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 811-04992
MFS HIGH YIELD 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
111Huntington 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: May 31, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Municipal Trust
Municipal Trust
1 | |
3 | |
3 | |
4 | |
54 | |
55 | |
56 | |
57 | |
58 | |
60 | |
69 | |
70 | |
70 | |
70 | |
70 |
back cover |
Healthcare Revenue – Hospitals | 32.3% |
Healthcare Revenue – Long Term Care | 19.5% |
Universities – Secondary Schools | 12.4% |
Miscellaneous Revenue – Other | 10.8% |
General Obligations – Schools | 10.6% |
Universities – Colleges | 7.9% |
General Obligations – General Purpose | 7.2% |
Utilities - Other | 5.5% |
Tax - Assessment | 5.3% |
Universities – Dormitories | 5.2% |
AAA | 1.8% |
AA | 23.0% |
A | 41.3% |
BBB | 37.7% |
BB | 20.4% |
B | 3.3% |
CCC | 1.5% |
CC (o) | 0.0% |
C | 0.7% |
D | 1.7% |
Not Rated | 36.8% |
Cash & Cash Equivalents (Less Liabilities) (b) | (68.2)% |
Average Duration (d) | 15.5 |
Average Effective Maturity (m) | 19.4 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 8 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. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. This calculation is based on net assets applicable to common shares as of May 31, 2023. |
(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 feature (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 May 31, 2023. |
(o) | Less than 0.1%. |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Michael Dawson | Portfolio Manager | 2022 | Investment Officer of MFS; employed in the investment management area of MFS since 1999. |
Jason Kosty | Portfolio Manager | 2021 | Investment Officer of MFS; employed in the investment management area of MFS since 2014. |
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 - 165.5% | ||||
Alabama - 2.7% | ||||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | $ | 85,000 | $80,555 | |
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 95,000 | 88,156 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 130,000 | 109,092 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 135,000 | 114,012 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 505,000 | 500,611 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 345,000 | 365,667 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058 | 160,000 | 175,190 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 105,000 | 88,166 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 150,000 | 107,023 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 210,000 | 105,638 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 400,000 | 188,397 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 115,000 | 115,338 | ||
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%, 2/01/2037 | 315,000 | 302,045 | ||
Sumter County, AL, Industrial Development Authority Exempt Facilities Rev. (Enviva Inc. Project), 6%, 7/15/2052 (Put Date 7/15/2032) | 340,000 | 240,525 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 245,000 | 256,124 | ||
$2,836,539 | ||||
Alaska - 0.2% | ||||
Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%, 6/01/2066 | $ | 2,000,000 | $246,372 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - 5.9% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058 | $ | 40,000 | $37,921 | |
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n) | 25,000 | 23,917 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n) | 30,000 | 28,907 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n) | 50,000 | 45,087 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n) | 70,000 | 61,883 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 55,000 | 55,118 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n) | 45,000 | 45,405 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n) | 90,000 | 88,982 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n) | 135,000 | 134,037 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 25,000 | 24,407 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 30,000 | 27,157 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 85,000 | 75,519 | ||
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043 | 150,000 | 140,425 | ||
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057 | 55,000 | 52,418 | ||
Arizona Industrial Development Authority Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%, 7/01/2051 | 560,000 | 456,893 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | 5,000 | 4,237 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | 150,000 | 118,852 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2051 (n) | 5,000 | 3,583 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 3.75%, 12/15/2029 (n) | 15,000 | 13,870 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2039 (n) | $ | 15,000 | $14,145 | |
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 5%, 12/15/2049 (n) | 25,000 | 21,910 | ||
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | 55,000 | 43,269 | ||
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | 245,000 | 202,733 | ||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047 | 135,000 | 132,062 | ||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053 | 890,000 | 932,771 | ||
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 345,000 | 341,635 | ||
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 220,000 | 214,992 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 100,000 | 100,035 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 35,000 | 35,012 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 165,000 | 151,168 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 90,000 | 81,964 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | 350,000 | 351,848 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 220,000 | 215,635 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | 115,000 | 117,187 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 155,000 | 152,238 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | 180,000 | 181,980 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 170,000 | 152,788 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 440,000 | 334,604 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 250,000 | 196,526 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State University Project), “A”, 5%, 7/01/2042 | $ | 80,000 | $80,210 | |
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 350,000 | 255,959 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n) | 365,000 | 365,730 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 100,000 | 98,462 | ||
$6,213,481 | ||||
Arkansas - 1.0% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 30,000 | $28,863 | |
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 60,000 | 57,691 | ||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 10,000 | 9,162 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046 | 25,000 | 16,487 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 30,000 | 30,344 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 50,000 | 50,641 | ||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 485,000 | 159,844 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2039 (Prerefunded 12/01/2024) | 505,000 | 517,061 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 125,000 | 126,347 | ||
$996,440 | ||||
California - 15.2% | ||||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | $ | 2,195,000 | $1,798,828 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | 275,000 | 208,964 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 280,000 | 204,085 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 560,000 | 391,742 | ||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | 1,020,000 | 1,066,187 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project), “A”, 5.75%, 7/01/2060 (n) | $ | 650,000 | $624,042 | |
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 270,000 | 222,250 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 671,548 | 663,497 | ||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 155,000 | 186,319 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 85,000 | 86,965 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 35,000 | 35,217 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | 85,000 | 85,304 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 80,000 | 78,346 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 15,000 | 14,424 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 145,000 | 134,216 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n) | 90,000 | 85,659 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n) | 100,000 | 90,425 | ||
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 100,000 | 91,316 | ||
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 105,000 | 86,321 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 385,000 | 19,250 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 500,000 | 25,000 | ||
California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 15,000 | 14,557 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 70,000 | 65,404 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 50,000 | 47,636 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 70,000 | 67,153 | ||
California Public Finance Authority, Senior Living Rev. (Kendal at Ventura Project), “A”, 10%, 5/15/2028 (n) | 300,000 | 295,638 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | $ | 1,025,000 | $1,042,794 | |
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%, 8/01/2052 (n) | 340,000 | 321,734 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 35,000 | 35,746 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 100,000 | 100,312 | ||
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | 115,000 | 115,112 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 40,000 | 32,289 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 (n) | 55,000 | 43,532 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 100,000 | 100,881 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 100,000 | 98,342 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 255,000 | 271,667 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 110,000 | 110,543 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 195,000 | 197,989 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 390,000 | 386,276 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 295,000 | 276,251 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 145,000 | 132,345 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 165,000 | 122,786 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 100,000 | 70,206 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 325,000 | 248,639 | ||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041 | 1,585,000 | 1,585,577 | ||
Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | 710,000 | 688,518 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052 | $ | 180,000 | $183,190 | |
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 30,000 | 30,642 | ||
Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n) | 140,000 | 137,455 | ||
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | 150,000 | 147,273 | ||
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052 | 295,000 | 326,861 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 200,000 | 205,790 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 25,000 | 25,564 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 465,000 | 372,494 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 470,000 | 161,078 | ||
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 335,000 | 335,305 | ||
Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, “A”, NPFG, 0%, 9/01/2024 | 1,325,000 | 1,259,522 | ||
$15,855,458 | ||||
Colorado - 5.4% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | $ | 61,000 | $63,622 | |
Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046 | 601,000 | 557,177 | ||
Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2056 | 125,000 | 112,141 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 65,000 | 66,234 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 75,000 | 75,754 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 40,000 | 40,660 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 35,000 | 35,547 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | $ | 950,000 | $966,701 | |
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 455,000 | 461,531 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n) | 100,000 | 70,510 | ||
Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 375,000 | 378,012 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042 | 85,000 | 61,169 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052 | 365,000 | 379,382 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2038 | 450,000 | 468,127 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 140,000 | 129,509 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 110,000 | 98,934 | ||
Colorado Health Facilities Authority Rev. (Sanford), “A”, 4%, 11/01/2039 | 470,000 | 428,651 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 120,000 | 113,735 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 110,000 | 102,870 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 60,000 | 60,422 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 40,000 | 40,072 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 105,000 | 102,203 | ||
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | 75,000 | 72,990 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 280,000 | 244,640 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 100,000 | 100,312 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 370,000 | 373,125 | ||
$5,604,030 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Connecticut - 1.7% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044 | $ | 470,000 | $439,469 | |
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | 120,000 | 108,838 | ||
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n) | 315,000 | 311,450 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030 | 185,000 | 196,422 | ||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 745,000 | 744,974 | ||
$1,801,153 | ||||
Delaware - 1.1% | ||||
Delaware Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | $ | 440,000 | $440,000 | |
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4.625%, 9/01/2034 (Prerefunded 9/01/2024) | 95,000 | 96,416 | ||
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 (Prerefunded 9/01/2024) | 95,000 | 96,848 | ||
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 (Prerefunded 9/01/2024) | 110,000 | 112,139 | ||
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | 185,000 | 188,736 | ||
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | 90,000 | 91,204 | ||
Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%, 7/01/2058 | 175,000 | 155,529 | ||
$1,180,872 | ||||
District of Columbia - 2.3% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 250,000 | $208,671 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 145,000 | 144,997 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 670,000 | 656,255 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 775,000 | 735,966 | ||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053 (w) | 400,000 | 394,841 | ||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | 255,000 | 236,138 | ||
$2,376,868 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - 9.3% | ||||
Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | $ | 105,000 | $104,542 | |
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 85,000 | 85,668 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 40,000 | 40,229 | ||
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 170,000 | 143,780 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 378,613 | 41,647 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 78,836 | 8,672 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 (Prerefunded 6/01/2025) | 135,000 | 139,472 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 (Prerefunded 6/01/2025) | 185,000 | 191,128 | ||
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 150,000 | 148,865 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | 110,000 | 99,567 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | 125,000 | 116,252 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | 475,000 | 411,687 | ||
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 | 82,124 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | 145,000 | 147,689 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 (Prerefunded 6/15/2023) | 445,000 | 445,721 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 30,000 | 23,294 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | 20,000 | 18,796 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 100,000 | 94,822 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | $ | 155,000 | $141,332 | |
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 300,000 | 234,346 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 235,000 | 141,614 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 100,000 | 96,561 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 110,000 | 98,461 | ||
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 135,000 | 118,348 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 100,000 | 99,772 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 140,000 | 130,406 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 135,000 | 135,953 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044 | 100,000 | 94,466 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049 | 225,000 | 205,612 | ||
Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | 70,000 | 70,168 | ||
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046 | 220,000 | 211,305 | ||
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051 | 610,000 | 531,931 | ||
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 195,000 | 196,927 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052 | 65,000 | 68,494 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 175,000 | 174,995 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 380,000 | 386,836 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2048 | 245,000 | 248,282 | ||
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053 | 340,000 | 355,322 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047 | $ | 800,000 | $654,603 | |
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 85,000 | 85,975 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 155,000 | 75,901 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 255,000 | 91,950 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052 | 75,000 | 73,346 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 285,000 | 203,028 | ||
Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n) | 235,000 | 199,887 | ||
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 100,000 | 96,729 | ||
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 140,000 | 127,958 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 97,711 | ||
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 105,000 | 110,734 | ||
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 85,000 | 84,180 | ||
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | 55,000 | 46,277 | ||
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 100,000 | 82,296 | ||
Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n) | 100,000 | 74,433 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 55,000 | 38,394 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 20,000 | 20,150 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 20,000 | 20,143 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 40,000 | 40,307 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 125,000 | 125,295 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | $ | 335,000 | $335,855 | |
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 130,000 | 129,743 | ||
Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 80,000 | 81,431 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 175,000 | 176,485 | ||
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 170,000 | 171,446 | ||
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 305,000 | 305,503 | ||
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 100,000 | 100,022 | ||
$9,734,868 | ||||
Georgia - 3.4% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | $ | 100,000 | $87,993 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 180,000 | 144,750 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2030 | 45,000 | 45,402 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 (Prerefunded 2/15/2025) | 5,000 | 5,182 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2033 | 75,000 | 75,430 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2038 (Prerefunded 7/15/2025) | 5,000 | 5,182 | ||
Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%, 7/15/2038 | 85,000 | 84,372 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 335,000 | 352,478 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 110,000 | 108,762 | ||
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030) | 1,000,000 | 1,040,145 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064 | 340,000 | 353,938 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064 | $ | 180,000 | $185,411 | |
Georgia Ports Authority Rev., 4%, 7/01/2052 | 210,000 | 204,494 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 815,000 | 859,689 | ||
$3,553,228 | ||||
Guam - 0.3% | ||||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 60,000 | $45,338 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 250,000 | 250,636 | ||
$295,974 | ||||
Hawaii - 0.2% | ||||
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | $ | 100,000 | $96,252 | |
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 110,000 | 93,477 | ||
$189,729 | ||||
Idaho - 0.3% | ||||
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 40,000 | $39,875 | |
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038 | 180,000 | 169,863 | ||
Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | 100,000 | 103,572 | ||
$313,310 | ||||
Illinois - 17.7% | ||||
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 149,418 | $146,390 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 530,000 | 481,089 | ||
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 255,000 | 256,241 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 250,000 | 198,853 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 110,000 | 112,913 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 200,000 | 200,759 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 975,000 | 1,019,582 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | $ | 245,000 | $265,852 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 55,000 | 57,659 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 40,000 | 42,342 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 30,000 | 32,030 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 80,000 | 85,918 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 325,000 | 343,769 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 275,000 | 290,690 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042 | 200,000 | 191,823 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | 310,000 | 334,126 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 110,000 | 115,218 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039 | 100,000 | 90,763 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 100,000 | 89,153 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 260,000 | 265,938 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 385,000 | 388,853 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 250,000 | 240,964 | ||
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043 | 750,000 | 787,146 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 35,000 | 35,670 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 170,000 | 175,429 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 115,000 | 119,958 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 25,000 | 26,333 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 315,000 | 334,814 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2033 | 775,000 | 834,675 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 105,000 | 106,733 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 20,000 | 20,280 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 310,000 | 304,514 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 405,000 | 419,315 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 85,000 | 86,837 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | $ | 775,000 | $163,838 | |
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047 | 1,310,000 | 410,322 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 350,000 | 358,838 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 295,000 | 295,916 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | 250,000 | 244,715 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 80,000 | 80,098 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 40,000 | 40,048 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 200,000 | 204,377 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 115,000 | 117,074 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 | 815,000 | 860,639 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 450,000 | 465,203 | ||
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 193,000 | 189,192 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034 | 15,000 | 15,267 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038 | 20,000 | 19,551 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042 | 10,000 | 9,612 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047 | 20,000 | 18,939 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052 | 20,000 | 18,546 | ||
Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052 | 405,000 | 375,563 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051 | 235,000 | 184,569 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058 | 365,000 | 369,811 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027) | 25,000 | 25,737 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 500,000 | 482,205 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 315,000 | 325,082 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | $ | 200,000 | $200,383 | |
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | 35,000 | 34,702 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 70,000 | 68,379 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 55,000 | 53,638 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 55,000 | 53,435 | ||
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 420,000 | 427,747 | ||
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 | 330,000 | 272,276 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 20,000 | 19,698 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 45,000 | 41,923 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 25,000 | 22,965 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 35,000 | 33,303 | ||
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 142,000 | 142,097 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 130,000 | 126,082 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 75,000 | 74,202 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 50,000 | 42,644 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 50,000 | 40,713 | ||
State of Illinois, General Obligation, 4.125%, 11/01/2031 | 85,000 | 86,350 | ||
State of Illinois, General Obligation, 4.5%, 11/01/2039 | 130,000 | 130,694 | ||
State of Illinois, General Obligation, 5%, 11/01/2040 | 380,000 | 386,507 | ||
State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 115,000 | 116,199 | ||
State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 475,000 | 506,669 | ||
State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047 | 815,000 | 881,263 | ||
State of Illinois, General Obligation, “B”, 4%, 11/01/2038 | 60,000 | 58,251 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 135,000 | 146,107 | ||
State of Illinois, General Obligation, “A”, 5%, 12/01/2038 | 45,000 | 46,340 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | $ | 365,000 | $367,259 | |
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | 365,000 | 365,855 | ||
$18,523,452 | ||||
Indiana - 2.6% | ||||
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023) | $ | 275,000 | $277,662 | |
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 40,000 | 40,110 | ||
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 100,000 | 96,298 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 100,000 | 95,663 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 | 135,000 | 127,453 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039 | 65,000 | 66,131 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | 20,000 | 17,267 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | 15,000 | 12,530 | ||
Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indian, Inc. Project), “A-2”, 4.5%, 5/01/2035 (Put Date 6/01/2032) | 605,000 | 603,097 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 345,000 | 350,957 | ||
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052 | 710,000 | 734,704 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 25,000 | 26,387 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 260,000 | 264,066 | ||
$2,712,325 | ||||
Iowa - 0.4% | ||||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 50,000 | $48,202 | |
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 40,000 | 36,594 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 70,000 | 58,737 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - continued | ||||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042 | $ | 25,000 | $24,906 | |
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047 | 30,000 | 30,294 | ||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052 | 35,000 | 36,063 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 250,000 | 202,505 | ||
$437,301 | ||||
Kansas - 1.5% | ||||
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 200,000 | $205,648 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 102,824 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 40,000 | 38,395 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 35,000 | 31,817 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 45,000 | 44,868 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 40,000 | 39,573 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | 55,000 | 51,437 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046 | 60,000 | 42,615 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052 | 145,000 | 97,817 | ||
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052 | 150,000 | 147,298 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 170,000 | 168,010 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 160,000 | 127,451 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 205,000 | 181,832 | ||
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 50,000 | 45,555 | ||
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 200,000 | 201,089 | ||
$1,526,229 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - 2.3% | ||||
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n) | $ | 135,000 | $126,856 | |
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 285,000 | 218,612 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 270,000 | 204,902 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 180,000 | 147,353 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 80,000 | 64,967 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 30,000 | 31,069 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 250,000 | 256,855 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 160,000 | 163,363 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 120,000 | 120,544 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 80,000 | 78,708 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 65,000 | 66,340 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 100,000 | 97,290 | ||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 120,000 | 100,767 | ||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 325,000 | 239,467 | ||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | 80,000 | 56,807 | ||
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036 | 370,000 | 378,597 | ||
$2,352,497 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - 3.3% | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish GOMESA Project), 5.65%, 11/01/2037 (n) | $ | 100,000 | $104,821 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 555,000 | 455,522 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA Project), 4%, 11/01/2044 (n) | 145,000 | 127,983 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA Project), 3.95%, 11/01/2043 (n) | 139,872 | 121,861 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA Project), 3.9%, 11/01/2044 (n) | 170,000 | 145,784 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 100,000 | 95,772 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 315,000 | 291,108 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA Project), 5.375%, 11/01/2038 (n) | 100,000 | 103,583 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA Project), 5.5%, 11/01/2039 (n) | 100,000 | 104,120 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA Project), 4.625%, 11/01/2038 (n) | 90,000 | 90,189 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | 190,000 | 178,373 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | 160,000 | 144,415 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n) | 100,000 | 83,848 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n) | $ | 105,000 | $79,271 | |
Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n) | 280,000 | 198,912 | ||
Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n) | 115,000 | 81,696 | ||
Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n) | 105,000 | 97,844 | ||
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 450,000 | 439,665 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 630,000 | 555,836 | ||
$3,500,603 | ||||
Maine - 0.4% | ||||
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 130,000 | $128,528 | |
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 300,000 | 301,430 | ||
$429,958 | ||||
Maryland - 1.2% | ||||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | $ | 120,000 | $107,568 | |
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 10,000 | 8,337 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 25,000 | 18,752 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 80,000 | 56,435 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 145,000 | 149,113 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 85,000 | 87,947 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 55,000 | 56,798 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 245,000 | 247,879 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - continued | ||||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053 | $ | 905,000 | $220,993 | |
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 97,185 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 40,000 | 35,783 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 70,000 | 60,024 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 70,000 | 58,123 | ||
$1,204,937 | ||||
Massachusetts - 4.0% | ||||
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | $ | 626,350 | $64,451 | |
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 (Prerefunded 6/01/2029) | 45,000 | 48,315 | ||
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052 | 110,000 | 103,265 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 100,000 | 89,392 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 190,000 | 166,191 | ||
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | 100,000 | 101,138 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 30,000 | 31,029 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 35,000 | 36,158 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 110,000 | 112,859 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 2,445,000 | 2,040,558 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 55,000 | 53,222 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 15,000 | 12,534 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 5,000 | 4,779 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | 425,000 | 368,916 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | $ | 290,000 | $277,501 | |
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 110,000 | 73,584 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 360,000 | 297,332 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047 | 205,000 | 162,804 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 130,000 | 99,161 | ||
$4,143,189 | ||||
Michigan - 2.3% | ||||
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | $ | 255,000 | $231,705 | |
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, AGM, 5%, 7/01/2034 | 295,000 | 311,781 | ||
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052 | 60,000 | 57,510 | ||
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | 810,000 | 836,453 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 225,000 | 229,648 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033 | 60,000 | 61,376 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034 | 60,000 | 61,280 | ||
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n) | 105,000 | 62,800 | ||
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n) | 105,000 | 60,291 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 35,000 | 35,268 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 40,000 | 40,485 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 30,000 | 30,104 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 90,000 | 90,122 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | 150,000 | 159,888 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | $ | 160,000 | $170,434 | |
$2,439,145 | ||||
Minnesota - 1.2% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031 | $ | 15,000 | $13,621 | |
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | 65,000 | 53,953 | ||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 145,000 | 112,186 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 100,000 | 96,367 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 155,000 | 158,174 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 125,000 | 118,384 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 125,000 | 126,816 | ||
Minnesota Independent School District No. 150 (Hawley Public Schools), General Obligation School Building, “A”, 4.25%, 2/01/2046 | 470,000 | 472,297 | ||
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 100,000 | 97,447 | ||
$1,249,245 | ||||
Mississippi - 1.1% | ||||
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 (w) | $ | 800,000 | $743,363 | |
Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n) | 185,000 | 182,259 | ||
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | 100,000 | 89,575 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 110,000 | 109,030 | ||
$1,124,227 | ||||
Missouri - 4.3% | ||||
Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041 | $ | 85,000 | $71,873 | |
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 | 1,600,000 | 1,703,816 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054 | 480,000 | 489,595 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | $ | 520,000 | $533,012 | |
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 315,000 | 321,296 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 215,000 | 221,095 | ||
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | 310,000 | 223,633 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 125,000 | 104,661 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030 | 10,000 | 9,026 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035 | 10,000 | 8,324 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 40,000 | 37,954 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 25,000 | 22,615 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 65,000 | 54,392 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036 | 55,000 | 48,826 | ||
St. Louis County, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053 | 480,000 | 405,410 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 45,000 | 38,898 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 95,000 | 75,723 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 205,000 | 150,727 | ||
$4,520,876 | ||||
Montana - 0.4% | ||||
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043 | $ | 160,000 | $160,918 | |
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048 | 235,000 | 234,631 | ||
$395,549 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Nebraska - 0.1% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 105,000 | $110,806 | |
Nevada - 0.3% | ||||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | $ | 150,000 | $137,001 | |
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 100,000 | 88,078 | ||
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | 100,000 | 91,123 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | 5,000 | 5,280 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 20,000 | 17,979 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 25,000 | 22,265 | ||
$361,726 | ||||
New Hampshire - 1.3% | ||||
National Finance Authority, New Hampshire Municipal Certificates, “A”, 4%, 10/20/2036 | $ | 281,706 | $262,148 | |
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 519,724 | 501,009 | ||
National Finance Authority, New Hampshire Municipal Certificates, “A”, 4.125%, 1/20/2034 | 378,433 | 363,655 | ||
National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | 300,000 | 264,091 | ||
$1,390,903 | ||||
New Jersey - 4.9% | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | $ | 30,000 | $31,181 | |
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062 | 140,000 | 146,917 | ||
New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 3.125%, 7/01/2029 | 40,000 | 37,874 | ||
New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 5%, 7/01/2033 | 260,000 | 273,304 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 40,346 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | $ | 40,000 | $40,242 | |
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 255,000 | 255,714 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 125,000 | 125,880 | ||
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031 | 760,000 | 765,448 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 80,000 | 79,158 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 95,000 | 92,713 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 265,000 | 268,506 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 180,000 | 185,443 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 810,000 | 796,953 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 260,000 | 246,772 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 30,000 | 21,382 | ||
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053 | 55,000 | 53,092 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 | 140,000 | 151,228 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040 | 55,000 | 52,736 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 (w) | 360,000 | 353,357 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045 | 100,000 | 93,759 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038 | 1,000,000 | 1,008,222 | ||
$5,120,227 | ||||
New Mexico - 0.0% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 20,000 | $18,840 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - 9.6% | ||||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 545,000 | $539,703 | |
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062 | 110,000 | 105,645 | ||
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052 | 405,000 | 410,562 | ||
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 360,000 | 357,685 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 75,000 | 67,238 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055 | 170,000 | 175,363 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034 | 65,000 | 66,596 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | 165,000 | 166,830 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | 80,000 | 80,580 | ||
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050 | 500,000 | 457,715 | ||
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050 | 235,000 | 188,860 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 100,000 | 99,821 | ||
New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n) | 100,000 | 96,228 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2042 | 655,000 | 645,646 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 1,090,000 | 1,066,119 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 65,000 | 56,370 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 400,000 | 403,160 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 365,000 | 376,392 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 100,000 | 95,849 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | $ | 200,000 | $202,273 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 545,000 | 514,873 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 70,000 | 65,683 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 542,947 | 530,878 | ||
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | 270,000 | 233,818 | ||
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 215,000 | 157,587 | ||
Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 | 170,000 | 133,973 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 665,000 | 608,652 | ||
Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052 | 505,000 | 553,432 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 30,000 | 23,128 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 75,000 | 57,707 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 205,000 | 154,732 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 110,000 | 81,819 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034 | 50,000 | 51,830 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 25,000 | 25,796 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 715,000 | 726,899 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 110,000 | 103,747 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 400,000 | 316,767 | ||
$9,999,956 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - 0.8% | ||||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | $ | 25,000 | $26,755 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 50,000 | 41,966 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 15,000 | 11,531 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 190,000 | 130,029 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 20,000 | 16,786 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 | 10,000 | 7,571 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 35,000 | 34,975 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 70,000 | 69,235 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 45,000 | 43,509 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 90,000 | 85,126 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 75,000 | 76,551 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 30,000 | 30,461 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 60,000 | 60,665 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 130,000 | 131,241 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 85,000 | 85,747 | ||
$852,148 | ||||
North Dakota - 0.1% | ||||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | $ | 40,000 | $37,333 | |
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 10,000 | 8,053 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 70,000 | 54,485 | ||
$99,871 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - 4.9% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 130,000 | $135,928 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 1,690,000 | 1,563,409 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | 210,000 | 210,833 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 285,000 | 272,166 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 70,000 | 70,654 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | 150,000 | 142,529 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 770,000 | 780,758 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | 30,000 | 25,887 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | 50,000 | 41,802 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | 65,000 | 59,005 | ||
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034 | 120,000 | 120,313 | ||
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044 | 195,000 | 190,975 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 310,000 | 315,770 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 130,000 | 118,961 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | 70,000 | 61,575 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 110,000 | 108,639 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 100,000 | 97,673 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 100,000 | 94,769 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 125,000 | 115,368 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042 | 100,000 | 100,414 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053 | 505,000 | 509,494 | ||
$5,136,922 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oklahoma - 1.7% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 5,000 | $4,809 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 70,000 | 68,266 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041 | 245,000 | 233,380 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044 | 250,000 | 236,376 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 215,000 | 198,389 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 195,000 | 181,652 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 215,000 | 194,918 | ||
Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%, 11/15/2045 | 645,000 | 630,839 | ||
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024) | 55,000 | 55,597 | ||
$1,804,226 | ||||
Oregon - 1.4% | ||||
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | $ | 370,000 | $332,126 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 | 465,000 | 309,704 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056 | 205,000 | 131,792 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 25,000 | 21,023 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 70,000 | 60,721 | ||
Oregon Facilities Authority Refunding Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | 30,000 | 30,487 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047 | 100,000 | 97,826 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052 | 230,000 | 221,596 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056 | 280,000 | 200,316 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028 | 30,000 | 24,856 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 15,000 | 13,453 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oregon - continued | ||||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-3”, 1.75%, 11/15/2026 | $ | 20,000 | $18,611 | |
$1,462,511 | ||||
Pennsylvania - 12.1% | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | $ | 170,000 | $165,133 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 150,000 | 145,741 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | 235,000 | 134,170 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 575,000 | 328,456 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 200,000 | 112,846 | ||
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027) | 235,000 | 268,780 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 45,000 | 41,052 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 365,000 | 324,633 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035 | 405,000 | 321,343 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 95,000 | 75,998 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 45,000 | 42,005 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 100,000 | 86,173 | ||
Commonwealth of Pennsylvania, State Public School Building Authority College Rev. (Delware County Community College Project), BAM, 5.25%, 10/01/2044 | 150,000 | 160,801 | ||
Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045 | 30,000 | 21,243 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025) | 25,000 | 25,867 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025) | 35,000 | 36,214 | ||
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) | 40,000 | 40,644 |
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%, 7/01/2046 (Prerefunded 7/01/2024) | $ | 20,000 | $20,322 | |
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | 125,000 | 108,289 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | 155,000 | 126,453 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | 160,000 | 124,865 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | 150,000 | 113,913 | ||
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 1,010,000 | 916,191 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 350,000 | 313,882 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | 955,000 | 495,575 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 605,000 | 609,881 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 100,000 | 91,721 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 100,000 | 88,540 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048 | 330,000 | 337,756 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | 105,000 | 77,172 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 120,000 | 112,608 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 950,000 | 806,049 | ||
Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042 | 505,000 | 503,782 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2044 | 540,000 | 188,301 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049 | 250,000 | 43,751 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053 | $ | 490,000 | $501,462 | |
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 | 405,000 | 443,174 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 560,000 | 571,669 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 50,000 | 41,935 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 385,000 | 383,680 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 495,000 | 525,032 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 (w) | 300,000 | 317,471 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057 | 100,000 | 90,308 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 100,000 | 102,211 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 125,000 | 126,645 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 120,000 | 121,495 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 150,000 | 152,616 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033 | 100,000 | 100,232 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043 | 110,000 | 110,270 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 140,000 | 140,302 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | 145,000 | 129,263 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | 215,000 | 192,941 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 100,000 | 86,401 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | $ | 125,000 | $102,976 | |
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 175,000 | 138,092 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2036 | 25,000 | 26,705 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2037 | 25,000 | 26,572 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2038 | 25,000 | 26,415 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | 150,000 | 143,326 | ||
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | 185,000 | 185,648 | ||
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 445,000 | 392,398 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 5,000 | 4,998 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | 15,000 | 14,628 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 30,000 | 29,595 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 35,000 | 33,738 | ||
$12,672,348 | ||||
Puerto Rico - 4.6% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | $ | 84,000 | $90,454 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 406,000 | 338,825 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 55,000 | 53,495 | ||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024 | 15,000 | 15,003 | ||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025 | 15,000 | 15,003 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 995,000 | 711,425 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 65,000 | 65,041 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | 60,000 | 59,204 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 250,000 | 247,339 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | $ | 845,000 | $604,175 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 380,000 | 385,921 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | 45,000 | 45,044 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 70,158 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 20,000 | 20,134 | ||
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026 | 80,000 | 86,449 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 42,000 | 39,972 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 636,000 | 607,665 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 3,000 | 2,678 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 69,000 | 63,384 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 74,000 | 62,214 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 803,000 | 556,053 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 781,000 | 487,497 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 473,000 | 127,236 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 40,000 | 40,045 | ||
$4,794,414 | ||||
Rhode Island - 1.0% | ||||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | $ | 80,000 | $67,009 | |
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 (w) | 800,000 | 771,474 | ||
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 60,000 | 57,928 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 190,000 | 176,168 | ||
$1,072,579 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - 1.1% | ||||
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2044 | $ | 185,000 | $164,966 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 70,838 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 40,000 | 31,527 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 395,000 | 398,392 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047 | 150,000 | 124,965 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052 | 115,000 | 93,156 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 245,000 | 249,531 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 45,000 | 42,114 | ||
$1,175,489 | ||||
South Dakota - 0.4% | ||||
South Dakota Housing Development Authority, Homeownership Mortgage, “A”, GNMA, 6%, 5/01/2054 | $ | 360,000 | $385,603 | |
Tennessee - 2.3% | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | $ | 45,000 | $46,734 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | 50,000 | 51,922 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 65,000 | 66,816 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035 | 205,000 | 211,798 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 10,000 | 10,199 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 515,000 | 542,983 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 165,000 | 167,865 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028) | 1,000,000 | 1,034,755 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2025 | $ | 240,000 | $239,624 | |
$2,372,696 | ||||
Texas - 9.8% | ||||
Arlington, TX, Higher Education Finance Corp. Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | $ | 40,000 | $38,403 | |
Arlington, TX, Higher Education Finance Corp. Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 185,000 | 170,652 | ||
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 | 185,000 | 195,050 | ||
Austin, TX, Airport System Rev., 5%, 11/15/2052 | 270,000 | 279,537 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | 35,000 | 35,639 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | 50,000 | 50,983 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 10,000 | 9,918 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 25,000 | 24,746 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 15,000 | 14,888 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 25,000 | 24,860 | ||
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025) | 90,000 | 93,324 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 105,000 | 105,510 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 410,000 | 410,140 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 165,000 | 165,589 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 55,000 | 43,491 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 100,000 | 80,864 | ||
Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2048 | 80,000 | 78,051 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 115,000 | 114,178 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 375,000 | 375,298 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | $ | 340,000 | $319,107 | |
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2035 | 85,000 | 87,496 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2036 | 155,000 | 157,572 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2037 | 210,000 | 212,269 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2038 | 175,000 | 176,365 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 20,347 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 40,000 | 40,623 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 70,000 | 29,023 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 175,000 | 55,028 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030 | 445,000 | 446,350 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | 270,000 | 270,051 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 770,000 | 772,612 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 50,000 | 41,397 | ||
Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | 180,000 | 174,125 | ||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) (w) | 115,000 | 115,109 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 20,000 | 20,384 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 80,000 | 80,381 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2039 (n) | 75,000 | 71,470 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n) | 55,000 | 49,241 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | $ | 15,000 | $14,412 | |
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | 55,000 | 47,897 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | 35,000 | 28,443 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | 45,000 | 35,560 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035 | 75,000 | 67,436 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043 | 80,000 | 66,617 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049 | 80,000 | 63,886 | ||
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 | 25,753 | ||
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 | 30,903 | ||
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 | 66,957 | ||
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | 90,000 | 92,445 | ||
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | 110,000 | 112,362 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 79,013 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 370,000 | 260,512 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n) | 130,000 | 122,337 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 225,000 | 229,332 | ||
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded 11/15/2024) | 100,000 | 105,609 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 (Prerefunded 11/15/2024) | $ | 185,000 | $196,027 | |
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 (Prerefunded 11/15/2024) | 135,000 | 143,421 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053 | 395,000 | 360,251 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 80,000 | 78,826 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 100,000 | 95,445 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d) | 840,423 | 546,275 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 135,000 | 131,279 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 170,000 | 171,134 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 135,000 | 135,768 | ||
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054 | 240,000 | 274,551 | ||
Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | 345,000 | 184,735 | ||
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 240,000 | 240,349 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 25,000 | 12,277 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 20,000 | 9,211 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 20,000 | 8,660 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 20,000 | 8,129 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 45,000 | 17,221 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | $ | 60,000 | $21,735 | |
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 50,000 | 17,074 | ||
Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043 | 720,000 | 679,906 | ||
$10,231,819 | ||||
U.S. Virgin Islands - 0.1% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 70,000 | $70,571 | |
Utah - 0.7% | ||||
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | $ | 390,000 | $399,996 | |
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 245,000 | 215,782 | ||
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 120,000 | 110,947 | ||
$726,725 | ||||
Vermont - 1.2% | ||||
Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053 | $ | 781,000 | $850,453 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 | 30,000 | 25,960 | ||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040 | 230,000 | 229,195 | ||
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 145,000 | 123,762 | ||
$1,229,370 | ||||
Virginia - 1.2% | ||||
Cherry Hill Community Development Authority, Prince William County, VA (Potomac Shores Project), 5.4%, 3/01/2045 (n) | $ | 100,000 | $99,501 | |
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052 | 70,000 | 70,535 | ||
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047 | 105,000 | 72,922 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 115,000 | 111,795 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - continued | ||||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | $ | 145,000 | $126,510 | |
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | 175,000 | 176,190 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 175,000 | 175,641 | ||
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045 | 495,000 | 432,554 | ||
$1,265,648 | ||||
Washington - 3.3% | ||||
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 435,000 | $406,904 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 115,000 | 120,664 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 150,000 | 154,160 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 285,000 | 290,360 | ||
Kalispel Tribe of Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | 130,000 | 133,544 | ||
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047 | 50,000 | 44,965 | ||
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033 | 1,105,000 | 1,105,246 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 90,000 | 91,622 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 90,000 | 90,477 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042 | 200,000 | 174,375 | ||
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | 145,000 | 104,665 | ||
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | 100,000 | 79,684 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | 100,000 | 82,567 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | 105,000 | 78,465 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - continued | ||||
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | $ | 105,000 | $75,720 | |
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n) | 100,000 | 81,246 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n) | 115,000 | 89,723 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n) | 165,000 | 124,352 | ||
Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | 2,252,761 | 108,202 | ||
$3,436,941 | ||||
West Virginia - 0.3% | ||||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | $ | 380,000 | $356,260 | |
Wisconsin - 10.6% | ||||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | $ | 580,000 | $256,190 | |
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 250,000 | 110,427 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | 105,000 | 97,983 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 105,000 | 90,831 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 55,000 | 44,067 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 55,000 | 42,798 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 1,020,000 | 906,741 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057 | 485,000 | 352,758 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | 45,000 | 43,788 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050 | 100,000 | 82,370 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 465,000 | 355,008 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 (Prerefunded 9/15/2023) | 20,000 | 20,078 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 (Prerefunded 9/15/2023) | 30,000 | 30,117 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 (Prerefunded 9/15/2023) | $ | 115,000 | $115,450 | |
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 1,445,000 | 1,445,878 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 85,000 | 83,769 | ||
Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n) | 75,000 | 58,190 | ||
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 40,000 | 40,074 | ||
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 55,000 | 53,362 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 55,000 | 55,364 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 55,000 | 55,576 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062 | 120,000 | 115,732 | ||
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 25,000 | 24,583 | ||
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 125,000 | 115,859 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 75,000 | 69,252 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 95,000 | 74,256 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 25,000 | 22,679 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 25,000 | 24,768 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 75,000 | 72,170 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 60,000 | 53,448 | ||
Wisconsin Public Finance Authority Healthcare System Rev. (Cone Health), “A”, 5%, 10/01/2052 | 610,000 | 630,361 | ||
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 1,020,000 | 931,489 | ||
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) | 285,000 | 215,012 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | $ | 835,000 | $637,731 | |
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 440,000 | 377,375 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 230,000 | 197,388 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043 | 205,000 | 208,768 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 | 50,000 | 35,868 | ||
Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n) | 195,000 | 156,346 | ||
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 | 285,000 | 241,976 | ||
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 | 475,000 | 386,637 | ||
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 150,000 | 153,461 | ||
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n) | 200,000 | 150,992 | ||
Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n) | 402,082 | 315,677 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 60,000 | 56,162 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 35,000 | 31,502 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 165,000 | 143,353 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 115,000 | 98,067 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 110,000 | 112,095 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 100,000 | 102,430 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 95,000 | 97,641 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | 115,000 | 118,550 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 565,000 | 414,681 |
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%, 7/01/2044 | $ | 20,000 | $20,444 | |
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n) | 180,000 | 128,775 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061 (n) | 100,000 | 75,973 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | 190,000 | 179,578 | ||
$11,131,898 | ||||
Total Municipal Bonds (Identified Cost, $186,019,699) | $173,038,352 | |||
Bonds – 0.1% | ||||
Consumer Services – 0.1% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) | $ | 175,000 | $90,868 | |
Medical & Health Technology & Services – 0.0% | ||||
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028 | $ | 70,000 | $58,132 | |
Total Bonds (Identified Cost, $167,956) | $149,000 | |||
Other Municipal Bonds – 0.1% | ||||
Multi-Family Housing Revenue – 0.1% | ||||
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.22%, 7/25/2041 (i)(n) (Identified Cost, $53,057) | $ | 534,408 | $53,677 | |
Investment Companies (h) - 0.4% | ||||
Money Market Funds – 0.4% | ||||
MFS Institutional Money Market Portfolio, 4.88% (v) (Identified Cost, $463,499) | 463,504 | $463,458 | ||
Other Assets, Less Liabilities - 0.8% | 789,428 | |||
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $70,000,000 net of unamortized debt issuance costs of $61,313 (issued by the fund) - (66.9)% | (69,938,687) | |||
Net assets applicable to common shares - 100.0% | $104,555,228 |
(a) | Non-income producing security. |
(d) | In default. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $463,458 and $173,241,029, respectively. |
(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 $25,896,215, representing 24.8% of net assets applicable to common shares. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date | Cost | Value |
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | 5/25/17 | $383,096 | $19,250 |
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/19 | 437,875 | 25,000 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/13 | 378,613 | 41,647 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/15 | 78,837 | 8,672 |
Total Restricted Securities | $94,569 | ||
% of Net assets applicable to common shares | 0.1% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
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, $186,240,712) | $173,241,029 |
Investments in affiliated issuers, at value (identified cost, $463,499) | 463,458 |
Receivables for | |
Investments sold | 2,193,502 |
Interest | 2,612,981 |
Other assets | 16,569 |
Total assets | $178,527,539 |
Liabilities | |
Payables for | |
Distributions on common shares | $12,642 |
Investments purchased | 981,050 |
When-issued investments purchased | 2,702,386 |
Interest expense | 250,926 |
Payable to affiliates | |
Investment adviser | 1,470 |
Administrative services fee | 193 |
Transfer agent and dividend disbursing costs | 1,225 |
Payable for independent Trustees' compensation | 26 |
Accrued expenses and other liabilities | 83,706 |
RVMTP shares, at liquidation value of $70,000,000 net of unamortized debt issuance costs of $61,313 | 69,938,687 |
Total liabilities | $73,972,311 |
Net assets applicable to common shares | $104,555,228 |
Net assets consist of | |
Paid-in capital - common shares | $124,610,543 |
Total distributable earnings (loss) | (20,055,315) |
Net assets applicable to common shares | $104,555,228 |
RVMTP shares, at liquidation value of $70,000,000 net of unamortized debt issuance costs of $61,313 (700 shares issued and outstanding at $100,000 per share) | 69,938,687 |
Net assets including preferred shares | $174,493,915 |
Common shares of beneficial interest issued and outstanding | 28,325,314 |
Net asset value per common share (net assets of $104,555,228 / 28,325,314 shares of beneficial interest outstanding) | $3.69 |
Net investment income (loss) | |
Income | |
Interest | $4,156,863 |
Dividends from affiliated issuers | 62,063 |
Total investment income | $4,218,926 |
Expenses | |
Management fee | $571,548 |
Transfer agent and dividend disbursing costs | 12,738 |
Administrative services fee | 17,958 |
Independent Trustees' compensation | 3,634 |
Stock exchange fee | 13,750 |
Custodian fee | 3,342 |
Shareholder communications | 12,033 |
Audit and tax fees | 47,066 |
Legal fees | 2,965 |
Interest expense and fees and amortization of RVMTP shares debt issuance costs | 1,426,302 |
Miscellaneous | 33,933 |
Total expenses | $2,145,269 |
Reduction of expenses by investment adviser | (24,242) |
Net expenses | $2,121,027 |
Net investment income (loss) | $2,097,899 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(2,150,082) |
Affiliated issuers | (280) |
Net realized gain (loss) | $(2,150,362) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $1,645,668 |
Affiliated issuers | (46) |
Net unrealized gain (loss) | $1,645,622 |
Net realized and unrealized gain (loss) | $(504,740) |
Change in net assets from operations | $1,593,159 |
Six months ended | Year ended | |
5/31/23 (unaudited) | 11/30/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $2,097,899 | $4,731,429 |
Net realized gain (loss) | (2,150,362) | (2,886,845) |
Net unrealized gain (loss) | 1,645,622 | (29,594,864) |
Change in net assets from operations | $1,593,159 | $(27,750,280) |
Distributions to common shareholders | $(1,988,437) | $(5,034,830) |
Total change in net assets | $(395,278) | $(32,785,110) |
Net assets applicable to common shares | ||
At beginning of period | 104,950,506 | 137,735,616 |
At end of period | $104,555,228 | $104,950,506 |
Cash flows from operating activities: | |
Change in net assets from operations | $1,593,159 |
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
Purchase of investment securities | (25,627,752) |
Proceeds from disposition of investment securities | 24,077,608 |
Proceeds from disposition of short-term investments, net | 1,139,066 |
Realized gain/loss on investments | 2,150,082 |
Unrealized appreciation/depreciation on investments | (1,645,622) |
Net amortization/accretion of income | 107,925 |
Amortization of RVMTP shares debt issuance costs | 33,494 |
Increase in interest receivable | (74,490) |
Decrease in accrued expenses and other liabilities | (19,418) |
Decrease in receivable from investment adviser | 20,200 |
Increase in other assets | (14,224) |
Increase in payable for interest expense and fees | 250,926 |
Net cash provided by operating activities | $1,990,954 |
Cash flows from financing activities: | |
Cash distributions paid on common shares | $(1,990,396) |
Decrease in payable to custodian | (558) |
Net cash used by financing activities | $(1,990,954) |
Cash and restricted cash: | |
Beginning of period | $— |
End of period | $— |
Common Shares | Six months ended | Year ended | ||||
5/31/23 (unaudited) | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | |
Net asset value, beginning of period | $3.71 | $4.86 | $4.71 | $4.91 | $4.67 | $4.80 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.07 | $0.17 | $0.20 | $0.21 | $0.23 | $0.26(c) |
Net realized and unrealized gain (loss) | (0.02) | (1.14) | 0.16 | (0.19) | 0.24 | (0.13) |
Total from investment operations | $0.05 | $(0.97) | $0.36 | $0.02 | $0.47 | $0.13 |
Less distributions declared to common shareholders | ||||||
From net investment income | $(0.07) | $(0.18) | $(0.21) | $(0.22) | $(0.23) | $(0.26) |
Net asset value, end of period (x) | $3.69 | $3.71 | $4.86 | $4.71 | $4.91 | $4.67 |
Market value, end of period | $3.13 | $3.20 | $4.54 | $4.32 | $4.73 | $4.22 |
Total return at market value (%) | (0.02)(n) | (25.95) | 9.92 | (3.99) | 17.71 | (5.54) |
Total return at net asset value (%) (j)(r)(s)(x) | 1.66(n) | (19.80) | 7.93 | 0.84 | 10.42 | 3.01(c) |
Ratios (%) (to average net assets applicable to common shares) and Supplemental data: | ||||||
Expenses before expense reductions | 4.05(a) | 2.62 | 1.85 | 2.32 | 2.76 | 2.70(c) |
Expenses after expense reductions | 4.00(a) | 2.58 | 1.85 | 2.28 | 2.73 | 2.69(c) |
Net investment income (loss) | 3.96(a) | 4.06 | 4.12 | 4.48 | 4.80 | 5.40(c) |
Portfolio turnover | 15(n) | 19 | 16 | 22 | 17 | 16 |
Net assets at end of period (000 omitted) | $104,555 | $104,951 | $137,736 | $133,392 | $139,042 | $132,247 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (l) | 1.31(a) | 1.30 | 1.22 | 1.24 | 1.22 | 1.25(c) |
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (l) | 0.79(a) | 0.79 | 0.79 | 0.79 | 0.79 | 0.80(c) |
Six months ended | Year ended | |||||
5/31/23 (unaudited) | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | |
Senior Securities: | ||||||
RVMTP shares | 700 | 700 | 750 | — | — | — |
VMTP shares | — | — | — | 3,000 | 3,000 | 3,000 |
Asset coverage per preferred share (k) | $249,365 | $249,929 | $283,647 | $69,464 | $71,347 | $69,082 |
Asset coverage per $1 liquidation preference (v) | $2.49 | $2.50 | $2.84 | $2.78 | $2.85 | $2.76 |
Involuntary liquidation preference per preferred share (m) | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 | $25,000 |
Average market value per preferred share (m)(u) | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 | $25,000 |
(a) | Annualized. |
(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. |
(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 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 (Variable Rate Municipal Term Preferred) shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable. |
(m) | Amount excludes accrued unpaid distributions on preferred shares. |
(n) | Not annualized. |
(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 | $— | $173,092,029 | $— | $173,092,029 |
U.S. Corporate Bonds | — | 149,000 | — | 149,000 |
Mutual Funds | 463,458 | — | — | 463,458 |
Total | $463,458 | $173,241,029 | $— | $173,704,487 |
Year ended 11/30/22 | |
Ordinary income (including any short-term capital gains) | $365,284 |
Tax-exempt income | 6,099,841 |
Total distributions | $6,465,125 |
As of 5/31/23 | |
Cost of investments | $187,703,828 |
Gross appreciation | 1,811,370 |
Gross depreciation | (15,810,711) |
Net unrealized appreciation (depreciation) | $(13,999,341) |
As of 11/30/22 | |
Undistributed ordinary income | 186,480 |
Undistributed tax-exempt income | 1,365,703 |
Capital loss carryforwards | (5,522,536) |
Other temporary differences | (14,601) |
Net unrealized appreciation (depreciation) | (15,675,083) |
Short-Term | $(3,646,650) |
Long-Term | (1,875,886) |
Total | $(5,522,536) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $1,602,570 | $16,282,129 | $17,420,915 | $(280) | $(46) | $463,458 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $62,063 | $— |
July 14, 2023
DIVIDEND DISBURSING AGENT
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.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (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.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. 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.
Not applicable for semi-annual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS High Yield Municipal Trust (the "Fund") is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.
Effective March 28, 2023, Gary Lasman is no longer a portfolio manager of the Fund.
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Michael Dawson | Portfolio Manager | 2022 | Investment Officer of MFS; employed in the investment area |
|
|
| of MFS since 1998. |
Jason Kosty | Portfolio Manager | 2021 | Investment Officer of MFS; employed in the investment area |
|
|
| of MFS since 2003. |
Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment 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 durable investment process. As of December 31, 2022, 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-tax performance 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, 10-, 5-, and 3-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, 2022, the following benchmarks were used to measure the following portfolio manager's performance for the Fund:
Fund | Portfolio Manager | Benchmark(s) |
MFS High Yield Municipal Trust | Michael Dawson | Bloomberg Municipal Bond Index |
|
|
|
| Jason Kosty | 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, 2022. 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 |
Jason Kosty | 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, 2022:
| Registered Investment Companies* | Other Pooled Investment Vehicles | Other Accounts | |||
| Number of | Total Assets | Number of | Total | Number of | Total Assets |
Name | Accounts |
| Accounts | Assets | Accounts |
|
Michael Dawson | 18 | $6.9 billion | 0 | N/A | 0 | N/A |
|
|
|
|
|
|
|
Jason Kosty | 9 | $13.9 billion | 1 | $126.8 million | 1 | $247.1 million |
|
|
|
|
|
|
|
Geoffrey Schechter | 15 | $21.1 billion | 4 | $752.7 million | 1 | $247.1 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, 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 High Yield Municipal Trust
|
|
|
| (c) Total Number of | (d) Maximum Number |
|
|
|
| Shares Purchased as | (or Approximate |
|
| (a) Total number of | (b) Average | Part of Publicly | Dollar Value) of |
| Period | Shares Purchased | Price Paid | Announced Plans or | Shares that May Yet |
|
|
| per Share | Programs | Be Purchased under |
|
|
|
|
| the Plans or Programs |
|
|
|
|
|
|
| 12/01/22-12/31/22 | 0 | N/A | 0 | 2,832,531 |
| 1/01/23-1/31/23 | 0 | N/A | 0 | 2,832,531 |
| 2/01/23-2/28/23 | 0 | N/A | 0 | 2,832,531 |
| 3/01/23-3/31/23 | 0 | N/A | 0 | 2,832,531 |
| 4/01/23-4/30/23 | 0 | N/A | 0 | 2,832,531 |
| 5/01/23-5/31/23 | 0 | N/A | 0 | 2,832,531 |
| 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, 2022 plan year is 2,832,531.
.
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 effectiveness 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 report on 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 have materially affected, or are 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.
Not applicable for semi-annual reports.
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: Not applicable.
(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.
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 HIGH YIELD MUNICIPAL TRUST
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: July 14, 2023
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: July 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: July 14, 2023
* Print name and title of each signing officer under his or her signature.