions declared to common shareholders | |||||
From net investment income | $(0.43) | $(0.44) | $(0.43) | $(0.46) | $(0.48) |
From net realized gain | (0.03) | (0.02) | - | - | - |
Total distributions declared to shareholders | $(0.46) | $(0.46) | $(0.43) | $(0.46) | $(0.48) |
Net increase resulting from the tender and repurchase of common shares of beneficial interest | $- | $- | $- | $0.02 | $0.03 |
Net asset value, end of period (x) | $10.84 | $10.76 | $10.74 | $10.14 | $10.47 |
Market value, end of period | $9.87 | $9.60 | $9.85 | $8.81 | $9.70 |
Total return at market value (%) | 7.63 | 2.26 | 16.96 | (4.52) | 8.64 |
Total return at net asset value (%) (j)(r)(s)(x) | 5.46 | 5.12 | 10.80 | 1.82(c) | 8.25 |
Ratios (%) (to average net assets applicable to common shares) and Supplemental data: |
|||||
Expenses before expense reductions (f) | 1.84 | 2.30 | 2.79 | 2.88(c) | 2.35 |
Expenses after expense reductions (f) | 1.77 | 2.18 | 2.69 | 2.82(c) | 2.33 |
Net investment income (loss) | 3.73 | 3.99 | 4.24 | 4.55(c) | 4.53 |
Portfolio turnover | 22 | 27 | 15 | 6 | 13 |
Net assets at end of period (000 omitted) | $98,774 | $98,014 | $97,832 | $92,357 | $103,124 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l) | 1.16 | 1.18 | 1.18 | 1.21(c) | 1.23 |
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l) | 0.78 | 0.78 | 0.78 | 0.81(c) | 0.87 |
Year ended | |||||
11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |
Senior Securities: | |||||
RVMTP shares | 488 | - | - | - | - |
VMTP shares | - | 1,950 | 1,950 | 1,950 | 1,950 |
Asset coverage per preferred share (k) | $302,407 | $75,263 | $75,171 | $72,362 | $77,869 |
Asset coverage per $1 liquidation preference (v) |
$3.02 | $3.01 | $3.01 | $2.89 | $3.12 |
Involuntary liquidation preference per preferred share (m) | $100,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Average market value per preferred share (m)(u) | $100,000 | $25,000 | $25,000 | $25,000 | $25,000 |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
(k) | Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable. For the years ended November 30, 2018 and November 30, 2017, the expense ratio also excludes fees and expenses related to the tender and repurchase of a portion of the fund's common shares of beneficial interest. |
(m) | Amount excludes accrued unpaid distributions on preferred shares. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(u) | Average market value represents the approximate fair value of each of the fund's preferred shares held at period end. |
(v) | Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding. |
(x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $- | $148,347,882 | $- | $148,347,882 |
U.S. Corporate Bonds | - | 73,203 | - | 73,203 |
Total | $- | $148,421,085 | $- | $148,421,085 |
11/30/21 | |
Cash | $3,140,153 |
Restricted cash | - |
Restricted cash included in deposits with brokers | - |
Total cash and restricted cash in the Statement of Cash Flows | $3,140,153 |
Year ended 11/30/21 |
Year ended 11/30/20 |
|
Ordinary income (including any short-term capital gains) | $26,997 | $347,065 |
Tax-exempt income | 4,440,258 | 4,574,026 |
Long-term capital gains | 270,028 | 149,056 |
Total distributions | $4,737,283 | $5,070,147 |
As of 11/30/21 | |
Cost of investments | $132,749,371 |
Gross appreciation | 12,126,135 |
Gross depreciation | (128,841) |
Net unrealized appreciation (depreciation) | $ 11,997,294 |
Undistributed ordinary income | 196,661 |
Undistributed tax-exempt income | 802,852 |
Undistributed long-term capital gain | 421,989 |
Other temporary differences | (51,743) |
Total distributable earnings (loss) | $ 13,367,053 |
Purchases | Sales | |
U.S. Government securities | $49,455 | $- |
Non-U.S. Government securities | 32,319,527 | 33,629,851 |
Number of Shares | ||||
Nominee | For | Withheld Authority | ||
John A. Caroselli | 6,968,033.848 | 592,850.000 | ||
James W. Kilman, Jr. | 6,966,993.848 | 593,890.000 | ||
Clarence Otis, Jr. | 6,966,755.188 | 594,128.660 |
Number of Shares | ||||
Nominee | For | Withheld Authority | ||
John P. Kavanaugh | 488 | 0 | ||
Laurie J. Thomsen | 488 | 0 |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) |
Term Expiring |
Number of MFS Funds overseen by the Trustee |
Principal Occupations During the Past Five Years |
Other Directorships During the Past Five Years (j) |
||||||
INTERESTED TRUSTEES | ||||||||||||
Michael W. Roberge (k) (age 55) |
Trustee | January 2021 | 2023 | 135 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | ||||||
INDEPENDENT TRUSTEES | ||||||||||||
John P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 2022 | 135 | Private investor | N/A | ||||||
Steven E. Buller (age 70) |
Trustee | February 2014 | 2023 | 135 | Private investor | N/A | ||||||
John A. Caroselli (age 67) |
Trustee | March 2017 | 2024 | 135 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | ||||||
Maureen R. Goldfarb (age 66) |
Trustee | January 2009 | 2022 | 135 | Private investor | N/A | ||||||
Peter D. Jones (age 66) |
Trustee | January 2019 | 2023 | 135 | Private investor | N/A | ||||||
James W. Kilman, Jr. (age 60) |
Trustee | January 2019 | 2024 | 135 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019-May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) |
Term Expiring |
Number of MFS Funds overseen by the Trustee |
Principal Occupations During the Past Five Years |
Other Directorships During the Past Five Years (j) |
||||||
Clarence Otis, Jr. (age 65) |
Trustee | March 2017 | 2024 | 135 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | ||||||
Maryanne L. Roepke (age 65) |
Trustee | May 2014 | 2022 | 135 | Private investor | N/A | ||||||
Laurie J. Thomsen (age 64) |
Trustee | March 2005 | 2022 | 135 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age |
Position(s) Held with Fund |
Trustee/Officer Since(h) | Term Expiring |
Number of MFS Funds overseen by the Trustee |
Principal Occupations During the Past Five Years |
|||||
OFFICERS | ||||||||||
Christopher R. Bohane (k) (age 47) |
Assistant Secretary and Assistant Clerk | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | |||||
Kino Clark (k) (age 53) |
Assistant Treasurer | January 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President | |||||
John W. Clark, Jr. (k) (age 54) |
Assistant Treasurer | April 2017 | N/A | 135 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | |||||
Thomas H. Connors (k) (age 62) |
Assistant Secretary and Assistant Clerk | September 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | |||||
David L. DiLorenzo (k) (age 53) |
President | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President |
Name, Age |
Position(s) Held with Fund |
Trustee/Officer Since(h) | Term Expiring |
Number of MFS Funds overseen by the Trustee |
Principal Occupations During the Past Five Years |
|||||
Heidi W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | N/A | 135 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | |||||
Brian E. Langenfeld (k) (age 48) |
Assistant Secretary and Assistant Clerk | June 2006 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | |||||
Amanda S. Mooradian (k) (age 42) |
Assistant Secretary and Assistant Clerk | September 2018 | N/A | 135 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | |||||
Susan A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | |||||
Kasey L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President | |||||
Matthew A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | |||||
Martin J. Wolin (k) (age 54) |
Chief Compliance Officer | July 2015 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer | |||||
James O. Yost (k) (age 61) |
Treasurer | September 1990 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., "public companies"). |
(k) | "Interested person" of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
State Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111-2900 |
Portfolio Manager(s) | Independent Registered Public Accounting Firm |
Michael Dawson Geoffrey Schechter |
Ernst & Young LLP 200 Clarendon Street Boston, MA 02116 |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information |
Does MFS share? |
Can you limit this sharing? |
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
For our marketing purposes - to offer our products and services to you |
No | We don't share |
For joint marketing with other financial companies |
No | We don't share |
For our affiliates' everyday business purposes - information about your transactions and experiences |
No | We don't share |
For our affiliates' everyday business purposes - information about your creditworthiness |
No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How does MFS collect my personal information? |
We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes - information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Item 1(b):
A copy of the notice transmitted to the Registrant's shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. |
CODE OF ETHICS. |
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
A copy of the Code is filed as an exhibit to this Form N-CSR.
ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP ("E&Y") to serve as independent accountants to the Registrant (hereinafter the "Registrant" or the "Fund"). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund's investment adviser, Massachusetts Financial Services Company ("MFS"), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").
For the fiscal years ended November 30, 2021 and 2020, audit fees billed to the Fund by E&Y were as follows:
Audit Fees | ||||||||
2021 | 2020 | |||||||
Fees billed by E&Y: |
||||||||
MFS Investment Grade Municipal Trust |
62,837 | 61,981 |
For the fiscal years ended November 30, 2021 and 2020, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: |
||||||||||||||||||||||||
To MFS Investment Grade Municipal Trust |
12,246 | 12,077 | 10,892 | 10,742 | 1,003 | 1,487 | ||||||||||||||||||
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: |
||||||||||||||||||||||||
To MFS and MFS Related Entities of MFS Investment Grade Municipal Trust* |
1,275,054 | 2,321,898 | 0 | 0 | 110,620 | 104,750 |
Aggregate Fees for Non-audit Services |
||||||||
2021 | 2020 | |||||||
Fees Billed by E&Y: |
||||||||
To MFS Investment Grade Municipal Trust,MFS and MFS Related Entities# |
1,576,515 | 2,711,684 |
* |
This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex). |
# |
This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities. |
1 |
The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews. |
2 |
The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis. |
3 |
The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees," including fees for services related to review of internal controls and review of Rule 38a-1 compliance program. |
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such
services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.
ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Messrs. Steven E. Buller, James Kilman and Clarence Otis, Jr. and Ms. Maryanne L. Roepke.
ITEM 6. |
SCHEDULE OF INVESTMENTS |
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
A copy of the proxy voting policies and procedures are attached hereto as EX-99.PROXYPOL.
ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS Investment Grade Municipal Trust (the "Fund") is set forth below.Each portfolio manager is primarily responsible for the day-to-day management of the Fund.
Portfolio Manager |
Primary Role |
Since |
Title and Five Year History |
|||
Michael Dawson | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment area of MFS since 1998. | |||
Geoffrey Schechter |
Portfolio Manager |
2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Compensation
MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a sustainable investment process. As of December 31, 2020, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary - Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.
Performance Bonus - Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.
The quantitative portion is primarily based on the pre-taxperformance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each fund and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2020, the following benchmarks were used to measure the following portfolio manager's performance for the Fund:
Fund |
Portfolio Manager |
Benchmark(s) |
||
MFS Investment Grade Municipal Trust |
Michael Dawson | Bloomberg Municipal Bond Index | ||
Geoffrey Schechter | Bloomberg Municipal Bond Index |
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contribution to the MFS investment process and the client experience (distinct from fund and other account performance).
The performance bonus is generally a combination of cash and a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager.
MFS Equity Plan - Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.
Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.
Ownership of Fund Shares
The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund's portfolio manager(s) as of the Fund's fiscal year ended November 30, 2021. The following dollar ranges apply:
N. None
A. $1 - $10,000
B. $10,001 - $50,000
C. $50,001 - $100,000
D. $100,001 - $500,000
E. $500,001 - $1,000,000
F. Over $1,000,000
Name of Portfolio Manager |
Dollar Range of Equity Securities in Fund |
|
Michael Dawson |
N | |
Geoffrey Schechter |
N |
Other Accounts
In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub-advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund's fiscal year ended November 30, 2021:
Registered Investment Companies* |
Other Pooled Investment Vehicles |
Other Accounts | ||||||||||||||||||||||
Name |
Number of Accounts |
Total Assets |
Number of Accounts |
Total Assets |
Number of Accounts |
Total Assets | ||||||||||||||||||
Michael Dawson |
15 | $ | 7.5 billion | 0 | N/A | 0 | N/A | |||||||||||||||||
Geoffrey Schechter |
15 | $ | 28.4 billion | 4 | $ | 886.5 million | 1 | $ | 267.3 million |
* |
Includes the Fund. |
Advisory fees are not based upon performance of any of the accounts identified in the table above.
Potential Conflicts of Interest
MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Fund and other accounts, and has adopted policies and procedures designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.
The management of multiple funds and accounts (including accounts in which MFS or an affiliate has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS or an affiliate has an interest) with similar investment objectives. MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund's investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.
When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.
MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its officers and/or employees, and/or its affiliates own or have an interest.
To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.
ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS Investment Grade Municipal Trust
Period |
(a) Total number of Shares Purchased |
(b) Average Price Paid per Share |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs |
||||||||||||
12/01/20-12/31/20 |
0 | N/A | 0 | 911,024 | ||||||||||||
1/01/21-1/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
2/01/21-2/28/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
3/01/21-3/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
4/01/21-4/30/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
5/01/21-5/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
6/01/21-6/30/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
7/01/21-7/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
8/01/21-8/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
9/01/21-9/30/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
10/1/21-10/31/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
11/1/21-11/30/21 |
0 | N/A | 0 | 911,024 | ||||||||||||
Total |
0 | 0 | ||||||||||||||
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant's outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2021 plan year is 911,024.
ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. |
CONTROLS AND PROCEDURES. |
(a) |
Based upon their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. |
(b) |
There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
During the fiscal year ended November 30, 2021, there were no fees or income related to securities lending activities of the Registrant.
ITEM 13. |
EXHIBITS. |
(a) (1) |
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE. |
(2) |
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) |
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) |
Change in the registrant's independent public accountant. Not applicable. |
(b) |
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT. |
(c) |
Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice. |
(d) |
Proxy Voting Policies and Procedures pursuant to Item 7 of Form N-CSR. Attached hereto as EX-99.PROXYPOL. |
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS INVESTMENT GRADE MUNICIPAL TRUST
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: January 14, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: January 14, 2022
By (Signature and Title)* |
/S/ JAMES O. YOST |
|
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: January 14, 2022
* |
Print name and title of each signing officer under his or her signature. |