UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
_______________________________
Investment Company Act file number: 811-02671
Deutsche Municipal Trust
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
(Address of principal executive offices) (Zip code)
Paul Schubert
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 250-3220
Date of fiscal year end: 5/31
Date of reporting period: 2/28/2017
ITEM 1. | SCHEDULE OF INVESTMENTS |
Investment Portfolio as of February 28, 2017 (Unaudited)
Deutsche Managed Municipal Bond Fund
Principal Amount ($) |
Value ($) | |||||||
Municipal Bonds and Notes 98.1% | ||||||||
Alaska 0.2% | ||||||||
Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041 | 11,000,000 | 12,210,990 | ||||||
Arizona 1.2% | ||||||||
Arizona, Salt Verde Financial Corp., Gas Revenue: | ||||||||
5.0%, 12/1/2032, GTY: Citigroup, Inc. | 1,600,000 | 1,815,776 | ||||||
5.0%, 12/1/2037, GTY: Citigroup, Inc. | 8,405,000 | 9,595,148 | ||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue: | ||||||||
Series A, 5.0%, 7/1/2040 | 22,775,000 | 24,810,630 | ||||||
Series A, 5.25%, 7/1/2033 | 20,885,000 | 22,819,995 | ||||||
59,041,549 | ||||||||
California 14.7% | ||||||||
Banning, CA, Water & Sewer Revenue, 1989 Water System Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC | 200,000 | 213,744 | ||||||
Banning, CA, Water & Sewer Revenue, Water System Reference & Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC | 115,000 | 124,755 | ||||||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A, 5.0%, 6/1/2040 | 11,765,000 | 13,038,326 | ||||||
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West: | ||||||||
Series A, Prerefunded, 6.0%, 7/1/2034 | 10,000,000 | 11,154,200 | ||||||
Series A, Prerefunded, 6.0%, 7/1/2039 | 7,500,000 | 8,365,650 | ||||||
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup, Inc. | 15,315,000 | 21,264,111 | ||||||
California, State General Obligation: | ||||||||
5.0%, 2/1/2032 | 35,000,000 | 39,480,350 | ||||||
5.0%, 2/1/2033 | 8,000,000 | 8,996,240 | ||||||
5.0%, 8/1/2034 | 11,790,000 | 13,486,463 | ||||||
5.0%, 8/1/2035 | 13,210,000 | 15,058,211 | ||||||
5.0%, 2/1/2043 | 20,000,000 | 22,328,600 | ||||||
5.0%, 5/1/2044 | 11,200,000 | 12,605,152 | ||||||
5.25%, 4/1/2035 | 15,340,000 | 17,415,349 | ||||||
6.0%, 4/1/2038 | 22,915,000 | 25,288,307 | ||||||
6.25%, 11/1/2034 | 20,655,000 | 23,386,417 | ||||||
California, State General Obligation, Various Purposes: | ||||||||
5.0%, 6/1/2023, INS: AGMC | 3,630,000 | 3,668,950 | ||||||
5.25%, 9/1/2026 | 18,765,000 | 21,626,663 | ||||||
5.25%, 9/1/2030 | 5,000,000 | 5,718,100 | ||||||
5.25%, 10/1/2032 | 25,000,000 | 28,559,000 | ||||||
6.0%, 11/1/2039 | 50,000,000 | 56,284,000 | ||||||
6.5%, 4/1/2033 | 58,440,000 | 65,096,316 | ||||||
California, State Health Facilities Financing Authority Revenue, Sutter Health Obligated Group, Series A, 5.0%, 8/15/2043 | 10,000,000 | 11,160,300 | ||||||
California, State Public Works Board, Lease Revenue, Series A, 5.0%, 9/1/2039 | 25,000,000 | 28,142,250 | ||||||
California, State University Revenue, Series A, 5.0%, 11/1/2038 | 7,410,000 | 8,497,714 | ||||||
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Kaiser Foundation, Series A, 5.0%, 4/1/2042 | 5,295,000 | 5,770,544 | ||||||
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center: | ||||||||
Series A, 144A, 5.0%, 12/1/2041 | 7,000,000 | 7,316,120 | ||||||
Series A, 144A, 5.0%, 12/1/2046 | 3,500,000 | 3,639,160 | ||||||
Los Angeles, CA, Department of Airports Revenue: | ||||||||
Series A, AMT, 5.0%, 5/15/2042 | 4,220,000 | 4,693,568 | ||||||
Series A, 5.25%, 5/15/2039 | 5,000,000 | 5,421,950 | ||||||
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series A, 5.0%, 5/15/2040 | 25,000,000 | 27,660,750 | ||||||
Los Angeles, CA, Municipal Improvement Corp., Lease Revenue, Real Property: | ||||||||
Series B, 5.0%, 11/1/2031 | 21,820,000 | 25,540,092 | ||||||
Series B, 5.0%, 11/1/2032 | 29,295,000 | 34,048,700 | ||||||
Orange County, CA, Airport Revenue: | ||||||||
Series A, 5.25%, 7/1/2039 | 16,000,000 | 17,271,520 | ||||||
Series B, 5.25%, 7/1/2039 | 12,000,000 | 12,953,640 | ||||||
Sacramento, CA, Municipal Utility District: | ||||||||
Series U, 5.0%, 8/15/2026, INS: AGMC | 6,420,000 | 6,787,352 | ||||||
Series U, 5.0%, 8/15/2028, INS: AGMC | 5,015,000 | 5,297,395 | ||||||
San Diego County, CA, Regional Airport Authority Revenue: | ||||||||
Series A, 5.0%, 7/1/2034 | 7,000,000 | 7,673,050 | ||||||
Series B, AMT, 5.0%, 7/1/2043 | 12,500,000 | 13,542,750 | ||||||
San Francisco, CA, City & County Airports Commission, International Airport Revenue: | ||||||||
Series F, 5.0%, 5/1/2035 | 27,500,000 | 30,111,125 | ||||||
Series A, AMT, 5.0%, 5/1/2040 | 14,000,000 | 15,293,740 | ||||||
Series E, 6.0%, 5/1/2039 | 35,000,000 | 38,627,750 | ||||||
San Francisco, CA, City & County Certificates of Participation, Multiple Capital Improvement Projects, Series A, 5.25%, 4/1/2031 | 7,860,000 | 8,465,927 | ||||||
Walnut, CA, Energy Center Authority Revenue, Series A, 5.0%, 1/1/2040 | 10,000,000 | 10,838,900 | ||||||
741,913,201 | ||||||||
Colorado 4.4% | ||||||||
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co., Inc. | 30,000,000 | 40,231,500 | ||||||
Colorado, State Building Excellent Schools Today, Certificates of Participation, Series G, 5.0%, 3/15/2032 | 8,630,000 | 9,582,579 | ||||||
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 | 16,250,000 | 18,583,175 | ||||||
Colorado, Transportation/Tolls Revenue: | ||||||||
Series B, Zero Coupon, 9/1/2017, INS: NATL | 8,000,000 | 7,962,400 | ||||||
Series B, Zero Coupon, 9/1/2018, INS: NATL | 20,560,000 | 20,140,371 | ||||||
Series B, Zero Coupon, 9/1/2019, INS: NATL | 36,500,000 | 34,757,490 | ||||||
Series B, Zero Coupon, 9/1/2020, INS: NATL | 7,000,000 | 6,470,310 | ||||||
Denver City & County, CO, Airport Revenue: | ||||||||
Series A, AMT, 5.5%, 11/15/2028 | 15,000,000 | 17,085,900 | ||||||
Series A, AMT, 5.5%, 11/15/2029 | 14,705,000 | 16,675,029 | ||||||
Series A, AMT, 5.5%, 11/15/2030 | 15,080,000 | 17,064,980 | ||||||
Series A, AMT, 5.5%, 11/15/2031 | 5,000,000 | 5,647,700 | ||||||
Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040 | 2,770,000 | 3,031,654 | ||||||
University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042 | 26,010,000 | 28,865,898 | ||||||
226,098,986 | ||||||||
Connecticut 1.1% | ||||||||
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, Series A, 7.875%, 4/1/2039 | 13,000,000 | 14,563,900 | ||||||
Connecticut, State Health & Educational Facilities Authority Revenue, Hartford Healthcare, Series A, 5.0%, 7/1/2041 | 20,000,000 | 21,289,000 | ||||||
Connecticut, State Health & Educational Facilities Authority Revenue, Stamford Hospital, Series J, 5.125%, 7/1/2035 | 18,000,000 | 19,367,640 | ||||||
55,220,540 | ||||||||
District of Columbia 1.9% | ||||||||
District of Columbia, General Obligation: | ||||||||
Series A, 5.0%, 6/1/2032 | 9,000,000 | 10,414,530 | ||||||
Series A, 5.0%, 6/1/2033 | 7,500,000 | 8,637,075 | ||||||
District of Columbia, Georgetown University Revenue: | ||||||||
5.0%, 4/1/2032 | 2,500,000 | 2,897,100 | ||||||
5.0%, 4/1/2033 | 5,000,000 | 5,756,850 | ||||||
5.0%, 4/1/2034 | 5,000,000 | 5,729,000 | ||||||
District of Columbia, Income Tax Secured Revenue, Series G, 5.0%, 12/1/2036 | 27,475,000 | 31,114,064 | ||||||
District of Columbia, Water & Sewer Revenue, Public Utility Revenue, 5.5%, 10/1/2023, INS: AGMC | 5,000,000 | 5,925,500 | ||||||
Metropolitan Washington, DC, Airports Authority System Revenue: | ||||||||
Series A, AMT, 5.0%, 10/1/2030 | 7,750,000 | 8,775,480 | ||||||
Series A, AMT, 5.0%, 10/1/2031 | 5,355,000 | 6,145,558 | ||||||
Series A, AMT, 5.0%, 10/1/2032 | 5,000,000 | 5,704,900 | ||||||
Series A, AMT, 5.0%, 10/1/2044 | 3,890,000 | 4,254,221 | ||||||
95,354,278 | ||||||||
Florida 6.2% | ||||||||
Broward County, FL, Airport Systems Revenue, Series Q-1, 5.0%, 10/1/2037 | 39,000,000 | 43,092,660 | ||||||
Clearwater, FL, Water & Sewer Revenue, Series A, Prerefunded, 5.25%, 12/1/2039 | 2,000,000 | 2,225,520 | ||||||
Florida, Central Expressway Authority Revenue, Senior Lien: | ||||||||
Series B, 4.0%, 7/1/2035 | 14,335,000 | 14,705,703 | ||||||
Series B, 4.0%, 7/1/2036 | 8,625,000 | 8,806,901 | ||||||
Series B, 4.0%, 7/1/2037 | 8,555,000 | 8,708,391 | ||||||
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036 | 2,110,000 | 2,295,638 | ||||||
Florida, Jacksonville Electric Authority, Water & Sewer Revenue, Series A, 5.0%, 10/1/2032 | 5,000,000 | 5,592,200 | ||||||
Florida, Village Center Community Development District, Utility Revenue, ETM, 6.0%, 11/1/2018, INS: FGIC | 545,000 | 574,975 | ||||||
Fort Pierce, FL, Utilities Authority Revenue, Series B, Zero Coupon, 10/1/2018, INS: AMBAC | 2,000,000 | 1,949,120 | ||||||
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2040 | 10,000,000 | 10,957,200 | ||||||
Hillsborough County, FL, Industrial Development Authority Revenue, University Community Hospital, ETM, 6.5%, 8/15/2019, INS: NATL | 640,000 | 689,786 | ||||||
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032 | 1,750,000 | 1,946,700 | ||||||
Marco Island, FL, Utility Systems Revenue: | ||||||||
Series A, Prerefunded, 5.0%, 10/1/2034 | 1,000,000 | 1,130,910 | ||||||
Series A, Prerefunded, 5.0%, 10/1/2040 | 1,000,000 | 1,130,910 | ||||||
Miami-Dade County, FL, Aviation Revenue: | ||||||||
Series A, AMT, 5.0%, 10/1/2031 | 3,495,000 | 3,824,019 | ||||||
Series B, 5.0%, 10/1/2035, INS: AGMC | 15,000,000 | 16,453,350 | ||||||
Series A, 5.5%, 10/1/2041 | 30,000,000 | 32,881,800 | ||||||
Miami-Dade County, FL, Aviation Revenue, Miami International Airport: | ||||||||
Series A-1, 5.375%, 10/1/2035 | 1,000,000 | 1,108,310 | ||||||
Series A-1, 5.375%, 10/1/2041 | 19,290,000 | 21,302,140 | ||||||
Miami-Dade County, FL, Double Barreled Aviation, 5.0%, 7/1/2041 | 6,700,000 | 7,346,483 | ||||||
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2044 | 7,500,000 | 8,350,800 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2037 | 16,500,000 | 18,436,605 | ||||||
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2034 | 17,800,000 | 19,739,310 | ||||||
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project: | ||||||||
5.75%, 10/1/2043 | 2,880,000 | 3,024,173 | ||||||
Prerefunded, 5.75%, 10/1/2043 | 7,120,000 | 7,670,305 | ||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Health, Inc.: | ||||||||
Series A, 5.0%, 10/1/2035 | 2,280,000 | 2,536,888 | ||||||
Series A, 5.0%, 10/1/2036 | 4,135,000 | 4,572,607 | ||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series B, 5.25%, 12/1/2029, INS: AGMC | 3,820,000 | 4,065,091 | ||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System: | ||||||||
Series A, 6.25%, 10/1/2018, INS: NATL | 500,000 | 527,365 | ||||||
Series C, 6.25%, 10/1/2021, INS: NATL | 6,000,000 | 6,656,880 | ||||||
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033 | 16,610,000 | 18,982,074 | ||||||
Orlando & Orange County, FL, Expressway Authority Revenue, Series A, 5.0%, 7/1/2040 | 7,250,000 | 7,910,185 | ||||||
Port St. Lucie, FL, Utility System Revenue: | ||||||||
5.0%, 9/1/2035, INS: AGC | 245,000 | 257,715 | ||||||
5.25%, 9/1/2035, INS: AGC | 280,000 | 295,744 | ||||||
Sunrise, FL, Water & Sewer Revenue, Utility Systems, ETM, 5.5%, 10/1/2018, INS: AMBAC | 7,080,000 | 7,409,291 | ||||||
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 | 2,985,000 | 3,124,847 | ||||||
Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL | 1,710,000 | 1,850,374 | ||||||
Tampa-Hillsborough County, FL, Expressway Authority, Series A, 5.0%, 7/1/2037 | 10,000,000 | 11,026,700 | ||||||
313,159,670 | ||||||||
Georgia 5.5% | ||||||||
Atlanta, GA, Airport Revenue: | ||||||||
Series A, 5.0%, 1/1/2035 | 2,470,000 | 2,679,357 | ||||||
Series B, 5.0%, 1/1/2037 | 720,000 | 791,914 | ||||||
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, 5.0%, 7/1/2039 | 5,000,000 | 5,392,750 | ||||||
Atlanta, GA, Water & Wastewater Revenue: | ||||||||
Series B, 5.25%, 11/1/2028 | 5,000,000 | 5,873,850 | ||||||
Series B, 5.375%, 11/1/2039, INS: AGMC | 40,000,000 | 44,092,400 | ||||||
Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp. Vogtle Project: | ||||||||
Series A, 5.3%, 1/1/2033, INS: AGMC | 10,000,000 | 10,320,400 | ||||||
Series B, 5.5%, 1/1/2033 | 4,000,000 | 4,129,800 | ||||||
DeKalb County, GA, Water & Sewer Revenue: | ||||||||
Series A, 5.25%, 10/1/2032 | 2,180,000 | 2,477,265 | ||||||
Series A, 5.25%, 10/1/2033 | 3,635,000 | 4,130,669 | ||||||
Series A, 5.25%, 10/1/2036 | 11,115,000 | 12,614,969 | ||||||
Series A, 5.25%, 10/1/2041 | 29,000,000 | 32,818,430 | ||||||
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System: | ||||||||
Series A, 5.375%, 2/15/2040 | 1,940,000 | 2,113,455 | ||||||
Series A, Prerefunded, 5.375%, 2/15/2040 | 6,285,000 | 7,043,851 | ||||||
Series A, 5.5%, 2/15/2045 | 4,720,000 | 5,115,017 | ||||||
Series A, Prerefunded, 5.5%, 2/15/2045 | 15,280,000 | 17,180,373 | ||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | ||||||||
Series A, 5.0%, 3/15/2019, GTY: JPMorgan Chase & Co. | 17,440,000 | 18,520,408 | ||||||
Series B, 5.0%, 3/15/2019, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 5,292,100 | ||||||
Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase & Co. | 2,700,000 | 2,925,774 | ||||||
Series B, 5.0%, 3/15/2020, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 5,401,150 | ||||||
Series A, 5.0%, 3/15/2022, GTY: JPMorgan Chase & Co. | 17,340,000 | 19,304,969 | ||||||
Series A, 5.5%, 9/15/2023, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 5,792,700 | ||||||
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc. | 4,635,000 | 5,422,579 | ||||||
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 5,958,250 | ||||||
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 5,964,100 | ||||||
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, Prerefunded, 6.5%, 8/1/2038, INS: AGC | 18,700,000 | 20,200,488 | ||||||
Georgia, Municipal Electric Authority Power Revenue, Series W, 6.6%, 1/1/2018, INS: NATL | 445,000 | 462,827 | ||||||
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 2,995,000 | 3,363,924 | ||||||
Georgia, Private Colleges & Universities Authority Revenue, Emory University, Series B, 4.0%, 10/1/2038 | 17,780,000 | 18,528,004 | ||||||
Georgia, State Municipal Electric Authority, Series GG, 5.0%, 1/1/2039 | 5,695,000 | 6,265,696 | ||||||
280,177,469 | ||||||||
Hawaii 0.8% | ||||||||
Hawaii, State Airports Systems Revenue: | ||||||||
Series A, 5.0%, 7/1/2039 | 16,800,000 | 18,307,128 | ||||||
Series A, AMT, 5.0%, 7/1/2041 | 8,930,000 | 9,662,974 | ||||||
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%, 7/1/2039 | 6,000,000 | 6,515,880 | ||||||
Hawaii, State General Obligation, Series FG, 4.0%, 10/1/2036 | 6,250,000 | 6,538,938 | ||||||
41,024,920 | ||||||||
Idaho 0.2% | ||||||||
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037 | 10,060,000 | 10,820,435 | ||||||
Illinois 5.2% | ||||||||
Chicago, IL, Airport Revenue, O'Hare International Airport, Third Lien: | ||||||||
Series A, 5.75%, 1/1/2039 | 13,650,000 | 15,376,998 | ||||||
Series B, 6.0%, 1/1/2041 | 25,000,000 | 28,629,500 | ||||||
Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.0%, 1/1/2034 | 7,000,000 | 7,564,690 | ||||||
Chicago, IL, O'Hare International Airport Revenue, Senior Lien: | ||||||||
Series C, 5.0%, 1/1/2034 | 6,000,000 | 6,722,640 | ||||||
Series B, 5.0%, 1/1/2035 | 4,250,000 | 4,744,700 | ||||||
Series C, 5.0%, 1/1/2035 | 6,375,000 | 7,117,050 | ||||||
Series C, 5.0%, 1/1/2037 | 9,105,000 | 10,113,561 | ||||||
Chicago, IL, Water & Sewer Revenue, Zero Coupon, 11/1/2018, INS: AMBAC | 5,165,000 | 5,032,053 | ||||||
Chicago, IL, Water Revenue, 5.0%, 11/1/2023, INS: AGMC | 10,000,000 | 10,488,600 | ||||||
Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037 | 3,155,000 | 3,356,731 | ||||||
Illinois, Finance Authority Revenue, Advocate Health Care Network: | ||||||||
Series A, 5.5%, 4/1/2044 | 2,905,000 | 3,088,189 | ||||||
Series D, Prerefunded, 6.5%, 11/1/2038 | 4,085,000 | 4,464,823 | ||||||
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, Prerefunded, 5.625%, 1/1/2037 | 8,000,000 | 8,324,400 | ||||||
Illinois, Finance Authority Revenue, Memorial Health Systems: | ||||||||
5.5%, 4/1/2034 | 12,100,000 | 12,824,790 | ||||||
5.5%, 4/1/2039 | 4,800,000 | 5,079,456 | ||||||
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Series A, Zero Coupon, 12/15/2035, INS: NATL | 7,085,000 | 2,945,093 | ||||||
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL | 27,305,000 | 9,953,492 | ||||||
Illinois, Metropolitan Pier & Exposition Authority, Special Assessment Revenue, Series A, Zero Coupon, 12/15/2018, INS: NATL | 6,660,000 | 6,431,429 | ||||||
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028 | 17,315,000 | 19,699,102 | ||||||
Illinois, Regional Transportation Authority: | ||||||||
Series B, 5.75%, 6/1/2033, INS: NATL | 7,000,000 | 8,831,900 | ||||||
Series A, 6.7%, 11/1/2021, INS: NATL | 14,980,000 | 17,033,009 | ||||||
Illinois, Sales & Special Tax Revenue, 6.25%, 12/15/2020, INS: AMBAC | 3,585,000 | 3,863,769 | ||||||
Illinois, State Finance Authority Revenue, Advocate Health Care Network, Series B, 5.375%, 4/1/2044 | 2,910,000 | 3,080,613 | ||||||
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, 5.0%, 11/15/2032 | 2,435,000 | 2,692,599 | ||||||
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group: | ||||||||
Series A, 5.0%, 1/1/2036 | 2,970,000 | 3,201,987 | ||||||
Series A, 5.0%, 1/1/2037 | 3,965,000 | 4,264,714 | ||||||
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041 | 13,155,000 | 14,029,150 | ||||||
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 12,000,000 | 13,419,480 | ||||||
Lake Cook Kane & McHenry Counties, IL, School District General Obligation, 6.3%, 12/1/2017, INS: AGMC | 1,885,000 | 1,962,511 | ||||||
Northern Illinois, Municipal Power Agency, Power Project Revenue, Series A, 5.0%, 12/1/2041 | 5,080,000 | 5,577,230 | ||||||
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 5,805,000 | 6,383,004 | ||||||
Springfield, IL, Water Revenue, 5.0%, 3/1/2037 | 5,000,000 | 5,581,750 | ||||||
261,879,013 | ||||||||
Indiana 1.0% | ||||||||
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, Prerefunded, 6.75%, 3/1/2039 | 5,230,000 | 5,824,651 | ||||||
Indiana, Hospital & Healthcare Revenue, Health Facilities Financing Authority: | ||||||||
ETM, 6.0%, 7/1/2017, INS: NATL | 2,050,000 | 2,085,242 | ||||||
ETM, 6.0%, 7/1/2018, INS: NATL | 2,175,000 | 2,313,587 | ||||||
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%, 3/1/2041 | 17,395,000 | 18,411,912 | ||||||
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031 | 2,595,000 | 3,052,109 | ||||||
Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038 | 8,000,000 | 9,038,480 | ||||||
St. Joseph County, IN, Educational Facilities Revenue, Notre Dame du Lac Project, 5.0%, 3/1/2036 | 10,000,000 | 10,377,000 | ||||||
51,102,981 | ||||||||
Kansas 0.4% | ||||||||
Kansas, Pollution Control Revenue, Development Financing Authority, Series II, ETM, 5.5%, 11/1/2017 | 1,000,000 | 1,032,320 | ||||||
Kansas, State Development Finance Authority Hospital Revenue, Adventist Health System: | ||||||||
Series A, 5.0%, 11/15/2032 | 13,000,000 | 14,572,220 | ||||||
Series A, 5.0%, 11/15/2034 | 4,965,000 | 5,532,053 | ||||||
21,136,593 | ||||||||
Kentucky 0.3% | ||||||||
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, 6.5%, 3/1/2045 | 11,000,000 | 12,003,530 | ||||||
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2038, INS: AGC | 4,500,000 | 4,701,060 | ||||||
16,704,590 | ||||||||
Louisiana 0.1% | ||||||||
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040 | 5,000,000 | 5,288,500 | ||||||
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037 | 450,000 | 452,295 | ||||||
5,740,795 | ||||||||
Maine 0.2% | ||||||||
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040 | 9,650,000 | 10,515,701 | ||||||
Maryland 1.3% | ||||||||
Baltimore, MD, Project Revenue, Waste Water Projects, Series A, 5.0%, 7/1/2038 | 11,000,000 | 12,271,930 | ||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare Obligated Group, Series A, 5.5%, 1/1/2046 | 20,000,000 | 22,060,200 | ||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, Prerefunded, 6.75%, 7/1/2039 | 3,400,000 | 3,847,916 | ||||||
Maryland, State Stadium Authority Revenue, Baltimore City Public Schools: | ||||||||
5.0%, 5/1/2035 | 5,000,000 | 5,676,400 | ||||||
5.0%, 5/1/2036 | 5,015,000 | 5,672,216 | ||||||
5.0%, 5/1/2041 | 16,000,000 | 17,948,960 | ||||||
67,477,622 | ||||||||
Massachusetts 4.7% | ||||||||
Massachusetts, State College Building Authority Revenue: | ||||||||
Series B, 5.0%, 5/1/2037 | 4,500,000 | 5,021,910 | ||||||
Series B, 5.0%, 5/1/2043 | 4,125,000 | 4,590,754 | ||||||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series B, 5.0%, 1/1/2032 | 28,800,000 | 31,425,120 | ||||||
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility: | ||||||||
Series B, 11/15/2056* | 314,524 | 1,573 | ||||||
Series A-2, 5.5%, 11/15/2046 | 63,235 | 59,535 | ||||||
Series A-1, 6.25%, 11/15/2031 | 1,182,967 | 1,225,021 | ||||||
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series L, 5.0%, 7/1/2036 | 13,680,000 | 15,102,173 | ||||||
Massachusetts, State Development Finance Agency Revenue, South Shore Hospital, Series I, 5.0%, 7/1/2041 | 1,825,000 | 2,000,291 | ||||||
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, Series I, 5.0%, 7/1/2036 | 1,000,000 | 1,078,880 | ||||||
Massachusetts, State General Obligation: | ||||||||
Series E, 4.0%, 9/1/2039 | 27,250,000 | 27,982,208 | ||||||
Series E, 4.0%, 9/1/2042 | 20,000,000 | 20,449,200 | ||||||
Series A, 5.0%, 7/1/2036 | 22,630,000 | 25,893,472 | ||||||
Series A, 5.0%, 3/1/2041 | 15,000,000 | 16,823,100 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/2022 | 9,000,000 | 10,823,400 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039 | 14,285,000 | 15,388,373 | ||||||
Massachusetts, State School Building Authority, Sales Tax Revenue: | ||||||||
Series C, 4.0%, 11/15/2035 | 27,000,000 | 28,193,130 | ||||||
Series B, 5.25%, 10/15/2035 | 12,000,000 | 13,687,200 | ||||||
Massachusetts, State Water Resources Authority, Green Bond, Series C, 4.0%, 8/1/2036 | 10,000,000 | 10,471,900 | ||||||
Massachusetts, Water & Sewer Revenue, Water Resource Authority, Series A, ETM, 6.5%, 7/15/2019 | 5,725,000 | 6,049,722 | ||||||
236,266,962 | ||||||||
Michigan 1.3% | ||||||||
Michigan, State Building Authority Revenue, Facilities Program: | ||||||||
Series I, 5.0%, 4/15/2038 | 14,675,000 | 16,267,384 | ||||||
Series H, 5.125%, 10/15/2033 | 9,755,000 | 10,534,229 | ||||||
Series I, 6.0%, 10/15/2038 | 300,000 | 321,867 | ||||||
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2041 | 12,220,000 | 13,287,295 | ||||||
Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.0%, 12/1/2035 | 4,335,000 | 4,811,547 | ||||||
Michigan, State Hospital Finance Authority Revenue, Trinity Health Credit: | ||||||||
Series A-1, 6.5%, 12/1/2033 | 335,000 | 362,962 | ||||||
Series A-1, Prerefunded, 6.5%, 12/1/2033 | 1,760,000 | 1,928,520 | ||||||
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, Prerefunded, 8.25%, 9/1/2039 | 7,200,000 | 7,986,744 | ||||||
Wayne County, MI, Airport Authority Revenue, Detroit Metropolitan Airport, Series A, 5.0%, 12/1/2037 | 9,255,000 | 9,858,519 | ||||||
65,359,067 | ||||||||
Minnesota 0.1% | ||||||||
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, Prerefunded, 6.75%, 11/15/2032 | 6,440,000 | 7,073,954 | ||||||
Mississippi 0.3% | ||||||||
Warren County, MS, Gulf Opportunity Zone, International Paper Co.: | ||||||||
Series A, 5.5%, 9/1/2031 | 5,000,000 | 5,085,650 | ||||||
Series A, 6.5%, 9/1/2032 | 7,420,000 | 7,892,728 | ||||||
12,978,378 | ||||||||
Missouri 0.4% | ||||||||
Cape Girardeau County, MO, Industrial Development Authority, Health Care Facilities Revenue, St. Francis Medical Center, Series A, Prerefunded, 5.75%, 6/1/2039 | 2,150,000 | 2,375,062 | ||||||
Cape Girardeau County, MO, Industrial Development Authority, St. Francis Medical Center, Series A, 5.0%, 6/1/2033 | 11,075,000 | 11,937,742 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046 | 2,460,000 | 2,567,896 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 735,000 | 760,652 | ||||||
17,641,352 | ||||||||
Nevada 0.1% | ||||||||
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036 | 5,000,000 | 5,422,200 | ||||||
New Hampshire 0.2% | ||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, 6.5%, 1/1/2031 | 10,000,000 | 11,369,600 | ||||||
New Jersey 1.9% | ||||||||
New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue: | ||||||||
Series A, 5.0%, 7/1/2022, INS: NATL | 7,140,000 | 7,318,714 | ||||||
Series A, 5.0%, 7/1/2023, INS: NATL | 8,845,000 | 9,066,390 | ||||||
New Jersey, State Economic Development Authority Revenue: | ||||||||
5.0%, 6/15/2028 | 1,050,000 | 1,111,100 | ||||||
Series BBB, 5.5%, 6/15/2030 | 22,440,000 | 24,202,213 | ||||||
New Jersey, State Economic Development Authority Revenue, Private Activity, The Goethals Bridge Replacement Project, AMT, 5.0%, 1/1/2031, INS: AGMC | 4,000,000 | 4,393,960 | ||||||
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | ||||||||
Series A, 6.0%, 6/15/2035 | 6,000,000 | 6,501,360 | ||||||
Series A, 6.0%, 12/15/2038 | 11,075,000 | 11,705,389 | ||||||
New Jersey, State Turnpike Authority Revenue: | ||||||||
Series A, 5.0%, 1/1/2035 | 6,025,000 | 6,681,544 | ||||||
Series E, 5.0%, 1/1/2045 | 15,380,000 | 17,116,710 | ||||||
Series E, 5.25%, 1/1/2040 | 5,250,000 | 5,572,613 | ||||||
93,669,993 | ||||||||
New York 13.3% | ||||||||
New York, Higher Education Revenue, Dormitory Authority, Series B, 5.25%, 5/15/2019, INS: FGIC | 2,880,000 | 3,024,461 | ||||||
New York, Metropolitan Transportation Authority Revenue: | ||||||||
Series D, 5.0%, 11/15/2027, INS: AGMC | 16,500,000 | 19,055,025 | ||||||
Series D, 5.0%, 11/15/2038 | 13,635,000 | 15,272,700 | ||||||
Series B, 5.25%, 11/15/2044 | 25,000,000 | 28,518,750 | ||||||
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series A2, 5.0%, 11/15/2027 | 9,000,000 | 10,714,590 | ||||||
New York, Sales Tax Asset Receivable Corp., Series A, 5.0%, 10/15/2031 | 500,000 | 585,955 | ||||||
New York, School District General Obligation, Dormitory Authority, City University, Series A, 5.5%, 5/15/2019 | 1,500,000 | 1,601,625 | ||||||
New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021 | 2,000,000 | 2,269,420 | ||||||
New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020 | 2,955,000 | 3,166,371 | ||||||
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Royal Charter Properties-East, Inc., Series A, 0.55% **, 11/15/2036, LIQ: Fannie Mae, LOC: Fannie Mae | 805,000 | 805,000 | ||||||
New York, State Dormitory Authority Revenues, State Supported Debt, City University Consolidated, Series C, 0.63% **, 7/1/2031, LOC: Bank of America NA | 595,000 | 595,000 | ||||||
New York, State Dormitory Authority, Personal Income Tax Revenue: | ||||||||
Series A, 5.0%, 2/15/2035 | 9,305,000 | 10,481,989 | ||||||
Series B, 5.0%, 2/15/2035 | 30,000,000 | 34,108,200 | ||||||
Series F, 5.0%, 2/15/2035 | 5,000,000 | 5,474,950 | ||||||
Series A, 5.0%, 3/15/2038 | 8,750,000 | 9,380,525 | ||||||
Series C, 5.0%, 3/15/2041 | 10,000,000 | 11,034,300 | ||||||
Series C, 5.0%, 3/15/2042 | 14,750,000 | 16,501,858 | ||||||
Series E, 5.0%, 2/15/2044 | 10,000,000 | 11,256,500 | ||||||
New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 | 45,000,000 | 50,951,700 | ||||||
New York, State Thruway Authority, General Revenue, Junior Indebtedness Obligated, Junior Lien, Series A, 5.0%, 1/1/2041 | 6,545,000 | 7,301,537 | ||||||
New York, State Thruway Authority, Second Generation Highway & Bridge Trust Funding Authority: | ||||||||
Series A, 5.0%, 4/1/2031 | 5,250,000 | 5,929,980 | ||||||
Series A, 5.0%, 4/1/2032 | 4,000,000 | 4,514,000 | ||||||
New York, State Transportation Development Corp., Special Facilities Revenue, LaGuardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%, 7/1/2046 | 14,190,000 | 14,940,367 | ||||||
New York, State Transportation Development Corp., Special Facility Revenue, LaGuardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%, 7/1/2041 | 6,660,000 | 7,060,199 | ||||||
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 1,195,000 | 1,299,813 | ||||||
New York, Utility Debt Securitization Authority, Restructuring Revenue: | ||||||||
Series TE, 5.0%, 12/15/2034 | 3,200,000 | 3,697,120 | ||||||
Series TE, 5.0%, 12/15/2035 | 4,000,000 | 4,607,880 | ||||||
New York City, NY, Housing Development Corp., Mortgage Ogden Avenue Apartments II, Series A, AMT, 0.57% **, 3/1/2038, LOC: Freddie Mac | 1,050,000 | 1,050,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue: | ||||||||
Series DD, 5.0%, 6/15/2035 | 12,000,000 | 13,647,600 | ||||||
Series FF-2, 5.0%, 6/15/2040 | 2,270,000 | 2,456,662 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | ||||||||
Series DD, 5.0%, 6/15/2036 | 6,000,000 | 6,793,560 | ||||||
Series FF, 5.0%, 6/15/2039 | 22,500,000 | 25,517,475 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Second General Resolution: | ||||||||
Series CC-1, 4.0%, 6/15/2038 | 5,505,000 | 5,685,234 | ||||||
Series EE, 5.375%, 6/15/2043 | 11,250,000 | 12,713,738 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | ||||||||
Series B-1, 4.0%, 8/1/2037 | 23,500,000 | 24,455,040 | ||||||
Series B-1, 4.0%, 8/1/2039 | 16,500,000 | 17,143,665 | ||||||
Series B-1, 5.0%, 8/1/2035 | 9,295,000 | 10,590,258 | ||||||
Series B-1, 5.0%, 8/1/2036 | 9,900,000 | 11,392,029 | ||||||
Series E-1, 5.0%, 2/1/2037 | 28,685,000 | 32,737,043 | ||||||
Series D-1, 5.0%, 2/1/2038 | 17,655,000 | 19,836,099 | ||||||
Series A-1, 5.0%, 11/1/2038 | 11,560,000 | 13,196,434 | ||||||
Series D-1, 5.0%, 11/1/2038 | 10,000,000 | 11,196,900 | ||||||
Series E-1, 5.0%, 2/1/2039 | 15,000,000 | 17,068,950 | ||||||
Series I, 5.0%, 5/1/2042 | 8,000,000 | 8,976,880 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Fiscal 2014, Series D-4, 0.6% **, 2/1/2044, SPA: Mizuho Bank Ltd. | 420,000 | 420,000 | ||||||
New York, NY, General Obligation: | ||||||||
Series A-1, 4.0%, 8/1/2034 | 22,230,000 | 23,315,713 | ||||||
Series A-1, 4.0%, 8/1/2036 | 17,585,000 | 18,270,991 | ||||||
Series B-1, 5.0%, 12/1/2031 | 2,000,000 | 2,363,980 | ||||||
Series D-1, 5.0%, 10/1/2033 | 25,000,000 | 28,148,500 | ||||||
Series D-1, 5.0%, 10/1/2034 | 5,000,000 | 5,629,700 | ||||||
Series I-1, 5.375%, 4/1/2036 | 2,125,000 | 2,297,826 | ||||||
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth: | ||||||||
5.0%, 9/1/2036 | 1,795,000 | 2,050,285 | ||||||
5.0%, 9/1/2039 | 4,490,000 | 5,092,917 | ||||||
Port Authority of New York & New Jersey, One Hundred Ninety-Fifth: | ||||||||
AMT, 5.0%, 10/1/2035 | 9,175,000 | 10,367,658 | ||||||
AMT, 5.0%, 4/1/2036 | 18,000,000 | 20,245,680 | ||||||
Port Authority of New York & New Jersey, One Hundred Ninety-Seven, AMT, 5.0%, 11/15/2036 | 7,000,000 | 7,882,560 | ||||||
Port Authority of New York & New Jersey, One Hundred Ninety-Third: | ||||||||
AMT, 5.0%, 10/15/2029 | 10,000,000 | 11,555,600 | ||||||
AMT, 5.0%, 10/15/2034 | 5,775,000 | 6,543,999 | ||||||
AMT, 5.0%, 10/15/2035 | 2,865,000 | 3,234,986 | ||||||
Syracuse, NY, Industrial Development Agency, Carousel Center Project: | ||||||||
Series A, AMT, 5.0%, 1/1/2035 | 665,000 | 722,855 | ||||||
Series A, AMT, 5.0%, 1/1/2036 | 2,100,000 | 2,274,510 | ||||||
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040 | 2,000,000 | 2,204,520 | ||||||
671,229,662 | ||||||||
North Carolina 0.7% | ||||||||
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034 | 1,500,000 | 1,662,180 | ||||||
Charlotte-Mecklenberg, NC, Hospital Authority, Health Care System Revenue, Series A, 5.0%, 1/15/2039 | 28,015,000 | 31,366,715 | ||||||
North Carolina, State Municipal Power Agency No.1, Catawba Electric Revenue, Series A, 5.0%, 1/1/2030 | 1,560,000 | 1,657,609 | ||||||
34,686,504 | ||||||||
North Dakota 0.2% | ||||||||
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031 | 9,260,000 | 10,876,611 | ||||||
Ohio 3.0% | ||||||||
Cleveland, OH, Airport Systems Revenue, Series A, 5.0%, 1/1/2030 | 1,000,000 | 1,098,450 | ||||||
Cleveland, OH, Sales & Special Tax Revenue, Urban Renewal Tax Increment, Rock & Roll Hall of Fame and Museum Project, 6.75%, 3/15/2018 | 335,000 | 335,489 | ||||||
Cuyahoga County, OH, County General Obligation, 5.65%, 5/15/2018 | 215,000 | 221,766 | ||||||
Finneytown, OH, Other General Obligation, Local School District, 6.2%, 12/1/2017, INS: NATL | 70,000 | 72,489 | ||||||
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | ||||||||
5.0%, 1/1/2036 | 975,000 | 1,008,023 | ||||||
5.0%, 1/1/2046 | 2,790,000 | 2,862,010 | ||||||
Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, 6.5%, 12/1/2030 | 14,425,000 | 16,622,649 | ||||||
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037 | 6,000,000 | 7,081,200 | ||||||
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 21,610,000 | 23,493,095 | ||||||
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Children's Hospital Medical Center of Akron, 5.0%, 11/15/2038 | 15,645,000 | 16,781,922 | ||||||
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037 | 13,090,000 | 14,345,855 | ||||||
Ohio, Higher Education Revenue, Case Western Reserve University, Series B, 6.5%, 10/1/2020 | 1,555,000 | 1,704,498 | ||||||
Ohio, Northeast Regional Sewer District, 5.0%, 11/15/2044 | 10,000,000 | 11,272,300 | ||||||
Ohio, School District General Obligation, 6.0%, 12/1/2019, INS: AMBAC | 225,000 | 242,150 | ||||||
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project: | ||||||||
Series 2010, 5.25%, 11/15/2035, INS: AGMC | 7,500,000 | 8,101,500 | ||||||
Series 2010, 5.5%, 11/15/2030, INS: AGMC | 4,000,000 | 4,393,240 | ||||||
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health System, Series B, 5.5%, 1/1/2039 | 13,600,000 | 14,594,568 | ||||||
Ohio, State Turnpike Commission, Infrastructure Projects: | ||||||||
Series A-1, 5.25%, 2/15/2030 | 4,620,000 | 5,305,377 | ||||||
Series A-1, 5.25%, 2/15/2031 | 9,375,000 | 10,739,250 | ||||||
Series A-1, 5.25%, 2/15/2032 | 7,500,000 | 8,555,775 | ||||||
148,831,606 | ||||||||
Oklahoma 0.3% | ||||||||
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL | 15,450,000 | 17,217,789 | ||||||
Pennsylvania 3.0% | ||||||||
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039 | 11,800,000 | 12,790,610 | ||||||
Crawford County, PA, Industrial Development Authority, Allegheny College Revenue, Series B, 0.66% **, 11/1/2039, LOC: PNC Bank NA | 2,000,000 | 2,000,000 | ||||||
Exter Township, PA, School District General Obligation, Zero Coupon, 5/15/2017, INS: NATL | 3,700,000 | 3,693,229 | ||||||
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042 | 2,100,000 | 2,330,433 | ||||||
Luzerne County, PA, Industrial Development Authority, Lease Revenue, 0.65% **, 11/1/2026, LOC: PNC Bank NA | 595,000 | 595,000 | ||||||
Pennsylvania, Central Bradford Progress Authority Revenue, Guthrie Healthcare System, 5.375%, 12/1/2041 | 12,550,000 | 13,861,977 | ||||||
Pennsylvania, Commonwealth Financing Authority Revenue: | ||||||||
Series A, 5.0%, 6/1/2033 | 5,000,000 | 5,484,750 | ||||||
Series A, 5.0%, 6/1/2034 | 6,000,000 | 6,554,820 | ||||||
Pennsylvania, Sales & Special Tax Revenue, Convention Center Authority, Series A, ETM, 6.0%, 9/1/2019, INS: FGIC | 2,200,000 | 2,359,390 | ||||||
Pennsylvania, State General Obligation: | ||||||||
Series 2, 4.0%, 9/15/2032 | 20,000,000 | 20,805,400 | ||||||
Series D, 5.0%, 8/15/2032 | 5,000,000 | 5,619,250 | ||||||
Pennsylvania, State Turnpike Commission Revenue: | ||||||||
Series B, 5.0%, 6/1/2033 | 12,000,000 | 13,282,320 | ||||||
Series A-1, 5.0%, 12/1/2040 | 15,000,000 | 16,487,850 | ||||||
Series A-1, 5.0%, 12/1/2041 | 9,645,000 | 10,484,886 | ||||||
Series C, 5.0%, 12/1/2044 | 4,840,000 | 5,291,427 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Turnpike Subordinate Revenue Refunding Bonds, 5.0%, 6/1/2035 | 11,000,000 | 12,039,500 | ||||||
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035 | 7,080,000 | 7,708,633 | ||||||
Philadelphia, PA, Authority for Industrial Development Lease Revenue, Series B-2, 0.63% **, 10/1/2030, LOC: TD Bank NA | 2,000,000 | 2,000,000 | ||||||
Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance: | ||||||||
Series 14, 4.0%, 10/1/2035 | 1,090,000 | 1,093,423 | ||||||
Series 14, 4.0%, 10/1/2037 | 895,000 | 887,527 | ||||||
Westmoreland County, PA, Project Revenue, Zero Coupon, 8/15/2017, INS: NATL | 6,230,000 | 6,201,217 | ||||||
151,571,642 | ||||||||
Puerto Rico 0.1% | ||||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | ||||||||
Series C, 5.25%, 8/1/2041 | 6,705,000 | 3,260,306 | ||||||
Series A, 5.5%, 8/1/2042 | 4,475,000 | 2,175,969 | ||||||
5,436,275 | ||||||||
Rhode Island 0.5% | ||||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, Brown University, Series A, 5.0%, 9/1/2039 | 13,000,000 | 14,112,540 | ||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, Prerefunded, 6.25%, 9/15/2034 | 10,000,000 | 10,824,500 | ||||||
24,937,040 | ||||||||
South Carolina 2.8% | ||||||||
Charleston County, SC, Airport District System Revenue, Series A, AMT, 5.75%, 7/1/2030 | 5,880,000 | 6,708,845 | ||||||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, 5.375%, 10/1/2039 | 7,500,000 | 7,998,750 | ||||||
Lexington County, SC, Health Services District, Lexington Medical Center, 5.0%, 11/1/2041 | 22,390,000 | 24,508,318 | ||||||
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance, 5.75%, 8/1/2039 | 1,910,000 | 2,013,579 | ||||||
South Carolina, Piedmont Municipal Power Agency, Electric Revenue: | ||||||||
6.75%, 1/1/2019, INS: NATL | 2,065,000 | 2,267,205 | ||||||
ETM, 6.75%, 1/1/2019, INS: FGIC | 1,460,000 | 1,612,789 | ||||||
South Carolina, State Jobs-Economic Development Authority Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | 4,715,000 | 5,193,007 | ||||||
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040 | 10,195,000 | 11,143,033 | ||||||
South Carolina, State Public Service Authority Revenue: | ||||||||
Series A, 5.0%, 12/1/2036 | 9,780,000 | 10,955,752 | ||||||
Series A, 5.0%, 12/1/2037 | 16,425,000 | 18,358,222 | ||||||
Series C, 5.0%, 12/1/2039 | 6,875,000 | 7,560,163 | ||||||
Series A, Prerefunded, 5.375%, 1/1/2028 | 85,000 | 91,882 | ||||||
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043 | 35,555,000 | 42,332,494 | ||||||
140,744,039 | ||||||||
South Dakota 0.5% | ||||||||
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health, 5.0%, 7/1/2044 | 20,475,000 | 22,322,664 | ||||||
South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.5%, 11/1/2040 | 3,000,000 | 3,220,890 | ||||||
25,543,554 | ||||||||
Tennessee 0.8% | ||||||||
Jackson, TN, Hospital Revenue, Jackson-Madison Project: | ||||||||
5.5%, 4/1/2033 | 810,000 | 841,161 | ||||||
Prerefunded, 5.5%, 4/1/2033 | 2,190,000 | 2,301,383 | ||||||
5.625%, 4/1/2038 | 1,230,000 | 1,277,884 | ||||||
Prerefunded, 5.625%, 4/1/2038 | 3,320,000 | 3,493,370 | ||||||
5.75%, 4/1/2041 | 2,345,000 | 2,439,691 | ||||||
Prerefunded, 5.75%, 4/1/2041 | 6,330,000 | 6,669,161 | ||||||
Metropolitan Government Nashville & Davidson County, TN, General Obligation: | ||||||||
5.0%, 1/1/2028 | 7,755,000 | 9,325,233 | ||||||
5.0%, 1/1/2030 | 5,000,000 | 5,930,150 | ||||||
Tennessee, Energy Acquisition Corp., Gas Revenue: | ||||||||
Series A, 5.25%, 9/1/2019, GTY: The Goldman Sachs Group, Inc. | 7,000,000 | 7,613,060 | ||||||
Series A, 5.25%, 9/1/2021, GTY: The Goldman Sachs Group, Inc. | 2,000,000 | 2,245,820 | ||||||
42,136,913 | ||||||||
Texas 13.2% | ||||||||
Austin, TX, Independent School District: | ||||||||
Series B, 4.0%, 8/1/2033 | 9,000,000 | 9,544,050 | ||||||
Series B, 4.0%, 8/1/2034 | 6,000,000 | 6,322,800 | ||||||
Series B, 4.0%, 8/1/2035 | 2,650,000 | 2,781,599 | ||||||
Bexar County, TX, General Obligation, 4.0%, 6/15/2034 | 16,020,000 | 16,922,887 | ||||||
Central Texas, Regional Mobility Authority Revenue, 5.0%, 1/1/2040 | 3,750,000 | 4,076,250 | ||||||
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040 | 4,730,000 | 5,121,739 | ||||||
Dallas, TX, Area Rapid Transit, Sales Tax Revenue: | ||||||||
Series B, 4.0%, 12/1/2036 | 11,855,000 | 12,330,978 | ||||||
Series B, 4.0%, 12/1/2037 | 10,500,000 | 10,877,580 | ||||||
Harris County, TX, County General Obligation, Zero Coupon, 10/1/2017, INS: NATL | 3,910,000 | 3,892,249 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, Prerefunded, 7.25%, 12/1/2035 | 5,000,000 | 5,548,300 | ||||||
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035 | 18,290,000 | 20,390,789 | ||||||
Harris County, TX, Senior Lien: | ||||||||
Series A, 5.0%, 8/15/2033 | 5,000,000 | 5,782,850 | ||||||
Series A, 5.0%, 8/15/2034 | 3,000,000 | 3,453,750 | ||||||
Houston, TX, Airport Systems Revenue: | ||||||||
Series B, 5.0%, 7/1/2032 | 3,510,000 | 3,912,667 | ||||||
Series A, 5.5%, 7/1/2039 | 10,000,000 | 10,537,400 | ||||||
Houston, TX, Higher Education Finance Corp. Revenue, Rice University Project, Series A, 5.0%, 5/15/2040 | 11,185,000 | 12,283,143 | ||||||
Houston, TX, Utility Systems Revenue, First Lien: | ||||||||
Series B, 5.0%, 11/15/2034 | 32,315,000 | 37,312,192 | ||||||
Series D, 5.0%, 11/15/2036 | 7,000,000 | 7,879,970 | ||||||
Series B, 5.0%, 11/15/2038 | 3,370,000 | 3,798,799 | ||||||
North Texas, Tollway Authority Revenue: | ||||||||
Series A, 5.0%, 1/1/2034 | 10,715,000 | 12,003,372 | ||||||
Series A, 5.0%, 1/1/2039 | 4,230,000 | 4,725,798 | ||||||
Series B, 5.0%, 1/1/2040 | 8,825,000 | 9,768,922 | ||||||
Series C, 5.25%, 1/1/2044 | 20,000,000 | 21,128,000 | ||||||
First Tier, Series A, 5.625%, 1/1/2033 | 800,000 | 826,248 | ||||||
First Tier, Series A, Prerefunded, 5.625%, 1/1/2033 | 2,735,000 | 2,847,108 | ||||||
First Tier, 6.0%, 1/1/2043 | 30,000,000 | 34,259,700 | ||||||
North Texas, Tollway Authority Revenue, Special Project Systems: | ||||||||
Series D, 5.0%, 9/1/2032 | 8,000,000 | 8,970,960 | ||||||
Series A, 6.0%, 9/1/2041 | 6,675,000 | 7,829,975 | ||||||
San Antonio, TX, Electric & Gas Revenue, 4.0%, 2/1/2034 | 21,230,000 | 22,249,465 | ||||||
San Antonio, TX, Independent School District, 5.0%, 8/15/2029 | 8,475,000 | 10,089,487 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare: | ||||||||
5.0%, 8/15/2036 | 7,000,000 | 7,713,230 | ||||||
5.0%, 8/15/2043 | 9,900,000 | 10,860,300 | ||||||
Prerefunded, 5.625%, 8/15/2035 | 740,000 | 849,150 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., State Health Resources, 5.0%, 11/15/2040 | 19,325,000 | 20,920,472 | ||||||
Texas, Dallas/Fort Worth International Airport Revenue: | ||||||||
Series D, 5.0%, 11/1/2035 | 24,425,000 | 27,041,406 | ||||||
Series A, 5.25%, 11/1/2038 | 20,000,000 | 22,213,600 | ||||||
Texas, Electric Revenue, ETM, Zero Coupon, 9/1/2017, INS: NATL | 125,000 | 124,516 | ||||||
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B, 5.25%, 10/1/2051 | 20,000,000 | 23,060,200 | ||||||
Texas, Grapevine-Colleyville Independent School District Building: | ||||||||
5.0%, 8/15/2034 | 6,080,000 | 6,790,144 | ||||||
5.0%, 8/15/2035 | 6,130,000 | 6,845,984 | ||||||
5.0%, 8/15/2036 | 3,350,000 | 3,741,280 | ||||||
Texas, Love Field Airport Modernization Corp., General Airport Revenue: | ||||||||
AMT, 5.0%, 11/1/2033 | 1,250,000 | 1,413,662 | ||||||
AMT, 5.0%, 11/1/2034 | 1,000,000 | 1,125,660 | ||||||
Texas, Lower Colorado River Authority Revenue, Series A, Prerefunded, 5.0%, 5/15/2036 | 25,000 | 29,271 | ||||||
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040 | 20,000,000 | 21,741,400 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series B, 1.346% ***, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 19,800,000 | 18,078,192 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 20,000,000 | 23,723,600 | ||||||
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Manor Project: | ||||||||
5.0%, 11/1/2031 | 1,000,000 | 1,064,650 | ||||||
5.0%, 11/1/2040 | 1,070,000 | 1,101,362 | ||||||
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue: | ||||||||
5.5%, 8/1/2021, GTY: The Goldman Sachs Group, Inc. | 5,575,000 | 6,306,328 | ||||||
5.5%, 8/1/2025, GTY: The Goldman Sachs Group, Inc. | 2,750,000 | 3,244,945 | ||||||
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035 | 2,400,000 | 2,648,280 | ||||||
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue: | ||||||||
5.0%, 12/15/2030, GTY: Macquarie Group Ltd. | 2,250,000 | 2,412,157 | ||||||
5.0%, 12/15/2031, GTY: Macquarie Group Ltd. | 4,500,000 | 4,802,490 | ||||||
5.0%, 12/15/2032, GTY: Macquarie Group Ltd. | 21,215,000 | 22,572,760 | ||||||
Texas, State Municipal Power Agency Revenue: | ||||||||
Series 2015, ETM, Zero Coupon, 9/1/2017, INS: NATL | 1,445,000 | 1,438,758 | ||||||
Series 2016, ETM, Zero Coupon, 9/1/2017, INS: NATL | 4,430,000 | 4,410,862 | ||||||
Texas, State Technical University Revenue, Series A, 5.0%, 8/15/2037 | 5,400,000 | 6,030,720 | ||||||
Texas, State Transportation Commission, Series A, 5.0%, 10/1/2039 | 10,000,000 | 11,385,000 | ||||||
Texas, State Transportation Commission, State Highway Fund Revenue: | ||||||||
Series A, 5.0%, 10/1/2027 | 5,000,000 | 6,048,200 | ||||||
Series A, 5.0%, 10/1/2028 | 5,000,000 | 6,001,050 | ||||||
Series A, 5.0%, 10/1/2029 | 5,565,000 | 6,627,136 | ||||||
Texas, State Transportation Commission, Turnpike Systems Revenue: | ||||||||
Series C, 5.0%, 8/15/2034 | 14,410,000 | 15,729,812 | ||||||
Series C, 5.0%, 8/15/2042 | 5,085,000 | 5,516,106 | ||||||
Texas, State Transportation Commission-Highway Improvement, 5.0%, 4/1/2044 | 18,000,000 | 20,283,840 | ||||||
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund: | ||||||||
4.0%, 10/15/2035 | 10,770,000 | 11,323,686 | ||||||
4.0%, 10/15/2036 | 13,315,000 | 13,954,786 | ||||||
666,644,022 | ||||||||
Utah 0.3% | ||||||||
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2047 | 13,435,000 | 14,911,641 | ||||||
Virginia 0.5% | ||||||||
Fairfax County, VA, Economic Development Authority, Residential Care Facility Revenue, Goodwin House, Inc., Series A, 5.0%, 10/1/2036 | 1,750,000 | 1,891,102 | ||||||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, Series M033, 0.65% ***, 3/15/2049, LIQ: Freddie Mac | 62,000 | 62,000 | ||||||
Roanoke, VA, Hospital & Healthcare Revenue, Industrial Development Authority, Roanoke Memorial Hospital, Series B, ETM, 6.125%, 7/1/2017, INS: NATL | 1,500,000 | 1,528,230 | ||||||
Virginia, State Commonwealth Transportation Board, Federal Transportation Grant Anticipation Revenue Notes, 5.0%, 9/15/2027 | 11,425,000 | 13,834,875 | ||||||
Virginia Beach, VA, Hospital & Healthcare Revenue, Development Authority Hospital Facility First Mortgage, 5.125%, 2/15/2018, INS: AMBAC | 665,000 | 684,864 | ||||||
Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038 | 7,760,000 | 8,428,291 | ||||||
26,429,362 | ||||||||
Washington 4.0% | ||||||||
Clark County, WA, School District General Obligation, Zero Coupon, 12/1/2017, INS: NATL | 6,725,000 | 6,684,381 | ||||||
King County, WA, Water Sewer Revenue: | ||||||||
Series B, 4.0%, 7/1/2032 | 4,290,000 | 4,568,678 | ||||||
Series B, 4.0%, 7/1/2033 | 6,150,000 | 6,498,521 | ||||||
Port of Seattle, WA, Airport Revenue: | ||||||||
Series A, 5.0%, 8/1/2031 | 2,000,000 | 2,265,540 | ||||||
Series A, 5.0%, 8/1/2032 | 2,500,000 | 2,825,125 | ||||||
Seattle, WA, Drainage & Wastewater Revenue: | ||||||||
4.0%, 4/1/2035 | 7,510,000 | 7,865,674 | ||||||
4.0%, 4/1/2036 | 6,850,000 | 7,152,564 | ||||||
Tacoma, WA, Electric System Revenue, Series A, 5.0%, 1/1/2038 | 8,280,000 | 9,270,122 | ||||||
Washington, Central Puget Sound Regional Transit Authority, Green Bond, Series S-1, 5.0%, 11/1/2035 | 10,000,000 | 11,509,000 | ||||||
Washington, Energy Northwest Electric Revenue, Columbia Generating Systems, Series A, 5.0%, 7/1/2032 | 16,980,000 | 19,659,104 | ||||||
Washington, State General Obligation: | ||||||||
Series B, 5.0%, 7/1/2030 | 14,000,000 | 16,397,080 | ||||||
Series R-2015D, 5.0%, 7/1/2032 | 10,000,000 | 11,455,600 | ||||||
Series B, 5.0%, 2/1/2033 | 5,000,000 | 5,575,950 | ||||||
Series 2011A, 5.0%, 8/1/2033 | 20,000,000 | 22,142,000 | ||||||
Series A, 5.0%, 8/1/2035 | 12,190,000 | 13,729,841 | ||||||
Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028, INS: AGC | 5,240,000 | 5,306,129 | ||||||
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037 | 7,035,000 | 7,167,610 | ||||||
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, 5.0%, 2/1/2041 | 11,260,000 | 11,664,910 | ||||||
Washington, State Motor Vehicle Tax-Senior 520, Corridor Toll Program: | ||||||||
Series C, 5.0%, 6/1/2032 | 7,725,000 | 8,694,101 | ||||||
Series C, 5.0%, 6/1/2033 | 6,000,000 | 6,739,620 | ||||||
Series C, 5.0%, 6/1/2041 | 11,000,000 | 12,274,900 | ||||||
199,446,450 | ||||||||
Wisconsin 1.2% | ||||||||
Milwaukee County, WI, Airport Revenue, Series A, 5.0%, 12/1/2034 | 7,000,000 | 7,559,580 | ||||||
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority: | ||||||||
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC | 2,020,000 | 2,287,993 | ||||||
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC | 3,530,000 | 3,997,549 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Agnesian Healthcare, Inc., Series B, 5.0%, 7/1/2036 | 8,500,000 | 9,264,490 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Ascension Health Credit Group: | ||||||||
Series A, 5.0%, 11/15/2036 | 5,000,000 | 5,586,100 | ||||||
Series A, 5.0%, 11/15/2039 | 15,000,000 | 16,720,800 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Thedacare, Inc., Series A, 5.5%, 12/15/2038 | 13,235,000 | 14,159,862 | ||||||
59,576,374 | ||||||||
Total Municipal Bonds and Notes (Cost $4,707,225,063) | 4,959,580,323 | |||||||
Underlying Municipal Bonds of Inverse Floaters (a) 2.4% | ||||||||
California 0.7% | ||||||||
Los Angeles, CA, Waste Water System Revenue, Series A, 5.375%, 6/1/2039 (b) | 30,000,000 | 32,673,000 | ||||||
Trust: Los Angeles, CA, Series 3371-2, 144A, 17.9%, 6/1/2018, Leverage Factor at purchase date: 4 to 1 | ||||||||
District of Columbia 0.5% | ||||||||
District of Columbia, Income Tax Revenue, Series A, 5.5%, 12/1/2030 (b) | 22,000,000 | 24,518,780 | ||||||
Trust: District of Columbia, Income Tax Revenue, Series 2016-XM0284, 144A, 18.16%, 12/1/2030, Leverage Factor at purchase date: 4 to 1 | ||||||||
Louisiana 0.2% | ||||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2033 (b) | 3,023,487 | 3,329,343 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2034 (b) | 3,300,848 | 3,634,763 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2035 (b) | 3,663,166 | 4,033,734 | ||||||
Trust: Louisiana, State Gas & Fuels Tax Revenue, Series 2016-XM0289, 144A, 8.708%, 5/1/2035, Leverage Factor at purchase date: 2 to 1 | ||||||||
10,997,840 | ||||||||
Nevada 0.4% | ||||||||
Clark County, NV, General Obligation, Prerefunded, 5.0%, 6/1/2028 (b) | 6,252,645 | 6,547,547 | ||||||
Clark County, NV, General Obligation, Prerefunded, 5.0%, 6/1/2029 (b) | 6,565,277 | 6,874,925 | ||||||
Clark County, NV, General Obligation, Prerefunded, 5.0%, 6/1/2030 (b) | 6,372,122 | 6,672,660 | ||||||
Trust: Clark County, NV, General Obligation, Series 2016-XM0280, 144A, 12.429%, 6/1/2030, Leverage Factor at purchase date: 3 to 1 | ||||||||
20,095,132 | ||||||||
North Carolina 0.4% | ||||||||
North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series B, Prerefunded, 5.0%, 10/1/2038 (b) | 20,000,000 | 21,669,200 | ||||||
Trust: North Carolina, Capital Facilities Finance Agency Revenue, Series 2016-XM0282, 144A, 16.16%, 10/1/2038, Leverage Factor at purchase date: 4 to 1 | ||||||||
Texas 0.2% | ||||||||
Dallas, TX, Water Works & Sewer Systems Revenue, 5.0%, 10/1/2035 (b) | 10,000,000 | 11,100,600 | ||||||
Trust: Dallas, TX, Water Works & Sewer Systems Revenue, Series 2016-XM0288, 144A, 8.71%, 10/1/2035, Leverage Factor at purchase date: 2 to 1 | ||||||||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $113,272,795) | 121,054,552 | |||||||
% of Net Assets |
Value ($) | |||||||
Total Investment Portfolio (Cost $4,820,497,858) † | 100.5 | 5,080,634,875 | ||||||
Floating Rate Notes (a) | (1.5) | (76,782,545) | ||||||
Other Assets and Liabilities, Net | 1.0 | 52,561,954 | ||||||
Net Assets | 100.0 | 5,056,414,284 | ||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. | |
* | Non-income producing security. |
** | Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of February 28, 2017. |
*** | Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of February 28, 2017. |
† | The cost for federal income tax purposes was $4,737,943,667. At February 28, 2017, net unrealized appreciation for all securities based on tax cost was $265,908,663. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $316,775,878 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $50,867,215. |
(a) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
(b) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
AGC: Assured Guaranty Corp. | |
AGMC: Assured Guaranty Municipal Corp. | |
AMBAC: Ambac Financial Group, Inc. | |
AMT: Subject to alternative minimum tax. | |
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. | |
FGIC: Financial Guaranty Insurance Co. | |
GTY: Guaranty Agreement | |
INS: Insured | |
LIQ: Liquidity Facility | |
LOC: Letter of Credit | |
NATL: National Public Finance Guarantee Corp. | |
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. | |
SPA: Standby Bond Purchase Agreement |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of February 28, 2017 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||
Municipal Investments (c) | $ | — | $ | 5,080,634,875 | $ | — | $ | 5,080,634,875 |
Total | $ | — | $ | 5,080,634,875 | $ | — | $ | 5,080,634,875 |
There have been no transfers between fair value measurement levels during the period ended February 28, 2017. | |
(c) | See Investment Portfolio for additional detailed categorizations. |
ITEM 2. | CONTROLS AND PROCEDURES |
(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 3. | EXHIBITS |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
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: | Deutsche Managed Municipal Bond Fund, a series of Deutsche Municipal Trust |
By: |
/s/Brian E. Binder Brian E. Binder President |
Date: | April 20, 2017 |
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: |
/s/Brian E. Binder Brian E. Binder President |
Date: | April 20, 2017 |
By: |
/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | April 20, 2017 |
CERTIFICATIONS
I, Brian E. Binder, certify that:
1. | I have reviewed this report on Form N-Q of Deutsche Managed Municipal Bond Fund, a series of Deutsche Municipal Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: |
/s/Brian E. Binder Brian E. Binder President |
Date: | April 20, 2017 |
CERTIFICATIONS
I, Paul Schubert, certify that:
1. | I have reviewed this report on Form N-Q of Deutsche Managed Municipal Bond Fund, a series of Deutsche Municipal Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: |
/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | April 20, 2017 |