UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04992
MFS HIGH YIELD MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: November 30, 2021
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Item 1(a):
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back cover |
(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. This calculation is based on net assets applicable to common shares as of November 30, 2021. |
(i) | For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts. |
(m) | In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of November 30, 2021. |
(d) | Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value. |
(r) | Securities rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping |
(y) | A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates. |
Inception Date | 1-yr | 5-yr | 10-yr | |
Market Value (r) | 3/19/87 | 9.92% | 6.11% | 5.87% |
Net Asset Value (r) | 3/19/87 | 7.93% | 6.11% | 7.37% |
Bloomberg Municipal Bond Index (f) | 1.97% | 4.38% | 3.90% |
(f) | Source: FactSet Research Systems Inc. |
(r) | Includes reinvestment of all distributions. Market value references New York Stock Exchange Price. |
(a) | Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg's |
(1) | borrow money except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. |
(2) | underwrite securities issued by other persons, except that all or any portion of the assets of the Fund may be invested in one or more investment companies, to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act, and except insofar as the Fund may technically be deemed an underwriter under the Securities Act of 1933, as amended, in selling a portfolio security. |
(3) | issue any senior securities except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. For purposes of this restriction, collateral arrangements with respect to any type of swap, option, Forward Contracts and Futures Contracts and collateral arrangements with respect to initial and variation margin are not deemed to be the issuance of a senior security. |
(4) | make loans except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. |
(5) | purchase or sell real estate (excluding securities secured by real estate or interests therein and securities of companies, such as real estate investment trusts, which deal in real estate or interests therein), interests in oil, gas or mineral leases, commodities or commodity contacts (excluding currencies and any type of option, Futures Contracts and Forward Contracts or other derivative instruments whose value is related to commodities or other commodity contracts) in the ordinary course of its business. The Fund reserves the freedom of action to hold and to sell real estate, mineral leases, commodities or commodity contracts (including currencies and any type of option, Futures Contracts and Forward Contracts) acquired as a result of the ownership of securities. |
(6) | purchase any securities of an issuer in a particular industry if as a result 25% or more of its total assets (taken at market value at the time of purchase) would be invested in securities of issuers whose principal business activities are in the same industry. |
RVMTP Shares as a Percentage of Total Assets (Including Assets Attributable to Leverage) | 35.26% | ||||
Estimated Annual Effective RVMTP Shares Dividend Rate | 1.00% | ||||
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective RVMTP Shares Dividend Rate | 0.35% | ||||
Assumed Return on Portfolio (Net of Expenses) | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% |
Corresponding Return to Common Shareholder | -15.99% | -8.27% | -0.54% | 7.18% | 14.90% |
Portfolio Manager | Primary Role | Since | Title and Five Year History |
Jason Kosty | Portfolio Manager | March 2021 | Investment Officer of MFS; employed in the investment management area of MFS since 2014. |
Gary Lasman | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment management area of MFS since 2002. |
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 - 153.9% | ||||
Alabama - 2.0% | ||||
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040 | $ | 55,000 | $ 64,834 | |
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030 | 85,000 | 90,560 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035 | 95,000 | 100,897 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045 | 130,000 | 136,011 | ||
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050 | 135,000 | 142,152 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026 | 105,000 | 90,814 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029 | 150,000 | 106,517 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034 | 210,000 | 105,042 | ||
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035 | 400,000 | 187,354 | ||
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023 | 115,000 | 124,930 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n) | 464,500 | 500,638 | ||
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n) | 495,000 | 571,717 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044 | 245,000 | 300,776 | ||
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049 | 150,000 | 183,089 | ||
$2,705,331 | ||||
Alaska - 0.3% | ||||
Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B2”, 0%, 6/01/2066 | $ | 2,000,000 | $ 432,739 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - 3.0% | ||||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n) | $ | 25,000 | $ 27,429 | |
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n) | 30,000 | 34,991 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n) | 50,000 | 57,391 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n) | 70,000 | 80,039 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038 | 15,000 | 17,718 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048 | 45,000 | 52,460 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052 | 55,000 | 63,947 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n) | 45,000 | 51,680 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n) | 90,000 | 102,739 | ||
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n) | 135,000 | 154,560 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n) | 25,000 | 29,042 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n) | 30,000 | 34,456 | ||
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n) | 85,000 | 97,385 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n) | 5,000 | 5,259 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n) | 10,000 | 10,964 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2051 (n) | 5,000 | 5,407 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029 (n) | 15,000 | 16,352 | ||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039 (n) | 15,000 | 17,225 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arizona - continued | ||||
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049 (n) | $ | 25,000 | $ 28,302 | |
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048 | 55,000 | 58,359 | ||
Glendale, AZ, Industrial Development Authority Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056 | 245,000 | 275,344 | ||
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034 | 345,000 | 354,749 | ||
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041 | 220,000 | 227,363 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 100,000 | 111,010 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n) | 35,000 | 38,853 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n) | 165,000 | 181,779 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n) | 90,000 | 99,119 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034 | 350,000 | 378,733 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044 | 220,000 | 236,716 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n) | 115,000 | 130,946 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n) | 155,000 | 168,412 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n) | 180,000 | 204,296 | ||
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n) | 170,000 | 182,294 | ||
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042 | 80,000 | 94,188 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n) | 150,000 | 153,567 | ||
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)(w) | 350,000 | 359,615 | ||
$4,142,689 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Arkansas - 1.0% | ||||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028 | $ | 30,000 | $ 31,066 | |
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033 | 60,000 | 62,283 | ||
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039 | 10,000 | 10,343 | ||
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044 | 200,000 | 248,010 | ||
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046 | 25,000 | 25,224 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035 | 30,000 | 33,244 | ||
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033 | 50,000 | 55,555 | ||
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046 | 485,000 | 234,749 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2039 (Prerefunded 12/01/2024) | 505,000 | 573,570 | ||
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042 | 125,000 | 140,366 | ||
$1,414,410 | ||||
California - 13.5% | ||||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029 | $ | 2,195,000 | $ 1,997,913 | |
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031 | 275,000 | 239,122 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032 | 280,000 | 238,385 | ||
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033 | 560,000 | 466,714 | ||
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n) | 370,000 | 389,077 | ||
California Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-2”, 4%, 8/01/2046 (n) | 100,000 | 101,036 | ||
California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 4%, 8/15/2048 (w) | 1,345,000 | 1,595,094 | ||
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034 | 155,000 | 236,830 | ||
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042 | 85,000 | 101,684 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035 | 35,000 | 38,363 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036 | $ | 85,000 | $ 99,594 | |
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041 | 80,000 | 93,466 | ||
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047 | 15,000 | 17,368 | ||
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039 | 145,000 | 162,504 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n) | 90,000 | 97,453 | ||
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n) | 100,000 | 115,936 | ||
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n) | 100,000 | 110,412 | ||
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040 | 60,000 | 70,873 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z) | 385,000 | 231,000 | ||
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z) | 500,000 | 25,000 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n) | 15,000 | 17,626 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n) | 70,000 | 70,935 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n) | 50,000 | 50,532 | ||
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n) | 70,000 | 70,616 | ||
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w) | 545,000 | 709,175 | ||
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033 | 1,025,000 | 1,147,478 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n) | 35,000 | 39,488 | ||
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n) | 100,000 | 111,456 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044 | $ | 115,000 | $ 126,200 | |
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n) | 40,000 | 42,527 | ||
California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 (n) | 55,000 | 58,522 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033 | 100,000 | 109,590 | ||
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n) | 100,000 | 117,201 | ||
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033 | 110,000 | 118,810 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034 | 195,000 | 220,308 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044 | 390,000 | 439,868 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n) | 295,000 | 337,851 | ||
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n) | 230,000 | 264,637 | ||
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n) | 145,000 | 156,944 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), “B”, 4%, 3/01/2057 (n) | 100,000 | 101,155 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n) | 165,000 | 173,148 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n) | 325,000 | 303,461 | ||
California Statewide Communities Development Authority, Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n) | 100,909 | 113,574 | ||
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n) | 105,000 | 110,372 | ||
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041 | 1,585,000 | 1,847,653 | ||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 | 70,000 | 70,715 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
California - continued | ||||
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047 | $ | 140,000 | $ 143,240 | |
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n) | 465,000 | 538,314 | ||
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n) | 470,000 | 286,936 | ||
Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047 | 710,000 | 812,386 | ||
Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042 | 170,000 | 188,961 | ||
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022) | 50,000 | 51,582 | ||
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035 | 30,000 | 33,165 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034 | 35,000 | 36,343 | ||
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044 | 65,000 | 67,405 | ||
Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n) | 140,000 | 165,803 | ||
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n) | 150,000 | 177,646 | ||
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056 (w) | 520,000 | 649,378 | ||
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047 | 200,000 | 243,530 | ||
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043 | 25,000 | 27,729 | ||
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049 | 75,000 | 93,574 | ||
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044 | 335,000 | 367,651 | ||
Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, “A”, NPFG, 0%, 9/01/2024 | 1,325,000 | 1,290,694 | ||
$18,532,003 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - 5.8% | ||||
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030 | $ | 14,000 | $ 16,067 | |
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 | 61,000 | 75,735 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031 | 65,000 | 71,610 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038 | 75,000 | 82,210 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030 | 40,000 | 43,905 | ||
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034 | 35,000 | 38,265 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055 | 950,000 | 1,182,462 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055 | 455,000 | 557,457 | ||
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n) | 100,000 | 105,792 | ||
Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043 | 375,000 | 396,817 | ||
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042 | 85,000 | 92,919 | ||
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044 | 140,000 | 160,817 | ||
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023) | 100,000 | 108,051 | ||
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038 | 2,360,000 | 2,803,286 | ||
Denver, CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048 | 500,000 | 538,167 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035 | 60,000 | 69,130 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036 | 40,000 | 45,901 | ||
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040 | 105,000 | 119,980 | ||
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048 | 75,000 | 90,096 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Colorado - continued | ||||
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040 | $ | 205,000 | $ 237,346 | |
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045 | 100,000 | 107,169 | ||
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045 | 370,000 | 417,543 | ||
State of Colorado (Building Excellent Schools Today), “S”, COP, 4%, 3/15/2046 (w) | 520,000 | 615,449 | ||
$7,976,174 | ||||
Connecticut - 1.0% | ||||
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n) | $ | 120,000 | $ 143,156 | |
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030 | 185,000 | 219,831 | ||
Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2031 | 160,000 | 189,618 | ||
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n) | 755,000 | 791,232 | ||
$1,343,837 | ||||
Delaware - 0.6% | ||||
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4.625%, 9/01/2034 (Prerefunded 9/01/2024) | $ | 95,000 | $ 105,548 | |
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 (Prerefunded 9/01/2024) | 95,000 | 106,518 | ||
Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 (Prerefunded 9/01/2024) | 110,000 | 123,337 | ||
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043 | 185,000 | 222,591 | ||
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048 | 90,000 | 107,594 | ||
Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2058 | 175,000 | 194,523 | ||
$860,111 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
District of Columbia - 1.6% | ||||
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n) | $ | 250,000 | $ 280,550 | |
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030 | 145,000 | 149,305 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035 | 670,000 | 689,891 | ||
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045 | 775,000 | 798,009 | ||
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053 | 255,000 | 290,542 | ||
$2,208,297 | ||||
Florida - 7.8% | ||||
Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036 | $ | 105,000 | $ 116,547 | |
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030 | 85,000 | 92,551 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033 | 40,000 | 43,649 | ||
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034 | 60,000 | 65,579 | ||
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039 | 150,000 | 164,477 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z) | 485,000 | 329,800 | ||
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z) | 100,000 | 68,000 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 | 135,000 | 153,408 | ||
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 | 185,000 | 209,203 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n) | 110,000 | 121,550 | ||
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n) | 125,000 | 136,581 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n) | $ | 475,000 | $ 513,705 | |
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n) | 100,000 | 106,554 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n) | 145,000 | 167,270 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032 (n) | 115,000 | 117,222 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043 (n) | 240,000 | 244,123 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 (Prerefunded 6/15/2023) | 445,000 | 499,442 | ||
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055 | 30,000 | 32,387 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n) | 100,000 | 108,602 | ||
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n) | 155,000 | 166,747 | ||
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n) | 300,000 | 341,445 | ||
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n) | 235,000 | 257,976 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n) | 100,000 | 115,775 | ||
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n) | 110,000 | 126,968 | ||
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n) | 135,000 | 155,386 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035 | 100,000 | 106,969 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045 | 145,000 | 153,714 | ||
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047 | 135,000 | 150,923 | ||
Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032 | 80,000 | 84,894 |
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 | $ | 220,000 | $ 253,515 | |
Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040 | 355,000 | 420,184 | ||
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044 | 195,000 | 213,111 | ||
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045 | 215,000 | 253,432 | ||
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029 | 175,000 | 181,856 | ||
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042 | 380,000 | 447,070 | ||
Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034 | 25,000 | 30,292 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049 | 85,000 | 105,139 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037 | 155,000 | 99,258 | ||
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042 | 255,000 | 133,157 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049 | 115,000 | 120,237 | ||
Palm Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 4.25%, 6/01/2056 (w) | 200,000 | 207,890 | ||
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036 | 100,000 | 107,482 | ||
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047 | 145,000 | 155,723 | ||
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049 | 100,000 | 115,810 | ||
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045 | 105,000 | 124,916 | ||
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046 | 85,000 | 92,083 | ||
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047 | 55,000 | 59,008 | ||
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052 | 100,000 | 107,182 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Florida - continued | ||||
Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n) | $ | 100,000 | $ 111,042 | |
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050 | 55,000 | 59,682 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026 | 20,000 | 21,720 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029 | 20,000 | 21,694 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034 | 40,000 | 43,448 | ||
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044 | 125,000 | 135,691 | ||
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040 | 335,000 | 377,895 | ||
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044 | 130,000 | 146,036 | ||
Tampa, FL (University of Tampa Project), 5%, 4/01/2040 | 80,000 | 90,183 | ||
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045 | 1,385,000 | 607,080 | ||
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050 | 250,000 | 310,197 | ||
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035 | 170,000 | 182,545 | ||
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045 | 305,000 | 326,588 | ||
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037 | 100,000 | 100,103 | ||
$10,712,696 | ||||
Georgia - 2.3% | ||||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054 | $ | 190,000 | $ 215,283 | |
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n) | 100,000 | 108,779 | ||
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n) | 180,000 | 209,312 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Georgia - continued | ||||
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030 | $ | 45,000 | $ 50,023 | |
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033 | 80,000 | 88,367 | ||
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038 | 90,000 | 98,719 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 | 60,000 | 70,758 | ||
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 | 5,000 | 6,304 | ||
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050 | 180,000 | 206,157 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028 | 335,000 | 423,456 | ||
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043 | 110,000 | 132,519 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056 | 100,000 | 121,204 | ||
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063 | 95,000 | 115,144 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038 | 255,000 | 305,527 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039 | 200,000 | 239,141 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040 | 200,000 | 238,728 | ||
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041 | 405,000 | 482,303 | ||
$3,111,724 | ||||
Guam - 0.3% | ||||
Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043 | $ | 60,000 | $ 63,036 | |
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050 | 250,000 | 305,772 | ||
$368,808 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Hawaii - 0.2% | ||||
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n) | $ | 115,000 | $ 121,891 | |
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n) | 110,000 | 114,377 | ||
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 | 50,000 | 59,707 | ||
$295,975 | ||||
Idaho - 0.4% | ||||
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037 | $ | 40,000 | $ 45,656 | |
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038 | 180,000 | 206,568 | ||
Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n) | 100,000 | 119,972 | ||
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038 | 60,000 | 72,334 | ||
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039 | 60,000 | 71,880 | ||
$516,410 | ||||
Illinois - 17.5% | ||||
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 | $ | 224,955 | $ 222,405 | |
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036 | 530,000 | 569,471 | ||
Chicago, IL, Board of Education, 5%, 12/01/2042 | 125,000 | 129,568 | ||
Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023 | 495,000 | 524,360 | ||
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028 | 250,000 | 220,573 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046 | 200,000 | 231,600 | ||
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046 | 975,000 | 1,179,931 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025 | 125,000 | 146,109 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026 | 50,000 | 60,136 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027 | 120,000 | 148,012 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028 | 55,000 | 69,446 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029 | 40,000 | 51,362 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030 | $ | 30,000 | $ 39,291 | |
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031 | 80,000 | 106,829 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030 | 170,000 | 210,751 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031 | 325,000 | 401,838 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032 | 275,000 | 339,456 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n) | 310,000 | 400,403 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029 | 110,000 | 136,821 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035 | 110,000 | 135,220 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034 | 260,000 | 309,560 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036 | 385,000 | 457,000 | ||
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046 | 250,000 | 293,022 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025 | 35,000 | 39,501 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026 | 170,000 | 197,258 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027 | 115,000 | 136,793 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 | 25,000 | 30,411 | ||
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028 | 30,000 | 33,297 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029 | 315,000 | 391,057 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031 | 40,000 | 50,207 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2035 | 50,000 | 55,271 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036 | 105,000 | 116,069 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039 | 105,000 | 128,971 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040 | 20,000 | 24,446 | ||
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044 | 310,000 | 376,046 | ||
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049 | 405,000 | 503,754 | ||
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033 | 85,000 | 97,767 | ||
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “A”, 4%, 12/01/2051 (w) | 810,000 | 964,588 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033 | 350,000 | 423,640 | ||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038 | 295,000 | 349,971 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048 | $ | 250,000 | $ 294,962 | |
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032 | 80,000 | 84,175 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033 | 40,000 | 42,079 | ||
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043 | 155,000 | 163,194 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048 | 200,000 | 239,967 | ||
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053 | 115,000 | 137,394 | ||
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 | 380,000 | 470,869 | ||
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047 | 450,000 | 523,409 | ||
Cook County, IL, General Obligation Refunding, 5%, 11/15/2034 | 40,000 | 47,619 | ||
Cook County, IL, General Obligation Refunding, 5%, 11/15/2035 | 140,000 | 166,237 | ||
Cook County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041 | 370,000 | 437,104 | ||
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036 | 207,000 | 207,869 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034 | 130,000 | 153,585 | ||
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035 | 125,000 | 147,489 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023) | 25,000 | 26,582 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 | 175,000 | 181,472 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023) | 25,000 | 26,718 | ||
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 | 190,000 | 197,208 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036 | 155,000 | 185,812 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027) | 25,000 | 29,015 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 | 500,000 | 563,994 | ||
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041 | 315,000 | 376,463 | ||
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043 | 200,000 | 213,266 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042 | $ | 35,000 | $ 40,715 | |
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047 | 70,000 | 80,900 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046 | 55,000 | 63,612 | ||
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049 | 55,000 | 63,516 | ||
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035 | 420,000 | 480,796 | ||
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034 | 5,000 | 5,901 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2034 | 355,000 | 507,172 | ||
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035 | 200,000 | 290,893 | ||
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility Project), 4%, 10/01/2050 | 330,000 | 372,624 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 | 20,000 | 23,043 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047 | 45,000 | 51,277 | ||
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050 | 25,000 | 28,444 | ||
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030 | 5,000 | 6,129 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026 | 80,000 | 93,486 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027 | 175,000 | 210,477 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028 | 155,000 | 191,140 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029 | 35,000 | 44,173 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030 | 80,000 | 103,029 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036 | 75,000 | 95,283 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037 | 95,000 | 122,446 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038 | $ | 40,000 | $ 47,094 | |
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039 | 35,000 | 41,129 | ||
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040 | 45,000 | 53,055 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028 | 45,000 | 55,780 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029 | 50,000 | 63,291 | ||
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030 | 30,000 | 37,314 | ||
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034 | 161,000 | 161,140 | ||
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054 | 775,000 | 308,988 | ||
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047 | 1,310,000 | 656,876 | ||
Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026 | 155,000 | 146,183 | ||
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042 | 130,000 | 142,717 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039 | 75,000 | 82,585 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041 | 50,000 | 53,210 | ||
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046 | 50,000 | 52,980 | ||
State of Illinois, 4.125%, 11/01/2031 | 85,000 | 95,449 | ||
State of Illinois, 4.5%, 11/01/2039 | 130,000 | 147,478 | ||
State of Illinois, 5%, 11/01/2040 | 380,000 | 441,305 | ||
State of Illinois, AGM, 5%, 2/01/2027 | 115,000 | 126,018 | ||
State of Illinois, NPFG, 6%, 11/01/2026 | 325,000 | 386,270 | ||
State of Illinois, “A”, 5%, 11/01/2027 | 475,000 | 574,514 | ||
State of Illinois, “A”, 5%, 12/01/2024 | 30,000 | 33,807 | ||
State of Illinois, “A”, 5%, 12/01/2038 | 45,000 | 53,260 | ||
State of Illinois, General Obligation, “A”, 5%, 3/01/2046 | 690,000 | 856,266 | ||
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047 | 500,000 | 580,891 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Illinois - continued | ||||
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043 | $ | 365,000 | $ 416,041 | |
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048 | 365,000 | 413,401 | ||
$24,120,791 | ||||
Indiana - 1.8% | ||||
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023) | $ | 275,000 | $ 305,175 | |
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030 | 40,000 | 44,192 | ||
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039 | 100,000 | 109,285 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 (Prerefunded 7/01/2023) | 180,000 | 192,755 | ||
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023) | 460,000 | 492,595 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034 | 100,000 | 118,158 | ||
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035 | 135,000 | 159,259 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039 | 65,000 | 78,142 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044 | 20,000 | 22,117 | ||
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049 | 15,000 | 16,497 | ||
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051 | 345,000 | 409,655 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032 | 30,000 | 36,779 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033 | 20,000 | 24,461 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035 | 25,000 | 30,415 | ||
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038 | 80,000 | 96,744 | ||
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034 | 260,000 | 288,194 | ||
$2,424,423 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Iowa - 0.6% | ||||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033 | $ | 50,000 | $ 54,248 | |
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038 | 40,000 | 43,259 | ||
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048 | 70,000 | 75,317 | ||
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044 | 250,000 | 257,249 | ||
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065 | 1,895,000 | 353,946 | ||
$784,019 | ||||
Kansas - 1.4% | ||||
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n) | $ | 200,000 | $ 228,673 | |
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n) | 100,000 | 114,337 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036 | 40,000 | 46,004 | ||
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041 | 35,000 | 40,010 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030 | 45,000 | 50,823 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032 | 40,000 | 44,974 | ||
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039 | 55,000 | 61,230 | ||
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046 | 60,000 | 65,081 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043 | 170,000 | 178,019 | ||
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047 | 160,000 | 171,127 | ||
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027 | 95,000 | 96,355 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047 | 305,000 | 348,942 | ||
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052 | 205,000 | 233,459 | ||
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040 | 60,000 | 62,982 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kansas - continued | ||||
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044 | $ | 200,000 | $ 222,400 | |
$1,964,416 | ||||
Kentucky - 2.2% | ||||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032 | $ | 35,000 | $ 43,143 | |
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033 | 35,000 | 43,253 | ||
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034 | 45,000 | 55,626 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046 | 285,000 | 297,153 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051 | 270,000 | 282,968 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042 | 180,000 | 181,632 | ||
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045 | 80,000 | 80,751 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037 | 30,000 | 35,931 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041 | 250,000 | 297,683 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046 | 160,000 | 190,432 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037 | 120,000 | 140,956 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041 | 80,000 | 93,764 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041 | 65,000 | 76,808 | ||
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045 | 100,000 | 116,798 | ||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036 | 120,000 | 127,737 | ||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046 | 325,000 | 341,784 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Kentucky - continued | ||||
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051 | $ | 80,000 | $ 83,964 | |
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036 | 370,000 | 420,605 | ||
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056 | 45,000 | 53,265 | ||
$2,964,253 | ||||
Louisiana - 3.6% | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037 (n) | $ | 100,000 | $ 119,254 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045 | 575,000 | 600,632 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044 (n) | 150,000 | 162,142 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043 (n) | 145,000 | 156,547 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044 (n) | 175,000 | 187,933 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035 | 100,000 | 109,075 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045 | 315,000 | 341,987 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038 (n) | 100,000 | 117,247 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039 (n) | 100,000 | 114,250 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038 (n) | 95,000 | 106,908 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n) | 190,000 | 209,308 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Louisiana - continued | ||||
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n) | $ | 160,000 | $ 175,074 | |
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n) | 100,000 | 106,413 | ||
Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n) | 105,000 | 109,639 | ||
Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n)(w) | 180,000 | 185,257 | ||
Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n)(w) | 115,000 | 118,359 | ||
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046 | 300,000 | 332,501 | ||
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n) | 630,000 | 698,526 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025) | 60,000 | 70,513 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025) | 165,000 | 190,510 | ||
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025) | 80,000 | 94,018 | ||
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022) | 605,000 | 615,785 | ||
$4,921,878 | ||||
Maine - 0.6% | ||||
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n) | $ | 130,000 | $ 143,029 | |
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n) | 300,000 | 334,221 | ||
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050 | 295,000 | 339,797 | ||
$817,047 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Maryland - 0.8% | ||||
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n) | $ | 120,000 | $ 126,375 | |
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038 | 10,000 | 9,752 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048 | 25,000 | 23,149 | ||
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058 | 80,000 | 71,809 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036 | 145,000 | 175,702 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033 | 85,000 | 97,450 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034 | 55,000 | 62,912 | ||
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038 | 245,000 | 277,712 | ||
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | 100,000 | 112,410 | ||
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037 | 40,000 | 43,398 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042 | 70,000 | 75,596 | ||
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047 | 70,000 | 75,371 | ||
$1,151,636 | ||||
Massachusetts - 5.0% | ||||
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d) | $ | 695,000 | $ 312,750 | |
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039 | 55,000 | 67,621 | ||
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 | 45,000 | 50,813 | ||
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053 | 960,000 | 1,156,899 | ||
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056 | 43,059 | 28,814 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n) | 100,000 | 108,000 | ||
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n) | 190,000 | 205,032 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Massachusetts - continued | ||||
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n) | $ | 100,000 | $ 111,355 | |
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046 | 200,000 | 235,544 | ||
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050 | 565,000 | 720,021 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033 | 30,000 | 35,343 | ||
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034 | 35,000 | 41,118 | ||
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036 | 110,000 | 129,100 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044 | 2,445,000 | 2,760,241 | ||
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044 | 55,000 | 66,426 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037 | 15,000 | 14,984 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036 | 60,000 | 61,751 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046 | 315,000 | 333,792 | ||
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 | 380,000 | 386,731 | ||
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051 | 65,000 | 65,495 | ||
$6,891,830 | ||||
Michigan - 3.4% | ||||
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043 | $ | 95,000 | $ 104,750 | |
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022) | 580,000 | 597,204 | ||
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047 | 255,000 | 281,154 | ||
Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, AGM, 5%, 7/01/2034 | 295,000 | 351,202 | ||
Kentwood, MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2045 | 75,000 | 82,353 | ||
Kenty County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051 | 75,000 | 96,611 |
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 | $ | 810,000 | $ 1,020,967 | |
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048 | 225,000 | 276,907 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033 | 60,000 | 68,805 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034 | 140,000 | 160,331 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035 | 95,000 | 108,760 | ||
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034 | 60,000 | 68,713 | ||
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026) | 100,000 | 111,605 | ||
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n) | 105,000 | 90,027 | ||
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n) | 105,000 | 88,259 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044 | 35,000 | 39,391 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039 | 40,000 | 45,082 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039 | 30,000 | 33,621 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044 | 90,000 | 100,864 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031 | 150,000 | 185,464 | ||
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032 | 160,000 | 197,502 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038 | 145,000 | 185,278 | ||
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040 | 265,000 | 337,409 | ||
$4,632,259 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Minnesota - 0.6% | ||||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031 | $ | 15,000 | $ 16,342 | |
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036 | 40,000 | 43,178 | ||
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041 | 145,000 | 155,540 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043 | 85,000 | 97,295 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043 | 155,000 | 184,821 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048 | 90,000 | 102,414 | ||
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048 | 125,000 | 148,189 | ||
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038 | 90 | 90 | ||
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n) | 100,000 | 111,992 | ||
$859,861 | ||||
Mississippi - 0.4% | ||||
Jackson County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n) | $ | 100,000 | $ 99,257 | |
Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | 155,000 | 148,953 | ||
Mississippi Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039 (n) | 200,000 | 223,725 | ||
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046 | 110,000 | 128,033 | ||
$599,968 | ||||
Missouri - 2.8% | ||||
Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041 | $ | 85,000 | $ 97,143 | |
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049 | 520,000 | 629,551 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055 | 315,000 | 379,559 | ||
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046 | 695,000 | 842,483 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Missouri - continued | ||||
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n) | $ | 310,000 | $ 315,073 | |
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051 | 125,000 | 140,030 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030 | 10,000 | 10,141 | ||
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035 | 10,000 | 10,051 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030 | 40,000 | 43,190 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035 | 25,000 | 26,775 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045 | 65,000 | 68,728 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036 | 55,000 | 58,107 | ||
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 5%, 11/15/2041 | 55,000 | 59,841 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029 | 50,000 | 49,611 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035 | 95,000 | 95,188 | ||
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047 | 205,000 | 206,851 | ||
St. Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053 | 440,000 | 493,171 | ||
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045 | 270,000 | 336,032 | ||
$3,861,525 | ||||
Montana - 0.4% | ||||
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049 | $ | 35,000 | $ 37,731 | |
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043 | 160,000 | 187,984 | ||
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048 | 235,000 | 274,430 | ||
$500,145 | ||||
Nebraska - 0.1% | ||||
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036 | $ | 105,000 | $ 145,996 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Nevada - 0.4% | ||||
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040 | $ | 125,000 | $ 148,005 | |
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n) | 150,000 | 164,542 | ||
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n) | 100,000 | 109,098 | ||
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n) | 100,000 | 110,128 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033 | 5,000 | 6,031 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038 | 5,000 | 5,983 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048 | 20,000 | 22,155 | ||
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058 | 25,000 | 27,826 | ||
$593,768 | ||||
New Hampshire - 0.7% | ||||
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034 | $ | 387,872 | $ 462,154 | |
National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n) | 300,000 | 312,680 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031 | 105,000 | 123,929 | ||
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036 | 100,000 | 117,942 | ||
$1,016,705 | ||||
New Jersey - 7.0% | ||||
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037 | $ | 25,000 | $ 29,701 | |
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042 | 30,000 | 35,409 | ||
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060 | 405,000 | 472,634 | ||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046 | 155,000 | 181,910 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051 | $ | 245,000 | $ 286,127 | |
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 | 25,000 | 29,530 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2031 | 160,000 | 175,172 | ||
New Jersey Casino Reinvestment Development Authority, Luxury Tax Rev., AGM, 5%, 11/01/2032 | 65,000 | 71,108 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027 | 40,000 | 44,337 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028 | 40,000 | 43,835 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043 | 255,000 | 280,471 | ||
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031 | 125,000 | 137,451 | ||
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031 | 815,000 | 924,577 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030 | 80,000 | 84,142 | ||
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035 | 95,000 | 99,266 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032 | 15,000 | 19,328 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033 | 10,000 | 12,844 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036 | 20,000 | 23,355 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037 | 20,000 | 23,296 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038 | 30,000 | 34,872 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034 | 10,000 | 11,925 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035 | 10,000 | 11,899 | ||
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042 | 55,000 | 64,614 | ||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029 | 40,000 | 40,565 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033 | $ | 260,000 | $ 307,618 | |
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030 | 265,000 | 291,519 | ||
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042 | 180,000 | 214,170 | ||
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046 | 395,000 | 449,239 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039 | 325,000 | 344,984 | ||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051 | 30,000 | 30,300 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w) | 60,000 | 69,677 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w) | 125,000 | 144,732 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w) | 120,000 | 138,592 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w) | 100,000 | 115,137 | ||
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w) | 105,000 | 120,502 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w) | 125,000 | 154,501 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w) | 110,000 | 138,215 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w) | 180,000 | 230,274 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w) | 125,000 | 162,900 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w) | 165,000 | 213,579 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w) | 155,000 | 199,526 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w) | 150,000 | 191,972 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w) | 155,000 | 197,321 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w) | 75,000 | 95,043 | ||
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045 | 115,000 | 142,530 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New Jersey - continued | ||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029 | $ | 155,000 | $ 182,220 | |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031 | 105,000 | 122,886 | ||
New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038 | 1,000,000 | 1,099,895 | ||
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031 | 965,000 | 1,186,957 | ||
$9,682,657 | ||||
New Mexico - 0.0% | ||||
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040 | $ | 20,000 | $ 23,061 | |
New York - 7.9% | ||||
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | $ | 390,000 | $ 439,633 | |
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052 | 75,000 | 84,314 | ||
Metropolitan Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055 | 170,000 | 209,204 | ||
Monroe County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050 | 170,000 | 197,120 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034 | 65,000 | 73,064 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040 | 165,000 | 184,831 | ||
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045 | 80,000 | 89,135 | ||
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n) | 100,000 | 118,855 | ||
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n) | 100,000 | 113,098 | ||
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041 | 945,000 | 945,885 | ||
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n) | 500,000 | 545,957 | ||
New York State Thruway Authority, Personal Income Rev., “A-1”, 4%, 3/15/2046 | 805,000 | 947,784 | ||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026 | 350,000 | 350,814 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031 | $ | 65,000 | $ 70,625 | |
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031 | 210,000 | 210,481 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031 | 365,000 | 439,538 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032 | 75,000 | 90,096 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036 | 100,000 | 112,321 | ||
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045 | 545,000 | 629,577 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038 | 70,000 | 80,315 | ||
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038 | 290,000 | 365,478 | ||
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048 | 100,000 | 102,944 | ||
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045 | 35,000 | 40,442 | ||
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050 | 505,000 | 590,802 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037 | 195,000 | 234,224 | ||
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038 | 245,000 | 293,734 | ||
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035 | 100,000 | 119,924 | ||
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n) | 270,000 | 280,804 | ||
Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 | 175,000 | 176,218 | ||
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055 | 665,000 | 759,459 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
New York - continued | ||||
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050 | $ | 30,000 | $ 34,689 | |
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Capital Appreciation, “B-2”, 0%, 6/01/2066 | 405,000 | 81,342 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029 | 30,000 | 29,479 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032 | 75,000 | 71,962 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034 | 205,000 | 193,675 | ||
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036 | 110,000 | 103,034 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034 | 50,000 | 59,542 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035 | 25,000 | 29,731 | ||
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041 | 185,000 | 214,697 | ||
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051 | 545,000 | 698,532 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025 | 130,000 | 128,554 | ||
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037 | 400,000 | 402,165 | ||
$10,944,078 | ||||
North Carolina - 1.4% | ||||
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023) | $ | 816,475 | $ 864,477 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036 | 30,000 | 33,209 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041 | 15,000 | 16,421 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051 | 190,000 | 205,716 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w) | 20,000 | 21,654 |
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 (w) | $ | 10,000 | $ 10,627 | |
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025 | 45,000 | 48,275 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030 | 70,000 | 74,712 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035 | 45,000 | 47,775 | ||
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050 | 90,000 | 107,081 | ||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024) | 75,000 | 84,203 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042 | 30,000 | 34,144 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047 | 60,000 | 67,949 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051 | 130,000 | 146,908 | ||
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054 | 50,000 | 56,433 | ||
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039 | 110,000 | 121,787 | ||
$1,941,371 | ||||
North Dakota - 0.1% | ||||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034 | $ | 40,000 | $ 47,733 | |
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048 | 10,000 | 11,665 | ||
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053 | 70,000 | 81,241 | ||
$140,639 | ||||
Ohio - 5.0% | ||||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036 | $ | 130,000 | $ 163,587 | |
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055 | 1,745,000 | 2,002,228 | ||
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057 | 2,665,000 | 439,326 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Ohio - continued | ||||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042 | $ | 210,000 | $ 246,405 | |
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047 | 285,000 | 322,760 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047 | 70,000 | 83,083 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057 | 150,000 | 174,764 | ||
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057 | 770,000 | 917,498 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040 | 30,000 | 32,410 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045 | 50,000 | 53,472 | ||
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049 | 65,000 | 74,910 | ||
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034 | 120,000 | 131,538 | ||
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044 | 195,000 | 211,808 | ||
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047 | 235,000 | 265,421 | ||
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042 (Prerefunded 7/01/2022) | 695,000 | 725,189 | ||
Lucas County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048 | 70,000 | 84,582 | ||
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049 | 310,000 | 377,967 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 | 130,000 | 153,271 | ||
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047 | 70,000 | 80,415 | ||
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041 | 15,000 | 17,696 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n) | 100,000 | 110,874 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n) | 100,000 | 114,197 | ||
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n) | 125,000 | 144,550 | ||
$6,927,951 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Oklahoma - 0.8% | ||||
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028 | $ | 15,000 | $ 15,391 | |
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045 | 40,000 | 49,123 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029 | 30,000 | 36,938 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033 | 155,000 | 189,366 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038 | 215,000 | 260,719 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043 | 195,000 | 239,416 | ||
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048 | 215,000 | 263,108 | ||
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024) | 55,000 | 61,096 | ||
$1,115,157 | ||||
Oregon - 1.4% | ||||
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029 (Prerefunded 5/01/2022) | $ | 90,000 | $ 91,542 | |
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036 | 90,000 | 100,660 | ||
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040 (Prerefunded 5/01/2022) | 110,000 | 112,112 | ||
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050 | 370,000 | 429,151 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051 | 670,000 | 733,703 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028 | 25,000 | 24,660 | ||
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027 | 70,000 | 69,145 | ||
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040 | 30,000 | 37,425 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056 | 215,000 | 248,225 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028 | 30,000 | 30,094 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027 | 15,000 | 15,012 | ||
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026 | 25,000 | 25,027 | ||
$1,916,756 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - 13.1% | ||||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w) | $ | 35,000 | $ 43,255 | |
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n) | 170,000 | 198,991 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n) | 150,000 | 171,323 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035 | 100,000 | 101,815 | ||
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042 | 420,000 | 427,621 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034 | 235,000 | 265,143 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047 | 575,000 | 638,804 | ||
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050 | 200,000 | 221,638 | ||
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036 | 25,000 | 29,954 | ||
Berks County, PA, Reading School District, BAM, 4%, 4/01/2044 | 45,000 | 52,899 | ||
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 | 245,000 | 289,125 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044 | 45,000 | 51,238 | ||
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050 | 230,000 | 260,258 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035 | 405,000 | 432,892 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051 | 95,000 | 102,419 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030 | 45,000 | 48,490 | ||
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045 | 100,000 | 106,590 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | 65,000 | 79,575 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | 60,000 | 73,267 | ||
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | 30,000 | 36,559 | ||
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045 | 30,000 | 32,788 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 | $ | 25,000 | $ 28,937 | |
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 | 35,000 | 40,512 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024) | 40,000 | 44,683 | ||
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024) | 20,000 | 22,341 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038 | 125,000 | 137,630 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043 | 155,000 | 169,610 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048 | 160,000 | 174,383 | ||
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053 | 150,000 | 163,187 | ||
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050 | 1,010,000 | 1,155,939 | ||
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049 | 350,000 | 399,090 | ||
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037 | 955,000 | 653,807 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023) | 605,000 | 660,709 | ||
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 | 530,000 | 573,419 | ||
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059 | 50,000 | 61,332 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044 | 100,000 | 114,168 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049 | 100,000 | 113,465 | ||
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048 | 330,000 | 397,432 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), 5%, 11/15/2028 (Prerefunded 5/15/2022) | $ | 350,000 | $ 357,707 | |
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045 | 120,000 | 144,515 | ||
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050 | 935,000 | 1,001,847 | ||
Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050 | 260,000 | 277,625 | ||
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030 | 100,000 | 117,529 | ||
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042 | 40,000 | 40,303 | ||
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050 | 705,000 | 813,684 | ||
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032 | 510,000 | 609,274 | ||
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050 | 395,000 | 455,888 | ||
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049 | 895,000 | 1,047,089 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036 | 100,000 | 111,988 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046 | 125,000 | 138,759 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051 | 120,000 | 136,153 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051 | 165,000 | 184,557 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033 | 100,000 | 108,371 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043 | 110,000 | 119,389 | ||
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043 | 140,000 | 151,158 | ||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n) | 145,000 | 153,810 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n) | $ | 215,000 | $ 228,973 | |
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037 | 100,000 | 112,004 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042 | 125,000 | 138,841 | ||
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049 | 175,000 | 192,952 | ||
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042 | 475,000 | 567,184 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2033 | 20,000 | 24,852 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2035 | 70,000 | 86,536 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2036 | 25,000 | 30,825 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2037 | 25,000 | 30,752 | ||
Philadelphia, PA, School District, “A”, 5%, 9/01/2038 | 25,000 | 30,726 | ||
Philadelphia, PA, School District, “A”, 4%, 9/01/2039 | 150,000 | 174,894 | ||
Philadelphia, PA, School District, “B”, 5%, 9/01/2043 | 70,000 | 85,431 | ||
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028 | 445,000 | 447,291 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032 | 40,000 | 54,384 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033 | 30,000 | 41,699 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035 | 15,000 | 17,893 | ||
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044 | 105,000 | 131,388 | ||
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046 | 445,000 | 477,917 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044 | 95,000 | 106,765 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046 | 150,000 | 167,979 | ||
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048 | 100,000 | 111,672 | ||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023 | 10,000 | 10,195 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Pennsylvania - continued | ||||
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035 | $ | 15,000 | $ 16,342 | |
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051 | 130,000 | 151,706 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030 | 30,000 | 33,127 | ||
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035 | 35,000 | 38,343 | ||
$18,055,605 | ||||
Puerto Rico - 6.6% | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “A”, NPFG, 4.75%, 7/01/2038 | $ | 260,000 | $ 263,528 | |
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032 | 350,000 | 352,616 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029 | 25,000 | 25,371 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030 | 270,000 | 275,940 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031 | 175,000 | 178,717 | ||
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038 | 35,000 | 35,520 | ||
Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025 | 50,000 | 50,561 | ||
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031 | 470,000 | 480,094 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022 | 140,000 | 140,794 | ||
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033 | 25,000 | 25,339 | ||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024 | 15,000 | 15,223 | ||
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025 | 15,000 | 15,223 | ||
Puerto Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022 | 35,000 | 35,520 | ||
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d) | 995,000 | 977,587 | ||
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024 | 65,000 | 65,966 | ||
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022 | 35,000 | 35,262 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026 | $ | 50,000 | $ 53,476 | |
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 | 250,000 | 270,113 | ||
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d) | 845,000 | 830,212 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026 | 420,000 | 433,650 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021 | 10,000 | 10,000 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022 | 60,000 | 60,807 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026 | 10,000 | 10,025 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027 | 190,000 | 192,330 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031 | 65,000 | 65,162 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032 | 75,000 | 75,994 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036 | 65,000 | 65,163 | ||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042 | 55,000 | 55,825 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Puerto Rico - continued | ||||
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031 | $ | 45,000 | $ 45,296 | |
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042 | 70,000 | 71,050 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023 | 310,000 | 321,069 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024 | 400,000 | 412,003 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025 | 60,000 | 62,149 | ||
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028 | 70,000 | 72,830 | ||
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027 | 20,000 | 20,150 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036 | 45,000 | 45,336 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035 | 390,000 | 402,571 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027 | 100,000 | 101,113 | ||
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028 | 35,000 | 35,390 | ||
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026 | 80,000 | 99,133 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040 | 42,000 | 47,604 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058 | 636,000 | 728,574 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053 | 3,000 | 3,354 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058 | 69,000 | 78,168 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027 | 74,000 | 67,628 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031 | 803,000 | 644,270 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033 | 781,000 | 583,853 | ||
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046 | 473,000 | 157,582 | ||
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025 | 40,000 | 40,594 | ||
$9,135,735 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Rhode Island - 0.3% | ||||
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039 | $ | 90,000 | $ 90,827 | |
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034 | 65,000 | 67,048 | ||
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037 | 185,000 | 192,683 | ||
$350,558 | ||||
South Carolina - 2.0% | ||||
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023 | $ | 525,000 | $ 548,115 | |
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n) | 100,000 | 105,501 | ||
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048 | 40,000 | 40,490 | ||
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048 | 395,000 | 471,952 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047 | 120,000 | 130,683 | ||
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052 | 115,000 | 125,123 | ||
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043 | 280,000 | 305,371 | ||
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043 | 675,000 | 736,163 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048 | 245,000 | 294,542 | ||
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045 | 45,000 | 52,360 | ||
$2,810,300 | ||||
Tennessee - 1.7% | ||||
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023) | $ | 1,035,000 | $ 1,089,711 | |
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049 | 10,000 | 12,212 | ||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030 | 45,000 | 52,754 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Tennessee - continued | ||||
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031 | $ | 50,000 | $ 58,353 | |
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036 | 65,000 | 75,195 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University Medical Center), “A”, 5%, 7/01/2035 | 205,000 | 242,886 | ||
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034 | 10,000 | 12,172 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022 | 270,000 | 279,714 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026 | 165,000 | 194,084 | ||
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025 | 240,000 | 271,999 | ||
$2,289,080 | ||||
Texas - 9.7% | ||||
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036 | $ | 40,000 | $ 44,118 | |
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046 | 185,000 | 202,416 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029 | 35,000 | 39,745 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031 | 50,000 | 56,370 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034 | 10,000 | 10,809 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026 | 25,000 | 27,285 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028 | 15,000 | 16,505 | ||
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030 | 25,000 | 27,248 | ||
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025) | 90,000 | 104,244 | ||
Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046 | 710,000 | 890,981 | ||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033 | 105,000 | 113,804 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042 | $ | 410,000 | $ 420,040 | |
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043 | 165,000 | 177,995 | ||
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050 | 35,000 | 38,587 | ||
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n) | 100,000 | 109,762 | ||
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2050 | 30,000 | 34,096 | ||
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044 | 370,000 | 385,053 | ||
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034 | 845,000 | 846,781 | ||
Dallas, TX, Dallas Area Rapid Transit Rev., “B”, 4%, 12/01/2051 (w) | 195,000 | 229,020 | ||
Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044 | 100,000 | 110,152 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025 | 115,000 | 116,742 | ||
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028 | 375,000 | 375,562 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035 | 85,000 | 101,202 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036 | 155,000 | 184,254 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037 | 210,000 | 249,115 | ||
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038 | 175,000 | 207,251 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031 | 110,000 | 121,736 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032 | 20,000 | 22,129 | ||
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033 | 40,000 | 44,243 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041 | 70,000 | 33,101 | ||
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046 | 175,000 | 63,710 | ||
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030 | 445,000 | 447,673 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024 | $ | 205,000 | $ 217,204 | |
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030 | 770,000 | 854,487 | ||
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022) | 150,000 | 154,119 | ||
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051 | 50,000 | 55,012 | ||
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023 | 140,000 | 140,475 | ||
Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n) | 180,000 | 189,337 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038 | 20,000 | 24,154 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048 | 90,000 | 108,229 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058 | 80,000 | 95,869 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2039 (n) | 75,000 | 79,706 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n) | 55,000 | 58,097 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026 | 15,000 | 15,886 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036 | 20,000 | 21,484 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046 | 35,000 | 37,418 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052 | 45,000 | 47,963 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035 | $ | 75,000 | $ 78,849 | |
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043 | 80,000 | 83,396 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049 | 80,000 | 83,160 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031 | 15,000 | 15,146 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036 | 70,000 | 63,284 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025) | 25,000 | 28,738 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025) | 30,000 | 34,485 | ||
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025) | 65,000 | 74,718 | ||
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n) | 90,000 | 101,024 | ||
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n) | 110,000 | 123,231 | ||
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048 (Prerefunded 6/15/2022) | 65,000 | 66,727 | ||
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022) | 170,000 | 174,128 | ||
North Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041 | 270,000 | 321,104 | ||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n) | 100,000 | 103,044 | ||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n) | 370,000 | 381,378 | ||
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n) | 130,000 | 134,174 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046 | $ | 225,000 | $ 262,024 | |
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded 11/15/2024) | 100,000 | 119,606 | ||
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 (Prerefunded 11/15/2024) | 185,000 | 222,620 | ||
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 (Prerefunded 11/15/2024) | 135,000 | 163,215 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030 | 80,000 | 90,312 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035 | 100,000 | 111,710 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040 | 110,000 | 122,215 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047 (a)(d) | 105,000 | 84,000 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045 (a)(d) | 115,000 | 92,000 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030 (a)(d) | 155,000 | 124,000 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036 (a)(d) | 345,000 | 276,000 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 | 840,423 | 899,802 | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044 | 60,000 | 65,309 | ||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | 170,000 | 189,134 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Texas - continued | ||||
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | $ | 135,000 | $ 149,533 | |
Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036 | 345,000 | 198,939 | ||
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057 | 240,000 | 279,072 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037 | 25,000 | 14,470 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038 | 20,000 | 10,965 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039 | 20,000 | 10,392 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040 | 20,000 | 9,819 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041 | 45,000 | 20,902 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042 | 60,000 | 26,352 | ||
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043 | 50,000 | 20,820 | ||
$13,380,966 | ||||
Utah - 0.6% | ||||
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043 | $ | 390,000 | $ 470,704 | |
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047 | 245,000 | 262,093 | ||
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n) | 120,000 | 129,259 | ||
$862,056 | ||||
Vermont - 0.2% | ||||
Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028 | $ | 90,000 | $ 91,377 | |
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039 | 50,000 | 50,121 | ||
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046 | 145,000 | 150,122 | ||
$291,620 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Virginia - 2.2% | ||||
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023) | $ | 410,000 | $ 443,334 | |
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047 | 105,000 | 113,151 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n) | 115,000 | 125,600 | ||
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n) | 145,000 | 154,128 | ||
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045 (n) | 100,000 | 106,538 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n) | 175,000 | 189,569 | ||
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n) | 175,000 | 188,207 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037 | 385,000 | 397,350 | ||
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042 | 755,000 | 776,359 | ||
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2040 | 495,000 | 563,239 | ||
$3,057,475 | ||||
Washington - 2.5% | ||||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033 | $ | 115,000 | $ 134,113 | |
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038 | 150,000 | 173,669 | ||
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048 | 285,000 | 325,121 | ||
Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5%, 1/01/2032 (n) | 125,000 | 148,228 | ||
Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n) | 130,000 | 154,374 | ||
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033 | 1,105,000 | 1,147,985 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035 | 90,000 | 105,930 | ||
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037 | 90,000 | 105,633 | ||
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n) | 145,000 | 154,183 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Washington - continued | ||||
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n) | $ | 100,000 | $ 106,981 | |
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n) | 100,000 | 109,407 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n) | 105,000 | 113,763 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n) | 105,000 | 113,600 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n) | 100,000 | 108,186 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n) | 115,000 | 123,650 | ||
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n) | 165,000 | 177,047 | ||
Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i) | 2,304,031 | 139,848 | ||
$3,441,718 | ||||
West Virginia - 0.3% | ||||
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043 | $ | 305,000 | $ 368,559 | |
Wisconsin - 9.0% | ||||
Green Bay, WI, Redevelopment Authority (Green Bay Packaging, Inc. Project), VRDN, 0.11%, 7/01/2047 (n) | $ | 1,815,000 | $ 1,815,000 | |
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040 | 580,000 | 326,678 | ||
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040 | 250,000 | 139,833 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027 | 115,000 | 123,843 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032 | 105,000 | 111,979 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037 | 55,000 | 58,292 | ||
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039 | 55,000 | 58,234 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048 | 1,020,000 | 1,142,084 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047 | $ | 45,000 | $ 52,948 | |
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038 | 20,000 | 23,439 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044 | 20,000 | 23,294 | ||
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049 | 95,000 | 110,228 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054 | 465,000 | 514,928 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 (Prerefunded 9/15/2023) | 20,000 | 21,651 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 (Prerefunded 9/15/2023) | 30,000 | 32,476 | ||
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 (Prerefunded 9/15/2023) | 115,000 | 124,491 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022 | 15,000 | 15,147 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028 | 1,445,000 | 1,477,761 | ||
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042 | 85,000 | 86,767 | ||
Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n) | 75,000 | 77,083 | ||
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037 | 40,000 | 43,326 | ||
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047 | 55,000 | 59,170 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n) | 55,000 | 60,592 | ||
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n) | 55,000 | 60,757 | ||
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n) | 25,000 | 28,901 | ||
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n) | 125,000 | 141,321 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n) | $ | 50,000 | $ 50,155 | |
Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051 | 95,000 | 108,979 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045 | 25,000 | 28,635 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n) | 25,000 | 26,738 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n) | 75,000 | 81,046 | ||
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n) | 60,000 | 64,171 | ||
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049 | 1,020,000 | 1,148,294 | ||
Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.), “A”, 4%, 9/01/2051 (n) | 285,000 | 302,896 | ||
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n) | 735,000 | 785,372 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n) | 440,000 | 475,727 | ||
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | 230,000 | 252,460 | ||
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 (w) | 50,000 | 55,846 | ||
Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n) | 195,000 | 198,690 | ||
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035 | 150,000 | 170,737 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n) | 45,000 | 49,187 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n) | 30,000 | 32,739 | ||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n) | 150,000 | 163,696 |
Issuer | Shares/Par | Value ($) | ||
Municipal Bonds - continued | ||||
Wisconsin - continued | ||||
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n) | $ | 45,000 | $ 49,109 | |
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n) | 110,000 | 118,201 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n) | 100,000 | 107,924 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n) | 95,000 | 102,356 | ||
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n) | 115,000 | 124,542 | ||
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n) | 565,000 | 571,844 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044 | 20,000 | 24,016 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054 | 25,000 | 29,767 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058 | 35,000 | 41,627 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 | 180,000 | 192,411 | ||
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061 | 100,000 | 103,032 | ||
Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047 | 190,000 | 207,785 | ||
$12,398,205 | ||||
Total Municipal Bonds (Identified Cost, $197,053,608) | $ 212,005,271 | |||
Bonds – 0.1% | ||||
Consumer Services – 0.1% | ||||
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045 (n) | $ | 25,196 | $ 6,600 | |
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033 (n) | 175,000 | 100,499 | ||
Total Bonds (Identified Cost, $109,279) | $ 107,099 |
Issuer | Shares/Par | Value ($) | ||
Other Municipal Bonds – 0.0% | ||||
Multi-Family Housing Revenue – 0.0% | ||||
FRETE 2021 – ML12 Trust, “X-US”, FHLMC, 1.219%, 1/25/2041 (i)(n) (Identified Cost, $71,351) | $ | 541,587 | $ 71,386 | |
Investment Companies (h) - 1.8% | ||||
Money Market Funds – 1.8% | ||||
MFS Institutional Money Market Portfolio, 0.05% (v) (Identified Cost, $2,455,807) | 2,455,807 | $ 2,455,807 | ||
Other Assets, Less Liabilities - (1.5)% | (2,056,622) | |||
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $75,000,000 net of unamortized debt issuance costs of $152,675 (issued by the fund) - (54.3)% | (74,847,325) | |||
Net assets applicable to common shares - 100.0% | $137,735,616 |
(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 $2,455,807 and $212,183,756, 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 $30,315,176, representing 22.0% of net assets applicable to common shares. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(w) | When-issued security. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition
Date |
Cost | Value |
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 | 5/25/17 | $383,096 | $231,000 |
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 | 7/26/19 | 437,875 | 25,000 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 | 12/16/13 | 485,000 | 329,800 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 | 6/30/15 | 100,000 | 68,000 |
Total Restricted Securities | $653,800 | ||
% of Net assets applicable to common shares | 0.5% |
The following abbreviations are used in this report and are defined: | |
AAC | Ambac Assurance Corp. |
AGM | Assured Guaranty Municipal |
BAM | Build America Mutual |
CALHF | California Health Facility Construction Loan Insurance Program |
COP | Certificate of Participation |
ETM | Escrowed to Maturity |
FHLMC | Federal Home Loan Mortgage Corp. |
GNMA | Government National Mortgage Assn. |
NPFG | National Public Finance Guarantee Corp. |
VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
Assets | |
Investments in unaffiliated issuers, at value (identified cost, $197,234,238) | $212,183,756 |
Investments in affiliated issuers, at value (identified cost, $2,455,807) | 2,455,807 |
Receivables for | |
Investments sold | 3,190,474 |
Interest | 2,719,987 |
Other assets | 2,347 |
Total assets | $220,552,371 |
Liabilities | |
Payables for | |
Distributions on common shares | $18,407 |
When-issued investments purchased | 7,755,038 |
Interest expense | 61,212 |
Payable to affiliates | |
Investment adviser | 38,806 |
Administrative services fee | 215 |
Transfer agent and dividend disbursing costs | 652 |
Payable for independent Trustees' compensation | 9 |
Accrued expenses and other liabilities | 95,091 |
RVMTP shares, at liquidation value of $75,000,000 net of unamortized debt issuance costs of $152,675 | 74,847,325 |
Total liabilities | $82,816,755 |
Net assets applicable to common shares | $137,735,616 |
Net assets consist of | |
Paid-in capital - common shares | $124,674,313 |
Total distributable earnings (loss) | 13,061,303 |
Net assets applicable to common shares | $137,735,616 |
RVMTP shares, at liquidation value of $75,000,000 net of unamortized debt issuance costs of $152,675 (750 shares issued and outstanding at $100,000 per share) | 74,847,325 |
Net assets including preferred shares | $212,582,941 |
Common shares of beneficial interest issued and outstanding | 28,325,314 |
Net asset value per common share (net assets of $137,735,616 / 28,325,314 shares of beneficial interest outstanding) | $4.86 |
Net investment income (loss) | |
Income | |
Interest | $8,211,908 |
Dividends from affiliated issuers | 1,719 |
Total investment income | $8,213,627 |
Expenses | |
Management fee | $1,381,882 |
Transfer agent and dividend disbursing costs | 26,084 |
Administrative services fee | 38,342 |
Independent Trustees' compensation | 8,371 |
Stock exchange fee | 27,571 |
Custodian fee | 7,382 |
Shareholder communications | 20,902 |
Audit and tax fees | 87,409 |
Legal fees | 14,489 |
Interest expense and fees and amortization of RVMTP shares debt issuance costs | 867,576 |
Miscellaneous | 69,146 |
Total expenses | $2,549,154 |
Reduction of expenses by investment adviser | (1,776) |
Net expenses | $2,547,378 |
Net investment income (loss) | $5,666,249 |
Realized and unrealized gain (loss) | |
Realized gain (loss) (identified cost basis) | |
Unaffiliated issuers | $579,900 |
Change in unrealized appreciation or depreciation | |
Unaffiliated issuers | $3,967,612 |
Net realized and unrealized gain (loss) | $4,547,512 |
Change in net assets from operations | $10,213,761 |
Year ended | ||
11/30/21 | 11/30/20 | |
Change in net assets | ||
From operations | ||
Net investment income (loss) | $5,666,249 | $5,898,460 |
Net realized gain (loss) | 579,900 | (2,181,823) |
Net unrealized gain (loss) | 3,967,612 | (3,219,416) |
Change in net assets from operations | $10,213,761 | $497,221 |
Distributions to common shareholders | $(5,870,423) | $(6,146,596) |
Total change in net assets | $4,343,338 | $(5,649,375) |
Net assets applicable to common shares | ||
At beginning of period | 133,392,278 | 139,041,653 |
At end of period | $137,735,616 | $133,392,278 |
Cash flows from operating activities: | |
Change in net assets from operations | $10,213,761 |
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities: | |
Purchase of investment securities | (29,697,906) |
Proceeds from disposition of investment securities | 30,466,761 |
Purchase of short-term investments, net | (1,024,525) |
Realized gain/loss on investments | (579,900) |
Unrealized appreciation/depreciation on investments | (3,967,612) |
Net amortization/accretion of income | 435,834 |
Amortization of RVMTP shares debt issuance costs | 18,884 |
Decrease in interest receivable | 176,015 |
Increase in accrued expenses and other liabilities | 20,369 |
Increase in other assets | (102) |
Decrease in payable for interest expense and fees | (16,329) |
Net cash provided by operating activities | $6,045,250 |
Cash flows from financing activities: | |
Payment of RVMTP shares debt issuance costs | $(171,559) |
Cash receipts from issuance of RVMTP shares, at liquidation value | 75,000,000 |
Cash payments to repurchase Variable Rate Municipal Term Preferred Shares (VMTP shares) | (75,000,000) |
Cash distributions paid on common shares | (5,873,691) |
Net cash used by financing activities | $(6,045,250) |
Cash and restricted cash: | |
Beginning of period | $— |
End of period | $— |
Common Shares | Year ended | ||||
11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |
Net asset value, beginning of period | $4.71 | $4.91 | $4.67 | $4.80 | $4.68 |
Income (loss) from investment operations | |||||
Net investment income (loss) (d) | $0.20 | $0.21 | $0.23 | $0.26(c) | $0.27 |
Net realized and unrealized gain (loss) | 0.16 | (0.19) | 0.24 | (0.13) | 0.12 |
Total from investment operations | $0.36 | $0.02 | $0.47 | $0.13 | $0.39 |
Less distributions declared to common shareholders | |||||
From net investment income | $(0.21) | $(0.22) | $(0.23) | $(0.26) | $(0.27) |
Net asset value, end of period (x) | $4.86 | $4.71 | $4.91 | $4.67 | $4.80 |
Market value, end of period | $4.54 | $4.32 | $4.73 | $4.22 | $4.73 |
Total return at market value (%) | 9.92 | (3.99) | 17.71 | (5.54) | 14.66 |
Total return at net asset value (%) (j)(r)(s)(x) | 7.93 | 0.84 | 10.42 | 3.01(c) | 8.65 |
Ratios
(%) (to average net assets applicable to common shares) and Supplemental data: | |||||
Expenses before expense reductions (f) | 1.85 | 2.32 | 2.76 | 2.70(c) | 2.37 |
Expenses after expense reductions (f) | 1.85 | 2.28 | 2.73 | 2.69(c) | N/A |
Net investment income (loss) | 4.12 | 4.48 | 4.80 | 5.40(c) | 5.71 |
Portfolio turnover | 16 | 22 | 17 | 16 | 15 |
Net assets at end of period (000 omitted) | $137,736 | $133,392 | $139,042 | $132,247 | $136,077 |
Supplemental Ratios (%): | |||||
Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l) | 1.22 | 1.24 | 1.22 | 1.25(c) | 1.26 |
Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l) | 0.79 | 0.79 | 0.79 | 0.80(c) | 0.81 |
Year ended | |||||
11/30/21 | 11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |
Senior Securities: | |||||
RVMTP shares | 750 | — | — | — | — |
VMTP shares | — | 3,000 | 3,000 | 3,000 | 3,000 |
Asset coverage per preferred share (k) | $283,647 | $69,464 | $71,347 | $69,082 | $70,348 |
Asset
coverage per $1 liquidation preference (v) |
$2.84 | $2.78 | $2.85 | $2.76 | $2.81 |
Involuntary liquidation preference per preferred share (m) | $100,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Average market value per preferred share (m)(u) | $100,000 | $25,000 | $25,000 | $25,000 | $25,000 |
(c) | Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher. |
(d) | Per share data is based on average shares outstanding. |
(f) | Ratios do not reflect reductions from fees paid indirectly, if applicable. |
(j) | Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value. |
(k) | Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding. |
(l) | Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable. |
(m) | Amount excludes accrued unpaid distributions on preferred shares. |
(r) | Certain expenses have been reduced without which performance would have been lower. |
(s) | From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
(u) | Average market value represents the approximate fair value of each of the fund’s preferred shares held at period end. |
(v) | Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding. |
(x) | The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds | $— | $212,076,657 | $— | $212,076,657 |
U.S. Corporate Bonds | — | 107,099 | — | 107,099 |
Mutual Funds | 2,455,807 | — | — | 2,455,807 |
Total | $2,455,807 | $212,183,756 | $— | $214,639,563 |
Year
ended 11/30/21 |
Year
ended 11/30/20 | |
Ordinary income (including any short-term capital gains) | $71,401 | $59,501 |
Tax-exempt income | 6,647,186 | 7,452,462 |
Total distributions | $6,718,587 | $7,511,963 |
As of 11/30/21 | |
Cost of investments | $200,065,625 |
Gross appreciation | 16,081,655 |
Gross depreciation | (1,507,717) |
Net unrealized appreciation (depreciation) | $ 14,573,938 |
Undistributed ordinary income | 343,092 |
Undistributed tax-exempt income | 966,454 |
Capital loss carryforwards | (2,742,562) |
Other temporary differences | (79,619) |
Total distributable earnings (loss) | $ 13,061,303 |
Short-Term | $(2,105,100) |
Long-Term | (637,462) |
Total | $(2,742,562) |
Purchases | Sales | |
U.S. Government securities | $71,289 | $— |
Non-U.S. Government securities | 36,609,117 | 32,574,322 |
Affiliated Issuers | Beginning
Value |
Purchases | Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appreciation or Depreciation |
Ending
Value |
MFS Institutional Money Market Portfolio | $1,431,282 | $30,745,885 | $29,721,360 | $— | $— | $2,455,807 |
Affiliated Issuers | Dividend
Income |
Capital
Gain Distributions |
MFS Institutional Money Market Portfolio | $1,719 | $— |
Number of Shares | ||||
Nominee | For | Withheld Authority | ||
John A. Caroselli | 20,897,708.590 | 1,773,270.730 | ||
James W. Kilman, Jr. | 20,899,219.533 | 1,771,759.787 | ||
Clarence Otis, Jr. | 20,908,402.590 | 1,762,576.730 |
Number of Shares | ||||
Nominee | For | Withheld Authority | ||
John P. Kavanaugh | 750 | 0 | ||
Laurie J. Thomsen | 750 | 0 |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Term
Expiring |
Number
of MFS Funds overseen by the Trustee |
Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | ||||||
INTERESTED TRUSTEES | ||||||||||||
Michael
W. Roberge (k) (age 55) |
Trustee | January 2021 | 2023 | 135 | Massachusetts Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018) | N/A | ||||||
INDEPENDENT TRUSTEES | ||||||||||||
John
P. Kavanaugh (age 67) |
Trustee and Chair of Trustees | January 2009 | 2022 | 135 | Private investor | N/A | ||||||
Steven
E. Buller (age 70) |
Trustee | February 2014 | 2023 | 135 | Private investor | N/A | ||||||
John
A. Caroselli (age 67) |
Trustee | March 2017 | 2024 | 135 | Private investor; JC Global Advisors, LLC (management consulting), President (since 2015) | N/A | ||||||
Maureen
R. Goldfarb (age 66) |
Trustee | January 2009 | 2022 | 135 | Private investor | N/A | ||||||
Peter
D. Jones (age 66) |
Trustee | January 2019 | 2023 | 135 | Private investor | N/A | ||||||
James
W. Kilman, Jr. (age 60) |
Trustee | January 2019 | 2024 | 135 | Burford Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019-May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016) | Alpha-En Corporation, Director (2016-2019) |
Name, Age | Position(s) Held with Fund | Trustee/Officer Since(h) | Term
Expiring |
Number
of MFS Funds overseen by the Trustee |
Principal
Occupations During the Past Five Years |
Other
Directorships During the Past Five Years (j) | ||||||
Clarence
Otis, Jr. (age 65) |
Trustee | March 2017 | 2024 | 135 | Private investor | VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director | ||||||
Maryanne
L. Roepke (age 65) |
Trustee | May 2014 | 2022 | 135 | Private investor | N/A | ||||||
Laurie
J. Thomsen (age 64) |
Trustee | March 2005 | 2022 | 135 | Private investor | The Travelers Companies, Director; Dycom Industries, Inc., Director |
Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Term Expiring | Number
of MFS Funds overseen by the Trustee |
Principal
Occupations During the Past Five Years | |||||
OFFICERS | ||||||||||
Christopher
R. Bohane (k) (age 47) |
Assistant Secretary and Assistant Clerk | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President and Associate General Counsel | |||||
Kino
Clark (k) (age 53) |
Assistant Treasurer | January 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President | |||||
John
W. Clark, Jr. (k) (age 54) |
Assistant Treasurer | April 2017 | N/A | 135 | Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017) | |||||
Thomas
H. Connors (k) (age 62) |
Assistant Secretary and Assistant Clerk | September 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | |||||
David
L. DiLorenzo (k) (age 53) |
President | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President |
Name, Age | Position(s)
Held with Fund |
Trustee/Officer Since(h) | Term Expiring | Number
of MFS Funds overseen by the Trustee |
Principal
Occupations During the Past Five Years | |||||
Heidi
W. Hardin (k) (age 54) |
Secretary and Clerk | April 2017 | N/A | 135 | Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017) | |||||
Brian
E. Langenfeld (k) (age 48) |
Assistant Secretary and Assistant Clerk | June 2006 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Senior Counsel | |||||
Amanda
S. Mooradian (k) (age 42) |
Assistant Secretary and Assistant Clerk | September 2018 | N/A | 135 | Massachusetts Financial Services Company, Assistant Vice President and Senior Counsel | |||||
Susan
A. Pereira (k) (age 51) |
Assistant Secretary and Assistant Clerk | July 2005 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | |||||
Kasey
L. Phillips (k) (age 51) |
Assistant Treasurer | September 2012 | N/A | 135 | Massachusetts Financial Services Company, Vice President | |||||
Matthew
A. Stowe (k) (age 47) |
Assistant Secretary and Assistant Clerk | October 2014 | N/A | 135 | Massachusetts Financial Services Company, Vice President and Assistant General Counsel | |||||
Martin
J. Wolin (k) (age 54) |
Chief Compliance Officer | July 2015 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer | |||||
James
O. Yost (k) (age 61) |
Treasurer | September 1990 | N/A | 135 | Massachusetts Financial Services Company, Senior Vice President |
(h) | Date first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy Treasurer of the Funds, respectively. |
(j) | Directorships or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”). |
(k) | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618. |
Investment Adviser | Custodian |
Massachusetts
Financial Services Company 111 Huntington Avenue Boston, MA 02199-7618 |
State
Street Bank and Trust Company 1 Lincoln Street Boston, MA 02111-2900 |
Portfolio Manager(s) | Independent Registered Public Accounting Firm |
Jason
Kosty Gary Lasman Geoffrey Schechter |
Ernst &
Young LLP 200 Clarendon Street Boston, MA 02116 |
FACTS | WHAT DOES MFS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
• Social Security number and account balances | |
• Account transactions and transaction history | |
• Checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information |
Does MFS share? | Can
you limit this sharing? |
For
our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
For
our marketing purposes – to offer our products and services to you |
No | We don't share |
For
joint marketing with other financial companies |
No | We don't share |
For
our affiliates' everyday business purposes – information about your transactions and experiences |
No | We don't share |
For
our affiliates' everyday business purposes – information about your creditworthiness |
No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? | Call 800-225-2606 or go to mfs.com. |
Who we are | |
Who is providing this notice? | MFS Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company. |
What we do | |
How
does MFS protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we collect about you. |
How
does MFS collect my personal information? |
We collect your personal information, for example, when you |
• open an account or provide account information | |
• direct us to buy securities or direct us to sell your securities | |
• make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. | |
Why can't I limit all sharing? | Federal law gives you the right to limit only |
• sharing for affiliates' everyday business purposes – information about your creditworthiness | |
• affiliates from using your information to market to you | |
• sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
• MFS does not share with nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
• MFS doesn't jointly market. |
Other important information |
If you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours. |
Item 1(b):
A copy of the notice transmitted to the Registrant’s shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. | CODE OF ETHICS. |
The Registrant has adopted a Code of Ethics (the “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant’s principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
A copy of the Code is filed as an exhibit to this Form N-CSR.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of “audit committee financial expert” as such term is defined in Form N-CSR. In addition, Messrs. Buller, Kilman, and Otis and Ms. Roepke are “independent” members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Items 4(a) through 4(d) and 4(g):
The Board of Trustees has appointed Ernst & Young LLP (“E&Y”) to serve as independent accountants to the Registrant (hereinafter the “Registrant” or the “Fund”). The tables below set forth the audit fees billed to the Fund as well as fees for non-audit services provided to the Fund and/or to the Fund’s investment adviser, Massachusetts Financial Services Company (“MFS”), and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund (“MFS Related Entities”).
For the fiscal years ended November 30, 2021 and 2020, audit fees billed to the Fund by E&Y were as follows:
Audit Fees | ||||||||
2021 | 2020 | |||||||
Fees billed by E&Y: |
||||||||
MFS High Yield Municipal Trust |
62,837 | 61,981 |
For the fiscal years ended November 30, 2021 and 2020, fees billed by E&Y for audit-related, tax and other services provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: |
||||||||||||||||||||||||
To MFS High Yield Municipal Trust |
12,246 | 12,077 | 10,892 | 10,742 | 1,004 | 1,500 |
Audit-Related Fees1 | Tax Fees2 | All Other Fees3 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fees billed by E&Y: |
||||||||||||||||||||||||
To MFS and MFS Related Entities of MFS High Yield Municipal Trust* |
1,275,054 | 2,321,898 | 0 | 0 | 110,620 | 104,750 |
Aggregate Fees for Non-audit Services |
||||||||
2021 | 2020 | |||||||
Fees Billed by E&Y: |
||||||||
To MFS High Yield Municipal Trust, MFS and MFS Related Entities# |
1,576,516 | 2,711,697 |
* | This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex). |
# | This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities. |
1 | The fees included under “Audit-Related Fees” are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ‘‘Audit Fees,’’ including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews. |
2 | The fees included under “Tax Fees” are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis. |
3 | The fees included under “All Other Fees” are fees for products and services provided by E&Y other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees,” including fees for services related to review of internal controls and review of Rule 38a-1 compliance program. |
Item 4(e)(1):
Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an engagement-by-engagement basis. In the event pre-approval of such
services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrant’s Audit Committee has considered whether the provision by a Registrant’s independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant’s principal auditors.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Messrs. Steven E. Buller, James Kilman and Clarence Otis, Jr. and Ms. Maryanne L. Roepke.
ITEM 6. | SCHEDULE OF INVESTMENTS |
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
A copy of the proxy voting policies and procedures are attached hereto as EX-99.PROXYPOL.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS High Yield Municipal Trust (the “Fund”) is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.
Portfolio Manager |
Primary Role |
Since | Title and Five Year History | |||
Jason Kosty | Portfolio Manager | 2021 | Investment Officer of MFS; employed in the investment area of MFS since 2003. | |||
Gary Lasman | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment area of MFS since 2002. | |||
Geoffrey Schechter | Portfolio Manager | 2007 | Investment Officer of MFS; employed in the investment area of MFS since 1993. |
Compensation
MFS’ philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a sustainable investment process. As of December 31, 2020, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.
Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.
The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy’s investment horizon. The fixed-length time periods include the portfolio manager’s full tenure on each fund and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices (“benchmarks”). As of December 31, 2020, the following benchmarks were used to measure the following portfolio manager’s performance for the Fund:
Fund |
Portfolio Manager |
Benchmark(s) | ||
MFS High Yield Municipal Trust | Jason Kosty | Bloomberg Municipal Bond Index | ||
Gary Lasman | Bloomberg Municipal Bond Index | |||
Geoffrey Schechter | Bloomberg Municipal Bond Index |
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management’s assessment of overall portfolio manager contribution to the MFS investment process and the client experience (distinct from fund and other account performance).
The performance bonus is generally a combination of cash and a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager.
MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.
Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager’s compensation depends upon the length of the individual’s tenure at MFS and salary level, as well as other factors.
Ownership of Fund Shares
The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund’s portfolio manager(s) as of the Fund’s fiscal year ended November 30, 2021. The following dollar ranges apply:
N. None
A. $1 – $10,000
B. $10,001 – $50,000
C. $50,001 – $100,000
D. $100,001 – $500,000
E. $500,001 – $1,000,000
F. Over $1,000,000
Name of Portfolio Manager |
Dollar Range of Equity Securities in Fund | |
Jason Kosty | N | |
Gary Lasman | N | |
Geoffrey Schechter | N |
Other Accounts
In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub-advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund’s fiscal year ended November 30, 2021:
Registered Investment Companies* | Other Pooled Investment Vehicles |
Other Accounts | ||||||||||||||||||||||
Name |
Number of Accounts |
Total Assets | Number of Accounts |
Total Assets | Number of Accounts |
Total Assets | ||||||||||||||||||
Jason Kosty |
7 | $ | 18.0 billion | 1 | $ | 156.2 million | 1 | $ | 267.3 million | |||||||||||||||
Gary Lasman |
4 | $ | 7.9 billion | 0 | N/A | 0 | N/A | |||||||||||||||||
Geoffrey Schechter |
15 | $ | 28.4 billion | 4 | $ | 886.5 million | 1 | $ | 267.3 million |
* | Includes the Fund. |
Advisory fees are not based upon performance of any of the accounts identified in the table above.
Potential Conflicts of Interest
MFS seeks to identify potential conflicts of interest resulting from a portfolio manager’s management of both the Fund and other accounts, and has adopted policies and procedures designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.
The management of multiple funds and accounts (including accounts in which MFS or an affiliate has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund’s portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS or an affiliate has an interest) with similar investment objectives. MFS’ trade allocation policies could have a detrimental effect on the Fund if the Fund’s orders do not get fully executed or are delayed in getting executed due to being
aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund’s investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.
When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.
MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its officers and/or employees, and/or its affiliates own or have an interest.
To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
MFS High Yield Municipal Trust
Period |
(a) Total number of Shares Purchased |
(b) Average Price Paid per Share |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Plans or Programs |
||||||||||||
12/01/20-12/31/20 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
1/01/21-1/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
2/01/21-2/28/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
3/01/21-3/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
4/01/21-4/30/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
5/01/21-5/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
6/01/21-6/30/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
7/01/21-7/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
8/01/21-8/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
9/01/21-9/30/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
10/1/21-10/31/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
11/1/21-11/30/21 |
0 | N/A | 0 | 2,832,531 | ||||||||||||
|
|
|
|
|||||||||||||
Total |
0 | 0 | ||||||||||||||
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant’s outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2021 plan year is 2,832,531.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-CSR, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
During the fiscal year ended November 30, 2021, there were no fees or income related to securities lending activities of the Registrant.
ITEM 13. | EXHIBITS. |
(a) (1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE. |
(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT. |
(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT. |
(c) | Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice. |
(d) | Proxy Voting Policies and Procedures pursuant to Item 7 of Form N-CSR. Attached hereto as EX-99.PROXYPOL. |
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant MFS HIGH YIELD MUNICIPAL TRUST
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: January 14, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /S/ DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: January 14, 2022
By (Signature and Title)* | /S/ JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: January 14, 2022
* | Print name and title of each signing officer under his or her signature. |