NPORT-EX 2 LMF5000WAMuniDefOppTR.htm HTML

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  
MUNICIPAL BONDS - 86.5%           

Alabama - 6.8%

           

Hoover, AL, IDA Revenue, United States Steel Corp. Project, Series 2019

      5.750 %      10/1/49      $ 200,000      $ 227,538 (a) 

Jefferson County, AL, Sewer Revenue, Convertible CAB, Subordinated Lien, Warrants, Step bond, Series F, Refunding (0.000% to 10/1/23 then 7.900%)

      0.000 %      10/1/50        9,470,000        9,600,402  

Lower Alabama Gas District, Natural Gas Revenue:

           

Gas District #2

      4.000 %      12/1/24        1,000,000        1,121,730  

Gas Project #2

      4.000 %      12/1/25        1,000,000        1,147,250  

Series A

      5.000 %      9/1/46        1,750,000        2,463,650  

Southeast Alabama Gas Supply District, Gas Supply Revenue, Series 2018A

      4.000 %      6/1/24        1,870,000        2,046,135 (b)(c) 

Tuscaloosa County, AL, IDA Revenue, Hunt Refining Project, Series A, Refunding

      4.500 %      5/1/32        700,000        779,261 (d) 
          

 

 

  

Total Alabama

              17,385,966  
          

 

 

  

Arizona - 5.0%

           

Chandler, AZ, IDA Revenue, Intel Corp. Project

      2.700 %      8/14/23        2,000,000        2,101,780 (a)(b)(c) 

La Paz County, AZ, IDA Revenue, Charter School Solutions, Harmony Pub, Series A

      5.000 %      2/15/48        1,000,000        1,137,850  

Navajo Nation, AZ, Series A, Refunding

      5.000 %      12/1/25        350,000        386,694 (d) 

Salt Verde, AZ, Financial Corp., Natural Gas Revenue, Series 2007

      5.000 %      12/1/32        7,110,000        9,328,604  
          

 

 

  

Total Arizona

              12,954,928  
          

 

 

  

California - 9.0%

           

California State MFA Revenue:

           

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/43        500,000        590,220 (a) 

Senior Lien, LINXS APM Project, Series A

      5.000 %      12/31/47        600,000        704,538 (a) 

California State MFA, Lease Revenue, Orange County, CA, Civic Center Infrastructure Improvement Program

      5.000 %      6/1/43        1,000,000        1,199,930  

California State PCFA Water Furnishing Revenue, Poseidon Resources Desalination Project

      5.000 %      11/21/45        3,500,000        3,710,525 (a)(d) 

California State, GO, Various Purpose, Refunding

      4.000 %      11/1/36        250,000        293,370  

California Statewide CDA Revenue, Provident Group-Pomona Properties LLC, Series A

      5.600 %      1/15/36        780,000        797,558 (d) 

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

1

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

California - continued

           

Golden State, CA, Tobacco Securitization Corp. Revenue:

           

Tobacco Settlement Funded, Series A-1, Refunding

      5.250 %      6/1/47      $ 975,000      $ 1,011,602  

Tobacco Settlement Funded, Series A-2, Refunding

      5.000 %      6/1/47        125,000        129,310  

Los Angeles, CA, Department of Airports Revenue:

           

Los Angeles International Airport, Subordinated, Series C

      5.000 %      5/15/44        500,000        592,495 (a) 

Los Angeles International Airport, Subordinated, Series D

      5.000 %      5/15/49        1,100,000        1,315,281 (a) 

Los Angeles, CA, Department of Water & Power Waterworks Revenue, Series A

      5.000 %      7/1/48        1,000,000        1,202,750  

Metropolitan Water District of Southern California, Water Revenue, Refunding

      5.000 %      1/1/37        3,500,000        4,409,755  

Morongo Band of Mission Indians, CA, Revenue, Tribal Economic Development, Series A

      5.000 %      10/1/42        125,000        142,655 (d) 

M-S-R Energy Authority, CA, Natural Gas Revenue, Series C

      6.125 %      11/1/29        1,960,000        2,448,510  

River Islands, CA, Public Financing Authority Special Tax, Community Facilities District No. 2003-1, Series A-1, Refunding

      5.000 %      9/1/27        630,000        672,248  

Riverside, CA, Sewer Revenue, Series A, Refunding

      5.000 %      8/1/36        1,000,000        1,251,600  

San Bernardino, CA, USD Revenue, COP, 2019 School Financing Project, AGM

      5.000 %      10/1/36        300,000        367,935  

Southern California Water Replenishment District, Financing Authority, Replenishment Revenue, Series 2018

      5.000 %      8/1/48        1,515,000        1,847,724  

Tobacco Securitization Authority of Southern California Revenue, Asset Backed Refunding, San Diego County Tobacco Asset Securitization Corporation, Class 1, Series A

      5.000 %      6/1/23        300,000        330,474  
          

 

 

  

Total California

              23,018,480  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

2

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Colorado - 2.1%

           

Base Village Metropolitan District #2, CO, GO, Series A, Refunding

      5.750 %      12/1/46      $ 500,000      $ 521,095  

Colorado State High Performance Transportation Enterprise Revenue, C-470 Express Lanes

      5.000 %      12/31/51        200,000        224,040  

Public Authority for Colorado Energy, Natural Gas Purchase Revenue, Series 2008

      6.125 %      11/15/23        3,930,000        4,280,320  

Regional Transportation District, CO, Private Activity Revenue, Denver Transit Partners Eagle P3 Project, Series A, Refunding

      4.000 %      7/15/34        200,000        236,244  
          

 

 

  

Total Colorado

              5,261,699  
          

 

 

  

Connecticut - 1.6%

           

Connecticut State Special Tax Revenue:

           

Special Tax Obligation Bonds, Series A

      5.000 %      5/1/40        1,000,000        1,249,210  

Transportation Infrastructure, Series A

      5.000 %      1/1/37        500,000        606,530  

Connecticut State, GO:

           

Series A

      4.000 %      4/15/37        600,000        694,488  

Series E

      5.000 %      10/15/34        280,000        336,820  

University of Connecticut, Student Fee Revenue, Series A

      5.000 %      11/15/43        1,000,000        1,213,570  
          

 

 

  

Total Connecticut

              4,100,618  
          

 

 

  

Delaware - 0.2%

           

Delaware State Health Facilities Authority Revenue, Series 2018

      5.000 %      6/1/43        500,000        584,070  
          

 

 

  

District of Columbia - 0.1%

           

District of Columbia Revenue, Ingleside Rock Creek Project, Series A

      4.125 %      7/1/27        250,000        253,133  
          

 

 

  

Florida - 1.4%

           

Broward County, FL, Airport System Revenue, Series A

      5.000 %      10/1/45        750,000        854,235 (a) 

Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Priority Subordinated, Series A

      5.000 %      10/1/42        500,000        589,375 (a) 

Miami-Dade County, FL, Aviation Revenue, Series A, Refunding

      5.000 %      10/1/49        1,000,000        1,196,520 (a) 

Orange County, FL, Health Facilities Authority Revenue, Presbyterian Retirement Communities, Refunding

      5.000 %      8/1/47        250,000        270,487  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

3

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Florida - continued

           

Palm Beach County, FL, Health Facilities Authority Revenue:

           

Acts Retirement-Life Communities

      5.000 %      11/15/45      $ 250,000      $ 287,505  

Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series B-1

      3.000 %      6/1/27        500,000        510,870  
          

 

 

  

Total Florida

              3,708,992  
          

 

 

  

Georgia - 0.4%

           

Fulton County, GA, Development Authority Revenue, Georgia Institute of Technology

      5.000 %      6/15/44        250,000        303,025  

Main Street Natural Gas Inc., GA, Gas Project Revenue, Series A

      5.000 %      5/15/43        650,000        770,419  
          

 

 

  

Total Georgia

              1,073,444  
          

 

 

  

Idaho - 0.1%

           

Idaho State Health Facilities Authority Revenue, Trinity Health Credit Group, Series A

      5.000 %      12/1/47        300,000        356,892  
          

 

 

  

Illinois - 12.2%

           

Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax Revenue, Series 2018

      5.000 %      4/1/42        500,000        580,000  

Chicago, IL, Board of Education, GO:

           

Dedicated, Series G, Refunding

      5.000 %      12/1/34        360,000        420,462  

Series C, Refunding

      5.000 %      12/1/24        250,000        283,018  

Series D

      5.000 %      12/1/46        2,000,000        2,304,480  

Chicago, IL, GO:

           

Series A

      5.000 %      1/1/44        300,000        340,542  

Series A, Refunding

      5.000 %      1/1/26        750,000        864,292  

Series A, Refunding

      6.000 %      1/1/38        500,000        592,785  

Series B, Refunding

      5.500 %      1/1/30        1,685,000        1,887,790  

Series C, Refunding

      5.000 %      1/1/25        250,000        282,250  

Chicago, IL, Motor Fuel Tax Revenue, Refunding

      5.000 %      1/1/26        1,000,000        1,047,340  

Chicago, IL, O’Hare International Airport Revenue:

           

General Senior Lien, Series B, Refunding

      5.000 %      1/1/35        250,000        291,555  

Senior Lien, Series D

      5.000 %      1/1/47        500,000        578,360  

Senior Lien, Series D

      5.000 %      1/1/52        500,000        576,920  

Series D, Refunding

      5.000 %      1/1/46        2,000,000        2,274,520  

TrIPS Obligated Group

      5.000 %      7/1/48        200,000        231,862 (a) 

 

See Notes to Schedule of Investments.

 

 

 

4

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:

           

Second Lien

      5.000 %      12/1/51      $ 250,000      $ 286,790  

Second Lien, Series A, Refunding

      5.000 %      12/1/55        500,000        606,620  

Chicago, IL, Wastewater Transmission Revenue, Second Lien, Series B, Refunding

      5.000 %      1/1/36        750,000        890,302  

Chicago, IL, Waterworks Revenue:

           

Second Lien, Series 2017, Refunding

      5.000 %      11/1/29        600,000        743,454  

Second Lien, Series 2017-2, Refunding, AGM

      5.000 %      11/1/32        2,050,000        2,525,292  

Illinois State Finance Authority Revenue:

           

Northshore University Health System, Refunding

      4.000 %      8/15/40        600,000        698,946  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/31        600,000        721,206  

Southern Illinois Healthcare Enterprises Inc., Refunding

      5.000 %      3/1/32        300,000        359,253  

Illinois State Sports Facilities Authority Revenue:

           

State Tax Supported, Series 2019, Refunding

      5.000 %      6/15/30        250,000        292,405  

State Tax Supported, Series 2019, Refunding, BAM

      5.000 %      6/15/30        250,000        313,482  

Illinois State University Revenue, Auxiliary Facilities System, Series A, Refunding, AGM

      5.000 %      4/1/37        100,000        119,377  

Illinois State, GO:

           

Series 2006

      5.500 %      1/1/30        50,000        62,425  

Series 2016, Refunding

      5.000 %      2/1/26        400,000        458,632  

Series 2016, Refunding

      5.000 %      2/1/29        600,000        690,792  

Series A

      5.000 %      5/1/36        250,000        285,973  

Series A

      5.000 %      5/1/39        500,000        567,785  

Series A, Refunding

      5.000 %      10/1/29        1,600,000        1,894,800  

Series A, Refunding

      5.000 %      10/1/30        150,000        176,642  

Series B, Refunding

      5.000 %      9/1/27        600,000        706,914  

Series D

      5.000 %      11/1/27        900,000        1,048,617  

Metropolitan Pier & Exposition Authority, IL, Revenue:

           

McCormick Place Expansion Project, Series A, Refunding

      4.000 %      6/15/50        1,500,000        1,655,280  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

5

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Illinois - continued

           

McCormick Place Expansion Project, Series A, Refunding

      5.000 %      6/15/50      $ 1,800,000      $ 2,138,904  

Regional Transportation Authority, IL, GO, Series A, Refunding, NATL

      6.000 %      7/1/29        1,340,000        1,681,968  
          

 

 

  

Total Illinois

              31,482,035  
          

 

 

  

Indiana - 2.9%

           

Indiana State Finance Authority Hospital Revenue, Indiana University Health Obligated Group, Series B, Refunding

      1.650 %      7/1/22        6,500,000        6,579,235 (b)(c)(e) 

Indiana State Finance Authority Wastewater Utility Revenue, Green Bonds, CWA Authority Project, Series A

      5.000 %      10/1/41        675,000        801,380  
          

 

 

  

Total Indiana

              7,380,615  
          

 

 

  

Iowa - 0.1%

           

Iowa State Finance Authority Midwestern Disaster Area Revenue, Iowa Fertilizer Company Project, Refunding

      3.125%       12/1/22        135,000        137,687  

Kentucky - 1.5%

           

Kentucky State PEA, Gas Supply Revenue:

           

Series A

      4.000 %      6/1/26        1,500,000        1,717,095 (b)(c) 

Series C

      4.000 %      6/1/25        2,000,000        2,241,500 (b)(c) 
          

 

 

  

Total Kentucky

              3,958,595  
          

 

 

  

Louisiana - 0.6%

           

Port New Orleans, LA, Board of Commissioners Revenue, Series B, Refunding, AGM

      5.000 %      4/1/43        500,000        586,855 (a) 

St. John the Baptist Parish, LA, State Revenue:

           

Marathon Oil Corp. Project, Refunding

      2.125 %      7/1/24        500,000        511,095 (b)(c) 

Marathon Oil Corp. Project, Refunding

      2.200 %      7/1/26        400,000        410,972 (b)(c) 
          

 

 

  

Total Louisiana

              1,508,922  
          

 

 

  

Maryland - 0.6%

           

Howard County, MD, Housing Commission Revenue, Columbia Commons Apartments, Series A

      5.000 %      6/1/44        1,350,000        1,446,512  
          

 

 

  

Massachusetts - 0.4%

           

Massachusetts State DFA Revenue, Wellforce Issue, Series A, Refunding

      5.000 %      7/1/44        250,000        296,755  

Massachusetts State Port Authority Revenue, Series A, Refunding

      5.000 %      7/1/36        500,000        621,540 (a) 
          

 

 

  

Total Massachusetts

              918,295  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

6

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Michigan - 2.0%

           

Detroit, MI, Downtown Development Authority, Tax Increment Revenue, Series A, Refunding, AGM

      5.000 %      7/1/38      $ 400,000      $ 451,176  

Detroit, MI, Water Supply System Revenue, Second Lien, Series B, Unrefunded, AGM

      6.250 %      7/1/36        5,000        5,021  

Michigan State Finance Authority Revenue:

           

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Second Lien Local Project, Series C, Refunding

      5.000 %      7/1/33        350,000        410,351  

Local Government Loan Program, Detroit, MI, Water & Sewer Department, Series C-6, Refunding

      5.000 %      7/1/33        410,000        467,080  

Michigan State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series 2010F-4, Refunding

      5.000 %      11/15/47        1,000,000        1,236,530  

Michigan State Strategic Fund Limited Obligation Revenue, I-75 Improvement Project

      5.000 %      12/31/43        400,000        477,332 (a) 

Royal Oak, MI, Hospital Finance Authority Revenue, Beaumont Health Credit Group, Series D, Refunding

      5.000 %      9/1/39        2,000,000        2,207,680  
          

 

 

  

Total Michigan

              5,255,170  
          

 

 

  

Missouri - 0.2%

           

Missouri State Health Senior Living Facilities Revenue, Lutheran Senior Services Projects, Series A

      5.000 %      2/1/34        150,000        167,327  

St. Louis County, MO, IDA, Senior Living Facilities Revenue, Friendship Village, St. Louis Obligated Group, Series A

      5.000 %      9/1/38        350,000        389,690  
          

 

 

  

Total Missouri

              557,017  
          

 

 

  

Nebraska - 0.8%

           

Nebraska Public Power District Revenue, Series A

      0.600 %      7/1/23        2,000,000        1,990,020 (b)(c)  
          

 

 

  

New Jersey - 4.6%

           

Gloucester County, NJ, PCFA Revenue, Keystone Urban Renewal, Logan Generating, Series A, Refunding

      5.000 %      12/1/24        580,000        609,093 (a) 

New Jersey State EDA Revenue:

           

School Facilities Construction, Series BBB, Refunding

      5.500 %      6/15/31        250,000        298,560  

Series DDD

      5.000 %      6/15/34        1,500,000        1,751,520  

Transit Transportation Project, Series A

      5.000 %      11/1/32        500,000        612,655  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

7

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New Jersey - continued

           

New Jersey State EDA, Lease Revenue, State House Project, Series B

      5.000 %      6/15/43      $ 4,000,000      $ 4,674,440  

New Jersey State EDA, Special Facility Revenue, Port Newark Container Terminal LLC Project, Refunding

      5.000 %      10/1/37        200,000        226,528 (a) 

New Jersey State Health Care Facilities Financing Authority Revenue, Hackensack Meridian Health, Series A, Refunding

      5.000 %      7/1/38        125,000        149,190  

New Jersey State Transportation Trust Fund Authority Revenue:

           

Federal Highway Reimbursement, Series A, Refunding

      5.000 %      6/15/29        750,000        880,372  

Transportation Program, Series AA

      5.250 %      6/15/43        500,000        593,065  

Transportation Program, Series BB

      4.000 %      6/15/36        250,000        277,665  

Transportation System, Series A, Refunding

      5.000 %      12/15/25        525,000        620,167  

Transportation System, Series A, Refunding

      5.000 %      12/15/28        725,000        901,146  

Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding

      5.250 %      6/1/46        200,000        237,994  
          

 

 

  

Total New Jersey

              11,832,395  
          

 

 

  

New York - 15.9%

           

Long Island, NY, Power Authority Electric System Revenue, Series B, Refunding

      1.650 %      9/1/24        1,500,000        1,551,930 (b)(c) 

MTA, NY, Dedicated Tax Fund Revenue, Green Bonds, Subseries A-2

      5.000 %      11/15/47        500,000        587,630  

MTA, NY, Transportation Revenue, Series A-2

      5.000 %      5/15/30        550,000        679,454 (b)(c) 

New York City, NY, Industrial Development Agency Revenue, Yankee Stadium Project, Refunding

      4.000 %      3/1/45        400,000        449,100  

New York City, NY, TFA Future Tax Secured Revenue, Series C-1

      4.000 %      5/1/43        3,250,000        3,690,830  

New York Convention Center Development Corp. Revenue, CAB, Subordinated Lien, Hotel Unit Fee Secured, Series B

      0.000 %      11/15/32        2,000,000        1,427,480  

New York State Dormitory Authority, Sales Tax Revenue:

           

Bidding Group 3, Series E, Refunding

      5.000 %      3/15/38        3,000,000        3,686,850  

Bidding Group 4, Series E, Refunding

      5.000 %      3/15/44        10,000,000        12,107,600  

New York State Dormitory Authority, State Personal Income Tax Revenue, Bidding Group 4, Series A, Refunding

      5.000 %      3/15/44        1,000,000        1,206,350  

 

See Notes to Schedule of Investments.

 

 

 

8

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

New York - continued

           

New York State Liberty Development Corp., Liberty Revenue, 3 World Trade Center Project, Class 1, Refunding

      5.000 %      11/15/44      $ 575,000      $ 625,514 (d) 

New York State Thruway Authority General Revenue, Junior Indebtedness Obligations, Junior Lien, Series A

      5.000 %      1/1/46        1,000,000        1,162,980  

New York State Transportation Development Corp., Special Facilities Revenue:

           

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/30        600,000        719,658 (a) 

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/32        2,605,000        3,098,283 (a) 

Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment Project

      5.000 %      1/1/33        2,750,000        3,257,512 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/41        2,500,000        2,799,775 (a) 

LaGuardia Airport Terminal B Redevelopment Project, Series A

      5.000 %      7/1/46        500,000        556,660 (a) 

Triborough Bridge & Tunnel Authority, NY, Revenue:

           

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/49        1,000,000        1,254,480  

General-MTA Bridges & Tunnels, Series A

      5.000 %      11/15/54        1,700,000        2,119,764  
          

 

 

  

Total New York

              40,981,850  
          

 

 

  

North Carolina - 0.4%

           

North Carolina State Turnpike Authority, Monroe Expressway Toll Revenue, Series A, Refunding

      5.000 %      7/1/54        750,000        839,790  

North Carolina State Turnpike Authority, Triangle Expressway System Revenue, Senior Lien, Refunding

      5.000 %      1/1/30        100,000        118,787  
          

 

 

  

Total North Carolina

              958,577  
          

 

 

  

Ohio - 0.6%

           

Buckeye, OH, Tobacco Settlement Financing Authority Revenue:

           

Senior Bonds, Series A-2, Refunding

      4.000 %      6/1/48        350,000        391,255  

Senior Bonds, Series B-2, Refunding

      5.000 %      6/1/55        480,000        540,475  

Ohio State Air Quality Development Authority Revenue, American Electric Company Project, Series B, Refunding

      2.500 %      10/1/29        500,000        537,945 (a)(b)(c) 
          

 

 

  

Total Ohio

              1,469,675  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

9

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Oklahoma - 0.0%††

           

Oklahoma State Turnpike Authority Revenue, Second Series C

      5.000 %      1/1/47      $ 40,000      $ 47,133  

Payne County, OK, EDA Revenue, Epworth Living at The Ranch, Series A

      6.250 %      11/1/31        113,129        566 *(f) 
          

 

 

  

Total Oklahoma

              47,699  
          

 

 

  

Oregon - 0.4%

           

Oregon State Facilities Authority Revenue, Legacy Health Project, Series A, Refunding

      5.000 %      6/1/46        650,000        737,048  

Port of Portland, OR, Airport Revenue, Portland International Airport, Series C, Refunding

      5.000 %      7/1/24        300,000        342,408 (a) 
          

 

 

  

Total Oregon

              1,079,456  
          

 

 

  

Pennsylvania - 2.3%

           

Commonwealth Financing Authority, PA, Tobacco Master Settlement Payment Revenue

      5.000 %      6/1/30        250,000        310,293  

Cumberland County, PA, Municipal Authority Revenue:

           

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        120,000        139,816 (e) 

Diakon Lutheran Social Ministries, Refunding

      5.000 %      1/1/27        880,000        990,018  

Pennsylvania State Turnpike Commission Revenue, Subordinated, Series B

      5.000 %      12/1/50        1,000,000        1,240,810  

Philadelphia, PA, Authority for IDR, City Service Agreement Revenue, Rebuild Project

      5.000 %      5/1/35        1,000,000        1,226,150  

Philadelphia, PA, Authority for IDR, Lease Revenue, Refunding

      5.000 %      10/1/30        350,000        441,451  

Philadelphia, PA, GO, Series B

      5.000 %      2/1/37        500,000        622,250  

State Public School Building Authority, PA, Lease Revenue:

           

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/31        200,000        242,128  

Philadelphia SD Project, Series A, Refunding, AGM, State Aid Withholding

      5.000 %      6/1/33        550,000        664,493  
          

 

 

  

Total Pennsylvania

              5,877,409  
          

 

 

  

Puerto Rico - 3.2%

           

Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, Senior Lien, Series A

      5.250 %      7/1/42        1,200,000        1,263,252  

Puerto Rico Electric Power Authority Revenue:

           

Series A

      5.000 %      7/1/42        440,000        397,100 *(f) 

Series A

      5.050 %      7/1/42        100,000        90,250 *(f) 

Series XX

      5.250 %      7/1/40        920,000        832,600 *(f) 

 

See Notes to Schedule of Investments.

 

 

 

10

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Puerto Rico - continued

           

Series ZZ, Refunding

      5.250 %      7/1/18      $ 300,000      $ 263,250 *(g) 

Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue:

           

CAB, Restructured, Series A-1

      0.000 %      7/1/27        290,000        255,284  

CAB, Restructured, Series A-1

      0.000 %      7/1/46        320,000        98,381  

CAB, Restructured, Series A-1

      0.000 %      7/1/51        2,400,000        528,408  

Restructured, Series A-1

      4.550 %      7/1/40        70,000        76,304  

Restructured, Series A-1

      5.000 %      7/1/58        1,365,000        1,511,792  

Restructured, Series A-2

      4.329 %      7/1/40        1,620,000        1,742,553  

Restructured, Series A-2A

      4.550 %      7/1/40        1,050,000        1,144,552  
          

 

 

  

Total Puerto Rico

              8,203,726  
          

 

 

  

South Carolina - 0.2%

           

South Carolina State Ports Authority Revenue, Series 2018

      5.000 %      7/1/36        500,000        607,145 (a) 
          

 

 

  

Tennessee - 0.8%

           

Knox County, TN, Health, Educational & Housing Facility Board Revenue, University Health System Inc., Series A

      5.000 %      9/1/40        350,000        406,955  

Tennessee State Energy Acquisition Corp., Natural Gas Revenue, Series 2018

      4.000 %      11/1/25        1,500,000        1,702,725 (b)(c) 
          

 

 

  

Total Tennessee

              2,109,680  
          

 

 

  

Texas - 3.8%

           

Arlington, TX, Special Tax Revenue, Subordinated Lien, Series C, BAM

      5.000 %      2/15/41        400,000        449,764  

City of Austin, TX, Airport System Revenue, Series B

      5.000 %      11/15/37        600,000        739,800 (a) 

Harris County, TX, Cultural Education Facilities Finance Corp., Thermal Utility Revenue, Teco Project, Refunding

      5.000 %      11/15/33        250,000        302,740  

Houston, TX, Airport System Revenue:

           

Special Facilities, United Airlines Inc., Airport Improvement Project

      5.000 %      7/15/28        1,000,000        1,154,500 (a) 

Subordinate, Series C, Refunding

      5.000 %      7/1/31        1,750,000        2,135,280 (a) 

Love Field, TX, Airport Modernization Corp., General Airport Revenue, Series 2017

      5.000 %      11/1/31        120,000        141,180 (a) 

Love Field, TX, Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project

      5.250 %      11/1/40        3,000,000        3,045,540  

Texas State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D

      6.250 %      12/15/26        995,000        1,168,428  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

11

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Texas - continued

           

Texas State Private Activity Bond Surface Transportation Corp. Revenue, Senior Lien, Blueridge Transportation Group LLC

      5.000 %      12/31/40      $ 500,000      $ 564,670 (a) 

Woodloch, TX, Health Facilities Development Corp., Senior Housing Revenue:

           

Inspired Living at Lewisville Project, Series A-1

      6.750 %      12/1/51        150,000        101,685 *(d)(f) 

Subordinated, Inspired Living at Lewisville Project, Series B

      10.000 %      12/1/51        50,000        24,810 *(f) 
          

 

 

  

Total Texas

              9,828,397  
          

 

 

  

U.S. Virgin Islands - 0.7%

           

Virgin Islands Public Finance Authority Revenue, Subordinated, Matching Fund Loan, Diageo Project, Series A

      6.625 %      10/1/29        1,700,000        1,707,786  
          

 

 

  

Utah - 1.3%

           

Salt Lake City, UT, Airport Revenue, Salt Lake City International Airport, Series A

      5.000 %      7/1/43        1,750,000        2,066,662 (a) 

Utah Infrastructure Agency, Telecommunications Revenue, Series 2019

      5.000 %      10/15/26        300,000        362,292  

Utah State Charter School Finance Authority, Charter School Revenue:

           

Syracuse Arts Academy Project, UT CSCE

      5.000 %      4/15/47        250,000        282,283  

Utah Charter Academies Project, Series 2018, UT CSCE

      5.000 %      10/15/38        500,000        580,515  
          

 

 

  

Total Utah

              3,291,752  
          

 

 

  

Virginia - 1.6%

           

Arlington County, VA, IDA, Hospital Revenue, Virginia Hospital Center, Refunding

      5.000 %      7/1/35        250,000        320,672  

Virginia State Port Authority, Port Facilities Revenue:

           

Series B, Refunding

      5.000 %      7/1/41        400,000        468,640 (a) 

Series B, Refunding

      5.000 %      7/1/45        500,000        582,465 (a) 

Virginia State Small Business Financing Authority Revenue:

           

Bon Secours Mercy Health, Series A, Refunding

      4.000 %      12/1/49        600,000        682,410  

National Senior Campuses, Inc., Series A, Refunding

      5.000 %      1/1/34        250,000        303,883  

Senior Lien, Elizabeth River Crossings OpCo LLC Project

      5.000 %      7/1/23        1,775,000        1,869,998 (a) 
          

 

 

  

Total Virginia

              4,228,068  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

12

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Washington - 1.4%

           

Port of Seattle, WA, Intermediate Lien Revenue:

           

Series 2019

      5.000 %      4/1/34      $ 750,000      $ 916,470 (a) 

Series A

      5.000 %      5/1/36        500,000        586,545 (a) 

Washington State Health Care Facilities Authority Revenue:

           

Commonspirit Health, Series B, Refunding

      5.000 %      8/1/26        300,000        354,486 (b)(c) 

Seattle Cancer Care Alliance, Refunding

      5.000 %      9/1/50        500,000        617,705  

Washington State, GO, Series R, 2018D, Refunding

      5.000 %      8/1/33        1,000,000        1,239,890  
          

 

 

  

Total Washington

              3,715,096  
          

 

 

  

West Virginia - 0.2%

           

West Virginia University Revenue, West Virginia Projects, Series B, Refunding

      5.000 %      10/1/29        400,000        497,524 (b)(c)  
          

 

 

  

Wisconsin - 1.1%

           

Public Finance Authority, WI, Limited Obligation Pilot Revenue, American Dream @ Meadowlands Project, Series 2017

      5.000 %      12/1/27        750,000        769,807 (d) 

Public Finance Authority, WI, Revenue, Series A, AGM

      5.000 %      7/1/44        1,000,000        1,179,030  

Village of Mount Pleasant, WI, Tax Increment Revenue, Series A

      5.000 %      4/1/43        750,000        885,645  
          

 

 

  

Total Wisconsin

              2,834,482  
          

 

 

  

Total Investments before Short-Term Investments
(Cost - $199,836,159)

              222,603,807  
          

 

 

  
SHORT-TERM INVESTMENTS - 12.3%           
MUNICIPAL BONDS - 12.2%           

Arizona - 0.1%

           

Phoenix, AZ, IDA, Health Care Facilities Revenue, Mayo Clinic, Series B, SPA - Northern Trust Co.

      0.010 %      11/15/52        300,000        300,000 (h)(i)  
          

 

 

  

California - 0.9%

           

California State MFA Revenue, Chevron USA Inc. Project,
Series A

      0.010 %      11/1/35        1,705,000        1,705,000 (h)(i) 

California Statewide CDA, MFH Revenue, IAC Project, Series W-3, Refunding, LOC - Wells Fargo Bank N.A.

      0.010 %      4/1/25        700,000        700,000 (a)(h)(i) 
          

 

 

  

Total California

              2,405,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

13

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE     MATURITY
DATE		      FACE
AMOUNT		      VALUE  

Indiana - 0.4%

           

Indiana State Finance Authority Hospital Revenue, Parkview Health System Obligated Group, Series B, Refunding, LOC - Wells Fargo Bank N.A.

      0.010 %      11/1/39      $ 1,000,000      $ 1,000,000 (h)(i) 
          

 

 

  

Minnesota - 0.6%

           

Minneapolis, MN, Health Care System Revenue, Fairview Health Services, Series C, Refunding, LOC - Wells Fargo Bank N.A.

      0.010 %      11/15/48        1,600,000        1,600,000 (h)(i) 
          

 

 

  

Mississippi - 0.1%

           

Mississippi State Business Finance Corp., Gulf Opportunity Zone, IDR:

           

Chevron USA Inc. Project, Series B

      0.010 %      12/1/30        130,000        130,000 (h)(i) 

Chevron USA Inc. Project, Series L

      0.010 %      11/1/35        200,000        200,000 (h)(i) 
          

 

 

  

Total Mississippi

              330,000  
          

 

 

  

New York - 7.8%

           

MTA, NY, Transportation Revenue, Subseries G-2, Refunding, LOC - TD Bank N.A.

      0.030 %      11/1/32        200,000        200,000 (h)(i) 

New York City, NY, GO:

           

Subseries D-4, LOC - TD Bank N.A.

      0.010 %      8/1/40        100,000        100,000 (h)(i) 

Subseries E-5, LOC - TD Bank N.A.

      0.010 %      3/1/48        100,000        100,000 (h)(i) 

Subseries G-6, LOC - Mizuho Bank Ltd.

      0.010 %      4/1/42        9,600,000        9,600,000 (h)(i) 

New York City, NY, HDC Revenue, Sierra Development, Series A, LOC - FNMA

      0.070 %      3/15/33        2,000,000        2,000,000 (a)(h)(i) 

New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second General Resolution Fiscal 2014, Series AA6, Refunding, SPA - Mizuho Bank Ltd.

      0.010 %      6/15/48        8,000,000        8,000,000 (h)(i) 
          

 

 

  

Total New York

              20,000,000  
          

 

 

  

Texas - 0.2%

           

University of Texas, TX, Permanent University Fund Revenue,
Series A

      0.010 %      7/1/38        450,000        450,000 (h)(i)  
          

 

 

  

Virginia - 2.1%

           

Arlington County, VA, IDA Revenue, Westover Apartments, Series A, Refunding, LIQ - FHLMC

      0.060 %      8/1/47        5,400,000        5,400,000 (a)(h)(i)  
          

 

 

  

TOTAL MUNICIPAL BONDS
(Cost - $31,485,000)

              31,485,000  
          

 

 

  

 

See Notes to Schedule of Investments.

 

 

 

14

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

SECURITY

    RATE      SHARES      VALUE  
MONEY MARKET FUNDS - 0.1%         

Dreyfus Government Cash Management, Institutional Shares
(Cost - $91,427)

      0.030 %       91,427      $ 91,427  
        

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(Cost - $31,576,427)

 

         31,576,427  
        

 

 

  

TOTAL INVESTMENTS - 98.8%
(Cost - $231,412,586)

 

         254,180,234  

Other Assets in Excess of Liabilities - 1.2%

            3,175,796  
        

 

 

  

TOTAL NET ASSETS - 100.0%

          $ 257,356,030  
        

 

 

  

 

††

Represents less than 0.1%.

 

*

Non-income producing security.

 

(a)

Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).

 

(b)

Maturity date shown represents the mandatory tender date.

 

(c)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

(d)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.

 

(e)

Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

 

(f)

The coupon payment on this security is currently in default as of February 28, 2021.

 

(g)

The maturity principal is currently in default as of February 28, 2021.

 

(h)

Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the Remarketing Agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s Short-term Obligation Rate Transparency System.

 

(i)

Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

 

See Notes to Schedule of Investments.

 

 

Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report    

  

 

 

15

WESTERN ASSET MUNICIPAL DEFINED OPPORTUNITY TRUST INC.

 

Schedule of investments (unaudited) (cont’d)    February 28, 2021

 

Abbreviation(s) used in this schedule:

 

AGM   

— Assured Guaranty Municipal Corporation - Insured Bonds

BAM   

— Build America Mutual - Insured Bonds

CAB   

— Capital Appreciation Bonds

CDA   

— Communities Development Authority

COP   

— Certificates of Participation

CSCE   

— Charter School Credit Enhancement

CWA   

— Clean Water Act

DFA   

— Development Finance Agency

EDA   

— Economic Development Authority

FHLMC   

— Federal Home Loan Mortgage Corporation

FNMA   

— Federal National Mortgage Association

GO   

— General Obligation

HDC   

— Housing Development Corporation

IDA   

— Industrial Development Authority

IDR   

— Industrial Development Revenue

LIQ   

— Liquidity Facility

LOC   

— Letter of Credit

MFA   

— Municipal Finance Authority

MFH   

— Multi-Family Housing

MTA   

— Metropolitan Transportation Authority

NATL   

— National Public Finance Guarantee Corporation - Insured Bonds

PCFA   

— Pollution Control Financing Authority

PEA   

— Public Energy Authority

SD   

— School District

SPA   

— Standby Bond Purchase Agreement - Insured Bonds

TFA   

— Transitional Finance Authority

USD   

— Unified School District

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

 

See Notes to Schedule of Investments.

 

 

 

16

  

    Western Asset Municipal Defined Opportunity Trust Inc. 2021 Quarterly Report

  

Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

Western Asset Municipal Defined Opportunity Trust Inc. (the “Fund”) was incorporated in Maryland on January 15, 2009 and is registered as a non-diversified, limited term, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to provide high current income exempt from federal income tax and then to liquidate on or about April 30, 2021 and distribute all of the Fund’s net assets to shareholders. As a secondary investment objective, the Fund will seek total return. There can be no assurance the Fund’s investment objectives will be achieved.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.

The Board of Directors is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Directors, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

 

   

 

 

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Notes to Schedule of Investments (unaudited) (cont’d)

 

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

 

  •  

Level 1 – quoted prices in active markets for identical investments

 

  •  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  •  

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

 

 

 

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Notes to Schedule of Investments (unaudited) (cont’d)

 

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

  

DESCRIPTION

    QUOTED PRICES
(LEVEL 1)		      OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)		      SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL 3)		      TOTAL  

Municipal Bonds†

      —        $ 222,603,807        —        $ 222,603,807  

Short-Term Investments†:

            

Municipal Bonds

      —          31,485,000        —          31,485,000  

Money Market Funds

    $ 91,427        —          —          91,427  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Short-Term Investments

      91,427        31,485,000        —          31,576,427  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments

    $ 91,427      $ 254,088,807        —        $ 254,180,234  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

See Schedule of Investments for additional detailed categorizations.

 

   

 

 

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