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 811-05754
MFS HIGH INCOME MUNICIPAL TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrants telephone number, including area code: (617) 954-5000
Date of fiscal year end: November 30
Date of reporting
period: November 30, 2021
ITEM 1.
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REPORTS TO STOCKHOLDERS.
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Item 1(a):
Annual Report
November 30, 2021
MFS® High Income
Municipal Trust
MFS® High
Income
Municipal Trust
New York Stock Exchange Symbol:
CXE
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1
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2
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4
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7
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9
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19
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20
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21
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22
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81
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82
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83
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84
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85
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87
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97
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99
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100
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104
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108
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108
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108
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108
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108
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110
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NOT FDIC INSURED • MAY LOSE VALUE
• NO BANK GUARANTEE
LETTER FROM THE CEO
Dear Shareholders:
After experiencing dramatic swings in the early days of the
coronavirus pandemic, global equity markets have performed strongly over the past year. Though the speedy development of vaccines brightened the economic and market outlook, uncertainty remains as variants of the virus appear, the effectiveness of
vaccines appears to wane over time, and their uneven distribution impacts the developing world.
After having taken aggressive steps to
cushion the economic and market fallout related to the virus, some global central banks have begun to recalibrate monetary policy. For example, the U.S. Federal Reserve has begun to taper its bond buying, which has pushed up Treasury yields,
particularly on the short end of the yield curve. Fiscal stimulus has been abundant as the U.S. Congress passed a $1.9 trillion COVID-19 relief bill in March and a $1.1 trillion infrastructure bill in November. Along with the high levels of
government spending, production and transportation bottlenecks and labor shortages stemming from the pandemic have fueled a rise in inflation.
Since midyear, global economic growth has moderated, with the
spread of the Delta and Omicron variants of the coronavirus and a regulatory crackdown in China featuring prominently. Stress in China’s property development sector has contributed to a slowdown there. Tightening global energy and raw
materials supplies are a further concern for investors.
The policy measures put in place to counteract the
pandemic’s effects have helped build a supportive environment and are encouraging economic recovery; however, if markets disconnect from fundamentals, they can sow the seeds of instability. As such, recent dramatic increases in speculative
trading in cryptocurrencies, special purpose acquisition companies (SPACs), and the like bear watching.
In the aftermath of the crisis, we could see societal changes
as households, businesses, and governments adjust to a new reality, and any such alterations could affect the investment landscape. For investors, events such as the COVID-19 outbreak demonstrate the importance of having a deep understanding of
company fundamentals, and we have built our global research platform to do just that.
At MFS®, we put our clients’ assets to work responsibly by carefully navigating the increasing complexity of global markets and economies. Guided by our commitment to long-term
investing, we tune out the noise and aim to uncover what we believe are the best, most durable investment opportunities in the market. Our unique global investment platform combines collective expertise, long-term discipline, and thoughtful risk
management to create sustainable value for investors over time.
Respectfully,
Michael W.
Roberge
Chief Executive Officer
MFS Investment Management
January 14, 2022
The opinions expressed in this letter are subject to change and
may not be relied upon for investment advice. No forecasts can be guaranteed.
Portfolio structure (i)
Top ten industries
reflecting equivalent exposure of derivative positions (i)
Healthcare
Revenue – Hospitals
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30.8%
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Healthcare
Revenue – Long Term Care
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15.9%
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Universities
– Secondary Schools
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10.1%
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Miscellaneous
Revenue – Other
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8.7%
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Universities
– Colleges
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8.4%
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General
Obligations – Schools
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7.9%
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General
Obligations – General Purpose
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7.4%
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Airport
Revenue
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5.9%
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Tax
- Other
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5.5%
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Tax
- Sales
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5.4%
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Composition including fixed income credit quality (a)(i)
AAA
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1.2%
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AA
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24.0%
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A
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37.7%
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BBB
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32.6%
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BB
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17.2%
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B
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4.9%
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CCC
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0.7%
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CC
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0.3%
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C
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0.4%
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D
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2.3%
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Not
Rated
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37.4%
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Cash
& Cash Equivalents
(Less Liabilities)(b)
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(58.7)%
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Portfolio facts (i)
Average
Duration (d)
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9.9
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Average
Effective Maturity (m)
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18.8 yrs.
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(a)
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For all
securities other than those specifically described below, ratings are assigned to underlying securities utilizing ratings from Moody’s, Fitch, and Standard & Poor’s rating agencies and applying the following hierarchy: If all three
agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower of the two is assigned. 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
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Portfolio Composition -
continued
agency. The fund may or may not have held all of these
instruments on this date. The fund is not rated by these agencies.
(b)
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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.
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(d)
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Duration is
a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value due to the interest rate move. This
calculation is based on net assets applicable to common shares as of November 30, 2021.
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(i)
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For
purposes of this presentation, the components include the value of securities, and reflect the impact of the equivalent exposure of derivative positions, if any. These amounts may be negative from time to time. Equivalent exposure is a calculated
amount that translates the derivative position into a reasonable approximation of the amount of the underlying asset that the portfolio would have to hold at a given point in time to have the same price sensitivity that results from the
portfolio’s ownership of the derivative contract. When dealing with derivatives, equivalent exposure is a more representative measure of the potential impact of a position on portfolio performance than value. The bond component will include
any accrued interest amounts.
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(m)
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In
determining each instrument’s effective maturity for purposes of calculating the fund’s dollar-weighted average effective maturity, MFS uses the instrument’s stated maturity or, if applicable, an earlier date on which MFS believes
it is probable that a maturity-shortening device (such as a put, pre-refunding or prepayment) will cause the instrument to be repaid. Such an earlier date can be substantially shorter than the instrument’s stated maturity. This calculation is
based on gross assets, which consists of net assets applicable to common shares plus the value of preferred shares, as of November 30, 2021.
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Percentages are based on net assets applicable to common shares
as of November 30, 2021.
The portfolio is actively
managed and current holdings may be different.
Management Review
Summary of Results
For the twelve months ended November 30, 2021, common shares of
the MFS High Income Municipal Trust (fund) provided a total return of 8.01%, at net asset value and a total return of 8.23%, at market value. This compares with a return of 1.97% for the fund’s benchmark, the Bloomberg Municipal Bond
Index.
The performance commentary below is based on the
net asset value performance of the fund, which reflects the performance of the underlying pool of assets held by the fund. The total return at market value represents the return earned by owners of the shares of the fund, which are traded publicly
on the exchange.
Market Environment
Over the past year, the global economy was buffeted by an array
of crosscurrents as it adjusted to the ebbs and flows of the pandemic. Among the supportive currents were ample fiscal stimulus, loose monetary policy and the rollout of several highly effective coronavirus vaccines. Negative currents included the
rapid spread of several coronavirus variants, widespread global production bottlenecks and a surge in inflation. After experiencing a burst of exceptionally strong economic activity as the global economy began to reopen, growth slowed lately as
shortages of raw materials, labor, intermediate goods and even energy in some countries, disrupted supply chains.
Amid rising inflation, markets anticipated a transition from an
exceptionally accommodative environment to a more mixed monetary landscape ahead. Indeed, several central banks in emerging markets have already tightened policy and the US Federal Reserve reduced the pace of its asset purchases in November.
However, the European Central Bank, the Bank of Japan and the People's Bank of China are expected to maintain accommodative policies. Sovereign bond yields moved modestly higher late in the period amid higher inflation and on expectations of a
tighter Fed but slipped lower as the highly-transmissible Omicron variant began to spread at the end of the period.
A harsher Chinese regulatory environment toward industries such
as online gaming, food delivery and education increased market volatility as has stress in China's highly leveraged property development sector. Trade relations between the United States and China remained quite strained despite a change in
presidential administrations.
Signs of excess investor
enthusiasm continued to be seen in pockets of the market such as “meme stocks” popular with users of online message boards, cryptocurrencies and heavy retail participation in the market for short-dated options.
Over the past 12 months, municipal assets continued a rally
that had begun in the middle of 2020, supported by the rollout of vaccines, massive amounts of monetary and fiscal support, and a strong economic recovery. Tax receipts avoided worst-case scenarios and, across most states, have fully recovered to
2019 levels this year, bolstering municipal budgets. The economic rebound has benefited revenue-based municipal bonds as well, as demand for education, health care, and travel-related services, among others, returned. Federal funds from fiscal aid
packages have gone a long way towards stabilizing liquidity, helping issuers bridge revenue gaps as demand recovers. Improving credit metrics and low distress rates are suggestive of, we believe, further improvement in municipal credit fundamentals.
Supply/demand has also been
Management Review -
continued
supportive for municipal asset prices. Total supply of municipal bond issuance
has run at higher levels than the five-year average, however taxable municipal issuance makes up a relatively higher percentage of issuance. Supply of tax-exempt issuance has been lower than the historical average at the same time that investor
inflows have been at record levels so far this year. Valuations reflect these positive tailwinds, as spreads have returned to pre-pandemic levels, reducing the attractiveness of taking on excess credit risk. While the recovering economy has
benefited credit fundamentals, it has also fueled higher interest rates, a trend we expect to continue due to above-trend levels of growth and inflation. Given tight valuations and our expectations for rates to gradually increase, we believe
investors should expect subdued returns for municipal assets in 2022.
Factors Affecting Performance
The fund's asset allocation decisions were a primary driver of
relative outperformance versus the Bloomberg Municipal Bond Index. From a credit quality perspective, the fund's out-of-benchmark exposure to both non-rated(r) and “BB” rated bonds, and its greater exposure to “BBB” rated
securities, contributed to relative performance. From a sector perspective, the fund's greater exposure to bonds within the health care sector strengthened relative results.
Security selection further aided relative performance over the
reporting period. From a sector perspective, bond selection within the health care sector benefited relative results. From a credit quality perspective, favorable bond selection in “A”, “AA” and “BB” rated issuers
supported relative returns.
The fund's positioning along
the yield curve(y) was another contributor to relative performance.
The fund employs leverage, which has been created through the
issuance of variable rate municipal term preferred shares and remarketable variable rate munifund term preferred shares. To the extent that investments are purchased through the use of leverage, the fund’s net asset value may increase or
decrease at a greater rate than a comparable unleveraged fund. During the reporting period, the fund’s use of leverage benefited relative performance.
Conversely, the fund's longer duration(d) stance detracted from
relative performance as interest rates generally rose over the reporting period.
Respectfully,
Portfolio Manager(s)
Jason Kosty, Gary Lasman, and Geoffrey Schechter
Note to Shareholders: Effective March 31, 2021, Jason Kosty was
added as a Portfolio Manager of the fund.
(d)
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Duration is
a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.
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(r)
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Securities
rated “BBB”, “Baa”, or higher are considered investment grade; securities rated “BB”, “Ba”, or below are considered non-investment grade. Ratings are assigned to underlying securities utilizing
ratings from Moody's, Fitch, and Standard & Poor's and applying the following hierarchy: If all three agencies provide a rating, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a
security, the
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Management Review -
continued
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). For securities that are not rated by any of the rating agencies, the security is considered Not Rated.
(y)
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A yield
curve graphically depicts the yields of different maturity bonds of the same credit quality and type; a normal yield curve is upward sloping, with short-term rates lower than long-term rates.
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The views expressed in this report are those of the portfolio
manager(s) only through the end of the period of the report as stated on the cover and do not necessarily reflect the views of MFS or any other person in the MFS organization. These views are subject to change at any time based on market or other
conditions, and MFS disclaims any responsibility to update such views. These views may not be relied upon as investment advice or an indication of trading intent on behalf of any MFS portfolio. References to specific securities are not
recommendations of such securities, and may not be representative of any MFS portfolio’s current or future investments.
Performance Summary THROUGH
11/30/21
The following chart illustrates the
fund’s historical performance in comparison to its benchmark(s). Performance results reflect the percentage change in net asset value and market value, including reinvestment of fund distributions. Benchmarks are unmanaged and may not be
invested in directly. Benchmark returns do not reflect commissions or expenses. (See Notes to Performance Summary.)
Performance data shown represents past performance and is no
guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. The performance shown does not reflect
the deduction of taxes, if any, that a shareholder would pay on fund distributions or the sale of fund shares.
Growth of a Hypothetical $10,000 Investment
Average Annual
Total Returns through 11/30/21
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Inception
Date
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1-yr
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5-yr
|
10-yr
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Market
Value (r)
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2/17/89
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8.23%
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6.37%
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6.02%
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Net
Asset Value (r)
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2/17/89
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8.01%
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6.10%
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7.33%
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Comparative benchmark(s)
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Bloomberg
Municipal Bond Index (f)
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1.97%
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4.38%
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3.90%
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(f)
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Source:
FactSet Research Systems Inc.
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(r)
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Includes
reinvestment of all distributions. Market value references New York Stock Exchange Price.
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Benchmark Definition(s)
Bloomberg Municipal Bond Index(a) – a market capitalization-weighted index that measures the performance of the tax-exempt bond market.
It is not possible to invest directly in an index.
(a)
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Source:
Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg
or Bloomberg's
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Performance Summary -
continued
licensors own all proprietary rights in the Bloomberg
Indices. Bloomberg neither approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent
allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Notes to Performance Summary
The fund’s shares may trade at a discount or premium to
net asset value. When fund shares trade at a premium, buyers pay more than the net asset value underlying fund shares, and shares purchased at a premium would receive less than the amount paid for them in the event of the fund’s concurrent
liquidation.
The fund’s monthly distributions may
include a return of capital to shareholders to the extent that distributions are in excess of the fund’s net investment income and net capital gains, determined in accordance with federal income tax regulations. Distributions that are treated
for federal income tax purposes as a return of capital will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as gain to the shareholder from a sale of shares.
Returns of shareholder capital may have the effect of reducing the fund’s assets and increasing the fund’s expense ratio.
Net asset values and performance results based on net asset
value per share do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Statement of Assets and Liabilities or the Financial
Highlights.
A portion of the fund’s monthly
distributions may be subject to state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.
From time to time the fund may receive proceeds from litigation
settlements, without which performance would be lower.
In accordance with Section 23(c) of the Investment Company
Act of 1940, the fund hereby gives notice that it may from time to time repurchase 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.
Investment Objective,
Principal Investment Strategies and Principal Risks
Investment Objective
The fund’s investment objective is to seek high current
income exempt from federal income tax, but may also consider capital appreciation. The fund’s objective may be changed without shareholder approval.
Principal Investment Strategies
The fund invests, under normal market conditions, at least 80%
of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt notes. This policy may not be changed without shareholder approval. Tax-exempt bonds and tax-exempt notes
are municipal instruments, the interest of which is exempt from federal income tax. Interest from the fund’s investments may be subject to the federal alternative minimum tax.
MFS (Massachusetts Financial Services Company, the fund's
investment adviser) may invest 25% or more of the fund’s total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. Although MFS seeks to invest
the funds' assets in municipal instruments whose interest is exempt from federal personal income tax, MFS may also invest in taxable instruments, including derivatives.
MFS may invest up to 100% of the fund’s assets in below
investment grade quality debt instruments.
MFS may invest
a significant percentage of the fund's assets in issuers in a single state, territory, or possession, or a small number of states, territories, or possessions.
While MFS may use derivatives for any investment purpose, to
the extent MFS uses derivatives, MFS expects to use derivatives primarily to increase or decrease exposure to a particular market, segment of the market, or security, to increase or decrease interest rate exposure, or as alternatives to direct
investments.
MFS uses an active bottom-up investment
approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual instruments and their issuers in light of the issuers’ financial condition and market, economic, political,
and regulatory conditions. Factors considered may include the instrument’s credit quality and terms, any underlying assets and their credit quality, and the issuer’s management ability, capital structure, leverage, and ability to meet
its current obligations. MFS may also consider environmental, social, and governance (ESG) factors in its fundamental investment analysis where MFS believes such factors could materially impact the economic value of an issuer or instrument. ESG
factors considered may include, but are not limited to, an issuer's governance structure and practices, social issues such as health and safety considerations, and environmental issues such as climate change impact, energy sources, and water and
waste management. Quantitative screening tools that systematically evaluate the structure of a debt instrument and its features may also be considered. In structuring the fund, MFS also considers top-down factors, including sector allocations, yield
curve positioning, duration, macroeconomic factors, and risk management factors.
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
The fund uses leverage through the issuance of preferred shares
and/or the creation of tender option bonds, and then investing the proceeds pursuant to its investment strategies. If approved by the fund’s Board of Trustees, the fund may use leverage by other methods.
MFS may engage in active and frequent trading in pursuing the
fund's principal investment strategies.
In response to
market, economic, political, or other conditions, MFS may depart from the fund’s principal investment strategies by temporarily investing for defensive purposes.
Principal Investment Types
The principal investment types in which the fund may invest
are:
Debt Instruments:
Debt instruments represent obligations of corporations, governments, and other entities to repay money borrowed, or other instruments believed to have debt-like characteristics. The issuer or borrower usually pays a fixed, variable, or floating rate
of interest, and must repay the amount borrowed, usually at the maturity of the instrument. Debt instruments generally trade in the over-the-counter market and can be less liquid than other types of investments, particularly during adverse market
and economic conditions. During certain market conditions, debt instruments in some or many segments of the debt market can trade at a negative interest rate (i.e., the price to purchase the debt instrument is more than the present value of expected
interest payments and principal due at the maturity of the instrument). Some debt instruments, such as zero coupon bonds or payment-in-kind bonds, do not pay current interest. Other debt instruments, such as certain mortgage-backed securities and
other securitized instruments, make periodic payments of interest and/or principal. Some debt instruments are partially or fully secured by collateral supporting the payment of interest and principal.
Municipal Instruments:
Municipal instruments are issued by or for states, territories, or possessions of the United States or by their political subdivisions, agencies, authorities, or other government entities, to raise money for a
variety of public and private purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal instruments include general obligation bonds of municipalities, state or local
governments, project or revenue-specific bonds, municipal lease obligations, and prerefunded or escrowed bonds. Municipal instruments may be fully or partially supported by the state or local governments, by the credit of a private issuer, by the
current or anticipated revenues from a specific project or assets, by the issuer’s pledge to make annual appropriations for lease payments, or by domestic or foreign entities providing credit support, such as insurance, letters of credit, or
guarantees. Many municipal instruments are supported by insurance, which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument.
Tender Option Bonds: Tender
option bonds are created when municipal instruments are transferred to a special purpose trust which issues two classes of certificates. The first class, commonly called floating rate certificates, pays an interest rate that is typically reset
weekly based on a specified index. Each holder of a floating rate certificate has the option at specified times, and/or may be required under specified circumstances, to tender its certificate to the issuer or a specified third party acting
as
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
agent for the issuer for purchase at the stated amount of the certificate plus
accrued interest. The second class, commonly called inverse floaters, pays an interest rate based on the difference between the interest rate earned on the underlying municipal instruments and the interest rate paid on the floating rate certificates
after expenses.
Derivatives: Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators. Underlying indicators may include a security or other financial
instrument, asset, interest rate, credit rating, commodity, volatility measure, or index. Derivatives often involve a counterparty to the transaction. Derivatives include futures, forward contracts, options, inverse floating rate instruments, swaps,
and certain complex structured securities.
Principal
Risks
The yield and share price of the fund will change
daily based on changes in interest rates and market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. As with any mutual fund, the fund may not achieve its objective and/or you could lose
money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The significance of any specific risk to an
investment in the fund will vary over time depending on the composition of the fund's portfolio, market conditions, and other factors. You should read all of the risk information below carefully, because any one or more of these risks may result in
losses to the fund.
The principal risks of investing in
the fund are:
Investment Selection Risk: MFS' investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment
strategies and/or underperforming the markets in which the fund invests. In addition, MFS or the fund's other service providers may experience disruptions or operating errors that could negatively impact the fund.
Debt Market Risk: Debt markets
can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. These conditions can affect a
single instrument, issuer, or borrower, a particular type of instrument, issuer, or borrower, a segment of the debt markets, or debt markets generally. Certain changes or events, such as political, social, or economic developments, including
increasing and negative interest rates or the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan (which has in the past resulted and may in the future result in a government shutdown); market closures
and/or trading halts; government or regulatory actions, including the imposition of tariffs or other protectionist actions and changes in fiscal, monetary, or tax policies; natural disasters; outbreaks of pandemic and epidemic diseases; terrorist
attacks; war; and other geopolitical changes or events can have a dramatic adverse effect on debt markets and may lead to periods of high volatility and reduced liquidity in a debt market or a segment of a debt market.
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
Interest Rate Risk: The price
of a debt instrument typically changes in response to interest rate changes. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, general economic and
market conditions, and other factors. In general, the price of a debt instrument falls when interest rates rise and rises when interest rates fall. The current period of historically low interest rates may heighten the risks associated with rising
interest rates because there may be a greater likelihood of interest rates increasing and interest rates may increase rapidly. Interest rate risk is generally greater for fixed-rate instruments than floating-rate instruments and for instruments with
longer maturities, or that do not pay current interest. In addition, short-term and long-term interest rates do not necessarily move in the same direction or by the same amount. An instrument’s reaction to interest rate changes depends on the
timing of its interest and principal payments and the current interest rate for each of those time periods. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an
instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity. To the extent the fund invests in fixed-rate instruments, fluctuations in the market price of such investments may not affect interest
income derived from those instruments, but may nonetheless affect the fund's share price, especially if the instrument has a longer maturity.
Credit Risk: The price of a
debt instrument depends, in part, on the issuer's or borrower's credit quality or ability to pay principal and interest when due. The price of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation to pay principal
or interest, if the instrument's credit rating is downgraded by a credit rating agency, or based on other changes in, or perceptions of, the financial condition of the issuer or borrower. For certain types of instruments, including derivatives, the
price of the instrument depends in part on the credit quality of the counterparty to the transaction. For other types of debt instruments, including securitized instruments and some municipal instruments, the price of the debt instrument also
depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be
difficult.
Below investment grade quality debt
instruments can involve a substantially greater risk of default or can already be in default, and their values can decline significantly over short periods of time. Below investment grade quality debt instruments are regarded as having predominantly
speculative characteristics with respect to capacity to pay interest and principal. Below investment grade quality debt instruments tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality
debt instruments. The market for below investment grade quality debt instruments can be less liquid, especially during periods of recession or general market decline.
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
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
approve any appropriations necessary to support the municipal instrument. In
addition, the price of a municipal instrument also depends on its credit quality and ability to meet the credit support obligations of any insurer or other entity providing credit support to a municipal instrument.
Municipal Risk: The price of a
municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, market and economic conditions and developments, issuer, industry-specific and other conditions, including as
the result of events that cannot be reasonably anticipated or controlled such as social conflict or unrest, labor disruption and natural disasters. Municipal instruments can be less liquid than other types of investments and there may be less
publicly available information about the issuers of municipal instruments compared to other issuers. If the Internal Revenue Service or a state taxing authority determines that an issuer of a municipal instrument has not complied with applicable tax
requirements, interest from the instrument could become taxable (including retroactively) and the instrument could decline significantly in price. Because many municipal instruments are issued to finance similar projects, especially those relating
to education, health care, housing, utilities, and water and sewer, conditions in these industries can significantly affect the fund and the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer
can affect the overall municipal market.
Municipal
instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state,
U.S. territory, or possession. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations
when due and may adversely impact the value of its bonds, which could negatively impact the performance of the fund. Factors contributing to the economic stress on municipal issuers may include an increase in expenses associated with combatting the
COVID-19 pandemic and a decrease in revenues supporting the issuer's bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of
collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior. In light of the uncertainty surrounding the magnitude, duration, reach, costs and effects of the COVID-19 pandemic, as well as
actions that have been or could be taken by governmental authorities or other third parties, it is difficult to predict the level of financial stress and duration of such stress municipal issuers may experience.
Focus Risk: The fund’s
performance will be closely tied to the issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions in the states, territories, and possessions of the United States in which the fund's
assets are invested. These conditions include constitutional or statutory limits on an issuer's ability to raise revenues or increase taxes, anticipated or actual budget deficits or other financial difficulties, or changes in the credit quality of
municipal issuers in such states, territories, and possessions. If MFS invests a significant percentage of the fund's assets in a single state, territory, or possession, or a small number of states, territories, or possessions, these conditions will
have a significant impact on the fund's performance and the fund's performance may be more volatile
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
than the performance of more geographically-diversified funds. A prolonged
increase in unemployment or a significant decline in the local and/or national economies, such as the increase in unemployment and economic downturn caused by the COVID-19 pandemic and the costs associated with combatting this pandemic, could result
in decreased tax revenues.
Prepayment/Extension Risk: Many types of debt instruments, including mortgage-backed securities, securitized instruments, certain corporate bonds, and municipal housing bonds, and certain derivatives, are subject to the risk of prepayment and/or
extension. Prepayment occurs when unscheduled payments of principal are made or the instrument is called or redeemed prior to an instrument’s maturity. When interest rates decline, the instrument is called, or for other reasons, these debt
instruments may be repaid more quickly than expected. As a result, the holder of the debt instrument may not be able to reinvest the proceeds at the same interest rate or on the same terms, reducing the potential for gain. When interest rates
increase or for other reasons, these debt instruments may be repaid more slowly than expected, increasing the potential for loss. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt
instrument depends on the terms of the instrument.
Leveraging Risk: If the fund
utilizes investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed. The use of leverage is a speculative investment technique that results in greater volatility in the
fund’s net asset value. To the extent that investments are purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender option bonds, the fund’s net asset value will increase or
decrease at a greater rate than a comparable unleveraged fund. If the investment income or gains earned from the investments purchased with the proceeds from the borrowings from a bank, the issuance of preferred shares, or the creation of tender
option bonds, fails to cover the expenses of leveraging, the fund’s net asset value is likely to decrease more quickly than if the fund weren’t leveraged. In addition, the fund’s distributions could be reduced. The fund is
currently required under the Investment Company Act of 1940 (the “1940 Act”) to maintain asset coverage of 200% on outstanding preferred shares and 300% on outstanding indebtedness. The fund may be required to sell a portion of its
investments at a time when it may be disadvantageous to do so in order to redeem preferred shares or to reduce outstanding indebtedness to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating
agencies that rate the preferred shares. The expenses of leveraging are paid by the holders of common shares. Borrowings from a bank or preferred shares may have a stated maturity. If this leverage is not extended prior to maturity or replaced with
the same or a different form of leverage, distributions to common shareholders may be decreased.
Certain transactions and investment strategies can result in
leverage. Because movements in a fund’s share price generally correlate over time with the fund’s net asset value, the market price of a leveraged fund will also tend to be more volatile than that of a comparable unleveraged fund. The
costs of an offering of preferred shares and/or borrowing program would be borne by shareholders.
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
Under the terms of any loan agreement or of a purchase
agreement between the fund and the investor in the preferred shares, as the case may be, the fund may be required to, among other things, limit its ability to pay distributions in certain circumstances, incur additional debts, engage in certain
transactions, and pledge some or all of its assets. Such agreements could limit the fund’s ability to pursue its investment strategies. The terms of any loan agreement or purchase agreement could be more or less restrictive than those
described.
Under guidelines generally required by a
rating agency providing a rating for any preferred shares, the fund may be required to, among other things, maintain certain asset coverage requirements, restrict certain investments and practices, and adopt certain redemption requirements relating
to preferred shares. Such guidelines or the terms of a purchase agreement between a fund and the investor in the preferred shares could limit the fund’s ability to pursue its investment strategies. The guidelines imposed with respect to
preferred shares by a rating agency or an investor in the preferred shares could be more or less restrictive than those described.
In addition, the management fee paid to the Adviser is
calculated based on net assets, including assets applicable to preferred shares, so the fee will be higher when leverage through the issuance of preferred shares is utilized, which may create an incentive for the Adviser to use leverage through the
issuance of preferred shares.
Tender Option Bond Risk: The underlying municipal instruments held by the special purpose trust are sold or distributed in-kind by the trustee if specified events occur, such as a downgrade in the rating of the underlying municipal instruments,
a specified decline in the value of the underlying municipal instruments, a failed remarketing of the floating rate certificates, the bankruptcy of the issuer of the underlying municipal instruments and, if the municipal instruments are insured, of
both the issuer and the insurer, and the failure of the liquidity provider to pay in accordance with the trust agreement. In the event the trustee sells or distributes in-kind the underlying municipal instruments to pay amounts owed to the floating
rate certificate holders, with the remaining amount paid to the inverse floater holders, the fund’s leverage will be reduced.
Derivatives Risk: Derivatives
can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying indicator(s). Gains or losses from derivatives can be substantially greater than the derivatives’ original cost and can
sometimes be unlimited. Derivatives can involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types used by the fund. If the value of a derivative does
not change as expected relative to the value of the market or other indicator to which the derivative is intended to provide exposure, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result
in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments.
Market Discount/Premium Risk:
The market price of Common shares of the fund will be based on factors such as the supply and demand for Common shares in the market and general market, economic, industry, political or regulatory conditions.
Whether shareholders will realize gains or losses upon the sale of Common shares of
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
the fund will depend on the market price of Common shares at the time of the
sale, not on the fund’s net asset value. The market price may be lower or higher than the fund’s net asset value. Shares of closed-end funds frequently trade at a discount to their net asset value.
Anti-Takeover Provisions Risk:
The fund’s declaration of trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund, to convert the fund to an open-end fund, or to change the composition of the fund’s Board of
Trustees. These provisions could reduce the opportunities for shareholders to sell their Common shares at a premium over the then-current market price.
Counterparty and Third Party Risk: Transactions involving a counterparty other than the issuer of the instrument, including clearing organizations, or a third party responsible for servicing the instrument or effecting the transaction, are subject to the
credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability or willingness to perform in accordance with the terms of the transaction. If a counterparty or third party fails to meet its contractual
obligations, goes bankrupt, or otherwise experiences a business interruption, the fund could miss investment opportunities, lose value on its investments, or otherwise hold investments it would prefer to sell, resulting in losses for the
fund.
Liquidity Risk: Certain investments and types of investments are subject to restrictions on resale, may trade in the over-the-counter market, or may not have an active trading market due to adverse market, economic, industry, political,
regulatory, geopolitical, environmental, public health, and other conditions, including investors trying to sell large quantities of a particular investment or type of investment, or lack of market makers or other buyers for a particular investment
or type of investment. At times, all or a significant portion of a market may not have an active trading market. Without an active trading market, it may be difficult to value, and it may not be possible to sell, these investments and the fund could
miss other investment opportunities and hold investments it would prefer to sell, resulting in losses for the fund. In addition, the fund may have to sell certain of these investments at prices or times that are not advantageous in order to meet
redemptions or other cash needs, which could result in dilution of remaining investors' interests in the fund. The prices of illiquid securities may be more volatile than more liquid investments.
Defensive Investing Risk: When
MFS invests defensively, different factors could affect the fund’s performance and the fund may not achieve its investment objective. In addition, the defensive strategy may not work as intended.
Frequent Trading Risk: Frequent
trading increases transaction costs, which may reduce the Fund's return. Frequent trading can also result in the realization of a higher percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund
that trades less frequently. Because short-term capital gains are distributed as ordinary income, this would generally increase your tax liability unless you hold your shares through a tax-advantaged or tax-exempt vehicle.
Investment Restrictions
The Fund has adopted the following policies which cannot be
changed without the approval of the holders of a majority of its shares as defined currently in the 1940 Act to be the lesser of (i) 67% or more of the voting securities present at a meeting at which holders of voting securities representing more
than 50% of the outstanding
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
voting securities are present or represented by proxy, or (ii) more than 50%
of the outstanding voting securities (“Majority Shareholder Vote”). Except for fundamental investment restriction (1), these investment restrictions are adhered to at the time of purchase or utilization of assets; a subsequent change in
circumstances will not be considered to result in a violation of policy.
The Fund may not:
(1)
|
borrow
money except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act.
|
(2)
|
underwrite
securities issued by other persons, except that all or any portion of the assets of the Fund may be invested in one or more investment companies, to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act, and except
insofar as the Fund may technically be deemed an underwriter under the Securities Act of 1933, as amended, in selling a portfolio security.
|
(3)
|
issue any
senior securities except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act. For purposes of this restriction, collateral arrangements with respect to any type of swap, option, Forward Contracts and Futures
Contracts and collateral arrangements with respect to initial and variation margin are not deemed to be the issuance of a senior security.
|
(4)
|
make loans
except to the extent not prohibited by the 1940 Act and exemptive orders granted under such Act.
|
(5)
|
purchase
or sell real estate (excluding securities secured by real estate or interests therein and securities of companies, such as real estate investment trusts, which deal in real estate or interests therein), interests in oil, gas or mineral leases,
commodities or commodity contacts (excluding currencies and any type of option, Futures Contracts and Forward Contracts or other derivative instruments whose value is related to commodities or other commodity contracts) in the ordinary course of its
business. The Fund reserves the freedom of action to hold and to sell real estate, mineral leases, commodities or commodity contracts (including currencies and any type of option, Futures Contracts and Forward Contracts) acquired as a result of the
ownership of securities.
|
(6)
|
purchase
any securities of an issuer in a particular industry if as a result 25% or more of its total assets (taken at market value at the time of purchase) would be invested in securities of issuers whose principal business activities are in the same
industry.
|
For purposes of fundamental
investment restriction (6), investments in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and tax-exempt obligations issued or guaranteed by a U.S. territory or possession, a state or local government, or
a political subdivision of any of the foregoing, are not considered an investment in any particular industry.
For purposes of fundamental investment restriction (6),
investments in other investment companies are not considered an investment in any particular industry and portfolio securities held by an underlying fund in which the Fund may invest are not considered to be securities purchased by the Fund.
Investment Objective, Principal
Investment Strategies and Principal Risks - continued
For purposes of fundamental investment restriction (6), MFS
uses a customized set of industry groups for classifying securities based on classifications developed by third party providers.
Effects of Leverage
The following table is furnished in response to requirements
of the Securities and Exchange Commission (the “SEC”). It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the Investment Company Act
of 1940 (the “1940 Act”), on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a fund’s portfolio) of –10%, –5%, 0%, 5% and 10%.
The table below assumes the fund’s continued use of leverage through Preferred Shares issued and outstanding (currently RVMTP shares) (“leverage”), as applicable, as of November 30, 2021, as a percentage of total assets (including
assets attributable to such leverage), the estimated annual effective Preferred Share dividend rate (based on market conditions and other factors as of November 30, 2021), and the annual return that the fund’s portfolio would need to
experience (net of expenses) in order to cover such costs. The information below does not reflect the fund’s possible use of certain other forms of economic leverage through the use of other instruments or transactions not considered to be
senior securities under the 1940 Act, if any.
The assumed
investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the fund. Your actual returns may be greater or less than
those appearing below. In addition, the actual dividend rate payable on the Preferred Shares may vary frequently and may be significantly higher or lower than the rate used for the example below.
RVMTP
Shares as a Percentage of Total Assets (Including Assets Attributable to Leverage)
|
36.52%
|
Estimated
Annual Effective RVMTP Shares Dividend Rate
|
1.00%
|
Annual
Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective RVMTP Shares Dividend Rate
|
0.37%
|
Assumed
Return on Portfolio (Net of Expenses)
|
-10.00%
|
-5.00%
|
0.00%
|
5.00%
|
10.00%
|
Corresponding
Return to Common Shareholder
|
-16.33%
|
-8.45%
|
-0.58%
|
7.30%
|
15.18%
|
The table reflects hypothetical
performance of the fund’s portfolio and not the actual performance of the fund’s common shares, the value of which is determined by market forces and other factors.
Should the fund elect to add additional leverage to its
portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the fund and invested in accordance with the fund’s investment objectives and
policies. The fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.
Portfolio
Managers' Profiles
Portfolio
Manager
|
Primary
Role
|
Since
|
Title
and Five Year History
|
Jason
Kosty
|
Portfolio
Manager
|
March
2021
|
Investment
Officer of MFS; employed in the investment management area of MFS since 2014.
|
Gary
Lasman
|
Portfolio
Manager
|
2007
|
Investment
Officer of MFS; employed in the investment management area of MFS since 2002.
|
Geoffrey
Schechter
|
Portfolio
Manager
|
2007
|
Investment
Officer of MFS; employed in the investment management area of MFS since 1993.
|
The following information in this annual report is a summary of
certain changes since November 30, 2020. This information may not reflect all of the changes that have occurred since you purchased this fund.
Effective March 31, 2021, Jason Kosty was added as a Portfolio
Manager of the fund.
Dividend Reinvestment And
Cash Purchase Plan
The fund offers a Dividend
Reinvestment and Cash Purchase Plan (the “Plan”) that allows common shareholders to reinvest either all of the distributions paid by the fund or only the long-term capital gains. Generally, purchases are made at the market price unless
that price exceeds the net asset value (the shares are trading at a premium). If the shares are trading at a premium, the fund will issue shares at a price of either the net asset value or 95% of the market price, whichever is greater. You can also
buy shares on a quarterly basis in any amount $100 and over. Computershare Trust Company, N.A. (the Transfer Agent for the fund) (the “Plan Agent”) will purchase shares under the Plan on the 15th of January, April, July, and October or
shortly thereafter. You may obtain a copy of the Plan by contacting the Plan Agent at 1-800-637-2304 any business day from 9 a.m. to 5 p.m. Eastern time or by visiting the Plan Agent's Web site at www.computershare.com/investor.
If shares are registered in your own name, new shareholders
will automatically participate in the Plan, unless you have indicated that you do not wish to participate. If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your
behalf. If the nominee does not offer the Plan, you may wish to request that your shares be re-registered in your own name so that you can participate. There is no service charge to reinvest distributions, nor are there brokerage charges for shares
issued directly by the fund. However, when shares are bought on the New York Stock Exchange or otherwise on the open market, each participant pays a pro rata share of the transaction expenses, including commissions. The tax status of dividends and
capital gain distributions does not change whether received in cash or reinvested in additional shares – the automatic reinvestment of distributions does not relieve you of any income tax that may be payable (or required to be withheld) on the
distributions.
If your shares are held directly with the
Plan Agent, you may withdraw from the Plan at any time by contacting the Plan Agent. Please have available the name of the fund and your account number. For certain types of registrations, such as corporate accounts, instructions must be submitted
in writing. Please call for additional details. When you withdraw from the Plan, you can receive the value of the reinvested shares in one of three ways: your full shares will be held in your account, the Plan Agent will sell your shares and send
the proceeds to you, or you may transfer your full shares to your investment professional who can hold or sell them. Additionally, the Plan Agent will sell your fractional shares and send the proceeds to you.
If you have any questions, contact the Plan Agent by calling
1-800-637-2304, visit the Plan Agent’s Web site at www.computershare.com/investor, or by writing to the Plan Agent at P.O. Box 505005, Louisville, KY 40233-5005.
Portfolio of
Investments
11/30/21
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 - 156.6%
|
Alabama
- 2.0%
|
Birmingham,
AL, Airport Authority Rev., BAM, 4%, 7/01/2040
|
|
$
|
70,000
|
$
82,516
|
Birmingham,
AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030
|
|
|
105,000
|
111,869
|
Birmingham,
AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035
|
|
|
115,000
|
122,139
|
Birmingham,
AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045
|
|
|
155,000
|
162,167
|
Birmingham,
AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050
|
|
|
165,000
|
173,741
|
Jefferson
County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026
|
|
|
130,000
|
112,436
|
Jefferson
County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029
|
|
|
185,000
|
131,371
|
Jefferson
County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034
|
|
|
260,000
|
130,053
|
Jefferson
County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035
|
|
|
500,000
|
234,192
|
Jefferson
County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023
|
|
|
140,000
|
152,089
|
Tuscaloosa
County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032 (n)
|
|
|
585,270
|
630,803
|
Tuscaloosa
County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044 (n)
|
|
|
600,000
|
692,990
|
University
of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044
|
|
|
305,000
|
374,435
|
University
of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049
|
|
|
190,000
|
231,913
|
|
|
|
|
$3,342,714
|
Alaska
- 0.3%
|
Northern
Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B2”, 0%, 6/01/2066
|
|
$
|
2,510,000
|
$
543,087
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Arizona
- 4.2%
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n)
|
|
$
|
25,000
|
$
27,429
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n)
|
|
|
40,000
|
46,655
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n)
|
|
|
65,000
|
74,609
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n)
|
|
|
90,000
|
102,908
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038
|
|
|
25,000
|
29,530
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048
|
|
|
55,000
|
64,118
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052
|
|
|
70,000
|
81,387
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038 (n)
|
|
|
55,000
|
63,165
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048 (n)
|
|
|
110,000
|
125,570
|
Arizona
Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053 (n)
|
|
|
175,000
|
200,356
|
Arizona
Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)
|
|
|
25,000
|
29,042
|
Arizona
Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)
|
|
|
40,000
|
45,941
|
Arizona
Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)
|
|
|
105,000
|
120,299
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 3%, 12/15/2031 (n)
|
|
|
25,000
|
26,296
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2041 (n)
|
|
|
30,000
|
32,891
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus Projects), “A”, 4%, 12/15/2051 (n)
|
|
|
40,000
|
43,253
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029 (n)
|
|
|
25,000
|
27,253
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039 (n)
|
|
|
15,000
|
17,225
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Arizona
- continued
|
Arizona
Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049 (n)
|
|
$
|
30,000
|
$
33,962
|
Glendale,
AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048
|
|
|
70,000
|
74,275
|
Glendale,
AZ, Industrial Development Authority Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056
|
|
|
310,000
|
348,395
|
La
Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048
|
|
|
100,000
|
115,565
|
Phoenix,
AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034
|
|
|
435,000
|
447,292
|
Phoenix,
AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041
|
|
|
280,000
|
289,371
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
|
|
|
125,000
|
138,763
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
|
|
|
45,000
|
49,955
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)
|
|
|
205,000
|
225,846
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)
|
|
|
110,000
|
121,146
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034
|
|
|
445,000
|
481,532
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044
|
|
|
280,000
|
301,275
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034 (n)
|
|
|
145,000
|
165,105
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)
|
|
|
195,000
|
211,873
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044 (n)
|
|
|
235,000
|
266,720
|
Phoenix,
AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)
|
|
|
215,000
|
230,548
|
Phoenix,
AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042
|
|
|
100,000
|
117,735
|
Pima
County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037 (n)
|
|
|
210,000
|
214,993
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Arizona
- continued
|
Pima
County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n)
|
|
$
|
165,000
|
$
169,144
|
Pima
County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)(w)
|
|
|
435,000
|
446,950
|
Pima
County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n)
|
|
|
115,000
|
117,888
|
Yavapai
County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027
|
|
|
1,340,000
|
1,342,128
|
|
|
|
|
$7,068,388
|
Arkansas
- 0.5%
|
Arkansas
Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028
|
|
$
|
40,000
|
$
41,422
|
Arkansas
Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033
|
|
|
80,000
|
83,044
|
Arkansas
Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039
|
|
|
10,000
|
10,343
|
Arkansas
Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044
|
|
|
245,000
|
303,812
|
Arkansas
Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046
|
|
|
30,000
|
30,269
|
Arkansas
Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035
|
|
|
40,000
|
44,326
|
Arkansas
Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033
|
|
|
60,000
|
66,666
|
Arkansas
Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046
|
|
|
610,000
|
295,251
|
|
|
|
|
$875,133
|
California
- 12.1%
|
Beverly
Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031
|
|
$
|
350,000
|
$
304,336
|
Beverly
Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032
|
|
|
355,000
|
302,238
|
Beverly
Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033
|
|
|
715,000
|
595,894
|
California
Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)
|
|
|
460,000
|
483,717
|
California
Community Housing Agency, Essential Housing Rev. (Fountains at Emerald Park), “A-2”, 4%, 8/01/2046 (n)
|
|
|
100,000
|
101,036
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
California
- continued
|
California
Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 4%, 8/15/2048 (w)
|
|
$
|
1,695,000
|
$
2,010,174
|
California
M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034
|
|
|
155,000
|
236,830
|
California
Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042
|
|
|
110,000
|
131,591
|
California
Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035
|
|
|
45,000
|
49,324
|
California
Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036
|
|
|
115,000
|
134,745
|
California
Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041
|
|
|
105,000
|
122,674
|
California
Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047
|
|
|
15,000
|
17,368
|
California
Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039
|
|
|
150,000
|
168,107
|
California
Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n)
|
|
|
90,000
|
97,452
|
California
Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n)
|
|
|
100,000
|
115,936
|
California
Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
|
|
|
100,000
|
110,412
|
California
Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040
|
|
|
70,000
|
82,685
|
California
Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)(z)
|
|
|
460,000
|
276,000
|
California
Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)(z)
|
|
|
630,000
|
31,500
|
California
Public Finance Authority, Senior Living Rev. (Enso Village Project), “A”, 5%, 11/15/2036 (n)
|
|
|
45,000
|
52,877
|
California
Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)
|
|
|
90,000
|
91,202
|
California
Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)
|
|
|
60,000
|
60,639
|
California
Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)
|
|
|
95,000
|
95,836
|
California
Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w)
|
|
|
690,000
|
897,854
|
California
Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033
|
|
|
1,290,000
|
1,444,143
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
California
- continued
|
California
School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)
|
|
$
|
45,000
|
$
50,770
|
California
School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)
|
|
|
130,000
|
144,893
|
California
School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044
|
|
|
150,000
|
164,608
|
California
Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033
|
|
|
100,000
|
109,590
|
California
Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)
|
|
|
115,000
|
134,781
|
California
Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033
|
|
|
125,000
|
135,012
|
California
Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034
|
|
|
225,000
|
254,202
|
California
Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044
|
|
|
465,000
|
524,458
|
California
Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056 (n)
|
|
|
290,000
|
333,673
|
California
Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)
|
|
|
185,000
|
200,239
|
California
Statewide Communities Development Authority, Essential Housing Rev. (City of Orange Portfolio), “B”, 4%, 3/01/2057 (n)
|
|
|
105,000
|
106,212
|
California
Statewide Communities Development Authority, Essential Housing Rev. (Oceanaire-Long Beach), “A-2”, 4%, 9/01/2056 (n)
|
|
|
210,000
|
220,371
|
California
Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)
|
|
|
415,000
|
387,496
|
California
Statewide Communities Development Authority, Essential Housing Rev. (Renaissance at City Center), “A”, 5%, 7/01/2051 (n)
|
|
|
113,826
|
128,112
|
CMFA
Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
|
|
|
135,000
|
141,907
|
Downey,
CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041
|
|
|
1,990,000
|
2,319,767
|
Golden
State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036
|
|
|
90,000
|
90,920
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
California
- continued
|
Golden
State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047
|
|
$
|
175,000
|
$
179,050
|
Hastings
Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (n)
|
|
|
580,000
|
671,446
|
Hastings
Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)
|
|
|
590,000
|
360,196
|
Hawthorne,
CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047
|
|
|
895,000
|
1,024,064
|
Inland
Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044
|
|
|
260,000
|
284,237
|
Jurupa,
CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042
|
|
|
215,000
|
238,980
|
La
Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022)
|
|
|
65,000
|
67,057
|
Long
Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035
|
|
|
40,000
|
44,220
|
Los
Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034
|
|
|
50,000
|
51,919
|
Los
Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044
|
|
|
80,000
|
82,960
|
Morongo
Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n)
|
|
|
180,000
|
213,176
|
Morongo
Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)
|
|
|
195,000
|
230,940
|
San
Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056 (w)
|
|
|
650,000
|
811,722
|
San
Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 9/01/2022
|
|
|
1,910,000
|
1,907,269
|
San
Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047
|
|
|
255,000
|
310,501
|
San
Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043
|
|
|
35,000
|
38,821
|
Transbay
Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049
|
|
|
95,000
|
118,527
|
Whittier,
CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044
|
|
|
430,000
|
471,910
|
|
|
|
|
$20,568,576
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Colorado
- 7.5%
|
Arvada,
CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030
|
|
$
|
18,000
|
$
20,658
|
Arvada,
CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050
|
|
|
76,000
|
94,359
|
Colorado
Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031
|
|
|
85,000
|
93,644
|
Colorado
Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038
|
|
|
95,000
|
104,132
|
Colorado
Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030
|
|
|
50,000
|
54,881
|
Colorado
Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034
|
|
|
50,000
|
54,664
|
Colorado
Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055
|
|
|
1,200,000
|
1,493,636
|
Colorado
Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055
|
|
|
570,000
|
698,353
|
Colorado
Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050
|
|
|
230,000
|
284,079
|
Colorado
Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2061
|
|
|
55,000
|
60,083
|
Colorado
Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%, 7/01/2061 (n)
|
|
|
100,000
|
105,792
|
Colorado
Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043
|
|
|
250,000
|
264,544
|
Colorado
Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042
|
|
|
110,000
|
120,248
|
Colorado
Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044
|
|
|
175,000
|
201,021
|
Colorado
Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023)
|
|
|
130,000
|
140,466
|
Colorado
Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038
|
|
|
2,975,000
|
3,533,804
|
Denver,
CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048
|
|
|
500,000
|
538,167
|
Denver,
CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028 (Prerefunded 11/15/2022)
|
|
|
205,000
|
214,097
|
Denver,
CO, City & County Airport Systems Rev., “C”, ETM, 6.125%, 11/15/2025
|
|
|
2,280,000
|
2,561,753
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Colorado
- continued
|
Denver,
CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035
|
|
$
|
80,000
|
$
92,173
|
Denver,
CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036
|
|
|
50,000
|
57,376
|
Denver,
CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040
|
|
|
135,000
|
154,260
|
Denver,
CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048
|
|
|
100,000
|
120,128
|
Denver,
CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040
|
|
|
255,000
|
295,235
|
Denver,
CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045
|
|
|
125,000
|
133,962
|
Park
Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045
|
|
|
475,000
|
536,035
|
State
of Colorado (Building Excellent Schools Today), “S”, COP, 4%, 3/15/2046 (w)
|
|
|
650,000
|
769,311
|
|
|
|
|
$12,796,861
|
Connecticut
- 0.8%
|
Connecticut
Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n)
|
|
$
|
150,000
|
$
178,945
|
Mohegan
Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)
|
|
|
1,090,000
|
1,142,308
|
|
|
|
|
$1,321,253
|
Delaware
- 0.4%
|
Delaware
Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043
|
|
$
|
230,000
|
$
276,735
|
Delaware
Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048
|
|
|
115,000
|
137,482
|
Kent
County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2048
|
|
|
110,000
|
122,920
|
Kent
County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2058
|
|
|
120,000
|
133,387
|
|
|
|
|
$670,524
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
District
of Columbia - 1.6%
|
District
of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039 (n)
|
|
$
|
250,000
|
$
284,947
|
District
of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030
|
|
|
175,000
|
180,196
|
District
of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035
|
|
|
850,000
|
875,235
|
District
of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045
|
|
|
985,000
|
1,014,243
|
Metropolitan
Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053
|
|
|
320,000
|
364,601
|
|
|
|
|
$2,719,222
|
Florida
- 8.0%
|
Arborwood
Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036
|
|
$
|
130,000
|
$
144,296
|
Bellalago,
FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030
|
|
|
105,000
|
114,328
|
Bellalago,
FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033
|
|
|
50,000
|
54,561
|
Bellalago,
FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034
|
|
|
75,000
|
81,974
|
Capital
Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039
|
|
|
185,000
|
202,855
|
Collier
County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)(z)
|
|
|
610,000
|
414,800
|
Collier
County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)(z)
|
|
|
100,000
|
68,000
|
Daytona
Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035
|
|
|
170,000
|
193,180
|
Daytona
Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046
|
|
|
235,000
|
265,744
|
Florida
Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048 (n)
|
|
|
140,000
|
154,699
|
Florida
Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n)
|
|
|
155,000
|
169,361
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Florida
- continued
|
Florida
Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n)
|
|
$
|
610,000
|
$
659,706
|
Florida
Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)
|
|
|
100,000
|
106,554
|
Florida
Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046 (n)
|
|
|
175,000
|
201,878
|
Florida
Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032 (n)
|
|
|
140,000
|
142,705
|
Florida
Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043 (n)
|
|
|
295,000
|
300,067
|
Florida
Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044 (Prerefunded 6/15/2023)
|
|
|
555,000
|
622,899
|
Florida
Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055
|
|
|
40,000
|
43,183
|
Florida
Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037 (n)
|
|
|
100,000
|
108,602
|
Florida
Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047 (n)
|
|
|
200,000
|
215,158
|
Florida
Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)
|
|
|
400,000
|
455,260
|
Florida
Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)
|
|
|
295,000
|
323,842
|
Florida
Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)
|
|
|
100,000
|
115,775
|
Florida
Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)
|
|
|
100,000
|
115,885
|
Florida
Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)
|
|
|
110,000
|
126,968
|
Jacksonville,
FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)
|
|
|
115,000
|
132,366
|
Lakewood
Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025
|
|
|
80,000
|
83,506
|
Lakewood
Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035
|
|
|
100,000
|
106,969
|
Lakewood
Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045
|
|
|
110,000
|
116,610
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Florida
- continued
|
Lakewood
Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047
|
|
$
|
165,000
|
$
184,461
|
Marshall
Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032
|
|
|
100,000
|
106,117
|
Martin
County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046
|
|
|
280,000
|
322,656
|
Miami-Dade
County, FL, Aviation Rev., “A”, 4%, 10/01/2040
|
|
|
445,000
|
526,710
|
Miami-Dade
County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044
|
|
|
370,000
|
404,364
|
Miami-Dade
County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045
|
|
|
270,000
|
318,264
|
Midtown
Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029
|
|
|
125,000
|
129,897
|
Midtown
Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037
|
|
|
100,000
|
103,285
|
North
Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042
|
|
|
475,000
|
558,837
|
Orlando,
FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034
|
|
|
30,000
|
36,351
|
Osceola
County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049
|
|
|
105,000
|
129,877
|
Osceola
County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037
|
|
|
195,000
|
124,874
|
Osceola
County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042
|
|
|
320,000
|
167,099
|
Palm
Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049
|
|
|
150,000
|
156,831
|
Palm
Beach County, FL, Health Facilities Authority Rev. (Sinai Residences of Boca Raton Project), 4.25%, 6/01/2056 (w)
|
|
|
250,000
|
259,862
|
Pasco
County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036
|
|
|
105,000
|
112,856
|
Pasco
County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047
|
|
|
190,000
|
204,051
|
Pasco
County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049
|
|
|
120,000
|
138,971
|
Pasco
County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045
|
|
|
135,000
|
160,606
|
Pasco
County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046
|
|
|
90,000
|
97,499
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Florida
- continued
|
Sarasota
County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047
|
|
$
|
70,000
|
$
75,102
|
Sarasota
County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052
|
|
|
130,000
|
139,336
|
Seminole
County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project), “A”, 4%, 6/15/2051 (n)
|
|
|
100,000
|
111,042
|
St.
John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050
|
|
|
70,000
|
75,959
|
Sumter
County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026
|
|
|
25,000
|
27,150
|
Sumter
County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029
|
|
|
25,000
|
27,118
|
Sumter
County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034
|
|
|
50,000
|
54,310
|
Sumter
County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044
|
|
|
150,000
|
162,829
|
Tallahassee,
FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040
|
|
|
430,000
|
485,059
|
Tallahassee,
FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044
|
|
|
165,000
|
185,353
|
Tampa,
FL (University of Tampa Project), 5%, 4/01/2040
|
|
|
105,000
|
118,366
|
Tampa,
FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045
|
|
|
1,740,000
|
762,686
|
Tampa,
FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050
|
|
|
320,000
|
397,053
|
Trout
Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035
|
|
|
215,000
|
230,866
|
Trout
Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045
|
|
|
390,000
|
417,604
|
Westridge,
FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037
|
|
|
125,000
|
125,129
|
|
|
|
|
$13,480,161
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Georgia
- 2.3%
|
Atlanta,
GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “A”, 4%, 1/01/2054
|
|
$
|
240,000
|
$
271,936
|
Atlanta,
GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)
|
|
|
125,000
|
135,974
|
Atlanta,
GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)
|
|
|
225,000
|
261,640
|
Cobb
County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030
|
|
|
60,000
|
66,697
|
Cobb
County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033
|
|
|
105,000
|
115,982
|
Cobb
County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038
|
|
|
110,000
|
120,657
|
Cobb
County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039
|
|
|
80,000
|
94,344
|
Cobb
County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040
|
|
|
5,000
|
6,304
|
Fulton
County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050
|
|
|
230,000
|
263,423
|
Georgia
Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028
|
|
|
430,000
|
543,540
|
Georgia
Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043
|
|
|
135,000
|
162,637
|
Georgia
Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056
|
|
|
125,000
|
151,505
|
Georgia
Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063
|
|
|
120,000
|
145,445
|
Private
Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038
|
|
|
315,000
|
377,416
|
Private
Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039
|
|
|
255,000
|
304,905
|
Private
Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040
|
|
|
255,000
|
304,378
|
Private
Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041
|
|
|
510,000
|
607,344
|
|
|
|
|
$3,934,127
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Guam
- 0.3%
|
Guam
International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043
|
|
$
|
75,000
|
$
78,795
|
Guam
Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050
|
|
|
320,000
|
391,388
|
|
|
|
|
$470,183
|
Hawaii
- 0.2%
|
Hawaii
Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n)
|
|
$
|
150,000
|
$
158,988
|
Hawaii
Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n)
|
|
|
125,000
|
129,974
|
Hawaii
Harbor System Rev., “A”, 4%, 7/01/2036
|
|
|
60,000
|
71,649
|
|
|
|
|
$360,611
|
Idaho
- 0.3%
|
Idaho
Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037
|
|
$
|
50,000
|
$
57,070
|
Idaho
Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038
|
|
|
230,000
|
263,947
|
Idaho
Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049 (n)
|
|
|
100,000
|
119,972
|
|
|
|
|
$440,989
|
Illinois
- 18.6%
|
Bolingbrook,
IL, Sales Tax Rev., 6.25%, 1/01/2024
|
|
$
|
332,076
|
$
328,312
|
Bridgeview,
IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036
|
|
|
665,000
|
714,525
|
Chicago,
IL, Board of Education, 5%, 12/01/2042
|
|
|
165,000
|
171,029
|
Chicago,
IL, Board of Education (School Reform), “A”, NPFG, 5.25%, 12/01/2023
|
|
|
625,000
|
662,071
|
Chicago,
IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028
|
|
|
315,000
|
277,922
|
Chicago,
IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037
|
|
|
100,000
|
116,946
|
Chicago,
IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046
|
|
|
105,000
|
121,590
|
Chicago,
IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046
|
|
|
1,225,000
|
1,482,478
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025
|
|
|
160,000
|
187,020
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026
|
|
|
65,000
|
78,177
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Illinois
- continued
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027
|
|
$
|
155,000
|
$
191,182
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028
|
|
|
75,000
|
94,699
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029
|
|
|
50,000
|
64,203
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030
|
|
|
35,000
|
45,839
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031
|
|
|
95,000
|
126,860
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030
|
|
|
215,000
|
266,538
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031
|
|
|
410,000
|
506,934
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032
|
|
|
350,000
|
432,035
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n)
|
|
|
405,000
|
523,108
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029
|
|
|
140,000
|
174,136
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035
|
|
|
135,000
|
165,951
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034
|
|
|
315,000
|
375,044
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036
|
|
|
475,000
|
563,832
|
Chicago,
IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046
|
|
|
305,000
|
357,487
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2025
|
|
|
45,000
|
50,786
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2026
|
|
|
215,000
|
249,474
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2027
|
|
|
150,000
|
178,425
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2028
|
|
|
35,000
|
42,575
|
Chicago,
IL, General Obligation, “A”, 5.25%, 1/01/2028
|
|
|
40,000
|
44,396
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2029
|
|
|
400,000
|
496,580
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2031
|
|
|
50,000
|
62,759
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2035
|
|
|
60,000
|
66,325
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2036
|
|
|
130,000
|
143,704
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2039
|
|
|
130,000
|
159,678
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2040
|
|
|
25,000
|
30,558
|
Chicago,
IL, General Obligation, “A”, 5%, 1/01/2044
|
|
|
395,000
|
479,155
|
Chicago,
IL, General Obligation, “A”, 5.5%, 1/01/2049
|
|
|
505,000
|
628,138
|
Chicago,
IL, General Obligation, “D”, 5.5%, 1/01/2033
|
|
|
110,000
|
126,522
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Illinois
- continued
|
Chicago,
IL, Greater Chicago Metropolitan Water Reclamation District, “A”, 4%, 12/01/2051 (w)
|
|
$
|
1,015,000
|
$
1,208,712
|
Chicago,
IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2030
|
|
|
1,000,000
|
1,002,004
|
Chicago,
IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033
|
|
|
435,000
|
526,524
|
Chicago,
IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038
|
|
|
380,000
|
450,811
|
Chicago,
IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048
|
|
|
310,000
|
365,753
|
Chicago,
IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032
|
|
|
95,000
|
99,958
|
Chicago,
IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033
|
|
|
50,000
|
52,598
|
Chicago,
IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043
|
|
|
190,000
|
200,045
|
Chicago,
IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048
|
|
|
255,000
|
305,958
|
Chicago,
IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053
|
|
|
140,000
|
167,262
|
Chicago,
IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045
|
|
|
480,000
|
594,782
|
Cook
County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047
|
|
|
580,000
|
674,616
|
Cook
County, IL, General Obligation Refunding, 5%, 11/15/2034
|
|
|
50,000
|
59,524
|
Cook
County, IL, General Obligation Refunding, 5%, 11/15/2035
|
|
|
180,000
|
213,734
|
Cook
County, IL, Sales Tax Rev., “A”, 4%, 11/15/2041
|
|
|
465,000
|
549,333
|
Du
Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036
|
|
|
208,000
|
208,873
|
Illinois
Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034
|
|
|
165,000
|
194,935
|
Illinois
Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035
|
|
|
165,000
|
194,685
|
Illinois
Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)
|
|
|
30,000
|
31,899
|
Illinois
Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033
|
|
|
215,000
|
222,951
|
Illinois
Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)
|
|
|
35,000
|
37,405
|
Illinois
Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043
|
|
|
230,000
|
238,725
|
Illinois
Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036
|
|
|
195,000
|
233,763
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Illinois
- continued
|
Illinois
Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027)
|
|
$
|
30,000
|
$
34,818
|
Illinois
Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041
|
|
|
630,000
|
710,632
|
Illinois
Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041
|
|
|
400,000
|
478,048
|
Illinois
Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043
|
|
|
255,000
|
271,915
|
Illinois
Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042
|
|
|
45,000
|
52,348
|
Illinois
Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047
|
|
|
90,000
|
104,015
|
Illinois
Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046
|
|
|
65,000
|
75,178
|
Illinois
Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049
|
|
|
70,000
|
80,838
|
Illinois
Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035
|
|
|
530,000
|
606,719
|
Illinois
Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034
|
|
|
5,000
|
5,901
|
Illinois
Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2034
|
|
|
445,000
|
635,751
|
Illinois
Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035
|
|
|
255,000
|
370,888
|
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
|
|
|
415,000
|
468,603
|
Illinois
Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037
|
|
|
30,000
|
34,565
|
Illinois
Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047
|
|
|
60,000
|
68,369
|
Illinois
Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050
|
|
|
25,000
|
28,444
|
Illinois
Sales Tax Securitization Corp., “A”, 5%, 1/01/2030
|
|
|
5,000
|
6,129
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026
|
|
|
100,000
|
116,857
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027
|
|
|
220,000
|
264,600
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028
|
|
|
195,000
|
240,466
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Illinois
- continued
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029
|
|
$
|
40,000
|
$
50,483
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030
|
|
|
100,000
|
128,787
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036
|
|
|
90,000
|
114,339
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037
|
|
|
125,000
|
161,113
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038
|
|
|
55,000
|
64,754
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039
|
|
|
40,000
|
47,004
|
Illinois
Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040
|
|
|
60,000
|
70,740
|
Illinois
Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028
|
|
|
50,000
|
61,978
|
Illinois
Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029
|
|
|
65,000
|
82,278
|
Illinois
Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030
|
|
|
40,000
|
49,752
|
Lincolnshire,
IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034
|
|
|
319,000
|
319,277
|
Metropolitan
Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054
|
|
|
970,000
|
386,733
|
Metropolitan
Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047
|
|
|
1,650,000
|
827,363
|
Metropolitan
Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2026
|
|
|
195,000
|
183,908
|
Romeoville,
IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042
|
|
|
165,000
|
181,141
|
Romeoville,
IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039
|
|
|
90,000
|
99,102
|
Romeoville,
IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041
|
|
|
70,000
|
74,494
|
Romeoville,
IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046
|
|
|
70,000
|
74,172
|
State
of Illinois, 4.125%, 11/01/2031
|
|
|
115,000
|
129,137
|
State
of Illinois, 4.5%, 11/01/2039
|
|
|
160,000
|
181,511
|
State
of Illinois, 5%, 11/01/2040
|
|
|
485,000
|
563,244
|
State
of Illinois, AGM, 5%, 2/01/2027
|
|
|
145,000
|
158,893
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Illinois
- continued
|
State
of Illinois, NPFG, 6%, 11/01/2026
|
|
$
|
405,000
|
$
481,352
|
State
of Illinois, “A”, 5%, 11/01/2027
|
|
|
595,000
|
719,654
|
State
of Illinois, “A”, 5%, 12/01/2024
|
|
|
35,000
|
39,442
|
State
of Illinois, “A”, 5%, 12/01/2038
|
|
|
55,000
|
65,095
|
State
of Illinois, General Obligation, “A”, 5%, 3/01/2046
|
|
|
870,000
|
1,079,640
|
University
of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047
|
|
|
625,000
|
726,113
|
Upper
Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043
|
|
|
460,000
|
524,326
|
Upper
Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048
|
|
|
460,000
|
520,999
|
|
|
|
|
$31,443,751
|
Indiana
- 1.9%
|
Indiana
Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041 (Prerefunded 11/15/2023)
|
|
$
|
350,000
|
$
388,405
|
Indiana
Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030
|
|
|
50,000
|
55,240
|
Indiana
Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039
|
|
|
125,000
|
136,606
|
Indiana
Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035 (Prerefunded 7/01/2023)
|
|
|
235,000
|
251,652
|
Indiana
Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)
|
|
|
590,000
|
631,807
|
Indiana
Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034
|
|
|
130,000
|
153,605
|
Indiana
Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035
|
|
|
165,000
|
194,649
|
Indiana
Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039
|
|
|
85,000
|
102,186
|
Indiana
Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044
|
|
|
20,000
|
22,117
|
Indiana
Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049
|
|
|
25,000
|
27,495
|
Indiana
Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051
|
|
|
430,000
|
510,584
|
Knox
County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042
|
|
|
130,000
|
131,974
|
Lake
County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032
|
|
|
35,000
|
42,909
|
Lake
County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033
|
|
|
25,000
|
30,576
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Indiana
- continued
|
Lake
County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035
|
|
$
|
35,000
|
$
42,581
|
Lake
County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038
|
|
|
100,000
|
120,930
|
Valparaiso,
IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034
|
|
|
325,000
|
360,243
|
|
|
|
|
$3,203,559
|
Iowa
- 0.6%
|
Iowa
Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033
|
|
$
|
60,000
|
$
65,097
|
Iowa
Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038
|
|
|
45,000
|
48,666
|
Iowa
Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048
|
|
|
85,000
|
91,457
|
Iowa
Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044
|
|
|
310,000
|
318,989
|
Iowa
Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065
|
|
|
2,395,000
|
447,335
|
|
|
|
|
$971,544
|
Kansas
- 1.5%
|
Coffeyville,
KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)
|
|
$
|
300,000
|
$
343,010
|
Coffeyville,
KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)
|
|
|
100,000
|
114,337
|
Hutchinson,
KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036
|
|
|
50,000
|
57,505
|
Hutchinson,
KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041
|
|
|
50,000
|
57,157
|
Lenexa,
KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030
|
|
|
55,000
|
62,118
|
Lenexa,
KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032
|
|
|
50,000
|
56,218
|
Lenexa,
KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039
|
|
|
65,000
|
72,363
|
Manhattan,
KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2046
|
|
|
80,000
|
86,775
|
Wichita,
KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043
|
|
|
200,000
|
209,434
|
Wichita,
KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047
|
|
|
195,000
|
208,561
|
Wichita,
KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027
|
|
|
125,000
|
126,783
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Kansas
- continued
|
Wyandotte
County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047
|
|
$
|
380,000
|
$
434,747
|
Wyandotte
County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052
|
|
|
255,000
|
290,400
|
Wyandotte
County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040
|
|
|
70,000
|
73,478
|
Wyandotte
County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044
|
|
|
255,000
|
283,560
|
|
|
|
|
$2,476,446
|
Kentucky
- 2.3%
|
Commonwealth
of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032
|
|
$
|
50,000
|
$
61,633
|
Commonwealth
of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033
|
|
|
45,000
|
55,610
|
Commonwealth
of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034
|
|
|
55,000
|
67,987
|
Hazard,
KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 3%, 7/01/2046
|
|
|
105,000
|
110,855
|
Kentucky
Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046
|
|
|
355,000
|
370,138
|
Kentucky
Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051
|
|
|
340,000
|
356,330
|
Kentucky
Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042
|
|
|
225,000
|
227,041
|
Kentucky
Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045
|
|
|
95,000
|
95,892
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037
|
|
|
40,000
|
47,908
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041
|
|
|
315,000
|
375,081
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046
|
|
|
205,000
|
243,991
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037
|
|
|
160,000
|
187,942
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041
|
|
|
105,000
|
123,065
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Kentucky
- continued
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041
|
|
$
|
80,000
|
$
94,533
|
Kentucky
Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045
|
|
|
135,000
|
157,677
|
Kentucky
Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036
|
|
|
140,000
|
149,026
|
Kentucky
Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046
|
|
|
395,000
|
415,399
|
Kentucky
Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051
|
|
|
100,000
|
104,955
|
Kentucky
Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036
|
|
|
465,000
|
528,598
|
Kentucky
State University, Certificates of Participation, BAM, 4%, 11/01/2056
|
|
|
60,000
|
71,021
|
|
|
|
|
$3,844,682
|
Louisiana
- 4.2%
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037 (n)
|
|
$
|
100,000
|
$
119,254
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045
|
|
|
730,000
|
762,542
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044 (n)
|
|
|
190,000
|
205,379
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043 (n)
|
|
|
185,000
|
199,732
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044 (n)
|
|
|
225,000
|
241,628
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035
|
|
|
105,000
|
114,529
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045
|
|
|
420,000
|
455,983
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Louisiana
- continued
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038 (n)
|
|
$
|
105,000
|
$
123,110
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039 (n)
|
|
|
100,000
|
114,250
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038 (n)
|
|
|
95,000
|
106,908
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037 (n)
|
|
|
240,000
|
264,389
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047 (n)
|
|
|
185,000
|
202,429
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)
|
|
|
100,000
|
106,413
|
Louisiana
Local Government, Environmental Facilities & Community Development Authority Student Housing Rev. (Provident Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)
|
|
|
150,000
|
156,627
|
Louisiana
Military Department Custody Receipts, 5%, 8/01/2024
|
|
|
1,500,000
|
1,505,835
|
Louisiana
Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n)(w)
|
|
|
230,000
|
236,718
|
Louisiana
Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n)(w)
|
|
|
145,000
|
149,235
|
Louisiana
Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)
|
|
|
790,000
|
875,929
|
New
Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)
|
|
|
80,000
|
94,018
|
New
Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025)
|
|
|
220,000
|
254,013
|
New
Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025)
|
|
|
95,000
|
111,646
|
St.
Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)
|
|
|
760,000
|
773,548
|
|
|
|
|
$7,174,115
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Maine
- 0.6%
|
Maine
Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025) (n)
|
|
$
|
160,000
|
$
176,036
|
Maine
Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025 (n)
|
|
|
365,000
|
406,635
|
Maine
Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050
|
|
|
375,000
|
431,946
|
|
|
|
|
$1,014,617
|
Maryland
- 0.8%
|
Howard
County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)
|
|
$
|
145,000
|
$
152,703
|
Maryland
Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038
|
|
|
10,000
|
9,752
|
Maryland
Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048
|
|
|
30,000
|
27,779
|
Maryland
Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058
|
|
|
110,000
|
98,738
|
Maryland
Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036
|
|
|
190,000
|
230,230
|
Maryland
Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033
|
|
|
115,000
|
131,844
|
Maryland
Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034
|
|
|
70,000
|
80,070
|
Maryland
Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038
|
|
|
315,000
|
357,058
|
Prince
George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)
|
|
|
100,000
|
112,409
|
Rockville,
MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037
|
|
|
45,000
|
48,823
|
Rockville,
MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042
|
|
|
85,000
|
91,796
|
Rockville,
MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047
|
|
|
90,000
|
96,906
|
|
|
|
|
$1,438,108
|
Massachusetts
- 5.1%
|
Massachusetts
Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)
|
|
$
|
895,000
|
$
402,750
|
Massachusetts
Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039
|
|
|
65,000
|
79,916
|
Massachusetts
Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049
|
|
|
60,000
|
67,751
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Massachusetts
- continued
|
Massachusetts
Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053
|
|
$
|
1,210,000
|
$
1,458,175
|
Massachusetts
Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056
|
|
|
56,165
|
37,585
|
Massachusetts
Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)
|
|
|
100,000
|
108,000
|
Massachusetts
Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)
|
|
|
255,000
|
275,175
|
Massachusetts
Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023) (n)
|
|
|
100,000
|
111,355
|
Massachusetts
Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046
|
|
|
255,000
|
300,319
|
Massachusetts
Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050
|
|
|
715,000
|
911,176
|
Massachusetts
Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033
|
|
|
40,000
|
47,124
|
Massachusetts
Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034
|
|
|
50,000
|
58,740
|
Massachusetts
Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036
|
|
|
145,000
|
170,177
|
Massachusetts
Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044
|
|
|
3,080,000
|
3,477,113
|
Massachusetts
Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044
|
|
|
65,000
|
78,503
|
Massachusetts
Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037
|
|
|
20,000
|
19,978
|
Massachusetts
Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036
|
|
|
75,000
|
77,189
|
Massachusetts
Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046
|
|
|
405,000
|
429,161
|
Massachusetts
Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033
|
|
|
475,000
|
483,414
|
Massachusetts
Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051
|
|
|
85,000
|
85,647
|
|
|
|
|
$8,679,248
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Michigan
- 3.2%
|
Detroit,
MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043
|
|
$
|
120,000
|
$
132,316
|
Detroit,
MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039 (Prerefunded 7/01/2022)
|
|
|
730,000
|
751,654
|
Eastern
Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047
|
|
|
330,000
|
363,846
|
Kentwood,
MI, Economic Development Corp Rev. (Holland Home Obligated Group), 4%, 11/15/2045
|
|
|
95,000
|
104,314
|
Kenty
County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051
|
|
|
95,000
|
122,374
|
Michigan
Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047
|
|
|
1,025,000
|
1,291,965
|
Michigan
Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048
|
|
|
280,000
|
344,596
|
Michigan
Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033
|
|
|
80,000
|
91,740
|
Michigan
Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034
|
|
|
180,000
|
206,139
|
Michigan
Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035
|
|
|
115,000
|
131,656
|
Michigan
Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034
|
|
|
75,000
|
85,891
|
Michigan
Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026)
|
|
|
100,000
|
111,605
|
Waterford
Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046 (n)
|
|
|
135,000
|
115,749
|
Waterford
Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051 (n)
|
|
|
135,000
|
113,475
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044
|
|
|
45,000
|
50,646
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039
|
|
|
50,000
|
56,353
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039
|
|
|
40,000
|
44,829
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Michigan
- continued
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044
|
|
$
|
110,000
|
$
123,279
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031
|
|
|
190,000
|
234,920
|
Wayne
County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032
|
|
|
200,000
|
246,877
|
Wayne
County, MI, Detroit School District, ”A“, 5%, 5/01/2038
|
|
|
180,000
|
230,000
|
Wayne
County, MI, Detroit School District, ”A“, 5%, 5/01/2040
|
|
|
335,000
|
426,536
|
|
|
|
|
$5,380,760
|
Minnesota
- 0.6%
|
Duluth,
MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2031
|
|
$
|
20,000
|
$
21,789
|
Duluth,
MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036
|
|
|
45,000
|
48,576
|
Duluth,
MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041
|
|
|
180,000
|
193,084
|
Duluth,
MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043
|
|
|
110,000
|
125,911
|
Duluth,
MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043
|
|
|
200,000
|
238,479
|
Duluth,
MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048
|
|
|
110,000
|
125,173
|
Duluth,
MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048
|
|
|
155,000
|
183,754
|
Minneapolis
& St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038
|
|
|
120
|
120
|
St.
Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052 (n)
|
|
|
100,000
|
111,992
|
|
|
|
|
$1,048,878
|
Mississippi
- 0.8%
|
Jackson
County, MS, Development Bank Special Obligation (Gomesa Project), 3.625%, 11/01/2036 (n)
|
|
$
|
100,000
|
$
99,257
|
Mississippi
Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044
|
|
|
195,000
|
187,393
|
Mississippi
Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039 (n)
|
|
|
200,000
|
223,724
|
Mississippi
Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022
|
|
|
175,000
|
180,782
|
Mississippi
Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023
|
|
|
455,000
|
489,328
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Mississippi
- continued
|
Mississippi
Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046
|
|
$
|
135,000
|
$
157,132
|
|
|
|
|
$1,337,616
|
Missouri
- 2.9%
|
Cape
Girardeau County, MO, Industrial Development Authority, Health Facilities Rev. (SoutheastHealth), 4%, 3/01/2041
|
|
$
|
105,000
|
$
119,999
|
Kansas
City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049
|
|
|
655,000
|
792,992
|
Kansas
City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055
|
|
|
395,000
|
475,955
|
Kansas
City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046
|
|
|
870,000
|
1,054,619
|
Kansas
City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040 (n)
|
|
|
100,000
|
102,141
|
Kansas
City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050 (n)
|
|
|
280,000
|
284,582
|
Missouri
Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051
|
|
|
155,000
|
173,637
|
Plaza
at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030
|
|
|
15,000
|
15,211
|
Plaza
at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035
|
|
|
10,000
|
10,051
|
St.
Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030
|
|
|
45,000
|
48,589
|
St.
Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035
|
|
|
35,000
|
37,485
|
St.
Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045
|
|
|
80,000
|
84,588
|
St.
Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029
|
|
|
60,000
|
59,533
|
St.
Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035
|
|
|
125,000
|
125,248
|
St.
Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047
|
|
|
255,000
|
257,303
|
St.
Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053
|
|
|
555,000
|
622,067
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Missouri
- continued
|
St.
Louis, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045
|
|
$
|
230,000
|
$
250,453
|
St.
Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045
|
|
|
335,000
|
416,929
|
|
|
|
|
$4,931,382
|
Montana
- 0.0%
|
Montana
Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049
|
|
$
|
35,000
|
$
37,731
|
Nebraska
- 0.1%
|
Central
Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036
|
|
$
|
135,000
|
$
187,709
|
Nevada
- 0.4%
|
Clark
County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040
|
|
$
|
160,000
|
$
189,447
|
Director
of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045 (n)
|
|
|
195,000
|
213,905
|
Director
of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048 (n)
|
|
|
115,000
|
125,463
|
Nevada
Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n)
|
|
|
110,000
|
121,141
|
Reno,
NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033
|
|
|
5,000
|
6,031
|
Reno,
NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038
|
|
|
5,000
|
5,983
|
Reno,
NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048
|
|
|
25,000
|
27,693
|
Reno,
NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058
|
|
|
35,000
|
38,956
|
|
|
|
|
$728,619
|
New
Hampshire - 0.8%
|
National
Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034
|
|
$
|
487,320
|
$
580,647
|
National
Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n)
|
|
|
375,000
|
390,850
|
New
Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031
|
|
|
150,000
|
177,041
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
New
Hampshire - continued
|
New
Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036
|
|
$
|
150,000
|
$
176,914
|
|
|
|
|
$1,325,452
|
New
Jersey - 6.9%
|
Atlantic
City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037
|
|
$
|
30,000
|
$
35,641
|
Atlantic
City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042
|
|
|
35,000
|
41,311
|
Essex
County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060
|
|
|
510,000
|
595,169
|
Gloucester
County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046
|
|
|
190,000
|
222,987
|
Gloucester
County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051
|
|
|
305,000
|
356,199
|
New
Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029
|
|
|
35,000
|
41,341
|
New
Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027
|
|
|
55,000
|
60,964
|
New
Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028
|
|
|
55,000
|
60,273
|
New
Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043
|
|
|
315,000
|
346,464
|
New
Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031
|
|
|
160,000
|
175,937
|
New
Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031
|
|
|
1,035,000
|
1,174,156
|
New
Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030
|
|
|
100,000
|
105,178
|
New
Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035
|
|
|
125,000
|
130,613
|
New
Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032
|
|
|
15,000
|
19,328
|
New
Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033
|
|
|
10,000
|
12,844
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
New
Jersey - continued
|
New
Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036
|
|
$
|
30,000
|
$
35,033
|
New
Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037
|
|
|
25,000
|
29,120
|
New
Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2038
|
|
|
40,000
|
46,496
|
New
Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029
|
|
|
50,000
|
50,706
|
New
Jersey Economic Development Authority, Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033
|
|
|
335,000
|
396,353
|
New
Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030
|
|
|
335,000
|
368,525
|
New
Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042
|
|
|
235,000
|
279,611
|
New
Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046
|
|
|
500,000
|
568,657
|
New
Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039
|
|
|
405,000
|
429,903
|
New
Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051
|
|
|
40,000
|
40,399
|
New
Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w)
|
|
|
80,000
|
92,902
|
New
Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w)
|
|
|
155,000
|
179,467
|
New
Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2040 (w)
|
|
|
150,000
|
173,240
|
New
Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w)
|
|
|
130,000
|
149,677
|
New
Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w)
|
|
|
130,000
|
149,193
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w)
|
|
|
155,000
|
191,582
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w)
|
|
|
140,000
|
175,910
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w)
|
|
|
225,000
|
287,843
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w)
|
|
|
160,000
|
208,513
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w)
|
|
|
205,000
|
265,356
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w)
|
|
|
195,000
|
251,016
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
New
Jersey - continued
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w)
|
|
$
|
190,000
|
$
243,164
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w)
|
|
|
195,000
|
248,243
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w)
|
|
|
95,000
|
120,388
|
New
Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045
|
|
|
145,000
|
179,712
|
New
Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029
|
|
|
200,000
|
235,123
|
New
Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031
|
|
|
135,000
|
157,996
|
New
Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038
|
|
|
1,000,000
|
1,099,895
|
State
of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031
|
|
|
1,320,000
|
1,623,609
|
|
|
|
|
$11,656,037
|
New
Mexico - 0.0%
|
Los
Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040
|
|
$
|
25,000
|
$
28,827
|
New
York - 8.1%
|
Build
NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)
|
|
$
|
515,000
|
$
580,541
|
Metropolitan
Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052
|
|
|
95,000
|
106,797
|
Metropolitan
Transportation Authority, NY, Transportation Rev., “C-1”, 5.25%, 11/15/2055
|
|
|
215,000
|
264,581
|
Monroe
County, NY, Industrial Development Corp. Rev. (University of Rochester Project), “A”, 4%, 7/01/2050
|
|
|
220,000
|
255,096
|
New
Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034
|
|
|
85,000
|
95,545
|
New
Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040
|
|
|
205,000
|
229,638
|
New
Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045
|
|
|
105,000
|
116,990
|
New
York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035 (n)
|
|
|
100,000
|
118,855
|
New
York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040 (n)
|
|
|
100,000
|
113,098
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
New
York - continued
|
New
York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041
|
|
$
|
1,195,000
|
$
1,196,120
|
New
York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
|
|
|
625,000
|
682,446
|
New
York State Thruway Authority, Personal Income Rev., “A-1”, 4%, 3/15/2046
|
|
|
1,015,000
|
1,195,032
|
New
York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026
|
|
|
435,000
|
436,012
|
New
York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031
|
|
|
80,000
|
86,923
|
New
York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031
|
|
|
260,000
|
260,595
|
New
York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031
|
|
|
455,000
|
547,917
|
New
York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032
|
|
|
135,000
|
162,174
|
New
York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036
|
|
|
100,000
|
112,321
|
New
York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045
|
|
|
685,000
|
791,303
|
New
York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038
|
|
|
90,000
|
103,262
|
New
York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038
|
|
|
365,000
|
459,999
|
New
York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048
|
|
|
100,470
|
103,428
|
New
York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045
|
|
|
40,000
|
46,220
|
New
York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050
|
|
|
635,000
|
742,890
|
New
York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037
|
|
|
245,000
|
294,281
|
New
York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038
|
|
|
305,000
|
365,668
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
New
York - continued
|
New
York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035
|
|
$
|
125,000
|
$
149,905
|
Niagara
County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n)
|
|
|
335,000
|
348,405
|
Orange
County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046 (Put Date 1/01/2046)
|
|
|
225,000
|
226,566
|
Port
Authority of NY & NJ (221st Series), 4%, 7/15/2055
|
|
|
835,000
|
953,606
|
Suffolk,
NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050
|
|
|
35,000
|
40,470
|
Suffolk,
NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Capital Appreciation, “B-2”, 0%, 6/01/2066
|
|
|
510,000
|
102,430
|
Syracuse,
NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029
|
|
|
40,000
|
39,306
|
Syracuse,
NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032
|
|
|
90,000
|
86,354
|
Syracuse,
NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034
|
|
|
250,000
|
236,189
|
Syracuse,
NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036
|
|
|
135,000
|
126,451
|
Tobacco
Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034
|
|
|
70,000
|
83,359
|
Tobacco
Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035
|
|
|
35,000
|
41,624
|
Tobacco
Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041
|
|
|
230,000
|
266,921
|
Triborough
Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051
|
|
|
685,000
|
877,972
|
Ulster
County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025
|
|
|
160,000
|
158,221
|
Ulster
County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037
|
|
|
500,000
|
502,706
|
|
|
|
|
$13,708,217
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
North
Carolina - 1.6%
|
Durham,
NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)
|
|
$
|
1,224,713
|
$
1,296,715
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036
|
|
|
40,000
|
44,279
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041
|
|
|
20,000
|
21,895
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051
|
|
|
240,000
|
259,852
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036 (w)
|
|
|
25,000
|
27,068
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042 (w)
|
|
|
10,000
|
10,627
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025
|
|
|
55,000
|
59,002
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030
|
|
|
85,000
|
90,721
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035
|
|
|
55,000
|
58,392
|
North
Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050
|
|
|
115,000
|
136,826
|
North
Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037 (Prerefunded 9/01/2024)
|
|
|
95,000
|
106,657
|
North
Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042
|
|
|
40,000
|
45,525
|
North
Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047
|
|
|
80,000
|
90,598
|
North
Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051
|
|
|
165,000
|
186,461
|
North
Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054
|
|
|
70,000
|
79,006
|
University
of North Carolina, Greensboro, Rev., 5%, 4/01/2039
|
|
|
135,000
|
149,466
|
|
|
|
|
$2,663,090
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
North
Dakota - 0.1%
|
Ward
County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034
|
|
$
|
45,000
|
$
53,700
|
Ward
County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048
|
|
|
10,000
|
11,665
|
Ward
County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053
|
|
|
95,000
|
110,255
|
|
|
|
|
$175,620
|
Ohio
- 4.9%
|
Buckeye,
OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036
|
|
$
|
175,000
|
$
220,213
|
Buckeye,
OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055
|
|
|
2,210,000
|
2,535,773
|
Buckeye,
OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057
|
|
|
3,345,000
|
551,425
|
Cuyahoga
County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042
|
|
|
265,000
|
310,940
|
Cuyahoga
County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047
|
|
|
360,000
|
407,696
|
Cuyahoga
County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047
|
|
|
85,000
|
100,887
|
Cuyahoga
County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057
|
|
|
190,000
|
221,368
|
Cuyahoga
County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057
|
|
|
980,000
|
1,167,725
|
Darke
County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040
|
|
|
45,000
|
48,616
|
Darke
County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045
|
|
|
60,000
|
64,166
|
Darke
County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049
|
|
|
80,000
|
92,197
|
Franklin
County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047
|
|
|
295,000
|
333,188
|
Gallia
County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042 (Prerefunded 7/01/2022)
|
|
|
890,000
|
928,659
|
Lucas
County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048
|
|
|
90,000
|
108,748
|
Miami
County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049
|
|
|
390,000
|
475,507
|
Middleburg
Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041
|
|
|
160,000
|
188,641
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Ohio
- continued
|
Middleburg
Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047
|
|
$
|
90,000
|
$
103,391
|
Montgomery
County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041
|
|
|
15,000
|
17,696
|
Ohio
Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028 (n)
|
|
|
100,000
|
110,874
|
Ohio
Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038 (n)
|
|
|
125,000
|
142,746
|
Ohio
Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048 (n)
|
|
|
170,000
|
196,588
|
|
|
|
|
$8,327,044
|
Oklahoma
- 0.9%
|
Catoosa,
OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028
|
|
$
|
15,000
|
$
15,390
|
Norman,
OK, Regional Hospital Authority Rev., 5%, 9/01/2045
|
|
|
50,000
|
61,403
|
Oklahoma
Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042
|
|
|
135,000
|
145,076
|
Oklahoma
Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029
|
|
|
40,000
|
49,251
|
Oklahoma
Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033
|
|
|
190,000
|
232,126
|
Oklahoma
Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038
|
|
|
265,000
|
321,352
|
Oklahoma
Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043
|
|
|
240,000
|
294,665
|
Oklahoma
Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048
|
|
|
265,000
|
324,296
|
Tulsa,
OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024)
|
|
|
70,000
|
77,759
|
|
|
|
|
$1,521,318
|
Oregon
- 1.5%
|
Forest
Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029 (Prerefunded 5/01/2022)
|
|
$
|
105,000
|
$
106,799
|
Forest
Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036
|
|
|
120,000
|
134,213
|
Forest
Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040 (Prerefunded 5/01/2022)
|
|
|
135,000
|
137,592
|
Medford,
OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050
|
|
|
465,000
|
539,338
|
Multnomah
County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051
|
|
|
840,000
|
919,867
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Oregon
- continued
|
Multnomah
County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028
|
|
$
|
35,000
|
$
34,524
|
Multnomah
County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027
|
|
|
90,000
|
88,901
|
Oregon
Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040
|
|
|
40,000
|
49,900
|
Oregon
Facilities Authority Rev. (Willamette University Projects), “A”, 4%, 10/01/2051
|
|
|
190,000
|
216,074
|
Yamhill
County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056
|
|
|
260,000
|
300,180
|
Yamhill
County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028
|
|
|
40,000
|
40,125
|
Yamhill
County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027
|
|
|
15,000
|
15,012
|
Yamhill
County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026
|
|
|
30,000
|
30,032
|
|
|
|
|
$2,612,557
|
Pennsylvania
- 13.7%
|
Allentown,
PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042 (w)
|
|
$
|
45,000
|
$
55,614
|
Allentown,
PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)
|
|
|
205,000
|
239,960
|
Allentown,
PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042 (n)
|
|
|
185,000
|
211,299
|
Allentown,
PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035
|
|
|
125,000
|
127,268
|
Allentown,
PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042
|
|
|
535,000
|
544,708
|
Berks
County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034
|
|
|
300,000
|
338,481
|
Berks
County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047
|
|
|
725,000
|
805,449
|
Berks
County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050
|
|
|
265,000
|
293,670
|
Berks
County, PA, Reading School District, AGM, 5%, 3/01/2036
|
|
|
35,000
|
41,936
|
Berks
County, PA, Reading School District, BAM, 4%, 4/01/2044
|
|
|
60,000
|
70,532
|
Blythe
Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037
|
|
|
305,000
|
359,931
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Pennsylvania
- continued
|
Bucks
County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044
|
|
$
|
60,000
|
$
68,318
|
Bucks
County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050
|
|
|
285,000
|
322,494
|
Chester
County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035
|
|
|
510,000
|
545,123
|
Chester
County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051
|
|
|
120,000
|
129,371
|
Chester
County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030
|
|
|
50,000
|
53,877
|
Chester
County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045
|
|
|
120,000
|
127,908
|
Commonwealth
of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032
|
|
|
85,000
|
104,059
|
Commonwealth
of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033
|
|
|
75,000
|
91,584
|
Commonwealth
of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034
|
|
|
35,000
|
42,653
|
Doylestown,
PA, Hospital Rev., “A”, 4%, 7/01/2045
|
|
|
35,000
|
38,253
|
East
Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030
|
|
|
35,000
|
40,512
|
East
Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035
|
|
|
40,000
|
46,300
|
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)
|
|
|
50,000
|
55,853
|
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)
|
|
|
25,000
|
27,927
|
Franklin
County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038
|
|
|
150,000
|
165,156
|
Franklin
County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043
|
|
|
195,000
|
213,380
|
Franklin
County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048
|
|
|
200,000
|
217,978
|
Franklin
County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053
|
|
|
195,000
|
212,143
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Pennsylvania
- continued
|
Geisinger,
PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050
|
|
$
|
1,270,000
|
$
1,453,508
|
Lehigh
County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049
|
|
|
420,000
|
478,908
|
Lehigh
County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037
|
|
|
1,200,000
|
821,538
|
Lehigh
County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)
|
|
|
765,000
|
835,442
|
Lehigh
County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043
|
|
|
660,000
|
714,069
|
Luzerne
County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059
|
|
|
65,000
|
79,732
|
Montgomery
County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044
|
|
|
130,000
|
148,418
|
Montgomery
County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049
|
|
|
120,000
|
136,158
|
Montgomery
County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048
|
|
|
415,000
|
499,800
|
Montgomery
County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), 5%, 11/15/2028 (Prerefunded 5/15/2022)
|
|
|
440,000
|
449,689
|
Montgomery
County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045
|
|
|
145,000
|
174,622
|
Montgomery
County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050
|
|
|
1,180,000
|
1,264,364
|
Moon
Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050
|
|
|
325,000
|
347,032
|
Pennsylvania
Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030
|
|
|
130,000
|
152,787
|
Pennsylvania
Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024)
|
|
|
85,000
|
84,731
|
Pennsylvania
Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042
|
|
|
50,000
|
50,379
|
Pennsylvania
Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050
|
|
|
890,000
|
1,027,204
|
Pennsylvania
Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032
|
|
|
640,000
|
764,579
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Pennsylvania
- continued
|
Pennsylvania
Turnpike Commission Rev., “A”, 5%, 12/01/2044
|
|
$
|
120,000
|
$
150,869
|
Pennsylvania
Turnpike Commission Rev., ”A“, 4%, 12/01/2050
|
|
|
495,000
|
571,302
|
Pennsylvania
Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049
|
|
|
1,120,000
|
1,310,323
|
Philadelphia,
PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036
|
|
|
100,000
|
111,988
|
Philadelphia,
PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046
|
|
|
165,000
|
183,163
|
Philadelphia,
PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051
|
|
|
155,000
|
175,864
|
Philadelphia,
PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051
|
|
|
220,000
|
246,076
|
Philadelphia,
PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033
|
|
|
100,000
|
108,371
|
Philadelphia,
PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043
|
|
|
145,000
|
157,377
|
Philadelphia,
PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043
|
|
|
120,000
|
129,564
|
Philadelphia,
PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047 (n)
|
|
|
180,000
|
190,937
|
Philadelphia,
PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058 (n)
|
|
|
260,000
|
276,898
|
Philadelphia,
PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037
|
|
|
130,000
|
145,605
|
Philadelphia,
PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042
|
|
|
150,000
|
166,609
|
Philadelphia,
PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049
|
|
|
215,000
|
237,055
|
Philadelphia,
PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042
|
|
|
620,000
|
740,324
|
Philadelphia,
PA, School District, “A”, 5%, 9/01/2033
|
|
|
25,000
|
31,065
|
Philadelphia,
PA, School District, “A”, 5%, 9/01/2035
|
|
|
90,000
|
111,260
|
Philadelphia,
PA, School District, “A”, 5%, 9/01/2036
|
|
|
30,000
|
36,990
|
Philadelphia,
PA, School District, “A”, 5%, 9/01/2037
|
|
|
30,000
|
36,902
|
Philadelphia,
PA, School District, “A”, 5%, 9/01/2038
|
|
|
30,000
|
36,871
|
Philadelphia,
PA, School District, “A”, 4%, 9/01/2039
|
|
|
190,000
|
221,532
|
Philadelphia,
PA, School District, “B”, 5%, 9/01/2043
|
|
|
95,000
|
115,942
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Pennsylvania
- continued
|
Pittsburgh,
PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028
|
|
$
|
900,000
|
$
904,633
|
Pittsburgh,
PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032
|
|
|
50,000
|
67,979
|
Pittsburgh,
PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033
|
|
|
40,000
|
55,599
|
Pittsburgh,
PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035
|
|
|
20,000
|
23,857
|
Pittsburgh,
PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044
|
|
|
130,000
|
162,670
|
Scranton-Lackawanna,
PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046
|
|
|
555,000
|
596,054
|
Washington
County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044
|
|
|
125,000
|
140,480
|
Washington
County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046
|
|
|
185,000
|
207,174
|
Washington
County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048
|
|
|
125,000
|
139,589
|
Washington
County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023
|
|
|
15,000
|
15,293
|
Washington
County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035
|
|
|
20,000
|
21,790
|
Washington
County, PA, Trinity Area School District, AGM, 4%, 11/01/2051
|
|
|
160,000
|
186,715
|
West
Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030
|
|
|
40,000
|
44,170
|
West
Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035
|
|
|
45,000
|
49,299
|
|
|
|
|
$23,182,886
|
Puerto
Rico - 6.7%
|
Commonwealth
of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032
|
|
$
|
440,000
|
$
443,289
|
Commonwealth
of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029
|
|
|
45,000
|
45,669
|
Commonwealth
of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030
|
|
|
325,000
|
332,150
|
Commonwealth
of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031
|
|
|
225,000
|
229,778
|
Commonwealth
of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NPFG, 5%, 7/01/2038
|
|
|
45,000
|
45,669
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Puerto
Rico - continued
|
Commonwealth
of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025
|
|
$
|
60,000
|
$
60,673
|
Puerto
Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031
|
|
|
590,000
|
602,671
|
Puerto
Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022
|
|
|
180,000
|
181,021
|
Puerto
Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033
|
|
|
30,000
|
30,407
|
Puerto
Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2024
|
|
|
20,000
|
20,297
|
Puerto
Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2025
|
|
|
20,000
|
20,297
|
Puerto
Rico Electric Power Authority Rev., “RR”, NPFG, 5%, 7/01/2022
|
|
|
45,000
|
45,669
|
Puerto
Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)
|
|
|
1,255,000
|
1,233,037
|
Puerto
Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2024
|
|
|
80,000
|
81,189
|
Puerto
Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022
|
|
|
50,000
|
50,374
|
Puerto
Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026
|
|
|
70,000
|
74,866
|
Puerto
Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030
|
|
|
310,000
|
334,940
|
Puerto
Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)
|
|
|
1,060,000
|
1,041,450
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026
|
|
|
645,000
|
665,962
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021
|
|
|
15,000
|
15,000
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022
|
|
|
75,000
|
76,009
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026
|
|
|
15,000
|
15,037
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Puerto
Rico - continued
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027
|
|
$
|
240,000
|
$
242,943
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031
|
|
|
80,000
|
80,200
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032
|
|
|
90,000
|
91,193
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036
|
|
|
90,000
|
90,225
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042
|
|
|
70,000
|
71,050
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031
|
|
|
55,000
|
55,361
|
Puerto
Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042
|
|
|
90,000
|
91,350
|
Puerto
Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023
|
|
|
405,000
|
419,461
|
Puerto
Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024
|
|
|
515,000
|
530,454
|
Puerto
Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025
|
|
|
85,000
|
88,044
|
Puerto
Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028
|
|
|
90,000
|
93,638
|
Puerto
Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027
|
|
|
25,000
|
25,187
|
Puerto
Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036
|
|
|
55,000
|
55,411
|
Puerto
Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035
|
|
|
490,000
|
505,795
|
Puerto
Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027
|
|
|
125,000
|
126,392
|
Puerto
Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028
|
|
|
40,000
|
40,445
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Puerto
Rico - continued
|
Puerto
Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026
|
|
$
|
155,000
|
$
192,070
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040
|
|
|
53,000
|
60,072
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058
|
|
|
799,000
|
915,300
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053
|
|
|
4,000
|
4,472
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058
|
|
|
88,000
|
99,692
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027
|
|
|
93,000
|
84,992
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031
|
|
|
1,010,000
|
810,353
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033
|
|
|
984,000
|
735,610
|
Puerto
Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046
|
|
|
594,000
|
197,893
|
University
of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025
|
|
|
45,000
|
45,669
|
|
|
|
|
$11,398,726
|
Rhode
Island - 0.2%
|
Rhode
Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039
|
|
$
|
115,000
|
$
116,057
|
Rhode
Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034
|
|
|
70,000
|
72,205
|
Rhode
Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037
|
|
|
230,000
|
239,552
|
|
|
|
|
$427,814
|
South
Carolina - 2.1%
|
Richland
County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023
|
|
$
|
645,000
|
$
673,398
|
South
Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n)
|
|
|
100,000
|
105,501
|
South
Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048
|
|
|
50,000
|
50,613
|
South
Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048
|
|
|
495,000
|
591,433
|
South
Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047
|
|
|
155,000
|
168,800
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
South
Carolina - continued
|
South
Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052
|
|
$
|
140,000
|
$
152,323
|
South
Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043
|
|
|
355,000
|
387,167
|
South
Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043
|
|
|
845,000
|
921,567
|
Spartanburg
County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048
|
|
|
320,000
|
384,708
|
Spartanburg
County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045
|
|
|
55,000
|
63,995
|
|
|
|
|
$3,499,505
|
Tennessee
- 1.0%
|
Chattanooga,
TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023)
|
|
$
|
1,295,000
|
$
1,363,455
|
Chattanooga,
TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049
|
|
|
15,000
|
18,317
|
Knox
County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030
|
|
|
60,000
|
70,339
|
Knox
County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031
|
|
|
65,000
|
75,860
|
Knox
County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036
|
|
|
80,000
|
92,548
|
Metropolitan
Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034
|
|
|
10,000
|
12,172
|
|
|
|
|
$1,632,691
|
Texas
- 10.3%
|
Arlington,
TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036
|
|
$
|
50,000
|
$
55,147
|
Arlington,
TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046
|
|
|
230,000
|
251,653
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029
|
|
|
45,000
|
51,101
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031
|
|
|
65,000
|
73,281
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034
|
|
|
10,000
|
10,809
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026
|
|
|
25,000
|
27,285
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Texas
- continued
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028
|
|
$
|
25,000
|
$
27,508
|
Austin,
TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030
|
|
|
30,000
|
32,698
|
Central
Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025)
|
|
|
115,000
|
133,201
|
Central
Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046
|
|
|
890,000
|
1,116,863
|
Clifton,
TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033
|
|
|
130,000
|
140,900
|
Clifton,
TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042
|
|
|
520,000
|
532,734
|
Clifton,
TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043
|
|
|
210,000
|
226,540
|
Conroe,
TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050
|
|
|
50,000
|
55,124
|
Conroe,
TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)
|
|
|
100,000
|
109,762
|
Conroe,
TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2050
|
|
|
35,000
|
39,779
|
Dallas
and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044
|
|
|
465,000
|
483,918
|
Dallas,
TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034
|
|
|
1,065,000
|
1,067,245
|
Dallas,
TX, Dallas Area Rapid Transit Rev., “B”, 4%, 12/01/2051 (w)
|
|
|
245,000
|
287,743
|
Decatur,
TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044
|
|
|
130,000
|
143,198
|
Eagle
Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2040
|
|
|
355,000
|
426,711
|
Gulf
Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025
|
|
|
135,000
|
137,044
|
Gulf
Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028
|
|
|
500,000
|
500,750
|
Harris
County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035
|
|
|
110,000
|
130,967
|
Harris
County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036
|
|
|
195,000
|
231,803
|
Harris
County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037
|
|
|
260,000
|
308,428
|
Harris
County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038
|
|
|
215,000
|
254,622
|
Harris
County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031
|
|
|
140,000
|
154,937
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Texas
- continued
|
Harris
County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032
|
|
$
|
20,000
|
$
22,129
|
Harris
County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033
|
|
|
50,000
|
55,304
|
Harris
County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041
|
|
|
90,000
|
42,559
|
Harris
County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046
|
|
|
220,000
|
80,092
|
Houston,
TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030
|
|
|
555,000
|
558,334
|
Houston,
TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024
|
|
|
130,000
|
137,739
|
Houston,
TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030
|
|
|
1,360,000
|
1,509,224
|
Houston,
TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022)
|
|
|
190,000
|
195,218
|
Houston,
TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051
|
|
|
55,000
|
60,513
|
Houston,
TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023
|
|
|
200,000
|
200,678
|
Mission,
TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031 (n)
|
|
|
225,000
|
236,672
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038
|
|
|
30,000
|
36,231
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048
|
|
|
110,000
|
132,279
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058
|
|
|
105,000
|
125,828
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 3.375%, 8/15/2029 (n)
|
|
|
30,000
|
30,768
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n)
|
|
|
80,000
|
84,505
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026
|
|
|
15,000
|
15,886
|
Portfolio of
Investments – 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”, 5.375%, 11/15/2036
|
|
$
|
20,000
|
$
21,484
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046
|
|
|
50,000
|
53,454
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052
|
|
|
55,000
|
58,621
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031
|
|
|
20,000
|
20,195
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036
|
|
|
90,000
|
81,365
|
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)
|
|
|
35,000
|
40,233
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025)
|
|
|
30,000
|
34,485
|
New
Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025)
|
|
|
85,000
|
97,709
|
Newark,
TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n)
|
|
|
105,000
|
117,862
|
Newark,
TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n)
|
|
|
140,000
|
156,839
|
Newark,
TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048 (Prerefunded 6/15/2022)
|
|
|
75,000
|
76,993
|
North
Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022)
|
|
|
215,000
|
220,221
|
North
Texas Tollway Authority System Rev., “B”, 4%, 1/01/2041
|
|
|
335,000
|
398,407
|
Port
Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)
|
|
|
200,000
|
206,088
|
Port
Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)
|
|
|
465,000
|
479,299
|
Port
Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)
|
|
|
265,000
|
273,509
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Texas
- continued
|
Red
River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046
|
|
$
|
295,000
|
$
343,542
|
Red
River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034 (Prerefunded 11/15/2024)
|
|
|
130,000
|
155,488
|
Red
River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044 (Prerefunded 11/15/2024)
|
|
|
235,000
|
282,787
|
Red
River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049 (Prerefunded 11/15/2024)
|
|
|
170,000
|
205,529
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030
|
|
|
100,000
|
112,890
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035
|
|
|
130,000
|
145,223
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040
|
|
|
140,000
|
155,547
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047 (a)(d)
|
|
|
130,000
|
104,000
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045 (a)(d)
|
|
|
145,000
|
116,000
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030 (a)(d)
|
|
|
195,000
|
156,000
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036 (a)(d)
|
|
|
440,000
|
352,000
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054
|
|
|
1,066,979
|
1,142,366
|
Tarrant
County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044
|
|
|
75,000
|
81,636
|
Texas
Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038
|
|
|
210,000
|
233,636
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Texas
- continued
|
Texas
Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043
|
|
$
|
170,000
|
$
188,301
|
Texas
Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036
|
|
|
435,000
|
250,836
|
Texas
Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057
|
|
|
300,000
|
348,840
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037
|
|
|
35,000
|
20,258
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038
|
|
|
25,000
|
13,706
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039
|
|
|
25,000
|
12,989
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040
|
|
|
25,000
|
12,274
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041
|
|
|
55,000
|
25,547
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042
|
|
|
80,000
|
35,136
|
Texas
Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043
|
|
|
60,000
|
24,983
|
|
|
|
|
$17,391,988
|
Utah
- 0.6%
|
Salt
Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043
|
|
$
|
495,000
|
$
597,432
|
Utah
Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047
|
|
|
305,000
|
326,280
|
Utah
Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n)
|
|
|
150,000
|
161,573
|
|
|
|
|
$1,085,285
|
Vermont
- 0.2%
|
Burlington,
VT, Airport Rev., “A”, 4%, 7/01/2028
|
|
$
|
110,000
|
$
111,682
|
Vermont
Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039
|
|
|
65,000
|
65,158
|
Vermont
Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046
|
|
|
185,000
|
191,535
|
|
|
|
|
$368,375
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Virginia
- 2.3%
|
Embrey
Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023)
|
|
$
|
515,000
|
$
556,870
|
James
City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of Williamsburg, Inc.), “A”, 4%, 6/01/2047
|
|
|
130,000
|
140,092
|
Peninsula
Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)
|
|
|
145,000
|
158,365
|
Peninsula
Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)
|
|
|
185,000
|
196,647
|
Prince
William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045 (n)
|
|
|
120,000
|
127,845
|
Virginia
College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n)
|
|
|
215,000
|
232,899
|
Virginia
College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
|
|
|
215,000
|
231,226
|
Virginia
Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037
|
|
|
490,000
|
505,718
|
Virginia
Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042
|
|
|
950,000
|
976,876
|
Virginia
Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2040
|
|
|
625,000
|
711,161
|
|
|
|
|
$3,837,699
|
Washington
- 1.8%
|
Kalispel
Tribe Indians, WA, Priority District Rev., “A”, 5%, 1/01/2032 (n)
|
|
$
|
155,000
|
$
183,802
|
Kalispel
Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n)
|
|
|
160,000
|
189,999
|
Washington
Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033
|
|
|
1,395,000
|
1,449,266
|
Washington
Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035
|
|
|
120,000
|
141,240
|
Washington
Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037
|
|
|
115,000
|
134,975
|
Washington
Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n)
|
|
|
175,000
|
186,083
|
Washington
Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n)
|
|
|
100,000
|
106,980
|
Washington
Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036 (n)
|
|
|
100,000
|
109,407
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Washington
- continued
|
Washington
Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046 (n)
|
|
$
|
130,000
|
$
140,849
|
Washington
Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051 (n)
|
|
|
150,000
|
162,286
|
Washington
State Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035
|
|
|
2,893,670
|
175,638
|
|
|
|
|
$2,980,525
|
West
Virginia - 0.3%
|
Monongalia
County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District), “B”, 4.875%, 6/01/2043 (n)
|
|
$
|
100,000
|
$
108,255
|
West
Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043
|
|
|
385,000
|
465,230
|
|
|
|
|
$573,485
|
Wisconsin
- 8.5%
|
Green
Bay, WI, Redevelopment Authority (Green Bay Packaging, Inc. Project), VRDN, 0.11%, 7/01/2047 (n)
|
|
$
|
1,115,000
|
$
1,115,000
|
Wisconsin
Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040
|
|
|
730,000
|
411,163
|
Wisconsin
Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040
|
|
|
315,000
|
176,190
|
Wisconsin
Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027
|
|
|
135,000
|
145,381
|
Wisconsin
Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032
|
|
|
125,000
|
133,309
|
Wisconsin
Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037
|
|
|
70,000
|
74,189
|
Wisconsin
Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039
|
|
|
70,000
|
74,116
|
Wisconsin
Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048
|
|
|
1,280,000
|
1,433,204
|
Wisconsin
Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047
|
|
|
45,000
|
52,948
|
Wisconsin
Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038
|
|
|
25,000
|
29,298
|
Wisconsin
Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044
|
|
|
30,000
|
34,942
|
Wisconsin
Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049
|
|
|
115,000
|
133,434
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Wisconsin
- continued
|
Wisconsin
Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054
|
|
$
|
570,000
|
$
631,202
|
Wisconsin
Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040 (Prerefunded 9/15/2023)
|
|
|
25,000
|
27,063
|
Wisconsin
Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045 (Prerefunded 9/15/2023)
|
|
|
35,000
|
37,889
|
Wisconsin
Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050 (Prerefunded 9/15/2023)
|
|
|
155,000
|
167,793
|
Wisconsin
Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022
|
|
|
20,000
|
20,195
|
Wisconsin
Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028
|
|
|
1,825,000
|
1,866,377
|
Wisconsin
Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042
|
|
|
105,000
|
107,182
|
Wisconsin
Public Finance Authority Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n)
|
|
|
95,000
|
97,639
|
Wisconsin
Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037
|
|
|
45,000
|
48,742
|
Wisconsin
Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047
|
|
|
70,000
|
75,307
|
Wisconsin
Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030 (n)
|
|
|
70,000
|
77,117
|
Wisconsin
Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035 (n)
|
|
|
70,000
|
77,327
|
Wisconsin
Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)
|
|
|
30,000
|
34,682
|
Wisconsin
Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)
|
|
|
160,000
|
180,890
|
Wisconsin
Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n)
|
|
|
60,000
|
60,185
|
Wisconsin
Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051
|
|
|
120,000
|
137,658
|
Wisconsin
Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045
|
|
|
35,000
|
40,089
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Wisconsin
- continued
|
Wisconsin
Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)
|
|
$
|
30,000
|
$
32,085
|
Wisconsin
Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)
|
|
|
95,000
|
102,658
|
Wisconsin
Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)
|
|
|
80,000
|
85,561
|
Wisconsin
Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047
|
|
|
100,000
|
115,533
|
Wisconsin
Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049
|
|
|
1,285,000
|
1,446,626
|
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)
|
|
|
355,000
|
377,292
|
Wisconsin
Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n)
|
|
|
920,000
|
983,050
|
Wisconsin
Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037 (n)
|
|
|
550,000
|
594,659
|
Wisconsin
Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050
|
|
|
285,000
|
312,831
|
Wisconsin
Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051 (w)
|
|
|
65,000
|
72,600
|
Wisconsin
Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n)
|
|
|
250,000
|
254,731
|
Wisconsin
Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035
|
|
|
190,000
|
216,266
|
Wisconsin
Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n)
|
|
|
55,000
|
60,117
|
Wisconsin
Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n)
|
|
|
35,000
|
38,196
|
Wisconsin
Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n)
|
|
|
185,000
|
201,892
|
Wisconsin
Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n)
|
|
|
55,000
|
60,022
|
Wisconsin
Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029 (n)
|
|
|
140,000
|
150,438
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Municipal
Bonds - continued
|
Wisconsin
- continued
|
Wisconsin
Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034 (n)
|
|
$
|
125,000
|
$
134,905
|
Wisconsin
Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044 (n)
|
|
|
120,000
|
129,292
|
Wisconsin
Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049 (n)
|
|
|
155,000
|
167,861
|
Wisconsin
Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)
|
|
|
695,000
|
703,419
|
Wisconsin
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044
|
|
|
30,000
|
36,024
|
Wisconsin
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054
|
|
|
35,000
|
41,674
|
Wisconsin
Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058
|
|
|
40,000
|
47,573
|
Wisconsin
Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061
|
|
|
225,000
|
240,514
|
Wisconsin
Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “B”, 5.25%, 7/01/2061
|
|
|
100,000
|
103,032
|
Wisconsin
Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047
|
|
|
235,000
|
256,998
|
|
|
|
|
$14,466,360
|
Total
Municipal Bonds (Identified Cost, $247,779,556)
|
|
$
265,354,095
|
Bonds
– 0.1%
|
Consumer
Services – 0.1%
|
|
Toll
Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045 (n)
|
|
$
|
25,195
|
$
6,600
|
Toll
Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033 (n)
|
|
|
215,000
|
123,470
|
Total
Bonds (Identified Cost, $132,591)
|
|
$
130,070
|
Other
Municipal Bonds – 0.0%
|
Multi-Family
Housing Revenue – 0.0%
|
|
FRETE
2021 – ML12 Trust, “X-US”, FHLMC, 1.219%, 1/25/2041 (i)(n) (Identified Cost, $89,542)
|
|
$
|
679,665
|
$
89,585
|
Portfolio of
Investments – continued
Issuer
|
|
|
Shares/Par
|
Value
($)
|
Investment
Companies (h) - 2.9%
|
Money
Market Funds – 2.9%
|
|
MFS
Institutional Money Market Portfolio, 0.05% (v) (Identified Cost, $4,955,646)
|
|
|
4,955,674
|
$
4,955,674
|
|
|
Other
Assets, Less Liabilities - (2.2)%
|
|
(3,768,266)
|
|
|
Remarketable
Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $97,500,000 net of unamortized debt issuance costs of $195,033 (issued by the fund) - (57.4)%
|
(97,304,967)
|
Net
assets applicable to common shares - 100.0%
|
|
$169,456,191
|
(a)
|
Non-income
producing security.
|
(d)
|
In
default.
|
(h)
|
An
affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers
and in unaffiliated issuers were $4,955,674 and $265,573,750, 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 $35,766,694, representing 21.1% of net assets applicable to common shares.
|
(v)
|
Affiliated
issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
|
(w)
|
When-issued
security.
|
(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:
|
Portfolio of
Investments – continued
Restricted
Securities
|
Acquisition
Date
|
Cost
|
Value
|
California
Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039
|
6/25/2017
|
$457,726
|
$276,000
|
California
Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
|
7/26/2019
|
551,723
|
31,500
|
Collier
County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044
|
12/16/2013
|
610,000
|
414,800
|
Collier
County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049
|
6/30/2015
|
100,000
|
68,000
|
Total
Restricted Securities
|
|
|
$790,300
|
%
of Net assets applicable to common shares
|
|
|
0.5%
|
The
following abbreviations are used in this report and are defined:
|
AAC
|
Ambac
Assurance Corp.
|
AGM
|
Assured
Guaranty Municipal
|
BAM
|
Build
America Mutual
|
CALHF
|
California
Health Facility Construction Loan Insurance Program
|
COP
|
Certificate of
Participation
|
ETM
|
Escrowed
to Maturity
|
FHLMC
|
Federal
Home Loan Mortgage Corp.
|
GNMA
|
Government
National Mortgage Assn.
|
NPFG
|
National
Public Finance Guarantee Corp.
|
VRDN
|
Variable
rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate.
|
Financial Statements
Statement of Assets and Liabilities
At 11/30/21
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, $248,001,689)
|
$265,573,750
|
Investments
in affiliated issuers, at value (identified cost, $4,955,646)
|
4,955,674
|
Receivables
for
|
|
When-issued
investments sold
|
116,001
|
Investments
sold
|
2,680,000
|
Interest
|
3,390,725
|
Other
assets
|
2,611
|
Total
assets
|
$276,718,761
|
Liabilities
|
|
Payables
for
|
|
Distributions
on common shares
|
$10,606
|
When-issued
investments purchased
|
9,751,336
|
Interest
expense
|
79,576
|
Payable
to affiliates
|
|
Investment
adviser
|
19,724
|
Administrative
services fee
|
254
|
Transfer
agent and dividend disbursing costs
|
481
|
Payable
for independent Trustees' compensation
|
12
|
Accrued
expenses and other liabilities
|
95,614
|
RVMTP
shares, at liquidation value of $97,500,000 net of unamortized debt issuance costs of $195,033
|
97,304,967
|
Total
liabilities
|
$107,262,570
|
Net
assets applicable to common shares
|
$169,456,191
|
Net
assets consist of
|
|
Paid-in
capital - common shares
|
$154,055,491
|
Total
distributable earnings (loss)
|
15,400,700
|
Net
assets applicable to common shares
|
$169,456,191
|
RVMTP
shares, at liquidation value of $97,500,000 net of unamortized debt issuance costs of $195,033 (975 shares issued and outstanding at $100,000 per share)
|
97,304,967
|
Net
assets including preferred shares
|
$266,761,158
|
Common
shares of beneficial interest issued and outstanding
|
31,525,773
|
Net
asset value per common share (net assets of $169,456,191 / 31,525,773 shares of beneficial interest outstanding)
|
$5.38
|
See Notes to Financial
Statements
Financial Statements
Statement of Operations
Year ended 11/30/21
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
|
$10,408,267
|
Dividends
from affiliated issuers
|
2,177
|
Foreign
taxes withheld
|
(1,781)
|
Total
investment income
|
$10,408,663
|
Expenses
|
|
Management
fee
|
$2,002,586
|
Transfer
agent and dividend disbursing costs
|
20,861
|
Administrative
services fee
|
45,316
|
Independent
Trustees' compensation
|
9,843
|
Stock
exchange fee
|
30,694
|
Custodian
fee
|
9,049
|
Shareholder
communications
|
19,111
|
Audit
and tax fees
|
87,416
|
Legal
fees
|
18,470
|
Interest
expense and fees and amortization of RVMTP shares debt issuance costs
|
1,128,001
|
Miscellaneous
|
69,462
|
Total
expenses
|
$3,440,809
|
Reduction
of expenses by investment adviser
|
(256,475)
|
Net
expenses
|
$3,184,334
|
Net
investment income (loss)
|
$7,224,329
|
Realized
and unrealized gain (loss)
|
Realized
gain (loss) (identified cost basis)
|
|
Unaffiliated
issuers
|
$598,403
|
Change
in unrealized appreciation or depreciation
|
|
Unaffiliated
issuers
|
$4,780,698
|
Net
realized and unrealized gain (loss)
|
$5,379,101
|
Change
in net assets from operations
|
$12,603,430
|
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.
|
Year
ended
|
|
11/30/21
|
11/30/20
|
Change
in net assets
|
|
|
From
operations
|
|
|
Net
investment income (loss)
|
$7,224,329
|
$7,501,443
|
Net
realized gain (loss)
|
598,403
|
(2,587,244)
|
Net
unrealized gain (loss)
|
4,780,698
|
(4,114,771)
|
Change
in net assets from operations
|
$12,603,430
|
$799,428
|
Distributions
to common shareholders
|
$(7,691,628)
|
$(7,770,010)
|
Share
transactions applicable to common and preferred shares
|
|
|
Net
asset value of shares issued to common shareholders in reinvestment of distributions
|
$22,936
|
$13,445
|
Total
change in net assets
|
$4,934,738
|
$(6,957,137)
|
Net
assets applicable to common shares
|
|
|
At
beginning of period
|
164,521,453
|
171,478,590
|
At
end of period
|
$169,456,191
|
$164,521,453
|
See Notes to Financial
Statements
Financial Statements
Statement of Cash Flows
Year ended 11/30/21
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
|
$12,603,430
|
Adjustments
to reconcile change in net assets from operations to net cash provided by operating activities:
|
|
Purchase
of investment securities
|
(39,558,847)
|
Proceeds
from disposition of investment securities
|
43,104,493
|
Purchase
of short-term investments, net
|
(3,765,456)
|
Realized
gain/loss on investments
|
(598,403)
|
Unrealized
appreciation/depreciation on investments
|
(4,780,698)
|
Net
amortization/accretion of income
|
636,168
|
Amortization
of RVMTP shares debt issuance costs
|
24,073
|
Decrease
in interest receivable
|
226,546
|
Increase
in accrued expenses and other liabilities
|
5,780
|
Decrease
in receivable from investment adviser
|
13,014
|
Increase
in other assets
|
(123)
|
Decrease
in payable for interest expense and fees
|
(21,227)
|
Net
cash provided by operating activities
|
$7,888,750
|
Cash
flows from financing activities:
|
|
Payment
of RVMTP shares debt issuance costs
|
$(219,106)
|
Cash
receipts from issuance of RVMTP shares, at liquidation value
|
97,500,000
|
Cash
payments to repurchase Variable Rate Municipal Term Preferred Shares (VMTP shares)
|
(97,500,000)
|
Cash
distributions paid on common shares
|
(7,669,644)
|
Net
cash used by financing activities
|
$(7,888,750)
|
Cash
and restricted cash:
|
|
Beginning
of period
|
$—
|
End
of period
|
$—
|
Supplemental disclosure of cash flow
information:
Non-cash financing activities not included
herein consist of reinvestment of dividends and distributions of $22,936.
Cash paid during the year ended November 30, 2021 for interest
was $1,125,155.
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 past 5 years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment
in the fund share class (assuming reinvestment of all distributions) held for the entire period.
Common
Shares
|
Year
ended
|
|
11/30/21
|
11/30/20
|
11/30/19
|
11/30/18
|
11/30/17
|
Net
asset value, beginning of period
|
$5.22
|
$5.44
|
$5.18
|
$5.33
|
$5.20
|
Income
(loss) from investment operations
|
Net
investment income (loss) (d)
|
$0.23
|
$0.24
|
$0.26
|
$0.29(c)
|
$0.30
|
Net
realized and unrealized gain (loss)
|
0.17
|
(0.21)
|
0.26
|
(0.15)
|
0.13
|
Total
from investment operations
|
$0.40
|
$0.03
|
$0.52
|
$0.14
|
$0.43
|
Less
distributions declared to common shareholders
|
From
net investment income
|
$(0.24)
|
$(0.25)
|
$(0.26)
|
$(0.29)
|
$(0.30)
|
Net
asset value, end of period (x)
|
$5.38
|
$5.22
|
$5.44
|
$5.18
|
$5.33
|
Market
value, end of period
|
$5.04
|
$4.88
|
$5.55
|
$4.67
|
$5.40
|
Total
return at market value (%)
|
8.23
|
(7.51)
|
24.84
|
(8.36)
|
18.92
|
Total
return at net asset value (%) (j)(r)(s)(x)
|
8.01
|
0.94
|
10.32
|
2.98(c)
|
8.57
|
Ratios
(%) (to average net assets
applicable to common shares) and
Supplemental data:
|
Expenses
before expense reductions (f)
|
2.03
|
2.52
|
2.98
|
2.91(c)
|
2.56
|
Expenses
after expense reductions (f)
|
1.88
|
2.33
|
2.82
|
2.76(c)
|
2.51
|
Net
investment income (loss)
|
4.26
|
4.62
|
4.88
|
5.49(c)
|
5.69
|
Portfolio
turnover
|
17
|
22
|
17
|
16
|
14
|
Net
assets at end of period (000 omitted)
|
$169,456
|
$164,521
|
$171,479
|
$163,348
|
$167,953
|
Supplemental
Ratios (%):
|
Ratios
of expenses to average net assets applicable to common shares after expense reductions and excluding interest expense and fees (f)(l)
|
1.21
|
1.23
|
1.24
|
1.25(c)
|
1.34
|
Ratios
of expenses to average net assets applicable to common and preferred shares after expense reductions and excluding interest expense and fees (f)(l)
|
0.77
|
0.77
|
0.78
|
0.79(c)
|
0.85
|
Financial
Highlights – continued
|
Year
ended
|
|
11/30/21
|
11/30/20
|
11/30/19
|
11/30/18
|
11/30/17
|
Senior
Securities:
|
RVMTP
shares
|
975
|
—
|
—
|
—
|
—
|
VMTP
shares
|
—
|
3,900
|
3,900
|
3,900
|
3,900
|
Asset
coverage per preferred share (k)
|
$273,801
|
$67,185
|
$68,969
|
$66,884
|
$68,056
|
Asset
coverage per $1 liquidation
preference (v)
|
$2.74
|
$2.69
|
$2.76
|
$2.68
|
$2.72
|
Involuntary
liquidation preference per preferred share (m)
|
$100,000
|
$25,000
|
$25,000
|
$25,000
|
$25,000
|
Average
market value per preferred share (m)(u)
|
$100,000
|
$25,000
|
$25,000
|
$25,000
|
$25,000
|
(c)
|
Amount
reflects a one-time reimbursement of expenses by the custodian (or former custodian) without which net investment income and performance would be lower and expenses would be higher.
|
(d)
|
Per share
data is based on average shares outstanding.
|
(f)
|
Ratios do
not reflect reductions from fees paid indirectly, if applicable.
|
(j)
|
Total
return at net asset value is calculated using the net asset value of the fund, not the publicly traded price and therefore may be different than the total return at market value.
|
(k)
|
Calculated
by subtracting the fund’s total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing this number by the total number of preferred shares outstanding.
|
(l)
|
Interest
expense and fees include payments made to the holders of the floating rate certificates, interest expense paid to shareholders of RVMTP and VMTP shares, and amortization of RVMTP and VMTP shares debt issuance costs, as applicable.
|
(m)
|
Amount
excludes accrued unpaid distributions on preferred shares.
|
(r)
|
Certain
expenses have been reduced without which performance would have been lower.
|
(s)
|
From time
to time the fund may receive proceeds from litigation settlements, without which performance would be lower.
|
(u)
|
Average
market value represents the approximate fair value of each of the fund’s preferred shares held at period end.
|
(v)
|
Calculated
by subtracting the fund's total liabilities (not including liquidation preference of preferred shares) from the fund's total assets and dividing by the aggregate liquidation preference of preferred shares outstanding.
|
(x)
|
The
net asset values and total returns at net asset value have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.
|
See Notes to Financial Statements
Notes to Financial
Statements
(1) Business and Organization
MFS High Income Municipal Trust (the fund) is organized as a
Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company.
The fund is an investment company and accordingly follows the
investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these
financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the
ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the
sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may
be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes
or court rulings, legislative or political changes, changes in specific or general market and economic conditions in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of
which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. If the Internal Revenue Service
determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and distributions made by the fund could be taxable to
shareholders. The fund invests in high-yield securities rated below investment grade. Investments in below investment grade quality securities can involve a substantially greater risk of default or can
already be in default, and their values can decline significantly. Below investment grade quality securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general, than higher quality debt
instruments.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives
Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of
Notes to Financial
Statements - continued
financial assets and financial liabilities in the Statement of Assets and
Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting
agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope
financial instruments and transactions.
Investment
Valuations — Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a
third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally
valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market
data.
The Board of Trustees has delegated primary
responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that
reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation
policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information
from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which
the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the
exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the
type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value
of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset
value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines
its net asset value per share.
Various inputs are used in
determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an
investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the
Notes to Financial
Statements - continued
significance of a particular input to the fair value measurement in its
entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs
(including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is
a summary of the levels used as of November 30, 2021 in valuing the fund's assets and liabilities:
Financial
Instruments
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Municipal
Bonds
|
$—
|
$265,443,680
|
$—
|
$265,443,680
|
U.S.
Corporate Bonds
|
—
|
130,070
|
—
|
130,070
|
Mutual
Funds
|
4,955,674
|
—
|
—
|
4,955,674
|
Total
|
$4,955,674
|
$265,573,750
|
$—
|
$270,529,424
|
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.
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.
Notes to Financial
Statements - continued
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 normal 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 and When-issued investments sold 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. At the time that it enters into a when-issued or delayed delivery transaction, the fund is required to have sufficient cash and/or liquid securities to cover its commitments.
Legal fees and other related expenses incurred to preserve and
protect the value of a security owned are added to the cost of the security; other legal fees are expensed. Capital infusions made directly to the security issuer, which are generally non-recurring, incurred to protect or enhance the value of
high-yield debt securities, are reported as additions to the cost basis of the security. Costs that are incurred to negotiate the terms or conditions of capital infusions or that are expected to result in a plan of reorganization are reported as
realized losses. Ongoing costs incurred to protect or enhance an investment, or costs incurred to pursue other claims or legal actions, are expensed.
Tax Matters and Distributions
— The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized
capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for a three year period. Management has analyzed the
fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend
date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted
for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net
Notes to Financial
Statements - continued
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 declared to shareholders for
the last two fiscal years is as follows:
|
Year
ended
11/30/21
|
Year
ended
11/30/20
|
Ordinary
income (including any short-term capital gains)
|
$93,559
|
$80,832
|
Tax-exempt
income
|
8,701,345
|
9,465,247
|
Total
distributions
|
$8,794,904
|
$9,546,079
|
The federal tax cost and the tax
basis components of distributable earnings were as follows:
As
of 11/30/21
|
|
Cost
of investments
|
$253,490,032
|
Gross
appreciation
|
18,931,494
|
Gross
depreciation
|
(1,892,102)
|
Net
unrealized appreciation (depreciation)
|
$
17,039,392
|
Undistributed
ordinary income
|
431,834
|
Undistributed
tax-exempt income
|
1,395,275
|
Capital
loss carryforwards
|
(3,375,619)
|
Other
temporary differences
|
(90,182)
|
Total
distributable earnings (loss)
|
$
15,400,700
|
As of November 30, 2021, 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
|
$(2,657,128)
|
Long-Term
|
(718,491)
|
Total
|
$(3,375,619)
|
(3) Transactions with
Affiliates
Investment Adviser — The fund has an investment advisory agreement with MFS to provide overall investment management and related administrative services and facilities to the fund. The
management fee is computed daily and paid monthly at an annual rate of 0.75% of the fund’s average daily net assets (including the value of preferred shares).
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, other interest expense, and investment-related expenses, such that total fund operating
expenses do not exceed
Notes to Financial
Statements - continued
0.77% annually of the fund’s average daily net assets (including the
value of preferred shares). This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue at least until November 30, 2022. For the year ended November 30, 2021, this reduction amounted
to $256,475, which is included in the reduction of total expenses in the Statement of Operations.
Transfer Agent — The fund
engages Computershare Trust Company, N.A. (“Computershare”) as the sole transfer agent for the fund's common shares. MFS Service Center, Inc. (MFSC) monitors and supervises the activities of Computershare for an agreed upon fee approved
by the Board of Trustees. For the year ended November 30, 2021, these fees paid to MFSC amounted to $5,792.
Administrator – MFS
provides certain financial, legal, shareholder communications, compliance, and other administrative services to the fund. Under an administrative services agreement, the fund reimburses MFS the costs incurred to provide these services. The fund is
charged an annual fixed amount of $17,500 plus a fee based on average daily net assets (including the value of preferred shares). The administrative services fee incurred for the year ended November 30, 2021 was equivalent to an annual effective
rate of 0.0170% 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 year ended November 30, 2021, purchases and sales of
investments, other than short-term obligations, were as follows:
|
Purchases
|
Sales
|
U.S.
Government securities
|
$89,464
|
$—
|
Non-U.S.
Government securities
|
48,251,017
|
44,470,580
|
Notes to Financial
Statements - continued
(5) Shares of Beneficial Interest
The fund’s Declaration of Trust permits the Trustees to
issue an unlimited number of full and fractional shares of beneficial interest. The fund reserves the right to repurchase shares of beneficial interest of the fund subject to Trustee approval. During the years ended November 30, 2021 and November
30, 2020, the fund did not repurchase any shares. Transactions in fund shares were as follows:
|
Year
ended
11/30/21
|
|
Year
ended
11/30/20
|
|
Shares
|
Amount
|
|
Shares
|
Amount
|
Shares
issued to shareholders in reinvestment of distributions
|
4,224
|
$22,936
|
|
2,467
|
$13,445
|
(6) Line of Credit
The fund and certain other funds managed by MFS participate in
a $1.25 billion unsecured committed line of credit of which $1 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 one month LIBOR, the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus an agreed upon spread. A
commitment fee, based on the average daily, unused portion of the committed line of credit, is allocated among the participating funds. In addition, the fund and other funds managed by MFS have established unsecured uncommitted borrowing
arrangements with certain banks for temporary financing needs. Interest is charged to each fund, based on its borrowings, at rates equal to customary reference rates plus an agreed upon spread. For the year ended November 30, 2021, the fund’s
commitment fee and interest expense were $635 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
|
$1,190,218
|
$41,679,911
|
$37,914,455
|
$—
|
$—
|
$4,955,674
|
Affiliated
Issuers
|
Dividend
Income
|
Capital
Gain
Distributions
|
MFS
Institutional Money Market Portfolio
|
$2,177
|
$—
|
Notes to Financial
Statements - continued
(8) Preferred Shares
The fund issued a new series of Remarketable Variable Rate
MuniFund Term Preferred Shares (“RVMTP shares”) in a private placement offering on July 20, 2021. The proceeds from the RVMTP shares were used to fund the redemption of all the fund's 3,900 VMTP shares. Effective July 20, 2021, the fund
has 975 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 shares. Dividends on the RVMTP shares are (and, in the case of the former VMTP shares were) cumulative and reset weekly to a fixed spread against the Securities
Industry and Financial Markets Association (SIFMA) Municipal Swap Index. During the year ended November 30, 2021, the dividend rates on the RVMTP shares and the former VMTP shares ranged from 0.97% to 1.26%. For the year ended November 30, 2021, the
average dividend rate was 1.12%.
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 and the former VMTP shares are treated as interest
expense and recorded as incurred. For the year ended November 30, 2021, interest expense related to the dividends paid on both RVMTP and former VMTP shares amounted to $1,103,276 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”).
Notes to Financial
Statements - continued
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 200% with respect to the RVMTP shares after deducting the amount of such common share dividends.
The 1940 Act requires that the preferred shareholders of the
fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by law or
under the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special considerations for the
fund’s common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or decrease at a greater rate than a comparable
unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely by the common shareholders. It is possible that the fund will be required to sell assets at a time when it may be disadvantageous to do so in order to redeem
preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agency that rates the preferred shares. There is no assurance that the fund’s leveraging strategy will be
successful.
(9) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus
disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual
companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty
as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
(10) LIBOR Transition
Certain of the fund's investments, including its investments in
derivatives, as well as any debt issued by the fund and other contractual arrangements of the fund may be based on reference interest rates such as the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that
oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar
LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that
currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund's performance. With respect to the fund's accounting for investments, including its investments in derivatives, as well as any debt issued by the
fund and other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the
Notes to Financial
Statements - continued
relief provided by FASB Codification Topic 848 – Reference Rate Reform
(Topic 848). The guidance in Topic 848 permits the fund to disregard the GAAP accounting requirements around certain contract modifications resulting from the LIBOR transition such that for contracts considered in scope, the fund can account for
those modified contracts as a continuation of the existing contracts. While the cessation of the one-week and two-month U.S. dollar LIBOR tenors along with certain other non-U.S. dollar denominated LIBOR settings at December 31, 2021 did not have a
material impact on the fund, management is still evaluating the impact to the fund of the June 30, 2023 planned discontinuation of the more commonly used U.S. dollar LIBOR settings.
Report of Independent
Registered Public Accounting Firm
To the Shareholders
and the Board of Trustees of MFS High Income Municipal Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and
liabilities of MFS High Income Municipal Trust (the “Fund”), including the portfolio of investments, as of November 30, 2021, and the related statements of operations and cash flows for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2021, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two
years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the
Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we
engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an
opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Report of Independent
Registered Public Accounting Firm – continued
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our
audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our
opinion.
We have served as
the auditor of one or more MFS investment companies since 1993.
Boston, Massachusetts
January 14, 2022
Results of Shareholder
Meeting (unaudited)
At the annual meeting of shareholders of MFS High Income
Municipal Trust, which was held on October 7, 2021, the following actions were taken:
Item 1: To elect the following
individuals as Trustees, elected by the holders of common and preferred shares together:
|
|
Number
of Shares
|
Nominee
|
|
For
|
|
Withheld
Authority
|
John
A. Caroselli
|
|
24,298,489.461
|
|
587,016.634
|
James
W. Kilman, Jr.
|
|
24,473,393.461
|
|
412,112.634
|
Clarence
Otis, Jr.
|
|
24,276,123.461
|
|
609,382.634
|
Item 2: To elect the following individuals as Trustees, elected by the holders of preferred shares only:
|
|
Number
of Shares
|
Nominee
|
|
For
|
|
Withheld
Authority
|
John
P. Kavanaugh
|
|
975
|
|
0
|
Laurie
J. Thomsen
|
|
975
|
|
0
|
Trustees and
Officers — Identification and Background
The Trustees and Officers of the Trust, as of January 1, 2022,
are listed below, together with their principal occupations during the past five years. (Their titles may have varied during that period.) The address of each Trustee and Officer is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
Name,
Age
|
|
Position(s)
Held with Fund
|
|
Trustee/Officer
Since(h)
|
|
Term
Expiring
|
|
Number
of MFS
Funds
overseen
by the
Trustee
|
|
Principal
Occupations
During
the Past
Five Years
|
|
Other
Directorships
During
the Past
Five Years (j)
|
INTERESTED
TRUSTEES
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael
W. Roberge (k)
(age 55)
|
|
Trustee
|
|
January
2021
|
|
2023
|
|
135
|
|
Massachusetts
Financial Services Company, Chairman (since January 2021); Chief Executive Officer (since January 2017); Director; Chairman of the Board (since January 2022); President (until December 2018); Chief Investment Officer (until December 2018)
|
|
N/A
|
INDEPENDENT
TRUSTEES
|
|
|
|
|
|
|
|
|
|
|
|
|
John
P. Kavanaugh
(age 67)
|
|
Trustee
and Chair of Trustees
|
|
January
2009
|
|
2022
|
|
135
|
|
Private
investor
|
|
N/A
|
Steven
E. Buller
(age 70)
|
|
Trustee
|
|
February
2014
|
|
2023
|
|
135
|
|
Private
investor
|
|
N/A
|
John
A. Caroselli
(age 67)
|
|
Trustee
|
|
March
2017
|
|
2024
|
|
135
|
|
Private
investor; JC Global Advisors, LLC (management consulting), President (since 2015)
|
|
N/A
|
Maureen
R. Goldfarb
(age 66)
|
|
Trustee
|
|
January
2009
|
|
2022
|
|
135
|
|
Private
investor
|
|
N/A
|
Peter
D. Jones
(age 66)
|
|
Trustee
|
|
January
2019
|
|
2023
|
|
135
|
|
Private
investor
|
|
N/A
|
James
W. Kilman, Jr.
(age 60)
|
|
Trustee
|
|
January
2019
|
|
2024
|
|
135
|
|
Burford
Capital Limited (finance and investment management), Senior Advisor (since May 3, 2021), Chief Financial Officer (2019-May 2, 2021); KielStrand Capital LLC (family office), Chief Executive Officer (since 2016)
|
|
Alpha-En
Corporation, Director (2016-2019)
|
Trustees and Officers -
continued
Name,
Age
|
|
Position(s)
Held with Fund
|
|
Trustee/Officer
Since(h)
|
|
Term
Expiring
|
|
Number
of MFS
Funds
overseen
by the
Trustee
|
|
Principal
Occupations
During
the Past
Five Years
|
|
Other
Directorships
During
the Past
Five Years (j)
|
Clarence
Otis, Jr.
(age 65)
|
|
Trustee
|
|
March
2017
|
|
2024
|
|
135
|
|
Private
investor
|
|
VF
Corporation, Director; Verizon Communications, Inc., Director; The Travelers Companies, Director
|
Maryanne
L. Roepke
(age 65)
|
|
Trustee
|
|
May
2014
|
|
2022
|
|
135
|
|
Private
investor
|
|
N/A
|
Laurie
J. Thomsen
(age 64)
|
|
Trustee
|
|
March
2005
|
|
2022
|
|
135
|
|
Private
investor
|
|
The
Travelers Companies, Director; Dycom Industries, Inc., Director
|
Name,
Age
|
|
Position(s)
Held with
Fund
|
|
Trustee/Officer
Since(h)
|
|
Term
Expiring
|
|
Number
of MFS
Funds
overseen
by the
Trustee
|
|
Principal
Occupations
During
the Past
Five Years
|
OFFICERS
|
Christopher
R. Bohane (k)
(age 47)
|
|
Assistant
Secretary and Assistant Clerk
|
|
July
2005
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Senior Vice President and Associate General Counsel
|
Kino
Clark (k)
(age 53)
|
|
Assistant
Treasurer
|
|
January
2012
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President
|
John
W. Clark, Jr. (k)
(age 54)
|
|
Assistant
Treasurer
|
|
April
2017
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President (since March 2017); Deutsche Bank (financial services), Department Head - Treasurer's Office (until February 2017)
|
Thomas
H. Connors (k)
(age 62)
|
|
Assistant
Secretary and Assistant Clerk
|
|
September
2012
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President and Senior Counsel
|
David
L. DiLorenzo (k)
(age 53)
|
|
President
|
|
July
2005
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Senior Vice President
|
Trustees and Officers -
continued
Name,
Age
|
|
Position(s)
Held with
Fund
|
|
Trustee/Officer
Since(h)
|
|
Term
Expiring
|
|
Number
of MFS
Funds
overseen
by the
Trustee
|
|
Principal
Occupations
During
the Past
Five Years
|
Heidi
W. Hardin (k)
(age 54)
|
|
Secretary
and Clerk
|
|
April
2017
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Executive Vice President and General Counsel (since March 2017); Harris Associates (investment management), General Counsel (until January 2017)
|
Brian
E. Langenfeld (k)
(age 48)
|
|
Assistant
Secretary and Assistant Clerk
|
|
June
2006
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President and Senior Counsel
|
Amanda
S. Mooradian (k)
(age 42)
|
|
Assistant
Secretary and Assistant Clerk
|
|
September
2018
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Assistant Vice President and Senior Counsel
|
Susan
A. Pereira (k)
(age 51)
|
|
Assistant
Secretary and Assistant Clerk
|
|
July
2005
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President and Assistant General Counsel
|
Kasey
L. Phillips (k)
(age 51)
|
|
Assistant
Treasurer
|
|
September
2012
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President
|
Matthew
A. Stowe (k)
(age 47)
|
|
Assistant
Secretary and Assistant Clerk
|
|
October
2014
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Vice President and Assistant General Counsel
|
Martin
J. Wolin (k)
(age 54)
|
|
Chief
Compliance Officer
|
|
July
2015
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Senior Vice President and Chief Compliance Officer
|
James
O. Yost (k)
(age 61)
|
|
Treasurer
|
|
September
1990
|
|
N/A
|
|
135
|
|
Massachusetts
Financial Services Company, Senior Vice President
|
(h)
|
Date
first appointed to serve as Trustee/Officer of an MFS Fund. Each Trustee has served continuously since appointment unless indicated otherwise. From January 2012 through December 2016, Messrs. DiLorenzo and Yost served as Treasurer and Deputy
Treasurer of the Funds, respectively.
|
(j)
|
Directorships
or trusteeships of companies required to report to the Securities and Exchange Commission (i.e., “public companies”).
|
(k)
|
“Interested
person” of the Trust within the meaning of the Investment Company Act of 1940 (referred to as the 1940 Act), which is the principal federal law governing investment companies like the fund, as a result of a position with MFS. The address of
MFS is 111 Huntington Avenue, Boston, Massachusetts 02199-7618.
|
Trustees and Officers -
continued
The Trust holds annual shareholder meetings for the purpose of
electing Trustees, and Trustees are elected for fixed terms. Two Trustees (Mr. Kavanaugh and Ms. Thomsen), each holding a term of one year, are elected annually by holders of the Trust's preferred shares. The remaining Trustees are currently divided
into three classes, each having a term of three years which term expires on the date of the third annual meeting following the election to office of the Trustee’s class. Each year the term of one class expires. Each Trustee and officer will
serve until next elected or his or her earlier death, resignation, retirement or removal. Mr. Roberge was appointed as a Trustee effective January 1, 2021. Under the terms of the Board's retirement policy, an Independent Trustee shall retire at the
end of the calendar year in which he or she reaches the earlier of 75 years of age or 15 years of service on the Board (or, in the case of any Independent Trustee who joined the Board prior to 2015, 20 years of service on the Board).
Messrs. Buller, Kilman and Otis and Ms. Roepke are members of
the Trust’s Audit Committee.
Each of the Interested
Trustees and certain Officers hold comparable officer positions with certain affiliates of MFS.
Investment
Adviser
|
Custodian
|
Massachusetts
Financial Services Company
111 Huntington Avenue
Boston, MA 02199-7618
|
State
Street Bank and Trust Company
1 Lincoln Street
Boston, MA 02111-2900
|
Portfolio
Manager(s)
|
Independent
Registered Public Accounting Firm
|
Jason
Kosty
Gary Lasman
Geoffrey Schechter
|
Ernst &
Young LLP
200 Clarendon Street
Boston, MA 02116
|
Board Review of Investment
Advisory Agreement
MFS High Income Municipal Trust
The Investment Company Act of 1940 requires that both the full
Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment advisory agreement with MFS. The Trustees consider matters bearing on
the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times by videoconference (in accordance with Securities
and Exchange Commission relief) over the course of three months beginning in May and ending in July, 2021 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment advisory
agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment advisory agreement by independent legal
counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by
and reported to the independent Trustees.
In connection
with their deliberations regarding the continuation of the investment advisory agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and
their own business judgment, to be relevant. The investment advisory agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the
Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment advisory agreement and other arrangements with the Fund.
In connection with their contract review meetings, the Trustees
received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance (based on net asset value) of
the Fund for various time periods ended December 31, 2020 and the investment performance (based on net asset value) of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance
universe”), (ii) information provided by Broadridge on the Fund’s advisory fees and other expenses and the advisory fees and other expenses of comparable funds identified by Broadridge as well as all other funds in the same investment
classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (iv)
information as to whether and to what extent applicable expense waivers, reimbursements or fee “breakpoints” are observed for the Fund, (v) information regarding MFS’ financial results and financial condition, including MFS’
and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (vi) MFS’ views regarding the outlook for the mutual fund
industry and the strategic business plans of MFS, (vii) descriptions of various functions performed by MFS for the Funds, such as compliance monitoring and
Board Review of Investment
Advisory Agreement - continued
portfolio trading practices, and (viii) information regarding the overall
organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense
information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the
investment advisory agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are
described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other
MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be
based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the
Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods. The Trustees placed particular emphasis on the total return performance of the Fund’s common
shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2020, which the Trustees believed was a long enough period to reflect differing market conditions. The total return
performance of the Fund’s common shares ranked 7th out of a total of 15 funds in the Broadridge performance universe for this five-year period (a ranking of first place out of the total number of funds in the performance universe indicating
the best performer and a ranking of last place out of the total number of funds in the performance universe indicating the worst performer). The total return performance of the Fund’s common shares ranked 14th out of a total of 16 funds for
the one-year period and 12th out of a total of 15 funds for the three-year period ended December 31, 2020. Given the size of the Broadridge performance universe and information previously provided by MFS regarding differences between the Fund and
other funds in its Broadridge performance universe, the Trustees also reviewed the Fund’s performance in comparison to the Bloomberg Barclays Municipal Bond Index. The Fund outperformed its benchmark for each of the three- and five-year
periods ended December 31, 2020 and underperformed its benchmark for the one-year period ended December 31, 2020 (one-year: 2.5% total return for the Fund versus 5.2% total return for the benchmark; three-year: 4.9% total return for the Fund versus
4.6% total return for the benchmark; five-year: 5.1% total return for the Fund versus 3.9% total return for the benchmark). Because of the passage of time, these performance results may differ from the performance results for more recent periods,
including those shown elsewhere in this report.
In the
course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well as during investment review meetings conducted with portfolio management personnel during the course
of
Board Review of Investment
Advisory Agreement - continued
the year regarding the Fund’s performance. After reviewing these and
related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s advisory
fee, the Trustees considered, among other information, the Fund’s advisory fee and the total expense ratio of the Fund’s common shares as a percentage of average daily net assets (including the value of preferred shares) and the advisory
fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that MFS currently observes an expense limitation for the Fund, which may not be changed without the Trustees’
approval. The Trustees also considered that, according to the data provided by Broadridge (which takes into account any fee reductions or expense limitations that were in effect during the Fund’s last fiscal year), the Fund’s effective
advisory fee rate was approximately at the Broadridge expense group median and the Fund’s total expense ratio was higher than the Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS
to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund,
if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in
comparison to separate accounts and subadvised funds.
The
Trustees considered that, as a closed-end fund, the Fund is unlikely to experience meaningful asset growth. As a result, the Trustees did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material
factor in their deliberations. The Trustees noted that they would consider economies of scale in the future in the event the Fund experiences significant asset growth, such as through a material increase in the market value of the Fund’s
portfolio securities.
The Trustees also considered
information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and
allocate its costs to the MFS Funds, the Fund and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the
Trustees concluded, within the context of their overall conclusions regarding the investment advisory agreement, that the advisory fees charged to the Fund represent reasonable compensation in light of the services being provided by MFS to the
Fund.
In addition, the Trustees considered MFS’
resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and
well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees
Board Review of Investment
Advisory Agreement - continued
also considered the financial resources of MFS and its ultimate parent, Sun
Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and
extent of administrative services provided to the Fund by MFS under agreements other than the investment advisory agreement. The Trustees also considered the nature, extent and quality of certain other services MFS performs or arranges for on the
Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The
Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out
benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage
commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be
material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment advisory agreement with MFS should be continued for an additional one-year period, commencing
August 1, 2021.
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.
Federal Tax Information (unaudited)
The
fund will notify shareholders of amounts for use in preparing 2021 income tax forms in January 2022. The following information is provided pursuant to provisions of the Internal Revenue Code.
Federal Tax Information (unaudited) - continued
Of the dividends paid from net investment income during the
fiscal year, 98.94% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of
computing a shareholder’s alternative minimum tax.
The fund intends to pass through the maximum amount allowable
as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).
FACTS
|
WHAT
DOES MFS DO WITH YOUR PERSONAL INFORMATION?
|
Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do.
|
What?
|
The types of
personal information we collect and share depend on the product or service you have with us. This information can include:
|
• Social
Security number and account balances
|
• Account
transactions and transaction history
|
• Checking
account information and wire transfer instructions
|
When
you are no longer our customer, we continue to share your information as described in this notice.
|
How?
|
All
financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MFS chooses to share; and
whether you can limit this sharing.
|
Reasons
we can share your
personal information
|
Does
MFS share?
|
Can
you limit
this sharing?
|
For
our everyday business purposes –
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus
|
Yes
|
No
|
For
our marketing purposes –
to offer our products and services to you
|
No
|
We
don't share
|
For
joint marketing with other
financial companies
|
No
|
We
don't share
|
For
our affiliates' everyday business purposes –
information about your transactions and experiences
|
No
|
We
don't share
|
For
our affiliates' everyday business purposes –
information about your creditworthiness
|
No
|
We
don't share
|
For
nonaffiliates to market to you
|
No
|
We
don't share
|
Questions?
|
Call
800-225-2606 or go to mfs.com.
|
Who
we are
|
Who
is providing this notice?
|
MFS
Funds, MFS Investment Management, MFS Institutional Advisors, Inc., and MFS Heritage Trust Company.
|
What
we do
|
How
does MFS
protect my personal
information?
|
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include procedural, electronic, and physical safeguards for the protection of the personal information we
collect about you.
|
How
does MFS
collect my personal
information?
|
We
collect your personal information, for example, when you
|
• open
an account or provide account information
|
• direct
us to buy securities or direct us to sell your securities
|
• make
a wire transfer
|
We
also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
|
Why
can't I limit all sharing?
|
Federal
law gives you the right to limit only
|
• sharing
for affiliates' everyday business purposes – information about your creditworthiness
|
• affiliates
from using your information to market to you
|
• sharing
for nonaffiliates to market to you
|
State
laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.
|
•
MFS does not share personal information with affiliates, except for everyday business purposes as described on page one of this notice.
|
Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.
|
•
MFS does not share with nonaffiliates so they can market to you.
|
Joint
marketing
|
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.
|
•
MFS doesn't jointly market.
|
Other
important information
|
If
you own an MFS product or receive an MFS service in the name of a third party such as a bank or broker-dealer, their privacy policy may apply to you instead of ours.
|
CONTACT US
TRANSFER AGENT, REGISTRAR, AND
DIVIDEND DISBURSING
AGENT
CALL
1-800-637-2304
9 a.m. to 5 p.m. Eastern time
WRITE
Computershare Trust Company, N.A.
P.O. Box 505005
Louisville, KY 40233-5005
New York Stock Exchange Symbol: CXE
Item 1(b):
A copy of the notice transmitted to the Registrants 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.
The Registrant has adopted a Code of Ethics (the Code) pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrants principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the
Code that relates to an element of the Codes definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver,
including an implicit waiver, from any provision of the Code.
A copy of the Code is filed as an exhibit to this Form
N-CSR.
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
Messrs. Steven E. Buller, James Kilman, and Clarence Otis, Jr. and Ms. Maryanne L. Roepke, members of the Audit Committee, have been determined by
the Board of Trustees in their reasonable business judgment to meet the definition of audit committee financial expert as such term is defined in Form N-CSR. In addition, Messrs. Buller,
Kilman, and Otis and Ms. Roepke are independent members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002).
The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties,
obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
Items 4(a) through 4(d) and 4(g):
The Board of Trustees
has appointed Ernst & Young LLP (E&Y) to serve as independent accountants to the Registrant (hereinafter the Registrant or the Fund). The tables below set forth the audit fees billed to the Fund as
well as fees for non-audit services provided to the Fund and/or to the Funds investment adviser, Massachusetts Financial Services Company (MFS), and to various entities either controlling,
controlled by, or under common control with MFS that provide ongoing services to the Fund (MFS Related Entities).
For the fiscal years ended November 30, 2021 and 2020, audit fees billed to the Fund by E&Y were as
follows:
|
|
|
|
|
|
|
|
|
|
|
Audit Fees
|
|
|
2021
|
|
|
2020
|
|
Fees billed by E&Y:
|
|
|
|
|
|
|
|
|
MFS High Income Municipal Trust
|
|
|
62,837
|
|
|
|
61,981
|
|
For the fiscal years ended November 30, 2021 and 2020, fees billed by E&Y for audit-related, tax and other services
provided to the Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit-Related Fees1
|
|
|
Tax Fees2
|
|
|
All Other Fees3
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Fees billed by E&Y:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS High Income Municipal Trust
|
|
|
12,246
|
|
|
|
12,077
|
|
|
|
10,892
|
|
|
|
10,742
|
|
|
|
1,005
|
|
|
|
1,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit-Related Fees1
|
|
|
Tax Fees2
|
|
|
All Other Fees3
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Fees billed by E&Y:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To MFS and MFS Related Entities of MFS High Income Municipal Trust*
|
|
|
1,275,054
|
|
|
|
2,321,898
|
|
|
|
0
|
|
|
|
0
|
|
|
|
110,620
|
|
|
|
104,750
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate Fees for Non-audit
Services
|
|
|
2021
|
|
|
2020
|
|
Fees Billed by E&Y:
|
|
|
|
|
|
|
|
|
To MFS High Income Municipal Trust, MFS and MFS Related Entities#
|
|
|
1,576,516
|
|
|
|
2,711,706
|
|
*
|
This amount reflects the fees billed to MFS and MFS Related Entities for
non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds
complex).
|
#
|
This amount reflects the aggregate fees billed by E&Y for non-audit
services rendered to the Fund and for non-audit services rendered to MFS and the MFS Related Entities.
|
1
|
The fees included under Audit-Related Fees are fees related to assurance and related services that
are reasonably related to the performance of the audit or review of financial statements, but not reported under Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort
letters and internal control reviews.
|
2
|
The fees included under Tax Fees are fees associated with tax compliance, tax advice and tax
planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.
|
3
|
The fees included under All Other Fees are fees for products and services provided by E&Y other
than those reported under Audit Fees, Audit-Related Fees and Tax Fees, including fees for services related to review of internal controls and review of Rule 38a-1 compliance
program.
|
Item 4(e)(1):
Set
forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related
services:
To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed
for all audit and permissible non-audit services rendered to the Fund and all permissible non-audit services rendered to MFS or MFS Related Entities if the services
relate directly to the operations and financial reporting of the Registrant. Pre-approval is currently on an
engagement-by-engagement basis. In the event pre-approval of such
services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of
the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any
individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 between such regular meetings of the Audit Committee. Any engagement
pre-approved by the Chair between regular meetings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.
Item 4(e)(2):
None, or 0%, of the services relating
to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to
paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than
audit, review or attest services, if certain conditions are satisfied).
Item 4(f):
Not applicable.
Item 4(h):
The Registrants Audit Committee has considered whether the provision by a Registrants independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services were provided prior to the effectiveness of SEC rules
requiring pre-approval or because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent
registered public accounting firm as the Registrants principal auditors.
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit
Committee are Messrs. Steven E. Buller, James Kilman and Clarence Otis, Jr. and Ms. Maryanne L. Roepke.
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
A schedule of investments of the Registrant is included as part of the report to shareholders of the Registrant under Item 1(a) of this Form N-CSR.
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
|
A copy of the proxy voting policies and procedures are attached hereto as EX-99.PROXYPOL.
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
Portfolio Manager(s)
Information regarding the portfolio manager(s) of the MFS High Income Municipal Trust (the Fund) is set forth below. Each portfolio manager
is primarily responsible for the day-to-day management of the Fund.
|
|
|
|
|
|
|
Portfolio Manager
|
|
Primary Role
|
|
Since
|
|
Title and Five Year History
|
Jason Kosty
|
|
Portfolio Manager
|
|
2021
|
|
Investment Officer of MFS; employed in the investment area of MFS since 2003.
|
Gary Lasman
|
|
Portfolio Manager
|
|
2007
|
|
Investment Officer of MFS; employed in the investment area of MFS since 2002.
|
Geoffrey Schechter
|
|
Portfolio Manager
|
|
2007
|
|
Investment Officer of MFS; employed in the investment area of MFS since 1993.
|
Compensation
MFS
philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall
investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market
where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help
ensure a sustainable investment process. As of December 31, 2020, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.
Performance Bonus Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given
to the latter.
The quantitative portion is primarily based on the pre-tax performance of accounts managed
by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategys investment horizon. The fixed-length time periods
include the portfolio managers full tenure on each fund and, when available, ten-, five-, and three-year periods. For portfolio managers who have served for less than three years, shorter-term periods,
including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance
periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices
(benchmarks). As of December 31, 2020, the following benchmarks were used to measure the following portfolio managers performance for the Fund:
|
|
|
|
|
Fund
|
|
Portfolio Manager
|
|
Benchmark(s)
|
MFS High Income Municipal Trust
|
|
Jason Kosty
|
|
Bloomberg Municipal Bond Index
|
|
Gary Lasman
|
|
Bloomberg Municipal Bond Index
|
|
Geoffrey Schechter
|
|
Bloomberg Municipal Bond Index
|
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of
different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results
of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and managements 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
managers compensation depends upon the length of the individuals 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 Funds portfolio manager(s) as of the Funds
fiscal year ended November 30, 2021. The following dollar ranges apply:
N. None
A. $1 $10,000
B.
$10,001 $50,000
C. $50,001 $100,000
D. $100,001 $500,000
E.
$500,001 $1,000,000
F. Over $1,000,000
|
|
|
Name of Portfolio Manager
|
|
Dollar Range of Equity Securities in
Fund
|
Jason Kosty
|
|
N
|
Gary Lasman
|
|
N
|
Geoffrey Schechter
|
|
N
|
Other Accounts
In
addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub-advised by MFS or an affiliate. The number and assets of these accounts were as
follows as of the Funds fiscal year ended November 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment
Companies*
|
|
|
Other Pooled Investment
Vehicles
|
|
|
Other Accounts
|
|
Name
|
|
Number of
Accounts
|
|
|
Total Assets
|
|
|
Number of
Accounts
|
|
|
Total
Assets
|
|
|
Number of
Accounts
|
|
|
Total Assets
|
|
Jason Kosty
|
|
|
7
|
|
|
$
|
18.0 billion
|
|
|
|
1
|
|
|
$
|
156.2 million
|
|
|
|
1
|
|
|
$
|
267.3 million
|
|
Gary Lasman
|
|
|
4
|
|
|
$
|
7.9 billion
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
Geoffrey Schechter
|
|
|
15
|
|
|
$
|
28.4 billion
|
|
|
|
4
|
|
|
$
|
886.5 million
|
|
|
|
1
|
|
|
$
|
267.3 million
|
|
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 managers 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 Funds 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 Funds 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
Funds investments. Investments selected for funds or accounts other than the Fund may outperform investments selected for the Fund.
When two or
more accounts are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed by MFS to be fair and equitable to each over time. Allocations may be based on many factors and
may not always be pro rata based on assets managed. The allocation methodology could have a detrimental effect on the price or availability of a security with respect to the Fund.
MFS and/or a portfolio manager may have a financial incentive to allocate favorable or limited opportunity investments or structure the timing of investments
to favor accounts other than the Fund; for instance, those that pay a higher advisory fee and/or have a performance adjustment and/or have a performance adjustment, those that include an investment by the portfolio manager, and/or those in which
MFS, its officers and/or employees, and/or its affiliates own or have an interest.
To the extent permitted by applicable law, certain accounts may invest
their assets in other accounts advised by MFS or its affiliates, including accounts that are advised by one or more of the same portfolio manager(s), which could result in conflicts of interest relating to asset allocation, timing of purchases and
redemptions, and increased profitability for MFS, its affiliates, and/or its personnel, including portfolio managers.
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
|
MFS High Income Municipal Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
(a) Total number
of Shares
Purchased
|
|
|
(b)
Average
Price
Paid per
Share
|
|
|
(c) Total
Number of
Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
|
(d) Maximum
Number (or
Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
under the
Plans
or Programs
|
|
12/01/20-12/31/20
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
1/01/21-1/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
2/01/21-2/28/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
3/01/21-3/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
4/01/21-4/30/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
5/01/21-5/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
6/01/21-6/30/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
7/01/21-7/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
8/01/21-8/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
9/01/21-9/30/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,154
|
|
10/1/21-10/31/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,577
|
|
11/1/21-11/30/21
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
3,152,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
0
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The Board approved procedures to repurchase shares and reviews the results periodically. The notification
to shareholders of the program is part of the semi-annual and annual reports sent to shareholders. These annual programs begin on October 1st of each year. The programs conform to the conditions of Rule 10b-18
of the Securities Exchange Act of 1934 and limit the aggregate number of shares that may be purchased in each annual period (October 1 through the following September 30) to 10% of the Registrants outstanding shares as of the first day of the
plan year (October 1). The aggregate number of shares available for purchase for the October 1, 2021 plan year is 3,152,577.
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 Registrants 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 registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act)) as conducted within 90 days of the filing date of this Form N-CSR, the registrants 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 Commissions rules and forms.
|
(b)
|
There were no changes in the registrants internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
|
ITEM 12.
|
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
|
During the fiscal year ended November 30, 2021, there were no fees or income related to
securities lending activities of the Registrant.
(a) (1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the
extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as EX-99.COE.
|
|
(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant
as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as
EX-99.302CERT.
|
|
(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under
the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
|
(4)
|
Change in the registrants 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)
|
Registrants Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.
|
(d)
|
Proxy Voting Policies and Procedures pursuant to Item 7 of Form N-CSR.
Attached hereto as EX-99.PROXYPOL.
|
Notice
A copy of the Agreement and Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of the Commonwealth of Massachusetts
and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the
Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS HIGH INCOME MUNICIPAL TRUST
|
|
|
By (Signature and Title)*
|
|
/S/ DAVID L. DILORENZO
|
|
|
David L. DiLorenzo, President
|
Date: January 14, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
By (Signature and Title)*
|
|
/S/ DAVID L. DILORENZO
|
|
|
David L. DiLorenzo, President (Principal Executive Officer)
|
Date: January 14, 2022
|
|
|
By (Signature and Title)*
|
|
/S/ JAMES O. YOST
|
|
|
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer)
|
Date: January 14, 2022
*
|
Print name and title of each signing officer under his or her signature.
|
Grafico Azioni MFS High Income Municipal (NYSE:CXE)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni MFS High Income Municipal (NYSE:CXE)
Storico
Da Set 2023 a Set 2024