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ITEM 1.
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REPORTS TO STOCKHOLDERS.
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Annual Report
November 30, 2019
MFS® High Income Municipal Trust
Beginning on January 1, 2021, as permitted by
regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the
complete reports will be made available on the fund’s Web site, and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.
If you are already signed up to receive shareholder reports by email, you will not be affected by this change and you need not take any action. You may sign up to receive shareholder reports and other
communications from the fund by email by contacting your financial intermediary (such as a broker-dealer or bank) or, if you hold your shares directly with the fund, by calling 1-800-637-2304 or by logging into your Investor Center account at
www.computershare.com/investor.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Contact your
financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you can call 1-800-637-2304 to let the fund know that you wish to continue receiving paper copies of your
shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the MFS fund complex if you invest directly.
CXE-ANN
MFS® High Income Municipal Trust
New York Stock Exchange Symbol: CXE
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
LETTER
FROM THE EXECUTIVE CHAIR
Dear Shareholders:
Slowing global growth, low inflation, and trade friction between the United States and China have been hallmarks of the past 12 months. After experiencing an uptick
in
market volatility in late 2018, markets steadied for most of 2019, thanks in large measure to the adoption of a dovish policy stance on the part of global central banks, focused on supporting
economic growth. Negotiations aimed at a “phase one” trade deal between the U.S. and China are at an advanced stage, boosting investor sentiment, though uncertainty persists. Signs of stability emerging from the global manufacturing sector
have also lifted spirits. Uncertainty over Brexit, along with the ripple effects from the trade conflict, hampered business confidence and investment in the U.K. and Europe, though investors hope that the result of December’s general election,
which the pro-Brexit Conservative Party won by a comfortable margin, will bring
greater clarity as the U.K. is on pace to leave the EU at the end of January 2020.
Markets
expect that the longest economic expansion in U.S. history will continue for the time being, albeit at a slower pace, especially if trade tensions recede. In an effort to prolong the expansion, the U.S. Federal Reserve lowered interest rates three
times between July and October. Similarly, the European Central Bank loosened policy in September. While the monetary policy environment remains quite accommodative, signs of easing trade tensions and fading global recession fears have helped push
global interest rates modestly higher from the record-low levels posted late in the summer as investors grew less risk averse.
Here at MFS®, we aim to help our clients navigate the growing complexity of the markets and world economies. Our long-term investment philosophy and commitment to the responsible allocation of capital allow us
to tune out the noise and uncover what we believe are the best, most durable investment opportunities in the market. Through our powerful global investment platform, we combine collective expertise, thoughtful risk management and long-term
discipline to create sustainable value for investors.
Respectfully,
Robert J. Manning
Executive Chair
MFS Investment Management
January 15, 2020
The opinions expressed in this letter are
subject to change and may not be relied upon for investment advice. No forecasts can be guaranteed.
1
PORTFOLIO COMPOSITION
Portfolio structure (i)(j)
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Top ten industries reflecting equivalent exposure of derivative positions (i)
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Healthcare Revenue – Hospitals
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28.2%
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Healthcare Revenue – Long Term Care
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16.1%
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Universities – Secondary Schools
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9.7%
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Miscellaneous Revenue – Other
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8.8%
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General Obligations – General Purpose
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8.2%
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General Obligations – Schools
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7.0%
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Airport Revenue
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6.2%
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Universities – Colleges
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5.9%
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Tax – Sales
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5.8%
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U.S. Treasury Securities (j)
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(10.6)%
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Composition including fixed income credit quality (a)(i)
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AAA
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1.9%
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AA
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18.6%
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A
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31.0%
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BBB
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34.2%
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BB
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21.1%
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B
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4.7%
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CCC
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0.4%
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CC
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2.7%
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C
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3.1%
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D
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1.8%
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Not Rated (j)
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25.5%
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Cash & Cash Equivalents
(Less Liabilities)
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(55.6)%
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Other
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10.6%
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Portfolio facts (i)
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Average Duration (d)
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8.7
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Average Effective Maturity (m)
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17.4 yrs.
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2
Portfolio Composition – continued
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(a)
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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. 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, which 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.
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(d)
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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, 2019.
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(i)
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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.
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(j)
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For the purpose of managing the fund’s duration, the fund holds short treasury futures with a bond equivalent exposure of (10.6)%, which reduce the
fund’s interest rate exposure but not its credit exposure.
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(m)
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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, 2019.
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Cash & Cash Equivalents includes any cash, investments in money market funds,
short-term securities, and other assets less liabilities. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities.
Cash & Cash Equivalents is negative due to the aggregate liquidation value of variable rate municipal term preferred shares.
Other includes equivalent exposure from currency derivatives and/or any offsets to derivative positions.
Percentages are based on net assets applicable to common shares as of November 30, 2019.
The portfolio is
actively managed and current holdings may be different.
3
MANAGEMENT REVIEW
Summary of Results
MFS High Income Municipal Trust (fund)
is a closed-end fund. The fund’s investment objective is to seek high current income exempt from federal income tax, but may also consider capital appreciation. The fund invests, under normal market
conditions, at least 80% of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt
notes.
For the twelve months ended November 30, 2019, shares of the fund provided a total return of 10.32%, at net asset value and a total return
of 24.84%, at market value. This compares with a return of 8.49% for the fund’s benchmark, the Bloomberg Barclays Municipal Bond Index.
The
performance commentary below is based on the net asset value performance of the fund which reflects the performance of the underlying pool of assets held by the fund. The total return at market value represents the return earned by owners of the
shares of the fund which are traded publicly on the exchange.
Market Environment
Fading fears of a near-term global recession, hopes for a partial trade deal between the United States and China and dramatically lower odds of a no-deal Brexit helped bolster market sentiment late in the period,
causing headwinds experienced for many months prior to die down. Changes in market sentiment, largely driven by uncertainty over the outcome of trade negotiations between the US and China, contributed to periodic bouts of volatility during the
reporting period. The global economy decelerated, led by weakness in China and Europe, although the pace of the slowdown moderated late in the period amid signs of stabilization in the manufacturing sector.
The deteriorating global growth backdrop, along with declining inflationary pressures, prompted the US Federal Reserve to adopt a more dovish posture beginning in
early 2019, resulting in the first interest rate cut in over a decade at the end of July, followed by additional cuts in September and October. The Fed’s actions led to a sharp decline in long-term interest rates during the period’s second
half, causing the inversion of portions of the US Treasury yield curve for a time. The Fed indicated in October that further rate cuts are unlikely unless the outlook for the economy materially worsens.
Globally, central banks have tilted more dovish as well, with the European Central Bank unveiling a package of easing measures, which included cutting overnight
rates further – sending them deeper into negative territory – restarting its bond-buying program and lengthening the term of cheap loans to banks to three years from two. The central banks of India and Australia are among those that have
cut rates several times in recent months, although China has been more cautious in increasing liquidity as it continues to attempt to deleverage its economy, cutting rates only marginally.
Emerging markets experienced considerable volatility through the end of 2018, as tighter global financial conditions exposed structural weakness in some countries. Those conditions improved in 2019 as the Fed
became more dovish, but significant trade friction between the US and China weighed on sentiment for much of the year,
4
Management Review – continued
although hopes for a partial trade deal improved sentiment late in the period.
Idiosyncratic factors negatively impacted some emerging economies, such as Argentina and Turkey.
From a geopolitical perspective, Brexit uncertainty has
receded as a UK general election in early December provided some much needed clarity, assuring that the UK will leave the EU on January 31, 2020, though the two sides have a narrow window in which to negotiate their future trade relationship by the
end of next year. Further boosting risk sentiment was the announcement of a partial trade agreement between China and the US.
Over the reporting period, municipal bonds delivered strong performance, fueled by lower US Treasury rates, strong fundamentals and favorable
technicals. With investors reaching for yield, lower-quality and longer-duration bonds outperformed as the yield curve flattened. The fundamentals of municipalities remained well supported on strong growth in tax revenues. The technical tailwind
also continued, as tax-exempt supply remained low compared to long-term average levels and inflows into the asset class were strong. Valuations ended the period generally tighter than long-term averages, but off of recent tighter levels. Within the
asset class, spreads compressed between high yield and investment grade, while valuations of “BBB”
rated (r) versus “AAA” rated bonds also appeared relatively
tight.
Contributors to Performance
Relative to the Bloomberg Barclays Municipal Bond Index, the fund’s longer duration (d)
stance benefited performance as rates generally declined during the reporting period. The fund’s positioning along the yield curve (y) was another key contributor to relative performance, primarily due to a more positive impact from carry (i.e., the cost
or benefit from holding an asset) than the benchmark and, to a lesser extent, from the fund’s greater exposure to bonds with 20-year maturities. Lastly, the fund’s greater exposure to housing and industrial revenue
bonds aided relative returns.
The fund employs leverage which has been created through the issuance of variable rate municipal term preferred shares. To
the extent that investments are purchased through the use of leverage, the fund’s net asset value may increase or decrease at a greater rate than a comparable unleveraged fund. During the reporting period, the fund’s use of leverage was a
positive contributor to relative performance.
Detractors from Performance
The fund’s asset allocation decisions, overall, weakened relative performance. Notably, from a quality perspective, the fund’s out-of-benchmark exposure to non-rated, “D” rated and “C”
rated bonds, dampened relative results.
Security selection was another factor that hindered relative performance. From a sector perspective, selection
within both the transportation and health care sectors held back relative returns. From a quality perspective, bond selection in “A” rated issuers also negatively impacted relative results.
Respectfully,
Portfolio Manager(s)
Gary Lasman and Geoffrey Schechter
5
Management Review – continued
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(d)
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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.
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(r)
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Bonds rated “BBB”, “Baa”, or higher are considered investment grade; bonds rated “BB”, “Ba”, or below are
considered non-investment grade. The source for bond quality ratings is Moody’s Investors Service, Standard & Poor’s and Fitch, Inc. and the ratings are applied using 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. Ratings are shown in the S&P and
Fitch scale (e.g., AAA). For securities which are not rated by any of the three agencies, the security is considered Not Rated.
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(y)
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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.
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The views expressed in this report are those of the portfolio manager(s) only
through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other conditions, and
MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not recommendations of such
securities, and may not be representative of any MFS portfolio’s current or future investments.
6
PERFORMANCE SUMMARY
THROUGH 11/30/19
The following chart presents the fund’s historical
performance in comparison to its benchmark(s). Investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than their original cost; current performance may be lower or higher than quoted. The performance
shown does not reflect the deduction of taxes, if any, that a shareholder would pay on fund distributions or the sale of fund shares. Performance data shown represents past performance and is no guarantee of future results.
Price Summary for MFS High Income Municipal Trust
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Date
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Price
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Year Ended 11/30/19
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Net Asset Value
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11/30/19
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$5.44
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11/30/18
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$5.18
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New York Stock Exchange Price
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11/30/19
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$5.55
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8/01/19
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(high) (t)
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$5.77
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12/28/18
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(low) (t)
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$4.58
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11/30/18
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$4.67
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Total
Returns vs Benchmark(s)
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Year Ended 11/30/19
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MFS High Income Municipal Trust at
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New York Stock Exchange Price (r)
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24.84%
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Net Asset Value (r)
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10.32%
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Bloomberg Barclays Municipal Bond Index (f)
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8.49%
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(f)
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Source: FactSet Research Systems Inc.
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(r)
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Includes reinvestment of all distributions.
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(t)
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For the period December 1, 2018 through November 30, 2019.
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Benchmark Definition(s)
Bloomberg Barclays Municipal Bond Index – a market
capitalization-weighted index that measures the performance of the tax-exempt bond market. BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or
Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or
makes any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
7
Performance Summary – continued
It is not possible to invest directly in an index.
Notes to Performance Summary
The fund’s shares may
trade at a discount or premium to net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event
of the fund’s concurrent liquidation.
The fund’s monthly distributions may include a return of capital to shareholders to the extent that
distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated for federal income tax purposes as a return of capital will
reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing
the fund’s assets and increasing the fund’s expense ratio.
Net asset values and performance results based on net asset value per share do not
include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Statement of Assets and Liabilities or the Financial Highlights.
A portion of the fund’s monthly distributions may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital
gains tax.
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
In accordance with Section 23(c) of
the Investment Company Act of 1940, the fund hereby gives notice that it may from time to time repurchase common and/or preferred shares of the fund in the open market at the option of the Board of Trustees and on such terms as the Trustees shall
determine.
8
PORTFOLIO MANAGERS’ PROFILES
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Portfolio Manager
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Primary Role
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Since
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Title and Five Year History
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Gary Lasman
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Portfolio Manager
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2007
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Investment Officer of MFS; employed in the investment management area of MFS since 2002.
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Geoffrey Schechter
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Portfolio Manager
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2007
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Investment Officer of MFS; employed in the investment management area of MFS since 1993.
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9
DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN
The fund offers a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) that allows common shareholders to reinvest either all of the distributions
paid by the fund or only the long-term capital gains. Generally, purchases are made at the market price unless that price exceeds the net asset value (the shares are trading at a premium). If the shares are trading at a premium, purchases will
be made at a price of either the net asset value or 95% of the market price, whichever is greater. You can also buy shares on a quarterly basis in any amount $100 and over. The Plan Agent will purchase shares under the Cash Purchase Plan on the 15th
of January, April, July, and October or shortly thereafter.
If shares are registered in your own name, new shareholders will automatically
participate in the Plan, unless you have indicated that you do not wish to participate. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the
nominee does not offer the Plan, you may wish to request that your shares be re-registered in your own name so that you can participate. There is no service charge to reinvest distributions, nor are there
brokerage charges for shares issued directly by the fund. However, when shares are bought on the New York Stock Exchange or otherwise on the open market, each participant pays a pro rata share of the transaction expenses, including commissions. The
tax status of dividends and capital gain distributions does not change whether received in cash or reinvested in additional shares – the automatic reinvestment of distributions does not relieve you of any income tax that may be payable (or
required to be withheld) on the distributions.
If your shares are held directly with the Plan Agent, you may withdraw from the Plan at any time by going
to the Plan Agent’s website at www.computershare.com/investor, by calling 1-800-637-2304 any business day from 9 a.m. to 5
p.m. Eastern time or by writing to the Plan Agent at P.O. Box 505005, Louisville, KY 40233-5005. Please have available the name of the fund and your account number. For certain types of registrations, such as corporate accounts, instructions must be
submitted in writing. Please call for additional details. When you withdraw from the Plan, you can receive the value of the reinvested shares in one of three ways: your full shares will be held in your account, the Plan Agent will sell your shares
and send the proceeds to you, or you may transfer your full shares to your investment professional who can hold or sell them. Additionally, the Plan Agent will sell your fractional shares and send the proceeds to you.
If you have any questions or for further information or a copy of the Plan, contact the Plan Agent Computershare Trust Company, N.A. (the Transfer Agent for the
fund) at 1-800-637-2304, at the Plan Agent’s website at www.computershare.com/investor, or by writing to the Plan Agent at
P.O. Box 505005, Louisville, KY 40233-5005.
10
PORTFOLIO OF INVESTMENTS
11/30/19
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by jurisdiction.
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Municipal Bonds - 153.2%
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Issuer
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Shares/Par
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Value ($)
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Alabama - 3.0%
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Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030
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$
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105,000
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$
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119,655
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Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035
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115,000
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130,630
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Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045
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155,000
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173,101
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Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050
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165,000
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186,122
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Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026
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130,000
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105,630
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Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029
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185,000
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122,226
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Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034
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260,000
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120,733
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Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035
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500,000
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217,370
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Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021
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95,000
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100,835
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Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023
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140,000
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157,150
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Lower, AL, Gas District Project Rev., “A”, 5%, 9/01/2046
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215,000
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302,615
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Pell City, AL, Special Care Facilities, Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039
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225,000
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239,677
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Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032
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630,000
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690,177
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Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044
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1,670,000
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1,919,899
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|
|
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044
|
|
|
305,000
|
|
|
|
371,130
|
|
|
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049
|
|
|
190,000
|
|
|
|
229,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,186,772
|
|
|
Arizona - 3.3%
|
|
|
|
|
|
|
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038
|
|
$
|
25,000
|
|
|
$
|
29,314
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048
|
|
|
55,000
|
|
|
|
63,568
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052
|
|
|
70,000
|
|
|
|
80,380
|
|
11
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Arizona - continued
|
|
|
|
|
|
|
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038
|
|
$
|
55,000
|
|
|
$
|
59,969
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048
|
|
|
110,000
|
|
|
|
119,297
|
|
|
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053
|
|
|
175,000
|
|
|
|
190,225
|
|
|
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037
|
|
|
25,000
|
|
|
|
27,512
|
|
|
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047
|
|
|
40,000
|
|
|
|
43,380
|
|
|
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051
|
|
|
105,000
|
|
|
|
113,513
|
|
|
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029
|
|
|
25,000
|
|
|
|
26,293
|
|
|
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039
|
|
|
15,000
|
|
|
|
16,652
|
|
|
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049
|
|
|
30,000
|
|
|
|
32,885
|
|
|
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043
|
|
|
160,000
|
|
|
|
180,870
|
|
|
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054
|
|
|
295,000
|
|
|
|
328,447
|
|
|
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048
|
|
|
70,000
|
|
|
|
75,393
|
|
|
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048
|
|
|
100,000
|
|
|
|
112,633
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035
|
|
|
125,000
|
|
|
|
135,146
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035
|
|
|
45,000
|
|
|
|
48,653
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045
|
|
|
205,000
|
|
|
|
218,421
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046
|
|
|
110,000
|
|
|
|
117,145
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Choice Academies, Inc. Project), 5.625%, 9/01/2042
|
|
|
165,000
|
|
|
|
171,456
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034
|
|
|
445,000
|
|
|
|
487,440
|
|
12
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Arizona - continued
|
|
|
|
|
|
|
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044
|
|
$
|
280,000
|
|
|
$
|
302,204
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034
|
|
|
145,000
|
|
|
|
167,559
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035
|
|
|
195,000
|
|
|
|
210,932
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044
|
|
|
235,000
|
|
|
|
270,687
|
|
|
Phoenix, AZ, Industrial Development Authority Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045
|
|
|
215,000
|
|
|
|
229,412
|
|
|
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034
|
|
|
435,000
|
|
|
|
443,474
|
|
|
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041
|
|
|
305,000
|
|
|
|
310,957
|
|
|
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing, LLC-Arizona State University Project),
“A”, 5%, 7/01/2042
|
|
|
100,000
|
|
|
|
116,829
|
|
|
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037
|
|
|
210,000
|
|
|
|
215,641
|
|
|
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047
|
|
|
165,000
|
|
|
|
170,260
|
|
|
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052
|
|
|
115,000
|
|
|
|
118,245
|
|
|
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6%, 12/01/2032
|
|
|
75,000
|
|
|
|
79,955
|
|
|
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2042
|
|
|
220,000
|
|
|
|
234,357
|
|
|
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2046
|
|
|
85,000
|
|
|
|
90,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,639,549
|
|
|
Arkansas - 0.3%
|
|
|
|
|
|
|
|
|
|
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035
|
|
$
|
40,000
|
|
|
$
|
45,233
|
|
|
Arkansas Development Finance Authority Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033
|
|
|
60,000
|
|
|
|
68,043
|
|
|
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028
|
|
|
40,000
|
|
|
|
41,720
|
|
|
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033
|
|
|
80,000
|
|
|
|
83,350
|
|
|
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039
|
|
|
10,000
|
|
|
|
10,168
|
|
13
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Arkansas - continued
|
|
|
|
|
|
|
|
|
|
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046
|
|
$
|
610,000
|
|
|
$
|
246,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
494,893
|
|
|
California - 10.5%
|
|
|
|
|
|
|
|
|
|
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031
|
|
$
|
350,000
|
|
|
$
|
272,286
|
|
|
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032
|
|
|
355,000
|
|
|
|
267,223
|
|
|
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033
|
|
|
715,000
|
|
|
|
523,230
|
|
|
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/2031
|
|
|
190,000
|
|
|
|
199,576
|
|
|
California Health Facilities Financing Authority Rev. (Sutter Health), “B”, 5.875%, 8/15/2031 (Prerefunded 8/15/2020)
|
|
|
835,000
|
|
|
|
863,549
|
|
|
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034
|
|
|
155,000
|
|
|
|
235,433
|
|
|
California M-S-R Energy Authority Gas Rev., “A”, 6.5%, 11/01/2039
|
|
|
570,000
|
|
|
|
882,286
|
|
|
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042
|
|
|
110,000
|
|
|
|
127,919
|
|
|
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035
|
|
|
45,000
|
|
|
|
50,002
|
|
|
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036
|
|
|
115,000
|
|
|
|
133,682
|
|
|
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041
|
|
|
105,000
|
|
|
|
121,102
|
|
|
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047
|
|
|
15,000
|
|
|
|
17,183
|
|
|
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039
|
|
|
150,000
|
|
|
|
171,609
|
|
|
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n)
|
|
|
100,000
|
|
|
|
106,361
|
|
|
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n)
|
|
|
100,000
|
|
|
|
112,131
|
|
|
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039
|
|
|
460,000
|
|
|
|
499,592
|
|
|
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
|
|
|
630,000
|
|
|
|
611,012
|
|
|
California Pollution Control Financing Authority, Water Furnishing Rev. (Poseidon Resources Desalination Project), 5%, 11/21/2045
|
|
|
530,000
|
|
|
|
563,708
|
|
|
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033
|
|
|
1,290,000
|
|
|
|
1,495,742
|
|
14
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
California - continued
|
|
|
|
|
|
|
|
|
|
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030
|
|
$
|
45,000
|
|
|
$
|
51,375
|
|
|
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045
|
|
|
130,000
|
|
|
|
144,422
|
|
|
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044
|
|
|
150,000
|
|
|
|
165,760
|
|
|
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033
|
|
|
100,000
|
|
|
|
115,198
|
|
|
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041
|
|
|
115,000
|
|
|
|
132,398
|
|
|
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033
|
|
|
125,000
|
|
|
|
140,907
|
|
|
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034
|
|
|
225,000
|
|
|
|
252,976
|
|
|
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044
|
|
|
465,000
|
|
|
|
514,016
|
|
|
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056
|
|
|
290,000
|
|
|
|
326,433
|
|
|
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049
|
|
|
185,000
|
|
|
|
212,937
|
|
|
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/2034
|
|
|
310,000
|
|
|
|
311,159
|
|
|
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041
|
|
|
1,990,000
|
|
|
|
2,239,964
|
|
|
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036
|
|
|
135,000
|
|
|
|
137,480
|
|
|
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047
|
|
|
175,000
|
|
|
|
181,051
|
|
|
Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047
|
|
|
895,000
|
|
|
|
999,071
|
|
|
Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044
|
|
|
260,000
|
|
|
|
292,378
|
|
|
Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042
|
|
|
215,000
|
|
|
|
244,416
|
|
|
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036
|
|
|
65,000
|
|
|
|
68,890
|
|
|
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035
|
|
|
40,000
|
|
|
|
45,463
|
|
|
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034
|
|
|
50,000
|
|
|
|
55,261
|
|
|
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044
|
|
|
80,000
|
|
|
|
87,969
|
|
|
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)
|
|
|
195,000
|
|
|
|
223,739
|
|
15
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
California - continued
|
|
|
|
|
|
|
|
|
|
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 9/01/2022
|
|
$
|
1,910,000
|
|
|
$
|
1,837,783
|
|
|
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043
|
|
|
35,000
|
|
|
|
39,537
|
|
|
State of California, 5.25%, 10/01/2028
|
|
|
425,000
|
|
|
|
456,688
|
|
|
State of California, 5.25%, 9/01/2030
|
|
|
1,005,000
|
|
|
|
1,077,099
|
|
|
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044
|
|
|
430,000
|
|
|
|
475,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,083,907
|
|
|
Colorado - 6.4%
|
|
|
|
|
|
|
|
|
|
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031
|
|
$
|
85,000
|
|
|
$
|
96,470
|
|
|
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038
|
|
|
95,000
|
|
|
|
106,563
|
|
|
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030
|
|
|
50,000
|
|
|
|
56,648
|
|
|
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034
|
|
|
50,000
|
|
|
|
56,239
|
|
|
Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043
|
|
|
250,000
|
|
|
|
282,845
|
|
|
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044
|
|
|
170,000
|
|
|
|
183,007
|
|
|
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049
|
|
|
135,000
|
|
|
|
144,087
|
|
|
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043
|
|
|
130,000
|
|
|
|
149,821
|
|
|
Colorado High Performance Transportation Enterprise Rev. (C-470 Express Lanes), 5%, 12/31/2056
|
|
|
120,000
|
|
|
|
130,817
|
|
|
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034
|
|
|
795,000
|
|
|
|
813,134
|
|
|
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041
|
|
|
385,000
|
|
|
|
393,782
|
|
|
Denver, CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048
|
|
|
500,000
|
|
|
|
529,475
|
|
|
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028
|
|
|
205,000
|
|
|
|
224,489
|
|
|
Denver, CO, City & County Airport Systems Rev., “B”, ETM, 6.125%, 11/15/2025
|
|
|
2,840,000
|
|
|
|
2,960,757
|
|
|
Denver, CO, City & County Airport Systems Rev., “C”, ETM, 6.125%, 11/15/2025
|
|
|
2,280,000
|
|
|
|
2,703,784
|
|
|
Denver, CO, City & County Special Facilities Airport Refunding Rev. (United Airlines), 5%, 10/01/2032
|
|
|
290,000
|
|
|
|
316,486
|
|
16
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Colorado - continued
|
|
|
|
|
|
|
|
|
|
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035
|
|
$
|
80,000
|
|
|
$
|
91,884
|
|
|
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036
|
|
|
50,000
|
|
|
|
57,306
|
|
|
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040
|
|
|
135,000
|
|
|
|
153,161
|
|
|
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048
|
|
|
100,000
|
|
|
|
117,687
|
|
|
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2037
|
|
|
255,000
|
|
|
|
282,994
|
|
|
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040
|
|
|
255,000
|
|
|
|
280,260
|
|
|
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045
|
|
|
125,000
|
|
|
|
137,525
|
|
|
Park Creek Metropolitan District, CO, Senior Limited Property Tax
|
|
|
|
|
|
|
|
|
|
Supported Rev., “A”, NATL, 5%, 12/01/2045
|
|
|
475,000
|
|
|
|
542,626
|
|
|
Tallyn’s Reach, CO, Metropolitan District No. 3, 5.125%, 11/01/2038
|
|
|
100,000
|
|
|
|
106,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,918,393
|
|
|
Connecticut - 0.5%
|
|
|
|
|
|
|
|
|
|
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)
|
|
$
|
790,000
|
|
|
$
|
807,799
|
|
|
Mohegan Tribe Indians, CT, Gaming Authority Rev., “C”, 4.75%, 2/01/2020 (n)
|
|
|
120,000
|
|
|
|
120,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
928,204
|
|
|
Delaware - 0.4%
|
|
|
|
|
|
|
|
|
|
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043
|
|
$
|
230,000
|
|
|
$
|
270,512
|
|
|
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048
|
|
|
115,000
|
|
|
|
134,419
|
|
|
Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project),
“A”, 5%, 7/01/2048
|
|
|
110,000
|
|
|
|
122,338
|
|
|
Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project),
“A”, 5%, 7/01/2058
|
|
|
120,000
|
|
|
|
132,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
659,392
|
|
|
District of Columbia - 1.5%
|
|
|
|
|
|
|
|
|
|
District of Columbia Rev. (Kipp D.C. Charter School), “A”, 6%, 7/01/2033 (Prerefunded 7/01/2023)
|
|
$
|
55,000
|
|
|
$
|
64,281
|
|
|
District of Columbia Rev. (Kipp D.C. Charter School), “A”, 6%, 7/01/2043 (Prerefunded 7/01/2023)
|
|
|
140,000
|
|
|
|
163,625
|
|
|
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039
|
|
|
250,000
|
|
|
|
270,928
|
|
|
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030
|
|
|
175,000
|
|
|
|
182,432
|
|
17
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
District of Columbia - continued
|
|
|
|
|
|
|
|
|
|
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035
|
|
$
|
850,000
|
|
|
$
|
881,909
|
|
|
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045
|
|
|
985,000
|
|
|
|
1,014,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,577,666
|
|
|
Florida - 8.3%
|
|
|
|
|
|
|
|
|
|
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6%, 11/15/2034
|
|
$
|
90,000
|
|
|
$
|
80,509
|
|
|
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.25%, 11/15/2044
|
|
|
215,000
|
|
|
|
186,592
|
|
|
Alachua County, FL, Health Facilities Authority Rev. (East Ridge Retirement Village, Inc.), 6.375%, 11/15/2049
|
|
|
125,000
|
|
|
|
108,708
|
|
|
Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036
|
|
|
130,000
|
|
|
|
138,940
|
|
|
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.375%, 5/01/2030
|
|
|
105,000
|
|
|
|
114,972
|
|
|
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.5%, 5/01/2033
|
|
|
50,000
|
|
|
|
54,716
|
|
|
Bellalago, FL, Educational Facilities Benefit District (Osceola County) Capital Improvement Refunding Rev., 4.6%, 5/01/2034
|
|
|
75,000
|
|
|
|
82,289
|
|
|
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039
|
|
|
185,000
|
|
|
|
194,537
|
|
|
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/2043
|
|
|
605,000
|
|
|
|
651,779
|
|
|
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044
|
|
|
610,000
|
|
|
|
579,122
|
|
|
Collier County, FL, Industrial Development Authority Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049
|
|
|
100,000
|
|
|
|
94,907
|
|
|
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035
|
|
|
170,000
|
|
|
|
193,851
|
|
|
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046
|
|
|
235,000
|
|
|
|
262,375
|
|
|
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048
|
|
|
140,000
|
|
|
|
154,011
|
|
|
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039
|
|
|
155,000
|
|
|
|
163,376
|
|
|
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049
|
|
|
610,000
|
|
|
|
639,042
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046
|
|
|
175,000
|
|
|
|
198,578
|
|
18
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Florida - continued
|
|
|
|
|
|
|
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032
|
|
$
|
140,000
|
|
|
$
|
144,787
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 7.625%, 6/15/2041
|
|
|
935,000
|
|
|
|
993,942
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043
|
|
|
295,000
|
|
|
|
302,938
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044
|
|
|
555,000
|
|
|
|
641,968
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037
|
|
|
100,000
|
|
|
|
106,469
|
|
|
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047
|
|
|
205,000
|
|
|
|
216,951
|
|
|
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033
|
|
|
100,000
|
|
|
|
109,912
|
|
|
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038
|
|
|
100,000
|
|
|
|
110,662
|
|
|
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048
|
|
|
110,000
|
|
|
|
122,632
|
|
|
Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 5/01/2037
|
|
|
470,000
|
|
|
|
449,264
|
|
|
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053
|
|
|
115,000
|
|
|
|
127,313
|
|
|
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025
|
|
|
100,000
|
|
|
|
103,277
|
|
|
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035
|
|
|
100,000
|
|
|
|
105,858
|
|
|
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045
|
|
|
120,000
|
|
|
|
125,534
|
|
|
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047
|
|
|
165,000
|
|
|
|
180,528
|
|
|
Marshall Creek, FL, Community Development District Rev. (St. John’s County), “A”, 5%, 5/01/2032
|
|
|
105,000
|
|
|
|
108,870
|
|
|
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046
|
|
|
280,000
|
|
|
|
310,436
|
|
|
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044
|
|
|
370,000
|
|
|
|
400,810
|
|
|
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021)
|
|
|
1,015,000
|
|
|
|
1,123,899
|
|
|
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029
|
|
|
125,000
|
|
|
|
132,379
|
|
|
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037
|
|
|
100,000
|
|
|
|
105,307
|
|
19
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Florida - continued
|
|
|
|
|
|
|
|
|
|
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042
|
|
$
|
475,000
|
|
|
$
|
538,360
|
|
|
Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034
|
|
|
30,000
|
|
|
|
36,365
|
|
|
Palm Beach County, FL, Health Facilities Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049
|
|
|
150,000
|
|
|
|
168,853
|
|
|
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036
|
|
|
105,000
|
|
|
|
109,298
|
|
|
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047
|
|
|
190,000
|
|
|
|
197,353
|
|
|
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049
|
|
|
120,000
|
|
|
|
129,052
|
|
|
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045
|
|
|
135,000
|
|
|
|
163,640
|
|
|
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046
|
|
|
95,000
|
|
|
|
100,674
|
|
|
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047
|
|
|
70,000
|
|
|
|
76,567
|
|
|
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052
|
|
|
130,000
|
|
|
|
141,934
|
|
|
St. John’s County, FL, Industrial Development Authority Rev. (Presbyterian Retirement), “A”, 6%, 8/01/2045 (Prerefunded 8/01/2020)
|
|
|
780,000
|
|
|
|
804,461
|
|
|
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026
|
|
|
25,000
|
|
|
|
28,165
|
|
|
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029
|
|
|
25,000
|
|
|
|
27,871
|
|
|
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034
|
|
|
50,000
|
|
|
|
55,064
|
|
|
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044
|
|
|
150,000
|
|
|
|
163,844
|
|
|
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040
|
|
|
430,000
|
|
|
|
481,497
|
|
|
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044
|
|
|
165,000
|
|
|
|
183,866
|
|
|
Tampa, FL (University of Tampa Project), 5%, 4/01/2040
|
|
|
105,000
|
|
|
|
118,955
|
|
|
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035
|
|
|
215,000
|
|
|
|
228,074
|
|
|
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045
|
|
|
390,000
|
|
|
|
412,573
|
|
|
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037
|
|
|
130,000
|
|
|
|
129,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,217,655
|
|
20
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Georgia - 1.2%
|
|
|
|
|
|
|
|
|
|
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.25%, 5/15/2033
|
|
$
|
120,000
|
|
|
$
|
133,259
|
|
|
Americus and Sumter County, GA, Hospital Authority Rev. (Magnolia Manor Obligated Group), “A”, 6.375%, 5/15/2043
|
|
|
120,000
|
|
|
|
132,338
|
|
|
Clayton County, GA, Development Authority, Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/2029
|
|
|
255,000
|
|
|
|
264,004
|
|
|
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030
|
|
|
60,000
|
|
|
|
67,500
|
|
|
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033
|
|
|
105,000
|
|
|
|
117,286
|
|
|
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038
|
|
|
110,000
|
|
|
|
121,907
|
|
|
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028
|
|
|
430,000
|
|
|
|
546,900
|
|
|
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043
|
|
|
135,000
|
|
|
|
159,598
|
|
|
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056
|
|
|
125,000
|
|
|
|
144,290
|
|
|
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063
|
|
|
120,000
|
|
|
|
137,539
|
|
|
Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), “A”, 5%, 11/01/2037
|
|
|
155,000
|
|
|
|
174,129
|
|
|
Marietta, GA, Development Facilities Authority Rev. (Life University, Inc. Project), “A”, 5%, 11/01/2047
|
|
|
110,000
|
|
|
|
121,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,120,463
|
|
|
Guam - 0.5%
|
|
|
|
|
|
|
|
|
|
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.625%, 12/01/2030
|
|
$
|
245,000
|
|
|
$
|
250,103
|
|
|
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 12/01/2040
|
|
|
630,000
|
|
|
|
645,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
895,400
|
|
|
Hawaii - 0.3%
|
|
|
|
|
|
|
|
|
|
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030
|
|
$
|
150,000
|
|
|
$
|
157,107
|
|
|
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045
|
|
|
125,000
|
|
|
|
127,861
|
|
|
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021)
|
|
|
160,000
|
|
|
|
172,309
|
|
|
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021)
|
|
|
95,000
|
|
|
|
102,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
559,585
|
|
21
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Idaho - 1.3%
|
|
|
|
|
|
|
|
|
|
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2/15/2021
|
|
$
|
1,750,000
|
|
|
$
|
1,864,345
|
|
|
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037
|
|
|
50,000
|
|
|
|
55,792
|
|
|
Idaho Health Facilities Authority Rev. (St. Luke’s Health System Project), “A”, 4%, 3/01/2038
|
|
|
230,000
|
|
|
|
247,657
|
|
|
Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049
|
|
|
100,000
|
|
|
|
114,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,282,661
|
|
|
Illinois - 17.4%
|
|
|
|
|
|
|
|
|
|
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024
|
|
$
|
465,000
|
|
|
$
|
458,337
|
|
|
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036
|
|
|
665,000
|
|
|
|
678,333
|
|
|
Chicago, IL, “A”, 5.25%, 1/01/2028
|
|
|
40,000
|
|
|
|
44,294
|
|
|
Chicago, IL, “A”, 5%, 1/01/2035
|
|
|
60,000
|
|
|
|
65,010
|
|
|
Chicago, IL, “A”, 5%, 1/01/2036
|
|
|
130,000
|
|
|
|
140,656
|
|
|
Chicago, IL, “A”, 5%, 1/01/2040
|
|
|
155,000
|
|
|
|
175,795
|
|
|
Chicago, IL, “A”, 5%, 1/01/2044
|
|
|
490,000
|
|
|
|
551,186
|
|
|
Chicago, IL, “A”, 5.5%, 1/01/2049
|
|
|
505,000
|
|
|
|
595,865
|
|
|
Chicago, IL, “A”, AGM, 5%, 1/01/2027
|
|
|
25,000
|
|
|
|
25,067
|
|
|
Chicago, IL, “A”, AGM, 5%, 1/01/2028 (Prerefunded 1/01/2020)
|
|
|
560,000
|
|
|
|
561,842
|
|
|
Chicago, IL, “A”, AGM, 4.75%, 1/01/2030
|
|
|
30,000
|
|
|
|
30,068
|
|
|
Chicago, IL, “A”, AGM, 4.625%, 1/01/2031
|
|
|
40,000
|
|
|
|
40,086
|
|
|
Chicago, IL, “A”, AGM, 5%, 1/01/2037
|
|
|
325,000
|
|
|
|
325,874
|
|
|
Chicago, IL, “C”, NATL, 5%, 1/01/2029
|
|
|
15,000
|
|
|
|
15,051
|
|
|
Chicago, IL, “D”, 5.5%, 1/01/2033
|
|
|
110,000
|
|
|
|
124,837
|
|
|
Chicago, IL, Board of Education, 5%, 12/01/2042
|
|
|
165,000
|
|
|
|
174,336
|
|
|
Chicago, IL, Board of Education (School Reform), “A”, NATL, 5.25%, 12/01/2023
|
|
|
625,000
|
|
|
|
685,762
|
|
|
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, 0%, 12/01/2019
|
|
|
80,000
|
|
|
|
80,000
|
|
|
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2028
|
|
|
315,000
|
|
|
|
244,887
|
|
|
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046
|
|
|
105,000
|
|
|
|
117,187
|
|
|
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046
|
|
|
1,225,000
|
|
|
|
1,460,286
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025
|
|
|
160,000
|
|
|
|
185,998
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026
|
|
|
65,000
|
|
|
|
76,817
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027
|
|
|
155,000
|
|
|
|
186,006
|
|
22
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Illinois - continued
|
|
|
|
|
|
|
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028
|
|
$
|
75,000
|
|
|
$
|
91,077
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029
|
|
|
50,000
|
|
|
|
61,460
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030
|
|
|
35,000
|
|
|
|
43,513
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031
|
|
|
95,000
|
|
|
|
119,795
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030
|
|
|
215,000
|
|
|
|
258,817
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031
|
|
|
410,000
|
|
|
|
492,217
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032
|
|
|
350,000
|
|
|
|
418,831
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046
|
|
|
405,000
|
|
|
|
515,419
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029
|
|
|
140,000
|
|
|
|
169,180
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035
|
|
|
135,000
|
|
|
|
160,140
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034
|
|
|
315,000
|
|
|
|
359,733
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036
|
|
|
475,000
|
|
|
|
539,638
|
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046
|
|
|
305,000
|
|
|
|
340,066
|
|
|
Chicago, IL, General Obligation, “A”, 6%, 1/01/2038
|
|
|
340,000
|
|
|
|
408,337
|
|
|
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2030
|
|
|
1,000,000
|
|
|
|
1,068,510
|
|
|
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033
|
|
|
435,000
|
|
|
|
518,242
|
|
|
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038
|
|
|
380,000
|
|
|
|
446,964
|
|
|
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048
|
|
|
310,000
|
|
|
|
360,167
|
|
|
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032
|
|
|
95,000
|
|
|
|
105,595
|
|
|
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033
|
|
|
50,000
|
|
|
|
55,545
|
|
|
Chicago, IL, O’Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043
|
|
|
190,000
|
|
|
|
211,945
|
|
|
Chicago, IL, O’Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048
|
|
|
255,000
|
|
|
|
301,007
|
|
23
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Illinois - continued
|
|
|
|
|
|
|
|
|
|
Chicago, IL, O’Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053
|
|
$
|
140,000
|
|
|
$
|
164,410
|
|
|
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029
|
|
|
215,000
|
|
|
|
229,123
|
|
|
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030
|
|
|
430,000
|
|
|
|
457,623
|
|
|
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031
|
|
|
80,000
|
|
|
|
85,080
|
|
|
Cook County, IL, 5%, 11/15/2034
|
|
|
50,000
|
|
|
|
57,923
|
|
|
Cook County, IL, 5%, 11/15/2035
|
|
|
180,000
|
|
|
|
207,940
|
|
|
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047
|
|
|
580,000
|
|
|
|
661,913
|
|
|
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036
|
|
|
227,000
|
|
|
|
227,577
|
|
|
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034
|
|
|
165,000
|
|
|
|
192,176
|
|
|
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035
|
|
|
165,000
|
|
|
|
191,562
|
|
|
Illinois Finance Authority Rev. (Evangelical Retirement Homes of Greater Chicago, Inc.), 7.25%, 2/15/2045 (Prerefunded 2/15/2020)
|
|
|
1,050,000
|
|
|
|
1,062,600
|
|
|
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 4.75%, 5/15/2033
|
|
|
245,000
|
|
|
|
258,620
|
|
|
Illinois Finance Authority Rev. (Franciscan Communities, Inc.), “A”, 5.125%, 5/15/2043
|
|
|
265,000
|
|
|
|
279,935
|
|
|
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.5%, 5/15/2027
|
|
|
35,000
|
|
|
|
37,043
|
|
|
Illinois Finance Authority Rev. (Lutheran Home & Services), 5.625%, 5/15/2042
|
|
|
260,000
|
|
|
|
271,180
|
|
|
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036
|
|
|
195,000
|
|
|
|
231,367
|
|
|
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041
|
|
|
660,000
|
|
|
|
722,528
|
|
|
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041
|
|
|
400,000
|
|
|
|
468,932
|
|
|
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043
|
|
|
255,000
|
|
|
|
286,419
|
|
|
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042
|
|
|
45,000
|
|
|
|
51,207
|
|
|
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047
|
|
|
65,000
|
|
|
|
73,607
|
|
|
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046
|
|
|
50,000
|
|
|
|
56,659
|
|
|
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049
|
|
|
70,000
|
|
|
|
79,185
|
|
24
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Illinois - continued
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035
|
|
$
|
530,000
|
|
|
$
|
600,649
|
|
|
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034
|
|
|
5,000
|
|
|
|
5,854
|
|
|
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois
at Chicago Project), “A”, 5%, 2/15/2037
|
|
|
30,000
|
|
|
|
34,218
|
|
|
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois
at Chicago Project), “A”, 5%, 2/15/2047
|
|
|
60,000
|
|
|
|
67,289
|
|
|
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
|
|
|
|
27,992
|
|
|
Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031
|
|
|
785,000
|
|
|
|
830,883
|
|
|
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)
|
|
|
1,710,000
|
|
|
|
1,831,478
|
|
|
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030
|
|
|
5,000
|
|
|
|
5,902
|
|
|
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028
|
|
|
50,000
|
|
|
|
60,631
|
|
|
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029
|
|
|
65,000
|
|
|
|
79,469
|
|
|
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030
|
|
|
40,000
|
|
|
|
48,824
|
|
|
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034
|
|
|
348,000
|
|
|
|
348,595
|
|
|
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%,
6/15/2047
|
|
|
1,650,000
|
|
|
|
640,299
|
|
|
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 6/15/2026
|
|
|
195,000
|
|
|
|
167,876
|
|
|
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042
|
|
|
165,000
|
|
|
|
179,208
|
|
|
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039
|
|
|
90,000
|
|
|
|
98,214
|
|
|
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041
|
|
|
70,000
|
|
|
|
72,240
|
|
|
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046
|
|
|
70,000
|
|
|
|
71,999
|
|
|
State of Illinois, 5%, 6/01/2020
|
|
|
335,000
|
|
|
|
340,353
|
|
|
State of Illinois, 5%, 2/01/2025
|
|
|
85,000
|
|
|
|
95,243
|
|
|
State of Illinois, 5%, 2/01/2026
|
|
|
450,000
|
|
|
|
511,375
|
|
|
State of Illinois, 4.125%, 11/01/2031
|
|
|
115,000
|
|
|
|
121,591
|
|
|
State of Illinois, 5%, 5/01/2032
|
|
|
205,000
|
|
|
|
234,208
|
|
25
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Illinois - continued
|
|
|
|
|
|
|
|
|
|
State of Illinois, 4.5%, 11/01/2039
|
|
$
|
160,000
|
|
|
$
|
169,957
|
|
|
State of Illinois, AGM, 5%, 2/01/2027
|
|
|
145,000
|
|
|
|
161,745
|
|
|
State of Illinois, NATL, 6%, 11/01/2026
|
|
|
405,000
|
|
|
|
472,833
|
|
|
State of Illinois, “A”, 5%, 12/01/2024
|
|
|
35,000
|
|
|
|
39,242
|
|
|
State of Illinois, “A”, 5%, 10/01/2028
|
|
|
390,000
|
|
|
|
455,103
|
|
|
State of Illinois, “A”, 5%, 12/01/2038
|
|
|
540,000
|
|
|
|
605,680
|
|
|
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043
|
|
|
460,000
|
|
|
|
522,864
|
|
|
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048
|
|
|
460,000
|
|
|
|
519,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,866,047
|
|
|
Indiana - 2.3%
|
|
|
|
|
|
|
|
|
|
Indiana Finance Authority Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051
|
|
$
|
430,000
|
|
|
$
|
491,051
|
|
|
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041
|
|
|
350,000
|
|
|
|
395,720
|
|
|
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030
|
|
|
50,000
|
|
|
|
55,337
|
|
|
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039
|
|
|
125,000
|
|
|
|
136,173
|
|
|
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035
|
|
|
235,000
|
|
|
|
257,663
|
|
|
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040
|
|
|
590,000
|
|
|
|
642,699
|
|
|
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2044
|
|
|
155,000
|
|
|
|
168,254
|
|
|
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039
|
|
|
85,000
|
|
|
|
100,466
|
|
|
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044
|
|
|
20,000
|
|
|
|
21,368
|
|
|
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049
|
|
|
25,000
|
|
|
|
26,589
|
|
|
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042
|
|
|
130,000
|
|
|
|
133,336
|
|
|
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032
|
|
|
35,000
|
|
|
|
42,034
|
|
|
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033
|
|
|
25,000
|
|
|
|
29,915
|
|
|
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035
|
|
|
35,000
|
|
|
|
41,577
|
|
|
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038
|
|
|
100,000
|
|
|
|
117,320
|
|
26
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Indiana - continued
|
|
|
|
|
|
|
|
|
|
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034
|
|
$
|
325,000
|
|
|
$
|
376,434
|
|
|
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044
|
|
|
750,000
|
|
|
|
873,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,909,716
|
|
|
Iowa - 0.3%
|
|
|
|
|
|
|
|
|
|
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033
|
|
$
|
60,000
|
|
|
$
|
66,103
|
|
|
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038
|
|
|
45,000
|
|
|
|
49,199
|
|
|
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048
|
|
|
85,000
|
|
|
|
92,044
|
|
|
Iowa Student Loan Liquidity Corp. Rev., “A-1”, 4.625%, 12/01/2019
|
|
|
25,000
|
|
|
|
25,000
|
|
|
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044
|
|
|
310,000
|
|
|
|
304,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
537,073
|
|
|
Kansas - 1.1%
|
|
|
|
|
|
|
|
|
|
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2038
|
|
$
|
300,000
|
|
|
$
|
339,708
|
|
|
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2042
|
|
|
100,000
|
|
|
|
112,602
|
|
|
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036
|
|
|
50,000
|
|
|
|
56,591
|
|
|
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041
|
|
|
50,000
|
|
|
|
56,010
|
|
|
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030
|
|
|
55,000
|
|
|
|
62,705
|
|
|
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032
|
|
|
50,000
|
|
|
|
56,758
|
|
|
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039
|
|
|
65,000
|
|
|
|
72,797
|
|
|
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043
|
|
|
200,000
|
|
|
|
219,416
|
|
|
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047
|
|
|
195,000
|
|
|
|
209,440
|
|
|
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 3%, 9/01/2023
|
|
|
60,000
|
|
|
|
60,997
|
|
|
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027
|
|
|
190,000
|
|
|
|
193,543
|
|
|
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040
|
|
|
75,000
|
|
|
|
78,386
|
|
27
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
255,000
|
|
|
$
|
286,021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,804,974
|
|
|
Kentucky - 2.6%
|
|
|
|
|
|
|
|
|
|
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032
|
|
$
|
50,000
|
|
|
$
|
60,932
|
|
|
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033
|
|
|
45,000
|
|
|
|
54,619
|
|
|
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034
|
|
|
55,000
|
|
|
|
66,523
|
|
|
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046
|
|
|
355,000
|
|
|
|
286,641
|
|
|
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051
|
|
|
340,000
|
|
|
|
274,475
|
|
|
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042
|
|
|
225,000
|
|
|
|
235,116
|
|
|
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045
|
|
|
95,000
|
|
|
|
99,492
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037
|
|
|
40,000
|
|
|
|
46,442
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041
|
|
|
315,000
|
|
|
|
363,699
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046
|
|
|
205,000
|
|
|
|
234,985
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037
|
|
|
160,000
|
|
|
|
183,178
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041
|
|
|
105,000
|
|
|
|
119,376
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041
|
|
|
80,000
|
|
|
|
92,697
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045
|
|
|
135,000
|
|
|
|
151,907
|
|
|
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Medical Health System, Inc.), “A”, 6.375%, 6/01/2040 (Prerefunded 6/01/2020)
|
|
|
735,000
|
|
|
|
753,845
|
|
|
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036
|
|
|
140,000
|
|
|
|
147,561
|
|
28
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%, 5/15/2046
|
|
$
|
395,000
|
|
|
$
|
410,421
|
|
|
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051
|
|
|
100,000
|
|
|
|
103,619
|
|
|
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036
|
|
|
465,000
|
|
|
|
533,225
|
|
|
Owen County, KY, Waterworks System Rev. (American Water Co. Project), “A”, 6.25%, 6/01/2039
|
|
|
260,000
|
|
|
|
260,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,479,010
|
|
|
Louisiana - 3.7%
|
|
|
|
|
|
|
|
|
|
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031
|
|
$
|
380,000
|
|
|
$
|
389,287
|
|
|
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041
|
|
|
240,000
|
|
|
|
244,968
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037
|
|
|
100,000
|
|
|
|
112,183
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045
|
|
|
600,000
|
|
|
|
626,898
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044
|
|
|
205,000
|
|
|
|
207,171
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043
|
|
|
185,000
|
|
|
|
186,204
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044
|
|
|
235,000
|
|
|
|
236,295
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035
|
|
|
105,000
|
|
|
|
117,730
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045
|
|
|
420,000
|
|
|
|
470,765
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038
|
|
|
115,000
|
|
|
|
124,731
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039
|
|
|
100,000
|
|
|
|
107,659
|
|
29
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Louisiana - continued
|
|
|
|
|
|
|
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038
|
|
$
|
100,000
|
|
|
$
|
107,200
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037
|
|
|
240,000
|
|
|
|
258,158
|
|
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047
|
|
|
185,000
|
|
|
|
198,187
|
|
|
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
|
|
|
100,000
|
|
|
|
109,556
|
|
|
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
|
|
|
150,000
|
|
|
|
161,277
|
|
|
Louisiana Military Department Custody Receipts, 5%, 8/01/2024
|
|
|
1,500,000
|
|
|
|
1,508,520
|
|
|
New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2040
|
|
|
80,000
|
|
|
|
91,004
|
|
|
New Orleans, LA, Sewerage Service Rev., 5%, 6/01/2045
|
|
|
220,000
|
|
|
|
248,391
|
|
|
New Orleans, LA, Sewerage Service Rev., 5%, 12/01/2045
|
|
|
95,000
|
|
|
|
107,113
|
|
|
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)
|
|
|
760,000
|
|
|
|
800,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,414,178
|
|
|
Maine - 0.3%
|
|
|
|
|
|
|
|
|
|
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025)
|
|
$
|
160,000
|
|
|
$
|
174,856
|
|
|
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025
|
|
|
365,000
|
|
|
|
411,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
586,507
|
|
|
Maryland - 1.2%
|
|
|
|
|
|
|
|
|
|
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2039
|
|
$
|
115,000
|
|
|
$
|
132,040
|
|
|
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042
|
|
|
100,000
|
|
|
|
114,134
|
|
|
Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2046
|
|
|
165,000
|
|
|
|
187,527
|
|
|
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047
|
|
|
145,000
|
|
|
|
153,261
|
|
|
Maryland Economic Development Corp. Rev. (Port America Chesapeake Terminal Project), “B”, 5.375%, 6/01/2025 (Prerefunded 6/01/2020)
|
|
|
125,000
|
|
|
|
127,596
|
|
|
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038
|
|
|
10,000
|
|
|
|
10,522
|
|
30
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Maryland - continued
|
|
|
|
|
|
|
|
|
|
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048
|
|
$
|
30,000
|
|
|
$
|
31,116
|
|
|
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058
|
|
|
115,000
|
|
|
|
118,426
|
|
|
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare Issue), “A”, 5.5%, 1/01/2036
|
|
|
190,000
|
|
|
|
227,151
|
|
|
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033
|
|
|
115,000
|
|
|
|
132,533
|
|
|
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034
|
|
|
70,000
|
|
|
|
80,412
|
|
|
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038
|
|
|
315,000
|
|
|
|
356,822
|
|
|
Prince George’s County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048
|
|
|
100,000
|
|
|
|
110,823
|
|
|
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%,
11/01/2037
|
|
|
45,000
|
|
|
|
50,071
|
|
|
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042
|
|
|
85,000
|
|
|
|
93,753
|
|
|
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047
|
|
|
90,000
|
|
|
|
98,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,025,151
|
|
|
Massachusetts - 5.0%
|
|
|
|
|
|
|
|
|
|
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036
|
|
$
|
370,000
|
|
|
$
|
392,718
|
|
|
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), 5%, 7/01/2035
|
|
|
25,000
|
|
|
|
29,304
|
|
|
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037
|
|
|
895,000
|
|
|
|
579,960
|
|
|
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039
|
|
|
65,000
|
|
|
|
78,078
|
|
|
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049
|
|
|
60,000
|
|
|
|
63,740
|
|
|
Massachusetts Development Finance Agency Rev. (Broad Institute, Inc.), “A”, 5.25%, 4/01/2037 (Prerefunded 4/01/2021)
|
|
|
710,000
|
|
|
|
748,915
|
|
|
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056
|
|
|
56,165
|
|
|
|
15,876
|
|
|
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047
|
|
|
100,000
|
|
|
|
109,918
|
|
|
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057
|
|
|
255,000
|
|
|
|
279,549
|
|
|
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023)
|
|
|
100,000
|
|
|
|
119,553
|
|
31
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Massachusetts - continued
|
|
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.5%, 11/15/2043 (Prerefunded 11/15/2023)
|
|
$
|
135,000
|
|
|
$
|
162,579
|
|
|
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033
|
|
|
40,000
|
|
|
|
47,085
|
|
|
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034
|
|
|
50,000
|
|
|
|
58,742
|
|
|
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 1/01/2032 (Prerefunded 1/01/2021)
|
|
|
330,000
|
|
|
|
351,532
|
|
|
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 1/01/2032
|
|
|
225,000
|
|
|
|
239,681
|
|
|
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036
|
|
|
145,000
|
|
|
|
169,357
|
|
|
Massachusetts Development Finance Agency Rev. (Wellforce), “A”, 4%, 7/01/2044
|
|
|
3,080,000
|
|
|
|
3,318,885
|
|
|
Massachusetts Development Finance Agency Rev. (Wellforce), “A”, 5%, 7/01/2044
|
|
|
65,000
|
|
|
|
76,297
|
|
|
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046
|
|
|
405,000
|
|
|
|
432,398
|
|
|
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033
|
|
|
695,000
|
|
|
|
721,014
|
|
|
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041
|
|
|
50,000
|
|
|
|
52,692
|
|
|
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032
|
|
|
490,000
|
|
|
|
525,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,573,266
|
|
|
Michigan - 3.2%
|
|
|
|
|
|
|
|
|
|
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043
|
|
$
|
120,000
|
|
|
$
|
133,140
|
|
|
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039
|
|
|
730,000
|
|
|
|
790,108
|
|
|
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036
|
|
|
35,000
|
|
|
|
36,679
|
|
|
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041
|
|
|
50,000
|
|
|
|
52,252
|
|
|
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047
|
|
|
565,000
|
|
|
|
621,297
|
|
|
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), “A”, 4%, 11/15/2050
|
|
|
445,000
|
|
|
|
486,145
|
|
|
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048
|
|
|
280,000
|
|
|
|
335,440
|
|
|
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
|
|
|
80,000
|
|
|
|
92,714
|
|
32
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Michigan - continued
|
|
|
|
|
|
|
|
|
|
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%,
7/01/2034
|
|
$
|
180,000
|
|
|
$
|
208,292
|
|
|
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
|
|
|
115,000
|
|
|
|
132,841
|
|
|
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
|
|
|
75,000
|
|
|
|
86,788
|
|
|
Michigan Finance Authority Rev. (Trinity Health Corp.), 5%, 12/01/2035
|
|
|
1,250,000
|
|
|
|
1,335,187
|
|
|
Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.), 5%, 7/01/2046
|
|
|
110,000
|
|
|
|
115,784
|
|
|
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046
|
|
|
135,000
|
|
|
|
142,098
|
|
|
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051
|
|
|
135,000
|
|
|
|
141,700
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044
|
|
|
45,000
|
|
|
|
51,021
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039
|
|
|
50,000
|
|
|
|
57,096
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039
|
|
|
40,000
|
|
|
|
45,170
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044
|
|
|
110,000
|
|
|
|
123,608
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031
|
|
|
190,000
|
|
|
|
233,774
|
|
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032
|
|
|
200,000
|
|
|
|
245,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,466,234
|
|
|
Minnesota - 0.5%
|
|
|
|
|
|
|
|
|
|
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043
|
|
$
|
110,000
|
|
|
$
|
121,386
|
|
|
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043
|
|
|
200,000
|
|
|
|
238,058
|
|
|
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048
|
|
|
110,000
|
|
|
|
120,906
|
|
|
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048
|
|
|
155,000
|
|
|
|
183,776
|
|
|
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038
|
|
|
8,155
|
|
|
|
8,160
|
|
33
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Minnesota - continued
|
|
|
|
|
|
|
|
|
|
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052
|
|
$
|
100,000
|
|
|
$
|
107,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
779,439
|
|
|
Mississippi - 1.1%
|
|
|
|
|
|
|
|
|
|
Mississippi Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039
|
|
$
|
200,000
|
|
|
$
|
207,412
|
|
|
Mississippi Development Bank Special Obligation (Magnolia Regional Health Center Project), “A”, 6.25%, 10/01/2026
|
|
|
80,000
|
|
|
|
83,922
|
|
|
Mississippi Development Bank Special Obligation (Magnolia Regional Health Center Project), “A”, 6.5%, 10/01/2031
|
|
|
120,000
|
|
|
|
125,963
|
|
|
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022
|
|
|
175,000
|
|
|
|
189,732
|
|
|
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023
|
|
|
455,000
|
|
|
|
505,409
|
|
|
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046
|
|
|
135,000
|
|
|
|
151,110
|
|
|
Mississippi State University, Educational Building Corp. Rev. (Residence Hall Construction and Refunding Project), 5%, 8/01/2036 (Prerefunded 8/01/2021)
|
|
|
560,000
|
|
|
|
596,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,859,584
|
|
|
Missouri - 1.9%
|
|
|
|
|
|
|
|
|
|
Grundy County, MO, Industrial Development Authority Health Facilities Rev. (Wright Memorial Hospital), 6.125%, 9/01/2025
|
|
$
|
80,000
|
|
|
$
|
80,099
|
|
|
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2055
|
|
|
395,000
|
|
|
|
468,802
|
|
|
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049
|
|
|
655,000
|
|
|
|
781,107
|
|
|
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040
|
|
|
100,000
|
|
|
|
110,191
|
|
|
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050
|
|
|
280,000
|
|
|
|
303,778
|
|
|
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030
|
|
|
45,000
|
|
|
|
49,582
|
|
|
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035
|
|
|
35,000
|
|
|
|
38,181
|
|
|
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045
|
|
|
80,000
|
|
|
|
86,575
|
|
34
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Missouri - continued
|
|
|
|
|
|
|
|
|
|
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029
|
|
$
|
60,000
|
|
|
$
|
64,934
|
|
|
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035
|
|
|
125,000
|
|
|
|
135,545
|
|
|
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047
|
|
|
255,000
|
|
|
|
277,626
|
|
|
St. Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053
|
|
|
555,000
|
|
|
|
626,545
|
|
|
St. Louis, MO, Industrial Development Authority Rev. (St. Andrew’s Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045
|
|
|
230,000
|
|
|
|
250,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,273,407
|
|
|
Montana - 0.0%
|
|
|
|
|
|
|
|
|
|
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049
|
|
$
|
55,000
|
|
|
$
|
59,380
|
|
|
|
|
|
|
Nebraska - 0.3%
|
|
|
|
|
|
|
|
|
|
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036
|
|
$
|
135,000
|
|
|
$
|
178,864
|
|
|
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2042
|
|
|
265,000
|
|
|
|
364,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
543,358
|
|
|
Nevada - 1.3%
|
|
|
|
|
|
|
|
|
|
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045
|
|
$
|
195,000
|
|
|
$
|
211,325
|
|
|
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048
|
|
|
115,000
|
|
|
|
123,659
|
|
|
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/2029
|
|
|
1,175,000
|
|
|
|
1,240,142
|
|
|
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047
|
|
|
110,000
|
|
|
|
117,360
|
|
|
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033
|
|
|
5,000
|
|
|
|
6,117
|
|
|
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038
|
|
|
5,000
|
|
|
|
5,987
|
|
|
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048
|
|
|
25,000
|
|
|
|
27,127
|
|
|
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058
|
|
|
35,000
|
|
|
|
37,728
|
|
|
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), Capital Appreciation, “C”, 0%, 7/01/2058
|
|
|
3,000,000
|
|
|
|
432,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,201,835
|
|
35
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
New Hampshire - 0.4%
|
|
|
|
|
|
|
|
|
|
National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042
|
|
$
|
375,000
|
|
|
$
|
397,500
|
|
|
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031
|
|
|
150,000
|
|
|
|
178,518
|
|
|
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036
|
|
|
150,000
|
|
|
|
176,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
752,680
|
|
|
New Jersey - 4.1%
|
|
|
|
|
|
|
|
|
|
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037
|
|
$
|
30,000
|
|
|
$
|
35,207
|
|
|
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042
|
|
|
35,000
|
|
|
|
40,631
|
|
|
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029
|
|
|
35,000
|
|
|
|
41,221
|
|
|
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027
|
|
|
55,000
|
|
|
|
63,015
|
|
|
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028
|
|
|
55,000
|
|
|
|
61,824
|
|
|
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043
|
|
|
315,000
|
|
|
|
352,101
|
|
|
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031
|
|
|
160,000
|
|
|
|
178,690
|
|
|
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031
|
|
|
1,150,000
|
|
|
|
1,351,721
|
|
|
New Jersey Economic Development Authority Rev. (Lions Gate Project), 5%, 1/01/2034
|
|
|
40,000
|
|
|
|
41,597
|
|
|
New Jersey Economic Development Authority Rev. (Lions Gate Project), 5.125%, 1/01/2039
|
|
|
110,000
|
|
|
|
114,191
|
|
|
New Jersey Economic Development Authority Rev. (Lions Gate Project), 5.25%, 1/01/2044
|
|
|
285,000
|
|
|
|
296,423
|
|
|
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030
|
|
|
100,000
|
|
|
|
110,072
|
|
|
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035
|
|
|
125,000
|
|
|
|
136,115
|
|
|
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.125%, 9/15/2023
|
|
|
455,000
|
|
|
|
488,492
|
|
|
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), 5.25%, 9/15/2029
|
|
|
640,000
|
|
|
|
697,619
|
|
36
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
New Jersey - continued
|
|
|
|
|
|
|
|
|
|
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030
|
|
$
|
135,000
|
|
|
$
|
154,570
|
|
|
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “B”, 5.625%, 11/15/2030
|
|
|
120,000
|
|
|
|
137,395
|
|
|
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042
|
|
|
235,000
|
|
|
|
264,401
|
|
|
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029
|
|
|
85,000
|
|
|
|
86,287
|
|
|
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033
|
|
|
335,000
|
|
|
|
385,578
|
|
|
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046
|
|
|
500,000
|
|
|
|
563,140
|
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029
|
|
|
200,000
|
|
|
|
233,948
|
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031
|
|
|
135,000
|
|
|
|
156,726
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038
|
|
|
1,000,000
|
|
|
|
1,102,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,093,664
|
|
|
New York - 8.2%
|
|
|
|
|
|
|
|
|
|
Brooklyn, NY, Arena Local Development Corp. (Barclays Center Project), 6%, 7/15/2030 (Prerefunded 1/15/2020)
|
|
$
|
155,000
|
|
|
$
|
155,893
|
|
|
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 10/01/2041
|
|
|
250,000
|
|
|
|
263,155
|
|
|
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045
|
|
|
535,000
|
|
|
|
608,996
|
|
|
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047 (Prerefunded 2/15/2021)
|
|
|
300,000
|
|
|
|
316,839
|
|
|
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047
|
|
|
180,000
|
|
|
|
189,299
|
|
|
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034
|
|
|
85,000
|
|
|
|
96,201
|
|
|
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040
|
|
|
205,000
|
|
|
|
229,707
|
|
|
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045
|
|
|
105,000
|
|
|
|
117,165
|
|
|
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center), 5%, 12/01/2040
|
|
|
100,000
|
|
|
|
112,630
|
|
|
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center), “A”, 5%, 12/01/2035
|
|
|
100,000
|
|
|
|
117,075
|
|
|
New York Dormitory Authority, State Personal Income Tax Rev., “C”, 5%, 3/15/2034
|
|
|
1,330,000
|
|
|
|
1,391,659
|
|
37
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
New York - continued
|
|
|
|
|
|
|
|
|
|
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 6/15/2041
|
|
$
|
865,000
|
|
|
$
|
911,104
|
|
|
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041
|
|
|
1,195,000
|
|
|
|
1,255,312
|
|
|
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044
|
|
|
995,000
|
|
|
|
1,098,420
|
|
|
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “2”, 5.375%, 11/15/2040
|
|
|
505,000
|
|
|
|
568,938
|
|
|
New York Liberty Development Corp., Liberty Rev. (One Bryant Park LLC), 6.375%, 7/15/2049 (Prerefunded 1/15/2020)
|
|
|
685,000
|
|
|
|
689,247
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026
|
|
|
435,000
|
|
|
|
456,176
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031
|
|
|
260,000
|
|
|
|
271,739
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032
|
|
|
310,000
|
|
|
|
370,351
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2033
|
|
|
180,000
|
|
|
|
213,991
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2034
|
|
|
100,000
|
|
|
|
118,657
|
|
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036
|
|
|
100,000
|
|
|
|
108,760
|
|
|
New York Urban Development Corp. (University Facilities Grants), 5.875%, 1/01/2021
|
|
|
1,000,000
|
|
|
|
1,013,340
|
|
|
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042
|
|
|
335,000
|
|
|
|
353,693
|
|
|
Onondaga, NY, Civic Development Corp. Rev. (St. Joseph’s Hospital Health Center), 5%, 7/01/2042 (Prerefunded 7/01/2022)
|
|
|
320,000
|
|
|
|
351,715
|
|
|
Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046
|
|
|
235,000
|
|
|
|
243,098
|
|
|
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2036
|
|
|
315,000
|
|
|
|
330,180
|
|
|
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2042
|
|
|
360,000
|
|
|
|
375,818
|
|
|
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029
|
|
|
40,000
|
|
|
|
44,649
|
|
|
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2030
|
|
|
145,000
|
|
|
|
161,255
|
|
38
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
New York - continued
|
|
|
|
|
|
|
|
|
|
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034
|
|
$
|
50,000
|
|
|
$
|
54,732
|
|
|
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035
|
|
|
120,000
|
|
|
|
130,942
|
|
|
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036
|
|
|
135,000
|
|
|
|
146,536
|
|
|
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034
|
|
|
70,000
|
|
|
|
82,496
|
|
|
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035
|
|
|
35,000
|
|
|
|
41,106
|
|
|
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041
|
|
|
230,000
|
|
|
|
257,552
|
|
|
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025
|
|
|
215,000
|
|
|
|
214,660
|
|
|
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037
|
|
|
500,000
|
|
|
|
510,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,973,716
|
|
|
North Carolina - 1.4%
|
|
|
|
|
|
|
|
|
|
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)
|
|
$
|
1,262,169
|
|
|
$
|
1,425,860
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025
|
|
|
70,000
|
|
|
|
79,514
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030
|
|
|
85,000
|
|
|
|
92,107
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035
|
|
|
55,000
|
|
|
|
58,607
|
|
|
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037
|
|
|
95,000
|
|
|
|
101,561
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042
|
|
|
40,000
|
|
|
|
45,559
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047
|
|
|
80,000
|
|
|
|
90,670
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051
|
|
|
165,000
|
|
|
|
186,716
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054
|
|
|
70,000
|
|
|
|
79,168
|
|
|
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039
|
|
|
135,000
|
|
|
|
153,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,313,089
|
|
|
North Dakota - 0.1%
|
|
|
|
|
|
|
|
|
|
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2043
|
|
$
|
150,000
|
|
|
$
|
169,779
|
|
39
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Ohio - 7.2%
|
|
|
|
|
|
|
|
|
|
Bowling Green, OH, Student Housing Rev. (State University Project), 5.75%, 6/01/2031 (Prerefunded 6/01/2020)
|
|
$
|
225,000
|
|
|
$
|
230,146
|
|
|
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.125%, 6/01/2024
|
|
|
420,000
|
|
|
|
420,420
|
|
|
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.375%, 6/01/2024
|
|
|
820,000
|
|
|
|
821,755
|
|
|
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.875%, 6/01/2030
|
|
|
1,710,000
|
|
|
|
1,718,550
|
|
|
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 5.75%, 6/01/2034
|
|
|
635,000
|
|
|
|
636,092
|
|
|
Buckeye, OH, Tobacco Settlement Financing Authority Rev., “A-2”, 6.5%, 6/01/2047
|
|
|
1,200,000
|
|
|
|
1,223,280
|
|
|
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.5%, 11/01/2040 (Prerefunded 11/01/2020)
|
|
|
250,000
|
|
|
|
259,872
|
|
|
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/2040 (Prerefunded 11/01/2020)
|
|
|
165,000
|
|
|
|
171,889
|
|
|
Butler County, OH, Hospital Facilities Rev., Unrefunded Balance, (UC Health), 5.5%, 11/01/2040 (Prerefunded 11/01/2020)
|
|
|
500,000
|
|
|
|
519,745
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042
|
|
|
265,000
|
|
|
|
299,044
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047
|
|
|
360,000
|
|
|
|
387,310
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047
|
|
|
375,000
|
|
|
|
429,356
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2052
|
|
|
55,000
|
|
|
|
63,836
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057
|
|
|
190,000
|
|
|
|
210,393
|
|
|
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057
|
|
|
925,000
|
|
|
|
1,070,364
|
|
|
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040
|
|
|
45,000
|
|
|
|
47,238
|
|
|
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045
|
|
|
60,000
|
|
|
|
62,365
|
|
|
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049
|
|
|
80,000
|
|
|
|
91,423
|
|
|
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047
|
|
|
295,000
|
|
|
|
321,765
|
|
|
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042
|
|
|
920,000
|
|
|
|
1,031,531
|
|
|
Lake County, OH, Hospital Facilities Rev., Unrefunded Balance, “C”, 5.625%, 8/15/2029
|
|
|
90,000
|
|
|
|
90,300
|
|
|
Lucas County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048
|
|
|
90,000
|
|
|
|
103,920
|
|
40
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Ohio - continued
|
|
|
|
|
|
|
|
|
|
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049
|
|
$
|
390,000
|
|
|
$
|
458,695
|
|
|
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028
|
|
|
100,000
|
|
|
|
107,984
|
|
|
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038
|
|
|
125,000
|
|
|
|
134,684
|
|
|
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048
|
|
|
170,000
|
|
|
|
183,537
|
|
|
Ohio Hospital Facilities Rev. (Cleveland Clinic Health System), “B”, 4%, 1/01/2046
|
|
|
225,000
|
|
|
|
250,996
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2029
|
|
|
45,000
|
|
|
|
50,943
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.75%, 12/01/2032
|
|
|
380,000
|
|
|
|
413,349
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2035
|
|
|
120,000
|
|
|
|
130,657
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5%, 12/01/2043
|
|
|
145,000
|
|
|
|
152,333
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Improvement Rev. (Memorial Health System Obligated Group Project), 5.5%, 12/01/2043
|
|
|
175,000
|
|
|
|
189,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,282,879
|
|
|
Oklahoma - 1.5%
|
|
|
|
|
|
|
|
|
|
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028
|
|
$
|
35,000
|
|
|
$
|
36,420
|
|
|
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042
|
|
|
135,000
|
|
|
|
148,326
|
|
|
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029
|
|
|
40,000
|
|
|
|
48,794
|
|
|
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033
|
|
|
190,000
|
|
|
|
227,749
|
|
|
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038
|
|
|
265,000
|
|
|
|
313,323
|
|
|
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043
|
|
|
285,000
|
|
|
|
340,050
|
|
|
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048
|
|
|
265,000
|
|
|
|
313,670
|
|
|
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045
|
|
|
70,000
|
|
|
|
77,433
|
|
|
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), 5%, 6/01/2035 (Put Date 6/01/2025)
|
|
|
135,000
|
|
|
|
151,640
|
|
41
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Oklahoma - continued
|
|
|
|
|
|
|
|
|
|
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 6/01/2035
|
|
$
|
370,000
|
|
|
$
|
402,786
|
|
|
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc.), “B”, 5.5%, 12/01/2035
|
|
|
470,000
|
|
|
|
511,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,572,016
|
|
|
Oregon - 0.2%
|
|
|
|
|
|
|
|
|
|
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029
|
|
$
|
105,000
|
|
|
$
|
111,127
|
|
|
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036
|
|
|
120,000
|
|
|
|
133,403
|
|
|
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040
|
|
|
135,000
|
|
|
|
142,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
387,133
|
|
|
Pennsylvania - 12.0%
|
|
|
|
|
|
|
|
|
|
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042
|
|
$
|
205,000
|
|
|
$
|
231,533
|
|
|
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042
|
|
|
185,000
|
|
|
|
207,070
|
|
|
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035
|
|
|
125,000
|
|
|
|
131,736
|
|
|
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042
|
|
|
535,000
|
|
|
|
559,990
|
|
|
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036
|
|
|
35,000
|
|
|
|
41,458
|
|
|
Berks County, PA, Reading School District, BAM, 4%, 4/01/2044
|
|
|
60,000
|
|
|
|
66,844
|
|
|
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037
|
|
|
275,000
|
|
|
|
312,675
|
|
|
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke’s University Health Network Project), 4%, 8/15/2044
|
|
|
60,000
|
|
|
|
64,520
|
|
|
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke’s University Health Network Project), 4%, 8/15/2050
|
|
|
285,000
|
|
|
|
304,272
|
|
|
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030
|
|
|
50,000
|
|
|
|
54,447
|
|
|
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2035
|
|
|
55,000
|
|
|
|
59,272
|
|
|
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045
|
|
|
120,000
|
|
|
|
129,182
|
|
|
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032
|
|
|
85,000
|
|
|
|
103,873
|
|
|
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033
|
|
|
75,000
|
|
|
|
91,422
|
|
|
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034
|
|
|
35,000
|
|
|
|
42,543
|
|
42
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Pennsylvania - continued
|
|
|
|
|
|
|
|
|
|
Cumberland County, PA, Municipal Authority Rev. (Asbury Atlantic, Inc.), 5.25%, 1/01/2041
|
|
$
|
355,000
|
|
|
$
|
366,758
|
|
|
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045
|
|
|
35,000
|
|
|
|
36,572
|
|
|
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030
|
|
|
35,000
|
|
|
|
39,314
|
|
|
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035
|
|
|
40,000
|
|
|
|
44,421
|
|
|
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039
|
|
|
50,000
|
|
|
|
54,229
|
|
|
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046
|
|
|
25,000
|
|
|
|
26,928
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2029
|
|
|
10,000
|
|
|
|
11,246
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038
|
|
|
150,000
|
|
|
|
165,123
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2039
|
|
|
15,000
|
|
|
|
16,478
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043
|
|
|
195,000
|
|
|
|
212,770
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048
|
|
|
200,000
|
|
|
|
217,658
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2049
|
|
|
20,000
|
|
|
|
21,755
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053
|
|
|
195,000
|
|
|
|
211,446
|
|
|
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2054
|
|
|
45,000
|
|
|
|
48,770
|
|
|
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049
|
|
|
205,000
|
|
|
|
222,066
|
|
|
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/2043
|
|
|
1,425,000
|
|
|
|
1,587,379
|
|
|
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037
|
|
|
1,200,000
|
|
|
|
705,096
|
|
|
Luzerne County, PA, “A”, AGM, 5%, 11/15/2029
|
|
|
225,000
|
|
|
|
263,295
|
|
|
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059
|
|
|
65,000
|
|
|
|
76,866
|
|
|
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044
|
|
|
130,000
|
|
|
|
141,488
|
|
|
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049
|
|
|
120,000
|
|
|
|
129,691
|
|
43
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Pennsylvania - continued
|
|
|
|
|
|
|
|
|
|
Montgomery County, PA, Industrial Development Authority Health System Rev. (Albert Einstein Healthcare Network Issue), “A”, 5.25%, 1/15/2036
|
|
$
|
820,000
|
|
|
$
|
925,854
|
|
|
Montgomery County, PA, Industrial Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc.), 5%, 11/15/2028
|
|
|
440,000
|
|
|
|
472,868
|
|
|
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050
|
|
|
1,180,000
|
|
|
|
1,238,363
|
|
|
Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050
|
|
|
325,000
|
|
|
|
353,119
|
|
|
Northeastern PA, Hospital & Education Authority Rev. (Wilkes University Project), “A”, 5%, 3/01/2037
|
|
|
50,000
|
|
|
|
55,243
|
|
|
Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030
|
|
|
130,000
|
|
|
|
150,929
|
|
|
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032
|
|
|
310,000
|
|
|
|
315,462
|
|
|
Pennsylvania Higher Educational Facilities Authority Rev. (Edinboro University Foundation), 5.8%, 7/01/2030 (Prerefunded 7/01/2020)
|
|
|
100,000
|
|
|
|
102,699
|
|
|
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services, Inc. Housing Project), 6.25%, 10/01/2043 (Prerefunded 10/01/2021)
|
|
|
195,000
|
|
|
|
212,969
|
|
|
Pennsylvania Higher Educational Facilities Authority Rev. (Shippensburg University Student Services, Inc. Housing Project), 5%, 10/01/2044 (Prerefunded 10/01/2022)
|
|
|
330,000
|
|
|
|
365,343
|
|
|
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049
|
|
|
1,120,000
|
|
|
|
1,239,616
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036
|
|
|
100,000
|
|
|
|
105,758
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.25%, 8/01/2046
|
|
|
215,000
|
|
|
|
234,002
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046
|
|
|
325,000
|
|
|
|
342,969
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051
|
|
|
155,000
|
|
|
|
169,564
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051
|
|
|
220,000
|
|
|
|
233,981
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/2033
|
|
|
290,000
|
|
|
|
294,892
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043
|
|
|
390,000
|
|
|
|
396,571
|
|
44
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Pennsylvania - continued
|
|
|
|
|
|
|
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033
|
|
$
|
100,000
|
|
|
$
|
111,054
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043
|
|
|
145,000
|
|
|
|
161,732
|
|
|
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043
|
|
|
120,000
|
|
|
|
132,374
|
|
|
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project- Section 8), “III”, 5.25%, 12/01/2047
|
|
|
180,000
|
|
|
|
189,902
|
|
|
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project- Section 8), “III”, 5.5%, 12/01/2058
|
|
|
260,000
|
|
|
|
275,769
|
|
|
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037
|
|
|
130,000
|
|
|
|
145,354
|
|
|
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042
|
|
|
150,000
|
|
|
|
166,015
|
|
|
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049
|
|
|
215,000
|
|
|
|
236,300
|
|
|
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042
|
|
|
620,000
|
|
|
|
728,717
|
|
|
Philadelphia, PA, School District, “A”, 5%, 9/01/2033
|
|
|
25,000
|
|
|
|
30,360
|
|
|
Philadelphia, PA, School District, “A”, 5%, 9/01/2035
|
|
|
90,000
|
|
|
|
108,758
|
|
|
Philadelphia, PA, School District, “A”, 5%, 9/01/2036
|
|
|
30,000
|
|
|
|
36,158
|
|
|
Philadelphia, PA, School District, “A”, 5%, 9/01/2037
|
|
|
30,000
|
|
|
|
36,030
|
|
|
Philadelphia, PA, School District, “A”, 5%, 9/01/2038
|
|
|
30,000
|
|
|
|
35,932
|
|
|
Philadelphia, PA, School District, “A”, 4%, 9/01/2039
|
|
|
190,000
|
|
|
|
209,262
|
|
|
Philadelphia, PA, School District, “B”, 5%, 9/01/2043
|
|
|
95,000
|
|
|
|
112,563
|
|
|
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028
|
|
|
1,220,000
|
|
|
|
1,232,151
|
|
|
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032
|
|
|
50,000
|
|
|
|
66,273
|
|
|
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033
|
|
|
40,000
|
|
|
|
53,722
|
|
|
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035
|
|
|
20,000
|
|
|
|
22,842
|
|
|
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044
|
|
|
130,000
|
|
|
|
158,583
|
|
|
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046
|
|
|
555,000
|
|
|
|
581,612
|
|
45
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Pennsylvania - continued
|
|
|
|
|
|
|
|
|
|
State Public School Building Authority, PA, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032
|
|
$
|
640,000
|
|
|
$
|
751,565
|
|
|
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044
|
|
|
125,000
|
|
|
|
136,001
|
|
|
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046
|
|
|
185,000
|
|
|
|
200,903
|
|
|
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048
|
|
|
125,000
|
|
|
|
135,450
|
|
|
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2050
|
|
|
120,000
|
|
|
|
129,721
|
|
|
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023
|
|
|
25,000
|
|
|
|
25,327
|
|
|
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035
|
|
|
20,000
|
|
|
|
21,241
|
|
|
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030
|
|
|
40,000
|
|
|
|
43,565
|
|
|
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035
|
|
|
45,000
|
|
|
|
48,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
20,534,040
|
|
|
Puerto Rico - 11.3%
|
|
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, ASSD GTY, 5.125%, 7/01/2047
|
|
$
|
265,000
|
|
|
$
|
272,502
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., ASSD GTY, 5.25%, 7/01/2041
|
|
|
325,000
|
|
|
|
363,308
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2029
|
|
|
80,000
|
|
|
|
91,387
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2032
|
|
|
80,000
|
|
|
|
89,893
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2033
|
|
|
210,000
|
|
|
|
236,111
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.25%, 7/01/2036
|
|
|
85,000
|
|
|
|
95,464
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032
|
|
|
440,000
|
|
|
|
449,948
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029
|
|
|
45,000
|
|
|
|
46,137
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038
|
|
|
1,205,000
|
|
|
|
1,310,209
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, ASSD GTY, 5.25%, 7/01/2041
|
|
|
480,000
|
|
|
|
536,578
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035
|
|
|
680,000
|
|
|
|
725,390
|
|
46
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico - continued
|
|
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030
|
|
$
|
325,000
|
|
|
$
|
355,543
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031
|
|
|
225,000
|
|
|
|
246,017
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, ASSD GTY, 5.25%, 7/01/2036
|
|
|
655,000
|
|
|
|
735,670
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033
|
|
|
120,000
|
|
|
|
128,552
|
|
|
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038
|
|
|
45,000
|
|
|
|
45,887
|
|
|
Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025
|
|
|
60,000
|
|
|
|
62,670
|
|
|
Commonwealth of Puerto Rico, “A”, NATL, 5.5%, 7/01/2021
|
|
|
40,000
|
|
|
|
41,466
|
|
|
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035
|
|
|
635,000
|
|
|
|
664,388
|
|
|
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2020
|
|
|
185,000
|
|
|
|
187,838
|
|
|
Commonwealth of Puerto Rico, Public Improvement, “C-7”, NATL, 6%, 7/01/2027
|
|
|
295,000
|
|
|
|
303,900
|
|
|
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031
|
|
|
590,000
|
|
|
|
602,520
|
|
|
Puerto Rico Electric Power Authority Rev., “MM”, NATL, 5%, 7/01/2020
|
|
|
5,000
|
|
|
|
5,063
|
|
|
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/2022
|
|
|
180,000
|
|
|
|
188,600
|
|
|
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 4.75%, 7/01/2033
|
|
|
30,000
|
|
|
|
30,039
|
|
|
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2024
|
|
|
20,000
|
|
|
|
20,434
|
|
|
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2025
|
|
|
20,000
|
|
|
|
20,482
|
|
|
Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022
|
|
|
45,000
|
|
|
|
45,761
|
|
|
Puerto Rico Electric Power Authority Rev., “SS”, NATL, 5%, 7/01/2020
|
|
|
50,000
|
|
|
|
50,371
|
|
Puerto Rico Electric Power Authority Rev., “TT”,
5%, 7/01/2032 (a)(d)
|
|
|
1,255,000
|
|
|
|
960,075
|
|
|
Puerto Rico Electric Power Authority Rev., “TT”, NATL, 5%, 7/01/2024
|
|
|
80,000
|
|
|
|
81,736
|
|
|
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022
|
|
|
50,000
|
|
|
|
51,198
|
|
|
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2026
|
|
|
70,000
|
|
|
|
75,014
|
|
|
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030
|
|
|
310,000
|
|
|
|
333,169
|
|
47
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032
|
|
$
|
40,000
|
|
|
$
|
42,864
|
|
|
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)
|
|
|
1,060,000
|
|
|
|
810,900
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%,
6/01/2026
|
|
|
645,000
|
|
|
|
660,319
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities Rev. (University Plaza Project), NATL, 5%,
7/01/2033
|
|
|
355,000
|
|
|
|
355,099
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System
Project), 4%, 4/01/2020
|
|
|
20,000
|
|
|
|
19,944
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
3/01/2021
|
|
|
5,000
|
|
|
|
4,998
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
4/01/2021
|
|
|
65,000
|
|
|
|
66,560
|
|
|
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
|
|
|
25,000
|
|
|
|
24,968
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
4/01/2022
|
|
|
75,000
|
|
|
|
77,062
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
3/01/2026
|
|
|
15,000
|
|
|
|
14,977
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
4/01/2027
|
|
|
240,000
|
|
|
|
244,438
|
|
|
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
|
|
|
80,000
|
|
|
|
79,852
|
|
|
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
|
|
|
90,000
|
|
|
|
90,979
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%,
3/01/2036
|
|
|
90,000
|
|
|
|
89,799
|
|
|
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
|
|
|
70,000
|
|
|
|
70,700
|
|
48
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
55,000
|
|
|
$
|
53,578
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%,
10/01/2042
|
|
|
90,000
|
|
|
|
88,322
|
|
|
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023
|
|
|
405,000
|
|
|
|
433,419
|
|
|
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024
|
|
|
515,000
|
|
|
|
555,948
|
|
|
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025
|
|
|
85,000
|
|
|
|
92,647
|
|
|
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2027
|
|
|
620,000
|
|
|
|
683,761
|
|
|
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028
|
|
|
90,000
|
|
|
|
99,778
|
|
|
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027
|
|
|
25,000
|
|
|
|
25,635
|
|
|
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, ASSD GTY, 5%, 7/01/2036
|
|
|
55,000
|
|
|
|
56,093
|
|
|
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2027
|
|
|
125,000
|
|
|
|
128,771
|
|
|
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2028
|
|
|
40,000
|
|
|
|
41,223
|
|
|
Puerto Rico Public Buildings Authority Rev., “M-2”, AAC, 10%, 7/01/2035
|
|
|
490,000
|
|
|
|
518,312
|
|
|
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026
|
|
|
155,000
|
|
|
|
197,588
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040
|
|
|
53,000
|
|
|
|
54,735
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.75%, 7/01/2053
|
|
|
1,007,000
|
|
|
|
1,039,576
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058
|
|
|
799,000
|
|
|
|
837,552
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040
|
|
|
566,000
|
|
|
|
573,777
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053
|
|
|
4,000
|
|
|
|
4,054
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058
|
|
|
88,000
|
|
|
|
90,548
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027
|
|
|
93,000
|
|
|
|
73,975
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031
|
|
|
1,010,000
|
|
|
|
690,214
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033
|
|
|
984,000
|
|
|
|
623,846
|
|
49
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046
|
|
$
|
602,000
|
|
|
$
|
158,398
|
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2051
|
|
|
338,000
|
|
|
|
65,842
|
|
|
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025
|
|
|
45,000
|
|
|
|
46,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,340,455
|
|
|
Rhode Island - 0.1%
|
|
|
|
|
|
|
|
|
|
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034
|
|
$
|
145,000
|
|
|
$
|
151,950
|
|
|
|
|
|
|
South Carolina - 2.0%
|
|
|
|
|
|
|
|
|
|
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023
|
|
$
|
645,000
|
|
|
$
|
689,228
|
|
|
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048
|
|
|
50,000
|
|
|
|
51,937
|
|
|
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048
|
|
|
495,000
|
|
|
|
575,838
|
|
|
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047
|
|
|
155,000
|
|
|
|
167,991
|
|
|
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052
|
|
|
140,000
|
|
|
|
151,378
|
|
|
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043
|
|
|
355,000
|
|
|
|
395,268
|
|
|
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043
|
|
|
845,000
|
|
|
|
940,848
|
|
|
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048
|
|
|
320,000
|
|
|
|
369,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,341,678
|
|
|
Tennessee - 2.7%
|
|
|
|
|
|
|
|
|
|
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045
|
|
$
|
1,295,000
|
|
|
$
|
1,450,905
|
|
|
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044
|
|
|
35,000
|
|
|
|
37,678
|
|
|
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044
|
|
|
30,000
|
|
|
|
35,418
|
|
|
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049
|
|
|
15,000
|
|
|
|
17,575
|
|
|
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030
|
|
|
60,000
|
|
|
|
70,588
|
|
50
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
65,000
|
|
|
$
|
76,328
|
|
|
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036
|
|
|
40,000
|
|
|
|
46,279
|
|
|
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Trousdale Foundation Properties), “A”, 6.25%,
4/01/2049
|
|
|
550,000
|
|
|
|
614,575
|
|
|
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University
Project), 5%, 10/01/2034
|
|
|
10,000
|
|
|
|
11,883
|
|
|
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University
Project), 5%, 10/01/2039
|
|
|
15,000
|
|
|
|
17,556
|
|
|
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021
|
|
|
2,185,000
|
|
|
|
2,321,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,700,151
|
|
|
Texas - 10.2%
|
|
|
|
|
|
|
|
|
|
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036
|
|
$
|
50,000
|
|
|
$
|
53,067
|
|
|
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046
|
|
|
230,000
|
|
|
|
243,296
|
|
|
Arlington, TX, Higher Education Finance Corp. Education Rev. (Wayside Schools), “A”, 4.375%, 8/15/2036
|
|
|
35,000
|
|
|
|
35,534
|
|
|
Arlington, TX, Higher Education Finance Corp. Education Rev. (Wayside Schools), “A”, 4.625%, 8/15/2046
|
|
|
60,000
|
|
|
|
60,895
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029
|
|
|
45,000
|
|
|
|
52,750
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031
|
|
|
65,000
|
|
|
|
75,832
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034
|
|
|
10,000
|
|
|
|
11,369
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026
|
|
|
25,000
|
|
|
|
28,816
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028
|
|
|
25,000
|
|
|
|
28,896
|
|
|
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030
|
|
|
30,000
|
|
|
|
34,429
|
|
|
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045
|
|
|
115,000
|
|
|
|
130,807
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033
|
|
|
130,000
|
|
|
|
148,902
|
|
51
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Texas - continued
|
|
|
|
|
|
|
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 8/15/2041 (Prerefunded 8/15/2021)
|
|
$
|
100,000
|
|
|
$
|
107,491
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042
|
|
|
520,000
|
|
|
|
552,542
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043
|
|
|
210,000
|
|
|
|
237,487
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/2040 (Prerefunded 12/01/2020)
|
|
|
320,000
|
|
|
|
335,402
|
|
|
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/2045 (Prerefunded 12/01/2020)
|
|
|
200,000
|
|
|
|
209,872
|
|
|
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044
|
|
|
465,000
|
|
|
|
509,482
|
|
|
Dallas, TX, Civic Center Convention Complex Rev., ASSD GTY, 5.25%, 8/15/2034
|
|
|
1,065,000
|
|
|
|
1,067,929
|
|
|
Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044
|
|
|
130,000
|
|
|
|
142,481
|
|
|
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025
|
|
|
135,000
|
|
|
|
137,651
|
|
|
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028
|
|
|
500,000
|
|
|
|
502,625
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children’s Hospital), “A”, 4%, 10/01/2035
|
|
|
110,000
|
|
|
|
126,027
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children’s Hospital), “A”, 4%, 10/01/2036
|
|
|
195,000
|
|
|
|
222,756
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children’s Hospital), “A”, 4%, 10/01/2037
|
|
|
260,000
|
|
|
|
295,776
|
|
|
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children’s Hospital), “A”, 4%, 10/01/2038
|
|
|
215,000
|
|
|
|
243,864
|
|
|
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031
|
|
|
140,000
|
|
|
|
158,812
|
|
|
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032
|
|
|
20,000
|
|
|
|
22,664
|
|
|
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033
|
|
|
50,000
|
|
|
|
56,564
|
|
|
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041
|
|
|
90,000
|
|
|
|
41,387
|
|
|
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046
|
|
|
220,000
|
|
|
|
77,933
|
|
|
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030
|
|
|
555,000
|
|
|
|
592,923
|
|
|
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.5%, 7/01/2020
|
|
|
155,000
|
|
|
|
157,492
|
|
|
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024
|
|
|
200,000
|
|
|
|
217,100
|
|
52
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Texas - continued
|
|
|
|
|
|
|
|
|
|
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029
|
|
$
|
875,000
|
|
|
$
|
975,082
|
|
|
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%,
7/15/2030
|
|
|
485,000
|
|
|
|
543,738
|
|
|
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031
|
|
|
190,000
|
|
|
|
205,610
|
|
|
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023
|
|
|
330,000
|
|
|
|
330,881
|
|
|
Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031
|
|
|
225,000
|
|
|
|
243,549
|
|
|
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
|
|
|
30,000
|
|
|
|
34,709
|
|
|
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
|
|
|
110,000
|
|
|
|
125,379
|
|
|
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
|
|
|
105,000
|
|
|
|
119,097
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 3.375%, 8/15/2029
|
|
|
30,000
|
|
|
|
30,220
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049
|
|
|
80,000
|
|
|
|
84,057
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026
|
|
|
15,000
|
|
|
|
15,981
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036
|
|
|
20,000
|
|
|
|
21,441
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046
|
|
|
50,000
|
|
|
|
53,169
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052
|
|
|
55,000
|
|
|
|
58,216
|
|
|
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
|
|
|
20,000
|
|
|
|
22,729
|
|
|
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
|
|
|
90,000
|
|
|
|
93,587
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project),
“A-1”, 5%, 7/01/2046
|
|
|
185,000
|
|
|
|
204,954
|
|
53
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Texas - continued
|
|
|
|
|
|
|
|
|
|
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project),
“A-1”, 5%, 7/01/2051
|
|
$
|
225,000
|
|
|
$
|
247,864
|
|
|
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
|
|
|
35,000
|
|
|
|
38,689
|
|
|
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
|
|
|
30,000
|
|
|
|
32,835
|
|
|
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
|
|
|
85,000
|
|
|
|
91,673
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035
|
|
|
105,000
|
|
|
|
119,200
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045
|
|
|
140,000
|
|
|
|
158,245
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2033
|
|
|
5,000
|
|
|
|
5,177
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2038
|
|
|
15,000
|
|
|
|
15,453
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), 5%, 6/15/2048
|
|
|
50,000
|
|
|
|
51,241
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2032
|
|
|
30,000
|
|
|
|
31,096
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2037
|
|
|
35,000
|
|
|
|
36,082
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5%, 6/15/2042
|
|
|
40,000
|
|
|
|
41,061
|
|
|
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048
|
|
|
75,000
|
|
|
|
77,309
|
|
|
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042
|
|
|
215,000
|
|
|
|
235,453
|
|
|
North Texas Tollway Authority Rev., 6%, 1/01/2038 (Prerefunded 1/01/2021)
|
|
|
970,000
|
|
|
|
1,019,809
|
|
|
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046
|
|
|
295,000
|
|
|
|
335,501
|
|
|
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034
|
|
|
130,000
|
|
|
|
153,832
|
|
|
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044
|
|
|
235,000
|
|
|
|
277,683
|
|
|
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049
|
|
|
170,000
|
|
|
|
202,359
|
|
54
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Texas - continued
|
|
|
|
|
|
|
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030
|
|
$
|
100,000
|
|
|
$
|
108,776
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035
|
|
|
130,000
|
|
|
|
139,955
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040
|
|
|
140,000
|
|
|
|
149,330
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.25%, 11/15/2035
(a)(d)
|
|
|
55,000
|
|
|
|
38,500
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.5%, 11/15/2045
(a)(d)
|
|
|
250,000
|
|
|
|
175,000
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckner Senior Living - Ventana Project), “B-3”,
3.875%, 11/15/2022
|
|
|
45,000
|
|
|
|
45,040
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047
|
|
|
130,000
|
|
|
|
137,628
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045
|
|
|
145,000
|
|
|
|
149,891
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030
|
|
|
195,000
|
|
|
|
206,076
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036
|
|
|
440,000
|
|
|
|
460,473
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 8.25%, 11/15/2044 (d)(q)
|
|
|
980,000
|
|
|
|
931,000
|
|
|
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”,
5%, 10/01/2044
|
|
|
75,000
|
|
|
|
81,197
|
|
|
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 12/15/2031
|
|
|
190,000
|
|
|
|
205,825
|
|
|
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038
|
|
|
210,000
|
|
|
|
245,536
|
|
|
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043
|
|
|
170,000
|
|
|
|
196,588
|
|
55
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Texas - continued
|
|
|
|
|
|
|
|
|
|
Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036
|
|
$
|
435,000
|
|
|
$
|
227,061
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057
|
|
|
300,000
|
|
|
|
349,671
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037
|
|
|
35,000
|
|
|
|
17,808
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038
|
|
|
25,000
|
|
|
|
12,014
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039
|
|
|
25,000
|
|
|
|
11,372
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040
|
|
|
25,000
|
|
|
|
10,730
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041
|
|
|
55,000
|
|
|
|
22,296
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042
|
|
|
80,000
|
|
|
|
30,657
|
|
|
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043
|
|
|
60,000
|
|
|
|
21,764
|
|
|
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)
|
|
|
90,000
|
|
|
|
94,639
|
|
|
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)
|
|
|
165,000
|
|
|
|
173,691
|
|
|
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), Unrefunded Balance, 7%, 11/01/2030
|
|
|
5,000
|
|
|
|
5,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17,501,537
|
|
|
Utah - 0.7%
|
|
|
|
|
|
|
|
|
|
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043
|
|
$
|
495,000
|
|
|
$
|
588,906
|
|
|
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047
|
|
|
305,000
|
|
|
|
322,422
|
|
|
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046
|
|
|
150,000
|
|
|
|
157,987
|
|
|
Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy Project), 6%, 4/15/2045
|
|
|
160,000
|
|
|
|
161,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,230,477
|
|
|
Vermont - 0.2%
|
|
|
|
|
|
|
|
|
|
Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028
|
|
$
|
110,000
|
|
|
$
|
115,725
|
|
|
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046
|
|
|
185,000
|
|
|
|
194,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
310,600
|
|
56
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Virginia - 1.8%
|
|
|
|
|
|
|
|
|
|
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043
|
|
$
|
515,000
|
|
|
$
|
555,649
|
|
|
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037
|
|
|
145,000
|
|
|
|
162,551
|
|
|
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045
|
|
|
190,000
|
|
|
|
203,667
|
|
|
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045
|
|
|
120,000
|
|
|
|
126,534
|
|
|
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030
|
|
|
215,000
|
|
|
|
238,854
|
|
|
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035
|
|
|
215,000
|
|
|
|
235,849
|
|
|
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037
|
|
|
490,000
|
|
|
|
541,210
|
|
|
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042
|
|
|
950,000
|
|
|
|
1,031,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,095,928
|
|
|
Washington - 1.7%
|
|
|
|
|
|
|
|
|
Kalispel Tribe Indians, WA, Priority District Rev., “A”,
5%, 1/01/2032 (n)
|
|
$
|
155,000
|
|
|
$
|
176,492
|
|
|
Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n)
|
|
|
160,000
|
|
|
|
181,234
|
|
|
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033
|
|
|
1,395,000
|
|
|
|
1,529,213
|
|
|
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035
|
|
|
120,000
|
|
|
|
138,461
|
|
|
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037
|
|
|
115,000
|
|
|
|
131,968
|
|
|
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048
|
|
|
175,000
|
|
|
|
186,679
|
|
|
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048
|
|
|
100,000
|
|
|
|
107,704
|
|
|
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036
|
|
|
100,000
|
|
|
|
111,777
|
|
|
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046
|
|
|
130,000
|
|
|
|
143,484
|
|
|
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051
|
|
|
150,000
|
|
|
|
165,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,872,198
|
|
57
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
West Virginia - 0.4%
|
|
|
|
|
|
|
|
|
|
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2029
|
|
$
|
50,000
|
|
|
$
|
55,863
|
|
|
Monongalia County, WV, Building Commission Improvement Rev. (Monongalia Health System Obligated Group), 5%, 7/01/2030
|
|
|
105,000
|
|
|
|
116,904
|
|
|
West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043
|
|
|
385,000
|
|
|
|
451,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
623,787
|
|
|
Wisconsin - 7.3%
|
|
|
|
|
|
|
|
|
|
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044
|
|
$
|
30,000
|
|
|
$
|
35,135
|
|
|
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054
|
|
|
35,000
|
|
|
|
40,617
|
|
|
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058
|
|
|
40,000
|
|
|
|
45,314
|
|
|
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027
|
|
|
135,000
|
|
|
|
149,244
|
|
|
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032
|
|
|
125,000
|
|
|
|
136,354
|
|
|
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037
|
|
|
70,000
|
|
|
|
75,536
|
|
|
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039
|
|
|
70,000
|
|
|
|
75,284
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048
|
|
|
1,280,000
|
|
|
|
1,385,613
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2026 (Prerefunded 7/15/2021)
|
|
|
250,000
|
|
|
|
265,452
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2028 (Prerefunded 7/15/2021)
|
|
|
75,000
|
|
|
|
79,636
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047
|
|
|
150,000
|
|
|
|
170,161
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Meriter Hospital), “A”, 5.5%, 5/01/2031 (Prerefunded 5/01/2021)
|
|
|
920,000
|
|
|
|
975,448
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Meriter Hospital), “A”, 6%, 5/01/2041 (Prerefunded 5/01/2021)
|
|
|
605,000
|
|
|
|
645,595
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038
|
|
|
25,000
|
|
|
|
28,956
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044
|
|
|
30,000
|
|
|
|
34,334
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049
|
|
|
115,000
|
|
|
|
131,186
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2040
|
|
|
25,000
|
|
|
|
26,290
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2045
|
|
|
35,000
|
|
|
|
36,679
|
|
58
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Wisconsin - continued
|
|
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority Rev. (St. John’s Community, Inc.), “A”, 5%, 9/15/2050
|
|
$
|
155,000
|
|
|
$
|
162,156
|
|
|
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037
|
|
|
45,000
|
|
|
|
48,973
|
|
|
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047
|
|
|
70,000
|
|
|
|
75,361
|
|
|
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030
|
|
|
70,000
|
|
|
|
75,797
|
|
|
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035
|
|
|
70,000
|
|
|
|
75,784
|
|
|
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.5%, 3/01/2045
|
|
|
175,000
|
|
|
|
188,928
|
|
|
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)
|
|
|
30,000
|
|
|
|
33,463
|
|
|
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)
|
|
|
160,000
|
|
|
|
173,528
|
|
|
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 4%, 9/01/2020
|
|
|
25,000
|
|
|
|
25,261
|
|
|
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025
|
|
|
35,000
|
|
|
|
39,137
|
|
|
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030
|
|
|
95,000
|
|
|
|
103,252
|
|
|
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038
|
|
|
80,000
|
|
|
|
85,778
|
|
|
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047
|
|
|
100,000
|
|
|
|
111,530
|
|
|
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049
|
|
|
1,285,000
|
|
|
|
1,386,978
|
|
|
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027
|
|
|
840,000
|
|
|
|
955,878
|
|
|
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037
|
|
|
550,000
|
|
|
|
656,997
|
|
|
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050
|
|
|
330,000
|
|
|
|
394,426
|
|
|
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035
|
|
|
190,000
|
|
|
|
212,760
|
|
|
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037
|
|
|
55,000
|
|
|
|
62,025
|
|
|
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042
|
|
|
35,000
|
|
|
|
39,132
|
|
|
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047
|
|
|
180,000
|
|
|
|
200,578
|
|
|
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary’s Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052
|
|
|
55,000
|
|
|
|
61,141
|
|
59
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Municipal Bonds - continued
|
|
|
|
|
|
|
|
|
|
Wisconsin - continued
|
|
|
|
|
|
|
|
|
|
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029
|
|
$
|
140,000
|
|
|
$
|
151,977
|
|
|
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034
|
|
|
125,000
|
|
|
|
136,626
|
|
|
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044
|
|
|
120,000
|
|
|
|
130,692
|
|
|
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049
|
|
|
155,000
|
|
|
|
170,179
|
|
|
Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047
|
|
|
235,000
|
|
|
|
257,313
|
|
|
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022
|
|
|
85,000
|
|
|
|
88,980
|
|
|
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028
|
|
|
1,825,000
|
|
|
|
1,980,435
|
|
|
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042
|
|
|
95,000
|
|
|
|
101,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,522,911
|
|
|
Total Municipal Bonds (Identified Cost, $246,581,386)
|
|
|
|
|
|
$
|
262,714,367
|
|
|
|
|
|
|
Trust Units - 0.1%
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 0.1%
|
|
|
|
|
|
|
|
|
|
COFINA Series 2007A Senior Bonds Due 2040 National Custodial Trust (taxable), 8/01/2040
|
|
|
43,265
|
|
|
$
|
5,841
|
|
|
COFINA Series 2007A Senior Bonds Due 2040 National Custodial Trust (tax-exempt), 8/01/2040
|
|
|
131,374
|
|
|
|
6,240
|
|
|
COFINA Series 2007A Senior Bonds Due 2041 National Custodial Trust (taxable), 8/01/2041
|
|
|
28,709
|
|
|
|
3,876
|
|
|
COFINA Series 2007A Senior Bonds Due 2041 National Custodial Trust (tax-exempt), 8/01/2041
|
|
|
88,451
|
|
|
|
4,201
|
|
|
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (taxable), 8/01/2042
|
|
|
100,115
|
|
|
|
13,516
|
|
|
COFINA Series 2007A Senior Bonds Due 2042 National Custodial Trust (tax-exempt), 8/01/2042
|
|
|
412,199
|
|
|
|
19,579
|
|
|
COFINA Series 2007A Senior Bonds Due 2043 National Custodial Trust (taxable), 8/01/2043
|
|
|
34,321
|
|
|
|
4,633
|
|
|
COFINA Series 2007A Senior Bonds Due 2043 National Custodial Trust (tax-exempt), 8/01/2043
|
|
|
212,399
|
|
|
|
10,089
|
|
|
COFINA Series 2007A Senior Bonds Due 2044 National Custodial Trust (taxable), 8/01/2044
|
|
|
15,378
|
|
|
|
2,076
|
|
|
COFINA Series 2007A Senior Bonds Due 2044 National Custodial Trust (tax-exempt), 8/01/2044
|
|
|
371,212
|
|
|
|
17,633
|
|
60
Portfolio of Investments – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
|
|
Shares/Par
|
|
|
Value ($)
|
|
|
Trust Units - continued
|
|
|
|
|
|
|
|
|
|
Puerto Rico - continued
|
|
|
|
|
|
|
|
|
|
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/01/2045
|
|
|
11,609
|
|
|
$
|
1,567
|
|
|
COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (tax-exempt), 8/01/2045
|
|
|
35,255
|
|
|
|
1,675
|
|
|
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (taxable), 8/01/2046
|
|
|
187,903
|
|
|
|
25,367
|
|
|
COFINA Series 2007A Senior Bonds Due 2046 National Custodial Trust (tax-exempt), 8/01/2046
|
|
|
678,597
|
|
|
|
32,233
|
|
|
Total Trust Units (Identified Cost, $808,598)
|
|
|
$
|
148,526
|
|
|
|
|
Investment Companies (h) - 0.7%
|
|
|
Money Market Funds - 0.7%
|
|
MFS Institutional Money Market Portfolio, 1.73% (v)
(Identified Cost, $1,275,198)
|
|
|
1,275,171
|
|
|
$
|
1,275,298
|
|
|
|
|
|
|
Other Assets, Less Liabilities - 2.9%
|
|
|
|
|
|
|
4,840,399
|
|
|
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (56.9)%
|
|
|
|
(97,500,000
|
)
|
|
Net assets applicable to common shares - 100.0%
|
|
|
|
|
|
$
|
171,478,590
|
|
|
(a)
|
Non-income producing security.
|
|
(h)
|
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $1,275,298 and $262,862,893, respectively.
|
|
(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 $1,935,153, representing 1.1% of net assets applicable to common shares.
|
|
(q)
|
Interest received was less than stated coupon rate.
|
|
(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.
|
The following abbreviations are used in
this report and are defined:
|
AAC
|
|
Ambac Assurance Corp.
|
|
AGM
|
|
Assured Guaranty Municipal
|
|
ASSD GTY
|
|
Assured Guaranty Insurance Co.
|
|
CALHF
|
|
California Health Facility Construction Loan Insurance Program
|
|
COP
|
|
Certificate of Participation
|
|
GNMA
|
|
Government National Mortgage Assn.
|
|
NATL
|
|
National Public Finance Guarantee Corp.
|
61
Portfolio of Investments – continued
Derivative Contracts at 11/30/19
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Long/
Short
|
|
|
Currency
|
|
Contracts
|
|
Notional
Amount
|
|
|
Expiration
Date
|
|
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
|
Asset Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Futures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Note 10 yr
|
|
|
Short
|
|
|
USD
|
|
141
|
|
|
$18,239,672
|
|
|
|
March - 2020
|
|
|
|
$58,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At November 30, 2019, the fund had cash collateral of $162,150 to cover any collateral or margin obligations for certain
derivative contracts. Restricted cash and/or deposits with brokers in the Statement of Assets and Liabilities are comprised of cash collateral.
See
Notes to Financial Statements
62
Financial Statements
STATEMENT OF ASSETS AND LIABILITIES
At 11/30/19
This statement represents your fund’s balance sheet, which details the assets and
liabilities comprising the total value of the fund.
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Investments in unaffiliated issuers, at value (identified cost, $247,389,984)
|
|
|
$262,862,893
|
|
|
Investments in affiliated issuers, at value (identified cost, $1,275,198)
|
|
|
1,275,298
|
|
|
Deposits with brokers for
|
|
|
|
|
|
Futures contracts
|
|
|
162,150
|
|
|
Receivables for
|
|
|
|
|
|
Net daily variation margin on open futures contracts
|
|
|
17,643
|
|
|
Investments sold
|
|
|
913,783
|
|
|
Investments sold on an extended settlement basis
|
|
|
220,257
|
|
|
Interest
|
|
|
4,066,143
|
|
|
Receivable from investment adviser
|
|
|
345
|
|
|
Other assets
|
|
|
2,477
|
|
|
Total assets
|
|
|
$269,520,989
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Payable to custodian
|
|
|
$37,483
|
|
|
Payables for
|
|
|
|
|
|
Distributions on common shares
|
|
|
2
|
|
|
Investments purchased on an extended settlement basis
|
|
|
219,174
|
|
|
Interest expense
|
|
|
180,255
|
|
|
Payable to affiliates
|
|
|
|
|
|
Administrative services fee
|
|
|
489
|
|
|
Transfer agent and dividend disbursing costs
|
|
|
1,401
|
|
|
Payable for independent Trustees’ compensation
|
|
|
14
|
|
|
Accrued expenses and other liabilities
|
|
|
103,581
|
|
|
VMTPS, at liquidation value
|
|
|
97,500,000
|
|
|
Total liabilities
|
|
|
$98,042,399
|
|
|
Net assets applicable to common shares
|
|
|
$171,478,590
|
|
|
|
|
|
Net assets consist of
|
|
|
|
|
|
Paid-in capital - common shares
|
|
|
$154,043,182
|
|
|
Total distributable earnings (loss)
|
|
|
17,435,408
|
|
|
Net assets applicable to common shares
|
|
|
$171,478,590
|
|
|
VMTPS, at liquidation value (3,900 shares issued and outstanding at $25,000
per share)
|
|
|
97,500,000
|
|
|
Net assets including preferred shares
|
|
|
$268,978,590
|
|
|
Common shares of beneficial interest issued and outstanding
|
|
|
31,519,082
|
|
|
Net asset value per common share (net assets of $171,478,590 / 31,519,082 shares of beneficial
interest outstanding)
|
|
|
$5.44
|
|
See Notes to Financial Statements
63
Financial Statements
STATEMENT OF OPERATIONS
Year ended 11/30/19
This statement describes how much your fund earned in investment income and
accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
|
|
|
Income
|
|
|
|
|
|
Interest
|
|
|
$12,941,709
|
|
|
Dividends from affiliated issuers
|
|
|
53,794
|
|
|
Other
|
|
|
45
|
|
|
Total investment income
|
|
|
$12,995,548
|
|
|
Expenses
|
|
|
|
|
|
Management fee
|
|
|
$1,995,780
|
|
|
Transfer agent and dividend disbursing costs
|
|
|
20,819
|
|
|
Administrative services fee
|
|
|
46,217
|
|
|
Independent Trustees’ compensation
|
|
|
29,202
|
|
|
Stock exchange fee
|
|
|
30,689
|
|
|
Custodian fee
|
|
|
11,979
|
|
|
Shareholder communications
|
|
|
29,058
|
|
|
Audit and tax fees
|
|
|
84,441
|
|
|
Legal fees
|
|
|
10,929
|
|
|
Interest expense and fees
|
|
|
2,677,604
|
|
|
Miscellaneous
|
|
|
93,130
|
|
|
Total expenses
|
|
|
$5,029,848
|
|
|
Reduction of expenses by investment adviser
|
|
|
(267,723
|
)
|
|
Net expenses
|
|
|
$4,762,125
|
|
|
Net investment income (loss)
|
|
|
$8,233,423
|
|
|
|
|
Realized and unrealized gain (loss)
|
|
|
Realized gain (loss) (identified cost basis)
|
|
|
Unaffiliated issuers
|
|
|
$1,842,990
|
|
|
Affiliated issuers
|
|
|
1,117
|
|
|
Futures contracts
|
|
|
(2,473,147
|
)
|
|
Net realized gain (loss)
|
|
|
$(629,040
|
)
|
|
Change in unrealized appreciation or depreciation
|
|
|
Unaffiliated issuers
|
|
|
$8,378,885
|
|
|
Affiliated issuers
|
|
|
(40
|
)
|
|
Futures contracts
|
|
|
176,747
|
|
|
Net unrealized gain (loss)
|
|
|
$8,555,592
|
|
|
Net realized and unrealized gain (loss)
|
|
|
$7,926,552
|
|
|
Change in net assets from operations
|
|
|
$16,159,975
|
|
See Notes to Financial Statements
64
Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
|
|
11/30/19
|
|
|
11/30/18
|
|
|
Change in net assets
|
|
|
|
|
|
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
$8,233,423
|
|
|
|
$9,189,379
|
|
|
Net realized gain (loss)
|
|
|
(629,040
|
)
|
|
|
3,461,947
|
|
|
Net unrealized gain (loss)
|
|
|
8,555,592
|
|
|
|
(8,180,720
|
)
|
|
Change in net assets from operations
|
|
|
$16,159,975
|
|
|
|
$4,470,606
|
|
|
Distributions to common shareholders
|
|
|
$(8,067,377
|
)
|
|
|
$(9,075,487
|
)
|
|
Net asset value of shares issued to common shareholders in reinvestment of
distributions
|
|
|
$37,973
|
|
|
|
$—
|
|
|
Total change in net assets
|
|
|
$8,130,571
|
|
|
|
$(4,604,881
|
)
|
|
|
|
|
|
Net assets applicable to common shares
|
|
|
|
|
|
|
|
|
|
At beginning of period
|
|
|
163,348,019
|
|
|
|
167,952,900
|
|
|
At end of period
|
|
|
$171,478,590
|
|
|
|
$163,348,019
|
|
See Notes to Financial Statements
65
Financial Statements
STATEMENT OF CASH FLOWS
Year ended 11/30/19
This statement provides a summary of cash flows from investment activity for the
fund.
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
Change in net assets from operations
|
|
|
$16,159,975
|
|
|
|
|
|
Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
|
|
|
|
|
|
Purchase of investment securities
|
|
|
(52,371,999
|
)
|
|
Proceeds from disposition of investment securities
|
|
|
54,103,534
|
|
|
Purchase of short-term investments, net
|
|
|
(228,204
|
)
|
|
Realized gain/loss on investments
|
|
|
(1,842,990
|
)
|
|
Unrealized appreciation/depreciation on investments
|
|
|
(8,378,845
|
)
|
|
Net amortization/accretion of income
|
|
|
533,671
|
|
|
Increase in interest receivable
|
|
|
(8,098
|
)
|
|
Decrease in accrued expenses and other liabilities
|
|
|
(5,082
|
)
|
|
Decrease in receivable from investment adviser
|
|
|
15,966
|
|
|
Increase in receivable for daily variation margin on open futures contracts
|
|
|
(17,643
|
)
|
|
Decrease in payable for net daily variation margin on open futures contracts
|
|
|
(42,388
|
)
|
|
Decrease in other assets
|
|
|
4
|
|
|
Decrease in payable for interest expense and fees
|
|
|
(43,968
|
)
|
|
Net cash provided by operating activities
|
|
|
$7,873,933
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
Cash distributions paid on common shares
|
|
|
(8,043,166
|
)
|
|
Increase in payable to custodian
|
|
|
37,483
|
|
|
Net cash used by financing activities
|
|
|
$(8,005,683
|
)
|
|
Net decrease in cash and restricted cash (a)
|
|
|
$(131,750
|
)
|
|
|
|
|
Cash and restricted cash:
|
|
|
|
|
|
Beginning of period
|
|
|
$293,900
|
|
|
End of period
|
|
|
$162,150
|
|
|
(a)
|
See Note 2 for more information on presentational changes to the Statement of Cash Flows that were effective with the beginning of the current reporting
period.
|
Supplemental disclosure of cash flow information:
Non-cash financing activities not included herein consist of reinvestment of dividends and distributions of $37,973.
Cash paid during the year ended November 30, 2019 for interest was $2,721,572.
See Notes to Financial
Statements
66
Financial Statements
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the fund’s financial performance for the past 5 years. Certain information reflects financial results for a single fund share. The total
returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund share class (assuming reinvestment of all distributions) held for the entire period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares
|
|
Year ended
|
|
|
|
|
|
|
|
|
|
|
|
11/30/19
|
|
|
11/30/18
|
|
|
11/30/17
|
|
|
11/30/16
|
|
|
11/30/15
|
|
|
Net asset value, beginning of period
|
|
|
$5.18
|
|
|
|
$5.33
|
|
|
|
$5.20
|
|
|
|
$5.39
|
|
|
|
$5.39
|
|
|
|
|
|
|
|
|
Income (loss) from investment operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) (d)
|
|
|
$0.26
|
|
|
|
$0.29
|
(c)
|
|
|
$0.30
|
|
|
|
$0.32
|
(c)
|
|
|
$0.34
|
|
|
Net realized and unrealized gain (loss)
|
|
|
0.26
|
|
|
|
(0.15
|
)
|
|
|
0.13
|
|
|
|
(0.21
|
)
|
|
|
(0.03
|
)
|
|
Distributions declared to shareholders of
auction rate preferred shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.00
|
)(w)
|
|
|
(0.00
|
)(w)
|
|
Total from investment operations
|
|
|
$0.52
|
|
|
|
$0.14
|
|
|
|
$0.43
|
|
|
|
$0.11
|
|
|
|
$0.31
|
|
|
|
|
|
|
Less distributions declared to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
$(0.26
|
)
|
|
|
$(0.29
|
)
|
|
|
$(0.30
|
)
|
|
|
$(0.30
|
)
|
|
|
$(0.31
|
)
|
|
Net asset value, end of period (x)
|
|
|
$5.44
|
|
|
|
$5.18
|
|
|
|
$5.33
|
|
|
|
$5.20
|
|
|
|
$5.39
|
|
|
Market value, end of period
|
|
|
$5.55
|
|
|
|
$4.67
|
|
|
|
$5.40
|
|
|
|
$4.81
|
|
|
|
$4.92
|
|
|
Total return at market value (%) (p)
|
|
|
24.84
|
|
|
|
(8.36
|
)
|
|
|
18.92
|
|
|
|
3.49
|
|
|
|
10.66
|
|
|
Total return at net asset value (%) (j)(r)(s)(x)
|
|
|
10.32
|
|
|
|
2.98
|
(c)
|
|
|
8.57
|
|
|
|
2.13
|
(c)
|
|
|
6.61
|
|
|
|
|
|
|
|
Ratios (%) (to average net assets
applicable to common shares)
and Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before expense reductions (f)(p)
|
|
|
2.98
|
|
|
|
2.91
|
(c)
|
|
|
2.56
|
|
|
|
2.27
|
(c)
|
|
|
2.13
|
|
|
Expenses after expense reductions (f)(p)
|
|
|
2.82
|
|
|
|
2.76
|
(c)
|
|
|
2.51
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Net investment income (loss) (p)
|
|
|
4.88
|
|
|
|
5.49
|
(c)
|
|
|
5.69
|
|
|
|
5.74
|
(c)
|
|
|
6.27
|
|
|
Portfolio turnover
|
|
|
17
|
|
|
|
16
|
|
|
|
14
|
|
|
|
14
|
|
|
|
17
|
|
|
Net assets at end of period (000 omitted)
|
|
|
$171,479
|
|
|
|
$163,348
|
|
|
|
$167,953
|
|
|
|
$163,949
|
|
|
|
$169,764
|
|
|
|
|
|
|
|
|
|
Supplemental Ratios (%):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets
applicable to common shares after
expense reductions and excluding
interest expense and
fees (f)(l)(p)
|
|
|
1.24
|
|
|
|
1.25
|
(c)
|
|
|
1.34
|
|
|
|
1.37
|
(c)
|
|
|
1.43
|
|
|
Ratio of expenses to average net assets
applicable to common and preferred
shares after expense reductions and
excluding interest
expense and fees (f)(l)(p)
|
|
|
0.78
|
|
|
|
0.79
|
(c)
|
|
|
0.85
|
|
|
|
0.88
|
(c)
|
|
|
0.91
|
|
|
Net investment income available to
common shares
|
|
|
4.88
|
|
|
|
5.49
|
(c)
|
|
|
5.69
|
|
|
|
5.73
|
(c)
|
|
|
6.27
|
|
67
Financial Highlights – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
|
|
|
|
|
|
|
|
|
11/30/19
|
|
|
11/30/18
|
|
|
11/30/17
|
|
|
11/30/16
|
|
|
11/30/15
|
|
|
|
|
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARPS
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
225
|
|
|
VMTPS
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,675
|
|
|
Total preferred shares outstanding
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,900
|
|
|
|
3,900
|
|
|
Asset coverage per preferred share (k)
|
|
|
$68,969
|
|
|
|
$66,884
|
|
|
|
$68,056
|
|
|
|
$67,022
|
|
|
|
$68,529
|
|
|
Involuntary liquidation preference per
preferred share (m)
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
Average market value per preferred
share (m)(u)
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
|
$25,000
|
|
|
(c)
|
Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net
investment income and performance would be lower and expenses would be higher.
|
|
(d)
|
Per share data is based on average shares outstanding.
|
|
(f)
|
Ratios do not reflect reductions from fees paid indirectly, if applicable.
|
|
(j)
|
Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than
the total return at market value.
|
|
(k)
|
Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund’s total assets
and dividing this number by the total number of preferred shares outstanding.
|
|
(l)
|
Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of VMTPS, and
amortization of VMTPS debt issuance costs, as applicable. For the year ended November 30, 2016, the expense ratio also excludes fees and expenses related to redemption of the fund’s auction rate preferred shares (“ARPS”). For
periods prior to November 30, 2016, the expense ratio includes amortization of VMTPS debt issuance costs.
|
|
(m)
|
Amount excludes accrued unpaid distributions on preferred shares.
|
|
(p)
|
Ratio excludes dividend payments on ARPS, if applicable.
|
|
(r)
|
Certain expenses have been reduced without which performance would have been lower.
|
|
(s)
|
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
|
|
(u)
|
Average market value represents the approximate fair value of each of the fund’s preferred shares.
|
|
(w)
|
Per share amount was less than $0.01.
|
|
(x)
|
The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S.
generally accepted accounting principles required at period end for financial reporting purposes.
|
See Notes to Financial Statements
68
NOTES TO FINANCIAL STATEMENTS
(1) Business and Organization
MFS High Income Municipal
Trust (the fund) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board
(FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(2) Significant Accounting Policies
General – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement
of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the
over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the
ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the
sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may
be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes
or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of
which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service
determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to
shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can already be in default, and their values can
decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt instruments.
69
Notes to Financial Statements – continued
In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows
(Topic 230) – Restricted Cash (“ASU 2016-18”), which is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The fund adopted ASU 2016-18 effective with the beginning of the current reporting period, which resulted in changes to the presentation of restricted cash in the fund’s Statement of Cash Flows and additional disclosures regarding
the nature of the restrictions on cash and restricted cash.
In March 2017, the FASB issued Accounting Standards Update
2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). For entities that purchased callable debt securities at a premium, ASU 2017-08 requires that the premium be amortized to the earliest call date. ASU 2017-08 will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management has evaluated the potential impacts of ASU
2017-08 and believes that adoption of ASU 2017-08 will not have a material effect on the fund’s overall financial position or its overall results of operations.
Balance Sheet Offsetting – The fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by
the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in
the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund’s right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to
which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of
the fund’s in-scope financial instruments and transactions.
Investment Valuations – Debt
instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may
be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no
trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally
valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services
can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation
policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments
70
Notes to Financial Statements – continued
are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board
of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are
generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring
after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where
trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of
similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and
at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an
investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the
investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the
fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level
within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires
judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including
quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial
instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of November 30, 2019 in valuing the fund’s assets or liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Instruments
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Municipal Bonds
|
|
|
$—
|
|
|
|
$262,862,893
|
|
|
|
$—
|
|
|
|
$262,862,893
|
|
|
Mutual Funds
|
|
|
1,275,298
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,275,298
|
|
|
Total
|
|
|
$1,275,298
|
|
|
|
$262,862,893
|
|
|
|
$—
|
|
|
|
$264,138,191
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts – Assets
|
|
|
$58,489
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$58,489
|
|
For further information regarding security characteristics, see the Portfolio of Investments.
71
Notes to Financial Statements – continued
Derivatives – The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the
market, or security, to increase or decrease interest rate exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate
losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s
original cost.
The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, the fund may
exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out
a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund’s period end derivatives, as presented in the Portfolio of Investments and the associated
Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major
type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at November 30, 2019 as reported in the Statement of Assets and Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value (a)
|
|
|
|
|
|
|
Risk
|
|
Derivative Contracts
|
|
Asset Derivatives
|
|
|
Interest Rate
|
|
Interest Rate Futures
|
|
|
$58,489
|
|
|
(a)
|
Values presented in this table for futures contracts correspond to the values reported in the fund’s Portfolio of Investments. Only the current day
net variation margin for futures contracts is separately reported within the fund’s Statement of Assets and Liabilities.
|
The
following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended November 30, 2019 as reported in the Statement of Operations:
|
|
|
|
|
|
|
|
|
|
Risk
|
|
Futures Contracts
|
|
|
Interest Rate
|
|
|
$(2,473,147
|
)
|
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on
derivatives held by the fund for the year ended November 30, 2019 as reported in the Statement of Operations:
|
|
|
|
|
|
|
|
|
|
Risk
|
|
Futures Contracts
|
|
|
Interest Rate
|
|
|
$176,747
|
|
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On
certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the
agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions
72
Notes to Financial Statements – continued
traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right
to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund’s credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions,
if any.
Collateral and margin requirements differ by type of derivative. For cleared derivatives (e.g., futures contracts, cleared swaps, and
exchange-traded options), margin requirements are set by the clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the clearing broker. Collateral terms are counterparty
agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options) and collateral, in the form of cash and securities, is held in segregated accounts with the
fund’s custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a collateral support annex, the collateral requirements are netted across all transactions traded under such
counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to cover the fund’s collateral or margin obligations under derivative contracts,
if any, will be reported separately in the Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared derivatives. Securities pledged as collateral or margin for the same purpose, if
any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Interest expense and fees” in the
Statement of Operations.
Futures Contracts – The fund entered into futures contracts which may be used to hedge against or obtain broad
market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the
contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund
until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates or
securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are
exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund’s maximum risk of loss due to counterparty credit risk is equal to
the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Statement of Cash Flows
– Information on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in
73
Notes to Financial Statements – continued
the Statement of Cash Flows. Cash as presented in the fund’s Statement of Assets and Liabilities includes cash on hand at the
fund’s custodian bank and does not include any short-term investments. Restricted cash is presented in the fund’s Statement of Assets and Liabilities as restricted cash for uncleared derivatives and/or deposits with brokers for cleared
derivatives and represents cash that has been segregated or delivered to cover the fund’s collateral or margin obligations under derivative contracts.
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities with that shown in the Statement of Cash Flows:
|
|
|
|
|
|
|
|
|
|
|
|
11/30/19
|
|
|
Cash
|
|
|
$—
|
|
|
Restricted cash
|
|
|
—
|
|
|
Restricted cash included in deposits with brokers
|
|
|
162,150
|
|
|
Total cash and restricted cash in the Statement of Cash Flows
|
|
|
$162,150
|
|
The beginning of period cash and restricted cash balance in the Statement of Cash Flows is comprised of cash of $0, restricted cash
of $0, and restricted cash included in deposits with brokers of $293,900.
Indemnifications – Under the fund’s organizational documents,
its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers
that may contain indemnification clauses. The fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income – Investment transactions are recorded on the trade date. Interest income is recorded on the accrual basis. All
premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Some securities may be purchased on a “when-issued” or “forward delivery” basis,
which means that the securities will be delivered to the fund at a future date, usually beyond customary settlement time. Interest payments received in additional securities are recorded on the ex-interest
date in an amount equal to the value of the security on such date. Debt obligations may be placed on non-accrual status or set to accrue at a rate of interest less than the contractual coupon when the
collection of all or a portion of interest has become doubtful. Interest income for those debt obligations may be further reduced by the write-off of the related interest receivables when deemed uncollectible.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the
Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected
as other income in the Statement of Operations.
The fund purchased or sold debt securities on a when-issued or delayed delivery basis, or in a “To
Be Announced” (TBA) or “forward commitment” transaction with delivery or payment to occur at a later date beyond the normal settlement period. When the
74
Notes to Financial Statements – continued
fund sells securities on a when-issued, delayed delivery, or forward commitment basis, the fund typically owns or has the right to
acquire securities equivalent in kind and amount to the delivered securities. At the time a fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the security acquired or sold is reflected in the
fund’s net asset value. The price of such security and the date that the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. When-issued
investments purchased and sold are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy. No interest accrues to the fund until payment takes place. At the time that a fund enters into
this type of transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does
not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
Legal fees and
other related expenses incurred to preserve and protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of
capital infusions or that are expected to result in a plan of reorganization are reported as realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Tax Matters and Distributions – The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal
Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns,
when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that
there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the
financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain
items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax
differences primarily relate to expiration of capital loss carryforwards, amortization and accretion of debt securities, and non-deductible expenses that result from the treatment of VMTPS as equity for tax
purposes.
75
Notes to Financial Statements – continued
The tax character of distributions declared to shareholders for the last two fiscal years is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
11/30/19
|
|
|
Year ended
11/30/18
|
|
|
Ordinary income (including any short-term capital gains)
|
|
|
$281,644
|
|
|
|
$122,348
|
|
|
Tax-exempt income
|
|
|
10,460,952
|
|
|
|
11,445,879
|
|
|
|
|
|
|
Total distributions
|
|
|
$10,742,596
|
|
|
|
$11,568,227
|
|
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
|
|
|
|
|
|
|
|
|
As of 11/30/19
|
|
|
|
|
|
|
|
Cost of investments
|
|
|
$246,746,951
|
|
|
Gross appreciation
|
|
|
18,934,855
|
|
|
|
|
|
Gross depreciation
|
|
|
(1,485,126
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
|
$17,449,729
|
|
|
|
|
|
Undistributed ordinary income
|
|
|
64,384
|
|
|
Undistributed tax-exempt income
|
|
|
1,566,261
|
|
|
Capital loss carryforwards
|
|
|
(1,464,711
|
)
|
|
Other temporary differences
|
|
|
(180,255
|
)
|
As of November 30, 2019, the fund had capital loss carryforwards available to offset future realized gains. These net capital
losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
|
|
|
|
|
|
Short-Term
|
|
|
$(294,830
|
)
|
|
Long-Term
|
|
|
(1,169,881
|
)
|
|
Total
|
|
|
$(1,464,711
|
)
|
(3) Transactions with Affiliates
Investment Adviser – The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is
computed daily and paid monthly at an annual rate of 0.75% of the fund’s average daily net assets (including the value of preferred shares).
For
the period from December 1, 2018 through July 31, 2019, the investment adviser had agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on VMTPS, taxes, extraordinary expenses,
brokerage and transaction costs, other interest expense, and investment-related expenses, such that total fund operating expenses did not exceed 0.79% annually of the fund’s average daily net assets (including the value of preferred shares).
This written agreement terminated on July 31, 2019. For the period from December 1, 2018 through July 31, 2019, this reduction amounted to $169,926, which is included in the reduction of total expenses in the Statement of
Operations. Effective August 1, 2019, the investment adviser has agreed in writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on VMTPS, taxes, extraordinary
76
Notes to Financial Statements – continued
expenses, brokerage and transaction costs, other interest expense, and investment-related expenses, such that total fund operating
expenses do not exceed 0.77% annually of the fund’s average daily net assets (including the value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue
at least until November 30, 2020. For the period from August 1, 2019 through November 30, 2019, this reduction amounted to $97,797, which is included in the reduction of total expenses in the Statement of Operations.
Transfer Agent – The fund engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund’s common
shares. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved by the Board of Trustees. For the year ended November 30, 2019, these fees paid to MFSC amounted to $5,635.
Administrator – MFS provides certain financial, legal, shareholder communications, compliance, and other administrative services to the
fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of
preferred shares). The administrative services fee incurred for the year ended November 30, 2019 was equivalent to an annual effective rate of 0.0174% of the fund’s average daily net assets (including the value of preferred shares).
Trustees’ and Officers’ Compensation – The fund pays compensation to independent Trustees in the form of a retainer, attendance
fees, and additional compensation to Board and Committee chairpersons. The fund does not pay compensation directly to Trustees or officers of the fund who are also officers of the investment adviser, all of whom receive remuneration from MFS for
their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFSC.
Other – This fund and
certain other funds managed by MFS (the funds) had entered into a service agreement (the ISO Agreement) which provided for payment of fees solely by the funds to Tarantino LLC in return for the provision of services of an Independent Senior Officer
(ISO) for the funds. Frank L. Tarantino served as the ISO and was an officer of the funds and the sole member of Tarantino LLC. Effective June 30, 2019, Mr. Tarantino retired from his position as ISO for the funds, and the ISO
Agreement was terminated. For the year ended November 30, 2019, the fee paid by the fund under this agreement was $236 and is included in “Miscellaneous” expense in the Statement of Operations. MFS had agreed to bear all expenses
associated with office space, other administrative support, and supplies provided to the ISO.
The fund invests in the MFS Institutional Money Market
Portfolio which is managed by MFS and seeks current income consistent with preservation of capital and liquidity. This money market fund does not pay a management fee to MFS.
(4) Portfolio Securities
For the year ended November 30, 2019, purchases and sales of investments, other
than short-term obligations, aggregated $44,225,605 and $46,616,238, respectively.
77
Notes to Financial Statements – continued
(5) Shares of Beneficial Interest
The fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the
right to repurchase shares of beneficial interest of the fund subject to Trustee approval. During the years ended November 30, 2019 and November 30, 2018, the fund did not repurchase any shares. Transactions in fund shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
11/30/19
|
|
|
Year ended
11/30/18
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares issued to shareholders in
reinvestment of distributions
|
|
|
6,976
|
|
|
|
$37,973
|
|
|
|
—
|
|
|
|
$—
|
|
(6) Line of Credit
The fund
and certain other funds managed by MFS participate in a $1.25 billion unsecured committed line of credit, subject to a $1 billion sublimit, provided by a syndicate of banks under a credit agreement. Borrowings may be made for temporary
financing needs. Interest is charged to each fund, based on its borrowings, generally at a rate equal to the highest of one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A commitment
fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing arrangements with
certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended November 30, 2019, the fund’s commitment fee
and interest expense were $956 and $0, respectively, and are included in “Interest expense and fees” in the Statement of Operations.
(7)
Investments in Affiliated Issuers
An affiliated issuer 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. For the purposes of this report, the following were affiliated issuers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Issuers
|
|
Beginning
Value
|
|
|
Purchases
|
|
|
Sales
Proceeds
|
|
|
Realized
Gain
(Loss)
|
|
|
Change in
Unrealized
Appreciation or
Depreciation
|
|
|
Ending
Value
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
$1,047,134
|
|
|
|
$46,883,848
|
|
|
|
$46,656,761
|
|
|
|
$1,117
|
|
|
|
$(40
|
)
|
|
|
$1,275,298
|
|
|
|
|
|
|
|
|
|
|
Affiliated Issuers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
Income
|
|
|
Capital Gain
Distributions
|
|
|
MFS Institutional Money Market Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
$53,794
|
|
|
|
$—
|
|
(8) Preferred Shares
The
fund has 3,900 shares issued and outstanding of VMTPS. The outstanding VMTPS are redeemable at the option of the fund in whole or in part at the liquidation preference of $25,000 per share, plus accumulated and unpaid dividends, but generally solely
for the purpose of decreasing the leverage of the fund. The VMTPS are subject to a mandatory term redemption date of October 31, 2021, as extended, unless further
78
Notes to Financial Statements – continued
extended through negotiation with the private holders of the VMTPS. There is no assurance that the term of the VMTPS will be extended or
that the VMTPS will be replaced with any other preferred shares or other form of leverage upon the redemption of the VMTPS. Two months prior to the term redemption date of the VMTPS, the fund is required to begin to segregate liquid assets with the
fund’s custodian to fund the redemption. Dividends on the VMTPS are cumulative and are reset weekly to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the year ended
November 30, 2019, the VMTPS dividend rates ranged from 2.22% to 3.45%. For the year ended November 30, 2019, the average dividend rate was 2.65%.
In the fund’s Statement of Assets and Liabilities, the VMTPS aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid to the VMTPS are treated
as interest expense and recorded as incurred. For the year ended November 30, 2019, interest expense related to the dividends paid to VMTPS amounted to $2,675,219 and is included in “Interest expense and fees” in the Statement of
Operations. Costs directly related to the issuance of the VMTPS are considered debt issuance costs. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt liability and are amortized into interest
expense over the life of the VMTPS. The period-end carrying value for the VMTPS in the fund’s Statement of Assets and Liabilities is its liquidation value less any unamortized debt issuance costs, which
approximates its fair value. Its fair value would be considered level 2 under the fair value hierarchy.
Under the terms of a purchase agreement between
the fund and the investor in the VMTPS, the fund is subject to various investment restrictions. These investment-related requirements are in various respects more restrictive than those to which the fund is otherwise subject in accordance with its
investment objectives and policies. In addition, the fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the VMTPS, which guidelines may be changed by the applicable rating agency, in its
sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the “1940 Act”).
The fund is required to maintain certain asset coverage with respect to the VMTPS as defined in the fund’s governing documents and the 1940 Act. One of a
number of asset coverage-related requirements is that the fund is not permitted to declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of 200% with respect to the VMTPS after deducting the
amount of such common share dividends.
The 1940 Act requires that the preferred shareholders of the fund, voting as a separate class, have the right to
elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by law or under the terms of the preferred shares, each
preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
79
Notes to Financial Statements – continued
Leverage involves risks and special considerations for the fund’s common shareholders. To the extent that investments are purchased
by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely
by the common shareholders. It is possible that the fund will be required to sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those
imposed by the 1940 Act and the rating agencies that rate the preferred shares. There is no assurance that the fund’s leveraging strategy will be successful.
80
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of MFS High Income Municipal Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of
MFS High Income Municipal Trust (the “Fund”), including the portfolio of investments, as of November 30, 2019, and the related statements of operations and cash flows for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2019, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two
years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our
responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of
November 30, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included
81
Report of Independent Registered Public Accounting Firm – continued
evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
January 15, 2020
82
RESULTS OF SHAREHOLDER MEETING
(unaudited)
At the annual meeting of shareholders
of MFS High Income Municipal Trust, which was held on October 3, 2019, the following actions were taken:
Item 1: To elect the following
individuals as Trustees, elected by the holders of common and preferred shares together:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Nominee
|
|
For
|
|
|
Withheld Authority
|
|
|
Maureen R. Goldfarb
|
|
|
26,671,168.526
|
|
|
|
1,085,107,763
|
|
|
Robert J. Manning
|
|
|
26,705,318.302
|
|
|
|
1,050,957,987
|
|
|
Maryanne L. Roepke
|
|
|
26,863,746.526
|
|
|
|
892,529.763
|
|
Item 2:
To elect the following individuals as Trustees, elected by the holders of preferred shares only:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Nominee
|
|
For
|
|
|
Withheld Authority
|
|
|
John P. Kavanaugh
|
|
|
3,900
|
|
|
|
0
|
|
|
Laurie J. Thomsen
|
|
|
3,900
|
|
|
|
0
|
|
83
TRUSTEES AND OFFICERS — IDENTIFICATION AND BACKGROUND
The Trustees and Officers of the Trust, as of January 1, 2020, are listed below, together with their principal occupations during the past five
years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Robert J. Manning (k)
(age 56)
|
|
Trustee
|
|
February 2004
|
|
2022
|
|
133
|
|
Massachusetts Financial Services Company, Executive Chairman (since January 2017); Director; Chairman of the Board; Chief Executive Officer (until 2015);
Co-Chief Executive Officer (2015-2016)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Robin A. Stelmach (k)
(age 58)
|
|
Trustee
|
|
January 2014
|
|
2021
|
|
133
|
|
Massachusetts Financial Services Company, Vice Chair (since January 2017); Chief Operating Officer and Executive Vice President (until January 2017)
|
|
N/A
|
|
INDEPENDENT TRUSTEES
|
|
John P. Kavanaugh
(age 65)
|
|
Trustee and Chair of Trustees
|
|
January 2009
|
|
2020
|
|
133
|
|
Private investor
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Steven E. Buller
(age 68)
|
|
Trustee
|
|
February 2014
|
|
2020
|
|
133
|
|
Financial Accounting Standards Advisory Council, Chairman (2014-2015); Public Company Accounting Oversight Board, Standing Advisory Group, Member (until 2014); BlackRock, Inc. (investment
management), Managing Director (until 2014), BlackRock Finco UK (investment management), Director (until 2014)
|
|
N/A
|
84
Trustees and Officers – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
John A. Caroselli
(age 65)
|
|
Trustee
|
|
March 2017
|
|
2021
|
|
133
|
|
JC Global Advisors, LLC (management consulting), President (since 2015); First Capital Corporation (commercial finance), Executive Vice President (until 2015)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Maureen R. Goldfarb
(age 64)
|
|
Trustee
|
|
January 2009
|
|
2022
|
|
133
|
|
Private investor
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Peter D. Jones
(age 64)
|
|
Trustee
|
|
January 2019
|
|
2020
|
|
133
|
|
Franklin Templeton Distributors, Inc. (investment management), President (until 2015); Franklin Templeton Institutional, LLC (investment management), Chairman (until 2015)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
James W. Kilman, Jr.
(age 58)
|
|
Trustee
|
|
January 2019
|
|
2021
|
|
133
|
|
Burford Capital Limited (finance and investment management), Chief Financial Officer (since 2019); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016); Morgan
Stanley & Co. (financial services), Vice Chairman of Investment Banking, Co-Head of Diversified Financials Coverage – Financial Institutions Investment Banking Group (until 2016)
|
|
Alpha-En Corporation, Director
(2016 until 2019)
|
85
Trustees and Officers – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 63)
|
|
Trustee
|
|
March 2017
|
|
2021
|
|
133
|
|
Darden Restaurants, Inc., Chief Executive Officer (until 2014)
|
|
VF Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director; Federal Reserve Bank of Atlanta, Director (until 2015)
|
|
|
|
|
|
|
|
|
|
Maryanne L. Roepke
(age 63)
|
|
Trustee
|
|
May 2014
|
|
2022
|
|
133
|
|
American Century Investments (investment management), Senior Vice President and Chief Compliance Officer (until 2014)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
Laurie J. Thomsen
(age 62)
|
|
Trustee
|
|
March 2005
|
|
2020
|
|
133
|
|
Private investor
|
|
The Travelers Companies, Director; Dycom Industries, Inc., Director (since 2015)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Age
|
|
Position(s)
Held
with Fund
|
|
Trustee/Officer
Since (h)
|
|
Term
Expiring
|
|
Number
of
MFS Funds
for which
the Person is
an Officer
|
|
Principal
Occupations During
the Past Five Years
|
|
OFFICERS
|
|
Christopher R. Bohane (k)
(age 45)
|
|
Assistant Secretary and Assistant Clerk
|
|
July 2005
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President and Assistant General Counsel
|
|
|
|
|
|
|
|
|
Kino Clark (k)
(age 51)
|
|
Assistant
Treasurer
|
|
January 2012
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President
|
|
|
|
|
|
|
|
|
John W. Clark, Jr. (k)
(age 52)
|
|
Assistant Treasurer
|
|
April 2017
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head – Treasurer’s Office (until February
2017)
|
86
Trustees and Officers – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Age
|
|
Position(s)
Held
with Fund
|
|
Trustee/Officer
Since (h)
|
|
Term
Expiring
|
|
Number
of
MFS Funds
for which
the Person is
an Officer
|
|
Principal
Occupations During
the Past Five Years
|
|
Thomas H. Connors (k)
(age 60)
|
|
Assistant
Secretary and Assistant
Clerk
|
|
September 2012
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President and Senior Counsel
|
|
|
|
|
|
|
|
|
David L. DiLorenzo (k)
(age 51)
|
|
President
|
|
July 2005
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Senior Vice President
|
|
|
|
|
|
|
|
|
Heidi W. Hardin (k)
(age 52)
|
|
Secretary and Clerk
|
|
April 2017
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (from September 2015 to
January 2017); Janus Capital Management LLC (investment management), Senior Vice President and General Counsel (until September 2015)
|
|
|
|
|
|
|
|
|
Brian E. Langenfeld (k)
(age 46)
|
|
Assistant Secretary and Assistant Clerk
|
|
June 2006
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President and Senior Counsel
|
|
|
|
|
|
|
|
|
Amanda S. Mooradian (k)
(age 40)
|
|
Assistant Secretary and Assistant Clerk
|
|
September 2018
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Assistant Vice President and Counsel
|
|
|
|
|
|
|
|
|
Susan A. Pereira (k)
(age 49)
|
|
Assistant Secretary and Assistant Clerk
|
|
July 2005
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President and Assistant General Counsel
|
|
|
|
|
|
|
|
|
Kasey L. Phillips (k)
(age 49)
|
|
Assistant Treasurer
|
|
September 2012
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President
|
|
|
|
|
|
|
|
|
Matthew A. Stowe (k)
(age 45)
|
|
Assistant Secretary and Assistant Clerk
|
|
October 2014
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Vice President and Assistant General Counsel
|
87
Trustees and Officers – continued
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Age
|
|
Position(s)
Held
with Fund
|
|
Trustee/Officer
Since (h)
|
|
Term
Expiring
|
|
Number
of
MFS Funds
for which
the Person is
an Officer
|
|
Principal
Occupations During
the Past Five Years
|
|
Martin J. Wolin (k)
(age 52)
|
|
Chief Compliance Officer
|
|
July 2015
|
|
N/A
|
|
133
|
|
Massachusetts Financial Services Company, Senior Vice President and Chief Compliance Officer (since July 2015); Mercer (financial service provider), Chief Risk and Compliance Officer, North
America and Latin America (until June 2015)
|
|
|
|
|
|
|
|
|
James O. Yost (k)
(age 58)
|
|
Treasurer
|
|
September 1990
|
|
N/A
|
|
133
|
|
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. For
the period from December 15, 2004 until February 22, 2005, Mr. Manning served as Advisory Trustee. 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.
|
The Trust holds annual shareholder meetings for the purpose of electing Trustees, and Trustees are elected for fixed terms. Two Trustees, each holding a term of one
year, are elected annually by holders of the Trust’s preferred shares. The remaining Trustees are currently divided into three classes, each having a term of three years which term expires on the date of the third annual meeting following the
election to office of the Trustee’s class. Each year the term of one class expires. Each Trustee and officer will serve until next elected or his or her earlier death, resignation, retirement or removal. Under the terms of the Board’s
retirement policy, an Independent Trustee shall retire at the end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board
prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are members of the Trust’s Audit Committee.
88
Trustees and Officers – continued
Each of the Interested Trustees and certain Officers hold comparable officer positions
with certain affiliates of MFS.
|
|
|
|
|
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
|
|
Gary Lasman
Geoffrey Schechter
|
|
Ernst & Young LLP
200 Clarendon
Street
Boston, MA 02116
|
89
BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested
(“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings
throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of three months beginning in May and ending in July, 2019 (“contract review
meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent
Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review
meetings. The independent Trustees were also assisted in this process by the MFS Funds’ Independent Senior Officer, a senior officer appointed by and reporting to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered
such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took
into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the
existing investment advisory agreement and other arrangements with the Fund.
In connection with their contract review meetings, the Trustees received
and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance (based on net asset value) of the
Fund for various time periods ended December 31, 2018 and the investment performance (based on net asset value) of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance
universe”), (ii) information provided by Broadridge on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment
classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients,
(iv) information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including
MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual
fund industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and portfolio trading practices, and (viii) information regarding the overall
organization of
90
Board Review of Investment Advisory Agreement – continued
MFS, including information about MFS’ senior management and other personnel
providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent
Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment
advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below,
although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the
result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on
their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS,
the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s common
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2018, which the Trustees believed was a long enough period to reflect differing market conditions. The total
return performance of the Fund’s common shares ranked 2nd out of a total of 10 funds in the Broadridge performance universe for this five-year period (a ranking of first place out of the total number of funds in the performance universe
indicating the best performer and a ranking of last place out of the total number of funds in the performance universe indicating the worst performer). The total return performance of the Fund’s common shares ranked 1st out of a total of 10
funds for the one-year period and 2nd out of a total of 10 funds for the three-year period ended December 31, 2018. Given the size of the Broadridge performance universe and information previously
provided by MFS regarding differences between the Fund and the other funds in its Broadridge performance universe, the Trustees also reviewed the Fund’s performance in comparison to the Bloomberg Barclays Municipal Bond Index. The Fund out-performed the Bloomberg Barclays Municipal Bond Index for the one-, three- and five-year periods ended December 31, 2018
(one-year: 2.4% total return for the Fund versus 1.3% total return for the benchmark; three-year: 4.3% total return for the Fund versus 2.3% total return for the benchmark; five-year: 7.4% total return for the
Fund versus 3.8% total return for the benchmark). Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during
investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and
91
Board Review of Investment Advisory Agreement – continued
related factors, the Trustees concluded, within the context of their overall
conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory fee, the Trustees considered, among other information, the Fund’s advisory fee and the total
expense ratio of the Fund’s common shares as a percentage of average daily net assets (including preferred shares) and the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The
Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’ approval. The Trustees also considered that, according to the Broadridge data (which takes into account any fee
reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective advisory fee rate was approximately at the Broadridge expense group median and the Fund’s total expense ratio was higher
than the Broadridge expense group median. The Trustees also noted that MFS has agreed to further reduce such expense limitation for the fund effective August 1, 2019, which may not be changed without the Trustees’ approval.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated
investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally
broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds.
The Trustees considered that, as a closed-end fund, the Fund is unlikely to experience meaningful asset growth. As a result,
the Trustees did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. The Trustees noted that they would consider economies of scale in the future in the event
the Fund experiences significant asset growth, such as through a material increase in the market value of the Fund’s portfolio securities.
The
Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’
methodologies used to determine and allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the
Fund represent reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’
resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and
well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the
92
Board Review of Investment Advisory Agreement – continued
Trustees also considered the financial resources of MFS and its ultimate parent, Sun
Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative services provided to the Fund by MFS under agreements other than the investment
advisory agreement. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class
action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various
non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees
considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also
considered that, effective January 3, 2018, MFS had discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds and would thereafter directly pay for or voluntarily
reimburse a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based
on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be
continued for an additional one-year period, commencing August 1, 2019.
93
PROXY VOTING POLICIES AND INFORMATION
MFS votes proxies on behalf of the fund pursuant to proxy voting policies and procedures that are available without charge, upon request, by calling 1-800-225-2606, by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
Information regarding how the fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available
by August 31 of each year without charge by visiting mfs.com/proxyvoting, or by visiting the SEC’s Web site at http://www.sec.gov.
QUARTERLY PORTFOLIO DISCLOSURE
The fund files a complete schedule of
portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT (for first and third fiscal quarters ending March 31, 2019
or after). The fund’s Form N-Q or Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. A shareholder can obtain the portfolio holdings report for the first and third quarters of the fund’s fiscal year
at mfs.com/closedendfunds by choosing the fund’s name and then selecting the “Resources” tab and clicking on “Prospectus and Reports”.
FURTHER INFORMATION
From time to time, MFS may post important information
about the fund or the MFS funds on the MFS web site (mfs.com). This information is available at https://www.mfs.com/en-us/what-we-do/announcements.html or at mfs.com/closedendfunds by choosing the fund’s name.
Additional information about the fund (e.g. performance, dividends and the fund’s price history) is also available by clicking on the fund’s name under
“Closed-End Funds” in the “Products” section of mfs.com.
INFORMATION ABOUT FUND
CONTRACTS AND LEGAL CLAIMS
The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent, and custodian
who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder
right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the Trust’s By-Laws, any claims asserted against or on behalf of the MFS Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth
of Massachusetts.
FEDERAL TAX INFORMATION (unaudited)
The fund will notify shareholders of amounts for use in preparing 2019 income tax forms in January 2020. The following information is provided pursuant to provisions of the Internal Revenue Code.
Of the dividends paid from net investment income during the fiscal year, 97.38% is designated as exempt interest dividends for federal income tax purposes. If the
fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder’s alternative minimum tax.
94
rev. 3/16
|
|
|
|
|
|
|
|
|
|
|
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.
|
95
|
|
|
|
|
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.
|
96
CONTACT US
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND
DISBURSING AGENT
CALL
1-800-637-2304
9 a.m. to 5 p.m.
Eastern time
WRITE
Computershare Trust Company,
N.A.
P.O. Box 505005
Louisville, KY 40233-5005
New York Stock Exchange Symbol: CXE