UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04992
MFS HIGH YIELD MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111Huntington Avenue Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting period: May 31, 2023
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
Semiannual Report
May 31, 2023
MFS® High Yield
Municipal Trust
MFS® High Yield
Municipal Trust
New York Stock Exchange Symbol: CMU
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NOT FDIC INSURED
• MAY LOSE VALUE • NO BANK GUARANTEE
Portfolio structure (i)
Top ten industries (i)
| Healthcare Revenue – Hospitals
| 32.3%
|
| Healthcare Revenue – Long Term Care
| 19.5%
|
| Universities – Secondary Schools
| 12.4%
|
| Miscellaneous Revenue – Other
| 10.8%
|
| General Obligations – Schools
| 10.6%
|
| Universities – Colleges
| 7.9%
|
| General Obligations – General Purpose
| 7.2%
|
| Utilities - Other
| 5.5%
|
| Tax - Assessment
| 5.3%
|
| Universities – Dormitories
| 5.2%
|
Composition including fixed income credit quality
(a)(i)
| AAA
| 1.8%
|
| AA
| 23.0%
|
| A
| 41.3%
|
| BBB
| 37.7%
|
| BB
| 20.4%
|
| B
| 3.3%
|
| CCC
| 1.5%
|
| CC (o)
| 0.0%
|
| C
| 0.7%
|
| D
| 1.7%
|
| Not Rated
| 36.8%
|
Cash & Cash Equivalents
(Less Liabilities) (b)
| (68.2)%
|
Portfolio facts
| Average Duration (d)
| 15.5
|
| Average Effective Maturity (m)
| 19.4 yrs.
|
| (a)
| For all securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard &
Poor’s rating agencies and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies
rate a security, the lower of the two is assigned. If none of the 3 rating agencies above assign a rating, but the security is rated by DBRS Morningstar, then the DBRS Morningstar rating is assigned. If none of the 4
rating agencies listed above rate the security, but the security is rated by the Kroll Bond Rating Agency (KBRA), then the KBRA rating is assigned. Ratings are shown in the S&P and Fitch scale (e.g., AAA).
Securities rated BBB or higher are considered investment grade. All ratings are subject to change. Not Rated includes fixed income securities and fixed income derivatives that have not been rated by any rating agency.
The fund may or may not have held all of these instruments on this date. The fund is not rated by these agencies.
|
Portfolio Composition - continued
| (b)
| Cash & Cash Equivalents (Less Liabilities) includes any cash, investments in money market funds, short-term securities, and other assets less liabilities. Liabilities include the
value of the aggregate liquidation preference of the remarketable variable rate munifund term preferred shares (RVMTP shares) issued by the fund. Cash & Cash Equivalents (Less Liabilities) is negative due to the
aggregate liquidation value of RVMTP shares. Please see the Statement of Assets and Liabilities for additional information related to the fund’s cash position and other assets and liabilities. Please see Note 8
in the Notes to Financial Statements for more information on the RVMTP shares issued by the fund.
|
| (d)
| Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is
likely to lose about 5.00% of its value due to the interest rate move. The Average Duration calculation reflects the impact of the equivalent exposure of derivative positions, if any. This calculation is based on
net assets applicable to common shares as of May 31, 2023.
|
| (i)
| For purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may
be negative from time to time. Equivalent exposure is a calculated amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to
hold at a given point in time to have the same price sensitivity that results from the portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more
representative measure of the potential impact of a position on portfolio performance than value. The bond component will include any accrued interest amounts.
|
| (m)
| In determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s
stated maturity or, if applicable, an earlier date on which MFS believes it is probable that a maturity-shortening feature (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an
earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is based on gross assets, which consists of net assets applicable to common shares plus the value of preferred
shares, as of May 31, 2023.
|
Percentages are based on net assets
applicable to common shares as of May 31, 2023.
The portfolio is actively managed
and current holdings may be different.
Portfolio Managers' Profiles
| Portfolio Manager
| Primary Role
| Since
| Title and Five Year History
|
| Michael Dawson
| Portfolio Manager
| 2022
| Investment Officer of MFS; employed in the investment management area of MFS since 1999.
|
| Jason Kosty
| Portfolio Manager
| 2021
| Investment Officer of MFS; employed in the investment management area of MFS since 2014.
|
| Geoffrey Schechter
| Portfolio Manager
| 2007
| Investment Officer of MFS; employed in the investment management area of MFS since 1993.
|
Effective March 28, 2023,
Gary Lasman is no longer a Portfolio Manager of the fund.
Other Notes
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 of the 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.
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 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.
Portfolio of Investments
5/31/23 (unaudited)
The Portfolio of Investments is a
complete list of all securities owned by your fund. It is categorized by jurisdiction.
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - 165.5%
|
| Alabama - 2.7%
|
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030
|
| $
| 85,000
| $80,555
|
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035
|
|
| 95,000
| 88,156
|
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045
|
|
| 130,000
| 109,092
|
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050
|
|
| 135,000
| 114,012
|
| Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 4%, 6/01/2051 (Put Date 12/01/2031)
|
|
| 505,000
| 500,611
|
| Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)
|
|
| 345,000
| 365,667
|
| Jacksonville, AL, Public Educational Building Authority Higher Education Facilities Rev. (Jacksonville State University Foundation),
“A”, AGM, 5.5%, 8/01/2058
|
|
| 160,000
| 175,190
|
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026
|
|
| 105,000
| 88,166
|
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029
|
|
| 150,000
| 107,023
|
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034
|
|
| 210,000
| 105,638
|
| Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035
|
|
| 400,000
| 188,397
|
| Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023
|
|
| 115,000
| 115,338
|
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%,
2/01/2037
|
|
| 315,000
| 302,045
|
| Sumter County, AL, Industrial Development Authority Exempt Facilities Rev. (Enviva Inc. Project), 6%, 7/15/2052 (Put Date 7/15/2032)
|
|
| 340,000
| 240,525
|
| University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044
|
|
| 245,000
| 256,124
|
|
|
|
|
| $2,836,539
|
| Alaska - 0.2%
|
| Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%,
6/01/2066
|
| $
| 2,000,000
| $246,372
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Arizona - 5.9%
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058
|
| $
| 40,000
| $37,921
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n)
|
|
| 25,000
| 23,917
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n)
|
|
| 30,000
| 28,907
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n)
|
|
| 50,000
| 45,087
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n)
|
|
| 70,000
| 61,883
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052
|
|
| 55,000
| 55,118
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n)
|
|
| 45,000
| 45,405
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n)
|
|
| 90,000
| 88,982
|
| Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n)
|
|
| 135,000
| 134,037
|
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)
|
|
| 25,000
| 24,407
|
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)
|
|
| 30,000
| 27,157
|
| Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)
|
|
| 85,000
| 75,519
|
| Arizona Industrial Development Authority Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043
|
|
| 150,000
| 140,425
|
| Arizona Industrial Development Authority Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057
|
|
| 55,000
| 52,418
|
| Arizona Industrial Development Authority Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%,
7/01/2051
|
|
| 560,000
| 456,893
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects),
“A”, 3%, 12/15/2031 (n)
|
|
| 5,000
| 4,237
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects),
“A”, 4%, 12/15/2041 (n)
|
|
| 150,000
| 118,852
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects),
“A”, 4%, 12/15/2051 (n)
|
|
| 5,000
| 3,583
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”, 3.75%, 12/15/2029 (n)
|
|
| 15,000
| 13,870
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Arizona - continued
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”,
5%, 12/15/2039 (n)
|
| $
| 15,000
| $14,145
|
| Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project), “A”,
5%, 12/15/2049 (n)
|
|
| 25,000
| 21,910
|
| Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048
|
|
| 55,000
| 43,269
|
| Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056
|
|
| 245,000
| 202,733
|
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047
|
|
| 135,000
| 132,062
|
| Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053
|
|
| 890,000
| 932,771
|
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034
|
|
| 345,000
| 341,635
|
| Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041
|
|
| 220,000
| 214,992
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
|
|
| 100,000
| 100,035
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
|
|
| 35,000
| 35,012
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)
|
|
| 165,000
| 151,168
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)
|
|
| 90,000
| 81,964
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034
|
|
| 350,000
| 351,848
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044
|
|
| 220,000
| 215,635
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n)
|
|
| 115,000
| 117,187
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)
|
|
| 155,000
| 152,238
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n)
|
|
| 180,000
| 181,980
|
| Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)
|
|
| 170,000
| 152,788
|
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%,
12/01/2051 (n)
|
|
| 440,000
| 334,604
|
| Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)
|
|
| 250,000
| 196,526
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Arizona - continued
|
| Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC - Arizona State
University Project), “A”, 5%, 7/01/2042
|
| $
| 80,000
| $80,210
|
| Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)
|
|
| 350,000
| 255,959
|
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%, 11/15/2057
(n)
|
|
| 365,000
| 365,730
|
| Pima County, AZ, Industrial Development Authority Senior Living Rev. (La Posada at Pusch Ridge Project), “B3”, 5.125%,
11/15/2029 (n)
|
|
| 100,000
| 98,462
|
|
|
|
|
| $6,213,481
|
| Arkansas - 1.0%
|
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028
|
| $
| 30,000
| $28,863
|
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033
|
|
| 60,000
| 57,691
|
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039
|
|
| 10,000
| 9,162
|
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046
|
|
| 25,000
| 16,487
|
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035
|
|
| 30,000
| 30,344
|
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033
|
|
| 50,000
| 50,641
|
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046
|
|
| 485,000
| 159,844
|
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2039 (Prerefunded 12/01/2024)
|
|
| 505,000
| 517,061
|
| Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042
|
|
| 125,000
| 126,347
|
|
|
|
|
| $996,440
|
| California - 15.2%
|
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2029
|
| $
| 2,195,000
| $1,798,828
|
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031
|
|
| 275,000
| 208,964
|
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032
|
|
| 280,000
| 204,085
|
| Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033
|
|
| 560,000
| 391,742
|
| California Community Choice Financing Authority, Clean Energy Project Rev., “C”, 5.25%, 1/01/2054 (Put Date 10/01/2031)
|
|
| 1,020,000
| 1,066,187
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| California - continued
|
| California Community College Financing Authority Student Housing Rev. (NCCD - Napa Valley Properties LLC - Napa Valley College Project),
“A”, 5.75%, 7/01/2060 (n)
|
| $
| 650,000
| $624,042
|
| California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)
|
|
| 270,000
| 222,250
|
| California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036
|
|
| 671,548
| 663,497
|
| California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034
|
|
| 155,000
| 186,319
|
| California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042
|
|
| 85,000
| 86,965
|
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035
|
|
| 35,000
| 35,217
|
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036
|
|
| 85,000
| 85,304
|
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041
|
|
| 80,000
| 78,346
|
| California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047
|
|
| 15,000
| 14,424
|
| California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039
|
|
| 145,000
| 134,216
|
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028
(n)
|
|
| 90,000
| 85,659
|
| California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n)
|
|
| 100,000
| 90,425
|
| California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
|
|
| 100,000
| 91,316
|
| California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
|
|
| 105,000
| 86,321
|
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z)
|
|
| 385,000
| 19,250
|
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
(a)(d)(z)
|
|
| 500,000
| 25,000
|
| California Public Finance Authority, Senior Living Refunding Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)
|
|
| 15,000
| 14,557
|
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)
|
|
| 70,000
| 65,404
|
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)
|
|
| 50,000
| 47,636
|
| California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)
|
|
| 70,000
| 67,153
|
| California Public Finance Authority, Senior Living Rev. (Kendal at Ventura Project), “A”, 10%, 5/15/2028 (n)
|
|
| 300,000
| 295,638
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| California - continued
|
| California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”,
5%, 9/01/2033
|
| $
| 1,025,000
| $1,042,794
|
| California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%,
8/01/2052 (n)
|
|
| 340,000
| 321,734
|
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%,
7/01/2030 (n)
|
|
| 35,000
| 35,746
|
| California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%,
7/01/2045 (n)
|
|
| 100,000
| 100,312
|
| California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%,
10/01/2044
|
|
| 115,000
| 115,112
|
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.25%, 11/01/2044 (n)
|
|
| 40,000
| 32,289
|
| California Statewide Communities Development Authority Rev. (899 Charleston Project), “A”, 5.375%, 11/01/2049 (n)
|
|
| 55,000
| 43,532
|
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033
|
|
| 100,000
| 100,881
|
| California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)
|
|
| 100,000
| 98,342
|
| California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057
|
|
| 255,000
| 271,667
|
| California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033
|
|
| 110,000
| 110,543
|
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034
|
|
| 195,000
| 197,989
|
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044
|
|
| 390,000
| 386,276
|
| California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)
|
|
| 295,000
| 276,251
|
| California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%,
7/01/2049 (n)
|
|
| 145,000
| 132,345
|
| California Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n)
|
|
| 165,000
| 122,786
|
| California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)
|
|
| 100,000
| 70,206
|
| California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046
(n)
|
|
| 325,000
| 248,639
|
| Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041
|
|
| 1,585,000
| 1,585,577
|
| Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047
|
|
| 710,000
| 688,518
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| California - continued
|
| Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052
|
| $
| 180,000
| $183,190
|
| Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035
|
|
| 30,000
| 30,642
|
| Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n)
|
|
| 140,000
| 137,455
|
| Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)
|
|
| 150,000
| 147,273
|
| River Islands, CA, Public Finance Authority Improvement Area No. 1, Special Tax Community Facilities District No. 2003-1,
“A-1”, AGM, 5.25%, 9/01/2052
|
|
| 295,000
| 326,861
|
| San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047
|
|
| 200,000
| 205,790
|
| San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project),
“A”, 5%, 8/01/2043
|
|
| 25,000
| 25,564
|
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)
|
|
| 465,000
| 372,494
|
| University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation,
“B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)
|
|
| 470,000
| 161,078
|
| Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044
|
|
| 335,000
| 335,305
|
| Yorba Linda, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, “A”, NPFG, 0%, 9/01/2024
|
|
| 1,325,000
| 1,259,522
|
|
|
|
|
| $15,855,458
|
| Colorado - 5.4%
|
| Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050
|
| $
| 61,000
| $63,622
|
| Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046
|
|
| 601,000
| 557,177
|
| Colorado Educational & Cultural Facilites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School
Project), “A”, BAM, 4%, 7/01/2056
|
|
| 125,000
| 112,141
|
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031
|
|
| 65,000
| 66,234
|
| Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038
|
|
| 75,000
| 75,754
|
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030
|
|
| 40,000
| 40,660
|
| Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034
|
|
| 35,000
| 35,547
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Colorado - continued
|
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%,
12/01/2055
|
| $
| 950,000
| $966,701
|
| Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project),
“A”, 5%, 3/15/2055
|
|
| 455,000
| 461,531
|
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%,
7/01/2061 (n)
|
|
| 100,000
| 70,510
|
| Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043
|
|
| 375,000
| 378,012
|
| Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042
|
|
| 85,000
| 61,169
|
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052
|
|
| 365,000
| 379,382
|
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2038
|
|
| 450,000
| 468,127
|
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044
|
|
| 140,000
| 129,509
|
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049
|
|
| 110,000
| 98,934
|
| Colorado Health Facilities Authority Rev. (Sanford), “A”, 4%, 11/01/2039
|
|
| 470,000
| 428,651
|
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047
|
|
| 120,000
| 113,735
|
| Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053
|
|
| 110,000
| 102,870
|
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035
|
|
| 60,000
| 60,422
|
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036
|
|
| 40,000
| 40,072
|
| Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040
|
|
| 105,000
| 102,203
|
| Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048
|
|
| 75,000
| 72,990
|
| Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040
|
|
| 280,000
| 244,640
|
| Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045
|
|
| 100,000
| 100,312
|
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045
|
|
| 370,000
| 373,125
|
|
|
|
|
| $5,604,030
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Connecticut - 1.7%
|
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044
|
| $
| 470,000
| $439,469
|
| Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n)
|
|
| 120,000
| 108,838
|
| Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n)
|
|
| 315,000
| 311,450
|
| Hartford County, CT, Metropolitan District, “C”, AGM, 5%, 11/01/2030
|
|
| 185,000
| 196,422
|
| Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)
|
|
| 745,000
| 744,974
|
|
|
|
|
| $1,801,153
|
| Delaware - 1.1%
|
| Delaware Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040
|
| $
| 440,000
| $440,000
|
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 4.625%, 9/01/2034 (Prerefunded 9/01/2024)
|
|
| 95,000
| 96,416
|
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2044 (Prerefunded 9/01/2024)
|
|
| 95,000
| 96,848
|
| Delaware Economic Development Authority Rev. (Delaware Military Academy, Inc. Project), 5%, 9/01/2049 (Prerefunded 9/01/2024)
|
|
| 110,000
| 112,139
|
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043
|
|
| 185,000
| 188,736
|
| Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048
|
|
| 90,000
| 91,204
|
| Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%,
7/01/2058
|
|
| 175,000
| 155,529
|
|
|
|
|
| $1,180,872
|
| District of Columbia - 2.3%
|
| District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2056 (n)
|
| $
| 250,000
| $208,671
|
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030
|
|
| 145,000
| 144,997
|
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035
|
|
| 670,000
| 656,255
|
| District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045
|
|
| 775,000
| 735,966
|
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053 (w)
|
|
| 400,000
| 394,841
|
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement
Project), “B”, AGM, 4%, 10/01/2053
|
|
| 255,000
| 236,138
|
|
|
|
|
| $2,376,868
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Florida - 9.3%
|
| Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036
|
| $
| 105,000
| $104,542
|
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030
|
|
| 85,000
| 85,668
|
| Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033
|
|
| 40,000
| 40,229
|
| Collier County, FL, Health Facilities Authority, Residential Care Facility Rev. (The Moorings, Inc.), 4%, 5/01/2052
|
|
| 170,000
| 143,780
|
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”,
8.125%, 5/15/2044 (a)(d)(z)
|
|
| 378,613
| 41,647
|
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%,
5/15/2049 (a)(d)(z)
|
|
| 78,836
| 8,672
|
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035 (Prerefunded 6/01/2025)
|
|
| 135,000
| 139,472
|
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046 (Prerefunded 6/01/2025)
|
|
| 185,000
| 191,128
|
| Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039
|
|
| 150,000
| 148,865
|
| Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%,
6/15/2048 (n)
|
|
| 110,000
| 99,567
|
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n)
|
|
| 125,000
| 116,252
|
| Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n)
|
|
| 475,000
| 411,687
|
| Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding,
Inc. Project), “A”, 4%, 7/01/2051 (n)
|
|
| 100,000
| 82,124
|
| Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”,
6.375%, 6/15/2046 (n)
|
|
| 145,000
| 147,689
|
| Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 (Prerefunded
6/15/2023)
|
|
| 445,000
| 445,721
|
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055
|
|
| 30,000
| 23,294
|
| Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A-1”, 5%, 2/01/2057
|
|
| 20,000
| 18,796
|
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n)
|
|
| 100,000
| 94,822
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Florida - continued
|
| Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%,
6/15/2047 (n)
|
| $
| 155,000
| $141,332
|
| Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)
|
|
| 300,000
| 234,346
|
| Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)
|
|
| 235,000
| 141,614
|
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)
|
|
| 100,000
| 96,561
|
| Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)
|
|
| 110,000
| 98,461
|
| Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)
|
|
| 135,000
| 118,348
|
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035
|
|
| 100,000
| 99,772
|
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045
|
|
| 140,000
| 130,406
|
| Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047
|
|
| 135,000
| 135,953
|
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2044
|
|
| 100,000
| 94,466
|
| Lee County, FL, Industrial Development Authority Healthcare Facilities Rev. (Shell Point Alliance), 5%, 11/15/2049
|
|
| 225,000
| 205,612
|
| Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032
|
|
| 70,000
| 70,168
|
| Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046
|
|
| 220,000
| 211,305
|
| Miami Beach, FL, Health Facilities Authority Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051
|
|
| 610,000
| 531,931
|
| Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044
|
|
| 195,000
| 196,927
|
| Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052
|
|
| 65,000
| 68,494
|
| Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029
|
|
| 175,000
| 174,995
|
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042
|
|
| 380,000
| 386,836
|
| North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2048
|
|
| 245,000
| 248,282
|
| Orange County, FL, Health Facilities Authority Hospital Rev. (Orlando Health Obligated Group), “A”, 5%, 10/01/2053
|
|
| 340,000
| 355,322
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Florida - continued
|
| Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%,
8/01/2047
|
| $
| 800,000
| $654,603
|
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049
|
|
| 85,000
| 85,975
|
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2037
|
|
| 155,000
| 75,901
|
| Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2042
|
|
| 255,000
| 91,950
|
| Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052
|
|
| 75,000
| 73,346
|
| Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056
|
|
| 285,000
| 203,028
|
| Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n)
|
|
| 235,000
| 199,887
|
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036
|
|
| 100,000
| 96,729
|
| Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047
|
|
| 140,000
| 127,958
|
| Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049
|
|
| 100,000
| 97,711
|
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045
|
|
| 105,000
| 110,734
|
| Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046
|
|
| 85,000
| 84,180
|
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2047
|
|
| 55,000
| 46,277
|
| Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2052
|
|
| 100,000
| 82,296
|
| Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project),
“A”, 4%, 6/15/2051 (n)
|
|
| 100,000
| 74,433
|
| St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050
|
|
| 55,000
| 38,394
|
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%,
7/01/2026
|
|
| 20,000
| 20,150
|
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%,
7/01/2029
|
|
| 20,000
| 20,143
|
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%,
7/01/2034
|
|
| 40,000
| 40,307
|
| Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044
|
|
| 125,000
| 125,295
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Florida - continued
|
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040
|
| $
| 335,000
| $335,855
|
| Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044
|
|
| 130,000
| 129,743
|
| Tampa, FL (University of Tampa Project), 5%, 4/01/2040
|
|
| 80,000
| 81,431
|
| Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050
|
|
| 175,000
| 176,485
|
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035
|
|
| 170,000
| 171,446
|
| Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045
|
|
| 305,000
| 305,503
|
| Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037
|
|
| 100,000
| 100,022
|
|
|
|
|
| $9,734,868
|
| Georgia - 3.4%
|
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)
|
| $
| 100,000
| $87,993
|
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)
|
|
| 180,000
| 144,750
|
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%,
7/15/2030
|
|
| 45,000
| 45,402
|
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%,
7/15/2033 (Prerefunded 2/15/2025)
|
|
| 5,000
| 5,182
|
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%,
7/15/2033
|
|
| 75,000
| 75,430
|
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%,
7/15/2038 (Prerefunded 7/15/2025)
|
|
| 5,000
| 5,182
|
| Cobb County, GA, Development Authority Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”, 5%,
7/15/2038
|
|
| 85,000
| 84,372
|
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028
|
|
| 335,000
| 352,478
|
| Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043
|
|
| 110,000
| 108,762
|
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2053 (Put Date 6/01/2030)
|
|
| 1,000,000
| 1,040,145
|
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064
|
|
| 340,000
| 353,938
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Georgia - continued
|
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064
|
| $
| 180,000
| $185,411
|
| Georgia Ports Authority Rev., 4%, 7/01/2052
|
|
| 210,000
| 204,494
|
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051
|
|
| 815,000
| 859,689
|
|
|
|
|
| $3,553,228
|
| Guam - 0.3%
|
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043
|
| $
| 60,000
| $45,338
|
| Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050
|
|
| 250,000
| 250,636
|
|
|
|
|
| $295,974
|
| Hawaii - 0.2%
|
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n)
|
| $
| 100,000
| $96,252
|
| Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n)
|
|
| 110,000
| 93,477
|
|
|
|
|
| $189,729
|
| Idaho - 0.3%
|
| Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037
|
| $
| 40,000
| $39,875
|
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038
|
|
| 180,000
| 169,863
|
| Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%,
7/01/2049 (n)
|
|
| 100,000
| 103,572
|
|
|
|
|
| $313,310
|
| Illinois - 17.7%
|
| Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024
|
| $
| 149,418
| $146,390
|
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036
|
|
| 530,000
| 481,089
|
| Chicago, IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023
|
|
| 255,000
| 256,241
|
| Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028
|
|
| 250,000
| 198,853
|
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2045
|
|
| 110,000
| 112,913
|
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046
|
|
| 200,000
| 200,759
|
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046
|
|
| 975,000
| 1,019,582
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Illinois - continued
|
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2048
|
| $
| 245,000
| $265,852
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028
|
|
| 55,000
| 57,659
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029
|
|
| 40,000
| 42,342
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030
|
|
| 30,000
| 32,030
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031
|
|
| 80,000
| 85,918
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031
|
|
| 325,000
| 343,769
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032
|
|
| 275,000
| 290,690
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042
|
|
| 200,000
| 191,823
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n)
|
|
| 310,000
| 334,126
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035
|
|
| 110,000
| 115,218
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039
|
|
| 100,000
| 90,763
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041
|
|
| 100,000
| 89,153
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034
|
|
| 260,000
| 265,938
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036
|
|
| 385,000
| 388,853
|
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046
|
|
| 250,000
| 240,964
|
| Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043
|
|
| 750,000
| 787,146
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2025
|
|
| 35,000
| 35,670
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2026
|
|
| 170,000
| 175,429
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2027
|
|
| 115,000
| 119,958
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2028
|
|
| 25,000
| 26,333
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2029
|
|
| 315,000
| 334,814
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2033
|
|
| 775,000
| 834,675
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2039
|
|
| 105,000
| 106,733
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2040
|
|
| 20,000
| 20,280
|
| Chicago, IL, General Obligation, “A”, 5%, 1/01/2044
|
|
| 310,000
| 304,514
|
| Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049
|
|
| 405,000
| 419,315
|
| Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033
|
|
| 85,000
| 86,837
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Illinois - continued
|
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation,
“B”, BAM, 0%, 12/15/2054
|
| $
| 775,000
| $163,838
|
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation,
“B-1”, AGM, 0%, 6/15/2047
|
|
| 1,310,000
| 410,322
|
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033
|
|
| 350,000
| 358,838
|
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038
|
|
| 295,000
| 295,916
|
| Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048
|
|
| 250,000
| 244,715
|
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032
|
|
| 80,000
| 80,098
|
| Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033
|
|
| 40,000
| 40,048
|
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048
|
|
| 200,000
| 204,377
|
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053
|
|
| 115,000
| 117,074
|
| Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055
|
|
| 815,000
| 860,639
|
| Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047
|
|
| 450,000
| 465,203
|
| Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036
|
|
| 193,000
| 189,192
|
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034
|
|
| 15,000
| 15,267
|
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038
|
|
| 20,000
| 19,551
|
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042
|
|
| 10,000
| 9,612
|
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047
|
|
| 20,000
| 18,939
|
| Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052
|
|
| 20,000
| 18,546
|
| Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052
|
|
| 405,000
| 375,563
|
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051
|
|
| 235,000
| 184,569
|
| Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058
|
|
| 365,000
| 369,811
|
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027)
|
|
| 25,000
| 25,737
|
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041
|
|
| 500,000
| 482,205
|
| Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041
|
|
| 315,000
| 325,082
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Illinois - continued
|
| Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043
|
| $
| 200,000
| $200,383
|
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042
|
|
| 35,000
| 34,702
|
| Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047
|
|
| 70,000
| 68,379
|
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046
|
|
| 55,000
| 53,638
|
| Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049
|
|
| 55,000
| 53,435
|
| Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035
|
|
| 420,000
| 427,747
|
| Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health
Services Facility Project), 4%, 10/01/2050
|
|
| 330,000
| 272,276
|
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project),
“A”, 5%, 2/15/2037
|
|
| 20,000
| 19,698
|
| Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project),
“A”, 5%, 2/15/2047
|
|
| 45,000
| 41,923
|
| 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
| 22,965
|
| Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039
|
|
| 35,000
| 33,303
|
| Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034
|
|
| 142,000
| 142,097
|
| Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042
|
|
| 130,000
| 126,082
|
| Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039
|
|
| 75,000
| 74,202
|
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041
|
|
| 50,000
| 42,644
|
| Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046
|
|
| 50,000
| 40,713
|
| State of Illinois, General Obligation, 4.125%, 11/01/2031
|
|
| 85,000
| 86,350
|
| State of Illinois, General Obligation, 4.5%, 11/01/2039
|
|
| 130,000
| 130,694
|
| State of Illinois, General Obligation, 5%, 11/01/2040
|
|
| 380,000
| 386,507
|
| State of Illinois, General Obligation, AGM, 5%, 2/01/2027
|
|
| 115,000
| 116,199
|
| State of Illinois, General Obligation, “A”, 5%, 11/01/2027
|
|
| 475,000
| 506,669
|
| State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047
|
|
| 815,000
| 881,263
|
| State of Illinois, General Obligation, “B”, 4%, 11/01/2038
|
|
| 60,000
| 58,251
|
| State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047
|
|
| 135,000
| 146,107
|
| State of Illinois, General Obligation, “A”, 5%, 12/01/2038
|
|
| 45,000
| 46,340
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Illinois - continued
|
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043
|
| $
| 365,000
| $367,259
|
| Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048
|
|
| 365,000
| 365,855
|
|
|
|
|
| $18,523,452
|
| Indiana - 2.6%
|
| Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023)
|
| $
| 275,000
| $277,662
|
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030
|
|
| 40,000
| 40,110
|
| Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039
|
|
| 100,000
| 96,298
|
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034
|
|
| 100,000
| 95,663
|
| Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035
|
|
| 135,000
| 127,453
|
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039
|
|
| 65,000
| 66,131
|
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044
|
|
| 20,000
| 17,267
|
| Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049
|
|
| 15,000
| 12,530
|
| Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indian, Inc. Project), “A-2”, 4.5%, 5/01/2035 (Put Date
6/01/2032)
|
|
| 605,000
| 603,097
|
| Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051
|
|
| 345,000
| 350,957
|
| Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052
|
|
| 710,000
| 734,704
|
| Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035
|
|
| 25,000
| 26,387
|
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034
|
|
| 260,000
| 264,066
|
|
|
|
|
| $2,712,325
|
| Iowa - 0.4%
|
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033
|
| $
| 50,000
| $48,202
|
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038
|
|
| 40,000
| 36,594
|
| Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048
|
|
| 70,000
| 58,737
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Iowa - continued
|
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 4.75%, 10/01/2042
|
| $
| 25,000
| $24,906
|
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5%, 10/01/2047
|
|
| 30,000
| 30,294
|
| Iowa Higher Education Loan Authority, Private College Facility Rev. (Des Moines University Project), 5.375%, 10/01/2052
|
|
| 35,000
| 36,063
|
| Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044
|
|
| 250,000
| 202,505
|
|
|
|
|
| $437,301
|
| Kansas - 1.5%
|
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)
|
| $
| 200,000
| $205,648
|
| Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)
|
|
| 100,000
| 102,824
|
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036
|
|
| 40,000
| 38,395
|
| Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041
|
|
| 35,000
| 31,817
|
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030
|
|
| 45,000
| 44,868
|
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032
|
|
| 40,000
| 39,573
|
| Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039
|
|
| 55,000
| 51,437
|
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046
|
|
| 60,000
| 42,615
|
| Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052
|
|
| 145,000
| 97,817
|
| Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052
|
|
| 150,000
| 147,298
|
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043
|
|
| 170,000
| 168,010
|
| Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047
|
|
| 160,000
| 127,451
|
| Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052
|
|
| 205,000
| 181,832
|
| Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West
Lawn Project), 4.5%, 6/01/2040
|
|
| 50,000
| 45,555
|
| Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044
|
|
| 200,000
| 201,089
|
|
|
|
|
| $1,526,229
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Kentucky - 2.3%
|
| Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)
|
| $
| 135,000
| $126,856
|
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%,
11/15/2046
|
|
| 285,000
| 218,612
|
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%,
11/15/2051
|
|
| 270,000
| 204,902
|
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042
|
|
| 180,000
| 147,353
|
| Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045
|
|
| 80,000
| 64,967
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037
|
|
| 30,000
| 31,069
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041
|
|
| 250,000
| 256,855
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046
|
|
| 160,000
| 163,363
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037
|
|
| 120,000
| 120,544
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041
|
|
| 80,000
| 78,708
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041
|
|
| 65,000
| 66,340
|
| Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045
|
|
| 100,000
| 97,290
|
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project),
“A”, 5%, 5/15/2036
|
|
| 120,000
| 100,767
|
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project),
“A”, 5%, 5/15/2046
|
|
| 325,000
| 239,467
|
| Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project),
“A”, 5%, 5/15/2051
|
|
| 80,000
| 56,807
|
| Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036
|
|
| 370,000
| 378,597
|
|
|
|
|
| $2,352,497
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Louisiana - 3.3%
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish GOMESA Project), 5.65%,
11/01/2037 (n)
|
| $
| 100,000
| $104,821
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%,
6/01/2045
|
|
| 555,000
| 455,522
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA Project), 4%,
11/01/2044 (n)
|
|
| 145,000
| 127,983
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA Project), 3.95%,
11/01/2043 (n)
|
|
| 139,872
| 121,861
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA Project), 3.9%,
11/01/2044 (n)
|
|
| 170,000
| 145,784
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project),
“A”, 6%, 11/15/2035
|
|
| 100,000
| 95,772
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project),
“A”, 6.25%, 11/15/2045
|
|
| 315,000
| 291,108
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA Project), 5.375%,
11/01/2038 (n)
|
|
| 100,000
| 103,583
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA Project), 5.5%,
11/01/2039 (n)
|
|
| 100,000
| 104,120
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA Project), 4.625%,
11/01/2038 (n)
|
|
| 90,000
| 90,189
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project),
“A”, 6.125%, 2/01/2037 (n)
|
|
| 190,000
| 178,373
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project),
“A”, 6.25%, 2/01/2047 (n)
|
|
| 160,000
| 144,415
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC -
University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)
|
|
| 100,000
| 83,848
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Louisiana - continued
|
| Louisiana Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM
Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)
|
| $
| 105,000
| $79,271
|
| Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n)
|
|
| 280,000
| 198,912
|
| Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n)
|
|
| 115,000
| 81,696
|
| Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n)
|
|
| 105,000
| 97,844
|
| Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to
10/01/2046
|
|
| 450,000
| 439,665
|
| Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project),
“A-1”, 5.1%, 1/01/2057 (n)
|
|
| 630,000
| 555,836
|
|
|
|
|
| $3,500,603
|
| Maine - 0.4%
|
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025)
(n)
|
| $
| 130,000
| $128,528
|
| Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n)
|
|
| 300,000
| 301,430
|
|
|
|
|
| $429,958
|
| Maryland - 1.2%
|
| Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)
|
| $
| 120,000
| $107,568
|
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038
|
|
| 10,000
| 8,337
|
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048
|
|
| 25,000
| 18,752
|
| Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058
|
|
| 80,000
| 56,435
|
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036
|
|
| 145,000
| 149,113
|
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033
|
|
| 85,000
| 87,947
|
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034
|
|
| 55,000
| 56,798
|
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038
|
|
| 245,000
| 247,879
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Maryland - continued
|
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation,
“C”, 0%, 5/01/2053
|
| $
| 905,000
| $220,993
|
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)
|
|
| 100,000
| 97,185
|
| Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037
|
|
| 40,000
| 35,783
|
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042
|
|
| 70,000
| 60,024
|
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047
|
|
| 70,000
| 58,123
|
|
|
|
|
| $1,204,937
|
| Massachusetts - 4.0%
|
| Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)
|
| $
| 626,350
| $64,451
|
| Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049 (Prerefunded 6/01/2029)
|
|
| 45,000
| 48,315
|
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052
|
|
| 110,000
| 103,265
|
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)
|
|
| 100,000
| 89,392
|
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)
|
|
| 190,000
| 166,191
|
| Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n)
|
|
| 100,000
| 101,138
|
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033
|
|
| 30,000
| 31,029
|
| Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034
|
|
| 35,000
| 36,158
|
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036
|
|
| 110,000
| 112,859
|
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044
|
|
| 2,445,000
| 2,040,558
|
| Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044
|
|
| 55,000
| 53,222
|
| Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037
|
|
| 15,000
| 12,534
|
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036
|
|
| 5,000
| 4,779
|
| Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046
|
|
| 425,000
| 368,916
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Massachusetts - continued
|
| Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033
|
| $
| 290,000
| $277,501
|
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051
|
|
| 110,000
| 73,584
|
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 4.125%, 7/01/2052
|
|
| 360,000
| 297,332
|
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047
|
|
| 205,000
| 162,804
|
| Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052
|
|
| 130,000
| 99,161
|
|
|
|
|
| $4,143,189
|
| Michigan - 2.3%
|
| Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047
|
| $
| 255,000
| $231,705
|
| Great Lakes Water Authority, Michigan Water Supply System Rev., “D”, AGM, 5%, 7/01/2034
|
|
| 295,000
| 311,781
|
| Michigan Building Authority Rev. (Facilities Program), 4%, 10/15/2052
|
|
| 60,000
| 57,510
|
| Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047
|
|
| 810,000
| 836,453
|
| Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048
|
|
| 225,000
| 229,648
|
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding
Second Lien Local Project), “C”, 5%, 7/01/2033
|
|
| 60,000
| 61,376
|
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding
Local Project), “D-2”, 5%, 7/01/2034
|
|
| 60,000
| 61,280
|
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n)
|
|
| 105,000
| 62,800
|
| Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n)
|
|
| 105,000
| 60,291
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044
|
|
| 35,000
| 35,268
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039
|
|
| 40,000
| 40,485
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039
|
|
| 30,000
| 30,104
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044
|
|
| 90,000
| 90,122
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031
|
|
| 150,000
| 159,888
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Michigan - continued
|
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032
|
| $
| 160,000
| $170,434
|
|
|
|
|
| $2,439,145
|
| Minnesota - 1.2%
|
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031
|
| $
| 15,000
| $13,621
|
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036
|
|
| 65,000
| 53,953
|
| Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041
|
|
| 145,000
| 112,186
|
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043
|
|
| 100,000
| 96,367
|
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043
|
|
| 155,000
| 158,174
|
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048
|
|
| 125,000
| 118,384
|
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048
|
|
| 125,000
| 126,816
|
| Minnesota Independent School District No. 150 (Hawley Public Schools), General Obligation School Building, “A”, 4.25%,
2/01/2046
|
|
| 470,000
| 472,297
|
| St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%,
7/01/2052 (n)
|
|
| 100,000
| 97,447
|
|
|
|
|
| $1,249,245
|
| Mississippi - 1.1%
|
| Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053 (w)
|
| $
| 800,000
| $743,363
|
| Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n)
|
|
| 185,000
| 182,259
|
| Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n)
|
|
| 100,000
| 89,575
|
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046
|
|
| 110,000
| 109,030
|
|
|
|
|
| $1,124,227
|
| Missouri - 4.3%
|
| Cape Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041
|
| $
| 85,000
| $71,873
|
| Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058
|
|
| 1,600,000
| 1,703,816
|
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%,
3/01/2054
|
|
| 480,000
| 489,595
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Missouri - continued
|
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project),
“B”, AGM, 5%, 3/01/2049
|
| $
| 520,000
| $533,012
|
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project),
“B”, AGM, 5%, 3/01/2055
|
|
| 315,000
| 321,296
|
| Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project),
“B”, 5%, 3/01/2046
|
|
| 215,000
| 221,095
|
| Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%,
2/01/2050 (n)
|
|
| 310,000
| 223,633
|
| Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051
|
|
| 125,000
| 104,661
|
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3%, 5/01/2030
|
|
| 10,000
| 9,026
|
| Plaza at Noah's Ark Community District, MO, Tax Increment and Improvement Rev., 3.125%, 5/01/2035
|
|
| 10,000
| 8,324
|
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030
|
|
| 40,000
| 37,954
|
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035
|
|
| 25,000
| 22,615
|
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045
|
|
| 65,000
| 54,392
|
| St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036
|
|
| 55,000
| 48,826
|
| St. Louis County, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%,
9/01/2053
|
|
| 480,000
| 405,410
|
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029
|
|
| 45,000
| 38,898
|
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035
|
|
| 95,000
| 75,723
|
| St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047
|
|
| 205,000
| 150,727
|
|
|
|
|
| $4,520,876
|
| Montana - 0.4%
|
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043
|
| $
| 160,000
| $160,918
|
| Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048
|
|
| 235,000
| 234,631
|
|
|
|
|
| $395,549
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Nebraska - 0.1%
|
| Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036
|
| $
| 105,000
| $110,806
|
| Nevada - 0.3%
|
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”,
5.125%, 12/15/2045 (n)
|
| $
| 150,000
| $137,001
|
| Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%,
12/15/2048 (n)
|
|
| 100,000
| 88,078
|
| Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n)
|
|
| 100,000
| 91,123
|
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038
|
|
| 5,000
| 5,280
|
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048
|
|
| 20,000
| 17,979
|
| Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058
|
|
| 25,000
| 22,265
|
|
|
|
|
| $361,726
|
| New Hampshire - 1.3%
|
| National Finance Authority, New Hampshire Municipal Certificates, “A”, 4%, 10/20/2036
|
| $
| 281,706
| $262,148
|
| National Finance Authority, New Hampshire Municipal Certificates, “1-A”, 4.375%, 9/20/2036
|
|
| 519,724
| 501,009
|
| National Finance Authority, New Hampshire Municipal Certificates, “A”, 4.125%, 1/20/2034
|
|
| 378,433
| 363,655
|
| National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n)
|
|
| 300,000
| 264,091
|
|
|
|
|
| $1,390,903
|
| New Jersey - 4.9%
|
| Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”,
BAM, 5%, 3/01/2042
|
| $
| 30,000
| $31,181
|
| Camden County, NJ, Improvement Authority School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062
|
|
| 140,000
| 146,917
|
| New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 3.125%, 7/01/2029
|
|
| 40,000
| 37,874
|
| New Jersey Economic Development Authority (Motor Vehicle Surcharges Subordinate Refunding Rev.), “A”, 5%, 7/01/2033
|
|
| 260,000
| 273,304
|
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027
|
|
| 40,000
| 40,346
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| New Jersey - continued
|
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028
|
| $
| 40,000
| $40,242
|
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043
|
|
| 255,000
| 255,714
|
| New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031
|
|
| 125,000
| 125,880
|
| New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031
|
|
| 760,000
| 765,448
|
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project),
“A”, 5%, 1/01/2030
|
|
| 80,000
| 79,158
|
| New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project),
“A”, 5%, 1/01/2035
|
|
| 95,000
| 92,713
|
| New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030
|
|
| 265,000
| 268,506
|
| New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%,
6/15/2042
|
|
| 180,000
| 185,443
|
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041
|
|
| 810,000
| 796,953
|
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039
|
|
| 260,000
| 246,772
|
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051
|
|
| 30,000
| 21,382
|
| New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev., “C”, 5%, 12/01/2053
|
|
| 55,000
| 53,092
|
| New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037
|
|
| 140,000
| 151,228
|
| New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2040
|
|
| 55,000
| 52,736
|
| New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044 (w)
|
|
| 360,000
| 353,357
|
| New Jersey Transportation Trust Fund Authority, “AA”, 4%, 6/15/2045
|
|
| 100,000
| 93,759
|
| New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038
|
|
| 1,000,000
| 1,008,222
|
|
|
|
|
| $5,120,227
|
| New Mexico - 0.0%
|
| Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040
|
| $
| 20,000
| $18,840
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| New York - 9.6%
|
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)
|
| $
| 545,000
| $539,703
|
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062
|
|
| 110,000
| 105,645
|
| Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), Tax-Exempt, “A”, 5.25%, 12/01/2052
|
|
| 405,000
| 410,562
|
| Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052
|
|
| 360,000
| 357,685
|
| Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052
|
|
| 75,000
| 67,238
|
| Metropolitan Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055
|
|
| 170,000
| 175,363
|
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034
|
|
| 65,000
| 66,596
|
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040
|
|
| 165,000
| 166,830
|
| New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045
|
|
| 80,000
| 80,580
|
| New York Dormitory Authority Rev. (HYU Langone Hospitals Obligated Group), “A”, 4%, 7/01/2050
|
|
| 500,000
| 457,715
|
| New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050
|
|
| 235,000
| 188,860
|
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)
|
|
| 100,000
| 99,821
|
| New York Dormitory Authority Rev. (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n)
|
|
| 100,000
| 96,228
|
| New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2042
|
|
| 655,000
| 645,646
|
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
|
|
| 1,090,000
| 1,066,119
|
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project),
3%, 8/01/2031
|
|
| 65,000
| 56,370
|
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project),
5.375%, 8/01/2036
|
|
| 400,000
| 403,160
|
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment
Project), 5%, 1/01/2031
|
|
| 365,000
| 376,392
|
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%,
1/01/2036
|
|
| 100,000
| 95,849
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| New York - continued
|
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment
Project), 5%, 10/01/2040
|
| $
| 200,000
| $202,273
|
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment
Project), 4.375%, 10/01/2045
|
|
| 545,000
| 514,873
|
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project),
“A”, 4%, 12/01/2038
|
|
| 70,000
| 65,683
|
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048
|
|
| 542,947
| 530,878
|
| Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042
(n)
|
|
| 270,000
| 233,818
|
| Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052
|
|
| 215,000
| 157,587
|
| Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046
|
|
| 170,000
| 133,973
|
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055
|
|
| 665,000
| 608,652
|
| Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052
|
|
| 505,000
| 553,432
|
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029
|
|
| 30,000
| 23,128
|
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032
|
|
| 75,000
| 57,707
|
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034
|
|
| 205,000
| 154,732
|
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036
|
|
| 110,000
| 81,819
|
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034
|
|
| 50,000
| 51,830
|
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035
|
|
| 25,000
| 25,796
|
| Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041
|
|
| 715,000
| 726,899
|
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025
|
|
| 110,000
| 103,747
|
| Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037
|
|
| 400,000
| 316,767
|
|
|
|
|
| $9,999,956
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| North Carolina - 0.8%
|
| Greater Ashville, NC, Regional Airport Authority System Rev., AGM, 5.25%, 7/01/2048
|
| $
| 25,000
| $26,755
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%,
3/01/2036
|
|
| 50,000
| 41,966
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%,
3/01/2041
|
|
| 15,000
| 11,531
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%,
3/01/2051
|
|
| 190,000
| 130,029
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%,
3/01/2036
|
|
| 20,000
| 16,786
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%,
3/01/2042
|
|
| 10,000
| 7,571
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025
|
|
| 35,000
| 34,975
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030
|
|
| 70,000
| 69,235
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035
|
|
| 45,000
| 43,509
|
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”,
5%, 10/01/2050
|
|
| 90,000
| 85,126
|
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%,
9/01/2037 (Prerefunded 9/01/2024)
|
|
| 75,000
| 76,551
|
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042
|
|
| 30,000
| 30,461
|
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047
|
|
| 60,000
| 60,665
|
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051
|
|
| 130,000
| 131,241
|
| North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054
|
|
| 85,000
| 85,747
|
|
|
|
|
| $852,148
|
| North Dakota - 0.1%
|
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034
|
| $
| 40,000
| $37,333
|
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048
|
|
| 10,000
| 8,053
|
| Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053
|
|
| 70,000
| 54,485
|
|
|
|
|
| $99,871
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Ohio - 4.9%
|
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036
|
| $
| 130,000
| $135,928
|
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055
|
|
| 1,690,000
| 1,563,409
|
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042
|
|
| 210,000
| 210,833
|
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047
|
|
| 285,000
| 272,166
|
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047
|
|
| 70,000
| 70,654
|
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057
|
|
| 150,000
| 142,529
|
| Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057
|
|
| 770,000
| 780,758
|
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040
|
|
| 30,000
| 25,887
|
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045
|
|
| 50,000
| 41,802
|
| Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049
|
|
| 65,000
| 59,005
|
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034
|
|
| 120,000
| 120,313
|
| Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044
|
|
| 195,000
| 190,975
|
| Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049
|
|
| 310,000
| 315,770
|
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041
|
|
| 130,000
| 118,961
|
| Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047
|
|
| 70,000
| 61,575
|
| Ohio Air Quality Development Authority Refunding Rev. (Duke Energy Corp. Project), “A”, 4.25%, 11/01/2039 (Put Date 6/01/2027)
|
|
| 110,000
| 108,639
|
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n)
|
|
| 100,000
| 97,673
|
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n)
|
|
| 100,000
| 94,769
|
| Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n)
|
|
| 125,000
| 115,368
|
| Ohio Higher Educational Facility Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042
|
|
| 100,000
| 100,414
|
| Ohio Housing Finance Agency Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053
|
|
| 505,000
| 509,494
|
|
|
|
|
| $5,136,922
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Oklahoma - 1.7%
|
| Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028
|
| $
| 5,000
| $4,809
|
| Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045
|
|
| 70,000
| 68,266
|
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041
|
|
| 245,000
| 233,380
|
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044
|
|
| 250,000
| 236,376
|
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038
|
|
| 215,000
| 198,389
|
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043
|
|
| 195,000
| 181,652
|
| Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048
|
|
| 215,000
| 194,918
|
| Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%,
11/15/2045
|
|
| 645,000
| 630,839
|
| Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024)
|
|
| 55,000
| 55,597
|
|
|
|
|
| $1,804,226
|
| Oregon - 1.4%
|
| Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050
|
| $
| 370,000
| $332,126
|
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051
|
|
| 465,000
| 309,704
|
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056
|
|
| 205,000
| 131,792
|
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-1”, 1.2%,
6/01/2028
|
|
| 25,000
| 21,023
|
| Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%,
6/01/2027
|
|
| 70,000
| 60,721
|
| Oregon Facilities Authority Refunding Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040
|
|
| 30,000
| 30,487
|
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047
|
|
| 100,000
| 97,826
|
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052
|
|
| 230,000
| 221,596
|
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056
|
|
| 280,000
| 200,316
|
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-1”, 2.5%, 11/15/2028
|
|
| 30,000
| 24,856
|
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-2”, 2.125%, 11/15/2027
|
|
| 15,000
| 13,453
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Oregon - continued
|
| Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “B-3”, 1.75%, 11/15/2026
|
| $
| 20,000
| $18,611
|
|
|
|
|
| $1,462,511
|
| Pennsylvania - 12.1%
|
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)
|
| $
| 170,000
| $165,133
|
| Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n)
|
|
| 150,000
| 145,741
|
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034
|
|
| 235,000
| 134,170
|
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047
|
|
| 575,000
| 328,456
|
| Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050
|
|
| 200,000
| 112,846
|
| Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)
|
|
| 235,000
| 268,780
|
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044
|
|
| 45,000
| 41,052
|
| Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050
|
|
| 365,000
| 324,633
|
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035
|
|
| 405,000
| 321,343
|
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051
|
|
| 95,000
| 75,998
|
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030
|
|
| 45,000
| 42,005
|
| Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045
|
|
| 100,000
| 86,173
|
| Commonwealth of Pennsylvania, State Public School Building Authority College Rev. (Delware County Community College Project), BAM, 5.25%,
10/01/2044
|
|
| 150,000
| 160,801
|
| Doylestown, PA, Hospital Rev. (Doylestown Hospital), “A”, 4%, 7/01/2045
|
|
| 30,000
| 21,243
|
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville
University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025)
|
|
| 25,000
| 25,867
|
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville
University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025)
|
|
| 35,000
| 36,214
|
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania),
5%, 7/01/2039 (Prerefunded 7/01/2024)
|
|
| 40,000
| 40,644
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Pennsylvania - continued
|
| East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville
University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024)
|
| $
| 20,000
| $20,322
|
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038
|
|
| 125,000
| 108,289
|
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043
|
|
| 155,000
| 126,453
|
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048
|
|
| 160,000
| 124,865
|
| Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053
|
|
| 150,000
| 113,913
|
| Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050
|
|
| 1,010,000
| 916,191
|
| Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049
|
|
| 350,000
| 313,882
|
| Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037
|
|
| 955,000
| 495,575
|
| Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)
|
|
| 605,000
| 609,881
|
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044
|
|
| 100,000
| 91,721
|
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049
|
|
| 100,000
| 88,540
|
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048
|
|
| 330,000
| 337,756
|
| Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%, 5/01/2053
|
|
| 105,000
| 77,172
|
| Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated
Group), “C”, 5%, 11/15/2045
|
|
| 120,000
| 112,608
|
| Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050
|
|
| 950,000
| 806,049
|
| Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 6/30/2042
|
|
| 505,000
| 503,782
|
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation,
“B-2”, 0%, 1/01/2044
|
|
| 540,000
| 188,301
|
| Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital Appreciation, “B-3”, 0%,
1/01/2049
|
|
| 250,000
| 43,751
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Pennsylvania - continued
|
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2053
|
| $
| 490,000
| $501,462
|
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%,
6/30/2042
|
|
| 405,000
| 443,174
|
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%,
12/31/2057
|
|
| 560,000
| 571,669
|
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042
|
|
| 50,000
| 41,935
|
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043
|
|
| 385,000
| 383,680
|
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053
|
|
| 495,000
| 525,032
|
| Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053 (w)
|
|
| 300,000
| 317,471
|
| Philadelphia, PA, Authority for Industrial Development Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%,
6/15/2057
|
|
| 100,000
| 90,308
|
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036
|
|
| 100,000
| 102,211
|
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046
|
|
| 125,000
| 126,645
|
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051
|
|
| 120,000
| 121,495
|
| Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051
|
|
| 150,000
| 152,616
|
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033
|
|
| 100,000
| 100,232
|
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043
|
|
| 110,000
| 110,270
|
| Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043
|
|
| 140,000
| 140,302
|
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8),
“III”, 5.25%, 12/01/2047 (n)
|
|
| 145,000
| 129,263
|
| Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8),
“III”, 5.5%, 12/01/2058 (n)
|
|
| 215,000
| 192,941
|
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037
|
|
| 100,000
| 86,401
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Pennsylvania - continued
|
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2042
|
| $
| 125,000
| $102,976
|
| Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2049
|
|
| 175,000
| 138,092
|
| Philadelphia, PA, School District, “A”, 5%, 9/01/2036
|
|
| 25,000
| 26,705
|
| Philadelphia, PA, School District, “A”, 5%, 9/01/2037
|
|
| 25,000
| 26,572
|
| Philadelphia, PA, School District, “A”, 5%, 9/01/2038
|
|
| 25,000
| 26,415
|
| Philadelphia, PA, School District, “A”, 4%, 9/01/2039
|
|
| 150,000
| 143,326
|
| Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028
|
|
| 185,000
| 185,648
|
| Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046
|
|
| 445,000
| 392,398
|
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023
|
|
| 5,000
| 4,998
|
| Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035
|
|
| 15,000
| 14,628
|
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030
|
|
| 30,000
| 29,595
|
| West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035
|
|
| 35,000
| 33,738
|
|
|
|
|
| $12,672,348
|
| Puerto Rico - 4.6%
|
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031
|
| $
| 84,000
| $90,454
|
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041
|
|
| 406,000
| 338,825
|
| Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033
|
|
| 55,000
| 53,495
|
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024
|
|
| 15,000
| 15,003
|
| Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025
|
|
| 15,000
| 15,003
|
| Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)
|
|
| 995,000
| 711,425
|
| Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024
|
|
| 65,000
| 65,041
|
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026
|
|
| 60,000
| 59,204
|
| Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030
|
|
| 250,000
| 247,339
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Puerto Rico - continued
|
| Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)
|
| $
| 845,000
| $604,175
|
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration
Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026
|
|
| 380,000
| 385,921
|
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev.
(University of Sacred Heart), 4.375%, 10/01/2031
|
|
| 45,000
| 45,044
|
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev.
(University of Sacred Heart), 5%, 10/01/2042
|
|
| 70,000
| 70,158
|
| Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027
|
|
| 20,000
| 20,134
|
| Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026
|
|
| 80,000
| 86,449
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040
|
|
| 42,000
| 39,972
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058
|
|
| 636,000
| 607,665
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053
|
|
| 3,000
| 2,678
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058
|
|
| 69,000
| 63,384
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027
|
|
| 74,000
| 62,214
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031
|
|
| 803,000
| 556,053
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033
|
|
| 781,000
| 487,497
|
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046
|
|
| 473,000
| 127,236
|
| University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025
|
|
| 40,000
| 40,045
|
|
|
|
|
| $4,794,414
|
| Rhode Island - 1.0%
|
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039
|
| $
| 80,000
| $67,009
|
| Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042 (w)
|
|
| 800,000
| 771,474
|
| Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034
|
|
| 60,000
| 57,928
|
| Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037
|
|
| 190,000
| 176,168
|
|
|
|
|
| $1,072,579
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| South Carolina - 1.1%
|
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%,
4/01/2044
|
| $
| 185,000
| $164,966
|
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%,
6/01/2046 (n)
|
|
| 100,000
| 70,838
|
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%,
5/01/2048
|
|
| 40,000
| 31,527
|
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048
|
|
| 395,000
| 398,392
|
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2047
|
|
| 150,000
| 124,965
|
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%, 4/01/2052
|
|
| 115,000
| 93,156
|
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048
|
|
| 245,000
| 249,531
|
| Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045
|
|
| 45,000
| 42,114
|
|
|
|
|
| $1,175,489
|
| South Dakota - 0.4%
|
| South Dakota Housing Development Authority, Homeownership Mortgage, “A”, GNMA, 6%, 5/01/2054
|
| $
| 360,000
| $385,603
|
| Tennessee - 2.3%
|
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030
|
| $
| 45,000
| $46,734
|
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031
|
|
| 50,000
| 51,922
|
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036
|
|
| 65,000
| 66,816
|
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev. (Vanderbilt University
Medical Center), “A”, 5%, 7/01/2035
|
|
| 205,000
| 211,798
|
| Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement
(Trevecca Nazarene University Project), 5%, 10/01/2034
|
|
| 10,000
| 10,199
|
| Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)
|
|
| 515,000
| 542,983
|
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026
|
|
| 165,000
| 167,865
|
| Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)
|
|
| 1,000,000
| 1,034,755
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Tennessee - continued
|
| Tennessee Energy Acquisition Corp., Gas Project Rev., “C”, 5%, 2/01/2025
|
| $
| 240,000
| $239,624
|
|
|
|
|
| $2,372,696
|
| Texas - 9.8%
|
| Arlington, TX, Higher Education Finance Corp. Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036
|
| $
| 40,000
| $38,403
|
| Arlington, TX, Higher Education Finance Corp. Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046
|
|
| 185,000
| 170,652
|
| Arlington, TX, Higher Education Finance Corp. Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2057
|
|
| 185,000
| 195,050
|
| Austin, TX, Airport System Rev., 5%, 11/15/2052
|
|
| 270,000
| 279,537
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029
|
|
| 35,000
| 35,639
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031
|
|
| 50,000
| 50,983
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034
|
|
| 10,000
| 9,918
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026
|
|
| 25,000
| 24,746
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028
|
|
| 15,000
| 14,888
|
| Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030
|
|
| 25,000
| 24,860
|
| Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025)
|
|
| 90,000
| 93,324
|
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033
|
|
| 105,000
| 105,510
|
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042
|
|
| 410,000
| 410,140
|
| Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043
|
|
| 165,000
| 165,589
|
| Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050
|
|
| 55,000
| 43,491
|
| Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)
|
|
| 100,000
| 80,864
|
| Cypress-Fairbanks, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 4%, 2/15/2048
|
|
| 80,000
| 78,051
|
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025
|
|
| 115,000
| 114,178
|
| Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028
|
|
| 375,000
| 375,298
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Texas - continued
|
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%,
7/01/2052
|
| $
| 340,000
| $319,107
|
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%,
10/01/2035
|
|
| 85,000
| 87,496
|
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%,
10/01/2036
|
|
| 155,000
| 157,572
|
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%,
10/01/2037
|
|
| 210,000
| 212,269
|
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, BAM, 4%,
10/01/2038
|
|
| 175,000
| 176,365
|
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032
|
|
| 20,000
| 20,347
|
| Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033
|
|
| 40,000
| 40,623
|
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041
|
|
| 70,000
| 29,023
|
| Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046
|
|
| 175,000
| 55,028
|
| Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030
|
|
| 445,000
| 446,350
|
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024
|
|
| 270,000
| 270,051
|
| Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%,
7/15/2030
|
|
| 770,000
| 772,612
|
| Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051
|
|
| 50,000
| 41,397
|
| Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n)
|
|
| 180,000
| 174,125
|
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 6/01/2048 (Put Date 6/03/2024)
(w)
|
|
| 115,000
| 115,109
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's
University Housing Project), “A-1”, AGM, 5%, 7/01/2038
|
|
| 20,000
| 20,384
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's
University Housing Project), “A-1”, AGM, 5%, 7/01/2058
|
|
| 80,000
| 80,381
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2039 (n)
|
|
| 75,000
| 71,470
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n)
|
|
| 55,000
| 49,241
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Texas - continued
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project),
“A”, 5%, 11/15/2026
|
| $
| 15,000
| $14,412
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project),
“A”, 5.375%, 11/15/2036
|
|
| 55,000
| 47,897
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project),
“A”, 5.5%, 11/15/2046
|
|
| 35,000
| 28,443
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project),
“A”, 5.5%, 11/15/2052
|
|
| 45,000
| 35,560
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2035
|
|
| 75,000
| 67,436
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2043
|
|
| 80,000
| 66,617
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%, 1/01/2049
|
|
| 80,000
| 63,886
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton
State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025)
|
|
| 25,000
| 25,753
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton
State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025)
|
|
| 30,000
| 30,903
|
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton
State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025)
|
|
| 65,000
| 66,957
|
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n)
|
|
| 90,000
| 92,445
|
| Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n)
|
|
| 110,000
| 112,362
|
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%,
1/01/2035 (n)
|
|
| 100,000
| 79,013
|
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%,
1/01/2050 (n)
|
|
| 370,000
| 260,512
|
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. Taxable (Jefferson Gulf Coast Energy Project), “A”, 6%,
1/01/2025 (n)
|
|
| 130,000
| 122,337
|
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046
|
|
| 225,000
| 229,332
|
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded
11/15/2024)
|
|
| 100,000
| 105,609
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Texas - continued
|
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044
(Prerefunded 11/15/2024)
|
| $
| 185,000
| $196,027
|
| Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049
(Prerefunded 11/15/2024)
|
|
| 135,000
| 143,421
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053
|
|
| 395,000
| 360,251
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2030
|
|
| 80,000
| 78,826
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2035
|
|
| 100,000
| 95,445
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054 (a)(d)
|
|
| 840,423
| 546,275
|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%,
10/01/2044
|
|
| 135,000
| 131,279
|
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility),
7%, 12/31/2038
|
|
| 170,000
| 171,134
|
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility),
6.75%, 6/30/2043
|
|
| 135,000
| 135,768
|
| Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054
|
|
| 240,000
| 274,551
|
| Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036
|
|
| 345,000
| 184,735
|
| Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057
|
|
| 240,000
| 240,349
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037
|
|
| 25,000
| 12,277
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038
|
|
| 20,000
| 9,211
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039
|
|
| 20,000
| 8,660
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040
|
|
| 20,000
| 8,129
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041
|
|
| 45,000
| 17,221
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Texas - continued
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042
|
| $
| 60,000
| $21,735
|
| Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043
|
|
| 50,000
| 17,074
|
| Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043
|
|
| 720,000
| 679,906
|
|
|
|
|
| $10,231,819
|
| U.S. Virgin Islands - 0.1%
|
| Matching Fund Special Purpose Securitization Corp., “A”, 5%, 10/01/2026
|
| $
| 70,000
| $70,571
|
| Utah - 0.7%
|
| Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043
|
| $
| 390,000
| $399,996
|
| Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047
|
|
| 245,000
| 215,782
|
| Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n)
|
|
| 120,000
| 110,947
|
|
|
|
|
| $726,725
|
| Vermont - 1.2%
|
| Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053
|
| $
| 781,000
| $850,453
|
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039
|
|
| 30,000
| 25,960
|
| Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040
|
|
| 230,000
| 229,195
|
| Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046
|
|
| 145,000
| 123,762
|
|
|
|
|
| $1,229,370
|
| Virginia - 1.2%
|
| Cherry Hill Community Development Authority, Prince William County, VA (Potomac Shores Project), 5.4%, 3/01/2045 (n)
|
| $
| 100,000
| $99,501
|
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), “A”,
5%, 10/01/2052
|
|
| 70,000
| 70,535
|
| James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.),
“A”, 4%, 6/01/2047
|
|
| 105,000
| 72,922
|
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)
|
|
| 115,000
| 111,795
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Virginia - continued
|
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)
|
| $
| 145,000
| $126,510
|
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n)
|
|
| 175,000
| 176,190
|
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
|
|
| 175,000
| 175,641
|
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045
|
|
| 495,000
| 432,554
|
|
|
|
|
| $1,265,648
|
| Washington - 3.3%
|
| Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037
|
| $
| 435,000
| $406,904
|
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033
|
|
| 115,000
| 120,664
|
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038
|
|
| 150,000
| 154,160
|
| Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048
|
|
| 285,000
| 290,360
|
| Kalispel Tribe of Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n)
|
|
| 130,000
| 133,544
|
| Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047
|
|
| 50,000
| 44,965
|
| Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033
|
|
| 1,105,000
| 1,105,246
|
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035
|
|
| 90,000
| 91,622
|
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037
|
|
| 90,000
| 90,477
|
| Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042
|
|
| 200,000
| 174,375
|
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n)
|
|
| 145,000
| 104,665
|
| Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n)
|
|
| 100,000
| 79,684
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%,
1/01/2036 (n)
|
|
| 100,000
| 82,567
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n)
|
|
| 105,000
| 78,465
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Washington - continued
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%,
1/01/2051 (n)
|
| $
| 105,000
| $75,720
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n)
|
|
| 100,000
| 81,246
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n)
|
|
| 115,000
| 89,723
|
| Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n)
|
|
| 165,000
| 124,352
|
| Washington State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i)
|
|
| 2,252,761
| 108,202
|
|
|
|
|
| $3,436,941
|
| West Virginia - 0.3%
|
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group),
“A”, 5%, 1/01/2043
|
| $
| 380,000
| $356,260
|
| Wisconsin - 10.6%
|
| Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040
|
| $
| 580,000
| $256,190
|
| Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040
|
|
| 250,000
| 110,427
|
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027
|
|
| 105,000
| 97,983
|
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032
|
|
| 105,000
| 90,831
|
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037
|
|
| 55,000
| 44,067
|
| Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039
|
|
| 55,000
| 42,798
|
| Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048
|
|
| 1,020,000
| 906,741
|
| Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057
|
|
| 485,000
| 352,758
|
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047
|
|
| 45,000
| 43,788
|
| Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050
|
|
| 100,000
| 82,370
|
| Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054
|
|
| 465,000
| 355,008
|
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 (Prerefunded
9/15/2023)
|
|
| 20,000
| 20,078
|
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 (Prerefunded 9/15/2023)
|
|
| 30,000
| 30,117
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Wisconsin - continued
|
| Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 (Prerefunded
9/15/2023)
|
| $
| 115,000
| $115,450
|
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%,
7/01/2028
|
|
| 1,445,000
| 1,445,878
|
| Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042
|
|
| 85,000
| 83,769
|
| Wisconsin Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n)
|
|
| 75,000
| 58,190
|
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037
|
|
| 40,000
| 40,074
|
| Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047
|
|
| 55,000
| 53,362
|
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n)
|
|
| 55,000
| 55,364
|
| Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n)
|
|
| 55,000
| 55,576
|
| Wisconsin Public Finance Authority Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062
|
|
| 120,000
| 115,732
|
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)
|
|
| 25,000
| 24,583
|
| Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)
|
|
| 125,000
| 115,859
|
| Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B2”, 2.25%,
6/01/2027 (n)
|
|
| 75,000
| 69,252
|
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%,
7/01/2051
|
|
| 95,000
| 74,256
|
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045
|
|
| 25,000
| 22,679
|
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)
|
|
| 25,000
| 24,768
|
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)
|
|
| 75,000
| 72,170
|
| Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)
|
|
| 60,000
| 53,448
|
| Wisconsin Public Finance Authority Healthcare System Rev. (Cone Health), “A”, 5%, 10/01/2052
|
|
| 610,000
| 630,361
|
| Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049
|
|
| 1,020,000
| 931,489
|
| Wisconsin Public Finance Authority Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at Charlotte, Inc.),
“A”, 4%, 9/01/2051 (n)
|
|
| 285,000
| 215,012
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Wisconsin - continued
|
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027
(a)(d)(n)
|
| $
| 835,000
| $637,731
|
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)
|
|
| 440,000
| 377,375
|
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050
|
|
| 230,000
| 197,388
|
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043
|
|
| 205,000
| 208,768
|
| Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%,
10/01/2051
|
|
| 50,000
| 35,868
|
| Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n)
|
|
| 195,000
| 156,346
|
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047
|
|
| 285,000
| 241,976
|
| Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052
|
|
| 475,000
| 386,637
|
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035
|
|
| 150,000
| 153,461
|
| Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n)
|
|
| 200,000
| 150,992
|
| Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n)
|
|
| 402,082
| 315,677
|
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2037 (n)
|
|
| 60,000
| 56,162
|
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2042 (n)
|
|
| 35,000
| 31,502
|
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2047 (n)
|
|
| 165,000
| 143,353
|
| Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2052 (n)
|
|
| 115,000
| 98,067
|
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n)
|
|
| 110,000
| 112,095
|
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n)
|
|
| 100,000
| 102,430
|
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n)
|
|
| 95,000
| 97,641
|
| Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n)
|
|
| 115,000
| 118,550
|
| Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)
|
|
| 565,000
| 414,681
|
Portfolio of Investments (unaudited)
– continued
| Issuer
|
|
| Shares/Par
| Value ($)
|
| Municipal Bonds - continued
|
| Wisconsin - continued
|
| Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM,
5%, 7/01/2044
|
| $
| 20,000
| $20,444
|
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n)
|
|
| 180,000
| 128,775
|
| Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061 (n)
|
|
| 100,000
| 75,973
|
| Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047
|
|
| 190,000
| 179,578
|
|
|
|
|
| $11,131,898
|
| Total Municipal Bonds (Identified Cost, $186,019,699)
|
| $173,038,352
|
| Bonds – 0.1%
|
| Consumer Services – 0.1%
|
|
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n)
|
| $
| 175,000
| $90,868
|
| Medical & Health Technology & Services – 0.0%
|
|
| ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028
|
| $
| 70,000
| $58,132
|
| Total Bonds (Identified Cost, $167,956)
|
| $149,000
|
| Other Municipal Bonds – 0.1%
|
| Multi-Family Housing Revenue – 0.1%
|
|
| FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.22%, 7/25/2041 (i)(n) (Identified Cost, $53,057)
|
| $
| 534,408
| $53,677
|
| Investment Companies (h) - 0.4%
|
| Money Market Funds – 0.4%
|
|
| MFS Institutional Money Market Portfolio, 4.88% (v) (Identified Cost, $463,499)
|
|
| 463,504
| $463,458
|
|
|
|
|
| Other Assets, Less Liabilities - 0.8%
|
| 789,428
|
|
|
|
|
| Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $70,000,000 net of
unamortized debt issuance costs of $61,313 (issued by the fund) - (66.9)%
| (69,938,687)
|
| Net assets applicable to common shares - 100.0%
|
| $104,555,228
|
| (a)
| Non-income producing security.
|
| (d)
| In default.
|
Portfolio of Investments (unaudited)
– continued
| (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 $463,458 and $173,241,029, respectively.
|
| (i)
| Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the
security.
|
| (n)
| Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $25,896,215, representing 24.8% of net assets applicable to common shares.
|
| (v)
| Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of
the fund at period end.
|
| (w)
| When-issued security.
|
| (z)
| Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions
exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult.
The fund holds the following restricted securities:
|
| Restricted Securities
| Acquisition
Date
| Cost
| Value
|
| California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039
| 5/25/17
| $383,096
| $19,250
|
| California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
| 7/26/19
| 437,875
| 25,000
|
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”,
8.125%, 5/15/2044
| 12/16/13
| 378,613
| 41,647
|
| Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of
Naples Project), “A”, 6.5%, 5/15/2049
| 6/30/15
| 78,837
| 8,672
|
| Total Restricted Securities
|
|
| $94,569
|
| % of Net assets applicable to common shares
|
|
| 0.1%
|
| The following abbreviations are used in this report and are defined:
|
| AAC
| Ambac Assurance Corp.
|
| AGM
| Assured Guaranty Municipal
|
| BAM
| Build America Mutual
|
| COP
| Certificate of Participation
|
| ETM
| Escrowed to Maturity
|
| FHLMC
| Federal Home Loan Mortgage Corp.
|
| GNMA
| Government National Mortgage Assn.
|
| NPFG
| National Public Finance Guarantee Corp.
|
| PSF
| Permanent School Fund
|
See Notes to Financial Statements
Financial Statements
Statement of Assets and
Liabilities
At 5/31/23 (unaudited)
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, $186,240,712)
| $173,241,029
|
| Investments in affiliated issuers, at value (identified cost, $463,499)
| 463,458
|
| Receivables for
|
|
| Investments sold
| 2,193,502
|
| Interest
| 2,612,981
|
| Other assets
| 16,569
|
| Total assets
| $178,527,539
|
| Liabilities
|
|
| Payables for
|
|
| Distributions on common shares
| $12,642
|
| Investments purchased
| 981,050
|
| When-issued investments purchased
| 2,702,386
|
| Interest expense
| 250,926
|
| Payable to affiliates
|
|
| Investment adviser
| 1,470
|
| Administrative services fee
| 193
|
| Transfer agent and dividend disbursing costs
| 1,225
|
| Payable for independent Trustees' compensation
| 26
|
| Accrued expenses and other liabilities
| 83,706
|
| RVMTP shares, at liquidation value of $70,000,000 net of unamortized debt issuance
costs of $61,313
| 69,938,687
|
| Total liabilities
| $73,972,311
|
| Net assets applicable to common shares
| $104,555,228
|
| Net assets consist of
|
|
| Paid-in capital - common shares
| $124,610,543
|
| Total distributable earnings (loss)
| (20,055,315)
|
| Net assets applicable to common shares
| $104,555,228
|
| RVMTP shares, at liquidation value of $70,000,000 net of unamortized debt issuance costs of $61,313 (700
shares issued and outstanding at $100,000 per share)
| 69,938,687
|
| Net assets including preferred shares
| $174,493,915
|
| Common shares of beneficial interest issued and outstanding
| 28,325,314
|
| Net asset value per common share (net assets of $104,555,228 / 28,325,314 shares of beneficial interest
outstanding)
| $3.69
|
See Notes to Financial Statements
Financial Statements
Statement of Operations
Six months ended 5/31/23
(unaudited)
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
| $4,156,863
|
| Dividends from affiliated issuers
| 62,063
|
| Total investment income
| $4,218,926
|
| Expenses
|
|
| Management fee
| $571,548
|
| Transfer agent and dividend disbursing costs
| 12,738
|
| Administrative services fee
| 17,958
|
| Independent Trustees' compensation
| 3,634
|
| Stock exchange fee
| 13,750
|
| Custodian fee
| 3,342
|
| Shareholder communications
| 12,033
|
| Audit and tax fees
| 47,066
|
| Legal fees
| 2,965
|
| Interest expense and fees and amortization of RVMTP shares debt issuance costs
| 1,426,302
|
| Miscellaneous
| 33,933
|
| Total expenses
| $2,145,269
|
| Reduction of expenses by investment adviser
| (24,242)
|
| Net expenses
| $2,121,027
|
| Net investment income (loss)
| $2,097,899
|
| Realized and unrealized gain (loss)
|
| Realized gain (loss) (identified cost basis)
|
|
| Unaffiliated issuers
| $(2,150,082)
|
| Affiliated issuers
| (280)
|
| Net realized gain (loss)
| $(2,150,362)
|
| Change in unrealized appreciation or depreciation
|
|
| Unaffiliated issuers
| $1,645,668
|
| Affiliated issuers
| (46)
|
| Net unrealized gain (loss)
| $1,645,622
|
| Net realized and unrealized gain (loss)
| $(504,740)
|
| Change in net assets from operations
| $1,593,159
|
See Notes to Financial Statements
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.
|
| Six months ended
| Year ended
|
|
| 5/31/23
(unaudited)
| 11/30/22
|
| Change in net assets
|
|
|
| From operations
|
|
|
| Net investment income (loss)
| $2,097,899
| $4,731,429
|
| Net realized gain (loss)
| (2,150,362)
| (2,886,845)
|
| Net unrealized gain (loss)
| 1,645,622
| (29,594,864)
|
| Change in net assets from operations
| $1,593,159
| $(27,750,280)
|
| Distributions to common shareholders
| $(1,988,437)
| $(5,034,830)
|
| Total change in net assets
| $(395,278)
| $(32,785,110)
|
| Net assets applicable to common shares
|
|
|
| At beginning of period
| 104,950,506
| 137,735,616
|
| At end of period
| $104,555,228
| $104,950,506
|
See Notes to Financial Statements
Financial Statements
Statement of Cash Flows
Six months ended 5/31/23
(unaudited)
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
| $1,593,159
|
| Adjustments to reconcile change in net assets from operations to net cash provided by operating activities:
|
|
| Purchase of investment securities
| (25,627,752)
|
| Proceeds from disposition of investment securities
| 24,077,608
|
| Proceeds from disposition of short-term investments, net
| 1,139,066
|
| Realized gain/loss on investments
| 2,150,082
|
| Unrealized appreciation/depreciation on investments
| (1,645,622)
|
| Net amortization/accretion of income
| 107,925
|
| Amortization of RVMTP shares debt issuance costs
| 33,494
|
| Increase in interest receivable
| (74,490)
|
| Decrease in accrued expenses and other liabilities
| (19,418)
|
| Decrease in receivable from investment adviser
| 20,200
|
| Increase in other assets
| (14,224)
|
| Increase in payable for interest expense and fees
| 250,926
|
| Net cash provided by operating activities
| $1,990,954
|
| Cash flows from financing activities:
|
|
| Cash distributions paid on common shares
| $(1,990,396)
|
| Decrease in payable to custodian
| (558)
|
| Net cash used by financing activities
| $(1,990,954)
|
| Cash and restricted cash:
|
|
| Beginning of period
| $—
|
| End of period
| $—
|
Supplemental disclosure of cash flow
information:
Cash paid during the six months
ended May 31, 2023 for interest was $1,141,882.
See Notes to Financial Statements
Financial Statements
Financial Highlights
The financial highlights table is
intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal 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
| Six months
ended
| Year ended
|
|
| 5/31/23
(unaudited)
| 11/30/22
| 11/30/21
| 11/30/20
| 11/30/19
| 11/30/18
|
| Net asset value, beginning of period
| $3.71
| $4.86
| $4.71
| $4.91
| $4.67
| $4.80
|
| Income (loss) from investment operations
|
| Net investment income (loss) (d)
| $0.07
| $0.17
| $0.20
| $0.21
| $0.23
| $0.26(c)
|
| Net realized and unrealized gain (loss)
| (0.02)
| (1.14)
| 0.16
| (0.19)
| 0.24
| (0.13)
|
| Total from investment operations
| $0.05
| $(0.97)
| $0.36
| $0.02
| $0.47
| $0.13
|
| Less distributions declared to common shareholders
|
| From net investment income
| $(0.07)
| $(0.18)
| $(0.21)
| $(0.22)
| $(0.23)
| $(0.26)
|
| Net asset value, end of period (x)
| $3.69
| $3.71
| $4.86
| $4.71
| $4.91
| $4.67
|
| Market value, end of period
| $3.13
| $3.20
| $4.54
| $4.32
| $4.73
| $4.22
|
| Total return at market value (%)
| (0.02)(n)
| (25.95)
| 9.92
| (3.99)
| 17.71
| (5.54)
|
| Total return at net asset value (%) (j)(r)(s)(x)
| 1.66(n)
| (19.80)
| 7.93
| 0.84
| 10.42
| 3.01(c)
|
Ratios (%) (to average net assets
applicable to common shares) and
Supplemental data:
|
| Expenses before expense reductions
| 4.05(a)
| 2.62
| 1.85
| 2.32
| 2.76
| 2.70(c)
|
| Expenses after expense reductions
| 4.00(a)
| 2.58
| 1.85
| 2.28
| 2.73
| 2.69(c)
|
| Net investment income (loss)
| 3.96(a)
| 4.06
| 4.12
| 4.48
| 4.80
| 5.40(c)
|
| Portfolio turnover
| 15(n)
| 19
| 16
| 22
| 17
| 16
|
| Net assets at end of period (000 omitted)
| $104,555
| $104,951
| $137,736
| $133,392
| $139,042
| $132,247
|
| Supplemental Ratios (%):
|
| Ratios of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (l)
| 1.31(a)
| 1.30
| 1.22
| 1.24
| 1.22
| 1.25(c)
|
| Ratios of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding
interest expense and fees (l)
| 0.79(a)
| 0.79
| 0.79
| 0.79
| 0.79
| 0.80(c)
|
Financial Highlights – continued
|
| Six months
ended
| Year ended
|
|
| 5/31/23
(unaudited)
| 11/30/22
| 11/30/21
| 11/30/20
| 11/30/19
| 11/30/18
|
| Senior Securities:
|
| RVMTP shares
| 700
| 700
| 750
| —
| —
| —
|
| VMTP shares
| —
| —
| —
| 3,000
| 3,000
| 3,000
|
| Asset coverage per preferred share (k)
| $249,365
| $249,929
| $283,647
| $69,464
| $71,347
| $69,082
|
Asset coverage per $1 liquidation
preference (v)
| $2.49
| $2.50
| $2.84
| $2.78
| $2.85
| $2.76
|
| Involuntary liquidation preference per preferred share (m)
| $100,000
| $100,000
| $100,000
| $25,000
| $25,000
| $25,000
|
| Average market value per preferred share (m)(u)
| $100,000
| $100,000
| $100,000
| $25,000
| $25,000
| $25,000
|
| (a)
| Annualized.
|
| (c)
| Amount reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher.
|
| (d)
| Per share data is based on average shares outstanding.
|
| (j)
| Total return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
|
| (k)
| Calculated by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the total number of preferred shares
outstanding.
|
| (l)
| Interest expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP (Variable Rate Municipal Term Preferred) shares,
and amortization of RVMTP and VMTP shares debt issuance costs, as applicable.
|
| (m)
| Amount excludes accrued unpaid distributions on preferred shares.
|
| (n)
| Not annualized.
|
| (r)
| Certain expenses have been reduced without which performance would have been lower.
|
| (s)
| From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
|
| (u)
| Average market value represents the approximate fair value of each of the fund’s preferred shares held at period end.
|
| (v)
| Calculated by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of
preferred shares outstanding.
|
| (x)
| The net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting
principles required at period end for financial reporting purposes.
|
See Notes to Financial Statements
Notes to Financial Statements
(unaudited)
(1) Business and
Organization
MFS High Yield 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.
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
Notes to Financial
Statements (unaudited) - continued
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 — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as
the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of
1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for
an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy
and procedures, 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. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation
policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based
on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. 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, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the
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
Notes to Financial
Statements (unaudited) - continued
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 significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2023 in valuing the fund's assets and
liabilities:
| Financial Instruments
| Level 1
| Level 2
| Level 3
| Total
|
| Municipal Bonds
| $—
| $173,092,029
| $—
| $173,092,029
|
| U.S. Corporate Bonds
| —
| 149,000
| —
| 149,000
|
| Mutual Funds
| 463,458
| —
| —
| 463,458
|
| Total
| $463,458
| $173,241,029
| $—
| $173,704,487
|
For further information regarding
security characteristics, see the Portfolio of Investments.
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 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.
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. Some securities may be purchased or sold on an extended settlement basis, which means that the receipt or delivery of the securities by the fund and related payments occur at a future
date, usually beyond the customary settlement period.
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. 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. In determining the net gain or loss on securities sold, the cost of securities is determined
Notes to Financial
Statements (unaudited) - continued
on the identified cost basis. 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 may purchase or sell
securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond
the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market
fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to
acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are
categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased in the Statement of Assets and Liabilities. 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
Notes to Financial
Statements (unaudited) - continued
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 defaulted bonds, amortization and accretion of debt securities, and non-deductible expenses that result from the treatment of preferred shares as equity for tax purposes.
The tax character of
distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
| Year ended
11/30/22
|
| Ordinary income (including any short-term capital gains)
| $365,284
|
| Tax-exempt income
| 6,099,841
|
| Total distributions
| $6,465,125
|
The federal tax cost and the tax
basis components of distributable earnings were as follows:
| As of 5/31/23
|
|
| Cost of investments
| $187,703,828
|
| Gross appreciation
| 1,811,370
|
| Gross depreciation
| (15,810,711)
|
| Net unrealized appreciation (depreciation)
| $(13,999,341)
|
| As of 11/30/22
|
|
| Undistributed ordinary income
| 186,480
|
| Undistributed tax-exempt income
| 1,365,703
|
| Capital loss carryforwards
| (5,522,536)
|
| Other temporary differences
| (14,601)
|
| Net unrealized appreciation (depreciation)
| (15,675,083)
|
The aggregate cost above includes
prior fiscal year end tax adjustments, if applicable.
As of November 30, 2022, 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
| $(3,646,650)
|
| Long-Term
| (1,875,886)
|
| Total
| $(5,522,536)
|
(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 0.65% of the fund’s average daily net assets (including the value of preferred shares).
Notes to Financial
Statements (unaudited) - continued
The investment adviser has agreed in
writing to pay a portion of the fund’s total annual operating expenses, excluding interest expense on RVMTP shares, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery
expenses (including contingency fees and closing agreement expenses), other interest expense, and investment-related expenses, such that total fund operating expenses do not exceed 0.79% 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, 2023. For the six months ended May 31, 2023, this reduction amounted to $24,242, 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 six months ended May 31, 2023, these fees paid to MFSC amounted to $3,632.
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 six months ended May 31, 2023 was equivalent to an annual effective rate of 0.0204% 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 — 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 but does incur investment and operating costs.
(4) Portfolio Securities
For the six months ended May 31,
2023, purchases and sales of investments, other than short-term obligations, aggregated $27,832,459 and $25,140,655, respectively.
(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 six months ended May 31, 2023 and the year ended November 30, 2022, there were no transactions in fund shares.
Notes to Financial
Statements (unaudited) - continued
(6) Line of Credit
The fund and certain other funds
managed by MFS participate in a $1.45 billion unsecured committed line of credit of which $1.2 billion is reserved for use by the fund and certain other MFS U.S. funds. The line of credit is 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 1) Daily Simple SOFR
(Secured Overnight Financing Rate) plus 0.10%, 2) the Federal Funds Effective Rate, or 3) the Overnight Bank Funding Rate, each 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. The line of credit expires on March 14, 2024 unless extended or renewed. 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 six months ended May 31, 2023, the fund’s commitment fee and interest expense were $282 and $0, respectively, and are included in “Interest expense and fees and amortization of
RVMTP shares debt issuance costs” 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
| $1,602,570
| $16,282,129
| $17,420,915
| $(280)
| $(46)
| $463,458
|
| Affiliated Issuers
| Dividend
Income
| Capital Gain
Distributions
|
| MFS Institutional Money Market Portfolio
| $62,063
| $—
|
(8) Preferred Shares
The fund has 700 shares issued
and outstanding of RVMTP shares. The outstanding RVMTP shares are redeemable at the option of the fund in whole or in part at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends,
but generally solely for the purpose of decreasing the leverage of the fund. The RVMTP shares have a stated maturity date of 2051 but are subject to a mandatory early term redemption date at each 42 month anniversary
from the original date of issue of the RVMTP shares, unless the holder(s) of the RVMTP shares agrees to retain the RVMTP shares. Otherwise, the RVMTP shares are subject to mandatory tender for remarketing to another
purchaser. In the event the remarketing is unsuccessful, the RVMTP shares would be subject to redemption at the liquidation preference of $100,000 per share, plus accumulated and unpaid dividends. There is no
assurance that the term of the RVMTP shares will be extended or that the RVMTP shares will be replaced with any other preferred shares or other form of leverage upon the redemption of the RVMTP
Notes to Financial
Statements (unaudited) - continued
shares. Dividends on the RVMTP shares are
cumulative and reset weekly to a fixed spread against the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the six months ended May 31, 2023, the dividend rates on the RVMTP
shares ranged from 2.61% to 5.30%. For the six months ended May 31, 2023, the average dividend rate was 3.95%.
In the fund’s Statement of
Assets and Liabilities, the RVMTP shares aggregate liquidation preference is shown as a liability since they have a stated mandatory redemption date. Dividends paid on the RVMTP shares are treated as interest expense
and recorded as incurred. For the six months ended May 31, 2023, interest expense related to the dividends paid on RVMTP shares amounted to $1,392,526 and is included in “Interest expense and fees and
amortization of RVMTP shares debt issuance costs” in the Statement of Operations. Costs directly related to the issuance of the RVMTP shares 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 RVMTP shares. The period-end carrying value for the RVMTP shares 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 RVMTP shares, 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 agency
that rates the RVMTP shares, 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 RVMTP shares 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 at least 200% with respect to the RVMTP shares after deducting the amount of such common share
dividends. The fund may be subject to more stringent asset coverage levels which exceed the requirements under the 1940 Act and may change from time to time as agreed to by the fund and the holders of the RVMTP
shares.
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.
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
Notes to Financial
Statements (unaudited) - continued
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 agency that rates the preferred shares.
There is no assurance that the fund’s leveraging strategy will be successful.
Report of Independent Registered Public
Accounting Firm
To the Shareholders and the Board
of Trustees of MFS High Yield Municipal Trust
Results of Review of Interim Financial
Statements
We have reviewed the accompanying
statement of assets and liabilities of MFS High Yield Municipal Trust (the “Fund”), including the portfolio of investments, as of May 31, 2023,and the related statements of operations, changes in net
assets, cash flows and financial highlights for the six-month period then ended and the related notes (collectively referred to as the “interim financial statements”). Based on our review, we are not aware
of any material modifications that should be made to the interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in
accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the statement of changes in net assets for the year ended November 30, 2022 and the financial
highlights for each of the five years in the period then ended; and in our report dated January 13, 2023, we expressed an unqualified opinion on those financial statements.
Basis for Review Results
These financial statements are the
responsibility of the Fund's management. We are a public accounting firm registered with the 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 SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying
analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the
objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Boston, Massachusetts
July 14, 2023
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 as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s Web site 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 scrolling to the “Resources” section and clicking on the “Prospectus and Reports” tab.
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/announcements or at mfs.com/closedendfunds by choosing the fund's name and then scrolling to the “Resources” section and clicking on the “Announcements” tab, if any.
Additional information about the
fund (e.g., performance, dividends and the fund’s price history) is also available at mfs.com/closedendfunds by choosing the fund's name, if any.
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.
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 43078
Providence, RI 02940-3078
New York Stock Exchange Symbol:
CMU
Item 1(b):
A copy of the notice transmitted to the Registrant's shareholders in reliance on Rule 30e-3 of the Investment Company Act of 1940, as amended that contains disclosure specified by paragraph (c)(3) of Rule 30e-3 is attached hereto as EX-99.30e-3Notice.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the "Code") that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS High Yield Municipal Trust (the "Fund") is set forth below. Each portfolio manager is primarily responsible for the day-to-day management of the Fund.
Effective March 28, 2023, Gary Lasman is no longer a portfolio manager of the Fund.
|
Portfolio Manager
|
Primary Role
|
Since
|
Title and Five Year History
|
|
Michael Dawson
|
Portfolio Manager
|
2022
|
Investment Officer of MFS; employed in the investment area
|
|
|
|
|
of MFS since 1998.
|
|
Jason Kosty
|
Portfolio Manager
|
2021
|
Investment Officer of MFS; employed in the investment area
|
|
|
|
|
of MFS since 2003.
|
|
Geoffrey Schechter
|
Portfolio Manager
|
2007
|
Investment Officer of MFS; employed in the investment area
|
|
|
|
|
of MFS since 1993.
|
Compensation
MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2022, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary – Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus. Performance Bonus – Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.
The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed- length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2022, the following benchmarks were used to measure the following portfolio manager's performance for the Fund:
|
Fund
|
Portfolio Manager
|
Benchmark(s)
|
|
MFS High Yield Municipal Trust
|
Michael Dawson
|
Bloomberg Municipal Bond Index
|
|
|
|
|
|
|
Jason Kosty
|
Bloomberg Municipal Bond Index
|
|
|
|
|
|
|
Geoffrey Schechter
|
Bloomberg Municipal Bond Index
|
|
|
|
|
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contribution to the MFS investment process and the client experience (distinct from fund and other account performance).
The performance bonus is generally a combination of cash and a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager.
MFS Equity Plan – Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.
Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.
Ownership of Fund Shares
The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund's portfolio manager(s) as of the Fund's fiscal year ended November 30, 2022. The following dollar ranges apply:
N. None
A. $1 – $10,000
B. $10,001 – $50,000
C. $50,001 – $100,000
D. $100,001 – $500,000
E. $500,001 – $1,000,000
F. Over $1,000,000
|
Name of Portfolio Manager
|
Dollar Range of Equity Securities in Fund
|
|
Michael Dawson
|
N
|
|
Jason Kosty
|
N
|
|
Geoffrey Schechter
|
N
|
Other Accounts
In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub- advised by MFS or an affiliate. The number and assets of these accounts were as follows as of the Fund's fiscal year ended November 30, 2022:
|
|
Registered Investment Companies*
|
Other Pooled Investment Vehicles
|
Other Accounts
|
|
|
Number of
|
Total Assets
|
Number of
|
Total
|
Number of
|
Total Assets
|
|
Name
|
Accounts
|
|
Accounts
|
Assets
|
Accounts
|
|
|
Michael Dawson
|
18
|
$6.9 billion
|
0
|
N/A
|
0
|
N/A
|
|
|
|
|
|
|
|
|
|
Jason Kosty
|
9
|
$13.9 billion
|
1
|
$126.8 million
|
1
|
$247.1 million
|
|
|
|
|
|
|
|
|
|
Geoffrey Schechter
|
15
|
$21.1 billion
|
4
|
$752.7 million
|
1
|
$247.1 million
|
|
|
|
|
|
|
|
|
* Includes the Fund.
Advisory fees are not based upon performance of any of the accounts identified in the table above.
Potential Conflicts of Interest
MFS seeks to identify potential conflicts of interest resulting from a portfolio manager's management of both the Fund and other accounts, and has adopted policies and procedures designed to address such potential conflicts. There is no guarantee that MFS will be successful in identifying or mitigating conflicts of interest.
The management of multiple funds and accounts (including accounts in which MFS or an affiliate has an interest) gives rise to conflicts of interest if the funds and accounts have different objectives and strategies, benchmarks, time horizons, and fees, as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In certain instances, there are securities which are suitable for the Fund's portfolio as well as for one or more other accounts advised by MFS or its subsidiaries (including accounts in which MFS or an affiliate has an interest) with similar investment objectives. MFS' trade allocation policies could have a detrimental effect on the Fund if the Fund's orders do not get fully executed or are delayed in getting executed due to being aggregated with those of other accounts advised by MFS or its subsidiaries. A portfolio manager may execute transactions for another fund or account that may adversely affect the value of the Fund's investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.
When two or more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.
MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which MFS, its officers and/or employees, and/or its affiliates own or have an interest.
To the extent permitted by applicable law, certain accounts may invest their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
MFS High Yield Municipal Trust
|
|
|
|
|
(c) Total Number of
|
(d) Maximum Number
|
|
|
|
|
|
Shares Purchased as
|
(or Approximate
|
|
|
|
(a) Total number of
|
(b) Average
|
Part of Publicly
|
Dollar Value) of
|
|
|
Period
|
Shares Purchased
|
Price Paid
|
Announced Plans or
|
Shares that May Yet
|
|
|
|
|
per Share
|
Programs
|
Be Purchased under
|
|
|
|
|
|
|
the Plans or Programs
|
|
|
|
|
|
|
|
|
|
12/01/22-12/31/22
|
0
|
N/A
|
0
|
2,832,531
|
|
|
1/01/23-1/31/23
|
0
|
N/A
|
0
|
2,832,531
|
|
|
2/01/23-2/28/23
|
0
|
N/A
|
0
|
2,832,531
|
|
|
3/01/23-3/31/23
|
0
|
N/A
|
0
|
2,832,531
|
|
|
4/01/23-4/30/23
|
0
|
N/A
|
0
|
2,832,531
|
|
|
5/01/23-5/31/23
|
0
|
N/A
|
0
|
2,832,531
|
|
|
Total
|
0
|
|
0
|
|
|
|
|
|
|
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Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18 of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrant's outstanding shares as of the first day of the plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2022 plan year is 2,832,531.
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ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant's Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a)Based upon their evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant's principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b)There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 13. EXHIBITS.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(2)A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(4)Change in the registrant's independent public accountant. Not applicable.
(b)If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
(c)Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) MFS HIGH YIELD MUNICIPAL TRUST
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: July 14, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: July 14, 2023
By (Signature and Title)*
/S/ JAMES O. YOST
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) Date: July 14, 2023
* Print name and title of each signing officer under his or her signature.
EX-99.302CERT
MFS HIGH YIELD MUNICIPAL TRUST
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, James O. Yost, certify that:
1.I have reviewed this report on Form N-CSR of MFS High Yield Municipal Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 14, 2023
/S/ JAMES O. YOST
James O. Yost
Treasurer (Principal Financial Officer and Accounting Officer)
EX-99.302CERT
MFS HIGH YIELD MUNICIPAL TRUST
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, David L. DiLorenzo, certify that:
1.I have reviewed this report on Form N-CSR of MFS High Yield Municipal Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 14, 2023
/S/ DAVID L. DILORENZO
David L. DiLorenzo
President (Principal Executive Officer)
EX-99.906CERT
MFS HIGH YIELD MUNICIPAL TRUST
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, James O. Yost, certify that, to my knowledge:
1.The Form N-CSR (the "Report") of MFS High Yield Municipal Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 14, 2023
/S/ JAMES O. YOST
James O. Yost
Treasurer (Principal Financial Officer and Accounting Officer)
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
EX-99.906CERT
MFS HIGH YIELD MUNICIPAL TRUST
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, David L. DiLorenzo, certify that, to my knowledge:
1.The Form N-CSR (the "Report") of MFS High Yield Municipal Trust (the "Registrant") fully complies for the period covered by the Report with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: July 14, 2023
/S/ DAVID L. DILORENZO
David L. DiLorenzo
President (Principal Executive Officer)
A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.
MFS High Yield Municipal Trust
Thank you for being a shareholder. You are encouraged to access and review this important report containing information about the fund, including portfolio holdings and financial statements.
The report is available at:
closedendfunds.mfs.com
This report is available by mail or email upon request free of charge. Reports for the prior reporting period and the fund's portfolio holdings for its most recent fi rst and third fiscal quarters are also available online and in print by request.
Current and future report delivery requests can be submitted at any time using the options in the right panel.
Why am I receiving this Notice?
The Securities and Exchange Commission adopted new rule 30e-3, which, among other things, allows mutual fund companies to deliver shareholder reports by making such reports accessible at a website address. You still may elect to receive a paper copy of the current report and/or any future reports by following the instructions on the panel on the right-hand side.
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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 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.
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