Investment Company Act file number | 811-07868 | |
(Exact name of registrant as specified in charter) | ||
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 | ||
(Address of principal executive offices) (Zip code) | ||
Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309 | ||
(Name and address of agent for service) |
Registrant’s telephone number, including area code: | (713) 626-1919 |
Date of fiscal year end: | February 28 | |||
Date of reporting period: | August 31, 2024 |
Semi-Annual Report to Shareholders |
August 31, 2024 | |
Invesco Advantage Municipal Income Trust II | ||
NYSE American: |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Performance summary |
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Cumulative total returns, 2/29/24 to 8/31/24 |
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Trust at NAV |
2.83 | % | ||
Trust at Market Value |
8.83 | |||
S&P Municipal Bond Index ▼ |
1.94 | |||
S&P Municipal Bond 5+ Year Investment Grade Index ▼ |
1.61 | |||
Market Price Discount to NAV as of 8/31/24 |
-8.44 | |||
Source(s): ▼ |
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The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.The S&P Municipal Bond Index The S&P Municipal Bond 5+ Year Investment Grade Index The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
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Add to your account: |
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Convenience: |
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Safekeeping: |
1. | Premium: If the Trust is trading at a premium – a market price that is higher than its NAV – you’ll pay either the NAV or 95 percent of |
the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. |
2. | Discount: If the Trust is trading at a discount – a market price that is lower than its NAV – you’ll pay the market price for your reinvested shares. |
1. | If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay. |
2. | If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge. |
3. | You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply. |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Municipal Obligations–154.77% (a) |
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Alabama–1.66% |
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Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB |
5.75% | 06/01/2045 | $ | 185 | $ 176,164 | |||||||||
Black Belt Energy Gas District (The); Series 2023 B, RB (b) |
5.25% | 12/01/2030 | 1,065 | 1,154,977 | ||||||||||
Energy Southeast A Cooperative District; Series 2024 B, RB (b) |
5.25% | 06/01/2032 | 755 | 821,085 | ||||||||||
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007-12/18/2007; Cost $1,655,986)(c)(d) |
5.50% | 01/01/2043 | 1,900 | 1,064,000 | ||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB |
5.00% | 09/01/2046 | 1,030 | 1,133,402 | ||||||||||
Southeast Energy Authority, a Cooperative District (No. 2); Series 2021 B, RB (b) |
4.00% | 12/01/2031 | 1,115 | 1,117,508 | ||||||||||
Southeast Energy Authority, a Cooperative District (No. 3); Series 2022 A-1, RB(b) |
5.50% | 12/01/2029 | 1,050 | 1,137,663 | ||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR (e) |
5.25% | 05/01/2044 | 615 | 624,855 | ||||||||||
7,229,654 | ||||||||||||||
Alaska–0.07% |
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Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB |
4.00% | 06/01/2050 | 310 | 284,719 | ||||||||||
Arizona–2.67% |
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Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs. |
3.63% | 05/20/2033 | 67 | 65,214 | ||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB (e) |
5.00% | 07/01/2039 | 895 | 897,882 | ||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB (e) |
5.00% | 07/01/2049 | 500 | 486,109 | ||||||||||
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB (e) |
5.00% | 12/15/2040 | 185 | 184,578 | ||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); |
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Series 2017, Ref. RB |
5.00% | 11/15/2029 | 820 | 808,516 | ||||||||||
Series 2017, Ref. RB |
5.00% | 11/15/2045 | 665 | 570,104 | ||||||||||
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB (e) |
5.00% | 07/01/2049 | 165 | 166,377 | ||||||||||
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM) (f) |
5.00% | 07/01/2046 | 2,240 | 2,427,707 | ||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB (e) |
5.00% | 06/15/2052 | 270 | 264,020 | ||||||||||
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB (e) |
5.38% | 07/01/2052 | 885 | 884,949 | ||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB |
5.00% | 01/01/2048 | 2,530 | 2,782,088 | ||||||||||
Salt Verde Financial Corp.; |
||||||||||||||
Series 2007, RB |
5.00% | 12/01/2032 | 580 | 632,536 | ||||||||||
Series 2007, RB |
5.00% | 12/01/2037 | 1,350 | 1,497,253 | ||||||||||
11,667,333 | ||||||||||||||
Arkansas–0.11% |
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Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB |
5.00% | 09/01/2044 | 460 | 466,266 | ||||||||||
California–14.67% |
||||||||||||||
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds (g) |
0.00% | 08/01/2028 | 900 | 809,840 | ||||||||||
California (State of); |
||||||||||||||
Series 2020, GO Bonds (INS - BAM) (f) |
3.00% | 11/01/2050 | 1,250 | 1,024,997 | ||||||||||
Series 2023, GO Bonds (h) |
5.25% | 09/01/2053 | 2,525 | 2,837,816 | ||||||||||
California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB (b) |
5.00% | 04/01/2032 | 1,895 | 2,053,106 | ||||||||||
California (State of) County Tobacco Securitization Agency; Series 2020 A, Ref. RB |
4.00% | 06/01/2038 | 275 | 278,199 | ||||||||||
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB (g) |
0.00% | 06/01/2055 | 8,390 | 859,482 | ||||||||||
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); |
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Series 2020 B-1, Ref. RB |
5.00% | 06/01/2049 | 35 | 35,839 | ||||||||||
Series 2020 B-2, Ref. RB(g) |
0.00% | 06/01/2055 | 1,245 | 245,629 | ||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, Ref. RB |
5.00% | 08/15/2051 | 3,280 | 3,532,398 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
California–(continued) |
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California (State of) Health Facilities Financing Authority (PIH Health); Series 2020 A, RB |
4.00% | 06/01/2050 | $ | 3,125 | $ 2,954,947 | |||||||||
California (State of) Housing Finance Agency (Social Certificates); |
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Series 2021 A, RB |
3.25% | 08/20/2036 | 5 | 4,540 | ||||||||||
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC) |
3.75% | 03/25/2035 | 3,019 | 3,068,879 | ||||||||||
Series 2023-1, RB |
4.38% | 09/20/2036 | 624 | 659,894 | ||||||||||
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB (e) |
5.00% | 06/01/2048 | 120 | 120,478 | ||||||||||
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB |
5.00% | 05/15/2037 | 1,000 | 1,052,688 | ||||||||||
California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM) (f) |
4.00% | 05/15/2046 | 500 | 492,814 | ||||||||||
California (State of) Municipal Finance Authority (Linxs APM); |
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Series 2018 A, RB (i) |
5.00% | 12/31/2036 | 1,245 | 1,286,442 | ||||||||||
Series 2018 A, RB (i) |
5.00% | 12/31/2047 | 1,500 | 1,519,785 | ||||||||||
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB (e) |
5.00% | 08/01/2039 | 185 | 167,604 | ||||||||||
California (State of) Pollution Control Financing Authority (Plant Bonds); |
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Series 2012, RB (e)(i) |
5.00% | 07/01/2027 | 580 | 583,468 | ||||||||||
Series 2012, RB (e)(i) |
5.00% | 07/01/2030 | 165 | 165,938 | ||||||||||
Series 2012, RB (e)(i) |
5.00% | 07/01/2037 | 1,730 | 1,734,951 | ||||||||||
Series 2012, RB (e)(i) |
5.00% | 11/21/2045 | 2,030 | 2,033,554 | ||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB (e) |
5.25% | 12/01/2056 | 750 | 758,616 | ||||||||||
California State University; Series 2019 A, RB (h)(j) |
5.00% | 11/01/2049 | 1,585 | 1,687,346 | ||||||||||
Cambrian School District; Series 2022, GO Bonds |
4.00% | 08/01/2052 | 1,735 | 1,728,513 | ||||||||||
CSCDA Community Improvement Authority (Jefferson-Anaheim Social Bonds); Series 2021 A, RB (e) |
3.13% | 08/01/2056 | 625 | 484,131 | ||||||||||
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB (e) |
4.00% | 08/01/2056 | 370 | 333,033 | ||||||||||
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB |
6.50% | 12/15/2047 | 370 | 370,047 | ||||||||||
Desert Community College District (Election of 2016); Series 2024, GO Bonds |
4.00% | 08/01/2051 | 655 | 648,329 | ||||||||||
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(g) |
0.00% | 06/01/2066 | 1,190 | 138,965 | ||||||||||
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB (i) |
5.50% | 05/15/2037 | 600 | 679,650 | ||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2019 F, RB (i) |
5.00% | 05/15/2044 | 2,950 | 3,055,098 | ||||||||||
Los Angeles (City of), CA Department of Water & Power; Series 2020 B, RB (h) |
5.00% | 07/01/2050 | 1,740 | 1,869,470 | ||||||||||
Montebello Unified School District; Series 2022 B, GO Bonds (INS - AGM) (f) |
5.00% | 08/01/2050 | 930 | 985,440 | ||||||||||
M-S-R |
6.50% | 11/01/2039 | 2,095 | 2,718,022 | ||||||||||
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds (k) |
6.25% | 08/01/2043 | 1,500 | 1,498,485 | ||||||||||
Oxnard School District (Election of 2022); Series 2023 A, GO Bonds (INS - BAM) (f) |
4.25% | 08/01/2053 | 2,300 | 2,323,127 | ||||||||||
Regents of the University of California Medical Center; |
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Series 2022 P, RB (h)(j) |
4.00% | 05/15/2053 | 4,065 | 4,048,491 | ||||||||||
Series 2022 P, RB |
3.50% | 05/15/2054 | 1,510 | 1,394,156 | ||||||||||
Sacramento (City of), CA Unified School District; Series 2024 B, GO Bonds (INS - BAM) (f) |
4.00% | 08/01/2048 | 925 | 914,627 | ||||||||||
San Diego (County of), CA Regional Airport Authority; |
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Series 2021 A, RB |
4.00% | 07/01/2051 | 1,540 | 1,509,312 | ||||||||||
Series 2021 A, RB |
5.00% | 07/01/2056 | 1,500 | 1,607,928 | ||||||||||
Series 2023 B, RB (i) |
5.00% | 07/01/2048 | 1,890 | 2,004,037 | ||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |
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Second Series 2020 A, Ref. RB (i) |
4.00% | 05/01/2039 | 830 | 819,504 | ||||||||||
Series 2019 E, RB (i) |
5.00% | 05/01/2038 | 505 | 531,605 | ||||||||||
Series 2019 E, RB (i) |
5.00% | 05/01/2050 | 1,760 | 1,804,456 | ||||||||||
Series 2021 A, Ref. RB (i) |
5.00% | 05/01/2036 | 450 | 487,260 | ||||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB (g) |
0.00% | 06/01/2041 | 2,605 | 1,019,805 | ||||||||||
Southern California Public Power Authority (Clean Energy); Series 2024 A, RB (b) |
5.00% | 09/01/2030 | 1,025 | 1,103,994 | ||||||||||
64,046,735 | ||||||||||||||
Colorado–6.39% |
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Arista Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM) (f) |
4.50% | 12/01/2058 | 1,790 | 1,788,938 | ||||||||||
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB |
5.75% | 12/01/2051 | 620 | 586,755 | ||||||||||
Belford North Metropolitan District; Series 2020 A, GO Bonds |
5.50% | 12/01/2050 | 780 | 734,737 | ||||||||||
Bromley Park Metropolitan District No. 2; Series 2023, Ref. GO Bonds (INS - BAM) (f) |
5.38% | 12/01/2053 | 465 | 510,821 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Colorado–(continued) |
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Centerra Metropolitan District No. 1 (In the City of Loveland); |
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Series 2017, RB (e) |
5.00% | 12/01/2047 | $ | 1,260 | $ 1,215,044 | |||||||||
Series 2020 A, Ref. GO Bonds |
5.00% | 12/01/2051 | 500 | 473,747 | ||||||||||
Series 2022, RB |
6.50% | 12/01/2053 | 500 | 517,835 | ||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2021 A, Ref. RB |
4.00% | 11/15/2050 | 555 | 536,115 | ||||||||||
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB |
5.00% | 11/15/2048 | 1,280 | 1,321,375 | ||||||||||
Colorado (State of) Health Facilities Authority (CommonSpirit Health); |
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Series 2019 A-2, Ref. RB |
5.00% | 08/01/2044 | 2,745 | 2,853,406 | ||||||||||
Series 2019 A-2, Ref. RB |
4.00% | 08/01/2049 | 1,245 | 1,160,750 | ||||||||||
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB |
5.30% | 07/01/2037 | 130 | 108,758 | ||||||||||
Colorado Crossing Metropolitan District No. 2; Series 2020 A-1, Ref. GO Bonds |
5.00% | 12/01/2047 | 500 | 492,037 | ||||||||||
Denver (City & County of), CO; |
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Series 2018 A, Ref. RB (i) |
5.00% | 12/01/2048 | 1,315 | 1,346,435 | ||||||||||
Series 2018 A, Ref. RB (i) |
5.25% | 12/01/2048 | 1,185 | 1,227,472 | ||||||||||
Series 2018 A-2, RB(g) |
0.00% | 08/01/2033 | 1,700 | 1,194,202 | ||||||||||
Series 2022 A, RB (i) |
5.00% | 11/15/2036 | 710 | 773,925 | ||||||||||
Series 2022 A, RB (i) |
5.00% | 11/15/2047 | 1,905 | 1,999,167 | ||||||||||
Great Western Metropolitan District; Series 2020, Ref. GO Bonds |
4.75% | 12/01/2050 | 340 | 311,902 | ||||||||||
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB |
5.75% | 12/15/2050 | 1,745 | 1,768,427 | ||||||||||
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds |
4.25% | 12/01/2046 | 585 | 533,810 | ||||||||||
Midtown Clear Creek Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM) (f) |
5.00% | 12/01/2053 | 430 | 454,292 | ||||||||||
Mulberry Metropolitan District No. 2; Series 2022, RB |
7.00% | 12/01/2034 | 565 | 587,224 | ||||||||||
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds |
5.00% | 12/01/2040 | 500 | 504,451 | ||||||||||
Rampart Range Metropolitan District No. 5; Series 2021, RB |
4.00% | 12/01/2051 | 500 | 411,913 | ||||||||||
Roaring Fork Transportation Authority; Series 2021, RB |
4.00% | 12/01/2051 | 1,000 | 967,923 | ||||||||||
Sky Ranch Community Authority Board; Series 2022 A, RB |
5.75% | 12/01/2052 | 500 | 493,834 | ||||||||||
Village Metropolitan District (The); Series 2020, Ref. GO Bonds |
5.00% | 12/01/2040 | 550 | 554,896 | ||||||||||
White Buffalo Metropolitan District No. 3; |
||||||||||||||
Series 2020, GO Bonds |
5.50% | 12/01/2050 | 500 | 489,862 | ||||||||||
Series 2023, GO Bonds |
8.00% | 12/15/2035 | 610 | 610,017 | ||||||||||
Windler Public Improvement Authority; |
||||||||||||||
Series 2021 A-1, RB |
4.13% | 12/01/2051 | 370 | 284,856 | ||||||||||
Series 2021 A-2, RB(k) |
4.50% | 12/01/2041 | 1,535 | 1,091,625 | ||||||||||
27,906,551 | ||||||||||||||
District of Columbia–3.55% |
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District of Columbia; |
||||||||||||||
Series 2022 A, RB |
5.00% | 07/01/2047 | 1,260 | 1,372,897 | ||||||||||
Series 2023 A, RB |
5.25% | 05/01/2048 | 1,865 | 2,084,048 | ||||||||||
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB |
5.00% | 10/01/2045 | 515 | 514,960 | ||||||||||
District of Columbia Water & Sewer Authority; Series 2024 B, Ref. VRD RB (l) |
2.70% | 10/01/2054 | 1,600 | 1,600,000 | ||||||||||
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB |
4.00% | 10/01/2051 | 2,500 | 2,445,269 | ||||||||||
Metropolitan Washington Airports Authority; |
||||||||||||||
Series 2017, Ref. RB (i) |
5.00% | 10/01/2042 | 2,005 | 2,054,756 | ||||||||||
Series 2019 B, Ref. RB |
4.00% | 10/01/2049 | 1,245 | 1,176,527 | ||||||||||
Series 2021 A, Ref. RB (i) |
4.00% | 10/01/2041 | 1,575 | 1,545,961 | ||||||||||
Series 2023 A, Ref. RB (i) |
5.25% | 10/01/2043 | 860 | 932,509 | ||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB |
5.25% | 07/15/2053 | 1,635 | 1,793,436 | ||||||||||
15,520,363 | ||||||||||||||
Florida–11.46% |
||||||||||||||
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); |
||||||||||||||
Series 2022 A, Ref. RB (Acquired 01/25/2022; Cost $1,075,000) (c)(d)(e) |
5.00% | 11/15/2061 | 1,075 | 758,092 | ||||||||||
Series 2022 B, RB (Acquired 01/25/2022; Cost $96,495) (c)(d)(e) |
6.50% | 11/15/2033 | 100 | 85,750 | ||||||||||
Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, Ref. RB |
4.00% | 04/01/2052 | 370 | 343,163 | ||||||||||
Broward (County of), FL; Series 2019 A, RB (i) |
4.00% | 10/01/2049 | 560 | 523,524 | ||||||||||
Broward (County of), FL (Convention Center Expansion); Series 2021, RB |
4.00% | 09/01/2051 | 1,895 | 1,818,390 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Florida–(continued) |
||||||||||||||
Broward County FL Water & Sewer Utility Revenue; Series 2024, RB (h) |
4.00% | 10/01/2047 | $ | 2,700 | $ 2,640,371 | |||||||||
Cape Coral (City of), FL; Series 2023, Ref. RB (INS - BAM) (f) |
5.60% | 03/01/2048 | 935 | 1,055,121 | ||||||||||
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $728,530) (c)(d)(e) |
7.75% | 05/15/2035 | 746 | 20,134 | ||||||||||
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB |
5.00% | 04/01/2048 | 1,040 | 1,069,989 | ||||||||||
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB |
5.00% | 01/01/2042 | 900 | 925,983 | ||||||||||
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |
||||||||||||||
Series 2024, Ref. RB (b)(e)(i) |
12.00% | 07/15/2028 | 560 | 597,803 | ||||||||||
Series 2024, Ref. RB (i) |
5.00% | 07/01/2041 | 650 | 665,962 | ||||||||||
Series 2024, Ref. RB (INS - AGM) (f)(i) |
5.00% | 07/01/2044 | 1,900 | 1,999,591 | ||||||||||
Series 2024, Ref. RB (INS - AGM) (f)(i) |
5.25% | 07/01/2047 | 750 | 792,903 | ||||||||||
Series 2024, Ref. RB (INS - AGM) (f)(i) |
5.25% | 07/01/2053 | 630 | 664,517 | ||||||||||
Series 2024, Ref. RB (i) |
5.50% | 07/01/2053 | 650 | 674,473 | ||||||||||
Fort Lauderdale (City of), FL; |
||||||||||||||
Series 2023, RB |
5.50% | 09/01/2053 | 1,120 | 1,263,580 | ||||||||||
Series 2024, RB (h) |
5.50% | 09/01/2053 | 1,885 | 2,126,650 | ||||||||||
Greater Orlando Aviation Authority; |
||||||||||||||
Series 2017 A, RB (i) |
5.00% | 10/01/2052 | 800 | 811,488 | ||||||||||
Series 2019 A, RB (i) |
4.00% | 10/01/2044 | 1,750 | 1,685,240 | ||||||||||
Hillsborough (County of), FL; Series 2023, GO Bonds |
5.00% | 07/01/2053 | 1,185 | 1,295,982 | ||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB (i) |
5.00% | 10/01/2048 | 1,895 | 1,938,729 | ||||||||||
Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); Series 2024 C, Ref. RB |
5.25% | 11/15/2049 | 2,495 | 2,782,022 | ||||||||||
Jacksonville (City of), FL; Series 2023 A, Ref. RB |
5.50% | 10/01/2053 | 1,865 | 2,084,628 | ||||||||||
JEA Water & Sewer System; Series 2024 A, Ref. RB |
5.25% | 10/01/2049 | 930 | 1,027,221 | ||||||||||
Lake (County of), FL (Lakeside at Waterman Village); |
||||||||||||||
Series 2020 A, Ref. RB |
5.50% | 08/15/2040 | 485 | 478,906 | ||||||||||
Series 2020 A, Ref. RB |
5.75% | 08/15/2050 | 210 | 204,205 | ||||||||||
Series 2020 A, Ref. RB |
5.75% | 08/15/2055 | 790 | 759,120 | ||||||||||
Lee (County of), FL; |
||||||||||||||
Series 2021 B, RB (i) |
5.00% | 10/01/2034 | 775 | 837,736 | ||||||||||
Series 2022, RB |
5.25% | 08/01/2049 | 1,250 | 1,346,932 | ||||||||||
Miami (City of) & Dade (County of), FL School Board; Series 2022 A, GO Bonds (INS - BAM) (f) |
5.00% | 03/15/2052 | 1,485 | 1,586,735 | ||||||||||
Miami Beach (City of), FL; Series 2017, Ref. RB |
5.00% | 09/01/2047 | 865 | 871,303 | ||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB |
5.00% | 11/15/2039 | 710 | 710,858 | ||||||||||
Miami-Dade (County of), FL; |
||||||||||||||
Series 2022 A, Ref. RB (i) |
5.25% | 10/01/2052 | 375 | 398,934 | ||||||||||
Series 2023 A, Ref. RB (i) |
5.00% | 10/01/2047 | 1,605 | 1,715,915 | ||||||||||
Subseries 2021 A-2, Ref. RB (INS - AGM)(f) |
4.00% | 10/01/2049 | 1,885 | 1,842,972 | ||||||||||
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB |
5.00% | 07/01/2040 | 2,015 | 2,016,201 | ||||||||||
Miami-Dade (County of), FL Transit System; Series 2022, RB |
5.00% | 07/01/2052 | 1,755 | 1,890,332 | ||||||||||
Osceola (County of), FL; |
||||||||||||||
Series 2020 A-2, Ref. RB(g) |
0.00% | 10/01/2051 | 1,200 | 308,495 | ||||||||||
Series 2020 A-2, Ref. RB(g) |
0.00% | 10/01/2052 | 335 | 82,132 | ||||||||||
Series 2020 A-2, Ref. RB(g) |
0.00% | 10/01/2053 | 335 | 77,900 | ||||||||||
Series 2020 A-2, Ref. RB(g) |
0.00% | 10/01/2054 | 285 | 62,846 | ||||||||||
Reunion East Community Development District; Series 2005, RB (c)(m) |
5.80% | 05/01/2036 | 197 | 2 | ||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2022, RB |
4.00% | 07/01/2052 | 1,000 | 943,454 | ||||||||||
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB |
4.00% | 08/15/2047 | 630 | 594,953 | ||||||||||
Sterling Hill Community Development District; Series 2003 A, RB (m)(n) |
6.20% | 05/01/2035 | 828 | 380,724 | ||||||||||
Sumter (County of), FL Industrial Development Authority (Central Florida Health Alliance); Series 2014 A, RB |
5.25% | 07/01/2044 | 1,000 | 1,000,603 | ||||||||||
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB |
5.00% | 12/01/2055 | 1,010 | 1,001,547 | ||||||||||
Tampa (City of), FL; Series 2020 A, RB (g) |
0.00% | 09/01/2049 | 4,255 | 1,289,879 | ||||||||||
50,053,990 | ||||||||||||||
Georgia–2.47% |
||||||||||||||
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB (h)(j) |
4.00% | 07/01/2044 | 2,495 | 2,494,909 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Georgia–(continued) |
||||||||||||||
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC |
5.13% | 04/01/2048 | $ | 820 | $ 886,164 | |||||||||
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB |
4.00% | 03/01/2034 | 1,000 | 1,001,877 | ||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2021 A, Ref. RB |
4.00% | 01/01/2051 | 645 | 591,228 | ||||||||||
Main Street Natural Gas, Inc.; |
||||||||||||||
Series 2021 C, RB (b) |
4.00% | 12/01/2028 | 925 | 936,350 | ||||||||||
Series 2022 C, RB (b)(e) |
4.00% | 11/01/2027 | 945 | 931,888 | ||||||||||
Series 2023 B, RB (b) |
5.00% | 03/01/2030 | 1,350 | 1,439,455 | ||||||||||
Series 2024 A, RB (b) |
5.00% | 09/01/2031 | 1,260 | 1,362,011 | ||||||||||
Series 2024 C, RB (b) |
5.00% | 12/01/2031 | 1,050 | 1,124,031 | ||||||||||
10,767,913 | ||||||||||||||
Hawaii–0.69% |
||||||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Obligated Group); Series 2024, RB |
5.50% | 07/01/2052 | 1,825 | 2,022,443 | ||||||||||
Honolulu (City & County of), HI; Series 2012 A, GO Bonds |
5.00% | 11/01/2036 | 1,000 | 1,001,154 | ||||||||||
3,023,597 | ||||||||||||||
Idaho–0.45% |
||||||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); |
||||||||||||||
Series 2017 A, Ref. RB |
5.00% | 11/15/2032 | 265 | 243,653 | ||||||||||
Series 2017 A, Ref. RB |
5.25% | 11/15/2037 | 370 | 327,293 | ||||||||||
Idaho (State of) Housing & Finance Association; Series 2024, RB |
5.00% | 08/15/2048 | 1,285 | 1,414,539 | ||||||||||
1,985,485 | ||||||||||||||
Illinois–6.19% |
||||||||||||||
Bolingbrook (Village of), IL; Series 1999 C, Ref. GO Bonds (INS - NATL) (f)(g) |
0.00% | 01/01/2029 | 1,710 | 1,464,799 | ||||||||||
Chicago (City of), IL; |
||||||||||||||
Series 2002 B, GO Bonds |
5.50% | 01/01/2037 | 795 | 797,849 | ||||||||||
Series 2005 D, Ref. GO Bonds |
5.50% | 01/01/2040 | 325 | 325,729 | ||||||||||
Series 2007 E, Ref. GO Bonds |
5.50% | 01/01/2042 | 260 | 260,441 | ||||||||||
Series 2014, RB |
5.00% | 11/01/2039 | 650 | 650,781 | ||||||||||
Series 2015 A, GO Bonds |
5.50% | 01/01/2033 | 2,590 | 2,601,232 | ||||||||||
Series 2017 A, Ref. GO Bonds |
6.00% | 01/01/2038 | 1,550 | 1,609,768 | ||||||||||
Chicago (City of), IL (O’Hare International Airport); |
||||||||||||||
Series 2017 D, RB |
5.00% | 01/01/2052 | 1,100 | 1,119,896 | ||||||||||
Series 2024 A, RB (i) |
5.50% | 01/01/2053 | 1,010 | 1,103,427 | ||||||||||
Chicago (City of), IL Board of Education; |
||||||||||||||
Series 2018 A, Ref. GO Bonds (INS - AGM) (f) |
5.00% | 12/01/2032 | 905 | 958,296 | ||||||||||
Series 2018 A, Ref. GO Bonds |
5.00% | 12/01/2034 | 520 | 537,554 | ||||||||||
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2021 A, GO Bonds |
4.00% | 12/01/2051 | 1,035 | 995,294 | ||||||||||
Chicago (City of), IL Park District; Series 2020 C, GO Bonds (INS - BAM) (f) |
4.00% | 01/01/2042 | 1,485 | 1,482,746 | ||||||||||
Illinois (State of); |
||||||||||||||
Series 2014, GO Bonds |
5.25% | 02/01/2034 | 1,050 | 1,051,279 | ||||||||||
Series 2014, GO Bonds |
5.00% | 05/01/2035 | 355 | 355,364 | ||||||||||
Series 2014, GO Bonds |
5.00% | 05/01/2036 | 850 | 850,849 | ||||||||||
Series 2016, GO Bonds |
5.00% | 11/01/2036 | 895 | 913,888 | ||||||||||
Series 2017 C, GO Bonds |
5.00% | 11/01/2029 | 195 | 206,841 | ||||||||||
Series 2017 D, GO Bonds |
5.00% | 11/01/2026 | 1,880 | 1,961,009 | ||||||||||
Series 2018 A, GO Bonds |
5.00% | 05/01/2030 | 935 | 997,936 | ||||||||||
Series 2020, GO Bonds |
5.50% | 05/01/2039 | 1,040 | 1,142,771 | ||||||||||
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB (i) |
8.00% | 06/01/2032 | 270 | 270,341 | ||||||||||
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |
||||||||||||||
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $46,920) (d) |
5.00% | 11/01/2040 | 45 | 29,197 | ||||||||||
Series 2019 A, Ref. RB (Acquired 04/14/2020-10/05/2022; Cost $764,506)(d) |
5.00% | 11/01/2049 | 910 | 590,059 | ||||||||||
Illinois (State of) Finance Authority (Mercy Health Corp.); Series 2016, Ref. RB |
5.00% | 12/01/2046 | 2,005 | 2,021,926 | ||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB |
5.13% | 05/15/2060 | 985 | 538,088 | ||||||||||
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB |
5.50% | 04/01/2037 | 1,000 | 973,423 | ||||||||||
Illinois (State of) Finance Authority (Three Crowns Park); |
||||||||||||||
Series 2017, Ref. RB |
5.00% | 02/15/2032 | 155 | 157,674 | ||||||||||
Series 2017, Ref. RB |
5.25% | 02/15/2037 | 145 | 147,459 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Illinois–(continued) |
||||||||||||||
Illinois (State of) Sports Facilities Authority; Series 2014, Ref. RB (INS - AGM) (f) |
5.25% | 06/15/2031 | $ | 920 | $ 924,630 | |||||||||
27,040,546 | ||||||||||||||
Indiana–1.59% |
||||||||||||||
Fishers Town Hall Building Corp.; Series 2023 A, RB (INS - BAM) (f) |
5.63% | 07/15/2053 | 1,865 | 2,110,057 | ||||||||||
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2019 A, RB |
4.00% | 12/01/2049 | 1,840 | 1,789,842 | ||||||||||
Indiana (State of) Finance Authority (US Steel Corp.); Series 2012, RB (i) |
5.75% | 08/01/2042 | 175 | 175,114 | ||||||||||
Indianapolis Local Public Improvement Bond Bank; Series 2019, Ref. RB (i) |
5.00% | 01/01/2027 | 990 | 1,027,813 | ||||||||||
Northern Indiana Commuter Transportation District; Series 2024, RB |
5.25% | 01/01/2049 | 1,250 | 1,380,933 | ||||||||||
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB (b)(i) |
4.40% | 06/10/2031 | 465 | 475,566 | ||||||||||
6,959,325 | ||||||||||||||
Iowa–1.24% |
||||||||||||||
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 B, RB |
3.00% | 09/01/2056 | 460 | 355,712 | ||||||||||
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB |
4.75% | 08/01/2042 | 940 | 942,188 | ||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB (b)(o) |
5.00% | 12/01/2032 | 2,050 | 2,384,206 | ||||||||||
Iowa (State of) Tobacco Settlement Authority; |
||||||||||||||
Series 2021 A-2, Ref. RB |
4.00% | 06/01/2049 | 225 | 212,490 | ||||||||||
Series 2021 B-1, Ref. RB |
4.00% | 06/01/2049 | 160 | 160,556 | ||||||||||
PEFA, Inc.; Series 2019, RB (b) |
5.00% | 09/01/2026 | 1,345 | 1,374,090 | ||||||||||
5,429,242 | ||||||||||||||
Kentucky–2.35% |
||||||||||||||
Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB (e)(i) |
4.70% | 01/01/2052 | 500 | 492,401 | ||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%) (b)(p) |
4.32% | 02/01/2025 | 530 | 530,088 | ||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM) (f) |
5.00% | 12/01/2047 | 395 | 395,103 | ||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); |
||||||||||||||
Series 2015 A, RB |
5.00% | 07/01/2037 | 830 | 834,894 | ||||||||||
Series 2015 A, RB |
5.00% | 07/01/2040 | 750 | 752,506 | ||||||||||
Series 2015 A, RB |
5.00% | 01/01/2045 | 1,020 | 1,021,707 | ||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB |
5.25% | 06/01/2041 | 945 | 964,223 | ||||||||||
Kentucky (Commonwealth of) Public Energy Authority; Series 2023 A-1, Ref. RB(b) |
5.25% | 02/01/2032 | 1,260 | 1,382,454 | ||||||||||
Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2023 C, Ref. RB |
5.00% | 05/15/2053 | 3,575 | 3,869,565 | ||||||||||
10,242,941 | ||||||||||||||
Louisiana–0.90% |
||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. John the Baptist); Series 2019, RB (e) |
3.90% | 11/01/2044 | 620 | 580,392 | ||||||||||
Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge); |
||||||||||||||
Series 2024, RB (i) |
5.50% | 09/01/2054 | 625 | 678,526 | ||||||||||
Series 2024, RB (i) |
5.50% | 09/01/2059 | 1,245 | 1,345,367 | ||||||||||
New Orleans (City of), LA Aviation Board; Series 2015 A, RB |
5.00% | 01/01/2045 | 925 | 926,648 | ||||||||||
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM) (f) |
5.00% | 10/01/2048 | 375 | 386,740 | ||||||||||
3,917,673 | ||||||||||||||
Maryland–1.16% |
||||||||||||||
Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB |
5.00% | 07/01/2036 | 285 | 291,290 | ||||||||||
Howard (County of), MD Housing Commission (Social Bonds); Series 2024, RB |
4.13% | 12/01/2043 | 1,000 | 943,456 | ||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB |
5.00% | 05/15/2045 | 760 | 778,625 | ||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); Series 2021 A, Ref. RB |
4.00% | 06/01/2041 | 375 | 350,506 | ||||||||||
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB (i) |
5.25% | 06/30/2052 | 710 | 741,231 | ||||||||||
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.); Series 2017, Ref. RB |
5.00% | 04/01/2029 | 690 | 696,278 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Maryland–(continued) |
||||||||||||||
Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB (l) |
2.70% | 06/01/2027 | $ | 1,245 | $ 1,245,000 | |||||||||
5,046,386 | ||||||||||||||
Massachusetts–2.09% |
||||||||||||||
Massachusetts (Commonwealth of); Series 2024, RB (h) |
5.00% | 06/01/2053 | 3,430 | 3,740,635 | ||||||||||
Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds); Series 2022, RB |
5.00% | 06/01/2050 | 990 | 1,064,101 | ||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center); Series 2023, Ref. RB |
5.25% | 07/01/2048 | 1,085 | 1,191,324 | ||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham); Series 2024 D, Ref. RB |
5.00% | 07/01/2054 | 1,865 | 2,002,437 | ||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB (e) |
5.00% | 07/15/2035 | 270 | 281,258 | ||||||||||
Massachusetts (Commonwealth of) Port Authority; Series 2021 E, RB (i) |
5.00% | 07/01/2046 | 790 | 829,032 | ||||||||||
9,108,787 | ||||||||||||||
Michigan–4.40% |
||||||||||||||
Academy of Warren; Series 2020 A, RB (e) |
5.50% | 05/01/2050 | 250 | 240,674 | ||||||||||
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (b)(o) |
5.00% | 09/25/2024 | 1,590 | 1,591,730 | ||||||||||
Lansing (City of), MI; Series 2024, RB (h) |
5.25% | 07/01/2054 | 2,735 | 3,023,748 | ||||||||||
Michigan (State of); |
||||||||||||||
Series 2023, RB |
5.00% | 11/15/2046 | 2,085 | 2,311,724 | ||||||||||
Series 2024, RB (h) |
5.50% | 11/15/2049 | 2,330 | 2,653,853 | ||||||||||
Michigan (State of) Building Authority (Facilities Program); Series 2016 I, RB (h) |
5.00% | 04/15/2041 | 2,190 | 2,249,316 | ||||||||||
Michigan (State of) Finance Authority (Landmark Academy); |
||||||||||||||
Series 2020, Ref. RB |
5.00% | 06/01/2035 | 125 | 123,255 | ||||||||||
Series 2020, Ref. RB |
5.00% | 06/01/2045 | 360 | 342,564 | ||||||||||
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 MI, RB (h)(j)(o) |
5.00% | 12/01/2046 | 2,965 | 3,030,337 | ||||||||||
Michigan (State of) Housing Development Authority; Series 2023 A, RB |
5.10% | 10/01/2053 | 1,460 | 1,536,546 | ||||||||||
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB (b)(i) |
4.00% | 10/01/2026 | 1,525 | 1,530,395 | ||||||||||
Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(i) |
5.00% | 06/30/2030 | 545 | 572,812 | ||||||||||
19,206,954 | ||||||||||||||
Minnesota–0.98% |
||||||||||||||
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB |
4.25% | 07/01/2047 | 400 | 365,002 | ||||||||||
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB |
5.00% | 02/15/2048 | 440 | 448,912 | ||||||||||
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission; Series 2024, RB (i) |
5.25% | 01/01/2049 | 1,245 | 1,348,684 | ||||||||||
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group); Series 2024, RB |
5.25% | 01/01/2054 | 1,260 | 1,377,423 | ||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB |
5.50% | 12/01/2057 | 500 | 517,453 | ||||||||||
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB |
5.00% | 12/01/2055 | 315 | 232,021 | ||||||||||
4,289,495 | ||||||||||||||
Mississippi–0.12% |
||||||||||||||
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB |
2.38% | 06/01/2044 | 830 | 541,432 | ||||||||||
Missouri–2.41% |
||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); |
||||||||||||||
Series 2011 A, Ref. RB |
5.50% | 09/01/2027 | 800 | 801,605 | ||||||||||
Series 2011 A, Ref. RB |
5.50% | 09/01/2028 | 1,670 | 1,673,350 | ||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); |
||||||||||||||
Series 2019 B, RB (i) |
5.00% | 03/01/2046 | 3,555 | 3,641,074 | ||||||||||
Series 2019 B, RB (INS - AGM) (f)(i) |
5.00% | 03/01/2049 | 745 | 760,833 | ||||||||||
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB |
5.25% | 05/15/2050 | 385 | 334,705 | ||||||||||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019, Ref. RB |
5.00% | 02/01/2048 | 245 | 250,788 | ||||||||||
St. Louis (City of), MO; Series 2024, RB (INS - AGM) (f) |
5.25% | 07/01/2054 | 1,000 | 1,102,147 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Missouri–(continued) |
||||||||||||||
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB |
5.00% | 09/01/2038 | $ | 1,375 | $ 1,396,361 | |||||||||
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB (e) |
6.00% | 10/01/2049 | 575 | 580,071 | ||||||||||
10,540,934 | ||||||||||||||
Nebraska–1.79% |
||||||||||||||
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB |
5.00% | 09/01/2042 | 2,810 | 3,102,444 | ||||||||||
Central Plains Energy Project (No. 5); Series 2022-1, RB(b) |
5.00% | 10/01/2029 | 630 | 662,087 | ||||||||||
Nebraska Investment Finance Authority; Series 2023 G, RB (CEP - GNMA) |
5.35% | 09/01/2048 | 785 | 823,738 | ||||||||||
Omaha (City of), NE Public Power District; |
||||||||||||||
Series 2021 A, RB (INS - AGM) (f) |
4.00% | 02/01/2051 | 1,545 | 1,503,750 | ||||||||||
Series 2022, RB (h)(j) |
5.25% | 02/01/2052 | 1,570 | 1,714,083 | ||||||||||
7,806,102 | ||||||||||||||
Nevada–1.05% |
||||||||||||||
Clark (County of), NV Water Reclamation District; Series 2024, GO Bonds (h) |
5.00% | 07/01/2053 | 3,965 | 4,308,380 | ||||||||||
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB (e) |
2.75% | 06/15/2028 | 305 | 296,811 | ||||||||||
4,605,191 | ||||||||||||||
New Hampshire–1.19% |
||||||||||||||
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB |
4.13% | 01/20/2034 | 219 | 221,636 | ||||||||||
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-1A, RB |
4.38% | 09/20/2036 | 1,220 | 1,242,655 | ||||||||||
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB |
5.00% | 08/01/2059 | 820 | 874,752 | ||||||||||
New Hampshire (State of) Housing Finance Authority; |
||||||||||||||
Series 2023 D, RB (CEP - GNMA) |
4.80% | 07/01/2043 | 800 | 826,416 | ||||||||||
Series 2023 D, RB (CEP - GNMA) |
5.13% | 07/01/2053 | 1,940 | 2,015,188 | ||||||||||
5,180,647 | ||||||||||||||
New Jersey–5.05% |
||||||||||||||
New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - BHAC) (f)(h) |
5.25% | 07/01/2026 | 6,625 | 6,923,655 | ||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |
||||||||||||||
Series 1999, RB (i) |
5.25% | 09/15/2029 | 295 | 295,281 | ||||||||||
Series 2012, RB (i) |
5.75% | 09/15/2027 | 400 | 400,522 | ||||||||||
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021 QQQ, RB |
4.00% | 06/15/2040 | 1,180 | 1,184,328 | ||||||||||
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB (i) |
5.38% | 01/01/2043 | 2,190 | 2,191,730 | ||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2017, RB |
4.00% | 07/01/2047 | 2,865 | 2,787,382 | ||||||||||
New Jersey (State of) Transportation Trust Fund Authority; |
||||||||||||||
Series 2018 A, RN (h)(j) |
5.00% | 06/15/2029 | 1,190 | 1,230,252 | ||||||||||
Series 2018 A, RN (h)(j) |
5.00% | 06/15/2030 | 405 | 417,807 | ||||||||||
Series 2018 A, RN (h)(j) |
5.00% | 06/15/2031 | 565 | 581,626 | ||||||||||
Series 2022, RB |
5.25% | 06/15/2046 | 1,070 | 1,172,299 | ||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||
Series 2018 A, Ref. RB |
5.00% | 06/01/2046 | 2,195 | 2,249,001 | ||||||||||
Series 2018 A, Ref. RB |
5.25% | 06/01/2046 | 1,250 | 1,295,833 | ||||||||||
Series 2018 B, Ref. RB |
5.00% | 06/01/2046 | 1,290 | 1,302,171 | ||||||||||
22,031,887 | ||||||||||||||
New York–20.85% |
||||||||||||||
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank N.A.) (e)(i)(q) |
5.25% | 12/31/2033 | 200 | 187,079 | ||||||||||
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB |
5.00% | 06/01/2045 | 2,070 | 1,928,169 | ||||||||||
Metropolitan Transportation Authority; Series 2005 D-1, Ref. VRD RB (LOC - Truist Bank)(l)(q) |
2.45% | 11/01/2035 | 4,000 | 4,000,000 | ||||||||||
Metropolitan Transportation Authority (Green Bonds); |
||||||||||||||
Series 2016 A-1, RB |
5.00% | 11/15/2041 | 1,510 | 1,540,979 | ||||||||||
Series 2020 A-1, RB (INS - AGM)(f) |
4.00% | 11/15/2041 | 875 | 877,403 | ||||||||||
Series 2020 A-1, RB (INS - BAM)(f) |
4.00% | 11/15/2053 | 295 | 285,739 | ||||||||||
Series 2020 C-1, RB |
5.25% | 11/15/2055 | 995 | 1,046,378 | ||||||||||
New York & New Jersey (States of) Port Authority; Series 2020 221, RB (i) |
4.00% | 07/15/2060 | 1,750 | 1,611,501 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
New York (City of), NY; |
||||||||||||||
Series 2020 C, GO Bonds |
5.00% | 08/01/2043 | $ | 1,835 | $ 1,967,917 | |||||||||
Subseries 2022 D-1, GO Bonds(h) |
5.25% | 05/01/2038 | 1,015 | 1,154,882 | ||||||||||
Subseries 2022 D-1, GO Bonds(h) |
5.25% | 05/01/2042 | 1,725 | 1,921,106 | ||||||||||
Subseries 2023 E-1, GO Bonds |
5.25% | 04/01/2047 | 1,130 | 1,248,254 | ||||||||||
New York (City of), NY Municipal Water Finance Authority; |
||||||||||||||
Series 2020 BB-1, RB |
4.00% | 06/15/2050 | 1,250 | 1,227,971 | ||||||||||
Series 2020 BB-1, RB |
5.00% | 06/15/2050 | 2,430 | 2,588,226 | ||||||||||
Series 2020, Ref. RB |
5.00% | 06/15/2050 | 1,225 | 1,304,764 | ||||||||||
New York (City of), NY Transitional Finance Authority; |
||||||||||||||
Series 2019 B-1, RB |
4.00% | 11/01/2045 | 1,405 | 1,379,861 | ||||||||||
Series 2023 F-1, RB |
4.00% | 02/01/2051 | 1,900 | 1,856,959 | ||||||||||
Series 2024 B, RB |
4.38% | 05/01/2053 | 1,640 | 1,666,501 | ||||||||||
New York (State of) Dormitory Authority; |
||||||||||||||
Series 2018 A, Ref. RB |
5.25% | 03/15/2039 | 925 | 992,865 | ||||||||||
Series 2018 E, RB (h) |
5.00% | 03/15/2046 | 4,260 | 4,468,885 | ||||||||||
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2022 1-B, RB |
4.00% | 07/01/2051 | 2,725 | 2,667,061 | ||||||||||
New York (State of) Power Authority; Series 2020 A, RB (h) |
4.00% | 11/15/2045 | 2,740 | 2,730,271 | ||||||||||
New York (State of) Power Authority (Green Bonds); Series 2020, RB (h) |
4.00% | 11/15/2055 | 3,130 | 3,084,220 | ||||||||||
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - AGM) (f) |
5.00% | 11/15/2053 | 1,305 | 1,441,802 | ||||||||||
New York (State of) Thruway Authority; |
||||||||||||||
Series 2019 B, RB |
4.00% | 01/01/2050 | 4,030 | 3,915,333 | ||||||||||
Series 2019 B, RB (INS - AGM) (f)(h)(j) |
4.00% | 01/01/2050 | 1,950 | 1,920,485 | ||||||||||
New York (State of) Thruway Authority (Group 3); Series 2021 A-1, Ref. RB |
4.00% | 03/15/2046 | 1,850 | 1,824,542 | ||||||||||
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB |
4.80% | 02/01/2053 | 945 | 956,156 | ||||||||||
New York Counties Tobacco Trust IV; |
||||||||||||||
Series 2005 A, RB |
5.00% | 06/01/2045 | 210 | 194,152 | ||||||||||
Series 2010 A, RB (e) |
6.25% | 06/01/2041 | 1,000 | 1,000,144 | ||||||||||
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB |
5.75% | 06/01/2043 | 2,370 | 2,424,564 | ||||||||||
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB (e) |
5.00% | 11/15/2044 | 4,375 | 4,378,662 | ||||||||||
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB |
4.00% | 03/15/2045 | 2,490 | 2,466,056 | ||||||||||
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); |
||||||||||||||
Series 2020, Ref. RB (i) |
5.25% | 08/01/2031 | 345 | 367,486 | ||||||||||
Series 2020, Ref. RB (i) |
5.38% | 08/01/2036 | 705 | 752,256 | ||||||||||
Series 2023, RB (i) |
5.38% | 06/30/2060 | 1,620 | 1,690,496 | ||||||||||
Series 2024, RB (INS - AGM) (f)(i) |
5.25% | 06/30/2060 | 1,310 | 1,390,325 | ||||||||||
Series 2024, RB (i) |
5.50% | 06/30/2060 | 1,200 | 1,279,050 | ||||||||||
New York Transportation Development Corp. (American Airlines, Inc.); |
||||||||||||||
Series 2016, Ref. RB (i) |
5.00% | 08/01/2026 | 550 | 550,836 | ||||||||||
Series 2016, Ref. RB (i) |
5.00% | 08/01/2031 | 1,000 | 1,001,125 | ||||||||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment); |
||||||||||||||
Series 2018, RB (i) |
5.00% | 01/01/2033 | 1,565 | 1,615,718 | ||||||||||
Series 2018, RB (i) |
5.00% | 01/01/2034 | 1,510 | 1,557,781 | ||||||||||
Series 2018, RB (i) |
5.00% | 01/01/2036 | 1,265 | 1,300,808 | ||||||||||
Series 2020, RB (i) |
5.00% | 10/01/2040 | 1,495 | 1,545,298 | ||||||||||
Series 2020, RB (i) |
4.38% | 10/01/2045 | 875 | 842,862 | ||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |
||||||||||||||
Series 2016 A, RB (i) |
5.00% | 07/01/2046 | 2,465 | 2,464,904 | ||||||||||
Series 2016 A, RB (i) |
5.25% | 01/01/2050 | 2,355 | 2,354,971 | ||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport); |
||||||||||||||
Series 2022, RB (i) |
5.00% | 12/01/2036 | 740 | 795,957 | ||||||||||
Series 2022, RB (i) |
5.00% | 12/01/2038 | 455 | 485,348 | ||||||||||
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB |
5.75% | 08/15/2043 | 1,295 | 1,312,217 | ||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |
||||||||||||||
Series 2020 A, RB |
5.00% | 11/15/2054 | 565 | 598,487 | ||||||||||
Series 2021 A, RB |
5.00% | 11/15/2056 | 835 | 886,979 | ||||||||||
Series 2022, RB (h) |
5.00% | 05/15/2051 | 4,090 | 4,358,396 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
New York–(continued) |
||||||||||||||
TSASC, Inc.; Series 2016 B, Ref. RB |
5.00% | 06/01/2045 | $ | 1,815 | $ 1,642,984 | |||||||||
91,053,171 | ||||||||||||||
North Carolina–0.30% |
||||||||||||||
North Carolina (State of) Housing Finance Agency (Social Bonds); Series 2023, RB (CEP - GNMA) |
4.90% | 07/01/2043 | 725 | 751,842 | ||||||||||
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2024, RB (INS - AGM) (f)(g) |
0.00% | 01/01/2053 | 2,250 | 578,535 | ||||||||||
1,330,377 | ||||||||||||||
North Dakota–0.68% |
||||||||||||||
Ward (County of), ND (Trinity Obligated Group); |
||||||||||||||
Series 2017 C, RB |
5.00% | 06/01/2048 | 1,750 | 1,712,954 | ||||||||||
Series 2017 C, RB |
5.00% | 06/01/2053 | 1,305 | 1,256,084 | ||||||||||
2,969,038 | ||||||||||||||
Ohio–4.55% |
||||||||||||||
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB |
5.25% | 11/15/2046 | 645 | 654,166 | ||||||||||
Buckeye Tobacco Settlement Financing Authority; |
||||||||||||||
Series 2020 A-2, Ref. RB |
4.00% | 06/01/2048 | 3,265 | 2,979,179 | ||||||||||
Series 2020 B-2, Ref. RB |
5.00% | 06/01/2055 | 6,505 | 5,988,547 | ||||||||||
Series 2020 B-3, Ref. RB(g) |
0.00% | 06/01/2057 | 6,405 | 581,993 | ||||||||||
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB (e) |
6.50% | 01/01/2034 | 900 | 900,694 | ||||||||||
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB (i) |
5.38% | 09/15/2027 | 600 | 600,273 | ||||||||||
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB (e) |
5.00% | 06/01/2028 | 415 | 420,945 | ||||||||||
Cuyahoga (County of), OH (MetroHealth System); |
||||||||||||||
Series 2017, Ref. RB |
5.25% | 02/15/2047 | 875 | 891,912 | ||||||||||
Series 2017, Ref. RB |
5.50% | 02/15/2052 | 645 | 659,279 | ||||||||||
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2019, RB |
5.00% | 11/01/2048 | 1,010 | 1,155,663 | ||||||||||
Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB |
5.00% | 11/15/2049 | 1,230 | 1,445,184 | ||||||||||
Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB |
5.00% | 01/01/2046 | 1,135 | 1,127,562 | ||||||||||
Montgomery (County of), OH (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $807,152) (c)(d)(e) |
6.00% | 04/01/2038 | 823 | 57,640 | ||||||||||
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB |
5.00% | 02/15/2044 | 690 | 681,007 | ||||||||||
Ohio (State of) (University Hospitals Health System, Inc.); Series 2020 A, Ref. RB |
4.00% | 01/15/2050 | 1,865 | 1,731,924 | ||||||||||
19,875,968 | ||||||||||||||
Oklahoma–1.21% |
||||||||||||||
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB |
5.50% | 08/15/2052 | 2,825 | 2,915,402 | ||||||||||
Oklahoma (State of) Turnpike Authority; Series 2023, RB |
5.50% | 01/01/2053 | 885 | 976,394 | ||||||||||
Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB |
4.13% | 04/01/2053 | 665 | 653,508 | ||||||||||
Tulsa (City of), OK Airports Improvement Trust; |
||||||||||||||
Series 2000 A, Ref. RB (i) |
5.50% | 06/01/2035 | 250 | 250,412 | ||||||||||
Series 2001 C, Ref. RB (i) |
5.50% | 12/01/2035 | 475 | 475,770 | ||||||||||
5,271,486 | ||||||||||||||
Ontario–0.15% |
||||||||||||||
Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB(e) |
6.00% | 10/05/2040 | 626 | 661,827 | ||||||||||
Oregon–1.25% |
||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB |
5.38% | 11/15/2055 | 375 | 376,114 | ||||||||||
Oregon (State of); Series 2019, GO Bonds (h)(j) |
5.00% | 08/01/2044 | 2,500 | 2,659,397 | ||||||||||
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB (i) |
5.50% | 07/01/2053 | 1,070 | 1,167,231 | ||||||||||
Portland (Port of), OR (Portland International Airport); Series 2022 28, RB (i) |
5.00% | 07/01/2052 | 1,200 | 1,250,084 | ||||||||||
5,452,826 | ||||||||||||||
Pennsylvania–3.89% |
||||||||||||||
Allegheny (County of), PA Airport Authority (Pittsburgh Airport); Series 2023 A, RB (INS - AGM) (f)(i) |
5.50% | 01/01/2048 | 1,025 | 1,127,210 | ||||||||||
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB |
4.00% | 04/01/2044 | 625 | 590,046 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Pennsylvania–(continued) |
||||||||||||||
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM) (f)(g) |
0.00% | 10/01/2036 | $ | 500 | $ 304,070 | |||||||||
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); Series 2018, Ref. RB |
5.00% | 12/01/2025 | 500 | 500,021 | ||||||||||
Lancaster (County of), PA Hospital Authority (Penn State Health); Series 2021, RB |
5.00% | 11/01/2051 | 510 | 527,371 | ||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); |
||||||||||||||
Series 2022, RB (i) |
5.25% | 06/30/2053 | 1,505 | 1,580,445 | ||||||||||
Series 2022, RB (INS - AGM) (f)(i) |
5.00% | 12/31/2057 | 750 | 781,898 | ||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); |
||||||||||||||
Series 2021 A, Ref. RB |
4.00% | 10/15/2037 | 690 | 699,357 | ||||||||||
Series 2023 A-2, RB |
4.00% | 05/15/2048 | 410 | 391,806 | ||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission; |
||||||||||||||
Series 2014 A, RB |
4.75% | 12/01/2037 | 740 | 759,161 | ||||||||||
Series 2014 A-2, RB |
5.13% | 12/01/2039 | 1,000 | 1,072,888 | ||||||||||
Series 2019 A, RB |
5.00% | 12/01/2049 | 165 | 173,940 | ||||||||||
Series 2020 B, RB |
5.00% | 12/01/2050 | 445 | 472,166 | ||||||||||
Series 2021 A, RB |
4.00% | 12/01/2050 | 930 | 876,068 | ||||||||||
Series 2024 C, RB |
5.25% | 12/01/2054 | 1,100 | 1,219,156 | ||||||||||
Philadelphia (City of), PA; |
||||||||||||||
Series 2017 B, Ref. RB (i) |
5.00% | 07/01/2042 | 2,345 | 2,387,388 | ||||||||||
Series 2017 B, Ref. RB (i) |
5.00% | 07/01/2047 | 610 | 617,362 | ||||||||||
Series 2021, Ref. RB (INS - AGM) (f)(i) |
4.00% | 07/01/2046 | 1,275 | 1,224,571 | ||||||||||
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB |
5.50% | 11/01/2060 | 1,255 | 1,360,978 | ||||||||||
Philadelphia (City of), PA Authority for Industrial Development (String Theory Charter School); Series 2020, Ref. RB (e) |
5.00% | 06/15/2050 | 310 | 311,142 | ||||||||||
16,977,044 | ||||||||||||||
Puerto Rico–5.61% |
||||||||||||||
Children’s Trust Fund; |
||||||||||||||
Series 2002, RB |
5.50% | 05/15/2039 | 1,905 | 1,914,848 | ||||||||||
Series 2002, RB |
5.63% | 05/15/2043 | 1,110 | 1,122,889 | ||||||||||
Series 2005 A, RB (g) |
0.00% | 05/15/2050 | 4,515 | 872,361 | ||||||||||
Series 2005 B, RB (g) |
0.00% | 05/15/2055 | 2,000 | 224,717 | ||||||||||
Series 2008 A, RB (g) |
0.00% | 05/15/2057 | 14,115 | 971,521 | ||||||||||
Series 2008 B, RB (g) |
0.00% | 05/15/2057 | 28,010 | 1,740,317 | ||||||||||
Puerto Rico (Commonwealth of); |
||||||||||||||
Series 2021 A-1, GO Bonds |
5.63% | 07/01/2027 | 875 | 911,419 | ||||||||||
Series 2021 A-1, GO Bonds |
4.00% | 07/01/2035 | 945 | 932,693 | ||||||||||
Series 2021 A-1, GO Bonds |
4.00% | 07/01/2037 | 740 | 723,965 | ||||||||||
Series 2021 A-1, GO Bonds |
4.00% | 07/01/2041 | 455 | 432,460 | ||||||||||
Subseries 2022, RN (g) |
0.00% | 11/01/2043 | 555 | 351,628 | ||||||||||
Subseries 2022, RN (g) |
0.00% | 11/01/2051 | 1,059 | 679,166 | ||||||||||
Puerto Rico (Commonwealth of) Electric Power Authority; |
||||||||||||||
Series 2007 VV, Ref. RB (Acquired 04/07/2020-04/28/2020; Cost $1,450,238) (INS - NATL)(d)(f) |
5.25% | 07/01/2032 | 1,440 | 1,423,213 | ||||||||||
Series 2007 VV, Ref. RB (Acquired 06/27/2018; Cost $556,510) (INS - NATL) (d)(f) |
5.25% | 07/01/2033 | 550 | 544,013 | ||||||||||
Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $504,263) (INS - NATL) (d)(f) |
5.25% | 07/01/2035 | 480 | 471,995 | ||||||||||
Puerto Rico Sales Tax Financing Corp.; |
||||||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2027 | 335 | 301,340 | ||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2029 | 785 | 654,208 | ||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2031 | 1,830 | 1,405,216 | ||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2033 | 650 | 458,615 | ||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2046 | 6,175 | 2,082,170 | ||||||||||
Series 2018 A-1, RB(g) |
0.00% | 07/01/2051 | 8,095 | 1,986,613 | ||||||||||
Series 2018 A-1, RB |
4.75% | 07/01/2053 | 1,138 | 1,129,464 | ||||||||||
Series 2018 A-1, RB |
5.00% | 07/01/2058 | 1,605 | 1,612,098 | ||||||||||
Series 2019 A-2, RB |
4.33% | 07/01/2040 | 920 | 909,872 | ||||||||||
Series 2019 A-2, RB |
4.78% | 07/01/2058 | 630 | 623,391 | ||||||||||
24,480,192 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Rhode Island–0.53% |
||||||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||
Series 2015 A, Ref. RB |
5.00% | 06/01/2035 | $ | 530 | $ 534,513 | |||||||||
Series 2015 B, Ref. RB |
5.00% | 06/01/2050 | 1,755 | 1,756,754 | ||||||||||
2,291,267 | ||||||||||||||
South Carolina–1.88% |
||||||||||||||
Dorchester (County of), SC; Series 2023, RB |
5.50% | 10/01/2051 | 1,000 | 1,003,148 | ||||||||||
Patriots Energy Group Financing Agency; Series 2023 A-1, RB(b) |
5.25% | 08/01/2031 | 1,485 | 1,604,734 | ||||||||||
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); |
||||||||||||||
Series 2024, RB |
5.50% | 11/01/2050 | 380 | 426,794 | ||||||||||
Series 2024, RB |
5.50% | 11/01/2054 | 630 | 703,306 | ||||||||||
South Carolina (State of) Ports Authority; Series 2015, RB (b)(i)(o) |
5.25% | 07/01/2025 | 2,620 | 2,667,536 | ||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper); |
||||||||||||||
Series 2022 A, RB |
4.00% | 12/01/2052 | 675 | 633,219 | ||||||||||
Series 2024 B, Ref. RB (INS - AGM) (f) |
5.00% | 12/01/2040 | 1,060 | 1,188,617 | ||||||||||
8,227,354 | ||||||||||||||
South Dakota–0.93% |
||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2017, Ref. RB |
5.00% | 07/01/2046 | 1,530 | 1,558,260 | ||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB |
5.00% | 11/01/2044 | 1,670 | 1,671,702 | ||||||||||
South Dakota (State of) Housing Development Authority; Series 2023 G, RB (CEP - GNMA) |
4.90% | 11/01/2043 | 805 | 835,385 | ||||||||||
4,065,347 | ||||||||||||||
Tennessee–6.87% |
||||||||||||||
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); Series 2019 A-2, Ref. RB |
5.00% | 08/01/2049 | 935 | 964,028 | ||||||||||
Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System); Series 2024, Ref. RB |
5.25% | 12/01/2054 | 780 | 841,962 | ||||||||||
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB |
5.00% | 07/01/2037 | 1,345 | 1,399,032 | ||||||||||
Johnson City (City of), TN Health & Educational Facilities Board (Mountain States Health Alliance); Series 2000 A, Ref. RB (INS - NATL) (f)(g) |
0.00% | 07/01/2026 | 12,525 | 11,746,703 | ||||||||||
Kingsport (City of), TN; Series 2023, GO Bonds |
4.13% | 03/01/2053 | 1,560 | 1,532,102 | ||||||||||
Knox (County of) & Knoxville (City of), TN City Sports Authority; Series 2024, RB (h) |
6.00% | 12/01/2054 | 2,190 | 2,528,653 | ||||||||||
Knoxville (City of), TN; Series 2022 OO, RB |
4.00% | 07/01/2052 | 2,375 | 2,307,281 | ||||||||||
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB (i) |
5.00% | 07/01/2043 | 885 | 905,440 | ||||||||||
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB (i) |
5.00% | 07/01/2054 | 715 | 732,991 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB |
5.00% | 10/01/2037 | 1,000 | 1,034,256 | ||||||||||
Shelby (County of), TN Health, Educational & Housing Facilities Board; Series 2008, VRD RB (INS - AGM) (f)(l) |
2.45% | 06/01/2042 | 4,000 | 4,000,000 | ||||||||||
Tennessee Energy Acquisition Corp.; Series 2021 A, RB (b) |
5.00% | 11/01/2031 | 1,875 | 1,997,395 | ||||||||||
29,989,843 | ||||||||||||||
Texas–15.99% |
||||||||||||||
Austin (City of), TX; Series 2022, RB (i) |
5.25% | 11/15/2047 | 880 | 944,873 | ||||||||||
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.25% | 02/15/2053 | 845 | 838,303 | ||||||||||
Central Texas Regional Mobility Authority; Series 2020 A, Ref. RB |
5.00% | 01/01/2049 | 735 | 766,949 | ||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2021 T, RB (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2047 | 910 | 883,804 | ||||||||||
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB |
5.75% | 08/15/2033 | 1,250 | 1,272,424 | ||||||||||
Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.13% | 08/15/2048 | 755 | 750,605 | ||||||||||
Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.25% | 02/01/2053 | 1,260 | 1,248,052 | ||||||||||
Denton (County of), TX; Series 2023, Ref. GO Bonds |
4.00% | 07/15/2048 | 3,180 | 3,089,065 | ||||||||||
El Paso (City of), TX; Series 2022 A, RB |
4.00% | 03/01/2048 | 2,295 | 2,248,188 | ||||||||||
Greater Texoma Utility Authority (City of Sherman); |
||||||||||||||
Series 2023 A, RB (INS - BAM) (f) |
4.38% | 10/01/2053 | 1,000 | 1,001,357 | ||||||||||
Series 2023, RB (INS - AGM) (f) |
4.25% | 10/01/2053 | 1,065 | 1,046,725 | ||||||||||
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB |
4.00% | 08/15/2050 | 965 | 926,845 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Texas–(continued) |
||||||||||||||
Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGM) (f)(i) |
5.25% | 07/01/2048 | $ | 1,290 | $ 1,381,599 | |||||||||
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB (i) |
4.00% | 07/01/2041 | 435 | 421,546 | ||||||||||
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB (i) |
5.00% | 07/15/2028 | 375 | 386,556 | ||||||||||
Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.25% | 02/15/2053 | 1,045 | 1,036,718 | ||||||||||
Lamar Consolidated Independent School District; Series 2023, GO Bonds |
4.00% | 02/15/2053 | 1,390 | 1,329,875 | ||||||||||
Lockhart Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.13% | 08/01/2048 | 1,000 | 994,395 | ||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB |
5.50% | 05/15/2047 | 880 | 979,631 | ||||||||||
Matagorda County Navigation District No. 1 (Houston Lighting & Power Co.); Series 1997, Ref. RB (INS - AMBAC) (f)(i) |
5.13% | 11/01/2028 | 5,000 | 5,229,399 | ||||||||||
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB (e)(i) |
4.63% | 10/01/2031 | 2,305 | 2,308,312 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 B, RB(c) |
5.00% | 07/01/2047 | 1,000 | 400,000 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |
||||||||||||||
Series 2021 A-1, RB |
7.50% | 11/15/2037 | 60 | 48,081 | ||||||||||
Series 2021, RB |
2.00% | 11/15/2061 | 1,665 | 628,082 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB |
5.00% | 07/01/2046 | 1,080 | 879,391 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University); Series 2014 A, RB (INS - AGM)(f) |
5.00% | 04/01/2046 | 830 | 830,052 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas); Series 2017 A, Ref. RB |
5.00% | 08/15/2047 | 1,075 | 1,098,411 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB (e) |
4.00% | 08/15/2051 | 920 | 782,182 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); |
||||||||||||||
Series 2017, Ref. RB |
5.00% | 01/01/2042 | 370 | 371,102 | ||||||||||
Series 2017, Ref. RB |
5.00% | 01/01/2047 | 460 | 454,482 | ||||||||||
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |
||||||||||||||
Series 2018, Ref. RB |
5.00% | 10/01/2027 | 175 | 174,205 | ||||||||||
Series 2018, Ref. RB |
5.00% | 10/01/2028 | 1,000 | 995,592 | ||||||||||
Series 2020, RB |
5.25% | 10/01/2055 | 1,680 | 1,543,047 | ||||||||||
North East Texas Regional Mobility Authority; Series 2016 A, RB |
5.00% | 01/01/2041 | 1,895 | 1,922,807 | ||||||||||
Pasadena Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2048 | 1,230 | 1,351,236 | ||||||||||
San Antonio (City of), TX; Series 2023 A, Ref. RB |
5.25% | 02/01/2046 | 2,295 | 2,540,768 | ||||||||||
Tarrant (County of), TX Hospital District; |
||||||||||||||
Series 2023, GO Bonds |
4.25% | 08/15/2048 | 600 | 601,421 | ||||||||||
Series 2023, GO Bonds |
4.25% | 08/15/2053 | 1,705 | 1,692,700 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); |
||||||||||||||
Series 2016, Ref. RB |
5.00% | 05/15/2037 | 1,790 | 1,794,781 | ||||||||||
Series 2016, Ref. RB |
5.00% | 05/15/2045 | 755 | 723,017 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |
||||||||||||||
Series 2007, RB (Acquired 12/19/2007; Cost $314,153) (c)(d) |
5.75% | 02/15/2025 | 335 | 184,250 | ||||||||||
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,504,009) (c)(d) |
6.38% | 02/15/2048 | 1,490 | 819,500 | ||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |
||||||||||||||
Series 2020, Ref. RB |
6.63% | 11/15/2041 | 60 | 58,404 | ||||||||||
Series 2020, Ref. RB |
6.75% | 11/15/2051 | 60 | 56,917 | ||||||||||
Series 2020, Ref. RB |
6.88% | 11/15/2055 | 60 | 57,153 | ||||||||||
Texas (State of) Transportation Commission; Series 2019, RB (g) |
0.00% | 08/01/2040 | 1,500 | 721,306 | ||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System); |
||||||||||||||
Series 2015 B, Ref. RB (b)(g)(o) |
0.00% | 11/04/2024 | 2,650 | 1,585,319 | ||||||||||
Series 2015 B, Ref. RB (b)(g)(o) |
0.00% | 11/04/2024 | 955 | 545,828 | ||||||||||
Series 2015 C, Ref. RB (b)(o) |
5.00% | 11/04/2024 | 1,495 | 1,499,531 | ||||||||||
Texas (State of) Water Development Board; |
||||||||||||||
Series 2022, RB (h) |
5.00% | 10/15/2047 | 2,510 | 2,725,390 | ||||||||||
Series 2023 A, RB |
4.88% | 10/15/2048 | 1,865 | 1,999,608 | ||||||||||
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2053 | 1,065 | 1,028,931 | ||||||||||
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB |
6.25% | 12/15/2026 | 2,250 | 2,327,515 | ||||||||||
Texas Private Activity Bond Surface Transportation Corp.; Series 2023, Ref. RB (i) |
5.50% | 06/30/2041 | 1,150 | 1,243,575 | ||||||||||
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB |
5.25% | 08/15/2042 | 5 | 5,002 | ||||||||||
Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation |
4.00% | 02/01/2053 | 1,855 | 1,768,912 | ||||||||||
Waller Consolidated Independent School District; Series 2023, GO Bonds (INS - BAM) (f) |
4.00% | 02/15/2053 | 2,510 | 2,342,600 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Texas–(continued) |
||||||||||||||
Wylie Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School Fund) (h) |
5.25% | 08/15/2054 | $ | 2,665 | $ 2,942,385 | |||||||||
69,828,704 | ||||||||||||||
Utah–2.18% |
||||||||||||||
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds (e) |
4.00% | 03/01/2051 | 500 | 425,501 | ||||||||||
Military Installation Development Authority; Series 2021 A-2, RB |
4.00% | 06/01/2052 | 500 | 421,488 | ||||||||||
Salt Lake City (City of), UT; |
||||||||||||||
Series 2018 A, RB (i) |
5.00% | 07/01/2048 | 1,110 | 1,136,105 | ||||||||||
Series 2021 A, RB (i) |
5.00% | 07/01/2046 | 620 | 647,261 | ||||||||||
Series 2023 A, RB (i) |
5.50% | 07/01/2053 | 2,180 | 2,384,814 | ||||||||||
Utah (County of), UT (IHC Health Services, Inc.); Series 2016 B, RB |
4.00% | 05/15/2047 | 1,515 | 1,437,242 | ||||||||||
Utah (State of) Charter School Finance Authority (Ogden Preparatory Academy); Series 2022 A, Ref. RB |
4.50% | 10/15/2052 | 1,055 | 1,026,405 | ||||||||||
Utah Housing Corp.; Series 2024 A, RB (CEP - GNMA) |
4.90% | 01/01/2049 | 1,165 | 1,191,196 | ||||||||||
Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB |
4.38% | 06/01/2040 | 835 | 859,139 | ||||||||||
9,529,151 | ||||||||||||||
Virginia–3.07% |
||||||||||||||
Chesapeake (City of), VA Expressway; Series 2012 A, RB (b)(o) |
5.00% | 10/11/2024 | 1,900 | 1,903,583 | ||||||||||
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2022 A, RB |
4.00% | 07/01/2052 | 1,560 | 1,521,392 | ||||||||||
Isle Wight (County of), VA Economic Development Authority (Riverside Health System); Series 2023, RB (INS - AGM) (f) |
5.25% | 07/01/2053 | 1,020 | 1,113,163 | ||||||||||
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB (e) |
5.00% | 09/01/2045 | 250 | 250,407 | ||||||||||
Roanoke (County of), VA Economic Development Authority; Series 2024, Ref. RB (b) |
5.50% | 09/01/2035 | 110 | 109,687 | ||||||||||
Virginia (Commonwealth of) Housing Development Authority; Series 2023 F, RB (CEP - Federal Housing Administration) |
5.25% | 11/01/2053 | 870 | 901,851 | ||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB (i) |
5.00% | 01/01/2037 | 2,560 | 2,722,710 | ||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes); |
||||||||||||||
Series 2022, Ref. RB (i) |
5.00% | 12/31/2047 | 425 | 445,373 | ||||||||||
Series 2022, Ref. RB (i) |
5.00% | 12/31/2057 | 1,215 | 1,259,888 | ||||||||||
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); |
||||||||||||||
Series 2017, RB (i) |
5.00% | 12/31/2049 | 610 | 620,072 | ||||||||||
Series 2017, RB (i) |
5.00% | 12/31/2056 | 2,505 | 2,538,386 | ||||||||||
13,386,512 | ||||||||||||||
Washington–2.81% |
||||||||||||||
Kalispel Tribe of Indians; Series 2018 B, RB (e) |
5.00% | 01/01/2032 | 700 | 725,579 | ||||||||||
Seattle (City of), WA; Series 2022, Ref. RB |
5.00% | 07/01/2052 | 1,865 | 2,002,294 | ||||||||||
Tacoma (City of), WA; Series 2023, RB (h) |
4.00% | 12/01/2047 | 2,070 | 2,044,478 | ||||||||||
Washington (State of) (Bid Group 2); Series 2024 A, GO Bonds |
5.00% | 08/01/2044 | 1,400 | 1,552,038 | ||||||||||
Washington (State of) Convention Center Public Facilities District; Series 2018, RB |
5.00% | 07/01/2048 | 2,605 | 2,657,053 | ||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); |
||||||||||||||
Series 2020, Ref. RB |
4.00% | 09/01/2045 | 925 | 866,116 | ||||||||||
Series 2020, Ref. RB |
5.00% | 09/01/2055 | 1,000 | 1,041,304 | ||||||||||
Washington (State of) Housing Finance Commission (Bayview Manor Homes); |
||||||||||||||
Series 2016 A, Ref. RB (e) |
5.00% | 07/01/2046 | 325 | 304,469 | ||||||||||
Series 2016 A, Ref. RB (e) |
5.00% | 07/01/2051 | 270 | 245,884 | ||||||||||
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, Revenue Ctfs. |
3.50% | 12/20/2035 | 885 | 840,548 | ||||||||||
12,279,763 | ||||||||||||||
West Virginia–0.46% |
||||||||||||||
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2020, Ref. RB (e) |
7.50% | 06/01/2043 | 620 | 668,715 | ||||||||||
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB |
4.25% | 06/01/2047 | 1,340 | 1,327,648 | ||||||||||
1,996,363 |
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
Wisconsin–4.68% |
||||||||||||||||
Wisconsin (State of) Center District; |
||||||||||||||||
Series 2020 D, RB (INS - AGM) (f)(g) |
0.00 | % | 12/15/2050 | $ | 4,885 | $ | 1,465,587 | |||||||||
Series 2020 D, RB (INS - AGM) (f)(g) |
0.00 | % | 12/15/2060 | 21,940 | 4,018,895 | |||||||||||
Series 2022, RB (e) |
5.25 | % | 12/15/2061 | 1,280 | 1,303,667 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); Series 2021, RB |
4.00 | % | 08/15/2051 | 2,085 | 1,934,549 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective Medicine Facility); Series 2024, RB (e) |
5.00 | % | 08/01/2027 | 1,250 | 1,284,168 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB |
4.00 | % | 04/01/2042 | 1,875 | 1,838,118 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Gundersen Health system); Series 2021 A, Ref. RB |
3.00 | % | 10/15/2038 | 625 | 549,206 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin); Series 2022, Ref. RB |
4.00 | % | 12/01/2051 | 1,150 | 1,089,852 | |||||||||||
Wisconsin (State of) Housing & Economic Development Authority; Series 2023 D, RB |
4.95 | % | 11/01/2054 | 930 | 967,629 | |||||||||||
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB (c)(e) |
6.75 | % | 08/01/2031 | 685 | 602,800 | |||||||||||
Wisconsin (State of) Public Finance Authority (Explore Academy); |
||||||||||||||||
Series 2020 A, RB (e) |
6.13 | % | 02/01/2050 | 310 | 298,218 | |||||||||||
Series 2022 A, RB (e) |
6.13 | % | 02/01/2050 | 335 | 322,268 | |||||||||||
Wisconsin (State of) Public Finance Authority (Mallard Creek STEM Academy); Series 2019 A, RB (e) |
5.13 | % | 06/15/2039 | 465 | 466,337 | |||||||||||
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(e) |
6.38 | % | 01/01/2048 | 490 | 220,500 | |||||||||||
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); |
||||||||||||||||
Series 2018 A, RB |
5.20 | % | 12/01/2037 | 1,255 | 1,284,016 | |||||||||||
Series 2018 A, RB |
5.35 | % | 12/01/2045 | 1,255 | 1,273,509 | |||||||||||
Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB (e) |
5.63 | % | 12/15/2030 | 850 | 852,937 | |||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB |
5.75 | % | 04/01/2035 | 670 | 678,450 | |||||||||||
20,450,706 | ||||||||||||||||
Wyoming–0.18% |
||||||||||||||||
University of Wyoming; Series 2021 C, RB (INS - AGM) (f) |
4.00 | % | 06/01/2044 | 805 | 788,361 | |||||||||||
Total Municipal Obligations (Cost $668,534,905) |
675,805,448 | |||||||||||||||
Shares |
||||||||||||||||
Exchange-Traded Funds–0.18% |
||||||||||||||||
Invesco Municipal Strategic Income ETF (Cost $758,488) (r) |
14,890 | 764,971 | ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES (s) –154.95% (Cost $669,293,393) |
676,570,419 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS–(12.40)% |
||||||||||||||||
Notes with interest and fee rates ranging from 3.46% to 3.72% at 08/31/2024 and contractual maturities of collateral ranging from 07/01/2026 to 11/15/2055 (See Note 1J) (t) |
(54,160,000 | ) | ||||||||||||||
VARIABLE RATE MUNI TERM PREFERRED SHARES–(42.03)% |
(183,536,943 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES–(0.52)% |
(2,224,464 | ) | ||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% |
$ | 436,649,012 | ||||||||||||||
AGM | – Assured Guaranty Municipal Corp. | |
AMBAC | – American Municipal Bond Assurance Corp. | |
BAM | – Build America Mutual Assurance Co. | |
BHAC | – Berkshire Hathaway Assurance Corp. | |
CEP | – Credit Enhancement Provider | |
Ctfs. | – Certificates | |
ETF | – Exchange-Traded Fund | |
FHLMC | – Federal Home Loan Mortgage Corp. | |
GNMA | – Government National Mortgage Association | |
GO | – General Obligation | |
IDR | – Industrial Development Revenue Bonds | |
INS | – Insurer | |
LOC | – Letter of Credit | |
NATL | – National Public Finance Guarantee Corp. | |
RAC | – Revenue Anticipation Certificates | |
RB | – Revenue Bonds | |
Ref. | – Refunding | |
RN | – Revenue Notes | |
SIFMA | – Securities Industry and Financial Markets Association | |
VRD | – Variable Rate Demand |
(a) |
Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
(b) |
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) |
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2024 was $3,992,168, which represented less than 1% of the Trust’s Net Assets. |
(d) |
Restricted security. The aggregate value of these securities at August 31, 2024 was $6,047,843, which represented 1.39% of the Trust’s Net Assets. |
(e) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $34,950,938, which represented 8.00% of the Trust’s Net Assets. |
(f) |
Principal and/or interest payments are secured by the bond insurance company listed. |
(g) |
Zero coupon bond issued at a discount. |
(h) |
Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(i) |
Security subject to the alternative minimum tax. |
(j) |
Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $12,435,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(k) |
Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(l) |
Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024. |
(m) |
Security valued using significant unobservable inputs (Level 3). See Note 3. |
(n) |
The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun. |
(o) |
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(p) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024. |
(q) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(r) |
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Trust owns 5% or more of the outstanding voting securities. The table below shows the Trust’s transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2024. |
Value February 29, 2024 |
Purchases at Cost |
Proceeds from Sales |
Change in Unrealized Appreciation |
Realized Gain |
Value August 31, 2024 |
Dividend Income | ||||||||
Invesco Municipal Strategic Income ETF |
$760,292 | $- | $- | $4,679 | $- | $764,971 | $15,361 | |||||||
(s) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entity |
Percent |
|||
Assured Guaranty Municipal Corp. |
5.54% | |||
(t) |
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2024. At August 31, 2024, the Trust’s investments with a value of $80,117,293 are held by TOB Trusts and serve as collateral for the $54,160,000 in the floating rate note obligations outstanding at that date. |
Revenue Bonds |
83.78% | |||
General Obligation Bonds |
12.37 | |||
Pre-Refunded Bonds |
2.25 | |||
Other |
1.60 | |||
Assets: |
||||
Investments in unaffiliated securities, at value (Cost $668,534,905) |
$ | 675,805,448 | ||
Investments in affiliates, at value (Cost $758,488) |
764,971 | |||
Receivable for: |
||||
Investments sold |
100,352 | |||
Interest |
6,949,986 | |||
Investment for trustee deferred compensation and retirement plans |
28,591 | |||
Total assets |
683,649,348 | |||
Liabilities: |
||||
Floating rate note obligations |
54,160,000 | |||
Variable rate muni term preferred shares ($0.01 par value, 1,836 shares issued with liquidation preference of $100,000 per share) |
183,536,943 | |||
Payable for: |
||||
Investments purchased |
3,865,335 | |||
Dividends |
178,830 | |||
Amount due custodian |
4,272,368 | |||
Accrued fees to affiliates |
39,221 | |||
Accrued interest expense |
722,962 | |||
Accrued trustees’ and officers’ fees and benefits |
599 | |||
Accrued other operating expenses |
195,487 | |||
Trustee deferred compensation and retirement plans |
28,591 | |||
Total liabilities |
247,000,336 | |||
Net assets applicable to common shares |
$ | 436,649,012 | ||
Net assets applicable to common shares consist of: |
||||
Shares of beneficial interest – common shares |
$ | 497,790,756 | ||
Distributable earnings (loss) |
(61,141,744 | ) | ||
$ | 436,649,012 | |||
Common shares outstanding, no par value, with an unlimited number of common shares authorized: |
||||
Common shares outstanding |
44,406,020 | |||
Net asset value per common share |
$ | 9.83 | ||
Market value per common share |
$ | 9.00 | ||
Investment income: |
||||
Interest |
$ | 16,532,159 | ||
Dividends from affiliates |
15,361 | |||
Total investment income |
16,547,520 | |||
Expenses: |
||||
Advisory fees |
1,890,371 | |||
Administrative services fees |
32,517 | |||
Custodian fees |
4,465 | |||
Interest, facilities and maintenance fees |
5,950,203 | |||
Transfer agent fees |
14,130 | |||
Trustees’ and officers’ fees and benefits |
12,223 | |||
Registration and filing fees |
11,319 | |||
Reports to shareholders |
125,739 | |||
Professional services fees |
77,261 | |||
Other |
1,989 | |||
Total expenses |
8,120,217 | |||
Less: Fees waived |
(1,426 | ) | ||
Net expenses |
8,118,791 | |||
Net investment income |
8,428,729 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(437,016)) |
(1,598,100 | ) | ||
Change in net unrealized appreciation of: |
||||
Unaffiliated investment securities |
3,958,348 | |||
Affiliated investment securities |
4,679 | |||
3,963,027 | ||||
Net realized and unrealized gain |
2,364,927 | |||
Net increase in net assets resulting from operations applicable to common shares |
$ | 10,793,656 | ||
August 31, |
February 29, |
|||||||
2024 |
2024 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 8,428,729 | $ | 16,437,740 | ||||
Net realized gain (loss) |
(1,598,100 | ) | (8,714,683 | ) | ||||
Change in net unrealized appreciation |
3,963,027 | 25,646,345 | ||||||
Net increase from payments by affiliates |
– | 699,993 | ||||||
Net increase in net assets resulting from operations applicable to common shares |
10,793,656 | 34,069,395 | ||||||
Distributions to common shareholders from distributable earnings |
(12,096,200 | ) | (16,752,096 | ) | ||||
Return of capital applicable to common shares |
– | (317,578 | ) | |||||
Total distributions |
(12,096,200 | ) | (17,069,674 | ) | ||||
Net increase (decrease) in net assets applicable to common shares |
(1,302,544 | ) | 16,999,721 | |||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
437,951,556 | 420,951,835 | ||||||
End of period |
$ | 436,649,012 | $ | 437,951,556 | ||||
Cash provided by operating activities: |
||||
Net increase in net assets resulting from operations applicable to common shares |
$ | 10,793,656 | ||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
||||
Purchases of investments |
(35,184,666 | ) | ||
Proceeds from sales of investments |
56,886,389 | |||
Purchases of short-term investments, net |
(3,038,960 | ) | ||
Amortization (accretion) of premiums and discounts, net |
(975,276 | ) | ||
Net realized loss from investment securities |
1,598,100 | |||
Net change in unrealized appreciation on investment securities |
(3,963,027 | ) | ||
Change in operating assets and liabilities: |
||||
Decrease in receivables and other assets |
207,781 | |||
Increase in accrued expenses and other payables |
36,079 | |||
Net cash provided by operating activities |
26,360,076 | |||
Cash provided by (used in) financing activities: |
||||
Increase in payable for amount due custodian |
4,134,415 | |||
Dividends paid to common shareholders from distributable earnings |
(11,954,491 | ) | ||
Decrease in VMTP Shares, at liquidation value |
(32,400,000 | ) | ||
Proceeds from TOB Trusts |
16,205,000 | |||
Repayment of TOB Trusts |
(2,345,000 | ) | ||
Net cash provided by (used in) financing activities |
(26,360,076 | ) | ||
Net increase in cash and cash equivalents |
– | |||
Cash and cash equivalents at beginning of period |
– | |||
Cash and cash equivalents at end of period |
$ | – | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 5,963,487 | ||
Six Months Ended |
Year Ended |
Years Ended |
Year Ended | |||||||||||||||||||||||||||
August 31, |
February 29, |
February 28, |
February 29, | |||||||||||||||||||||||||||
2024 |
2024 |
2023 |
2022 |
2021 |
2020 | |||||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ 9.86 | $ 9.48 | $ 11.41 | $ 12.05 | $ 12.45 | $ 11.55 | ||||||||||||||||||||||||
Net investment income (a) |
0.19 | 0.37 | 0.44 | 0.54 | 0.58 | 0.51 | ||||||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
0.05 | 0.39 | (1.87 | ) | (0.60 | ) | (0.44 | ) | 0.93 | |||||||||||||||||||||
Total from investment operations |
0.24 | 0.76 | (1.43 | ) | (0.06 | ) | 0.14 | 1.44 | ||||||||||||||||||||||
Less: |
||||||||||||||||||||||||||||||
Dividends paid to common shareholders from net investment income |
(0.27 | ) | (0.37 | ) | (0.46 | ) | (0.58 | ) | (0.54 | ) | (0.52 | ) | ||||||||||||||||||
Return of capital |
– | (0.01 | ) | (0.04 | ) | – | – | (0.02 | ) | |||||||||||||||||||||
Total distributions |
(0.27 | ) | (0.38 | ) | (0.50 | ) | (0.58 | ) | (0.54 | ) | (0.54 | ) | ||||||||||||||||||
Net asset value per common share, end of period |
$ 9.83 | $ 9.86 | $ 9.48 | $ 11.41 | $ 12.05 | $ 12.45 | ||||||||||||||||||||||||
Market value per common share, end of period |
$ 9.00 | $ 8.53 | $ 8.54 | $ 11.03 | $ 11.49 | $ 11.21 | ||||||||||||||||||||||||
Total return at net asset value (b) |
2.83 | % | 8.94 | % (c) |
(12.28 | )% | (0.66 | )% | 1.75 | % | 13.11 | % | ||||||||||||||||||
Total return at market value (d) |
8.83 | % | 4.62 | % | (18.25 | )% | 0.72 | % | 7.75 | % | 10.24 | % | ||||||||||||||||||
Net assets applicable to common shares, end of period (000’s omitted) |
$436,649 | $437,952 | $420,952 | $506,768 | $534,747 | $552,872 | ||||||||||||||||||||||||
Portfolio turnover rate (e) |
5 | % | 36 | % | 42 | % | 14 | % | 20 | % | 9 | % | ||||||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares outstanding: |
||||||||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
3.71 | % (f) |
3.67 | % | 2.84 | % | 1.60 | % | 1.84 | % | 2.57 | % | ||||||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees |
0.99 | % (f) |
0.96 | % | 1.01 | % | 0.93 | % | 0.97 | % | 1.01 | % | ||||||||||||||||||
Without fee waivers and/or expense reimbursements |
3.71 | % (f) |
3.67 | % | 2.84 | % | 1.60 | % | 1.84 | % | 2.57 | % | ||||||||||||||||||
Ratio of net investment income to average net assets |
3.85 | % (f) |
3.89 | % | 4.48 | % | 4.45 | % | 4.89 | % | 4.26 | % | ||||||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000’s omitted) |
$183,600 | $216,000 | $216,000 | $216,000 | $216,000 | $216,000 | ||||||||||||||||||||||||
Asset coverage per preferred share (g) |
$337,826 | $302,755 | $294,885 | $334,615 | $347,568 | $355,959 | ||||||||||||||||||||||||
Liquidating preference per preferred share |
$100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
(a) |
Calculated using average shares outstanding. |
(b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable. |
(c) |
Amount includes the effect of the Adviser pay-in for an economic loss that occurred on October 4, 2023. Had the pay-in not been made the total return would have been 8.74%. |
(d) |
Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust’s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(e) |
Portfolio turnover is not annualized for periods less than one year, if applicable. |
(f) |
Annualized. |
(g) |
Calculated by subtracting the Trust’s total liabilities (not including preferred shares, at liquidation value) from the Trust’s total assets and dividing this by the total number of preferred shares outstanding. |
A. |
Security Valuations |
B |
Securities Transactions and Investment Income Pay-in-kind non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. |
Country Determination |
D. |
Distributions |
E. |
Federal Income Taxes |
Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust’s taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. |
Interest, Facilities and Maintenance Fees |
G. |
Accounting Estimates period-end date and before the date the financial statements are released to print. |
H. |
Indemnifications |
I. |
Cash and Cash Equivalents – |
J. |
Floating Rate Note Obligations |
K. |
Other Risks |
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities may be fair valued utilizing an independent pricing service. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Investments in Securities |
||||||||||||||||
Municipal Obligations |
$ | – | $ | 675,424,722 | $ | 380,726 | $ | 675,805,448 | ||||||||
Exchange-Traded Funds |
764,971 | – | – | 764,971 | ||||||||||||
Total Investments |
$ | 764,971 | $ | 675,424,722 | $ | 380,726 | $ | 676,570,419 | ||||||||
Capital Loss Carryforward* | ||||||
Expiration |
Short-Term |
Long-Term |
Total | |||
Not subject to expiration |
$31,065,418 | $30,726,233 | $61,791,651 | |||
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis |
||||
Aggregate unrealized appreciation of investments |
$ | 21,144,975 | ||
Aggregate unrealized (depreciation) of investments |
(15,211,008 | ) | ||
Net unrealized appreciation of investments |
$ | 5,933,967 | ||
Six Months Ended August 31, |
Year Ended February 29, |
|||||||
2024 |
2024 |
|||||||
Beginning shares |
44,406,020 | 44,406,020 | ||||||
Shares issued through dividend reinvestment |
– | – | ||||||
Ending shares |
44,406,020 | 44,406,020 |
Issue Date |
Shares Issued |
Term Redemption Date |
Extension Date | |||
05/15/2012 |
2,160 | 12/02/2024 | 04/14/2022 | |||
Declaration Date |
Amount per Share |
Record Date |
Payable Date |
|||||||
September 3, 2024 |
$0.0559 | September 17, 2024 | September 30, 2024 | |||||||
October 1, 2024 |
$0.0559 | October 16, 2024 | October 31, 2024 | |||||||
A. |
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. |
Fund Investment Performance |
C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
D. |
Economies of Scale and Breakpoints |
E. |
Profitability and Financial Resources |
F. |
Collateral Benefits to Invesco Advisers and its Affiliates |
Matter |
Votes For |
Votes Against/Withheld |
||||||||||||
(1) |
Elizabeth Krentzman | 34,415,739.65 | 3,465,903.52 | |||||||||||
Robert C. Troccoli | 34,393,896.65 | 3,487,746.52 | ||||||||||||
Carol Deckbar | 34,421,028.65 | 3,460,614.52 | ||||||||||||
Douglas Sharp | 34,399,672.65 | 3,481,970.52 | ||||||||||||
(2) |
Elizabeth Krentzman | 1,836.00 | 0.00 | |||||||||||
Robert C. Troccoli | 1,836.00 | 0.00 | ||||||||||||
Carol Deckbar | 1,836.00 | 0.00 | ||||||||||||
Douglas Sharp | 1,836.00 | 0.00 |
Matter |
Votes For |
Votes Against/Withheld |
Votes Abstain |
|||||||||||||||||||
(a) |
To amend the fundamental investment restriction regarding diversification | 20,409,652.58 | 2,133,428.78 | 869,113.82 | ||||||||||||||||||
(b) |
To amend the fundamental investment restriction regarding borrowing | 20,358,060.58 | 2,213,039.78 | 841,096.82 | ||||||||||||||||||
(c) |
To amend the fundamental investment restriction regarding issuing senior securities | 20,467,246.58 | 2,105,652.78 | 839,293.82 | ||||||||||||||||||
(d) |
To amend the fundamental investment restriction regarding underwriting securities issued by other persons | 20,378,208.58 | 2,180,532.78 | 853,455.82 | ||||||||||||||||||
(e) |
To amend the fundamental investment restriction regarding lending | 20,336,275.58 | 2,166,369.78 | 909,549.82 | ||||||||||||||||||
(f) |
To amend the fundamental investment restriction regarding purchasing and selling real estate | 20,182,983.58 | 2,413,353.78 | 815,857.82 | ||||||||||||||||||
(g) |
To amend the fundamental investment restriction regarding purchasing and selling commodities | 20,198,333.58 | 2,381,710.78 | 832,153.82 | ||||||||||||||||||
(h) |
To amend the fundamental investment restriction regarding industry concentration | 20,396,268.58 | 2,144,656.78 | 871,270.82 |
Matter |
Votes For |
Votes Against/Withheld |
Votes Abstain |
|||||||||||||||||||
(a) |
To remove the fundamental investment restriction regarding purchasing on margin | 20,139,588.58 | 2,312,230.78 | 960,379.82 | ||||||||||||||||||
(b) |
To remove the fundamental investment restriction(s) regarding making short sales, writing, purchasing or selling puts or calls or purchasing futures or options | 20,000,303.58 | 2,453,851.78 | 958,038.82 | ||||||||||||||||||
(c) |
To remove the fundamental investment restriction regarding investing for control or management | 20,101,691.58 | 2,357,617.78 | 952,886.82 | ||||||||||||||||||
(d) |
To remove the fundamental investment restriction regarding investing in other investment companies | 20,116,144.58 | 2,346,329.78 | 949,721.82 | ||||||||||||||||||
(e) |
To remove the fundamental investment restriction regarding investing in oil, gas or mineral exploration or development programs | 20,229,117.58 | 2,208,442.78 | 974,633.82 |
SEC file number(s): 811-07868 |
VK-CE-AMINC2-SAR-1 |
(b) Not applicable.
Item 2. Code of Ethics
Not applicable for a semi-annual report.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
Investments in securities of unaffiliated issuers is filed under Item 1 of this Form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
None.
Item 16. Controls and Procedures
(a) | As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
19(a)(1) Not applicable.
19(a)(2) Not applicable.
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: | Invesco Advantage Municipal Income Trust II | |
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 1, 2024 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Glenn Brightman | |
Glenn Brightman | ||
Principal Executive Officer | ||
Date: | November 1, 2024 |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | November 1, 2024 |