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
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: May 31, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
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back cover |
Healthcare Revenue – Hospitals | 30.7% |
General Obligations – General Purpose | 14.6% |
Universities – Colleges | 11.8% |
Miscellaneous Revenue - Other | 8.5% |
Healthcare Revenue - Long Term Care | 8.5% |
State & Local Appropriations | 8.0% |
Airport Revenue | 7.6% |
Water & Sewer Utility Revenue | 6.9% |
Universities – Secondary Schools | 6.7% |
Student Loan Revenue | 6.7% |
AAA | 4.9% |
AA | 30.1% |
A | 59.3% |
BBB | 37.6% |
BB | 8.4% |
B | 1.0% |
CCC | 1.0% |
CC (o) | 0.0% |
C | 0.7% |
D | 2.0% |
Not Rated | 16.7% |
Cash & Cash Equivalents (Less Liabilities) (b) | (61.7)% |
Average Duration (d) | 14.8 |
Average Effective Maturity (m) | 19.3 yrs. |
(a) | For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4 rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA). Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency. The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies. |
(b) | Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the value of the aggregate liquidation preference of the remarketable variable rate munifund term preferred shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative due to the aggregate liquidation value of RVMTP shares. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8 in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. This calculation is based on net assets applicable to common shares as of May 31, 2023. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of May 31, 2023. |
(o) | Less than 0.1%. |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Michael Dawson | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1998. |
Jason Kosty | Portfolio Manager | 2022 | Investment Officer of MFS; employed in the investment management area of MFS since 2014. |
Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 1993. |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - 159.4% | ||||
Alabama - 3.3% | ||||
Alabama Southeast Energy Authority Commodity Supply Rev. (Project No. 3), “A-1”, 5.5%, 1/01/2053 (Put Date 12/01/2029) | $ | 325,000 | $346,417 | |
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025 | 25,000 | 24,565 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031) | 365,000 | 361,828 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029) | 750,000 | 783,307 | ||
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028) | 170,000 | 180,184 | ||
Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, AGM, 5.5%, 8/01/2058 | 115,000 | 125,918 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 95,000 | 79,769 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 135,000 | 96,321 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 190,000 | 95,577 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 365,000 | 171,912 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 170,000 | 177,718 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 100,000 | 103,886 | ||
$2,547,402 | ||||
Alaska - 0.5% | ||||
Alaska Housing Finance Corp., General Mortgage Rev. II, “C”, 5.75%, 12/01/2052 | $ | 360,000 | $382,198 | |
Arizona - 3.8% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2038 | $ | 300,000 | $290,116 | |
Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043 | 110,000 | 102,978 | ||
Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057 | 35,000 | 33,357 | ||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047 | 95,000 | 92,933 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053 | $ | 640,000 | $670,757 | |
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036 | 60,000 | 60,336 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041 | 45,000 | 44,741 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046 | 80,000 | 77,814 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 70,000 | 68,753 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 80,000 | 71,900 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n) | 300,000 | 228,139 | ||
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n) | 100,000 | 78,610 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n) | 120,000 | 87,758 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057 (n) | 140,000 | 140,280 | ||
Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%, 11/15/2029 (n) | 70,000 | 68,923 | ||
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032 | 795,000 | 829,266 | ||
$2,946,661 | ||||
Arkansas - 0.3% | ||||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046 | $ | 25,000 | $16,487 | |
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 30,000 | 30,345 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 50,000 | 50,641 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 120,000 | 121,293 | ||
$218,766 | ||||
California - 11.0% | ||||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | $ | 130,000 | $98,783 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 235,000 | 171,286 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 470,000 | 328,783 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031) | $ | 735,000 | $768,282 | |
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 175,000 | 144,051 | ||
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 | 484,199 | 478,394 | ||
California Housing Finance Agency Municipal Certificates, “X”, 0.797%, 11/20/2035 (i) | 1,788,413 | 93,489 | ||
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052 | 95,000 | 100,970 | ||
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 100,000 | 82,210 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 55,000 | 51,389 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 35,000 | 33,346 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 50,000 | 47,966 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038 | 1,220,000 | 1,226,363 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 1,135,000 | 1,154,704 | ||
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%, 8/01/2052 (n) | 235,000 | 222,375 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 40,000 | 40,852 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 100,000 | 100,312 | ||
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057 | 130,000 | 138,497 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 85,000 | 86,303 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2041 (n) | 365,000 | 353,085 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 245,000 | 242,661 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 120,000 | 112,373 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 250,000 | 234,724 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
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 | $91,272 | |
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 255,000 | 195,086 | ||
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052 | 125,000 | 127,215 | ||
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 | 153,560 | ||
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 | 321,710 | ||
River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1, “A-1”, AGM, 5.25%, 9/01/2052 | 205,000 | 227,141 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 195,000 | 200,646 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 25,000 | 25,564 | ||
State of California, Veterans General Obligation, “CU”, 4.85%, 12/01/2046 | 255,000 | 270,967 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n) | 325,000 | 260,345 | ||
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 330,000 | 113,097 | ||
West Contra Costa, CA, Unified School District, “B”, NPFG, 6%, 8/01/2024 | 40,000 | 40,642 | ||
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 125,000 | 125,114 | ||
$8,463,557 | ||||
Colorado - 6.9% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | $ | 41,000 | $42,762 | |
Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046 | 413,000 | 382,885 | ||
Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2056 | 90,000 | 80,742 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 75,000 | 75,754 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037 | $ | 40,000 | $40,045 | |
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031 | 145,000 | 147,713 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 685,000 | 697,043 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 325,000 | 329,665 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052 | 365,000 | 379,382 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2038 | 310,000 | 322,487 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 145,000 | 134,134 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049 | 80,000 | 71,952 | ||
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044 | 380,000 | 383,714 | ||
Colorado Housing & Finance Authority, Single Family Mortgage, Class III, “D”, 5.75%, 5/01/2053 | 1,000,000 | 1,060,217 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047 | 80,000 | 75,823 | ||
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053 | 80,000 | 74,814 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 70,000 | 70,492 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 120,000 | 116,803 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | 380,000 | 332,012 | ||
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 95,000 | 95,296 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 405,000 | 408,420 | ||
$5,322,155 | ||||
Connecticut - 2.3% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Masonicare), “F”, 5%, 7/01/2037 | $ | 675,000 | $638,392 | |
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5%, 10/01/2035 (n) | 890,000 | 883,472 | ||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 270,000 | 269,991 | ||
$1,791,855 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Delaware - 0.4% | ||||
Delaware Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040 | $ | 317,000 | $317,000 | |
District of Columbia - 0.6% | ||||
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053 (w) | $ | 290,000 | $286,260 | |
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 | 162,056 | ||
$448,316 | ||||
Florida - 7.8% | ||||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | $ | 80,000 | $80,628 | |
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 35,000 | 35,201 | ||
Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052 | 115,000 | 97,263 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029 (Prerefunded 6/01/2025) | 105,000 | 108,478 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030 (Prerefunded 6/01/2025) | 105,000 | 108,478 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n) | 100,000 | 82,124 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056 | 60,000 | 56,593 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 25,000 | 19,412 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057 | 15,000 | 14,097 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 200,000 | 156,231 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 165,000 | 99,431 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 100,000 | 89,510 | ||
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2050 | 1,000,000 | 893,708 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044 | 100,000 | 94,466 | ||
Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049 | 160,000 | 146,213 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046 | $ | 250,000 | $240,119 | |
Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051 | 440,000 | 383,688 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052 | 45,000 | 47,419 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 275,000 | 279,947 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2048 | 180,000 | 182,411 | ||
Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053 | 240,000 | 250,815 | ||
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%, 8/01/2047 | 580,000 | 474,587 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 60,000 | 60,688 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 105,000 | 51,417 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 175,000 | 63,103 | ||
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052 | 55,000 | 53,787 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 | 130,000 | 92,609 | ||
Pasco County, FL, Capital Improvement Cigarette Tax Allocation, “A”, AGM, 5.75%, 9/01/2054 | 390,000 | 428,456 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 97,711 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2051 | 40,000 | 28,665 | ||
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056 | 170,000 | 118,126 | ||
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 40,000 | 27,923 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 20,000 | 20,150 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 20,000 | 20,143 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 40,000 | 40,307 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 120,000 | 120,283 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055 | $ | 25,000 | $24,649 | |
Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 85,000 | 86,520 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 125,000 | 126,061 | ||
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025 | 535,000 | 553,056 | ||
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 50,000 | 50,011 | ||
$6,004,484 | ||||
Georgia - 2.7% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | $ | 100,000 | $80,417 | |
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026 | 120,000 | 123,543 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 250,000 | 263,043 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 75,000 | 74,156 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064 | 245,000 | 255,043 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064 | 130,000 | 133,908 | ||
Georgia Ports Authority Rev., 4%, 7/01/2052 | 145,000 | 141,198 | ||
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051 | 560,000 | 590,707 | ||
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025) | 320,000 | 331,681 | ||
Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), 5%, 2/01/2053 | 100,000 | 109,056 | ||
$2,102,752 | ||||
Guam - 0.3% | ||||
Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 35,000 | $26,447 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 175,000 | 175,446 | ||
$201,893 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - 15.2% | ||||
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 73,523 | $72,033 | |
Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | 360,000 | 326,777 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045 | 80,000 | 82,119 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 100,000 | 100,379 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 420,000 | 439,205 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048 | 175,000 | 189,894 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 40,000 | 41,934 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 30,000 | 31,756 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | 20,000 | 21,353 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 55,000 | 59,069 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 115,000 | 121,674 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 220,000 | 232,705 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 190,000 | 200,840 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042 | 100,000 | 95,912 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039 | 100,000 | 90,763 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041 | 230,000 | 205,052 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 180,000 | 173,494 | ||
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043 | 750,000 | 787,146 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 25,000 | 25,478 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 120,000 | 123,832 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 80,000 | 83,449 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 20,000 | 21,066 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 215,000 | 228,524 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 70,000 | 71,155 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 15,000 | 15,210 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 210,000 | 206,284 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | $ | 275,000 | $284,720 | |
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 70,000 | 71,513 | ||
Chicago, IL, Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056 | 220,000 | 42,006 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 70,000 | 70,086 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 35,000 | 35,042 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 140,000 | 143,064 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 75,000 | 76,352 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055 | 560,000 | 591,360 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 455,000 | 470,372 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034 | 10,000 | 10,178 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038 | 10,000 | 9,776 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042 | 5,000 | 4,806 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047 | 15,000 | 14,204 | ||
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052 | 10,000 | 9,273 | ||
Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052 | 280,000 | 259,648 | ||
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058 | 250,000 | 253,296 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 120,000 | 123,841 | ||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 565,000 | 566,083 | ||
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 315,000 | 320,810 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 | 1,000,000 | 1,016,585 | ||
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 | 189,768 | ||
Illinois Housing Development Authority Rev. “A”, GNMA, 4.9%, 4/01/2047 | 485,000 | 492,289 | ||
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 126,000 | 126,086 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 130,000 | 126,082 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 60,000 | 59,362 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | $ | 45,000 | $38,380 | |
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 50,000 | 40,713 | ||
State of Illinois, General Obligation, 5.5%, 5/01/2039 | 495,000 | 540,279 | ||
State of Illinois, General Obligation, 5.75%, 5/01/2045 | 475,000 | 515,746 | ||
State of Illinois, General Obligation, AGM, 5%, 2/01/2027 | 95,000 | 95,991 | ||
State of Illinois, General Obligation, “A”, 5%, 11/01/2027 | 325,000 | 346,668 | ||
State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047 | 560,000 | 605,530 | ||
State of Illinois, General Obligation, “B”, 4%, 11/01/2038 | 40,000 | 38,834 | ||
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047 | 100,000 | 108,228 | ||
$11,744,074 | ||||
Indiana - 2.1% | ||||
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | $ | 40,000 | $40,110 | |
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 100,000 | 96,298 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 70,000 | 66,964 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 | 90,000 | 84,969 | ||
Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indian, Inc. Project), “A-2”, 4.5%, 5/01/2035 (Put Date 6/01/2032) | 425,000 | 423,663 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 295,000 | 300,094 | ||
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052 | 495,000 | 512,223 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 25,000 | 26,387 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | 110,000 | 111,819 | ||
$1,662,527 | ||||
Iowa - 0.3% | ||||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042 | $ | 20,000 | $19,925 | |
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047 | 20,000 | 20,196 | ||
Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052 | 20,000 | 20,608 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - continued | ||||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | $ | 170,000 | $137,703 | |
$198,432 | ||||
Kansas - 1.8% | ||||
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 300,000 | $308,472 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 102,824 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 45,000 | 43,194 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 45,000 | 40,908 | ||
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048 | 540,000 | 564,043 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 140,000 | 124,178 | ||
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 | 18,222 | ||
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | 195,000 | 196,062 | ||
$1,397,903 | ||||
Kentucky - 0.9% | ||||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | $ | 35,000 | $36,247 | |
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 230,000 | 236,306 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 135,000 | 137,838 | ||
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036 | 250,000 | 255,809 | ||
$666,200 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - 1.4% | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | $ | 240,000 | $221,797 | |
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 450,000 | 439,665 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 445,000 | 392,614 | ||
$1,054,076 | ||||
Maryland - 1.0% | ||||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | $ | 10,000 | $8,337 | |
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 20,000 | 15,001 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 70,000 | 49,381 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 100,000 | 103,466 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 65,000 | 67,125 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 280,000 | 283,291 | ||
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, “C”, 0%, 5/01/2053 | 630,000 | 153,841 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 97,185 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 10,000 | 8,946 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 15,000 | 12,862 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 15,000 | 12,455 | ||
$811,890 | ||||
Massachusetts - 9.1% | ||||
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029 | $ | 350,000 | $399,708 | |
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 (Prerefunded 6/01/2029) | 30,000 | 32,210 | ||
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052 | 80,000 | 75,102 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043 | $ | 40,000 | $40,009 | |
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 100,000 | 87,469 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 35,000 | 36,200 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 30,000 | 30,992 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 120,000 | 123,118 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038 | 80,000 | 81,441 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 1,675,000 | 1,397,928 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 35,000 | 33,869 | ||
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043 | 1,000,000 | 1,001,141 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 10,000 | 8,356 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 2,550,000 | 2,440,099 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 80,000 | 53,516 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052 | 250,000 | 206,480 | ||
Massachusetts Port Authority Refunding Rev., “B”, 5%, 7/01/2038 | 750,000 | 801,368 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047 | 145,000 | 115,154 | ||
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052 | 90,000 | 68,650 | ||
$7,032,810 | ||||
Michigan - 6.0% | ||||
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | $ | 250,000 | $227,162 | |
Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052 | 40,000 | 38,340 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023 | 50,000 | 49,902 | ||
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024 | 65,000 | 64,485 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Michigan - continued | ||||
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047 | $ | 570,000 | $588,615 | |
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042 | 570,000 | 450,742 | ||
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 150,000 | 153,098 | ||
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 | 66,491 | ||
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 | 66,386 | ||
Michigan Technological University Board of Trustees, General Rev., “A”, AGM, 5.25%, 10/01/2052 | 1,675,000 | 1,783,393 | ||
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039 (Prerefunded 3/01/2024) | 545,000 | 551,495 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040 | 570,000 | 585,817 | ||
$4,625,926 | ||||
Minnesota - 0.5% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | $ | 55,000 | $42,553 | |
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 75,000 | 72,276 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 105,000 | 107,150 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 85,000 | 80,501 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 85,000 | 86,235 | ||
$388,715 | ||||
Mississippi - 0.8% | ||||
Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 (w) | $ | 580,000 | $538,938 | |
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | 90,000 | 91,211 | ||
$630,149 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - 5.0% | ||||
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 | $ | 1,160,000 | $1,235,267 | |
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2054 | 435,000 | 443,695 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | 355,000 | 363,883 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 215,000 | 219,298 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “A”, AGM, 5%, 3/01/2057 | 1,000,000 | 1,028,818 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 195,000 | 200,528 | ||
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 85,000 | 71,169 | ||
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023) | 55,000 | 55,269 | ||
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031 (Prerefunded 6/01/2024) | 205,000 | 207,427 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030 | 10,000 | 9,026 | ||
Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035 | 5,000 | 4,162 | ||
$3,838,542 | ||||
Nebraska - 0.1% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 105,000 | $110,806 | |
Nevada - 0.1% | ||||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | $ | 5,000 | $5,280 | |
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 20,000 | 17,980 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 25,000 | 22,265 | ||
$45,525 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Hampshire - 0.9% | ||||
National Finance Authority, New Hampshire Municipal Certificates, “A”, 4%, 10/20/2036 | $ | 194,417 | $180,919 | |
National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036 | 289,679 | 279,248 | ||
National Finance Authority, New Hampshire Municipal Certificates, “A”, 4.125%, 1/20/2034 | 258,893 | 248,783 | ||
$708,950 | ||||
New Jersey - 4.2% | ||||
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 | $90,578 | |
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 | 84,022 | ||
Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062 | 95,000 | 99,693 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 40,346 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 40,000 | 40,242 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 225,000 | 225,630 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 115,000 | 115,810 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042 | 35,000 | 35,107 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042 | 240,000 | 260,185 | ||
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 155,000 | 157,051 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 150,000 | 154,536 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041 | 560,000 | 550,980 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 185,000 | 175,588 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 20,000 | 14,255 | ||
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053 | 40,000 | 38,612 | ||
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035 | 550,000 | 581,457 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 | 100,000 | 108,020 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040 | $ | 45,000 | $43,148 | |
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 (w) | 260,000 | 255,202 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045 | 70,000 | 65,631 | ||
New Jersey Transportation Trust Fund Authority, “CC”, 5.5%, 6/15/2050 | 70,000 | 76,306 | ||
$3,212,399 | ||||
New Mexico - 0.0% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 15,000 | $14,130 | |
New York - 14.9% | ||||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 415,000 | $410,967 | |
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062 | 75,000 | 72,031 | ||
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052 | 1,000,000 | 1,017,585 | ||
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052 | 280,000 | 283,845 | ||
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052 | 250,000 | 248,392 | ||
New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050 | 500,000 | 457,715 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “A”, 4%, 3/15/2048 | 1,000,000 | 970,711 | ||
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2042 | 455,000 | 448,502 | ||
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | 1,725,000 | 1,931,659 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 800,000 | 782,473 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | 40,000 | 34,689 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5.375%, 8/01/2036 | 285,000 | 287,252 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 320,000 | 329,987 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 120,000 | 123,701 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | $ | 100,000 | $95,849 | |
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 10/01/2040 | 200,000 | 202,273 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 385,000 | 363,717 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 50,000 | 46,917 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 272,516 | 266,458 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048 | 570,000 | 557,276 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047 | 530,000 | 530,290 | ||
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052 | 105,000 | 76,961 | ||
Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052 | 355,000 | 389,046 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031 | 110,000 | 84,674 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035 | 215,000 | 159,946 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 385,000 | 391,407 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029 | 1,125,000 | 892,889 | ||
$11,457,212 | ||||
North Carolina - 0.6% | ||||
Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048 | $ | 20,000 | $21,404 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 35,000 | 29,376 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 10,000 | 7,687 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 130,000 | 88,967 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 | 15,000 | 12,590 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
North Carolina - continued | ||||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 | $ | 5,000 | $3,786 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 65,000 | 61,480 | ||
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052 | 285,000 | 274,203 | ||
$499,493 | ||||
North Dakota - 0.8% | ||||
Horace, ND, Temporary Refunding Improvement, “B”, 4%, 1/01/2025 | $ | 590,000 | $589,554 | |
Ohio - 4.0% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | $ | 395,000 | $365,412 | |
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 220,000 | 210,093 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 580,000 | 588,103 | ||
Cuyahoga County, OH, Metropolitan Housing Authority, Multi-Family Housing Rev. (Carver Park Phase III Project), FHA, 4%, 6/01/2026 (Put Date 6/01/2025) | 438,000 | 437,224 | ||
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031 | 75,000 | 66,307 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 405,000 | 412,539 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 90,000 | 82,358 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | 50,000 | 43,982 | ||
Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027) | 80,000 | 79,010 | ||
Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042 | 70,000 | 70,290 | ||
Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053 | 360,000 | 363,204 | ||
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035 | 395,000 | 397,222 | ||
$3,115,744 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oklahoma - 2.1% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 5,000 | $4,809 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 45,000 | 43,885 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041 | 185,000 | 176,226 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044 | 185,000 | 174,918 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 50,000 | 46,137 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 30,000 | 27,947 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 50,000 | 45,330 | ||
Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%, 11/15/2045 | 1,050,000 | 1,026,947 | ||
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024) | 55,000 | 55,597 | ||
$1,601,796 | ||||
Oregon - 0.9% | ||||
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | $ | 260,000 | $233,386 | |
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%, 6/01/2028 | 20,000 | 16,818 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 50,000 | 43,372 | ||
Oregon Facilities Authority Refunding Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | 20,000 | 20,325 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047 | 70,000 | 68,478 | ||
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052 | 160,000 | 154,154 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056 | 155,000 | 110,889 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028 | 20,000 | 16,571 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027 | 10,000 | 8,969 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-3”, 1.75%, 11/15/2026 | 10,000 | 9,305 | ||
$682,267 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - 10.8% | ||||
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044 | $ | 555,000 | $496,564 | |
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 585,000 | 334,168 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 140,000 | 78,992 | ||
Commonwealth of Pennsylvania, State Public School Building Authority College Rev. (Delware County Community College Project), BAM, 5.25%, 10/01/2044 | 110,000 | 117,921 | ||
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048 | 20,000 | 18,421 | ||
Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045 | 20,000 | 14,162 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025) | 25,000 | 25,867 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025) | 35,000 | 36,214 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024) | 35,000 | 35,564 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 20,000 | 20,322 | ||
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 720,000 | 653,126 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 275,000 | 246,622 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036 | 940,000 | 519,444 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 480,000 | 483,873 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 80,000 | 73,377 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 70,000 | 61,978 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053 | 75,000 | 55,123 | ||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 80,000 | 75,072 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | $ | 195,000 | $165,452 | |
Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042 | 365,000 | 364,120 | ||
Pennsylvania Economic Development Financing Authority Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2038 | 1,000,000 | 1,005,359 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-2”, 0%, 1/01/2044 | 375,000 | 130,765 | ||
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%, 1/01/2049 | 175,000 | 30,625 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053 | 350,000 | 358,187 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 | 290,000 | 317,334 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | 405,000 | 413,439 | ||
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024) | 50,000 | 48,047 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 30,000 | 25,161 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043 | 260,000 | 259,108 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053 | 355,000 | 376,539 | ||
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 (w) | 215,000 | 227,521 | ||
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044 | 70,000 | 73,459 | ||
Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%, 6/15/2057 | 100,000 | 90,308 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 100,000 | 100,216 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035 | 65,000 | 67,655 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042 | 645,000 | 660,218 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | 100,000 | 95,551 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | $ | 90,000 | $90,315 | |
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 30,000 | 29,595 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 35,000 | 33,738 | ||
$8,309,522 | ||||
Puerto Rico - 6.9% | ||||
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | $ | 58,000 | $62,457 | |
Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | 280,000 | 233,672 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2020 (a)(d) | 15,000 | 10,537 | ||
Puerto Rico Electric Power Authority Refunding Rev., “DDD”, 5%, 7/01/2021 (a)(d) | 15,000 | 10,537 | ||
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d) | 10,000 | 7,150 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d) | 25,000 | 17,562 | ||
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d) | 10,000 | 7,150 | ||
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d) | 35,000 | 25,025 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 40,000 | 38,906 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d) | 60,000 | 42,150 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d) | 10,000 | 7,150 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 685,000 | 489,775 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025 | 25,000 | 24,726 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029 | 175,000 | 173,251 | ||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 205,000 | 202,818 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d) | 10,000 | 7,025 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d) | 25,000 | 17,812 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 575,000 | 411,125 | ||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d) | 30,000 | 21,375 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d) | $ | 90,000 | $64,125 | |
Puerto Rico Electric Power Authority Rev., Taxable, “EEE”, 6.05%, 7/01/2032 (a)(d) | 70,000 | 47,425 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 290,000 | 294,519 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 15,000 | 15,101 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 29,000 | 27,599 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053 | 69,000 | 63,808 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 1,816,000 | 1,735,093 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040 | 194,000 | 179,728 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 1,000 | 893 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 153,000 | 140,548 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 51,000 | 42,877 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 550,000 | 380,858 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 524,000 | 327,079 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 527,000 | 141,762 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 30,000 | 30,034 | ||
$5,301,652 | ||||
Rhode Island - 0.9% | ||||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | $ | 60,000 | $50,257 | |
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 (w) | 580,000 | 559,318 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 130,000 | 120,536 | ||
$730,111 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
South Carolina - 0.6% | ||||
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%, 4/01/2044 | $ | 130,000 | $115,922 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 70,838 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 270,000 | 272,318 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 30,000 | 28,076 | ||
$487,154 | ||||
South Dakota - 0.4% | ||||
South Dakota Housing Development Authority, Homeownership Mortgage, “A”, GNMA, 6%, 5/01/2054 | $ | 260,000 | $278,491 | |
Tennessee - 2.1% | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | $ | 50,000 | $51,927 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 60,000 | 61,676 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 5,000 | 5,100 | ||
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.5%, 7/01/2052 | 150,000 | 161,700 | ||
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030) | 515,000 | 542,983 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026 | 610,000 | 620,590 | ||
Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2025 | 185,000 | 184,710 | ||
$1,628,686 | ||||
Texas - 16.3% | ||||
Arlington, TX, Higher Education Finance Corp. Education Rev. (Trinity Basin Preparatory, Inc.), PSF, 4.25%, 8/15/2047 | $ | 250,000 | $244,247 | |
Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057 | 125,000 | 131,790 | ||
Austin, TX, Airport System Rev., 5%, 11/15/2052 | 185,000 | 191,535 | ||
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025) | 100,000 | 103,693 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | 330,000 | 330,113 | ||
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039 (Prerefunded 2/15/2024) | 45,000 | 45,472 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039 | $ | 110,000 | $110,633 | |
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 45,000 | 35,584 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 100,000 | 80,864 | ||
Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, PSF, 4%, 2/15/2048 | 55,000 | 53,660 | ||
Denton County, TX, Northlake Municipal Management District No. 2, AGM, 4.5%, 3/01/2044 | 1,125,000 | 1,129,621 | ||
Fort Bend County, TX, Municipal Utility District No. 170, Taxable, BAM, 4.375%, 9/01/2039 | 1,080,000 | 1,082,895 | ||
Galveston County, TX, Municipal Utility District No. 56, AGM, 4.5%, 6/01/2047 | 500,000 | 495,095 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 250,000 | 250,199 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%, 7/01/2052 | 230,000 | 215,867 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2035 | 60,000 | 61,762 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2036 | 105,000 | 106,743 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2037 | 140,000 | 141,513 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%, 10/01/2038 | 120,000 | 120,936 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 20,348 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 40,000 | 40,623 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 70,000 | 29,023 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 175,000 | 55,028 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 100,000 | 100,339 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 30,000 | 24,838 | ||
Kaufman Country, TX, Fresh Water Supply District No. 4A, BAM, 4.5%, 9/01/2045 | 1,000,000 | 1,001,435 | ||
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028 | 2,000,000 | 2,087,374 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024) (w) | $ | 80,000 | $80,076 | |
Montgomery County, TX, Water Control & Improvement District No. 1, BAM, 4.625%, 3/01/2043 | 1,115,000 | 1,134,400 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | 25,000 | 25,753 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | 30,000 | 30,903 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | 65,000 | 66,957 | ||
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%, 1/01/2025 (n) | 100,000 | 94,106 | ||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | 160,000 | 163,080 | ||
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 | 57,267 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d) | 539,834 | 350,892 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 120,000 | 116,692 | ||
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 | 115,767 | ||
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 | 95,540 | ||
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054 | 170,000 | 194,473 | ||
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 165,000 | 165,240 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 20,000 | 9,821 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 10,000 | 4,605 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 15,000 | 6,495 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | $ | 15,000 | $6,097 | |
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 30,000 | 11,481 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | 40,000 | 14,490 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 35,000 | 11,952 | ||
Texas Water Development Board, Water Implementation Rev., 5%, 10/15/2057 | 1,000,000 | 1,088,148 | ||
Tomball, TX, Independent School District, Unlimited Tax School Building, PSF, 3.875%, 2/15/2043 | 500,000 | 472,157 | ||
$12,607,622 | ||||
U.S. Virgin Islands - 0.1% | ||||
Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026 | $ | 50,000 | $50,408 | |
Utah - 0.6% | ||||
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | $ | 265,000 | $271,792 | |
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 165,000 | 145,322 | ||
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049 | 20,000 | 20,304 | ||
$437,418 | ||||
Vermont - 0.2% | ||||
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 | $ | 25,000 | $21,633 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040 | 160,000 | 159,440 | ||
$181,073 | ||||
Virginia - 0.1% | ||||
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”, 5%, 10/01/2052 | $ | 50,000 | $50,382 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - 1.7% | ||||
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037 | $ | 300,000 | $280,623 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | 80,000 | 83,940 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 100,000 | 102,774 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 195,000 | 198,668 | ||
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047 | 35,000 | 31,476 | ||
Seattle, WA, Port Rev., 4%, 4/01/2044 | 60,000 | 54,302 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042 | 140,000 | 122,062 | ||
Washington State Housing Finance Commission Municipal Certificates, “X”, 3.5%, 12/20/2035 | 484,273 | 442,952 | ||
$1,316,797 | ||||
Wisconsin - 6.1% | ||||
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | $ | 405,000 | $178,891 | |
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 175,000 | 77,298 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 700,000 | 622,273 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5.5%, 12/01/2052 | 130,000 | 140,416 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 325,000 | 248,124 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 95,000 | 95,058 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 65,000 | 64,059 | ||
Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062 | 85,000 | 81,977 | ||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%, 6/01/2027 (n) | 35,000 | 32,318 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 70,000 | 54,715 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 20,000 | 18,143 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Healthcare System Rev. (Cone Health), “A”, 5%, 10/01/2052 | $ | 420,000 | $434,019 | |
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 700,000 | 639,257 | ||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2051 (n) | 195,000 | 147,114 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (a)(d)(n) | 255,000 | 194,756 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 100,000 | 85,821 | ||
Wisconsin Public Finance Authority Project Rev. (Eastern Michigan University Student Housing Project), “A-1”, 5.625%, 7/01/2055 | 635,000 | 690,764 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 | 35,000 | 25,108 | ||
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 | 195,000 | 165,563 | ||
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 | 330,000 | 268,611 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 35,000 | 32,761 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 10,000 | 9,000 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 115,000 | 99,912 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | 65,000 | 55,429 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 155,000 | 113,762 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 15,000 | 15,333 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n) | 125,000 | 89,427 | ||
$4,679,909 | ||||
Total Municipal Bonds (Identified Cost, $126,678,345) | $122,895,384 |
Issuer | Shares/Par | Value ($) | ||
Bonds – 0.1% | ||||
Consumer Services – 0.1% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n) (Identified Cost, $75,177) | $ | 120,000 | $62,310 | |
Other Municipal Bonds – 0.0% | ||||
Multi-Family Housing Revenue – 0.0% | ||||
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.22%, 7/25/2041 (i)(n) (Identified Cost, $36,807) | $ | 370,732 | $37,237 | |
Investment Companies (h) - 2.3% | ||||
Money Market Funds – 2.3% | ||||
MFS Institutional Money Market Portfolio, 4.88% (v) (Identified Cost, $1,803,502) | 1,803,525 | $1,803,344 | ||
Other Assets, Less Liabilities - 1.4% | 1,074,127 | |||
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $48,800,000 net of unamortized debt issuance costs of $44,614 (issued by the fund) - (63.2)% | (48,755,386) | |||
Net assets applicable to common shares - 100.0% | $77,117,016 |
(a) | Non-income producing security. |
(d) | In default. |
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,803,344 and $122,994,931, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $7,789,860, representing 10.1% of net assets applicable to common shares. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
COP | Certificate of Participation |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corp. |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
PSF | Permanent School Fund |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $126,790,329) | $122,994,931 |
Investments in affiliated issuers, at value (identified cost, $1,803,502) | 1,803,344 |
Receivables for | |
Investments sold | 1,947,001 |
Interest | 1,708,439 |
Receivable from investment adviser | 2,828 |
Other assets | 14,248 |
Total assets | $128,470,791 |
Liabilities | |
Payables for | |
Distributions on common shares | $7,925 |
Investments purchased | 383,024 |
When-issued investments purchased | 1,952,184 |
Interest expense and fees | 174,932 |
Payable to affiliates | |
Administrative services fee | 155 |
Transfer agent and dividend disbursing costs | 559 |
Payable for independent Trustees' compensation | 27 |
Accrued expenses and other liabilities | 79,583 |
RVMTP shares, at liquidation value of $48,800,000 net of unamortized debt issuance costs of $44,614 | 48,755,386 |
Total liabilities | $51,353,775 |
Net assets applicable to common shares | $77,117,016 |
Net assets consist of | |
Paid-in capital - common shares | $85,368,200 |
Total distributable earnings (loss) | (8,251,184) |
Net assets applicable to common shares | $77,117,016 |
RVMTP shares, at liquidation value of $48,800,000 net of unamortized debt issuance costs of $44,614 (488 shares issued and outstanding at $100,000 per share) | 48,755,386 |
Net assets including preferred shares | $125,872,402 |
Common shares of beneficial interest issued and outstanding | 9,110,245 |
Net asset value per common share (net assets of $77,117,016 / 9,110,245 shares of beneficial interest outstanding) | $8.46 |
Net investment income (loss) | |
Income | |
Interest | $2,693,376 |
Dividends from affiliated issuers | 54,795 |
Total investment income | $2,748,171 |
Expenses | |
Management fee | $411,343 |
Transfer agent and dividend disbursing costs | 7,080 |
Administrative services fee | 14,346 |
Independent Trustees' compensation | 3,245 |
Stock exchange fee | 11,840 |
Custodian fee | 2,491 |
Shareholder communications | 9,139 |
Audit and tax fees | 47,191 |
Legal fees | 2,358 |
Interest expense and fees and amortization of RVMTP shares debt issuance costs | 1,020,200 |
Miscellaneous | 32,265 |
Total expenses | $1,561,498 |
Reduction of expenses by investment adviser | (47,481) |
Net expenses | $1,514,017 |
Net investment income (loss) | $1,234,154 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $(2,487,424) |
Affiliated issuers | (1,178) |
Net realized gain (loss) | $(2,488,602) |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $3,003,047 |
Affiliated issuers | (180) |
Net unrealized gain (loss) | $3,002,867 |
Net realized and unrealized gain (loss) | $514,265 |
Change in net assets from operations | $1,748,419 |
Six months ended | Year ended | |
5/31/23 (unaudited) | 11/30/22 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $1,234,154 | $3,036,774 |
Net realized gain (loss) | (2,488,602) | (2,757,447) |
Net unrealized gain (loss) | 3,002,867 | (18,618,463) |
Change in net assets from operations | $1,748,419 | $(18,339,136) |
Distributions to common shareholders | $(1,316,431) | $(3,750,232) |
Total change in net assets | $431,988 | $(22,089,368) |
Net assets applicable to common shares | ||
At beginning of period | 76,685,028 | 98,774,396 |
At end of period | $77,117,016 | $76,685,028 |
Cash flows from operating activities: | |
Change in net assets from operations | $1,748,419 |
Adjustments to reconcile change in net assets from operations to net cash used by operating activities: | |
Purchase of investment securities | (28,382,398) |
Proceeds from disposition of investment securities | 24,664,823 |
Proceeds from disposition of short-term investments, net | 1,061,860 |
Realized gain/loss on investments | 2,487,424 |
Unrealized appreciation/depreciation on investments | (3,002,867) |
Net amortization/accretion of income | 145,980 |
Amortization of RVMTP shares debt issuance costs | 19,518 |
Increase in interest receivable | (90,523) |
Decrease in accrued expenses and other liabilities | (16,290) |
Decrease in receivable from investment adviser | 12,851 |
Increase in other assets | (12,233) |
Increase in payable for interest expense and fees | 144,965 |
Net cash used by operating activities | $(1,218,471) |
Cash flows from financing activities: | |
Cash distributions paid on common shares | $(1,317,630) |
Proceeds from partial call of underlying security of special purpose trust | 475,000 |
Proceeds from sale of underlying security of special purpose trust | 4,821,527 |
Payment for redemption of floating rate certificates | (2,760,000) |
Decrease in payable to custodian | (426) |
Net cash provided by financing activities | $1,218,471 |
Cash and restricted cash: | |
Beginning of period | $— |
End of period | $— |
Common Shares | Six months ended | Year ended | ||||
5/31/23 (unaudited) | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | |
Net asset value, beginning of period | $8.42 | $10.84 | $10.76 | $10.74 | $10.14 | $10.47 |
Income (loss) from investment operations | ||||||
Net investment income (loss) (d) | $0.14 | $0.33 | $0.41 | $0.42 | $0.45 | $0.47(c) |
Net realized and unrealized gain (loss) | 0.04 | (2.33) | 0.13 | 0.06 | 0.58 | (0.36) |
Total from investment operations | $0.18 | $(2.00) | $0.54 | $0.48 | $1.03 | $0.11 |
Less distributions declared to common shareholders | ||||||
From net investment income | $(0.14) | $(0.35) | $(0.43) | $(0.44) | $(0.43) | $(0.46) |
From net realized gain | — | (0.07) | (0.03) | (0.02) | — | — |
Total distributions declared to shareholders | $(0.14) | $(0.42) | $(0.46) | $(0.46) | $(0.43) | $(0.46) |
Net increase resulting from the tender and repurchase of common shares of beneficial interest | $— | $— | $— | $— | $— | $0.02 |
Net asset value, end of period (x) | $8.46 | $8.42 | $10.84 | $10.76 | $10.74 | $10.14 |
Market value, end of period | $7.18 | $7.30 | $9.87 | $9.60 | $9.85 | $8.81 |
Total return at market value (%) | 0.38(n) | (22.36) | 7.63 | 2.26 | 16.96 | (4.52) |
Total return at net asset value (%) (j)(r)(s)(x) | 2.48(n) | (18.41) | 5.46 | 5.12 | 10.80 | 1.82(c) |
Ratios (%) (to average net assets applicable to common shares) and Supplemental data: | ||||||
Expenses before expense reductions | 4.01(a) | 2.58 | 1.84 | 2.30 | 2.79 | 2.88(c) |
Expenses after expense reductions | 3.88(a) | 2.46 | 1.77 | 2.18 | 2.69 | 2.82(c) |
Net investment income (loss) | 3.17(a) | 3.62 | 3.73 | 3.99 | 4.24 | 4.55(c) |
Portfolio turnover | 22(n) | 27 | 22 | 27 | 15 | 6 |
Net assets at end of period (000 omitted) | $77,117 | $76,685 | $98,774 | $98,014 | $97,832 | $92,357 |
Supplemental Ratios (%): | ||||||
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (l) | 1.27(a) | 1.23 | 1.16 | 1.18 | 1.18 | 1.21(c) |
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (l) | 0.78(a) | 0.78 | 0.78 | 0.78 | 0.78 | 0.81(c) |
Six months ended | Year ended | |||||
5/31/23 (unaudited) | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | |
Senior Securities: | ||||||
RVMTP shares | 488 | 488 | 488 | — | — | — |
VMTP shares | — | — | — | 1,950 | 1,950 | 1,950 |
Asset coverage per preferred share (k) | $258,027 | $257,141 | $302,407 | $75,263 | $75,171 | $72,362 |
Asset coverage per $1 liquidation preference (v) | $2.58 | $2.57 | $3.02 | $3.01 | $3.01 | $2.89 |
Involuntary liquidation preference per preferred share (m) | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 | $25,000 |
Average market value per preferred share (m)(u) | $100,000 | $100,000 | $100,000 | $25,000 | $25,000 | $25,000 |
(a) | Annualized. |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
(k) | Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the total number of preferred shares outstanding. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP (Variable Rate Municipal Term Preferred) shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable. For the year ended November 30, 2018, 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. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(u) | Average market value represents the approximate fair value of each of the fund’s preferred shares held at period end. |
(v) | Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding. |
(x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $122,932,621 | $— | $122,932,621 |
U.S. Corporate Bonds | — | 62,310 | — | 62,310 |
Mutual Funds | 1,803,344 | — | — | 1,803,344 |
Total | $1,803,344 | $122,994,931 | $— | $124,798,275 |
Year ended 11/30/22 | |
Ordinary income (including any short-term capital gains) | $214,591 |
Tax-exempt income | 4,057,035 |
Long-term capital gains | 421,989 |
Total distributions | $4,693,615 |
As of 5/31/23 | |
Cost of investments | $128,596,777 |
Gross appreciation | 2,172,642 |
Gross depreciation | (5,971,144) |
Net unrealized appreciation (depreciation) | $(3,798,502) |
As of 11/30/22 | |
Undistributed ordinary income | 238,319 |
Undistributed tax-exempt income | 497,829 |
Capital loss carryforwards | (2,513,920) |
Other temporary differences | (9,748) |
Net unrealized appreciation (depreciation) | (6,895,652) |
Short-Term | $(1,398,230) |
Long-Term | (1,115,690) |
Total | $(2,513,920) |
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,865,384 | $20,021,337 | $21,082,019 | $(1,178) | $(180) | $1,803,344 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $54,795 | $— |
July 14, 2023
DIVIDEND DISBURSING AGENT
Item 1(b):
A copy of the notice transmitted to the Registrant's shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
There were no changes during the period.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
MFS Investment Grade Municipal Trust
|
|
|
| (c) Total Number of | (d) Maximum Number |
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|
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| Shares Purchased as | (or Approximate |
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| (a) Total number of | (b) Average | Part of Publicly | Dollar Value) of |
| Period | Shares Purchased | Price Paid | Announced Plans or | Shares that May Yet |
|
|
| per Share | Programs | Be Purchased under |
|
|
|
|
| the Plans or Programs |
|
|
|
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|
|
| 12/01/22-12/31/22 | 0 | N/A | 0 | 911,024 |
| 1/01/23-1/31/23 | 0 | N/A | 0 | 911,024 |
| 2/01/23-2/28/23 | 0 | N/A | 0 | 911,024 |
| 3/01/23-3/31/23 | 0 | N/A | 0 | 911,024 |
| 4/01/23-4/30/23 | 0 | N/A | 0 | 911,024 |
| 5/01/23-5/31/23 | 0 | N/A | 0 | 911,024 |
| Total | 0 |
| 0 |
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|
|
|
|
|
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Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant's outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2022 plan year is 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 effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 13. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
(c)Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS INVESTMENT GRADE MUNICIPAL TRUST
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: July 14, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: July 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: July 14, 2023
* Print name and title of each signing officer under his or her signature.