NPORT-EX 2 NPORT_5249_51623200_0725.htm EDGAR HTML
MFM-Q3
 
Quarterly Report
July 31, 2025
MFS®  Municipal
Income Trust
 
Portfolio of Investments
7/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction. 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 146.6%
Alabama – 3.6%
Alabama State University, Board of Trustees, General Tuition & Fee Rev., AGM, 5.75%, 9/01/2050
 
$
115,000
$120,975
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030
 
 
180,000
179,690
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035
 
 
190,000
183,536
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045
 
 
285,000
244,681
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050
 
 
285,000
243,619
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5.25%, 5/01/2056 (Put Date 5/01/2032)
 
 
840,000
855,044
Black Belt Energy Gas District, AL, Gas Project Rev., “C-1”, 5.25%, 2/01/2053 (Put Date 6/01/2029)
 
 
3,250,000
3,409,422
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)
 
 
515,000
540,631
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2028 (a)(d)
 
 
340,000
187,000
Huntsville-Redstone Village, AL, Special Care Facilities Financing Authority (Redstone Village Project), 5.5%, 1/01/2043 (a)(d)
 
 
440,000
242,000
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University
Foundation), “A”, AGM, 5.5%, 8/01/2058
 
 
325,000
326,120
Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053
 
 
1,240,000
1,259,257
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%,
2/01/2037
 
 
640,000
607,218
 
 
 
$8,399,193
Alaska – 0.6%
Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2030
 
$
125,000
$125,096
Alaska Industrial Development & Export Authority Power Rev. (Snettisham Hydroelectric Project), 5%, 1/01/2031
 
 
180,000
180,121
Alaska Municipal Bond Bank Authority, General Obligation Refunding, 5.25%, 12/01/2045
 
 
290,000
291,082
Alaska Municipal Bond Bank Authority, General Obligation Refunding, 5.5%, 12/01/2050
 
 
440,000
447,214
Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%, 6/01/2066
 
 
3,950,000
446,633
 
 
 
$1,490,146
Arizona – 5.5%
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2039 (n)
 
$
60,000
$57,709
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2049 (n)
 
 
100,000
88,662
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2054 (n)
 
 
155,000
134,382
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058
 
 
80,000
74,460
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)
 
 
35,000
35,079
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047 (n)
 
 
65,000
59,691
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)
 
 
200,000
180,029
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2037 (n)
 
 
70,000
70,106
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2047 (n)
 
 
65,000
59,691
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “G”, 5%, 7/01/2051 (n)
 
 
60,000
54,009
Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043
 
 
305,000
282,652
Arizona Industrial Development Authority, Education Rev. (KIPP Nashville Projects), “A”, 5%, 7/01/2057
 
 
105,000
94,615
Arizona Industrial Development Authority, Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%,
7/01/2051
 
 
1,145,000
921,824
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus
Projects), “A”, 4%, 12/15/2041 (n)
 
 
360,000
297,746
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 3.75%, 12/15/2029 (n)
 
 
20,000
19,722
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 5%, 12/15/2039 (n)
 
 
30,000
28,890
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 5%, 12/15/2049 (n)
 
 
45,000
39,327
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048
 
 
115,000
98,657
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056
 
 
490,000
396,827
La Paz County, AZ, Industrial Development Authority Education Facility, Lease Rev. (Charter School Solutions - Harmony Public
Schools Project), “A”, 5%, 2/15/2048
 
 
100,000
88,761
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047
 
 
275,000
247,219
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 5%, 6/01/2053
 
 
1,815,000
1,793,335
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Arizona – continued
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 4%,
7/01/2034
 
$
15,000
$14,679
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%,
7/01/2039
 
 
25,000
25,251
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%,
7/01/2049 (n)
 
 
50,000
47,379
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “A”, 5%,
7/01/2054
 
 
65,000
60,830
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “B”, 5%,
7/01/2039 (n)
 
 
80,000
80,094
Maricopa County, AZ, Industrial Development Authority, Education Rev. (Legacy Traditional Schools Projects), “B”, 5%,
7/01/2054 (n)
 
 
240,000
216,865
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034
 
 
675,000
640,911
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041
 
 
525,000
459,409
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
 
 
240,000
240,051
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
 
 
80,000
80,018
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)
 
 
380,000
354,884
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)
 
 
190,000
174,957
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034
 
 
785,000
785,197
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036
 
 
100,000
100,001
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044
 
 
530,000
511,205
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046
 
 
150,000
146,473
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)
 
 
310,000
310,071
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)
 
 
340,000
316,916
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), “A”, 4%,
12/01/2051 (n)
 
 
870,000
577,965
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), “B”, 5.75%,
12/15/2057 (n)
 
 
500,000
355,969
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC -
Arizona State University Project), “A”, 5%, 7/01/2044
 
 
40,000
37,855
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC -
Arizona State University Project), “A”, 5%, 7/01/2049
 
 
95,000
87,871
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing II LLC -
Arizona State University Project), “A”, 5%, 7/01/2059
 
 
75,000
67,120
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC -
Arizona State University Project), “A”, 5%, 7/01/2042
 
 
160,000
154,786
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%,
6/15/2051 (n)
 
 
690,000
500,865
Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%,
11/15/2057 (n)
 
 
720,000
743,311
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5%,
6/15/2054 (n)
 
 
250,000
211,347
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%,
6/15/2058
 
 
520,000
489,125
 
 
 
$12,914,798
Arkansas – 0.7%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033
 
$
135,000
$133,100
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039
 
 
15,000
13,659
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046
 
 
125,000
75,147
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5.25%, 3/01/2053
 
 
1,225,000
1,228,007
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042
 
 
230,000
227,695
 
 
 
$1,677,608
California – 8.2%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053
 
$
2,125,000
$497,687
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 4.25%, 7/01/2043 (u)
 
 
1,445,000
1,299,691
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 4.5%, 7/01/2054 (u)
 
 
2,670,000
2,391,172
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
California – continued
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%,
1/01/2054 (Put Date 10/01/2031)
 
$
2,085,000
$2,175,551
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036
 
 
1,342,626
1,336,228
California M-S-R Energy Authority, Gas Rev., “A”, 7%, 11/01/2034
 
 
210,000
249,265
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042
 
 
170,000
166,782
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036
 
 
170,000
170,414
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041
 
 
160,000
154,540
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039
 
 
390,000
314,925
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5.25%, 11/01/2052
 
 
265,000
264,911
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
 
 
130,000
118,956
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
 
 
205,000
166,157
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 8%,
7/01/2039 (a)(d)(z)
 
 
750,000
8,437
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%,
12/01/2039 (a)(d)(z)
 
 
960,836
10
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2037
 
 
55,000
55,243
California Public Finance Authority Rev. (Henry Mayo Newhall Hospital), 5%, 10/15/2047
 
 
55,000
50,902
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)
 
 
110,000
107,586
California Public Finance Authority, Senior Living Rev. (Kendal at Ventura Project), “A”, 10%, 5/15/2028 (n)
 
 
615,000
781,804
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%,
8/01/2052 (n)
 
 
670,000
597,409
California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), “A”, 5%, 7/01/2042 (n)
 
 
250,000
239,181
California School Finance Authority, Charter School Rev. (Hawking STEAM Charter School Project), “A”, 5.25%, 7/01/2052 (n)
 
 
255,000
237,058
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%,
7/01/2045 (n)
 
 
180,000
175,603
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%,
10/01/2044
 
 
190,000
182,130
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 6%, 10/01/2049
 
 
100,000
95,280
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)
 
 
190,000
179,201
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057
 
 
385,000
387,643
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044
 
 
855,000
822,876
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)
 
 
585,000
546,014
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts
Project), 5.25%, 7/01/2049 (n)
 
 
175,000
165,884
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts
Project), 5.25%, 7/01/2052 (n)
 
 
115,000
107,652
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)
 
 
165,000
113,868
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052
 
 
355,000
339,297
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)
 
 
300,000
296,051
River Islands, CA, Public Finance Authority Improvement Area No. 1, Community Facilities District No. 2003-1, “A-1”, AGM,
5.25%, 9/01/2052
 
 
585,000
589,128
San Francisco, CA, City & County Airports Commission Refunding Rev., “C”, 5.75%, 5/01/2048
 
 
1,475,000
1,534,906
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, AGM, 5.5%, 5/01/2055
 
 
950,000
980,049
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)
 
 
915,000
762,892
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation,
“B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)
 
 
935,000
398,994
 
 
 
$19,061,377
Colorado – 3.0%
Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046
 
$
1,016,000
$879,165
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037
 
 
75,000
75,061
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030
 
 
60,000
60,065
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034
 
 
70,000
70,155
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Aspen View Academy Project), 4%, 5/01/2061
 
 
85,000
62,192
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%,
7/01/2061 (n)
 
 
220,000
144,897
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042
 
 
170,000
141,898
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052
 
 
735,000
728,727
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Colorado – continued
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049
 
$
225,000
$185,768
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5.125%, 12/01/2055
 
 
370,000
352,531
Colorado Health Facilities Authority, Health Care Facilities Rev. (American Baptist Homes of the Midwest Obligated Group), 8%,
8/01/2043
 
 
400,000
220,000
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047
 
 
240,000
207,084
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053
 
 
220,000
184,852
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036
 
 
75,000
75,294
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040
 
 
205,000
201,356
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048
 
 
155,000
147,039
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040
 
 
680,000
599,431
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045
 
 
175,000
175,272
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 12/01/2055
 
 
160,000
167,112
Denver, CO, Multi-Family Housing Authority Rev. (FLO Senior Apartment Project), “A”, 4.5%, 7/01/2041
 
 
820,000
791,088
Douglas County, CO, Mirabelle Metropolitan District No. 2, “A”, AGM, 4.5%, 12/01/2049
 
 
199,000
178,135
El Paso County, CO, Pinon Pines Metropolitan District No. 3, General Obligation, Convertible Capital Appreciation, 0% to
12/01/2027, 5.875% to 12/01/2054
 
 
522,000
440,445
Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.25%, 6/01/2059
 
 
340,000
340,369
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045
 
 
710,000
689,981
 
 
 
$7,117,917
Connecticut – 1.7%
Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), 4.75%, 12/01/2045
 
$
210,000
$203,604
Ansonia, CT, Certificates of Participation (Ansonia Fuel Cell Project), 4.75%, 12/01/2045
 
 
210,000
203,605
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044 (n)
 
 
955,000
872,074
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n)
 
 
230,000
201,932
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n)
 
 
530,000
530,435
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)
 
 
1,660,000
1,672,796
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “A”, 6.5%, 10/01/2055
 
 
235,000
231,183
 
 
 
$3,915,629
Delaware – 0.5%
Delaware Economic Development Authority, Charter School Rev. (Aspira of Delaware Charter Operations, Inc. Project), “A”, 5%,
6/01/2036
 
$
260,000
$259,254
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043
 
 
355,000
339,830
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048
 
 
180,000
166,409
Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%,
7/01/2048
 
 
115,000
105,247
Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%,
7/01/2053
 
 
105,000
93,322
Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%,
7/01/2058
 
 
140,000
122,637
 
 
 
$1,086,699
District of Columbia – 2.9%
District of Columbia Refunding Rev. (Catholic University of America), “A”, 5.75%, 10/01/2055
 
$
280,000
$286,611
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2056 (n)
 
 
280,000
235,255
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 2), “A”, 5%, 6/01/2051 (n)
 
 
625,000
532,948
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 3), “A”, 5.75%, 6/01/2054 (n)
 
 
250,000
240,786
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2044
 
 
430,000
449,462
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053
 
 
815,000
733,249
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2054 (u)
 
 
4,275,000
4,378,541
 
 
 
$6,856,852
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Florida – 11.9%
Arborwood Community Development District, FL, Capital Improvement Refunding Rev., “A-1”, 6.9%, 5/01/2036
 
$
65,000
$65,027
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030
 
 
145,000
145,102
Charlotte and Lee Counties, FL, Babcock Ranch Community Independent Special District, Special Assessment Rev., 5%,
5/01/2044
 
 
100,000
93,999
Florida Capital Projects Finance Authority, Educational Facilities Rev. (Imagine School at North Port Project), “A”, 6.75%,
6/15/2065
 
 
660,000
648,879
Florida Capital Projects Finance Authority, Student Housing Rev. (PRG-UnionWest Properties LLC Project), “A-1”, 5%, 6/01/2058
 
 
220,000
198,331
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039
 
 
265,000
265,336
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%,
6/15/2038 (n)
 
 
100,000
95,279
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%,
6/15/2048 (n)
 
 
120,000
105,663
Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami North Project), “A”, 6.125%, 6/15/2060
 
 
130,000
129,091
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n)
 
 
240,000
222,340
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n)
 
 
950,000
814,295
Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2047 (n)
 
 
110,000
99,029
Florida Capital Trust Agency, Educational Facilities Rev. (Viera Charter Schools, Inc. Project), “A”, 5%, 10/15/2052 (n)
 
 
100,000
87,616
Florida Capital Trust Authority, Educational Facilities Lease Refunding Rev. (Plato Academy Schools Project), 5.125%, 12/15/2059
 
 
1,000,000
857,387
Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of
Technology Project), “A”, 5.375%, 7/01/2065
 
 
100,000
91,779
Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5.25%, 7/01/2053 (u)
 
 
4,275,000
4,087,755
Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global
Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)
 
 
100,000
76,509
Florida Development Finance Corp., Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”,
6.25%, 6/15/2036 (n)
 
 
110,000
110,703
Florida Development Finance Corp., Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”,
6.375%, 6/15/2046 (n)
 
 
185,000
185,150
Florida Development Finance Corp., Educational Facilities Rev. (Mater Academy Projects), “A”, 5%, 6/15/2056
 
 
180,000
162,169
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School Projects), “C”, 5%, 9/15/2050 (n)
 
 
135,000
111,601
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%,
6/15/2037 (n)
 
 
135,000
135,278
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%,
6/15/2047 (n)
 
 
350,000
330,766
Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)
 
 
520,000
451,816
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)
 
 
465,000
308,078
Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), “A”, 4.375%,
10/01/2054 (Put Date 10/01/2031)
 
 
500,000
496,471
Florida Development Finance Corp., Student Housing Rev. (SFP - Tampa I - The Henry Project), “A-1”, 5.25%, 6/01/2054 (n)
 
 
300,000
275,424
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)
 
 
170,000
159,869
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038 (n)
 
 
350,000
308,961
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)
 
 
390,000
321,537
Florida Local Government Finance Commission, Educational Facilities Rev. (Bridgeprep Academy Projects), “A”, 6.125%,
6/15/2065
 
 
860,000
831,557
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2048
 
 
1,525,000
1,550,700
Jacksonville, FL, Coastal Ridge Community Development District, Special Assessment Rev., 6%, 5/01/2055
 
 
295,000
289,724
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)
 
 
185,000
147,121
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%,
5/01/2047
 
 
270,000
270,502
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Taylor Ranch Project), 6.3%, 5/01/2054
 
 
225,000
230,099
Lee County, FL, Airport Rev., AGM, 5.25%, 10/01/2054
 
 
160,000
160,889
Lee County, FL, Airport Rev., AGM, 5.25%, 10/01/2054
 
 
270,000
271,500
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2044
 
 
140,000
134,203
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2049
 
 
455,000
421,312
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “C”, 5%, 11/15/2054
 
 
940,000
853,398
Legends Bay Community Development District, FL, “A”, 5.875%, 5/01/2038
 
 
265,000
265,183
Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032
 
 
110,000
110,063
Martin County, FL, Newfield Community Development District, Special Assessment Rev., 5.9%, 5/01/2056
 
 
295,000
287,482
Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051
 
 
1,245,000
998,736
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Florida – continued
Miami-Dade County, FL, Aviation Rev., “A”, 5.5%, 10/01/2055
 
$
830,000
$844,069
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044
 
 
540,000
494,902
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5.25%, 10/01/2052
 
 
135,000
133,854
Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029
 
 
165,000
165,120
Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2037
 
 
115,000
114,996
Midtown Miami, FL, Community Development District, Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037
 
 
100,000
99,997
NatureWalk Community Development District, FL, Capital Improvement Rev., “B”, 5.3%, 5/01/2016 (a)(d)
 
 
445,000
169,100
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%,
8/01/2047
 
 
1,635,000
1,320,882
Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), “A”, 5.25%, 10/01/2056
 
 
1,100,000
1,095,997
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2037
 
 
305,000
168,836
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2042
 
 
495,000
193,936
Palm Beach County, FL, Health Facilities Authority Hospital Rev. (Jupiter Medical Center Project), “A”, 5%, 11/01/2052
 
 
150,000
140,062
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%,
6/01/2056
 
 
570,000
442,136
Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n)
 
 
475,000
393,160
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036
 
 
180,000
179,052
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047
 
 
330,000
299,058
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049
 
 
190,000
185,136
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045
 
 
265,000
271,642
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046
 
 
95,000
93,804
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2047
 
 
110,000
98,250
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2052
 
 
200,000
172,418
Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project),
“A”, 4%, 6/15/2051 (n)
 
 
125,000
93,087
South Miami, FL, Health Facilities Authority, Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%,
8/15/2047
 
 
1,005,000
837,595
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050
 
 
110,000
76,991
Sterling Hill Community Development District, FL, Special Assessment, 5.5%, 11/01/2010 (d)
 
 
152,048
66,901
Sumter County, FL, Industrial Development Authority, Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%,
7/01/2044
 
 
215,000
214,997
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040
 
 
295,000
292,347
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044
 
 
230,000
221,454
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2055
 
 
75,000
70,918
Tampa, FL (University of Tampa Project), 5%, 4/01/2040
 
 
150,000
150,029
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “A”, 5.625%, 1/01/2060
 
 
105,000
97,226
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054
 
 
255,000
245,851
 
 
 
$27,707,512
Georgia – 2.8%
Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, “A-1”, 0% to
6/15/2028, 6.5% to 12/15/2048
 
$
372,000
$316,066
Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), “A-2”, 5.5%, 4/01/2039 (n)
 
 
450,000
448,869
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)
 
 
105,000
100,965
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2036 (n)
 
 
100,000
100,130
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)
 
 
450,000
396,995
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2030
 
 
85,000
85,043
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2033
 
 
145,000
145,021
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2038
 
 
155,000
147,522
Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), “A”, 5.75%, 4/01/2053
 
 
960,000
1,000,980
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026
 
 
285,000
291,774
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Georgia – continued
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2043
 
$
210,000
$207,464
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064
 
 
695,000
680,566
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), “A”, 5%, 1/01/2056
 
 
190,000
184,403
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064
 
 
365,000
370,228
Georgia Ports Authority Rev., 4%, 7/01/2052
 
 
420,000
357,722
Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051
 
 
1,605,000
1,619,518
 
 
 
$6,453,266
Hawaii – 0.5%
Hawaii Airports System Rev., “A”, 5.5%, 7/01/2054
 
$
805,000
$829,018
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n)
 
 
135,000
133,785
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2035 (n)
 
 
125,000
116,199
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n)
 
 
125,000
102,063
 
 
 
$1,181,065
Idaho – 0.1%
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037
 
$
115,000
$110,996
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%,
7/01/2049 (n)
 
 
105,000
103,689
 
 
 
$214,685
Illinois – 12.3%
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036
 
$
1,030,000
$941,362
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2028
 
 
530,000
468,170
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2029
 
 
460,000
389,436
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “A”, NPFG, 0%, 12/01/2030
 
 
190,000
153,305
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2036
 
 
100,000
101,027
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2037
 
 
100,000
100,806
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045
 
 
220,000
213,882
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2046
 
 
260,000
247,894
Chicago, IL, Board of Education, Dedicated Capital Improvement, 6%, 4/01/2046
 
 
2,350,000
2,377,753
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048
 
 
500,000
513,108
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042
 
 
400,000
371,589
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n)
 
 
680,000
698,705
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039
 
 
155,000
136,920
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041
 
 
150,000
128,499
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046
 
 
480,000
426,914
Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049
 
 
1,210,000
1,236,223
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043
 
 
2,250,000
2,252,896
Chicago, IL, General Obligation, “A”, 5%, 1/01/2033
 
 
1,520,000
1,579,150
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039
 
 
205,000
205,257
Chicago, IL, General Obligation, “A”, BAM, 6%, 1/01/2046
 
 
1,290,000
1,365,779
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital
Appreciation, “B”, BAM, 0%, 12/15/2054
 
 
1,520,000
308,651
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital
Appreciation, “B-1”, AGM, 0%, 6/15/2047
 
 
2,565,000
801,796
Chicago, IL, Midway Airport Refunding Rev., “A”, BAM, 5.5%, 1/01/2053
 
 
290,000
294,385
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038
 
 
160,000
160,336
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048
 
 
490,000
460,257
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048
 
 
395,000
381,686
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053
 
 
220,000
211,413
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055
 
 
1,605,000
1,617,555
Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Dedicated Rev. (City Colleges), BAM,
5%, 12/01/2047
 
 
905,000
872,170
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036
 
 
203,000
199,568
Illinois Finance Authority Rev. (Ascension Health), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027)
 
 
945,000
964,979
Illinois Finance Authority Rev. (Ascension Health), “C”, 4%, 2/15/2041
 
 
5,000
4,519
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Illinois – continued
Illinois Finance Authority Rev. (Ascension Health), “C”, 5%, 2/15/2041 (Prerefunded 2/15/2027)
 
$
295,000
$305,659
Illinois Finance Authority Rev. (Ascension Health), “C”, 5%, 2/15/2041
 
 
320,000
321,362
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2034
 
 
45,000
45,246
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2038
 
 
55,000
52,606
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2042
 
 
30,000
27,036
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2047
 
 
60,000
52,402
Illinois Finance Authority Rev. (Dominican University), 5%, 3/01/2052
 
 
55,000
46,521
Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052
 
 
805,000
745,886
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051
 
 
475,000
392,332
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058
 
 
715,000
734,147
Illinois Finance Authority Rev. (Presence Health Network), 4%, 2/15/2041 (Prerefunded 2/15/2027)
 
 
5,000
5,106
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047
 
 
145,000
135,833
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2046
 
 
120,000
113,364
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2049
 
 
110,000
101,450
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois
Health Services Facility Project), 4%, 10/01/2050
 
 
655,000
529,212
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago
Project), “A”, 5%, 2/15/2047
 
 
180,000
163,687
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago
Project), “A”, 5%, 2/15/2050
 
 
45,000
40,085
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042
 
 
235,000
215,802
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039
 
 
135,000
128,338
State of Illinois, General Obligation, 4.5%, 11/01/2039
 
 
255,000
243,502
State of Illinois, General Obligation, 5%, 11/01/2040
 
 
755,000
752,880
State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047
 
 
1,605,000
1,630,756
State of Illinois, General Obligation, “B”, 5.5%, 5/01/2047
 
 
280,000
284,935
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043
 
 
720,000
695,234
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048
 
 
715,000
679,188
 
 
 
$28,628,559
Indiana – 2.4%
Fishers, IN, Town Hall Building Corp., Lease Rental Rev., “A”, BAM, 5.75%, 1/15/2063
 
$
1,150,000
$1,238,129
Indiana Finance Authority Rev. (Marquette Project), “A”, 5.375%, 3/01/2055
 
 
295,000
278,961
Indiana Finance Authority, Educational Facilities Rev. (Marian University Project), 4%, 9/15/2044
 
 
35,000
27,609
Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indiana, Inc. Project), “A-2”, 4.5%,
5/01/2035 (Put Date 6/01/2032)
 
 
1,205,000
1,217,863
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051
 
 
670,000
653,205
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052
 
 
1,405,000
1,338,262
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “B”, 5.5%, 5/01/2054
 
 
250,000
237,868
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064
 
 
335,000
323,941
Indianapolis, IN, Local Public Improvement Bond Bank Subordinate Rev. (Convention Center Hotel), “E”, 6.125%, 3/01/2057
 
 
190,000
194,865
 
 
 
$5,510,703
Iowa – 0.3%
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033
 
$
90,000
$90,614
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038
 
 
75,000
73,902
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048
 
 
130,000
115,260
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044
 
 
565,000
414,078
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065
 
 
165,000
22,897
 
 
 
$716,751
Kansas – 0.7%
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036
 
$
165,000
$147,331
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030
 
 
85,000
86,158
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032
 
 
75,000
75,566
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039
 
 
100,000
96,340
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052
 
 
285,000
205,038
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Kansas – continued
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052
 
$
300,000
$294,948
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038
 
 
150,000
139,492
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047
 
 
180,000
146,419
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments
Garage & West Lawn Project), 4.5%, 6/01/2040
 
 
75,000
70,767
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044
 
 
360,000
349,924
 
 
 
$1,611,983
Kentucky – 2.0%
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)
 
$
270,000
$245,861
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2036
 
 
240,000
216,677
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2046
 
 
650,000
501,989
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2051
 
 
165,000
121,719
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%,
11/15/2046
 
 
555,000
383,780
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%,
11/15/2051
 
 
535,000
360,865
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%,
11/15/2042
 
 
430,000
348,885
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%,
11/15/2045
 
 
140,000
111,343
Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041
 
 
495,000
496,748
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037
 
 
250,000
250,553
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041
 
 
165,000
160,053
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041
 
 
125,000
124,577
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045
 
 
205,000
194,399
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036
 
 
725,000
755,177
Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%,
5/01/2034
 
 
160,000
150,916
Louisville & Jefferson County, KY, Metro Government College Improvement Rev. (Bellarmine University Project), “A”, 5%,
5/01/2035
 
 
260,000
241,695
 
 
 
$4,665,237
Louisiana – 3.1%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%,
6/01/2045
 
$
1,060,000
$802,276
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA
Project), 4%, 11/01/2044 (n)
 
 
265,000
222,171
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA
Project), 3.95%, 11/01/2043 (n)
 
 
236,380
198,912
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA
Project), 3.9%, 11/01/2044 (n)
 
 
295,000
243,806
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA
Project), 5.375%, 11/01/2038 (n)
 
 
100,000
101,886
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA
Project), 5.5%, 11/01/2039 (n)
 
 
100,000
101,683
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA
Project), 4.625%, 11/01/2038 (n)
 
 
95,000
93,935
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center
Project), “A”, 5.75%, 2/01/2032 (n)
 
 
100,000
97,437
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center
Project), “A”, 6.125%, 2/01/2037 (n)
 
 
325,000
306,293
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center
Project), “A”, 6.25%, 2/01/2047 (n)
 
 
265,000
233,022
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St.
James Place of Baton Rouge Project), “A”, 6%, 11/15/2035
 
 
170,000
169,994
9
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Louisiana – continued
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St.
James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045
 
$
650,000
$614,658
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident
Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2029 (n)
 
 
70,000
69,964
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident
Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)
 
 
110,000
98,050
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident
Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)
 
 
185,000
144,425
Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n)
 
 
480,000
331,450
Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n)
 
 
230,000
158,820
Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge Public-Private Partnership Project), 5.75%, 9/01/2064
 
 
1,095,000
1,111,695
Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n)
 
 
215,000
205,089
Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046
 
 
890,000
853,163
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project),
“A-1”, 5.1%, 1/01/2057 (n)
 
 
1,240,000
938,341
Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., “B”, AGM, 5.5%, 4/01/2054
 
 
250,000
253,685
 
 
 
$7,350,755
Maine – 0.4%
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%,
12/01/2047 (Put Date 6/01/2035)
 
$
105,000
$100,390
Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2048
 
 
445,000
405,579
Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2053
 
 
610,000
541,872
 
 
 
$1,047,841
Maryland – 0.9%
Baltimore, MD, Special Obligation (East Baltimore Research Park Project), “A”, 5%, 9/01/2038
 
$
205,000
$205,006
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.375%, 2/15/2039 (n)
 
 
100,000
93,370
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)
 
 
240,000
210,200
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058
 
 
160,000
110,430
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036
 
 
285,000
288,690
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033
 
 
170,000
172,533
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038
 
 
480,000
481,668
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation,
“C”, 0%, 5/01/2053
 
 
1,795,000
398,220
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042
 
 
135,000
122,088
 
 
 
$2,082,205
Massachusetts – 2.0%
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2029
 
$
60,000
$60,498
Lowell, MA, Collegiate Charter School Rev., 5%, 6/15/2054
 
 
40,000
35,638
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)
 
 
1,055,017
10
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052
 
 
460,000
388,875
Massachusetts Development Finance Agency Rev. (Emmanuel College), “A”, 5%, 10/01/2043
 
 
310,000
288,457
Massachusetts Development Finance Agency Rev. (Lasell University), 4%, 7/01/2040
 
 
100,000
81,986
Massachusetts Development Finance Agency Rev. (Lasell Village, Inc.), 5.25%, 7/01/2050
 
 
175,000
168,127
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)
 
 
130,000
119,944
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)
 
 
655,000
582,940
Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2065
 
 
185,000
185,079
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044
 
 
105,000
97,596
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046
 
 
120,000
110,220
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046
 
 
850,000
686,034
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3%, 7/01/2051
 
 
225,000
139,258
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2052
 
 
710,000
541,310
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5.5%, 7/01/2055
 
 
340,000
326,813
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “D”, 5%, 7/01/2054
 
 
405,000
359,127
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047
 
 
415,000
300,589
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Massachusetts – continued
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052
 
$
255,000
$175,250
 
 
 
$4,647,751
Michigan – 0.4%
Board of Regents of Eastern Michigan University, General Rev., “A”, 4%, 3/01/2047
 
$
500,000
$415,045
Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2037
 
 
45,000
41,468
Grand Rapids, MI, Economic Development Corp. Rev. (Beacon Hill at Eastgate Project), “A”, 5%, 11/01/2047
 
 
110,000
89,542
Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054
 
 
95,000
82,946
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044
 
 
160,000
156,732
Wayne County, MI, Airport Authority Rev., “B”, 5.75%, 12/01/2050
 
 
100,000
104,320
 
 
 
$890,053
Minnesota – 1.2%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036
 
$
115,000
$100,895
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041
 
 
285,000
228,081
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043
 
 
210,000
187,283
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043
 
 
310,000
304,601
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048
 
 
235,000
200,743
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048
 
 
240,000
234,504
Minnesota Higher Educational Facilities Authority Rev. (St. Catherine University), 5.125%, 10/01/2048
 
 
750,000
689,587
Minnesota Independent School District No. 150 (Hawley Public Schools), General Obligation School Building, “A”, 4.25%,
2/01/2046
 
 
955,000
878,034
St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), “A”, 5.5%,
7/01/2052 (n)
 
 
105,000
94,829
 
 
 
$2,918,557
Mississippi – 0.8%
Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n)
 
$
235,000
$226,847
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n)
 
 
115,000
102,890
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046
 
 
215,000
201,529
University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), “A”, 4%, 6/01/2053
 
 
1,635,000
1,377,743
 
 
 
$1,909,009
Missouri – 2.5%
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 (u)
 
$
3,270,000
$3,308,619
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization
Project), “B”, 5%, 3/01/2054
 
 
940,000
903,748
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%,
2/01/2040 (n)
 
 
100,000
96,291
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%,
2/01/2050 (n)
 
 
425,000
392,081
St. Louis County, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), “A”, 5.125%,
12/01/2045
 
 
400,000
343,751
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030
 
 
80,000
80,007
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035
 
 
55,000
52,863
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045
 
 
140,000
117,494
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029
 
 
65,000
62,108
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035
 
 
185,000
166,728
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047
 
 
405,000
340,991
 
 
 
$5,864,681
Montana – 0.2%
Kalispell, MT, Refunding Rev. (Immanuel Living at Buffalo Hill Project), “A”, 6%, 5/15/2060
 
$
455,000
$439,875
11
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Nevada – 0.4%
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%,
12/15/2035 (n)
 
$
265,000
$264,243
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”,
5.125%, 12/15/2045 (n)
 
 
205,000
187,689
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%,
12/15/2048 (n)
 
 
175,000
153,816
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n)
 
 
275,000
241,101
 
 
 
$846,849
New Hampshire – 2.9%
National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), “A”, 5%, 5/15/2034
 
$
1,170,000
$1,162,106
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%,
6/01/2051
 
 
270,000
273,369
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036
 
 
939,724
907,674
National Finance Authority, NH, Municipal Certificates, “2-A”, 4%, 10/20/2036
 
 
541,618
508,722
National Finance Authority, NH, Municipal Certificates, “4-A”, 4.06%, 11/20/2039
 
 
1,052,953
997,095
National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n)
 
 
595,000
535,377
National Finance Authority, NH, Special Rev. (Chambers Creek Project, Montgomery County, TX, Municipal Utility Districts),
Capital Appreciation, 0%, 12/15/2032
 
 
1,000,000
620,443
National Finance Authority, NH, Special Rev. (Emberly & Canterra Creek Projects, Fort Bend & Brazoria Counties, TX), 5.375%,
12/01/2031
 
 
275,000
274,665
National Finance Authority, NH, Special Rev. (Mill Creek Project, Montgomery County, Texas), 5.95%, 12/01/2031
 
 
503,000
503,677
National Finance Authority, NH, Special Rev. (River Ranch Project, Liberty County, TX), Capital Appreciation, 0%, 12/01/2031
 
 
665,000
453,772
National Finance Authority, NH, Special Rev. (The Wildflower Project, Denton County, Texas Municipal Utility Districts), Capital
Appreciation, 0%, 12/15/2033
 
 
813,000
492,198
 
 
 
$6,729,098
New Jersey – 3.5%
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062
 
$
275,000
$280,100
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027
 
 
70,000
70,155
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043
 
 
420,000
420,204
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031
 
 
210,000
210,376
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031
 
 
1,100,000
1,106,181
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student
Housing Project), “A”, 5%, 1/01/2030
 
 
140,000
140,009
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student
Housing Project), “A”, 5%, 1/01/2035
 
 
180,000
175,653
New Jersey Economic Development Authority, Deck & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.625%,
1/01/2045
 
 
430,000
437,160
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030
 
 
250,000
250,260
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%,
6/15/2042
 
 
365,000
363,599
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041
 
 
1,120,000
1,104,380
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039
 
 
310,000
299,077
New Jersey Higher Education Student Assistance Authority, Student Loan Refunding Rev. (Immediate Delivery), “C-1”, 5.5%,
12/01/2055
 
 
135,000
129,732
New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., “C”, 5%, 12/01/2053
 
 
110,000
97,324
New Jersey Higher Education Student Assistance Authority, Subordinate Student Loan Refunding Rev., “C”, 5.25%, 12/01/2054
 
 
70,000
64,949
New Jersey Housing & Mortgage Finance Agency, Multi-Family Conduit Rev. (Riverview Towers Apartments), “B”, GNMA,
5.25%, 12/20/2065
 
 
961,953
964,806
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044
 
 
735,000
664,257
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2035
 
 
525,000
344,927
New Jersey Transportation Trust Fund Authority, Capital Appreciation, “C”, AAC, 0%, 12/15/2036
 
 
1,375,000
849,471
Passaic County, NJ, Improvement Authority, Charter School Rev. (Community Charter School of Paterson Project), “A”, 5%,
1/01/2060
 
 
205,000
179,205
 
 
 
$8,151,825
12
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
New York – 12.8%
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)
 
$
1,170,000
$1,136,393
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062
 
 
215,000
188,814
Build NYC Resource Corp. Rev. (International Leadership Charter High School Project), “A”, 6.25%, 7/01/2046 (n)
 
 
140,000
137,279
Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043
 
 
365,000
357,323
Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2062
 
 
305,000
285,088
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), “A”, 5.25%, 12/01/2052
 
 
805,000
776,657
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052
 
 
710,000
662,949
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052
 
 
155,000
125,114
New York City Water Finance Authority, Water and Sewer System Second General Resolution Rev., “CC-1”, 5.25%, 6/15/2054 (u)
 
 
4,275,000
4,390,083
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050
 
 
475,000
373,517
New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054
 
 
345,000
353,321
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
1,705,000
1,632,114
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport
Project), 5.375%, 8/01/2036
 
 
815,000
829,816
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5%, 1/01/2031
 
 
740,000
754,039
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5.625%, 4/01/2040
 
 
475,000
487,176
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5%, 10/01/2040
 
 
300,000
294,876
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, 5.5%,
12/31/2060
 
 
800,000
772,961
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, AGM,
5.25%, 12/31/2054
 
 
1,570,000
1,537,203
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), 6%, 6/30/2054
 
 
1,460,000
1,482,953
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 (u)
 
 
2,070,000
1,964,285
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 (u)
 
 
2,200,000
2,130,788
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Terminal Four Project),
“A”, 4%, 12/01/2038
 
 
115,000
103,246
New York, NY, City Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053
 
 
465,000
443,868
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “A-1”, 4.75%, 11/01/2048
 
 
1,085,000
1,045,936
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “G”, 4.95%, 11/01/2058
 
 
430,000
417,451
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “D1”, 4%, 12/15/2031
 
 
100,000
103,010
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “F”, 5.25%, 12/15/2031 (n)
 
 
699,265
716,283
New York, NY, Mortgage Agency Homeowner Rev., 4.7%, 10/01/2038
 
 
380,000
372,272
Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n)
 
 
530,000
469,730
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052
 
 
425,000
349,666
Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052
 
 
1,005,000
1,025,541
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2028
 
 
130,000
106,982
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029
 
 
180,000
143,873
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031
 
 
210,000
162,170
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032
 
 
355,000
270,802
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034
 
 
390,000
292,547
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035
 
 
360,000
268,340
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036
 
 
300,000
222,417
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041
 
 
1,440,000
1,373,491
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025
 
 
100,000
99,826
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037
 
 
920,000
818,260
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5%,
11/01/2047
 
 
130,000
130,242
Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, 5.75%,
11/01/2048
 
 
230,000
243,748
 
 
 
$29,852,450
13
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
North Carolina – 1.4%
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%,
3/01/2051
 
$
375,000
$284,271
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025
 
 
30,000
30,012
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030
 
 
165,000
165,017
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035
 
 
100,000
96,457
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2039
 
 
110,000
107,038
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Sharon Towers), “A”, 5%, 7/01/2044
 
 
75,000
68,871
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047
 
 
125,000
122,582
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051
 
 
250,000
241,669
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054
 
 
170,000
161,716
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058
 
 
2,065,000
2,044,162
 
 
 
$3,321,795
North Dakota – 0.8%
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5%, 12/01/2053
 
$
135,000
$131,365
Grand Forks, ND, Healthcare System Rev. (Altru Health System), “A”, AGM, 5.42%, 12/01/2053
 
 
230,000
224,714
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034
 
 
575,000
572,889
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2038
 
 
330,000
314,028
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048
 
 
70,000
63,130
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053
 
 
540,000
479,839
 
 
 
$1,785,965
Ohio – 4.2%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055
 
$
1,915,000
$1,555,562
Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2037
 
 
80,000
76,930
Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2047
 
 
220,000
189,104
Centerville, OH, Health Care Improvement and Refunding Rev. (Graceworks Lutheran Services), 5.25%, 11/01/2050
 
 
85,000
71,921
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 4%, 12/01/2034
 
 
370,000
367,620
Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), “A”, 5.5%, 1/01/2050
 
 
1,635,000
1,671,906
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2042
 
 
415,000
392,858
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, 2/15/2047
 
 
565,000
501,493
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, 2/15/2047
 
 
300,000
283,037
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052
 
 
1,530,000
1,452,332
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2057
 
 
295,000
258,900
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045
 
 
95,000
73,560
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049
 
 
130,000
115,010
Hamilton County, OH, Healthcare Rev. (Life Enriching Communities Project), “A”, 5.75%, 1/01/2053
 
 
175,000
176,837
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049
 
 
605,000
588,409
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041
 
 
255,000
223,299
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042
 
 
195,000
192,134
Ohio Housing Finance Agency, Multi-Family Housing Rev. (Haven's Edge Apartments Project), “A”, 5.7%, 8/01/2043
 
 
250,000
250,660
Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053
 
 
920,000
891,243
Riversouth, OH, Authority Rev. (Lazarus Building), “A”, 5.75%, 12/01/2027
 
 
455,000
455,154
 
 
 
$9,787,969
Oklahoma – 1.7%
Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045
 
$
440,000
$308,036
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045
 
 
230,000
186,545
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042
 
 
15,000
13,311
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041
 
 
530,000
527,135
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044
 
 
535,000
514,298
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038
 
 
400,000
401,650
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043
 
 
360,000
351,996
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048
 
 
400,000
373,238
Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%,
11/15/2045
 
 
1,315,000
1,248,099
14
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Oklahoma – continued
Tulsa, OK, Municipal Airport Trust Rev. (American Airlines, Inc. Project), 6.25%, 12/01/2040
 
$
135,000
$146,098
 
 
 
$4,070,406
Oregon – 0.9%
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051
 
$
915,000
$646,019
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056
 
 
410,000
278,638
Oregon Facilities Authority Rev. (Willamette University Projects), “A”, 4%, 10/01/2051
 
 
300,000
228,177
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047
 
 
120,000
113,586
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052
 
 
450,000
420,965
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056
 
 
530,000
408,400
 
 
 
$2,095,785
Pennsylvania – 10.4%
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2059
 
$
150,000
$132,204
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2055
 
 
1,150,000
1,181,114
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044
 
 
1,380,000
1,174,795
Allentown, PA, Commercial & Industrial Development Authority, Education Facility Lease Rev. (Lincoln Leadership Academy
Charter School Project), 6%, 6/15/2053 (n)
 
 
100,000
100,527
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2033 (n)
 
 
100,000
102,068
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)
 
 
120,000
116,257
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%,
5/01/2032 (n)
 
 
245,000
248,709
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%,
5/01/2042 (n)
 
 
175,000
168,975
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034
 
 
367,000
383,267
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039
 
 
1,874,000
1,697,135
Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, “B-1”, 0% to 11/15/2029,
6% to 6/30/2044
 
 
936,000
673,070
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)
 
 
425,000
462,912
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035
 
 
805,000
641,622
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030
 
 
90,000
83,663
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045
 
 
200,000
162,137
Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039
 
 
100,000
105,423
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049 (Prerefunded 7/01/2029)
 
 
5,000
5,390
Doylestown, PA, Hospital Authority Rev., “A”, 5%, 7/01/2049
 
 
50,000
48,977
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038
 
 
230,000
214,308
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043
 
 
305,000
265,740
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048
 
 
310,000
258,203
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053
 
 
295,000
237,846
Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055
 
 
100,000
90,420
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037
 
 
1,850,000
1,071,857
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044
 
 
205,000
176,314
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%,
5/01/2053
 
 
205,000
145,050
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project),
5.375%, 1/01/2050
 
 
1,435,000
1,238,440
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049
 
 
300,000
285,852
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital
Appreciation, “B-2”, 0%, 1/01/2044
 
 
1,075,000
397,353
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital
Appreciation, “B-3”, 0%, 1/01/2049
 
 
495,000
101,747
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
5.25%, 6/30/2053
 
 
1,000,000
941,372
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5.5%, 6/30/2042
 
 
815,000
844,872
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057
 
 
1,145,000
1,081,317
15
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project),
5%, 6/30/2042
 
$
1,255,000
$1,216,829
Pennsylvania Economic Development Financing Authority, UPMC Rev., “A”, 4%, 5/15/2053
 
 
415,000
337,488
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051
 
 
245,000
220,228
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5.5%, 6/01/2052
 
 
325,000
312,703
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043
 
 
530,000
530,765
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053
 
 
867,841
921,433
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053
 
 
550,000
582,866
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%,
10/01/2044
 
 
305,000
308,829
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036
 
 
100,000
100,352
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046
 
 
285,000
279,411
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051
 
 
235,000
222,985
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051
 
 
335,000
331,688
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%,
6/15/2057
 
 
100,000
92,041
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5.5%,
6/15/2043 (n)
 
 
335,000
317,421
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “I”, 5%, 12/01/2037 (Prerefunded 12/01/2026)
 
 
250,000
257,351
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “I”, 5%, 12/01/2058 (Prerefunded 12/01/2026)
 
 
1,060,000
1,091,027
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “III”, 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)
 
 
280,000
289,106
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “III”, 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)
 
 
405,000
419,487
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2037
 
 
220,000
214,464
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2042
 
 
245,000
224,199
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2049
 
 
350,000
297,189
Philadelphia, PA, School District General Obligation, “B”, 5%, 9/01/2043
 
 
150,000
150,674
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046
 
 
885,000
714,268
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%,
7/01/2035
 
 
30,000
29,378
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035
 
 
60,000
59,216
 
 
 
$24,360,334
Puerto Rico – 2.7%
AES Puerto Rico LP, Taxable, 12.5%, 3/04/2026
 
$
8,919
$8,652
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041
 
 
804,000
700,496
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033
 
 
105,000
100,549
Puerto Rico Electric Power Authority Rev., “TT”, NPFG, 5%, 7/01/2026
 
 
10,000
9,999
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026
 
 
125,000
125,308
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030
 
 
490,000
492,947
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico
Project), 6.625%, 1/01/2027
 
 
67,059
48,075
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico
Project), 6.625%, 1/01/2028
 
 
511,449
366,658
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 4.375%, 10/01/2031
 
 
70,000
67,613
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 5%, 10/01/2042
 
 
125,000
110,965
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053
 
 
5,000
4,291
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040
 
 
82,000
77,472
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.75%, 7/01/2053
 
 
197,000
176,564
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058
 
 
2,543,000
2,324,085
16
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Puerto Rico – continued
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040
 
$
507,000
$471,406
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058
 
 
93,000
81,980
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033
 
 
1,498,000
1,083,455
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046
 
 
252,000
77,943
 
 
 
$6,328,458
Rhode Island – 0.7%
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042
 
$
1,250,000
$1,149,047
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034
 
 
110,000
102,674
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.625%, 12/01/2037
 
 
290,000
275,732
 
 
 
$1,527,453
South Carolina – 3.6%
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.25%, 10/01/2043
 
$
415,000
$386,918
Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.5%, 10/01/2051
 
 
1,115,000
1,029,367
South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), “C”, 5.75%, 9/01/2055
 
 
210,000
204,314
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.),
5.125%, 5/01/2048
 
 
105,000
83,537
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”,
5%, 5/01/2037
 
 
75,000
67,897
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), “B”,
5%, 5/01/2042
 
 
40,000
33,420
South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad
Healthcare Project), 5.5%, 11/15/2044
 
 
100,000
97,450
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 4%,
11/01/2029
 
 
135,000
135,381
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%,
11/01/2033
 
 
170,000
170,610
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%,
11/01/2037
 
 
120,000
115,566
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%,
11/01/2042
 
 
300,000
255,785
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), 5%,
11/01/2046
 
 
165,000
135,283
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048
 
 
770,000
750,030
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%,
4/01/2047
 
 
310,000
276,999
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%,
4/01/2052
 
 
240,000
206,962
South Carolina Public Service Authority Refunding Rev. (Santee Cooper), “B”, AGM, 5%, 12/01/2054 (u)
 
 
3,990,000
3,976,274
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048
 
 
490,000
477,969
 
 
 
$8,403,762
Tennessee – 3.0%
Knox County, TN, Health Educational & Housing Facility, Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036
 
$
130,000
$130,346
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031
 
 
100,000
101,571
Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC -
University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2059
 
 
250,000
253,777
Metropolitan Nashville, TN, Airport Authority Improvement Rev., “B”, 5.5%, 7/01/2052
 
 
425,000
433,332
Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt
Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048
 
 
666,015
615,683
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)
 
 
2,060,000
2,146,931
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026
 
 
905,000
922,219
Tennessee Energy Acquisition Corp., Gas Project Rev., “A-1”, 5%, 5/01/2053 (Put Date 5/01/2028)
 
 
1,250,000
1,287,967
Tennessee Housing Development Agency, Residential Finance Program Rev., “2A”, 4.7%, 7/01/2053
 
 
1,265,000
1,199,160
 
 
 
$7,090,986
17
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Texas – 7.9%
Arlington, TX, Higher Education Finance Corp. Education Rev. (Basis Texas Charter Schools, Inc.), 4.5%,
6/15/2056 (Put Date 6/15/2026) (n)
 
$
100,000
$99,840
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036
 
 
90,000
79,482
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046
 
 
385,000
294,934
Arlington, TX, Higher Education Finance Corp. Education Rev. (Trinity Basin Preparatory, Inc.), Texas PSF, 4.25%, 8/15/2047
 
 
520,000
463,866
Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2038
 
 
95,000
89,374
Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2048
 
 
150,000
130,081
Arlington, TX, Higher Education Finance Corp. Education Rev. (UME Preparatory Academy), “A”, 5%, 8/15/2053
 
 
155,000
131,663
Austin, TX, Airport System Rev., 5%, 11/15/2052
 
 
535,000
519,562
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034
 
 
20,000
19,949
Brazos, TX, Higher Education Authority, Inc., Student Loan Program Rev., “1A”, 5.125%, 4/01/2043
 
 
750,000
770,174
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050
 
 
120,000
87,475
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)
 
 
100,000
72,808
Crowley, TX, Independent School District (Tarrant and Johnson Counties), Texas PSF, 4.25%, 2/01/2053
 
 
650,000
573,201
EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039
 
 
160,000
148,509
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%,
7/01/2052
 
 
665,000
552,155
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041
 
 
125,000
53,829
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046
 
 
425,000
132,395
Houston, TX, Airport System Refunding Rev., “A”, AGM, 5.25%, 7/01/2053
 
 
515,000
514,195
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.625%, 7/15/2038
 
 
470,000
471,044
Houston, TX, Airport System Special Facilities Refunding Rev. (United Airlines, Inc. Terminal E Project), 5%, 7/01/2029
 
 
100,000
99,992
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B”, 5.5%, 7/15/2038
 
 
820,000
846,535
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-2”, 5%, 7/15/2027
 
 
100,000
100,398
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University), 5.25%, 10/01/2054
 
 
100,000
92,397
Irving, TX, Hospital Authority Rev. (Baylor Scott & White Medical Center-Irving), “A”, 5%, 10/15/2044
 
 
145,000
137,545
Lavon, TX, Special Assessment Rev. (Trails of Lavon Public Improvement District Projects), 6%, 9/15/2054 (w)
 
 
113,000
113,314
Mission, TX, Economic Development Corp. (Natgasoline Project), 4.625%, 10/01/2031 (n)
 
 
355,000
355,050
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “A”,
6.5%, 10/01/2060
 
 
220,000
210,886
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”,
5.375%, 11/15/2036
 
 
110,000
96,549
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”,
5.5%, 11/15/2046
 
 
80,000
61,930
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”,
5.5%, 11/15/2052
 
 
90,000
66,876
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 4%,
1/01/2029
 
 
25,000
24,246
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%,
1/01/2039
 
 
50,000
44,547
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%,
1/01/2050
 
 
60,000
46,272
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5%,
1/01/2055
 
 
150,000
112,091
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060
 
 
195,000
173,418
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035 (n)
 
 
175,000
175,184
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045 (n)
 
 
225,000
225,258
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)
 
 
625,000
437,197
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046
 
 
445,000
445,087
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053
 
 
785,000
621,695
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Baylor Scott & White Health Project), “D”, 5%,
11/15/2051
 
 
1,000,000
987,413
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2030
 
 
160,000
160,215
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2035
 
 
195,000
194,730
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton Museum Way), 5.75%,
12/01/2054
 
 
1,181,836
961,794
18
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Texas – continued
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.25%, 9/01/2053
 
$
1,225,000
$1,222,900
Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Rev., “B”, 5.5%, 1/01/2054 (Put Date 1/01/2034)
 
 
2,140,000
2,323,832
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.5%, 6/30/2043
 
 
505,000
509,702
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054
 
 
480,000
514,137
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057
 
 
470,000
460,198
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042
 
 
115,000
47,625
Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043
 
 
1,425,000
1,265,276
 
 
 
$18,338,825
U.S. Virgin Islands – 0.3%
Virgin Islands Public Finance Authority Economic Recovery Fee Rev., Taxable (Frenchman's Reef Hotel Development Project),
“B”, 9%, 4/01/2053
 
$
425,000
$400,118
Virgin Islands Public Finance Authority Hotel Occupancy Tax Rev. (Frenchman's Reef Hotel Development Project), “A”, 6%,
4/01/2053 (n)
 
 
410,000
399,889
 
 
 
$800,007
Utah – 1.1%
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2043
 
$
770,000
$756,251
Sawmill Infrastructure Financing District, UT, Special Assessment Rev. (Sawmill Assessment Area), 6%, 12/01/2054
 
 
194,184
192,376
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047
 
 
475,000
386,941
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2036 (n)
 
 
100,000
95,420
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n)
 
 
150,000
130,373
Wakara Ridge, UT, Public Infrastructure District, Special Assessment (Wakara Ridge Assessment Area), 5.625%, 12/01/2054
 
 
238,473
235,329
Washington County, UT, Black Desert Public Infrastructure District (Assessment Area No. 1), 5.625%, 12/01/2053
 
 
730,400
709,098
 
 
 
$2,505,788
Vermont – 1.0%
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), 4.625%,
4/01/2036 (Put Date 4/03/2028) (n)
 
$
120,000
$120,327
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “A-2”, 4.375%,
6/01/2052 (Put Date 6/01/2032)
 
 
100,000
97,322
Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053
 
 
1,445,000
1,572,454
Vermont Student Assistance Corp., Education Loan Rev., “A”, 3.75%, 6/15/2030
 
 
35,000
34,933
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040
 
 
335,000
326,079
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046
 
 
150,000
124,142
 
 
 
$2,275,257
Virginia – 2.0%
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
“A”, 5%, 10/01/2052
 
$
145,000
$142,049
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of
Williamsburg, Inc.), “A”, 4%, 6/01/2047
 
 
210,000
154,278
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “A”, 6.875%,
12/01/2058
 
 
255,000
266,139
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)
 
 
115,000
115,100
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)
 
 
285,000
249,226
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n)
 
 
210,000
196,264
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”,
7%, 9/01/2059
 
 
890,000
959,042
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045
 
 
975,000
819,511
Virginia Small Business Financing Authority Rev. (Pinnacle Living), 5%, 6/01/2052
 
 
190,000
166,922
Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%,
1/01/2048 (Put Date 7/01/2038) (n)
 
 
100,000
93,634
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William
& Mary Project), “B”, AGM, 5.25%, 7/01/2053
 
 
1,225,000
1,247,112
Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC -
William & Mary Project), “A”, AGM, 5.25%, 7/01/2053
 
 
355,000
364,923
 
 
 
$4,774,200
19
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Washington – 2.9%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037
 
$
860,000
$799,529
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2033
 
 
225,000
227,948
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2038
 
 
290,000
284,619
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2048
 
 
560,000
496,018
Kalispel Tribe of Indians, WA, Priority Distribution Rev., “A”, 5.25%, 1/01/2038 (n)
 
 
210,000
212,476
Kalispel Tribe of Indians, WA, Priority Distribution Rev., “B”, 5.25%, 1/01/2038 (n)
 
 
100,000
101,179
King County, WA, Housing Authority, Housing Refunding Rev., 5.375%, 7/01/2045
 
 
125,000
125,768
Seattle, WA, Port Intermediate Lien Refunding Rev., “B”, 4%, 8/01/2047
 
 
100,000
82,560
Vancouver, WA, Housing Authority, Multi-Family Rev. (Cougar Creek Project), “A”, 4.5%, 10/01/2042
 
 
540,000
519,004
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035
 
 
185,000
185,262
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037
 
 
180,000
178,995
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042
 
 
400,000
352,648
Washington Housing Finance Commission Municipal Certificates, “1-A”, 4.084%, 3/01/2050
 
 
226,165
208,007
Washington Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i)
 
 
4,298,815
167,592
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n)
 
 
160,000
108,360
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2053 (n)
 
 
125,000
81,190
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n)
 
 
100,000
85,789
Washington Housing Finance Commission Nonprofit Housing Rev. (Emerald Heights Project), “A”, 5%, 7/01/2048
 
 
140,000
131,704
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2036 (n)
 
 
140,000
140,099
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2046 (n)
 
 
225,000
200,849
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2051 (n)
 
 
260,000
224,498
Washington Housing Finance Commission Nonprofit Refunding Rev. (Seattle Academy of Arts and Sciences Project), 6.375%,
7/01/2063 (n)
 
 
235,000
248,908
Washington Housing Finance Commission Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), “A”, 5.75%, 7/01/2060
 
 
470,000
468,834
Washington Housing Finance Commission Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), “A”, BAM, 5.25%, 7/01/2064
 
 
240,000
232,036
Washington State Housing Finance Commission Municipal Certificates, “A”, 3.5%, 12/20/2035
 
 
1,061,120
996,646
 
 
 
$6,860,518
West Virginia – 0.8%
Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre
Economic Opportunity Development District), “A”, 4.125%, 6/01/2043 (n)
 
$
95,000
$78,763
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District),
“A”, 7%, 6/01/2043 (n)
 
 
103,000
105,247
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District),
“B”, 4.875%, 6/01/2043 (n)
 
 
195,000
176,335
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District),
Convertible Capital Appreciation, “B”, 0% to 6/01/2043, 8% to 6/01/2053 (n)
 
 
1,068,000
218,114
West Virginia Economic Development Authority, Solid Waste Disposal Facility Rev. (Core Natural Resources, Inc. Project), 5.45%,
1/01/2055 (Put Date 3/27/2035)
 
 
495,000
502,767
West Virginia Hospital Finance Authority, Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%,
1/01/2043
 
 
750,000
714,351
 
 
 
$1,795,577
Wisconsin – 10.4%
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040
 
$
1,145,000
$554,540
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040
 
 
495,000
239,735
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027
 
 
105,000
63,000
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032
 
 
205,000
123,000
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037
 
 
110,000
66,000
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039
 
 
110,000
66,000
Wisconsin Health & Educational Facilities Authority Rev. (Aspirus, Inc. Obligated Group), 4%, 8/15/2048
 
 
2,000,000
1,673,143
Wisconsin Health & Educational Facilities Authority Rev. (Bellin Memorial Hospital, Inc.), “A”, 5.5%, 12/01/2052
 
 
365,000
376,081
Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057
 
 
965,000
782,871
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047
 
 
80,000
77,745
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050
 
 
190,000
158,715
20
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2039
 
$
75,000
$71,051
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2046
 
 
150,000
129,425
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054
 
 
450,000
370,902
Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.9%, 11/01/2053
 
 
570,000
538,275
Wisconsin Housing & Economic Development Authority Housing Rev., “A”, 4.95%, 11/01/2057
 
 
655,000
618,404
Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n)
 
 
390,000
308,100
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047
 
 
565,000
470,410
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052
 
 
945,000
752,125
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035
 
 
355,000
355,156
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n)
 
 
275,000
206,258
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%,
4/01/2052 (Prerefunded 4/01/2032) (n)
 
 
5,000
5,254
Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n)
 
 
796,030
608,228
Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2061
 
 
225,000
216,720
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028
 
 
190,000
190,173
Wisconsin Public Finance Authority, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042
 
 
2,575,000
2,507,917
Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n)
 
 
155,000
121,317
Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), “A”, 7%, 6/15/2053
 
 
300,000
314,382
Wisconsin Public Finance Authority, Charter School Rev. (North East Carolina Preparatory School Project), “A”, 5.25%, 6/15/2054
 
 
235,000
220,328
Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), 7%,
7/01/2058 (n)
 
 
355,000
356,526
Wisconsin Public Finance Authority, Charter School Rev., Taxable (Foundation Academy Charter School Project), 5%, 7/01/2060
 
 
205,000
174,283
Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2037
 
 
75,000
74,625
Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2047
 
 
110,000
98,792
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062
 
 
245,000
231,584
Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)
 
 
45,000
45,309
Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)
 
 
400,000
355,672
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “A”, 5%, 10/01/2052
 
 
1,205,000
1,168,549
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”,
4%, 7/01/2051
 
 
190,000
135,328
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)
 
 
25,000
25,009
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)
 
 
155,000
155,062
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)
 
 
150,000
146,680
Wisconsin Public Finance Authority, Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047
 
 
200,000
179,012
Wisconsin Public Finance Authority, Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049
 
 
1,995,000
1,669,258
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at
Charlotte, Inc.), “A”, 4%, 9/01/2051 (n)
 
 
735,000
519,327
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%,
8/01/2027 (a)(d)(n)
 
 
1,320,000
1,277,100
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%,
4/28/2036
 
 
620,000
628,458
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n)
 
 
275,000
274,300
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043
 
 
405,000
405,771
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%,
10/01/2051
 
 
100,000
77,598
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065 (w)
 
 
870,000
829,426
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2037 (n)
 
 
125,000
125,078
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2042 (n)
 
 
135,000
127,827
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2047 (n)
 
 
395,000
355,677
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2052 (n)
 
 
270,000
236,766
Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)
 
 
1,105,000
806,650
Wisconsin Public Finance Authority, Special Facility Convertible Rev., Taxable (Million Air Three General Aviation Facilities
Project), “B”, 7%, 9/01/2054
 
 
100,000
105,332
21
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Public Finance Authority, Special Facility Rev. (Million Air Three LLC General Aviation Facilities Project), “A”, 6.25%,
9/01/2046
 
$
100,000
$100,344
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), “A”, 5.5%,
6/01/2055
 
 
100,000
96,536
Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), “C”, 5.75%,
6/15/2055
 
 
115,000
109,005
Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2034
 
 
170,000
173,866
Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2039
 
 
105,000
105,015
Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2044
 
 
130,000
123,042
Wisconsin Public Finance Authority, Student Housing Rev. (NC A&T Real Estate Foundation LLC Project), “B”, 5%, 6/01/2049
 
 
255,000
235,258
Wisconsin Public Finance Authority, Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n)
 
 
335,000
236,178
Wisconsin Public Finance Authority, Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047
 
 
345,000
318,880
Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., Taxable (Astro Texas Land
Projects), Capital Appreciation, 0%, 12/15/2037
 
 
208,000
103,237
 
 
 
$24,371,615
Total Municipal Bonds
$342,435,629
Other Municipal Bonds – 0.6%
Multi-Family Housing Revenue – 0.6%
Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040
 
$
867,480
$851,909
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.226%, 7/25/2041 (i)(n)
 
 
1,028,160
90,695
FRETE 2023-ML16 Trust, “A”, 4.632%, 7/25/2038
 
 
387,419
393,886
Total Other Municipal Bonds
$1,336,490
Bonds – 0.1%
Medical & Health Technology & Services – 0.0%
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028
 
$
140,000
$140,062
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n)
 
$
340,000
$192,547
Total Bonds
$332,609
Escrow Interests (e) – 0.1%
 
 
Healthcare Revenue - Long Term Care – 0.1%
 
 
Michigan Strategic Fund Ltd. (Canterbury Health Care, Inc.) (a)
 
$
100,000
$22,300
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A” (a)
 
 
190,000
42,370
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A” (a)
 
 
190,000
42,370
Total Escrow Interests
 
 
$107,040
Preferred Stocks – 0.0%
 
 
Utilities - Electric Power – 0.0%
 
 
AES Guayama Holdings B.V. (x)
 
 
11,249
$113
Mutual Funds (h) – 0.2%
Money Market Funds – 0.2%
MFS Institutional Money Market Portfolio, 4.35% (v)
 
 
413,503
$413,503
 
Other Assets, Less Liabilities – (6.2)%
(14,363,606
)
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value (issued by the fund) –
(41.4)%
(96,700,000
)
Net assets applicable to common shares – 100.0%
$233,561,778
 
(a)
Non-income producing security.
22
Portfolio of Investments (unaudited) – continued
(d)
In default.
(e)
Escrow interests represent beneficial interests in liquidation proceedings. The interests cannot be sold and the amount and timing of related future
payments, if any, cannot be predicted with certainty.
(h)
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $413,503 and
$344,211,881, respectively.
(i)
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect
the cost of the security.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $46,065,899,
representing 19.7% of net assets applicable to common shares.
(u)
Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
(x)
The security was valued using significant unobservable inputs and is considered level 3 under the fair value hierarchy. The security was valued using
significant unobservable inputs and is considered level 3 under the fair value hierarchy. For further information about the fund’s level 3 holdings, please see
Note 2 in the Notes to Financial Statements.
(z)
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be
resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
 
Restricted Securities
Acquisition
Date
Cost
Value
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 8%, 7/01/2039
5/25/2017
$746,292
$8,437
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
7/26/2019
835,468
10
Total Restricted Securities
 
 
$8,447
% of Net assets applicable to common shares
 
 
0.0%
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
COP
Certificate of Participation
FHLMC
Federal Home Loan Mortgage Corp.
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
PSF
Permanent School Fund
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
23
Supplemental Information
7/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided
by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an
evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less
may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of July 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
Netherlands
$—
$113
$—
$113
Municipal Bonds
—
343,879,159
—
343,879,159
U.S. Corporate Bonds
—
332,609
—
332,609
Investment Companies
413,503
—
—
413,503
Total
$413,503
$344,211,881
$—
$344,625,384
For further information regarding security characteristics, see the Portfolio of Investments.
24
Supplemental Information (unaudited) – continued
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table
presents the activity of level 3 securities held at the beginning and the end of the period. 
 
Equity
Securities
Balance as of 10/31/24
$29.247
Change in unrealized appreciation or depreciation
(29,135)
Transfers out of level 3
(112)
Balance as of 7/31/25
$—
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended July 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$3,128,915
$36,037,708
$38,752,710
$(255
)
$(155
)
$413,503
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$145,282
$—
25