UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05785
MFS INVESTMENT GRADE MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: May 31, 2021
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
1 | |
2 | |
4 | |
4 | |
5 | |
42 | |
43 | |
44 | |
45 | |
46 | |
49 | |
58 | |
59 | |
59 | |
59 | |
59 |
back cover |
Healthcare Revenue - Hospitals | 28.7% |
General Obligations - General Purpose | 10.8% |
Student Loan Revenue | 10.2% |
Universities - Colleges | 10.0% |
Tax - Sales | 9.1% |
Water & Sewer Utility Revenue | 8.6% |
State & Local Agencies | 8.2% |
Toll Roads | 7.8% |
Utilities - Municipal Owned | 6.9% |
Transportation - Special Tax | 5.8% |
AAA | 2.7% |
AA | 40.7% |
A | 52.5% |
BBB | 31.9% |
BB | 5.7% |
B | 1.7% |
CCC | 0.3% |
CC | 0.4% |
C | 2.4% |
D | 2.2% |
Not Rated | 13.8% |
Cash & Cash Equivalents (Less Liabilities) | (50.0)% |
Other | (4.3)% |
Average Duration (d) | 9.8 |
Average Effective Maturity (m) | 17.2 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. 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. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This calculation is based on net assets applicable to common shares as of May 31, 2021. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of May 31, 2021. |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Michael Dawson | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1998. |
Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 152.3% | ||||
Alabama - 1.9% | ||||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | $ | 40,000 | $ 47,473 | |
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 50,000 | 51,837 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 95,000 | 81,537 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 135,000 | 95,090 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 190,000 | 94,200 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 365,000 | 169,427 | ||
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039 | 140,000 | 142,517 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 255,475 | 271,541 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 510,000 | 585,258 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 170,000 | 210,771 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 100,000 | 123,226 | ||
$1,872,877 | ||||
Arizona - 2.6% | ||||
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043 | $ | 70,000 | $ 71,490 | |
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054 | 75,000 | 75,842 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | ��� 60,000 | 67,697 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | 45,000 | 50,471 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 80,000 | 89,258 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 70,000 | 76,378 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 80,000 | 86,036 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n) | $ | 165,000 | $ 167,984 | |
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n) | 145,000 | 147,548 | ||
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032 | 795,000 | 1,056,046 | ||
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 | 745,000 | 745,000 | ||
$2,633,750 | ||||
Arkansas - 0.4% | ||||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | $ | 140,000 | $ 173,734 | |
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 30,000 | 33,255 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 50,000 | 55,556 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 120,000 | 133,668 | ||
$396,213 | ||||
California - 11.9% | ||||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | $ | 130,000 | $ 112,384 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 235,000 | 198,733 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 470,000 | 388,587 | ||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 175,000 | 197,756 | ||
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2046 | 1,000,000 | 1,184,795 | ||
California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i) | 1,847,505 | 128,795 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 40,000 | 47,944 | ||
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)(w) | 30,000 | 30,284 | ||
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)(w) | 35,000 | 35,267 | ||
California Public Finance Authority Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)(w) | 30,000 | 30,230 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032 (w) | $ | 445,000 | $ 594,236 | |
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w) | 380,000 | 487,008 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038 | 1,220,000 | 1,352,819 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 1,135,000 | 1,294,807 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 40,000 | 45,682 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 100,000 | 112,357 | ||
California State University Rev., “A”, 5%, 11/01/2037 (Prerefunded 11/01/2021) | 805,000 | 821,318 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 85,000 | 97,119 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 245,000 | 278,118 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 120,000 | 134,779 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 100,000 | 107,982 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 | 85,000 | 92,449 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 | 65,000 | 66,217 | ||
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n) | 325,000 | 376,605 | ||
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 330,000 | 190,822 | ||
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 50,000 | 52,802 | ||
Los Angeles County, CA, Redevelopment Refunding Authority Tax Allocation Rev., “D”, AGM, 5%, 9/01/2023 | 210,000 | 231,429 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 35,000 | 37,044 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 65,000 | 68,543 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028 | $ | 140,000 | $ 165,143 | |
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043 | 355,000 | 402,495 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 195,000 | 237,901 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 25,000 | 27,682 | ||
State of California, 5.25%, 9/01/2030 | 645,000 | 653,290 | ||
State of California, Various Purpose General Obligation, 5.25%, 10/01/2028 | 270,000 | 274,573 | ||
State of California, Various Purpose General Obligation, 5%, 4/01/2045 | 770,000 | 980,417 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | 55,000 | 69,289 | ||
West Contra Costa, CA, Unified School District, “B”, NPFG, 6%, 8/01/2024 | 120,000 | 131,022 | ||
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 125,000 | 139,839 | ||
$11,878,562 | ||||
Colorado - 3.8% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | $ | 10,000 | $ 11,644 | |
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 41,000 | 50,929 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 75,000 | 83,447 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | 40,000 | 41,609 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 145,000 | 161,036 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 685,000 | 838,645 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 325,000 | 403,373 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050 | 130,000 | 162,645 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | $ | 145,000 | $ 164,819 | |
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 90,000 | 99,765 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044 | 380,000 | 418,345 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | 115,000 | 136,441 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043 | 245,000 | 287,450 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 70,000 | 81,778 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 120,000 | 138,934 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 140,000 | 162,272 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 95,000 | 103,314 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 405,000 | 465,426 | ||
$3,811,872 | ||||
Connecticut - 1.1% | ||||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | $ | 275,000 | $ 282,200 | |
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2029 | 405,000 | 414,821 | ||
State of Connecticut, Special Tax Obligation Rev., “A”, 5%, 12/01/2030 | 385,000 | 394,336 | ||
$1,091,357 | ||||
District of Columbia - 0.2% | ||||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | $ | 175,000 | $ 201,161 | |
Florida - 5.7% | ||||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | $ | 80,000 | $ 88,657 | |
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 35,000 | 38,862 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 60,000 | 66,719 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 | $ | 105,000 | $ 118,945 | |
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 | 105,000 | 118,466 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 25,000 | 26,803 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)(w) | 200,000 | 228,987 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 100,000 | 117,996 | ||
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2045 | 1,000,000 | 1,167,921 | ||
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046 | 250,000 | 290,553 | ||
Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040 | 250,000 | 297,685 | ||
Miami-Dade County, FL, Health Facilities Authority Hospital Rev., Unrefunded Balance, 6.125%, 8/01/2042 | 50,000 | 50,176 | ||
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/2035 (Prerefunded 10/01/2022) | 180,000 | 191,724 | ||
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021) | 175,000 | 179,134 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 275,000 | 324,015 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 60,000 | 74,273 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 105,000 | 65,656 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 175,000 | 89,124 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 116,442 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 20,000 | 22,170 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 20,000 | 21,964 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 40,000 | 43,841 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 120,000 | 131,902 | ||
Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 85,000 | 97,375 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045 | $ | 980,000 | $ 422,452 | |
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 180,000 | 224,885 | ||
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025 | 915,000 | 1,020,154 | ||
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 50,000 | 50,040 | ||
$5,686,921 | ||||
Georgia - 3.5% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054 | $ | 65,000 | $ 75,716 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 100,000 | 118,263 | ||
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2044 | 145,000 | 170,540 | ||
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2049 | 215,000 | 250,423 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | 45,000 | 53,120 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028 | 125,000 | 127,041 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029 | 120,000 | 121,959 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030 | 75,000 | 76,225 | ||
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041 | 340,000 | 345,494 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 130,000 | 150,019 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 120,000 | 147,813 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 250,000 | 321,255 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 75,000 | 90,439 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | 65,000 | 78,233 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | 70,000 | 83,973 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 | 320,000 | 367,137 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038 | 180,000 | 218,841 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | $ | 145,000 | $ 175,858 | |
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040 | 145,000 | 175,494 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041 | 290,000 | 350,019 | ||
$3,497,862 | ||||
Guam - 0.3% | ||||
Guam Government Business Privilege Tax Rev., “A”, 5.25%, 1/01/2036 | $ | 40,000 | $ 41,155 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 175,000 | 213,235 | ||
$254,390 | ||||
Hawaii - 0.3% | ||||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | $ | 35,000 | $ 41,792 | |
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2031 | 120,000 | 123,281 | ||
State of Hawaii, Highway Rev., “A”, 5%, 1/01/2032 | 80,000 | 82,182 | ||
$247,255 | ||||
Idaho - 0.1% | ||||
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038 | $ | 40,000 | $ 48,484 | |
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039 | 45,000 | 54,395 | ||
$102,879 | ||||
Illinois - 16.3% | ||||
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 121,982 | $ 117,588 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 360,000 | 366,052 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 100,000 | 114,416 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 420,000 | 505,856 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | 85,000 | 101,357 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | 30,000 | 36,784 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | 85,000 | 106,869 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 40,000 | 51,404 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | $ | 30,000 | $ 39,164 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 20,000 | 26,596 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 55,000 | 74,507 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 115,000 | 143,248 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 220,000 | 272,287 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 190,000 | 233,786 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | 100,000 | 126,798 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 180,000 | 211,677 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 25,000 | 28,535 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 120,000 | 140,473 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 80,000 | 95,904 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 20,000 | 24,446 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028 | 25,000 | 27,480 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 215,000 | 267,554 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | 30,000 | 37,582 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036 | 85,000 | 91,697 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 70,000 | 83,713 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 15,000 | 17,906 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 265,000 | 314,794 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 275,000 | 334,143 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 70,000 | 79,089 | ||
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2029 | 855,000 | 875,850 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 70,000 | 75,381 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 35,000 | 37,661 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 145,000 | 156,237 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 140,000 | 170,001 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 75,000 | 90,624 | ||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029 (Prerefunded 12/01/2021) | 155,000 | 158,991 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030 (Prerefunded 12/01/2021) | $ | 310,000 | $ 317,982 | |
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031 (Prerefunded 12/01/2021) | 60,000 | 61,545 | ||
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2040 (Prerefunded 12/01/2021) | 410,000 | 420,556 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 270,000 | 334,006 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 455,000 | 533,706 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041 | 260,000 | 309,455 | ||
Illinois Finance Authority Rev. (Carle Foundation), “A”, 3%, 8/15/2048 | 415,000 | 440,720 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 145,000 | 172,869 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 145,000 | 172,444 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 20,000 | 21,744 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | 140,000 | 146,211 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 15,000 | 16,417 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | 110,000 | 115,018 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 85,000 | 102,898 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 120,000 | 143,845 | ||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 565,000 | 613,095 | ||
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 315,000 | 357,900 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 | 1,000,000 | 1,138,305 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 (w) | 390,000 | 555,279 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 230,000 | 261,663 | ||
Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031 | 390,000 | 394,323 | ||
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | 5,000 | 6,179 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | $ | 55,000 | $ 65,284 | |
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 120,000 | 146,409 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 110,000 | 137,473 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 25,000 | 31,906 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 55,000 | 71,501 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 50,000 | 63,546 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 70,000 | 88,715 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | 50,000 | 58,791 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 30,000 | 35,274 | ||
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 143,000 | 143,112 | ||
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056 | 220,000 | 75,936 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 130,000 | 141,395 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 60,000 | 65,478 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 45,000 | 47,154 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 50,000 | 52,168 | ||
State of Illinois, AGM, 5%, 2/01/2027 | 95,000 | 105,783 | ||
State of Illinois, “A”, 5%, 11/01/2027 | 325,000 | 400,088 | ||
State of Illinois, “A”, 5%, 12/01/2024 | 20,000 | 23,039 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 495,000 | 635,054 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 475,000 | 613,029 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2046 | 480,000 | 596,363 | ||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047 | 355,000 | 405,519 | ||
$16,275,627 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Indiana - 1.4% | ||||
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | $ | 40,000 | $ 44,433 | |
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 100,000 | 109,298 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 | 350,000 | 380,846 | ||
Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 (w) | 70,000 | 81,679 | ||
Indiana Finance Authority, Education Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 (w) | 90,000 | 104,860 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 295,000 | 352,877 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 25,000 | 31,144 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 20,000 | 24,825 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 25,000 | 30,830 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 75,000 | 91,753 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 110,000 | 123,556 | ||
$1,376,101 | ||||
Iowa - 0.4% | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | $ | 170,000 | $ 175,111 | |
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065 | 1,045,000 | 184,399 | ||
$359,510 | ||||
Kansas - 1.9% | ||||
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 300,000 | $ 349,600 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 116,533 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 45,000 | 50,985 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 45,000 | 50,588 | ||
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048 | 540,000 | 656,359 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047 | 215,000 | 247,185 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | $ | 140,000 | $ 160,115 | |
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 20,000 | 20,931 | ||
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 195,000 | 220,414 | ||
$1,872,710 | ||||
Kentucky - 1.9% | ||||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 35,000 | $ 43,834 | |
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 35,000 | 43,721 | ||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 40,000 | 49,845 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 35,000 | 42,439 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 230,000 | 276,398 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 135,000 | 161,048 | ||
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036 | 250,000 | 286,799 | ||
Kentucky Turnpike Authority, Economic Development Rev., “A”, 5%, 7/01/2030 | 1,000,000 | 1,003,604 | ||
$1,907,688 | ||||
Louisiana - 2.5% | ||||
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031 (Prerefunded 7/01/2021) | $ | 470,000 | $ 472,312 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 240,000 | 262,332 | ||
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 345,000 | 360,045 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 445,000 | 493,192 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 65,000 | 77,607 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025) | $ | 185,000 | $ 217,183 | |
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025) | 85,000 | 101,487 | ||
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 480,000 | 497,015 | ||
$2,481,173 | ||||
Maine - 0.2% | ||||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050 | $ | 210,000 | $ 244,238 | |
Maryland - 1.0% | ||||
Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | $ | 100,000 | $ 114,312 | |
Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2056 | 70,000 | 85,600 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 10,000 | 9,688 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 20,000 | 18,358 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 70,000 | 62,227 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 100,000 | 115,689 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 65,000 | 74,964 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 280,000 | 319,300 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 111,572 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 10,000 | 10,758 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 15,000 | 16,037 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 15,000 | 15,982 | ||
$954,487 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - 16.8% | ||||
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036 | $ | 285,000 | $ 286,177 | |
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | 350,000 | 467,476 | ||
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031 (Prerefunded 5/01/2023) | 190,000 | 207,720 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039 | 35,000 | 43,314 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 | 30,000 | 33,920 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053 | 690,000 | 827,691 | ||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043 | 40,000 | 42,930 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 100,000 | 109,252 | ||
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046 | 145,000 | 170,828 | ||
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050 | 395,000 | 504,965 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 35,000 | 42,282 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 30,000 | 36,128 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | 25,000 | 29,352 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 120,000 | 142,827 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 | 80,000 | 95,944 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 1,675,000 | 1,894,244 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 35,000 | 42,429 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043 | 1,000,000 | 1,089,871 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 40,000 | 40,791 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 65,000 | 66,436 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u) | 8,590,000 | 8,779,753 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029 | $ | 125,000 | $ 130,447 | |
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037 (Prerefunded 7/01/2022) | 35,000 | 36,812 | ||
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041 (Prerefunded 7/01/2021) | 40,000 | 40,160 | ||
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032 (Prerefunded 10/15/2021) | 720,000 | 733,109 | ||
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029 | 600,000 | 805,099 | ||
$16,699,957 | ||||
Michigan - 6.1% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043 | $ | 65,000 | $ 73,053 | |
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 460,000 | 485,578 | ||
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036 (Prerefunded 7/01/2021) | 25,000 | 25,099 | ||
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041 (Prerefunded 7/01/2021) | 30,000 | 30,119 | ||
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | 250,000 | 277,317 | ||
Michigan Building Authority Rev., “I”, 4%, 10/15/2049 | 100,000 | 116,561 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023 | 50,000 | 51,591 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024 | 65,000 | 67,895 | ||
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | 570,000 | 722,667 | ||
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042 | 570,000 | 607,410 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035 (Prerefunded 12/01/2021) | 750,000 | 768,378 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 150,000 | 186,380 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033 | 65,000 | 76,113 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034 | 150,000 | 175,382 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035 | $ | 100,000 | $ 116,746 | |
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 (Prerefunded 7/01/2022) | 175,000 | 184,258 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-6”, 5%, 7/01/2033 | 220,000 | 249,702 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-2”, 5%, 7/01/2044 (Prerefunded 7/01/2022) | 135,000 | 141,991 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034 | 65,000 | 75,999 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 | 545,000 | 605,573 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040 | 570,000 | 673,539 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | 105,000 | 135,334 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040 | 190,000 | 243,842 | ||
$6,090,527 | ||||
Minnesota - 0.4% | ||||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | $ | 60,000 | $ 68,909 | |
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 105,000 | 126,556 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 60,000 | 68,480 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 85,000 | 101,821 | ||
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038 | 248 | 248 | ||
$366,014 | ||||
Mississippi - 0.1% | ||||
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | $ | 90,000 | $ 102,940 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - 3.5% | ||||
Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041 | $ | 60,000 | $ 68,932 | |
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | 355,000 | 436,101 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 215,000 | 262,564 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “A”, AGM, 5%, 3/01/2057 | 1,000,000 | 1,248,175 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 630,000 | 771,502 | ||
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023) | 55,000 | 61,217 | ||
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 | 205,000 | 231,678 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 (w) | 10,000 | 10,112 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 (w) | 5,000 | 5,003 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 285,000 | 357,006 | ||
$3,452,290 | ||||
Nebraska - 0.2% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 105,000 | $ 148,035 | |
Nevada - 0.2% | ||||
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040 | $ | 90,000 | $ 107,165 | |
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033 | 5,000 | 6,085 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | 5,000 | 6,019 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 20,000 | 22,168 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 25,000 | 27,751 | ||
$169,188 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Hampshire - 0.6% | ||||
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034 | $ | 267,363 | $ 322,246 | |
National Finance Authority, New Hampshire Senior Living Rev. (Springpoint Senior Living Project), 4%, 1/01/2051 | 60,000 | 66,197 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 100,000 | 117,287 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 105,000 | 122,163 | ||
$627,893 | ||||
New Jersey - 9.5% | ||||
Atlantic City, NJ, Improvement Authority Lease Rev. (Stockton University Campus Phase II Project), “A”, AGM, 4%, 7/01/2053 | $ | 50,000 | $ 58,754 | |
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032 | 85,000 | 102,726 | ||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037 | 80,000 | 95,787 | ||
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060 | 285,000 | 334,153 | ||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046 | 105,000 | 122,963 | ||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051 | 170,000 | 198,305 | ||
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 30,000 | 36,037 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 45,210 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 40,000 | 44,587 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 225,000 | 251,976 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 115,000 | 128,725 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039 | 70,000 | 78,252 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 35,000 | 39,078 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | $ | 10,000 | $ 12,936 | |
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 5,000 | 6,443 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 15,000 | 17,691 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 15,000 | 17,626 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 20,000 | 23,456 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2039 | 20,000 | 23,391 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2040 | 25,000 | 29,161 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034 | 55,000 | 66,239 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035 | 40,000 | 48,112 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042 | 240,000 | 285,126 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 155,000 | 173,856 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 150,000 | 180,413 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 360,000 | 413,196 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 230,000 | 253,142 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 20,000 | 20,191 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035 | 550,000 | 679,099 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 45,000 | 50,887 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 90,000 | 101,493 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 85,000 | 95,648 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 70,000 | 78,538 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w) | 70,000 | 78,305 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | $ | 85,000 | $ 103,265 | |
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 80,000 | 98,600 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 125,000 | 155,527 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 85,000 | 107,642 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 115,000 | 143,931 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 105,000 | 130,761 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 105,000 | 130,281 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 110,000 | 136,042 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 55,000 | 67,794 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 80,000 | 99,721 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029 | 150,000 | 178,469 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031 | 100,000 | 118,071 | ||
New Jersey Turnpike Authority, Turnpike Rev., “A”, 4%, 1/01/2051 | 115,000 | 135,608 | ||
South Jersey Transportation Authority, Transportation System Rev., “A”, BAM, 5%, 11/01/2041 | 1,000,000 | 1,275,865 | ||
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031 | 1,875,000 | 2,349,890 | ||
$9,422,969 | ||||
New Mexico - 0.0% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 15,000 | $ 17,019 | |
New York - 12.6% | ||||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 305,000 | $ 339,556 | |
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2025 | 130,000 | 130,472 | ||
Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), 5%, 7/01/2026 | 95,000 | 95,337 | ||
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047 | 115,000 | 115,446 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041 | $ | 255,000 | $ 255,854 | |
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | 1,725,000 | 2,482,412 | ||
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2031 | 200,000 | 204,256 | ||
New York Liberty Development Corp., Liberty Rev. (4 World Trade Center Project), 5%, 11/15/2044 | 500,000 | 509,900 | ||
New York Power Authority Rev., “A”, 5%, 11/15/2038 (Prerefunded 11/15/2021) | 1,000,000 | 1,022,361 | ||
New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053 | 130,000 | 148,097 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 320,000 | 390,655 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 120,000 | 146,067 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 100,000 | 113,871 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 385,000 | 455,907 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 50,000 | 58,794 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038 | 205,000 | 265,114 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 172,516 | 174,950 | ||
New York, NY, City Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 570,000 | 592,416 | ||
New York, NY, Industrial Development Agency, Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045 | 25,000 | 29,218 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023) | 470,000 | 516,122 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047 | 530,000 | 576,446 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037 | 140,000 | 169,945 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038 | $ | 175,000 | $ 211,707 | |
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035 | 70,000 | 83,563 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031 | 110,000 | 110,756 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035 | 215,000 | 215,427 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029 | 1,125,000 | 965,220 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | 380,000 | 490,929 | ||
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/2041 | 1,500,000 | 1,669,786 | ||
$12,540,584 | ||||
North Carolina - 3.6% | ||||
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023) | $ | 329,197 | $ 357,199 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 (w) | 10,000 | 11,006 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 (w) | 10,000 | 10,873 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 (w) | 45,000 | 48,181 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w) | 15,000 | 16,015 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w) | 5,000 | 5,240 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 65,000 | 78,042 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052 | 285,000 | 328,217 | ||
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Rev., 5%, 7/01/2036 | 2,000,000 | 2,007,857 | ||
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036 | 500,000 | 630,372 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | $ | 105,000 | $ 117,243 | |
$3,610,245 | ||||
Ohio - 4.6% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 90,000 | $ 115,659 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048 | 185,000 | 214,006 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 405,000 | 469,145 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057 | 1,825,000 | 293,701 | ||
Cleveland-Cuyahoga County, OH, Port Authority Development Rev. (Flats East Development Project), “B”, 7%, 5/15/2040 | 95,000 | 95,198 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 220,000 | 244,483 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 580,000 | 686,955 | ||
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031 | 75,000 | 75,939 | ||
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047 | 160,000 | 182,255 | ||
Lake County, OH, Hospital Facilities Rev., 6%, 8/15/2043 | 40,000 | 40,136 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 405,000 | 492,303 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 90,000 | 105,919 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | 50,000 | 57,072 | ||
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 10,000 | 11,863 | ||
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 395,000 | 449,842 | ||
Summit County, OH, Port Authority Building Rev. (Flats East Development Recovery Zone Facility Bonds), 6.875%, 5/15/2040 | 35,000 | 35,113 | ||
Toledo Lucas County, OH, Authority Port Rev., Facilities (CSX, Inc. Project), 6.45%, 12/15/2021 | 1,000,000 | 1,029,758 | ||
$4,599,347 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oklahoma - 0.3% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 15,000 | $ 15,445 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 25,000 | 30,901 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029 | 5,000 | 6,217 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033 | 35,000 | 42,874 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 50,000 | 60,606 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 30,000 | 36,813 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 50,000 | 61,020 | ||
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 | 55,000 | 61,235 | ||
$315,111 | ||||
Oregon - 0.4% | ||||
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036 | $ | 95,000 | $ 108,099 | |
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | 260,000 | 302,635 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | 20,000 | 25,039 | ||
$435,773 | ||||
Pennsylvania - 7.7% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 555,000 | $ 628,036 | |
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 185,000 | 190,891 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 70,000 | 86,479 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 60,000 | 73,841 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 30,000 | 36,809 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029 | 80,000 | 87,617 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 20,000 | 23,139 | ||
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 20,000 | 21,496 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | 25,000 | 27,339 |
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%, 7/01/2035 | $ | 35,000 | $ 38,062 | |
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 | 35,000 | 37,171 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 | 20,000 | 21,108 | ||
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034 | 30,000 | 38,042 | ||
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 720,000 | 838,450 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 275,000 | 318,069 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036 | 940,000 | 639,348 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 480,000 | 536,596 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 | 420,000 | 463,656 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 35,000 | 43,311 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 80,000 | 92,062 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 70,000 | 80,064 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 80,000 | 96,245 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 90,000 | 96,602 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 (w) | 25,000 | 25,046 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 (Prerefunded 4/01/2022) | 140,000 | 145,718 | ||
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044 | 70,000 | 88,935 | ||
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050 | 275,000 | 322,616 | ||
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 615,000 | 718,190 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | $ | 100,000 | $ 110,392 | |
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035 | 65,000 | 78,577 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 645,000 | 770,470 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | 100,000 | 118,951 | ||
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | 250,000 | 251,166 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032 | 30,000 | 41,350 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033 | 20,000 | 28,123 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035 | 10,000 | 12,040 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044 | 70,000 | 88,338 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 65,000 | 73,574 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 105,000 | 118,425 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 70,000 | 78,715 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 30,000 | 33,223 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 35,000 | 38,317 | ||
$7,656,599 | ||||
Puerto Rico - 9.9% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | $ | 300,000 | $ 308,044 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 20,000 | 20,510 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038 | 880,000 | 952,494 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 145,000 | 156,626 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 120,000 | 129,756 | ||
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035 | 325,000 | 336,243 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Commonwealth of Puerto Rico, Public Improvement, “A”, NPFG, 5.5%, 7/01/2021 | $ | 45,000 | $ 45,099 | |
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030 | 65,000 | 66,815 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 375,000 | 383,686 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 10,000 | 9,550 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 25,000 | 23,938 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 9,575 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 35,000 | 33,513 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 14,363 | ||
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 15,000 | 14,325 | ||
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d) | 70,000 | 65,450 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022 | 115,000 | 118,165 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 20,000 | 20,306 | ||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2022 | 45,000 | 45,625 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 60,000 | 57,300 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 9,550 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 685,000 | 654,175 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022 | 30,000 | 30,804 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 25,000 | 26,611 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 125,000 | 134,645 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 205,000 | 220,833 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 9,600 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 25,000 | 23,938 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | $ | 575,000 | $ 549,125 | |
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 30,000 | 28,725 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | 90,000 | 86,175 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 320,000 | 330,400 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 5,000 | 4,995 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 50,000 | 50,673 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 10,000 | 9,989 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 155,000 | 156,900 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | 55,000 | 54,933 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 55,000 | 55,729 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | 55,000 | 54,935 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 45,000 | 45,675 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023 | $ | 220,000 | $ 231,782 | |
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 140,000 | 149,746 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028 | 60,000 | 65,788 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 15,000 | 15,402 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036 | 35,000 | 35,938 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 315,000 | 331,035 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027 | 125,000 | 128,937 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028 | 25,000 | 25,810 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 29,000 | 32,515 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 1,816,000 | 2,067,163 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 270,000 | 298,897 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 1,107 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 32,000 | 35,875 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 51,000 | 45,774 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 550,000 | 432,900 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 524,000 | 382,059 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 772,000 | 250,375 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,764 | ||
$9,911,660 | ||||
Rhode Island - 0.2% | ||||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | $ | 65,000 | $ 65,053 | |
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 135,000 | 141,035 | ||
$206,088 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - 2.5% | ||||
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038 (Prerefunded 2/01/2023) | $ | 1,000,000 | $ 1,081,266 | |
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 270,000 | 323,221 | ||
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043 | 215,000 | 238,885 | ||
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043 | 515,000 | 572,214 | ||
South Carolina Public Service Authority Rev., “C”, 5%, 12/01/2036 | 260,000 | 265,760 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 30,000 | 35,074 | ||
$2,516,420 | ||||
Tennessee - 2.3% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 820,000 | $ 884,497 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044 | 15,000 | 17,050 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044 | 25,000 | 30,890 | ||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 10,000 | 12,231 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 50,000 | 59,389 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 60,000 | 70,087 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 5,000 | 6,018 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039 | 10,000 | 11,898 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | 205,000 | 217,505 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026 | 610,000 | 740,322 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025 | 185,000 | 212,511 | ||
$2,262,398 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - 8.6% | ||||
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 | $ | 100,000 | $ 114,668 | |
Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046 | 495,000 | 628,861 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 330,000 | 341,307 | ||
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, Texas PSF, 5%, 2/15/2039 | 155,000 | 172,632 | ||
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034 | 465,000 | 466,600 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 250,000 | 250,328 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035 | 60,000 | 71,612 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036 | 105,000 | 124,976 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037 | 140,000 | 166,187 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038 | 120,000 | 142,113 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031 | 90,000 | 100,306 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 22,297 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 40,000 | 44,605 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 70,000 | 31,402 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 175,000 | 60,581 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 100,000 | 112,302 | ||
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022) | 140,000 | 147,093 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 30,000 | 33,049 | ||
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 100,000 | 100,307 | ||
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028 | 2,000,000 | 2,522,866 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031 | 15,000 | 16,111 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036 | $ | 80,000 | $ 79,729 | |
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 | 29,357 | ||
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 | 35,228 | ||
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 | 76,327 | ||
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 150,000 | 157,371 | ||
North Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041 | 185,000 | 223,353 | ||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n) | 100,000 | 103,431 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 160,000 | 186,068 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 60,000 | 66,176 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 70,000 | 76,588 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | 539,834 | 577,917 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 60,000 | 65,466 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 115,000 | 131,207 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | 95,000 | 107,791 | ||
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 165,000 | 192,776 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | $ | 20,000 | $ 11,391 | |
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 10,000 | 5,391 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 15,000 | 7,659 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 15,000 | 7,235 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 30,000 | 13,683 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | 40,000 | 17,246 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 35,000 | 14,302 | ||
Waco Education Finance Corp. Rev. (Baylor University), 5%, 3/01/2043 (Prerefunded 3/01/2022) | 675,000 | 699,542 | ||
$8,555,437 | ||||
Utah - 0.5% | ||||
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | $ | 265,000 | $ 320,907 | |
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 165,000 | 174,745 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2039 | 10,000 | 12,066 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2044 | 10,000 | 11,945 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049 | 20,000 | 23,746 | ||
$543,409 | ||||
Vermont - 0.0% | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 (w) | $ | 40,000 | $ 39,629 | |
Virginia - 0.6% | ||||
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 | $ | 165,000 | $ 172,866 | |
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037 | 145,000 | 181,338 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 275,000 | 288,999 | ||
$643,203 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - 1.0% | ||||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | $ | 80,000 | $ 94,171 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 100,000 | 116,458 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 195,000 | 223,530 | ||
Seattle, WA, Port Rev., 4%, 4/01/2044 | 60,000 | 68,034 | ||
Washington State Housing Finance Commission Municipal Certificates, “X”, 3.5%, 12/20/2035 | 398,790 | 463,776 | ||
$965,969 | ||||
Wisconsin - 2.7% | ||||
Public Finance Authority Healthcare Facilities Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | $ | 70,000 | $ 80,329 | |
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | 405,000 | 227,569 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 175,000 | 98,526 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 700,000 | 772,482 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022 | 30,000 | 30,703 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 95,000 | 99,033 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 65,000 | 67,454 | ||
Wisconsin Public Finance Authority Healthcare Facilities Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 20,000 | 23,024 | ||
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 700,000 | 794,269 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 155,000 | 168,320 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 115,286 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 25,000 | 27,477 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 10,000 | 10,971 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | $ | 105,000 | $ 115,196 | |
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 15,000 | 16,456 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 15,000 | 18,198 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054 | 20,000 | 24,050 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058 | 20,000 | 24,022 | ||
$2,713,365 | ||||
Total Municipal Bonds (Identified Cost, $138,878,730) | $ 151,758,702 | |||
Bonds – 0.1% | ||||
Consumer Services – 0.1% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045 (n) | $ | 16,377 | $ 3,719 | |
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033 (n) | 120,000 | 62,018 | ||
Total Bonds (Identified Cost, $72,882) | $ 65,737 | |||
Other Assets, Less Liabilities - (3.5)% | (3,439,993) | |||
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (48.9)% | (48,750,000) | |||
Net assets applicable to common shares - 100.0% | $ 99,634,446 |
(a) | Non-income producing security. |
(d) | In default. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $5,485,560, representing 5.5% of net assets applicable to common shares. |
(u) | Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters. |
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
CALHF | California Health Facility Construction Loan Insurance Program |
COP | Certificate of Participation |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $138,951,612) | $151,824,439 |
Cash | 2,464,187 |
Receivables for | |
Investments sold | 1,076,346 |
Interest | 1,927,478 |
Other assets | 15,430 |
Total assets | $157,307,880 |
Liabilities | |
Payables for | |
Distributions on common shares | $13,627 |
Investments purchased | 745,000 |
When-issued investments purchased | 3,707,107 |
Interest expense and fees | 66,385 |
Payable to the holders of the floating rate certificates | 4,301,158 |
Payable to affiliates | |
Investment adviser | 5,714 |
Administrative services fee | 415 |
Transfer agent and dividend disbursing costs | 568 |
Accrued expenses and other liabilities | 83,460 |
VMTPS, at liquidation value | 48,750,000 |
Total liabilities | $57,673,434 |
Net assets applicable to common shares | $99,634,446 |
Net assets consist of | |
Paid-in capital - common shares | $85,420,173 |
Total distributable earnings (loss) | 14,214,273 |
Net assets applicable to common shares | $99,634,446 |
VMTPS, at liquidation value (1,950 shares issued and outstanding at $25,000 per share) | 48,750,000 |
Net assets including preferred shares | $148,384,446 |
Common shares of beneficial interest issued and outstanding | 9,110,245 |
Net asset value per common share (net assets of $99,634,446 / 9,110,245 shares of beneficial interest outstanding) | $10.94 |
Net investment income (loss) | |
Income | |
Interest | $2,805,334 |
Expenses | |
Management fee | $478,692 |
Transfer agent and dividend disbursing costs | 7,426 |
Administrative services fee | 14,849 |
Independent Trustees' compensation | 3,326 |
Stock exchange fee | 11,819 |
Custodian fee | 3,474 |
Shareholder communications | 11,907 |
Audit and tax fees | 43,561 |
Legal fees | 5,784 |
Interest expense and fees | 317,966 |
Miscellaneous | 46,300 |
Total expenses | $945,104 |
Reduction of expenses by investment adviser | (52,666) |
Net expenses | $892,438 |
Net investment income (loss) | $1,912,896 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $313,349 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $1,687,059 |
Net realized and unrealized gain (loss) | $2,000,408 |
Change in net assets from operations | $3,913,304 |
Six months ended | Year ended | |
5/31/21 (unaudited) | 11/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,912,896 | $3,839,428 |
Net realized gain (loss) | 313,349 | 210,145 |
Net unrealized gain (loss) | 1,687,059 | 315,645 |
Change in net assets from operations | $3,913,304 | $4,365,218 |
Distributions to common shareholders | $(2,292,502) | $(4,184,062) |
Total change in net assets | $1,620,802 | $181,156 |
Net assets applicable to common shares | ||
At beginning of period | 98,013,644 | 97,832,488 |
At end of period | $99,634,446 | $98,013,644 |
Cash flows from operating activities: | |
Change in net assets from operations | $3,913,304 |
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
Purchase of investment securities | (13,911,381) |
Proceeds from disposition of investment securities | 13,844,313 |
Realized gain/loss on investments | (313,349) |
Unrealized appreciation/depreciation on investments | (1,687,059) |
Net amortization/accretion of income | 219,423 |
Decrease in interest receivable | 33,657 |
Decrease in accrued expenses and other liabilities | (11,465) |
Decrease in receivable from investment adviser | 153 |
Increase in other assets | (13,495) |
Decrease in payable for interest expense and fees | (6,420) |
Net cash provided by operating activities | $2,067,681 |
Cash flows from financing activities: | |
Cash distributions paid on common shares | $(2,292,610) |
Proceeds from partial call of underlying security of special purpose trust | 1,265,172 |
Payment for redemption of floating rate certificates | (635,000) |
Net cash used by financing activities | $(1,662,438) |
Net increase in cash and restricted cash | $405,243 |
Cash and restricted cash: | |
Beginning of period | $2,058,944 |
End of period | $2,464,187 |
Common Shares | Six months ended | Year ended | ||||
5/31/21 (unaudited) | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | |
Net asset value, beginning of period | $10.76 | $10.74 | $10.14 | $10.47 | $10.15 | $10.60 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.21 | $0.42 | $0.45 | $0.47(c) | $0.48 | $0.53(c) |
Net realized and unrealized gain (loss) | 0.22 | 0.06 | 0.58 | (0.36) | 0.29 | (0.49) |
Distributions declared to shareholders of auction rate preferred shares | — | — | — | — | — | (0.00)(w) |
Total from investment operations | $0.43 | $0.48 | $1.03 | $0.11 | $0.77 | $0.04 |
Less distributions declared to common shareholders | ||||||
From net investment income | $(0.22) | $(0.44) | $(0.43) | $(0.46) | $(0.48) | $(0.49) |
From net realized gain | (0.03) | (0.02) | — | — | — | — |
Total distributions declared to shareholders | $(0.25) | $(0.46) | $(0.43) | $(0.46) | $(0.48) | $(0.49) |
Net increase resulting from the tender and repurchase of common shares of beneficial interest | $— | $— | $— | $0.02 | $0.03 | $— |
Net asset value, end of period (x) | $10.94 | $10.76 | $10.74 | $10.14 | $10.47 | $10.15 |
Market value, end of period | $10.10 | $9.60 | $9.85 | $8.81 | $9.70 | $9.37 |
Total return at market value (%) (p) | 7.91(n) | 2.26 | 16.96 | (4.52) | 8.64 | 1.34 |
Total return at net asset value (%) (j)(r)(s)(x) | 4.28(n) | 5.12 | 10.80 | 1.82(c) | 8.25 | 0.46(c) |
Ratios (%) (to average net assets applicable to common shares) and Supplemental data: | ||||||
Expenses before expense reductions (f)(p) | 1.92(a) | 2.30 | 2.79 | 2.88(c) | 2.35 | 1.82(c) |
Expenses after expense reductions (f)(p) | 1.81(a) | 2.18 | 2.69 | 2.82(c) | 2.33 | 1.79(c) |
Net investment income (loss) (p) | 3.88(a) | 3.99 | 4.24 | 4.55(c) | 4.53 | 4.89(c) |
Portfolio turnover | 11(n) | 27 | 15 | 6 | 13 | 18 |
Net assets at end of period (000 omitted) | $99,634 | $98,014 | $97,832 | $92,357 | $103,124 | $117,642 |
Six months ended | Year ended | |||||
5/31/21 (unaudited) | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l)(p) | 1.16(a) | 1.18 | 1.18 | 1.21(c) | 1.23 | 1.10(c) |
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l)(p) | 0.78(a) | 0.78 | 0.78 | 0.81(c) | 0.87 | 0.80(c) |
Ratios of net investment income to average net assets available to common shares | 3.88(a) | 3.99 | 4.24 | 4.55(c) | 4.53 | 4.89(c) |
Senior Securities: | ||||||
VMTPS | 1,950 | 1,950 | 1,950 | 1,950 | 1,950 | 1,950 |
Asset coverage per preferred share (k) | $76,095 | $75,263 | $75,171 | $72,362 | $77,869 | $85,302 |
Involuntary liquidation preference per preferred share (m) | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Average market value per preferred share (m)(u) | $25,000 | $25,000 | $25,000 | $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. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
(k) | Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of VMTPS, and amortization of VMTPS debt issuance costs, as applicable. For the year ended November 30, 2016, the expense ratio also excludes fees and expenses related to redemption of the fund's auction rate preferred shares (“ARPS”). For the years ended November 30, 2018 and November 30, 2017, the expense ratio also excludes fees and expenses related to the tender and repurchase of a portion of the fund’s common shares of beneficial interest. |
(m) | Amount excludes accrued unpaid distributions on preferred shares. |
(n) | Not annualized. |
(p) | Ratio excludes dividend payments on ARPS, if applicable. |
(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. |
(w) | Per share amount was less than $0.01. |
(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 | $— | $151,758,702 | $— | $151,758,702 |
U.S. Corporate Bonds | — | 65,737 | — | 65,737 |
Total | $— | $151,824,439 | $— | $151,824,439 |
5/31/21 | |
Cash | $2,464,187 |
Restricted cash | — |
Restricted cash included in deposits with brokers | — |
Total cash and restricted cash in the Statement of Cash Flows | $2,464,187 |
Year ended 11/30/20 | |
Ordinary income (including any short-term capital gains) | $347,065 |
Tax-exempt income | 4,574,026 |
Long-term capital gains | 149,056 |
Total distributions | $5,070,147 |
As of 5/31/21 | |
Cost of investments | $134,393,429 |
Gross appreciation | 13,170,585 |
Gross depreciation | (40,733) |
Net unrealized appreciation (depreciation) | $ 13,129,852 |
As of 11/30/20 | |
Undistributed ordinary income | 26,997 |
Undistributed tax-exempt income | 963,780 |
Undistributed long-term capital gain | 234,706 |
Other temporary differences | (64,137) |
Net unrealized appreciation (depreciation) | 11,432,125 |
July 16, 2021
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. | SCHEDULE OF INVESTMENTS |
A schedule of investments for MFS Investment Grade Municipal Trust is included as part of the report to shareholders 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. |
There were no changes during this period.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS Investment Grade Municipal Trust
Period | (a) Total number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs | ||||||||||||
12/01/20-12/31/20 | 0 | N/A | 0 | 911,024 | ||||||||||||
1/01/21-1/31/21 | 0 | N/A | 0 | 911,024 | ||||||||||||
2/01/21-2/28/21 | 0 | N/A | 0 | 911,024 | ||||||||||||
3/01/21-3/31/21 | 0 | N/A | 0 | 911,024 | ||||||||||||
4/01/21-4/30/21 | 0 | N/A | 0 | 911,024 | ||||||||||||
5/01/21-5/31/21 | 0 | N/A | 0 | 911,024 | ||||||||||||
|
|
|
| |||||||||||||
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, 2020 plan year is 911,024.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
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 INVESTMENT GRADE MUNICIPAL TRUST
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: July 16, 2021
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 16, 2021
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: July 16, 2021
* | Print name and title of each signing officer under his or her signature. |