| ITEM 1. | REPORTS TO STOCKHOLDERS. |
(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940 is as follows: 
Annual Report to Shareholders |
February 29, 2024 | |
Invesco Trust for Investment Grade Municipals
NYSE:
Management’s Discussion of Trust Performance
Performance summary |
||||
For the fiscal year ended February 29, 2024, Invesco Trust for Investment Grade Municipals (the Trust), at net asset value (NAV), outperformed its style-specific benchmark, the S&P Municipal Bond 5+ Year Investment Grade Index. The Trust’s return can be calculated based on either the market price or the NAV of its shares. NAV per share is determined by dividing the value of the Trust’s portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two returns can differ, as they did during the fiscal year. |
||||
Performance |
||||
Total returns, 2/28/23 to 2/29/24 |
||||
Trust at NAV |
8.82 | % | ||
Trust at Market Value |
5.90 | |||
S&P Municipal Bond Index ▼ |
5.50 | |||
S&P Municipal Bond 5+ Year Investment Grade Index ▼ |
5.88 | |||
Market Price Discount to NAV as of 2/29/24 |
-13.44 | |||
Source(s): ▼ |
||||
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 1 year NAV total return would have been 8.72%.The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, 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. |
||||
Market conditions and your Trust
During the fiscal year ended February 29, 2024, investment grade municipal bonds returned 5.42%, high yield municipal bonds returned 8.30% and taxable municipal bonds returned 4.78%.
1
At the beginning of the fiscal year, investors were hopeful for the 2023 calendar year, despite ongoing concerns about inflation and interest rates; however, in March, the focus unexpectedly shifted as Silicon Valley Bank collapsed after a bank run, marking the second-largest bank failure in US history. Fears about the health of the global banking system ensued, and demand for perceived safe-haven asset classes increased, driving down Treasury and municipal yields. Although three other bank failures followed, fears of larger systemic instability faded in the following months.
Debt ceiling concerns dominated most of the second quarter of 2023. The US government could have defaulted on its debt obligations, causing economic fallout across the global economy, had congressional action not been taken in early June. After months of negotiations between the White House and congressional leaders, just ahead of the payment deadline, the US Congress passed and President Biden signed into law
on-and-off
the Fiscal Responsibility Act, an agreement that suspends the limit on the federal debt ceiling until 2025 in exchange for capping federal spending.
In its efforts to rein in inflation without harming employment or the overall economy, the Federal Reserve Board (the Fed) continued with its most aggressive monetary policy since the 1980s. The Fed raised the federal funds rate in March, May and July, bringing the target rate to 5.50%.
2
However, investor sentiment shifted in early November, as the Fed held interest rates steady and publicly backed away from the rate hike it had signaled for December. Bond yields fell, igniting a rally across the fixed income market, including municipal bonds. The rally continued through November and into December as inflation continued to ease, and US economic growth remained contained. In December, the Fed again left interest rates unchanged and adopted a transitory tone, suggesting to market participants that rate cuts might be coming in 2024.2
New municipal supply continued at a slow pace as issuers, with cash on their balance sheets, have been reluctant to issue at higher interest rates. However, 2024 began with the highest
tax-exempt
supply seen over a January-February period since 2007: $60 billion.1 This skewed the fiscal year’s new issu- ance total to $388 billion, up 15% from the previous year’s $338 billion. 2024 was also constructive in terms of inflows to municipal funds. Following two years of outsized inflows and outflows, the municipal market began its return to a more normalized trend as we finished the fiscal year.
1
Year-to-date
3
As a result of Puerto Rico’s restructuring of $22 billion of general obligation debt in March 2022, marking significant progress towards its long-winded bankruptcy process, the Commonwealth’s weight in the Bloomberg High Yield Municipal Bond Index increased from 13% in February 2019 to 17% in March 2022 as the newly restructured bonds reentered the index.
1
During the fiscal year, the focus turned to the Puerto Rico Electric and Power Authority (PREPA). As of February 29, 2024, bankruptcy negotiations and U.S. District Court proceedings related to PREPA were ongoing. Municipal bonds have a long history of low defaults as many are issued to fund essential services to Americans. This continues to be the case as evidenced by S&P rating changes – during calendar year 2023, S&P’s rating activity was positive, with 949 ratings upgraded versus 278 downgraded, translating to more than three upgrades for every downgrade.4 This positive dynamic, which we believe will continue, likely stems from benefits of the various federal stimulus measures, including the American Rescue Plan Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, as well as higher revenues collected by state and local governments.
We believe the valuable benefits of municipal bonds will prevail over current market volatility and economic uncertainty. We continue to rely on our experienced portfolio managers and credit analysts to weather the economic challenges while identifying marketplace opportunities to add long-term value for shareholders.
During the fiscal year, an overweight allocation to hospital bonds contributed to the Trust’s relative return compared to its style-specific benchmark. An overweight exposure to
non-rated†
bonds was additive to relative performance. On the state level, bonds domiciled in Wisconsin contributed to relative return. An underweight allocation to local general obligation bonds was detractive from relative return over the fiscal year. An underweight exposure to AAA and bonds detracted from relative return. On a state level, an underweight allocation to bonds domiciled in California detracted from relative performance.
AA-rated
†
One important factor affecting the Trust’s performance relative to its style-specific benchmark was the use of leverage. The Trust uses leverage because we believe that, over time, leveraging can provide opportunities for additional income and total return for common shareholders. However, the use of
2 |
Invesco Trust for Investment Grade Municipals |
leverage also can expose common shareholders to additional volatility. For example, if the prices of securities held by a trust decline, the negative effect of these valuation changes on common-share NAV and total return is magnified by the use of leverage. Conversely, leverage may enhance common-share returns during periods when the prices of securities held by a trust generally are rising.
Over the fiscal year, leverage contributed to the Trust’s performance relative to its style-specific benchmark. The Trust achieved a leveraged position through the use of inverse floating rate securities and variable rate muni term preferred (VMTP) shares. Inverse floating rate securities or tender option bonds (TOBs) are instruments that have an inverse relationship to a referenced interest rate. VMTPs are a variable rate form of preferred stock with a mandatory redemption date. Inverse floating rate securities and VMTPs can be an efficient way to manage duration, yield curve exposure and credit exposure, potentially enhancing yield. At the close of the fiscal year, leverage accounted for 34% of the Trust’s total assets and it contributed to returns. For more information about the Trust’s use of leverage, see the Notes to Financial Statements later in this report.
We wish to remind you that the Trust is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates, as well as individual security characteristics, such as price, maturity, duration and coupon and market forces, such as supply and demand for similar securities. We are monitoring interest rates, and the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise or fall faster than expected, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Trust’s investments and/or the market price of the Trust’s common shares.
Thank you for investing in Invesco Trust for Investment Grade Municipals and for sharing our long-term investment horizon.
| 1 | Source: Bloomberg LP |
| 2 | Source: US Federal Reserve |
| 3 | Source: Lipper Inc. |
| 4 | Source: Standard & Poor’s |
† Standard & Poor’s, Fitch Ratings, Moody’s. A
credit rating is an assessment provided by a
nationally recognized statistical rating
organization (NRSRO) of the creditworthiness of
an issuer with respect to debt obligations,
including specific securities, money market
instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.
“Non-Rated”
indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit spglobal.com, fitchratings.com and ratings.moodys.com.
Portfolio manager(s)
Jack Connelly
Josh Cooney
Tim O’Reilly
Mark Paris
John Schorle
Rebecca Setcavage
Julius Williams
The views and opinions expressed in management’s discussion of Trust performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Trust and, if applicable, index disclosures later in this report.
3 |
Invesco Trust for Investment Grade Municipals |
Your Trust’s Long-Term Performance
Results of a $10,000 Investment
Trust and index data from 2/28/14
1 Source: RIMES Technologies Corp.
* 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 1 year NAV total return would have been 8.72%. Past performance cannot guarantee future results.
Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares.
4 |
Invesco Trust for Investment Grade Municipals |
Average Annual Total Returns |
||||||||
As of 2/29/24 |
||||||||
NAV |
Market |
|||||||
10 Years |
3.51 | % | 2.85 | % | ||||
5 Years |
1.73 | 0.57 | ||||||
1 Year |
8.82 | 5.90 | ||||||
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 1 year NAV total return would have been 8.72%. The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent
month-end
performance. Performance figures do not reflect deduction of taxes a shareholder would pay on Trust distributions or sale of Trust shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
5 |
Invesco Trust for Investment Grade Municipals |
Supplemental Information
∎ |
Unless otherwise stated, information presented in this report is as of February 29, 2024, and is based on total net assets applicable to common shares. |
∎ |
Unless otherwise noted, all data is provided by Invesco. |
∎ |
To access your Trust’s reports, visit invesco.com/fundreports. |
About indexes used in this report
∎ |
The S&P Municipal Bond Index |
∎ |
The S&P Municipal Bond 5+ Year Investment Grade Index mu-nicipal bonds with maturities equal to or greater than five years. |
∎ |
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. |
Application of Control Share Provisions
Effective August 1, 2022, the Trust became automatically subject to newly enacted control share acquisition provisions within the Delaware Statutory Trust Act (the “Control Share Provisions”). In general, the Control Share Provisions limit the ability of holders of “control beneficial interests” to vote their shares of a fund above various threshold levels that start at 10% unless the other shareholders of such fund vote to reinstate those rights. “Control beneficial interests” are aggregated to include the holdings of related parties and shares acquired before the effective date of the Control Share Provisions. A fund’s board of trustees may exempt acquisitions from the application of the Control Share Provisions. |
At a Board meeting held on March
15-17,
2023, the Board approved the exemption of the Trust’s preferred shares from application of the Control Share Provisions. The foregoing is only a summary of certain aspects of the Control Share Provisions. Shareholders should consult their own legal counsel with respect to the application of the Control Share Provisions to their beneficial interests of the Trust and any subsequent acquisitions of beneficial interests.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
||||
6 |
Invesco Trust for Investment Grade Municipals |
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco
closed-end
Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased. Plan benefits
∎ |
Add to your account: |
You may increase your shares in your Trust easily and automatically with the Plan.
∎ |
Low transaction costs: |
Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
∎ |
Convenience: |
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at
invesco.com/closed-end.
∎ |
Safekeeping: |
The Agent will hold the shares it has acquired for you in safekeeping.
Who can participate in the Plan
If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
How to enroll
If you haven’t participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting
invesco.com/closed-end,
by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End
Funds, Computer-share Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution. How the Plan works
If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
| 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 rein- vested shares. |
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/
closed-end
or by writing to Invesco Closed-End
Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan: | 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. |
The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit
invesco.com/closed-end.
7 |
Invesco Trust for Investment Grade Municipals |
Fund Information
Portfolio Composition |
||||
By credit sector |
% of total investments | |||
Revenue Bonds |
82.96 |
% | ||
General Obligation Bonds |
12.54 |
|||
Pre-Refunded Bonds |
3.28 |
|||
Other |
1.22 |
|||
Top Five Debt Holdings |
||||
% of total net assets | ||||
1. New York (City of), NY Transitional Finance Authority, Subseries 2013, RB |
1.65 |
% | ||
2. Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB |
1.24 |
|||
3. New York (State of) Dormitory Authority, Series 2018 E, RB |
1.00 |
|||
4. New York Liberty Development Corp. (3 World Trade Center), Series 2014, Class 1, Ref. RB |
0.95 |
|||
5. Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds |
0.95 |
|||
The Trust’s holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular security.
Data presented here are as of February 29, 2024.
8 |
Invesco Trust for Investment Grade Municipals |
Schedule of Investments
February 29, 2024
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Municipal Obligations–151.22% (a) |
||||||||||||||
Alabama–2.04% |
||||||||||||||
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB |
5.75% |
06/01/2045 |
$ |
245 |
$ 215,036 | |||||||||
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB (b)(c) |
5.00% |
01/01/2027 |
1,260 |
1,337,636 | ||||||||||
Black Belt Energy Gas District (The); Series 2023 B, RB (c) |
5.25% |
12/01/2030 |
1,445 |
1,566,894 | ||||||||||
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007-12/18/2007; Cost $2,200,715)(d)(e) |
5.50% |
01/01/2043 |
2,525 |
1,439,250 | ||||||||||
Lower Alabama Gas District (The); Series 2016 A, RB |
5.00% |
09/01/2046 |
3,815 |
4,139,875 | ||||||||||
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB (c) |
4.00% |
12/01/2031 |
1,520 |
1,528,028 | ||||||||||
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(c) |
5.50% |
12/01/2029 |
1,430 |
1,531,238 | ||||||||||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR (f) |
5.25% |
05/01/2044 |
835 |
831,853 | ||||||||||
12,589,810 | ||||||||||||||
Alaska–0.06% |
||||||||||||||
Northern Tobacco Securitization Corp.; Series 2021 A-1, Ref. RB |
4.00% |
06/01/2050 |
425 |
394,912 | ||||||||||
Arizona–3.80% |
||||||||||||||
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs. |
3.63% |
05/20/2033 |
1,050 |
988,342 | ||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2019 A, RB (f) |
5.00% |
07/01/2039 |
1,215 |
1,194,495 | ||||||||||
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB (f) |
5.00% |
07/01/2049 |
500 |
462,798 | ||||||||||
Arizona (State of) Industrial Development Authority (Master Academy of Nevada - Bonanza Campus); Series 2020 A, RB (f) |
5.00% |
12/15/2040 |
255 |
252,979 | ||||||||||
Arizona (State of) Industrial Development Authority (Social Bonds); Series 2023, RB |
5.25% |
11/01/2053 |
1,000 |
1,069,127 | ||||||||||
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); |
||||||||||||||
Series 2017, Ref. RB |
5.00% |
11/15/2030 |
1,170 |
1,129,246 | ||||||||||
Series 2017, Ref. RB |
5.00% |
11/15/2045 |
905 |
743,649 | ||||||||||
Goodyear (City of), AZ; Series 2020, RB (INS - AGM) (g) |
4.00% |
07/01/2045 |
1,750 |
1,725,984 | ||||||||||
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB (f) |
5.00% |
07/01/2049 |
230 |
221,356 | ||||||||||
Mesa (City of), AZ; Series 2022 A, RB (INS - BAM) (g) |
5.00% |
07/01/2046 |
3,070 |
3,363,589 | ||||||||||
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB (f) |
6.50% |
07/01/2034 |
510 |
513,783 | ||||||||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2019, Ref. RB (f) |
5.00% |
06/15/2052 |
365 |
339,434 | ||||||||||
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB (f) |
5.38% |
07/01/2052 |
1,215 |
1,145,099 | ||||||||||
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB |
3.00% |
04/01/2051 |
1,070 |
765,528 | ||||||||||
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB |
5.00% |
01/01/2048 |
3,440 |
3,818,974 | ||||||||||
Salt Verde Financial Corp.; |
||||||||||||||
Series 2007, RB |
5.00% |
12/01/2032 |
785 |
839,825 | ||||||||||
Series 2007, RB |
5.00% |
12/01/2037 |
3,520 |
3,864,989 | ||||||||||
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB |
5.00% |
08/01/2029 |
1,000 |
1,006,599 | ||||||||||
23,445,796 | ||||||||||||||
Arkansas–0.10% |
||||||||||||||
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB |
5.00% |
09/01/2044 |
630 |
630,800 | ||||||||||
California–15.33% |
||||||||||||||
Bay Area Toll Authority (San Francisco Bay Area); Series 2017, Ref. RB |
4.00% |
04/01/2038 |
2,200 |
2,226,069 | ||||||||||
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds (h) |
0.00% |
08/01/2028 |
1,250 |
1,104,322 | ||||||||||
California (State of); |
||||||||||||||
Series 2020, GO Bonds (INS - BAM) (g) |
3.00% |
11/01/2050 |
1,695 |
1,362,542 | ||||||||||
Series 2023, GO Bonds (i) |
5.25% |
09/01/2053 |
3,440 |
3,930,052 | ||||||||||
California (State of) Community Choice Financing Authority (Clean Energy); Series 2024, RB (c) |
5.00% |
04/01/2032 |
2,580 |
2,770,936 | ||||||||||
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB (f) |
5.00% |
04/01/2049 |
855 |
711,097 | ||||||||||
