NPORT-EX 2 PI05.htm SOI

     
     
   
Pioneer Municipal High
   
Income Advantage Trust
     
     
     
     
     
     
     
   
Schedule of Investments | December 31, 2019
     
   
Ticker Symbol:        MAV

Schedule of Investments | 12/31/19 (unaudited)

 
Principal
Amount
USD ($)
      
Value
     
UNAFFILIATED ISSUERS - 154.0%
    
     
DEBTORS IN POSSESSION FINANCING - 0.0%† of Net Assets(a)
     
Building Materials - 0.0%†
  
 
25,810
  
Texas Pellets, Inc./German Pellets Texas LLC, 8.0%, 9/30/18 (144A)
$25,810
 
7,629
  
Texas Pellets, Inc./German Pellets Texas LLC, 8.0%, 8/1/19 (144A)
   7,629
     
Total Building Materials
  
$33,439
     
TOTAL DEBTORS IN POSSESSION FINANCING
  
     
(Cost $33,439)
$33,439
     
MUNICIPAL BONDS - 154.0% of Net Assets(b)
     
Alabama - 0.9%
  
 
2,500,000
  
Alabama Industrial Development Authority, Pine City Fiber Co., 6.45%, 12/1/23
$2,508,300
     
Total Alabama
  
$2,508,300
     
Arizona - 2.5%
  
 
4,000,000(c)
  
City of Phoenix, 5.0%, 7/1/27
$4,930,080
 
2,000,000
  
City of Phoenix, Industrial Development Authority, 3rd & Indian School Assisted Living Project, 5.4%, 10/1/36
 2,139,100
 
27,000
  
County of Pima, Industrial Development Authority, Arizona Charter Schools Project, Series C, 6.75%, 7/1/31
   27,323
     
Total Arizona
  
$7,096,503
     
California - 11.6%
  
 
6,990,000
  
California County Tobacco Securitization Agency, Asset-Backed, Gold County Funding Corp., 5.25%, 6/1/46
$6,990,909
 
38,610,000(d)
  
California County Tobacco Securitization Agency, Capital Appreciation, Stanislaus County, Subordinated, Series A, 6/1/46
 8,220,841
 
1,845,000
  
California Educational Facilities Authority, Stanford University, 5.25%, 4/1/40
 2,749,068
 
1,550,000
  
California Enterprise Development Authority, Sunpower Corp., 8.5%, 4/1/31
 1,615,410
 
2,975,000(e)
  
California School Finance Authority, Classical Academies Project, Series A, 7.375%, 10/1/43
 3,481,345
 
1,875,000
  
California Statewide Communities Development Authority, Lancer Plaza Project, 5.875%, 11/1/43
 2,100,469
 
1,500,000(e)
  
City of Madera, Irrigation Financing Authority, 6.25%, 1/1/31
 1,500,000
 
1,500,000(e)
  
City of Madera, Irrigation Financing Authority, 6.5%, 1/1/40
 1,500,000
 
2,695,000(c)
  
Coast Community College District, Election, Series D, 5.0%, 8/1/31
 3,377,455
 
1,500,000(c)
  
State of California, 3.0%, 10/1/33
 1,600,905
     
Total California
  
$33,136,402
     
Colorado - 2.0%
  
 
1,500,000(e)
  
Colorado Educational & Cultural Facilities Authority, Rocky Mountain Classical Academy Project, 8.0%, 9/1/43
$1,860,465
 
500,000
  
Colorado Health Facilities Authority, 4.0%, 8/1/37
   545,830
 
1,000,000
  
Colorado Health Facilities Authority, 4.0%, 8/1/39
 1,084,510
 
1,000,000
  
Colorado Health Facilities Authority, 4.0%, 8/1/44
 1,073,210
 
1,000,000
  
Colorado Health Facilities Authority, 4.0%, 8/1/49
 1,068,930
     
Total Colorado
  
$5,632,945
     
Connecticut - 3.8%
  
 
2,035,000
  
Mohegan Tribal Finance Authority, 7.0%, 2/1/45 (144A)
$2,077,654
 
7,200,000(c)
  
State of Connecticut, Series E, 4.0%, 9/1/30
 7,806,240
 
1,000,000
  
Town of Hamden, Whitney Center Project, Series A, 7.75%, 1/1/43
 1,000,000
     
Total Connecticut
  
$10,883,894
     
District of Columbia - 3.2%
  
 
1,640,000
  
District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.5%, 5/15/33
$1,859,252
 
6,825,000
  
District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40
 7,183,312
     
Total District of Columbia
  
$9,042,564
     
Florida - 7.7%
  
 
1,500,000
  
Alachua County Health Facilities Authority, Terraces Bonita Springs Project, Series A, 8.125%, 11/15/41
$1,507,320
 
1,500,000
  
Alachua County Health Facilities Authority, Terraces Bonita Springs Project, Series A, 8.125%, 11/15/46
 1,507,110
 
5,000,000
  
County of Miami-Dade, Water & Sewer System Revenue, Series A, 4.0%, 10/1/44
 5,510,500
 
5,000,000
  
Florida’s Turnpike Enterprise, Department of Transportation, Series A, 4.0%, 7/1/32
 5,460,650
 
7,035,000(c)
  
State of Florida, Capital Outlay, Series A, 4.0%, 6/1/38
 7,944,203
     
Total Florida
  
$21,929,783
     
Georgia - 8.5%
  
 
6,000,000
  
Brookhaven Development Authority, 4.0%, 7/1/49
$6,692,520
 
5,000,000
  
City of Atlanta, Water & Wastewater Revenue, Series A, 5.0%, 11/1/34
 6,130,900
 
900,000(e)
  
DeKalb County Georgia Hospital Authority, DeKalb Medical Center, Inc., Project, 6.0%, 9/1/30
   928,953
 
750,000(e)
  
DeKalb County Georgia Hospital Authority, DeKalb Medical Center, Inc., Project, 6.125%, 9/1/40
   774,525
 
8,750,000
  
Private Colleges & Universities Authority, Emory University, Series A, 5.0%, 10/1/43
 9,847,250
     
Total Georgia
  
$24,374,148
     
Guam - 0.4%
  
 
1,000,000
  
Guam Department of Education, Certificates of Participation, John F. Kennedy High School, Series A, 6.625%, 12/1/30
$1,013,120
     
Total Guam
  
$1,013,120
     
Idaho - 0.7%
  
 
2,000,000
  
Power County Industrial Development Corp., FMC Corp. Project, 6.45%, 8/1/32
$2,010,980
     
Total Idaho
  
$2,010,980
 
Principal
Amount
USD ($)
    
Value
     
Illinois - 1.3%
  
 
1,000,000(c)
  
Chicago Board of Education, Series A, 7.0%, 12/1/46 (144A)
$1,287,130
 
417,400(f)
  
Illinois Finance Authority, Clare Oaks Project, Series B, 4.0%, 11/15/52
   166,960
 
261,000(d)
  
Illinois Finance Authority, Clare Oaks Project, Series C-1, 11/15/52
   3,915
 
52,200
  
Illinois Finance Authority, Clare Oaks Project, Series C-2, 4.0%, 11/15/52
   783
 
52,200
  
Illinois Finance Authority, Clare Oaks Project, Series C-3, 0.0%, 11/15/52
   783
 
280,000(e)
  
Illinois Finance Authority, Swedish Covenant, Series A, 6.0%, 8/15/38
   281,540
 
1,000,000
  
Metropolitan Pier & Exposition Authority, McCormick Place, Series B, 5.0%, 6/15/52 (ST APPROP Insured)
 1,045,440
 
1,015,000
  
Southwestern Illinois Development Authority, Village of Sauget Project, 5.625%, 11/1/26
 1,015,020
     
Total Illinois
  
$3,801,571
     
Indiana - 0.4%
  
 
250,000(g)
  
City of Carmel, Barrington Carmel Project, Series A, 7.0%, 11/15/32
$7,500
 
750,000(g)
  
City of Carmel, Barrington Carmel Project, Series A, 7.125%, 11/15/42
   22,500
 
500,000(g)
  
City of Carmel, Barrington Carmel Project, Series A, 7.125%, 11/15/47
   15,000
 
1,000,000
  
Indiana Finance Authority, Educational Facilities, 5.125%, 7/1/37
 1,095,270
     
Total Indiana
  
$1,140,270
     
Louisiana - 2.7%
  
 
7,000,000
  
Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41
$7,129,290
 
615,000
  
Opelousas Louisiana General Hospital Authority, Opelousas General Health System Project, 5.75%, 10/1/23
   616,685
     
Total Louisiana
  
$7,745,975
     
Maine - 1.9%
  
 
1,500,000
  
Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 7.5%, 7/1/32
$1,612,095
 
3,500,000
  
Maine Turnpike Authority, Series A, 5.0%, 7/1/42
 3,795,050
     
Total Maine
  
$5,407,145
     
Maryland - 4.1%
  
 
2,000,000(e)
  
Maryland Health & Higher Educational Facilities Authority, Charlestown Community, 6.25%, 1/1/45
$2,099,660
 
2,065,000
  
Maryland Health & Higher Educational Facilities Authority, City Neighbors, Series A, 6.75%, 7/1/44
 2,247,773
 
1,250,000(e)
  
Maryland Health & Higher Educational Facilities Authority, Doctor’s Community Hospital, 5.75%, 7/1/38
 1,278,975
 
4,500,000
  
Maryland Health & Higher Educational Facilities Authority, Maryland University Medical System, Series A, 5.0%, 7/1/43
 4,793,490
 
1,305,000
  
Washington Suburban Sanitary Commission, 3.0%, 6/1/47 (CNTY GTD Insured)
 1,337,325
     
Total Maryland
  
$11,757,223
     
Massachusetts - 12.4%
  
 
1,490,000(c)
  
City of Boston, Series A, 5.0%, 3/1/39
$1,875,791
 
7,000,000(d)
  
Massachusetts Bay Transportation Authority, Series A, 7/1/28
 5,917,660
 
2,575,000(e)
  
Massachusetts Development Finance Agency, Broad Institute, Inc., Series A, 5.25%, 4/1/37
 2,710,007
 
2,200,000
  
Massachusetts Development Finance Agency, Partner’s Healthcare System, Series M-4, 5.0%, 7/1/39
 2,452,758
 
4,000,000
  
Massachusetts Development Finance Agency, Partner’s Healthcare System, Series S-1, 4.0%, 7/1/41
 4,381,000
 
8,000,000
  
Massachusetts Development Finance Agency, WGBH Foundation, Series A, 5.75%, 1/1/42 (AMBAC Insured)
 11,893,360
 
4,325,000
  
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/32
 6,181,204
     
Total Massachusetts
  
$35,411,780
     
Michigan - 2.8%
  
 
2,000,000
  
Flint Michigan Hospital Building Authority, Hurley Medical Center, 7.375%, 7/1/35
$2,051,120
 
480,000
  
Michigan Public Educational Facilities Authority, Crescent Academy, 7.0%, 10/1/36
   480,720
 
5,000,000
  
Michigan State University, Series A, 5.0%, 8/15/41
 5,568,850
     
Total Michigan
  
$8,100,690
     
Minnesota - 3.3%
  
 
1,940,000
  
Bloomington Port Authority, Radisson Blu Mall of America, 9.0%, 12/1/35
$2,035,487
 
1,000,000
  
City of Ham Lake, DaVinci Academy, Series A, 5.0%, 7/1/47
 1,052,900
 
1,740,000
  
City of Rochester, Health Care Facilities, Mayo Clinic, 4.0%, 11/15/48
 1,930,773
 
3,755,000(c)
  
State of Minnesota, Series B, 4.0%, 8/1/27
 4,414,153
     
Total Minnesota
  
$9,433,313
     
Mississippi - 0.1%
  
 
410,000(f)
  
Mississippi Business Finance Corp., Chevron USA, Inc. Project, Series C, 1.6%, 12/1/30
$410,000
     
Total Mississippi
  
$410,000
     
Montana - 0.2%
  
 
2,445,000(g)
  
City of Hardin, Tax Allocation, Rocky Mountain Power, Inc., Project, 6.25%, 9/1/31
$489,000
 
1,000,000(g)
  
Two Rivers Authority, Inc., 7.375%, 11/1/27
   70,000
     
Total Montana
  
$559,000
     
New Hampshire - 0.7%
  
 
2,000,000
  
New Hampshire Health & Education Facilities Authority Act, Catholic Medical Centre, 3.75%, 7/1/40
$2,130,840
     
Total New Hampshire
  
$2,130,840
     
New Jersey - 9.9%
  
 
7,500,000
  
New Jersey Economic Development Authority, Continental Airlines, 5.75%, 9/15/27
$8,091,825
 
Principal
Amount
USD ($)
    
Value
 
1,000,000
  
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project, 5.375%, 10/1/50 (144A)
$1,052,260
 
3,500,000(f)
  
New Jersey State Turnpike Authority, RIB, 0.0%, 1/1/28 (144A) (AGM Insured)
 6,337,800
 
15,375,000(d)
  
New Jersey Transportation Trust Fund Authority, 12/15/27 (BHAC-CR MBIA Insured)
 12,966,045
     
Total New Jersey
  
$28,447,930
     
New York - 11.0%
  
 
5,000,000
  
New York State Dormitory Authority, Columbia University, 5.0%, 10/1/41
$5,206,050
 
2,885,000
  
New York State Dormitory Authority, Group 3, Series A, 5.0%, 3/15/41
 3,572,005
 
7,500,000
  
New York State Dormitory Authority, Series A, 4.0%, 7/1/37
 8,577,000
 
7,500,000
  
New York State Dormitory Authority, Series C, 5.0%, 3/15/39
 8,505,525
 
1,500,000
  
New York State Dormitory Authority, Trustees of Columbia University, 5.0%, 10/1/45
 2,267,520
 
2,000,000
  
New York State Urban Development Corp., 3.0%, 3/15/49
 2,011,860
 
1,283,828
  
Westchester County Healthcare Corp., Series A, 5.0%, 11/1/44
 1,398,050
     
Total New York
  
$31,538,010
     
North Carolina - 0.7%
  
 
500,000
  
City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/42
$602,755
 
1,250,000
  
City of Charlotte, Airport Revenue, Series A, 5.0%, 7/1/47
 1,499,588
     
Total North Carolina
  
$2,102,343
     
Ohio - 6.5%
  
 
3,000,000(e)
  
Akron Bath Copley Joint Township Hospital District, Akron General Health System, 5.0%, 1/1/31
$3,230,490
 
2,500,000
  
Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 5.875%, 6/1/47
 2,506,250
 
9,945,000
  
Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-2, 6.5%, 6/1/47
 10,056,881
 
2,500,000(c)(e)
  
State of Ohio, Common Schools, Series B, 5.0%, 6/15/29
 2,738,025
     
Total Ohio
  
$18,531,646
     
Oregon - 1.1%
  
 
1,000,000
  
Oregon Health & Science University, Series A, 5.0%, 7/1/42
$1,190,050
 
2,000,000
  
Oregon State Facilities Authority, Samaritan Health Services, Series A, 5.25%, 10/1/40
 2,046,580
     
Total Oregon
  
$3,236,630
     
Pennsylvania - 4.8%
  
 
1,000,000
  
Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47
$1,073,800
 
1,965,000
  
Pennsylvania Economic Development Financing Authority, US Airways Group, Series B, 8.0%, 5/1/29
 2,002,119
 
500,000
  
Philadelphia Authority for Industrial Development, 5.5%, 6/1/49 (144A)
   491,035
 
470,000
  
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50
   498,938
 
6,000,000
  
Philadelphia Authority for Industrial Development, Nueva Esperanze, Inc., 8.2%, 12/1/43
 6,661,560
 
1,000,000
  
Philadelphia Authority for Industrial Development, Performing Arts Charter School Project, 6.5%, 6/15/33 (144A)
 1,014,640
 
2,000,000
  
Philadelphia Authority for Industrial Development, Performing Arts Charter School Project, 6.75%, 6/15/43 (144A)
 2,028,240
     
Total Pennsylvania
  
$13,770,332
     
Puerto Rico - 1.4%
  
 
6,500,000(c)(g)
  
Commonwealth of Puerto Rico, Series A, 8.0%, 7/1/35
$4,127,500
     
Total Puerto Rico
  
$4,127,500
     
Rhode Island - 1.8%
  
 
1,355,000(g)
  
Central Falls Detention Facility Corp., 7.25%, 7/15/35
$213,954
 
3,000,000
  
Rhode Island Health & Educational Building Corp., Brown University, Series A, 4.0%, 9/1/37
 3,338,460
 
1,500,000(e)
  
Rhode Island Health & Educational Building Corp., Tockwatten Home Issue, 8.375%, 1/1/46
 1,636,350
     
Total Rhode Island
  
$5,188,764
     
South Carolina - 2.1%
  
 
4,400,000(h)
  
Tobacco Settlement Revenue Management Authority, Series B, 6.375%, 5/15/30
$6,103,680
     
Total South Carolina
  
$6,103,680
     
South Dakota - 1.5%
  
 
4,000,000
  
South Dakota Health & Educational Facilities Authority, Sanford Health, Series B, 4.0%, 11/1/44
$4,185,720
     
Total South Dakota
  
$4,185,720
     
Tennessee - 1.8%
  
 
5,000,000(e)
  
Johnson City Health & Educational Facilities Board, Mountain States Health Alliance, 6.5%, 7/1/38
$5,133,450
     
Total Tennessee
  
$5,133,450
     
Texas - 16.4%
  
 
500,000
  
Arlington Higher Education Finance Corp., 5.45%, 3/1/49 (144A)
$527,920
 
1,000,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.0%, 3/1/34
 1,077,670
 
1,500,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44
 1,596,975
 
2,500,000(e)
  
Central Texas Regional Mobility Authority, Sub Lien, 6.75%, 1/1/41
 2,639,125
 
2,500,000(c)
  
County of Harris, Series A, 5.0%, 10/1/26
 3,014,500
 
5,000,000(c)
  
Goose Creek Consolidated Independent School District, Series C, 4.0%, 2/15/26 (PSF-GTD Insured)
 5,537,900
 
5,020,000
  
Grand Parkway Transportation Corp., Series A, 5.5%, 4/1/53
 5,620,191
 
3,000,000
  
Houston Higher Education Finance Corp., St. John’s School Project, Series A, 5.0%, 9/1/38
 3,245,850
 
3,355,000
  
North Texas Tollway Authority, Series A, 5.0%, 1/1/30
 3,888,210
 
1,500,000(e)
  
Red River Health Facilities Development Corp., MRC Crestview, Series A, 8.0%, 11/15/41
 1,691,760
 
2,000,000(c)
  
Richardson Independent School District, School Building, 5.0%, 2/15/38 (PSF-GTD Insured)
 2,214,920
 
6,960,000(g)
  
Sanger Industrial Development Corp., Texas Pellets Project, Series B, 8.0%, 7/1/38
 1,809,600
 
1,000,000(g)
  
Tarrant County Cultural Education Facilities Finance Corp., Mirador Project, Series A, 4.875%, 11/15/48
   100
 
Principal
Amount
USD ($)
    
Value
 
750,000(g)
  
Tarrant County Cultural Education Facilities Finance Corp., Mirador Project, Series A, 5.0%, 11/15/55
$75
 
1,000,000(g)
  
Texas Midwest Public Facility Corp., Secure Treatment Facility Project, 9.0%, 10/1/30
   637,750
 
3,365,000
  
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC, 7.0%, 12/31/38
 3,881,763
 
1,165,000
  
Texas Water Development Board, 4.0%, 10/15/44
 1,328,170
 
2,500,000(e)
  
Travis County Health Facilities Development Corp., Longhorn Village Project, 7.125%, 1/1/46
 2,647,575
 
5,000,000(c)
  
Tyler Independent School District, School Building, 5.0%, 2/15/38 (PSF-GTD Insured)
 5,537,300
     
Total Texas
  
$46,897,354
     
Utah - 2.3%
  
 
5,000,000
  
County of Utah, IHC Health Services, Inc., Series B, 4.0%, 5/15/47
$5,308,300
 
1,000,000
  
Salt Lake City Corp., Airport Revenue, Series B, 5.0%, 7/1/36
 1,193,250
     
Total Utah
  
$6,501,550
     
Vermont - 0.8%
  
 
2,000,000
  
Vermont Educational & Health Buildings Financing Agency, Green Bond, 4.0%, 12/1/42
$2,152,820
     
Total Vermont
  
$2,152,820
     
Virginia - 11.6%
  
 
3,235,000(c)
  
City of Alexandria VA, 3.0%, 7/15/46 (ST AID WITHHLDG Insured)
$3,322,830
 
2,275,000(c)
  
County of Arlington, 4.0%, 8/15/35
 2,574,663
 
4,550,000
  
Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/47
 4,595,500
 
5,000,000
  
University of Virginia, Multi Year Capital Project, Series A, 4.0%, 8/1/48
 5,532,600
 
5,000,000
  
University of Virginia, Series A, 5.0%, 4/1/42
 6,047,650
 
4,955,000
  
Virginia College Building Authority, 3.0%, 2/1/36
 5,104,988
 
2,515,000
  
Virginia Commonwealth Transportation Board, 3.0%, 5/15/37
 2,621,737
 
3,000,000
  
Virginia Public School Authority Revenue, 4.0%, 8/1/25 (ST AID WITHHLDG Insured)
 3,378,900
     
Total Virginia
  
$33,178,868
     
Washington - 5.3%
  
 
1,335,000
  
Central Puget Sound Regional Transit Authority, Green Bond, Series S-1, 5.0%, 11/1/46
$2,015,183
 
3,000,000
  
City of Seattle, Water System Revenue, 4.0%, 8/1/32
 3,401,310
 
2,500,000(c)
  
King County, Issaquah School District No. 411, 4.0%, 12/1/31 (SCH BD GTY Insured)
 2,838,550
 
2,500,000
  
University of Washington, Series B, 5.0%, 6/1/29
 2,983,225
 
1,000,000
  
Washington Health Care Facilities Authority, 4.0%, 8/1/44
 1,073,210
 
1,500,000(e)
  
Washington State Health Care Facilities Authority, Kadlec Regional Medical Center, 5.5%, 12/1/39
 1,559,745
 
1,100,000
  
Washington State Housing Finance Commission, Mirabella Project, Series A, 6.75%, 10/1/47 (144A)
 1,174,085
     
Total Washington
  
$15,045,308
     
Wisconsin - 3.8%
  
 
5,000,000
  
Public Finance Authority, Glenridge Palmer Ranch, Series A, 8.25%, 6/1/46 (144A)
$5,442,650
 
750,000
  
Public Finance Authority, Roseman University Health Sciences Project, 5.875%, 4/1/45
   828,007
 
1,000,000
  
Public Finance Authority, SearStone CCRC Project, Series A, 5.3%, 6/1/47
 1,037,140
 
1,475,000(e)
  
Public Finance Authority, SearStone CCRC Project, Series A, 8.625%, 6/1/47
 1,712,549
 
2,000,000
  
Wisconsin Housing & Economic Development Authority, 2.95%, 3/1/42 (FNMA COLL Insured)
 1,997,680
     
Total Wisconsin
  
$11,018,026
     
TOTAL MUNICIPAL BONDS
  
     
(Cost $412,728,433)
$440,686,377
`
    
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 154.0%
  
     
(Cost $412,761,872)
$440,719,816
     
OTHER ASSETS AND LIABILITIES - 2.0%  
$5,688,136
 
  
  
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE - (56.0)%
$(160,310,823)
     
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0%
$286,097,129
 

RIB
Residual Interest Bond is purchased in a secondary market.  The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at December 31, 2019
(144A)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2019, the value of these securities amounted to $21,466,853, or 7.5% of net assets applicable to common shareowners.
†
Amount rounds to less than 0.1%.
(a)
Securities are restricted as to resale.
(b)
Consists of Revenue Bonds unless otherwise indicated.
(c)
Represents a General Obligation Bond.
(d)
Security issued with a zero coupon. Income is recognized through accretion of discount.
(e)
Prerefunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date.
(f)
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2019.
(g)
Security is in default.
(h)
Escrow to maturity.

AGM
Assured Guaranty Municipal Corp.
AMBAC
Ambac Assurance Corp.
BHAC-CR MBIA
Berkshire Hathaway Assurance Corp.
CNTY GTD
County Guaranteed
FNMA COLL
Federal National Mortgage Association Collateral
PSF-GTD
Permanent School Fund Guaranteed
SCH BD GTY
School Board Guaranty
ST AID WITHHLDG
State Aid Withholding
ST APPROP
State Appropriations

Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized in the three broad levels below.
  
   
Level 1 - quoted prices in active markets for identical securities.
  
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
  
Level 3 - significant unobservable inputs (including the Trust’s own assumptions in determining fair value of investments).
  
   
The following is a summary of the inputs used as of December 31, 2019, in valuing the Trust’s investments:
  
   
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Debtors in Possession Financing
  
$
–
    
$
33,439
    
$
–
    
$
33,439
  
Municipal Bonds
    
–
      
440,686,377
      
–
      
440,686,377
  
Total Investments in Securities
  
$
–
    
$
440,719,816
    
$
–
    
$
440,719,816
  

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

   
Tax Exempt Obligation
  
Balance as of 3/31/19
  
$
2,519,520
  
Realized gain (loss)
    
--
  
Change in unrealized appreciation (depreciation)
    
--
  
Accrued discounts/premiums
    
--
  
Purchases
    
--
  
Sales
    
--
  
Transfers in to Level 3*
    
--
  
Transfers out of Level 3*
    
(2,519,520
)
Balance as of 12/31/19
  
$
--
  

* Transfers are calculated on the beginning of period value. During the nine months ended December 31, 2019, security valued at 2,519,520 transferred from Level 3 to Level 2 due to the use of observable inputs. There were no other transfers between Levels 1, 2 and 3.
 
  
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at December 31, 2019: $--.