NPORT-EX 4 NPORT_3414290934619939.htm
Quarterly Report
August 31, 2020
MFS®  High Income  
Municipal Trust
CXE-Q3
Portfolio of Investments
8/31/20 (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 - 157.8%
Alabama - 3.2%
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040   $ 70,000 $80,170
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030     105,000 109,341
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035     115,000 118,847
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045     155,000 157,406
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050     165,000 169,491
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026     130,000 110,458
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029     185,000 128,090
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034     260,000 126,649
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035     500,000 228,045
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2021     95,000 99,251
Jefferson County, AL, Sewer Rev. Warrants, Subordinate Lien, “D”, 5%, 10/01/2023     140,000 157,007
Lower, AL, Gas District Project Rev., “A”, 5%, 9/01/2046     215,000 302,488
Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), 5%, 12/01/2039     225,000 233,818
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 4.5%, 5/01/2032     630,000 689,025
Tuscaloosa County, AL, Industrial Development Authority, Gulf Opportunity Zone (Hunt Refining Project), “A”, 5.25%, 5/01/2044     1,670,000 1,853,750
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044     305,000 370,965
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049     190,000 229,700
        $5,164,501
Arizona - 3.5%
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 4%, 7/01/2029 (n)   $ 25,000 $25,512
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2039 (n)     40,000 42,157
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2049 (n)     65,000 67,391
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), 5%, 7/01/2054 (n)     90,000 92,912
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2038     25,000 29,580
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2048     55,000 63,923
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “A”, 5%, 7/01/2052     70,000 81,101
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.5%, 7/01/2038     55,000 59,347
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.625%, 7/01/2048     110,000 117,996
Arizona Industrial Development Authority Education Rev. (Academies of Math & Science), “B”, 5.75%, 7/01/2053     175,000 188,419
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037     25,000 26,960
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2047     40,000 42,392
Arizona Industrial Development Authority Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051     105,000 111,023
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 3.75%, 12/15/2029     25,000 24,615
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2039     15,000 15,331
Arizona Industrial Development Authority Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus), “A”, 5%, 12/15/2049     30,000 30,310
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2043     160,000 145,003
Arizona Industrial Development Authority Senior Living Rev. (Great Lakes Senior Living Facilities LLC, First Tier), “A”, 5%, 1/01/2054     190,000 165,422
Arizona Industrial Development Authority, Hospital Rev. (Phoenix Children's Hospital), “A”, 4%, 2/01/2050     240,000 272,945
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048     70,000 69,891
La Paz County, AZ, Industrial Development Authority Education Facility Lease Rev. (Charter School Solutions-Harmony Public Schools Project), “A”, 5%, 2/15/2048     100,000 110,009
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034     435,000 442,156
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041     280,000 284,023
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035     125,000 132,690
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035     45,000 47,768
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045     205,000 214,188
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046     110,000 114,881
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034     445,000 478,424
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Arizona - continued
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044   $ 280,000 $296,929
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.5%, 7/01/2034     145,000 163,340
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035     195,000 205,756
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 6.75%, 7/01/2044     235,000 263,306
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045     215,000 223,389
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC-Arizona State University Project), “A”, 5%, 7/01/2042     100,000 105,694
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4.75%, 6/15/2037     210,000 210,271
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047     165,000 165,378
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052     115,000 115,167
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6%, 12/01/2032     75,000 76,307
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2042     220,000 223,265
Tempe, AZ, Industrial Development Authority Rev. (Friendship Village), “A”, 6.25%, 12/01/2046     85,000 86,169
        $5,631,340
Arkansas - 0.5%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4%, 7/01/2028   $ 40,000 $40,619
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033     80,000 81,550
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039     10,000 10,071
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044     245,000 291,709
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035     40,000 44,485
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033     60,000 66,999
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, 0%, 7/01/2046     610,000 280,021
        $815,454
California - 10.1%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031   $ 350,000 $296,740
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032     355,000 291,760
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033     715,000 571,192
California County Tobacco Securitization Agency Settlement (Los Angeles County Securitization Corp.), “A”, 4%, 6/01/2040     55,000 64,581
California Educational Facilities Authority Rev. (Chapman University), 5%, 4/01/2031     190,000 193,770
California M-S-R Energy Authority Gas Rev., “A”, 7%, 11/01/2034     155,000 240,707
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042     110,000 127,116
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), 5%, 11/01/2035     45,000 48,723
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036     115,000 129,933
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041     105,000 116,751
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2047     15,000 16,512
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039     150,000 155,604
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%, 7/01/2028 (n)     100,000 102,230
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%, 7/01/2049 (n)     100,000 104,878
California Pollution Control Financing Authority, Solid Waste Disposal Rev. (CalPlant I Project), 8%, 7/01/2039 (a)(d)     460,000 266,800
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039 (a)(d)     630,000 132,300
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033     1,290,000 1,502,476
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030     45,000 51,228
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045     130,000 143,845
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%, 10/01/2044     150,000 160,838
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 6.125%, 11/01/2033     100,000 109,139
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041     115,000 119,839
California Statewide Communities Development Authority Rev. (Lancer Plaza Project), 5.625%, 11/01/2033     125,000 131,886
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034   $ 225,000 $245,851
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     465,000 499,773
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2056     290,000 311,970
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049     185,000 181,085
Chula Vista, CA, Industrial Development Rev. (San Diego Gas & Electric Co.), “E”, 5.875%, 1/01/2034     310,000 311,150
Downey, CA, Unified School District (Election of 2014), “B”, 4%, 8/01/2041     1,990,000 2,319,027
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036     120,000 121,747
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5.25%, 6/01/2047     175,000 180,437
Hastings Campus Housing Finance Authority Rev., “A”, 5%, 7/01/2061 (w)     580,000 585,962
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (w)(z)     590,000 220,743
Hawthorne, CA, School District (Election of 2018), “A”, BAM, 4%, 8/01/2047     895,000 1,014,975
Inland Valley, CA, Development Successor Agency Tax Allocation, “A”, AGM, 5%, 9/01/2044     260,000 288,540
Jurupa, CA, Public Financing Authority, Special Tax Rev., “A”, 5%, 9/01/2042     215,000 240,106
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036     65,000 70,819
Long Beach, CA, Marina Rev. (Alamitos Bay Marina Project), 5%, 5/15/2035     40,000 43,832
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034     50,000 54,256
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044     80,000 86,262
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)     195,000 213,416
San Diego, CA, Redevelopment Agency, Tax Allocation Rev., Capital Appreciation, AGM, 0%, 9/01/2022     1,910,000 1,893,994
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047     255,000 306,222
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     35,000 39,189
State of California, 5.25%, 10/01/2028     425,000 447,385
State of California, 5.25%, 9/01/2030     1,005,000 1,053,672
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049     95,000 117,479
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044     430,000 477,111
        $16,403,851
Colorado - 9.8%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030   $ 18,000 $21,161
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050 (w)     76,000 91,857
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), 5%, 12/01/2031     85,000 96,261
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038     95,000 105,937
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030     50,000 56,524
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034     50,000 55,881
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055     1,200,000 1,483,104
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055     570,000 691,005
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050     230,000 276,637
Colorado Health Facilities Authority Hospital Rev. (Parkview Medical Center, Inc. Project), “A”, 4%, 9/01/2050     85,000 92,600
Colorado Health Facilities Authority Rev. (American Baptist Homes), 8%, 8/01/2043     250,000 265,605
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044     175,000 193,821
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043     130,000 149,002
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038     2,975,000 3,446,537
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2034     795,000 796,542
Colorado Regional Transportation District, Private Activity Rev. (Denver Transportation Partners), 6%, 1/15/2041     385,000 385,747
Denver, CO, Broadway Station Metropolitan District No. 2, “A”, 5.125%, 12/01/2048     500,000 507,995
Denver, CO, City & County Airport Systems Rev., “A”, 5%, 11/15/2028     205,000 221,515
Denver, CO, City & County Airport Systems Rev., “B”, ETM, 6.125%, 11/15/2025     2,840,000 2,971,890
Denver, CO, City & County Airport Systems Rev., “C”, ETM, 6.125%, 11/15/2025     2,280,000 2,694,322
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035     80,000 85,606
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036     50,000 53,350
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040     135,000 143,278
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048   $ 100,000 $113,066
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040     255,000 271,544
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045     125,000 133,656
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NATL, 5%, 12/01/2045     475,000 549,072
        $15,953,515
Connecticut - 0.6%
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n)   $ 150,000 $158,898
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)     785,000 762,620
        $921,518
Delaware - 0.4%
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043   $ 230,000 $266,611
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048     115,000 132,438
Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2048     110,000 102,942
Kent County, DE, Student Housing and Dining Facility Rev. (CHF-Dover LLC-Delaware State University Project), “A”, 5%, 7/01/2058     120,000 108,725
        $610,716
District of Columbia - 1.5%
District of Columbia Rev. (Rocketship D.C.), “A”, 5%, 6/01/2039   $ 250,000 $261,928
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030     175,000 170,693
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035     850,000 817,734
District of Columbia Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045     985,000 902,112
Metropolitan Washington D.C. Airports Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053     320,000 352,182
        $2,504,649
Florida - 8.3%
Arborwood Community Development District, FL, Capital Improvement Refunding Rev. (Subordinate Lien), “A-2”, 5%, 5/01/2036   $ 130,000 $138,259
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030     105,000 117,370
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033     50,000 55,880
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034     75,000 83,893
Capital Region Community Development District, FL, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039     185,000 193,819
Collier County, FL, Educational Facilities Authority Rev. (Ave Maria University, Inc. Project), “A”, 6.125%, 6/01/2043     605,000 627,518
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 8.125%, 5/15/2044 (a)(d)     610,000 372,100
Collier County, FL, Industrial Development Authority, Continuing Care Community Rev. (Arlington of Naples Project), “A”, 6.5%, 5/15/2049 (a)(d)     100,000 61,000
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2035     170,000 191,729
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2046     235,000 259,980
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%, 6/15/2048     140,000 146,278
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039     155,000 163,582
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049     610,000 636,328
Florida Development Finance Corp. Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 6.375%, 6/15/2046     175,000 189,961
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6%, 6/15/2032     140,000 145,926
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 6.125%, 6/15/2043     295,000 305,579
Florida Development Finance Corp. Educational Facilities Rev. (Renaissance Charter School), “A”, 8.5%, 6/15/2044     555,000 627,616
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%, 6/15/2037     100,000 104,342
Florida Development Finance Corp. Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%, 6/15/2047     200,000 206,638
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033     100,000 97,623
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.75%, 6/01/2038     100,000 97,303
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048     110,000 107,569
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Homestead, FL, Community Development District, Special Assessment, “A”, 6%, 5/01/2037   $ 470,000 $377,466
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053     115,000 111,426
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.25%, 5/01/2025     100,000 103,272
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035     100,000 105,114
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045     110,000 114,385
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%, 5/01/2047     165,000 179,051
Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032     105,000 109,345
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046     280,000 319,855
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044     370,000 395,589
Mid-Bay Bridge Authority Rev., FL, Springing Lien, “A”, 7.25%, 10/01/2040 (Prerefunded 10/01/2021)     1,015,000 1,091,389
Midtown Miami, FL, Community Development District Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029     125,000 130,719
Midtown Miami, FL, Community Development District Special Assessment (Parking Garage Project), “A”, 5%, 5/01/2037     100,000 103,213
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042     475,000 544,222
Orlando, FL, Senior Tourist Development Tax Refunding Rev. (6th Cent Contract Payments), “A”, AGM, 5%, 11/01/2034     30,000 35,938
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049     105,000 126,110
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037     195,000 112,150
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042     320,000 149,405
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2047     365,000 140,251
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2053     225,000 68,245
Palm Beach County, FL, Health Facilities Rev. (Sinai Residences of Boca Raton Project), 7.5%, 6/01/2049     150,000 159,690
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036     105,000 108,795
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047     190,000 196,395
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049     120,000 128,401
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045     135,000 160,562
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046     95,000 99,863
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2047     70,000 74,078
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%, 1/01/2052     130,000 136,829
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026     25,000 28,073
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029     25,000 27,812
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034     50,000 55,346
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044     150,000 164,532
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040     430,000 478,353
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044     165,000 182,531
Tampa, FL (University of Tampa Project), 5%, 4/01/2040     105,000 118,484
Tampa, FL (University of Tampa Project), “A”, 4%, 4/01/2050     190,000 212,832
Tampa, FL, Capital Improvement Cigarette Tax Allocation (H. Lee Moffitt Cancer Center Project), Capital Appreciation, “A”, 0%, 9/01/2045     1,740,000 696,661
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050     320,000 391,562
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.5%, 5/01/2035     215,000 226,900
Trout Creek Community Development District, FL, Capital Improvement Rev., 5.625%, 5/01/2045     390,000 410,424
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037     130,000 107,865
        $13,413,426
Georgia - 2.2%
Clayton County, GA, Development Authority, Special Facilities Rev. (Delta Airlines, Inc.), “A”, 8.75%, 6/01/2029   $ 238,009 $238,947
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2030     60,000 65,142
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2033     105,000 112,818
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Georgia - continued
Cobb County, GA, Development Authority, Student Housing Rev. (Kennesaw State University Real Estate Foundations), “C”, 5%, 7/15/2038   $ 110,000 $117,071
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039 (w)     80,000 89,207
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 5%, 4/01/2040 (w)     5,000 6,054
Fulton County, GA, Development Authority Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050     230,000 262,248
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028     430,000 555,676
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043     135,000 159,494
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056     125,000 150,643
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063     120,000 144,329
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038     315,000 383,324
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039     255,000 309,310
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040     255,000 308,374
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041     510,000 614,468
        $3,517,105
Guam - 0.8%
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.625%, 12/01/2030   $ 245,000 $246,987
Guam Government Department of Education (John F. Kennedy High School), “A”, COP, 6.875%, 12/01/2040     630,000 635,367
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050     320,000 388,589
        $1,270,943
Hawaii - 0.2%
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030   $ 150,000 $141,847
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045     125,000 101,588
State of Hawaii, “DZ”, 5%, 12/01/2031 (Prerefunded 12/01/2021)     95,000 100,677
        $344,112
Idaho - 1.4%
Idaho Health Facilities Authority Rev. (IHC Hospitals, Inc.), ETM, 6.65%, 2/15/2021   $ 1,750,000 $1,800,732
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037     50,000 55,982
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “A”, 4%, 3/01/2038     230,000 255,424
Idaho Housing and Finance Association Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%, 7/01/2049     100,000 112,254
        $2,224,392
Illinois - 18.5%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024   $ 398,538 $373,865
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036     665,000 638,314
Chicago, IL, Board of Education, 5%, 12/01/2042     165,000 168,076
Chicago, IL, Board of Education (School Reform), “A”, NATL, 5.25%, 12/01/2023     625,000 673,831
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NATL, 0%, 12/01/2028     315,000 247,102
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2037     100,000 109,632
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046     105,000 113,829
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046     1,225,000 1,428,191
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025     160,000 180,973
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026     65,000 74,526
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027     155,000 179,988
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028     75,000 87,975
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029     50,000 58,967
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030     35,000 41,562
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031     95,000 112,933
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030     215,000 265,921
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031     410,000 504,156
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032     350,000 427,693
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046     405,000 508,591
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029     140,000 174,198
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2035     135,000 163,123
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “G”, 5%, 12/01/2034   $ 315,000 $351,093
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2036     475,000 525,806
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046     305,000 330,989
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025     45,000 49,723
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026     215,000 241,288
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027     150,000 169,719
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028     35,000 39,793
Chicago, IL, General Obligation, “A”, 5.25%, 1/01/2028     40,000 43,226
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029     400,000 458,816
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031     50,000 57,538
Chicago, IL, General Obligation, “A”, 5%, 1/01/2035     60,000 63,483
Chicago, IL, General Obligation, “A”, 5%, 1/01/2036     130,000 137,323
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039     130,000 143,731
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040     25,000 27,481
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044     490,000 535,472
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049     505,000 571,564
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033     110,000 120,552
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “C”, 5%, 12/01/2030     1,000,000 1,049,790
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2033     435,000 509,846
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038     380,000 436,905
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048     310,000 350,009
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032     95,000 103,832
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033     50,000 54,540
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043     190,000 206,367
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048     255,000 300,500
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053     140,000 163,719
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2029     215,000 225,378
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2030     430,000 450,317
Chicago, IL, Transit Authority Sales Tax Receipts Rev., 5.25%, 12/01/2031     80,000 83,709
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045 (w)     480,000 577,838
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047     580,000 677,968
Cook County, IL, General Obligation Refunding, 5%, 11/15/2034     50,000 58,388
Cook County, IL, General Obligation Refunding, 5%, 11/15/2035     180,000 209,534
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036     214,000 214,274
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034     165,000 194,891
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035     165,000 194,205
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033     215,000 219,302
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043     230,000 234,248
Illinois Finance Authority Rev. (Franciscan Communities), “A”, ETM, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)     30,000 33,530
Illinois Finance Authority Rev. (Franciscan Communities), “A”, ETM, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)     35,000 39,471
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036     195,000 233,731
Illinois Finance Authority Rev. (Presence Health Network), “C”, 4%, 2/15/2041     630,000 698,935
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041     400,000 474,080
Illinois Finance Authority Rev. (Presence Health Network), “C”, ETM, 4%, 2/15/2041 (Prerefunded 2/15/2027)     30,000 36,595
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043     255,000 282,739
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2042     45,000 48,634
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047     90,000 96,630
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2046     65,000 69,835
Illinois Finance Authority Rev. (Rosalind Franklin University, Research Building Project), “C”, 5%, 8/01/2049     70,000 75,067
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035     530,000 601,815
Illinois Finance Authority Rev. (Southern Illinois Healthcare Enterprises, Inc.), “C”, 5%, 3/01/2034     5,000 5,987
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois Health Services Facility), 4%, 10/01/2050     310,000 339,868
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037     30,000 29,866
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2047     60,000 57,126
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Illinois Finance Authority, Student Housing and Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2050   $ 25,000 $23,639
Illinois Finance Authority, Student Housing Rev. (Northern Illinois University Project), 6.625%, 10/01/2031     785,000 806,211
Illinois Railsplitter Tobacco Settlement Authority Rev., 6%, 6/01/2028 (Prerefunded 6/01/2021)     1,710,000 1,784,146
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030     5,000 5,985
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026     100,000 117,210
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027     220,000 262,328
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028     195,000 236,242
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029     40,000 49,088
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030     100,000 124,390
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036     90,000 106,839
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037     125,000 150,876
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038     55,000 59,625
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2039     40,000 43,228
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040     60,000 65,931
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2028     50,000 61,195
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2029     65,000 80,757
Illinois Sports Facilities Authority, State Tax Supported Refunding Rev., BAM, 5%, 6/15/2030     40,000 47,610
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034     334,000 334,127
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B”, BAM, 0%, 12/15/2054     970,000 284,161
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “B-1”, AGM, 0%, 6/15/2047     1,650,000 639,952
Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 6/15/2026     195,000 174,119
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042     165,000 171,616
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039     90,000 94,074
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041     70,000 68,696
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046     70,000 67,558
State of Illinois, 4.125%, 11/01/2031     115,000 120,889
State of Illinois, 4.5%, 11/01/2039     160,000 167,138
State of Illinois, 5%, 11/01/2040     485,000 523,034
State of Illinois, AGM, 5%, 2/01/2027     145,000 160,264
State of Illinois, NATL, 6%, 11/01/2026     405,000 483,837
State of Illinois, “A”, 5%, 11/01/2027     595,000 681,971
State of Illinois, “A”, 5%, 12/01/2024     35,000 38,626
State of Illinois, “A”, 5%, 12/01/2038     55,000 60,241
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047     625,000 700,737
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043     460,000 532,294
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048     460,000 525,481
        $29,894,627
Indiana - 1.7%
Indiana Finance Authority Rev. (BHI Senior Living), “A”, 6%, 11/15/2041   $ 350,000 $377,706
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030     50,000 53,677
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039     125,000 131,043
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2035     235,000 253,443
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040     590,000 632,439
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 5%, 9/15/2039     85,000 96,220
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2044     20,000 20,424
Indiana Finance Authority, Educational Facilities Tax-Exempt Rev. (Marian University Project), 4%, 9/15/2049     25,000 25,415
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051     430,000 489,392
Knox County, IN, Economic Development Rev. (Good Samaritan Hospital), “A”, 5%, 4/01/2042     130,000 133,099
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032     35,000 42,915
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033     25,000 30,510
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035     35,000 42,455
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038     100,000 120,203
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Indiana - continued
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 6.75%, 1/01/2034   $ 325,000 $361,156
        $2,810,097
Iowa - 0.3%
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033   $ 60,000 $63,711
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038     45,000 47,342
Iowa Finance Authority Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048     85,000 88,049
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044     310,000 297,466
        $496,568
Kansas - 1.1%
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2038   $ 300,000 $360,438
Coffeyville, KS, Electric Utility System Rev., “B”, NATL, 5%, 6/01/2042     100,000 120,146
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036     50,000 54,130
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041     50,000 53,550
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030     55,000 59,847
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032     50,000 54,132
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039     65,000 69,638
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “A”, 6.375%, 5/15/2043     200,000 212,250
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047     195,000 189,115
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 3%, 9/01/2023     25,000 25,413
Wichita, KS, Sales Tax Special Obligations Rev. (K-96 Greenwich Star Bond Project), 4.2%, 9/01/2027     190,000 193,568
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040     70,000 69,093
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044     255,000 288,650
        $1,749,970
Kentucky - 2.0%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032   $ 50,000 $62,791
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033     45,000 56,219
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034     55,000 68,497
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%, 11/15/2046     355,000 252,952
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%, 11/15/2051     340,000 235,521
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%, 11/15/2042     225,000 225,142
Kentucky Economic Development Finance Authority Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%, 11/15/2045     95,000 95,167
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037     40,000 47,195
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041     315,000 365,951
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046     205,000 235,572
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037     160,000 176,968
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041     105,000 115,274
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041     80,000 89,641
Kentucky Economic Development Finance Authority Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045     135,000 147,451
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2036     140,000 134,540
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2046     395,000 360,876
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and Grove Pointe Project), “A”, 5%, 5/15/2051     100,000 89,368
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036     465,000 532,997
        $3,292,122
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - 3.9%
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.25%, 7/01/2031   $ 380,000 $386,711
Jefferson Parish, LA, Hospital Service District No. 2 Hospital Rev. (East Jefferson General Hospital), 6.375%, 7/01/2041     240,000 244,337
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Cameron Parish Gomesa Project), 5.65%, 11/01/2037 (n)     100,000 109,783
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%, 6/01/2045     745,000 685,788
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish Gomesa Project), 4%, 11/01/2044 (n)     195,000 183,179
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish Gomesa Project), 3.95%, 11/01/2043 (n)     185,000 173,230
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish Gomesa Project), 3.9%, 11/01/2044 (n)     235,000 217,283
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6%, 11/15/2035     105,000 109,116
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045     420,000 436,544
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish Gomesa Project), 5.375%, 11/01/2038 (n)     115,000 123,757
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish Gomesa Project), 5.5%, 11/01/2039 (n)     100,000 106,455
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish Gomesa Project), 4.625%, 11/01/2038 (n)     100,000 102,489
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.125%, 2/01/2037     240,000 246,698
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center Project), “A”, 6.25%, 2/01/2047     185,000 188,800
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     100,000 98,198
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     150,000 140,820
Louisiana Military Department Custody Receipts, 5%, 8/01/2024     1,500,000 1,505,490
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040     80,000 91,793
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045     220,000 251,944
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045     95,000 108,239
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)     760,000 793,182
        $6,303,836
Maine - 0.6%
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-2”, 4.375%, 8/01/2035 (Put Date 8/01/2025)   $ 160,000 $173,094
Maine Finance Authority Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “R-3”, 5.25%, 1/01/2025     365,000 404,519
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050     375,000 425,895
        $1,003,508
Maryland - 0.9%
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047   $ 145,000 $145,973
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038     10,000 9,107
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048     30,000 25,443
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058     115,000 93,568
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare Issue), “A”, 5.5%, 1/01/2036     190,000 215,017
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033     115,000 132,708
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034     70,000 80,343
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038     315,000 352,148
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048     100,000 105,120
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037     45,000 45,374
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042     85,000 83,762
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047     90,000 86,630
        $1,375,193
10
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - 5.6%
Boston, MA, Metropolitan Transit Parking Corp., Systemwide Parking Rev., 5.25%, 7/01/2036   $ 370,000 $382,672
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)     895,000 402,750
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039     65,000 77,314
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049     60,000 64,701
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053     1,210,000 1,438,218
Massachusetts Development Finance Agency Rev. (Broad Institute, Inc.), “A”, 5.25%, 4/01/2037 (Prerefunded 4/01/2021)     710,000 730,959
Massachusetts Development Finance Agency Rev. (Linden Ponds, Inc.), Capital Appreciation, “B”, 0%, 11/15/2056     56,165 8,288
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047     100,000 106,831
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057     255,000 270,904
Massachusetts Development Finance Agency Rev. (North Hill Communities), “A”, 6.25%, 11/15/2033 (Prerefunded 11/15/2023)     100,000 119,021
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033     40,000 46,214
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034     50,000 57,490
Massachusetts Development Finance Agency Rev. (Tufts Medical Center), “I”, 7.25%, 1/01/2032     225,000 230,207
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036     145,000 165,696
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     3,080,000 3,271,484
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044     65,000 74,799
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046     405,000 420,058
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033     635,000 644,303
Massachusetts Port Authority Special Facilities Rev. (ConRAC Project), “A”, 5.125%, 7/01/2041     50,000 52,051
Massachusetts School Building Authority, Dedicated Sales Tax Rev., “B”, 5%, 10/15/2032     490,000 516,342
        $9,080,302
Michigan - 4.5%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043   $ 120,000 $134,389
Detroit, MI, Water & Sewerage Department, Senior Lien Sewage Disposal System Rev., “A”, 5.25%, 7/01/2039     730,000 797,328
Detroit, MI, Water Supply System Rev., Senior Lien, “A”, 5%, 7/01/2036     35,000 36,399
Detroit, MI, Water Supply System Rev., Senior Lien, “C”, 5%, 7/01/2041     50,000 51,999
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047     565,000 597,454
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047     1,025,000 1,289,614
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), “A”, 4%, 11/15/2050     445,000 500,443
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2035     1,250,000 1,324,700
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048     280,000 340,824
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033     80,000 94,102
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034     180,000 211,360
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035     115,000 134,800
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034     75,000 88,066
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2046     135,000 119,798
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A”, 5%, 7/01/2051     135,000 117,825
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2044     45,000 50,520
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, BAM, 5%, 12/01/2039     50,000 56,921
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2039     40,000 44,751
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044     110,000 122,307
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2031     190,000 234,937
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, 5%, 12/01/2032     200,000 245,758
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038     180,000 227,680
Wayne County, MI, School District of the City of Detroit, ”A“, 5%, 5/01/2040     335,000 421,195
        $7,243,170
Minnesota - 0.5%
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043   $ 110,000 $120,634
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043     200,000 231,250
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048     110,000 119,854
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048     155,000 178,304
11
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Minnesota - continued
Minneapolis & St. Paul, MN, Housing Authority Rev. (City Living), “A-2”, GNMA, 5%, 12/01/2038   $ 1,039 $1,040
St. Paul, MN, Housing & Redevelopment Authority Charter School Lease Rev. (Great River School Project), “A”, 5.5%, 7/01/2052     100,000 106,362
        $757,444
Mississippi - 1.1%
Mississippi Development Bank Special Obligation (Hancock County Gomesa Project), 4.55%, 11/01/2039 (n)   $ 200,000 $203,264
Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050     90,000 103,232
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2022     175,000 187,645
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2023     455,000 503,567
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046     135,000 152,893
Mississippi State University, Educational Building Corp. Rev. (Residence Hall Construction and Refunding Project), 5%, 8/01/2036 (Prerefunded 8/01/2021)     560,000 584,584
        $1,735,185
Missouri - 2.5%
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049   $ 655,000 $784,624
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055     395,000 470,998
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046     870,000 1,030,498
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2040     100,000 104,600
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%, 2/01/2050     280,000 291,057
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030     45,000 45,828
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035     35,000 35,366
St. Louis County, MO, Industrial Development Authority Health Facilities Rev. (Nazareth Living Center), “A”, 5.125%, 8/15/2045     80,000 80,293
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 3.875%, 11/15/2029     60,000 54,958
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035     125,000 108,414
St. Louis, MO, Industrial Development Authority Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047     255,000 225,213
St. Louis, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%, 9/01/2053     555,000 591,908
St. Louis, MO, Industrial Development Authority Rev. (St. Andrew's Resources for Seniors Obligated Group), “A”, 5.125%, 12/01/2045     230,000 218,886
        $4,042,643
Montana - 0.0%
Montana Board of Housing Single Family Program (Federally Insured or Guaranteed Mortgage Loans), “A”, 4%, 6/01/2049   $ 50,000 $54,601
Nebraska - 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036   $ 135,000 $183,256
Nevada - 1.2%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040   $ 160,000 $185,909
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5.125%, 12/15/2045     195,000 198,005
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%, 12/15/2048     115,000 115,948
Las Vegas Valley, NV, Water District, “C”, 5%, 6/01/2029     1,175,000 1,213,751
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047     110,000 113,734
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033     5,000 6,057
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038     5,000 5,955
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048     25,000 27,181
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058     35,000 38,150
        $1,904,690
12
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Hampshire - 0.9%
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034   $ 496,086 $535,441
National Finance Authority, New Hampshire Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042     375,000 388,661
New Hampshire Health & Education Facilities Authority Rev. (Dartmouth-Hitchcock Obligated Group), “A”, 5%, 8/01/2059     130,000 191,026
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031     150,000 179,400
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036     150,000 176,496
        $1,471,024
New Jersey - 3.6%
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2037   $ 30,000 $35,809
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “A”, BAM, 5%, 3/01/2042     35,000 41,314
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029     35,000 41,394
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027     55,000 61,939
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028     55,000 60,889
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043     315,000 346,194
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031     160,000 179,678
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Project), 6.5%, 4/01/2031     1,100,000 1,156,056
New Jersey Economic Development Authority Rev. (Lions Gate Project), 5%, 1/01/2034     40,000 38,601
New Jersey Economic Development Authority Rev. (Lions Gate Project), 5.25%, 1/01/2044     255,000 246,009
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2030     100,000 95,259
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student Housing Project), “A”, 5%, 1/01/2035     125,000 116,268
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030     335,000 347,455
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042     235,000 268,083
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 3.125%, 7/01/2029     50,000 50,198
New Jersey Economic Development Motor Vehicle Surcharges Subordinate Refunding Rev., “A”, 5%, 7/01/2033     335,000 378,842
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046     500,000 558,490
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039     405,000 408,309
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029     200,000 232,386
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031     135,000 155,123
New Jersey Transportation Trust Fund Authority, Transportation Program, “AA”, 5%, 6/15/2038     1,000,000 1,083,460
        $5,901,756
New Mexico - 0.0%
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040   $ 25,000 $28,041
New York - 7.8%
Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Buffalo State College), “A”, 5.375%, 10/01/2041   $ 250,000 $257,517
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045     525,000 566,958
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, 5.75%, 2/15/2047 (Prerefunded 2/15/2021)     300,000 307,545
Hudson Yards, NY, Infrastructure Corp. Rev., “A”, Unrefunded Balance, 5.75%, 2/15/2047     180,000 184,160
Monroe County, NY, Industrial Development Corporation Rev. (University of Rochester Project), “A”, 4%, 7/01/2050     325,000 375,563
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2034     85,000 92,419
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2040     205,000 220,272
New Rochelle, NY, Corp. for Local Development Rev. (Iona College Project), “A”, 5%, 7/01/2045     105,000 112,100
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2035     100,000 115,825
New York Dormitory Authority Rev., Non-State Supported Debt (Orange Regional Medical Center Obligated Group Rev.), 5%, 12/01/2040     100,000 110,678
New York Dormitory Authority, State Personal Income Tax Rev., “C”, 5%, 3/15/2034     1,330,000 1,361,415
New York Environmental Facilities Corp., Clean Drinking Water Revolving Funds, 5%, 6/15/2041     865,000 893,329
New York Environmental Facilities Corp., State Revolving Funds Rev., “C”, 5%, 5/15/2041     1,195,000 1,230,002
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2026     435,000 436,601
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 5%, 8/01/2031   $ 260,000 $259,124
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031     455,000 500,313
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032     135,000 147,730
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036     100,000 100,981
New York Urban Development Corp. (University Facilities Grants), 5.875%, 1/01/2021     190,000 193,606
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037     245,000 291,766
New York, NY, City Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038     305,000 361,919
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., “GG-1”, 4%, 6/15/2050     635,000 741,312
New York, NY, The Trust for Cultural Resources (Lincoln Center For The Performing Arts, Inc.), “A”, 4%, 12/01/2035     125,000 146,274
Niagara County, NY, Industrial Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042     335,000 346,085
Orange County, NY, Funding Corp. Assisted Living Residence Rev. (Hamlet at Wallkill Assisted Living Project), 6.5%, 1/01/2046     230,000 230,317
Port Authority of NY & NJ (221st Series), 4%, 7/15/2055     835,000 928,553
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2036     315,000 318,827
Port Authority of NY & NJ, Special Obligation Rev. (JFK International Air Terminal LLC), 6%, 12/01/2042     360,000 364,374
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029     40,000 36,861
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032     90,000 80,014
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034     250,000 217,685
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036     135,000 115,169
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2034     70,000 82,803
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2035     35,000 41,260
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041     230,000 259,247
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025     190,000 181,629
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037     500,000 468,890
        $12,679,123
North Carolina - 2.3%
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)   $ 1,248,630 $1,400,662
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025     70,000 74,626
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030     85,000 90,472
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035     55,000 57,875
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (United Church Homes and Services), “A”, 5%, 9/01/2037     95,000 96,200
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2042     40,000 45,199
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047     80,000 89,872
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051     165,000 184,881
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054     70,000 78,314
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039     135,000 150,953
University of North Carolina, Hospitals at Chapel Hill Rev., 5%, 2/01/2045     895,000 1,375,624
        $3,644,678
North Dakota - 0.1%
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034   $ 45,000 $51,114
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048     10,000 10,940
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053     95,000 103,463
        $165,517
Ohio - 5.1%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036   $ 175,000 $223,296
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2038     95,000 110,538
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 4%, 6/01/2048     345,000 381,021
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055     1,490,000 1,636,452
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Ohio - continued
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-3, Capital Appreciation, “2”, 0%, 6/01/2057   $ 3,345,000 $485,192
Butler County, OH, Hospital Facilities Rev. (UC Health), 5.75%, 11/01/2040 (Prerefunded 11/01/2020)     165,000 166,502
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2042     265,000 298,000
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047     360,000 391,334
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.25%, 2/15/2047     85,000 97,627
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5%, 2/15/2057     190,000 210,492
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057     980,000 1,129,558
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2040     45,000 47,174
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045     60,000 62,771
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049     80,000 84,750
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047     295,000 329,182
Gallia County, OH, Hospital Facilities Rev. (Holzer Health Systems), “A”, 8%, 7/01/2042     905,000 988,287
Lake County, OH, Hospital Facilities Rev., Unrefunded Balance, “C”, 5.625%, 8/15/2029     90,000 90,309
Lucas County, OH, Hospital Rev. (Promedica Healthcare), “A”, 5.25%, 11/15/2048     90,000 103,044
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049     390,000 466,436
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041 (w)     160,000 175,000
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047     90,000 102,222
Montgomery County, OH, Senior Living Rev. (Trousdale Foundation Properties), “A”, 6.25%, 4/01/2049 (n)     550,000 316,376
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 3.75%, 1/15/2028     100,000 108,055
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.25%, 1/15/2038     125,000 132,624
Ohio Air Quality Development Authority, Facilities Rev. (Pratt Paper LLC Project), 4.5%, 1/15/2048     170,000 180,045
        $8,316,287
Oklahoma - 0.9%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028   $ 30,000 $29,236
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045     50,000 59,088
Oklahoma Development Finance Authority, First Mortgage Rev. (Sommerset Project), 5%, 7/01/2042     135,000 138,541
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029     40,000 48,672
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033     190,000 225,277
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038     265,000 308,622
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043     240,000 281,119
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048     265,000 309,361
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045     70,000 78,386
        $1,478,302
Oregon - 0.6%
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 4.5%, 5/01/2029   $ 105,000 $107,948
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036     120,000 129,042
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2040     135,000 138,435
Medford, OR, Hospital Facility Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050     465,000 532,295
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040     40,000 49,034
        $956,754
Pennsylvania - 13.2%
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042   $ 205,000 $214,819
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%, 5/01/2042     185,000 192,859
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2035     125,000 130,293
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev., “A”, 5%, 5/01/2042     535,000 555,683
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2034     300,000 330,312
Berks County, PA, Reading School District, AGM, 5%, 3/01/2036     35,000 42,159
Berks County, PA, Reading School District, BAM, 4%, 4/01/2044     60,000 69,070
Blythe Township, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037     315,000 347,165
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2044     60,000 65,552
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050     285,000 309,444
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 5%, 12/01/2051   $ 120,000 $115,764
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030     50,000 51,436
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045     120,000 120,535
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032     85,000 106,346
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033     75,000 93,295
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034     35,000 43,380
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045     35,000 36,872
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030     35,000 36,010
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035     40,000 40,857
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039     50,000 50,762
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046     25,000 25,276
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038     150,000 153,552
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043     195,000 197,086
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048     200,000 201,058
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053     195,000 195,376
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050     1,270,000 1,449,248
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049     420,000 466,910
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), “A”, 5%, 12/01/2043     1,425,000 1,603,168
Lehigh County, PA, Water and Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037     1,200,000 792,756
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059     65,000 78,818
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044     130,000 142,870
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049     120,000 131,076
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2048     415,000 490,767
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045     145,000 171,331
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc.), 5%, 11/15/2028     440,000 475,094
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     1,180,000 1,193,287
Moon Industrial Development Authority Rev. (Baptist Homes Society), 6.125%, 7/01/2050     325,000 336,687
Pennsylvania Economic Development Financing Authority Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, 12/31/2030     130,000 150,636
Pennsylvania Economic Development Financing Authority, Sewer Sludge Disposal Rev. (Philadelphia Biosolids Facility), 6.25%, 1/01/2032     310,000 315,772
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), “A”, AGM, 4%, 5/01/2050     890,000 1,009,100
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), “A”, AGM, 5%, 6/01/2032     640,000 772,838
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044     120,000 147,462
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049     1,120,000 1,264,502
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036     100,000 109,305
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046     155,000 167,797
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051     155,000 170,404
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051     220,000 240,418
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.5%, 6/15/2033     290,000 290,681
Philadelphia, PA, Authority for Industrial Development Rev. (Philadelphia Performing Arts Charter School Project), 6.75%, 6/15/2043     390,000 390,881
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 6.875%, 6/15/2033     100,000 108,546
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), 7.375%, 6/15/2043     145,000 157,570
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043     120,000 129,228
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.25%, 12/01/2047     180,000 184,900
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment Project-Section 8), “III”, 5.5%, 12/01/2058     260,000 268,424
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2037   $ 130,000 $130,963
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2042     150,000 148,809
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group), “A”, 5%, 7/01/2049     215,000 209,223
Philadelphia, PA, Gas Works Rev. (1998 General Ordinance), “15”, 5%, 8/01/2042     620,000 727,446
Philadelphia, PA, School District, “A”, 5%, 9/01/2033     25,000 31,161
Philadelphia, PA, School District, “A”, 5%, 9/01/2035     90,000 111,008
Philadelphia, PA, School District, “A”, 5%, 9/01/2036     30,000 36,860
Philadelphia, PA, School District, “A”, 5%, 9/01/2037     30,000 36,750
Philadelphia, PA, School District, “A”, 5%, 9/01/2038     30,000 36,574
Philadelphia, PA, School District, “A”, 4%, 9/01/2039     190,000 218,160
Philadelphia, PA, School District, “B”, 5%, 9/01/2043     95,000 114,253
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028     1,090,000 1,095,744
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032     50,000 69,272
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033     40,000 56,176
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035     20,000 23,663
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044     130,000 162,692
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046     555,000 554,956
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044     125,000 138,928
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046     185,000 205,106
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048     125,000 138,393
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2050     120,000 132,617
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 4%, 7/01/2023     20,000 20,125
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%, 7/01/2035     20,000 20,380
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030     40,000 42,170
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035     45,000 46,776
        $21,443,642
Puerto Rico - 9.0%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Rev., “A”, AGM, 5.125%, 7/01/2047   $ 265,000 $265,056
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., AGM, 5.25%, 7/01/2041     230,000 247,420
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “CC”, AGM, 5.5%, 7/01/2029     80,000 88,428
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032     440,000 442,759
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NATL, 5%, 7/01/2029     45,000 45,329
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AAC, 5.25%, 7/01/2038     1,205,000 1,249,946
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, AGM, 5.25%, 7/01/2041     350,000 376,509
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “L”, NATL, 5.25%, 7/01/2035     680,000 693,559
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030     325,000 346,482
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031     225,000 238,633
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AGM, 5.25%, 7/01/2036     585,000 633,444
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, NATL, 5.25%, 7/01/2033     120,000 123,049
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., Unrefunded Balance, “A”, NATL, 5%, 7/01/2038     45,000 45,303
Commonwealth of Puerto Rico, “A”, AGM, 5.375%, 7/01/2025     60,000 61,669
Commonwealth of Puerto Rico, Public Improvement, “A”, NATL, 5.5%, 7/01/2021     40,000 40,496
Commonwealth of Puerto Rico, Public Improvement, “C-7”, NATL, 6%, 7/01/2027     295,000 302,661
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031     590,000 590,195
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 5.25%, 7/01/2022     180,000 183,413
Puerto Rico Electric Power Authority Rev., “NN”, NATL, 4.75%, 7/01/2033     30,000 30,205
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2024     20,000 20,163
Puerto Rico Electric Power Authority Rev., “PP”, NATL, 5%, 7/01/2025     20,000 20,163
Puerto Rico Electric Power Authority Rev., “RR”, NATL, 5%, 7/01/2022     45,000 45,216
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)     1,255,000 862,812
Puerto Rico Electric Power Authority Rev., “TT”, NATL, 5%, 7/01/2024     80,000 80,650
17
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022   $ 50,000 $50,311
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2026     70,000 72,004
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2030     310,000 318,293
Puerto Rico Electric Power Authority Rev., “VV”, NATL, 5.25%, 7/01/2032     25,000 25,658
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)     1,060,000 728,750
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026     645,000 665,962
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2021     5,000 4,995
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2021     65,000 65,641
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 12/01/2021     25,000 24,954
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022     75,000 75,457
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026     15,000 14,963
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027     240,000 239,383
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031     80,000 79,811
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     90,000 88,787
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036     90,000 86,445
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     70,000 68,715
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 4.375%, 10/01/2031     55,000 50,968
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (University of Sacred Heart), 5%, 10/01/2042     90,000 81,000
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023     405,000 430,762
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024     515,000 554,171
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2025     85,000 92,309
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028     90,000 97,896
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027     25,000 25,176
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036     55,000 55,217
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035     490,000 520,159
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2027     125,000 128,246
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NATL, 6%, 7/01/2028     40,000 41,039
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026     155,000 202,508
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040     53,000 56,311
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     799,000 851,095
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053     4,000 4,137
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058     88,000 92,471
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027     93,000 78,896
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031     1,010,000 743,148
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033     984,000 665,755
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046     594,000 169,658
University of Puerto Rico Rev., “P”, NATL, 5%, 6/01/2025     45,000 45,366
        $14,629,977
Rhode Island - 0.2%
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034   $ 125,000 $127,867
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037     240,000 241,769
        $369,636
18
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
South Carolina - 2.1%
Richland County, SC, Environmental Improvement Rev. (International Paper), “A”, 3.875%, 4/01/2023   $ 645,000 $694,523
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), 5.125%, 5/01/2048     50,000 47,279
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048     495,000 575,314
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2047     155,000 163,243
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (South Carolina Episcopal Home at Still Hopes), 5%, 4/01/2052     140,000 147,199
South Carolina Public Service Authority Rev., “A”, 5.125%, 12/01/2043     355,000 391,732
South Carolina Public Service Authority Rev., “B”, 5.125%, 12/01/2043     845,000 932,432
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048     320,000 371,657
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045     55,000 62,555
        $3,385,934
Tennessee - 2.5%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045   $ 1,295,000 $1,439,898
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-1”, 4%, 8/01/2044     15,000 16,613
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2044     30,000 36,124
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049     15,000 17,888
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030     60,000 71,173
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031     65,000 76,739
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     80,000 92,695
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034     10,000 11,120
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2039     15,000 16,371
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2021     2,185,000 2,286,319
        $4,064,940
Texas - 10.7%
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036   $ 50,000 $54,661
Arlington, TX, Higher Education Finance Corp. Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046     230,000 249,097
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2029     45,000 45,896
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2031     65,000 66,295
Austin, TX, Convention Center (Convention Enterprises, Inc.), “A”, 5%, 1/01/2034     10,000 9,500
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2026     25,000 24,007
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2028     25,000 23,939
Austin, TX, Convention Center (Convention Enterprises, Inc.), “B”, 5%, 1/01/2030     30,000 28,606
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045     115,000 130,541
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2033     130,000 145,794
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5.75%, 8/15/2041 (Prerefunded 8/15/2021)     100,000 105,142
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042     520,000 545,152
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 6%, 8/15/2043     210,000 232,762
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.125%, 12/01/2040 (Prerefunded 12/01/2020)     320,000 324,624
Clifton, TX, Higher Education Finance Corp. Rev. (Uplift Education), “A”, 6.25%, 12/01/2045 (Prerefunded 12/01/2020)     200,000 202,952
Dallas and Fort Worth, TX, International Airport Rev., “B”, 5%, 11/01/2044     465,000 497,894
Dallas, TX, Civic Center Convention Complex Rev., AGM, 5.25%, 8/15/2034     1,065,000 1,069,004
Decatur, TX, Hospital Authority Rev. (Wise Regional Health System), “A”, 5.25%, 9/01/2044     130,000 139,823
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 4.875%, 5/01/2025     135,000 136,284
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028     500,000 500,260
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035     110,000 130,880
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036     195,000 231,013
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037     260,000 306,972
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038     215,000 253,038
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031     140,000 148,106
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032     20,000 21,085
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033     50,000 52,586
19
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041   $ 90,000 $39,499
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046     220,000 74,127
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030     555,000 566,377
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal E Project), 4.75%, 7/01/2024     200,000 204,500
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030     1,360,000 1,408,538
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031     190,000 201,959
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023     290,000 290,867
Mission, TX, Economic Development Corp. (NatGasoline Project), 4.625%, 10/01/2031     225,000 237,865
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2038     30,000 34,535
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2048     110,000 124,594
New Hope, TX, Cultural Education Facilities Finance Corp., Capital Improvement Rev. (CHF - Collegiate Housing Denton LLC - Texas Woman's University Housing Project), “A-1”, AGM, 5%, 7/01/2058     105,000 118,361
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 3.375%, 8/15/2029     30,000 29,759
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049     80,000 82,248
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5%, 11/15/2026     15,000 14,336
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.375%, 11/15/2036     20,000 17,085
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2046     50,000 40,337
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”, 5.5%, 11/15/2052     55,000 43,057
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2031     20,000 20,213
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 4%, 7/01/2036     90,000 80,231
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2046     185,000 180,016
New Hope, TX, Cultural Education Facilities Finance Corp., Senior Living Rev. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project), “A-1”, 5%, 7/01/2051     225,000 210,899
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030     35,000 41,201
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035     30,000 35,315
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047     85,000 100,059
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.5%, 8/15/2035     105,000 117,640
Newark, TX, Higher Education Finance Corp. Rev. (A+ Charter Schools, Inc.), “A”, 5.75%, 8/15/2045     140,000 155,694
Newark, TX, Higher Education Finance Corp. Rev. (Austin Achieve Public Schools, Inc.), “A”, 5.25%, 6/15/2048     75,000 76,587
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042     215,000 231,882
North Texas Tollway Authority Rev., 6%, 1/01/2038 (Prerefunded 1/01/2021)     970,000 988,643
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 3.625%, 1/01/2035 (n)     200,000 197,458
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)     465,000 465,163
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)     265,000 262,596
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046     295,000 321,824
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.5%, 11/15/2034     130,000 139,875
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 7.75%, 11/15/2044     235,000 251,575
Red River, TX, Health Facilities Development Corp., Retirement Facilities Rev. (MRC Crossings Project), “A”, 8%, 11/15/2049     170,000 183,095
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2030     100,000 105,805
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035     130,000 135,486
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040     140,000 144,582
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.25%, 11/15/2035 (a)(d)     55,000 35,750
20
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Buckingham Senior Living Community, Inc. Project), “A”, 5.5%, 11/15/2045 (a)(d)   $ 250,000 $162,500
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), 5.25%, 11/15/2047     130,000 108,083
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “A”, 5%, 11/15/2045     145,000 117,282
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2030     195,000 182,382
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Northwest Senior Housing Corp. Edgemere Project), “B”, 5%, 11/15/2036     440,000 381,995
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054     1,040,188 1,014,256
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044     75,000 78,053
Texas Gas Acquisition & Supply Corp. III., Gas Supply Rev., 5%, 12/15/2031     190,000 202,656
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     210,000 241,126
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     170,000 193,698
Texas Transportation Commission, Central Texas Turnpike System Rev., Capital Appreciation, “B”, 0%, 8/15/2036     435,000 233,230
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057     300,000 344,070
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037     35,000 18,470
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038     25,000 12,485
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039     25,000 11,825
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040     25,000 11,166
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041     55,000 23,209
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042     80,000 31,931
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043     60,000 22,684
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7%, 11/01/2030 (Prerefunded 11/01/2020)     90,000 90,976
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), 7.125%, 11/01/2040 (Prerefunded 11/01/2020)     165,000 166,823
Travis County, TX, Health Facilities Development Corp. Rev. (Westminster Manor Health), Unrefunded Balance, 7%, 11/01/2030     5,000 5,035
        $17,339,481
Utah - 0.8%
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043   $ 495,000 $589,278
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047     305,000 324,791
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046     150,000 153,444
Utah Charter School Finance Authority, Charter School Rev. (Spectrum Academy Project), 6%, 4/15/2045     160,000 160,125
        $1,227,638
Vermont - 0.2%
Burlington, VT, Airport Rev., “A”, 4%, 7/01/2028   $ 110,000 $114,523
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046     185,000 190,132
        $304,655
Virginia - 1.8%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043   $ 515,000 $536,857
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037     145,000 150,997
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045     185,000 186,569
Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.4%, 3/01/2045     120,000 121,718
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030     215,000 223,716
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035     215,000 220,885
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 6%, 1/01/2037     490,000 524,859
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     950,000 996,255
        $2,961,856
21
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Washington - 1.7%
Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5%, 1/01/2032 (n)   $ 155,000 $174,389
Kalispel Tribe Indians, WA, Priority District Rev., “A”, 5.25%, 1/01/2038 (n)     160,000 178,835
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033     1,395,000 1,488,535
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035     120,000 134,283
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037     115,000 127,993
Washington Higher Education Facilities Authority Rev. (Seattle University Project), 4%, 5/01/2050     55,000 60,274
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048     175,000 175,100
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048     100,000 105,492
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2036     100,000 102,445
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2046     130,000 130,902
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects), “A”, 5%, 1/01/2051     150,000 150,555
        $2,828,803
West Virginia - 0.3%
West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%, 1/01/2043   $ 385,000 $453,811
Wisconsin - 7.0%
Green Bay, WI, Redevelopment Authority, (Green Bay Packaging, Inc. Project), VRDN, 0.16%, 7/01/2047 (n)   $ 1,865,000 $1,865,000
Public Finance Authority Wisconsin Healthcare Facilities Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045     35,000 39,015
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027     135,000 135,543
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032     125,000 122,360
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037     70,000 66,767
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039     70,000 65,835
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048     1,280,000 1,409,587
Wisconsin Health & Educational Facilities Authority Rev. (Aurora Health Care, Inc.), “A”, 5%, 7/15/2026 (Prerefunded 7/15/2021)     250,000 260,350
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047     45,000 51,366
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2038     25,000 28,985
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2044     30,000 34,403
Wisconsin Health & Educational Facilities Authority Rev. (Rogers Memorial Hospital, Inc.), “A”, 5%, 7/01/2049     115,000 131,327
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2040     25,000 25,500
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2045     35,000 35,600
Wisconsin Health & Educational Facilities Authority Rev. (St. John's Community, Inc.), “A”, 5%, 9/15/2050     155,000 157,438
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022     50,000 51,583
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028     1,825,000 1,903,584
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042     95,000 98,161
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2037     45,000 48,332
Wisconsin Public Finance Authority Education Rev. (Mountain Island Charter School), 5%, 7/01/2047     70,000 74,381
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 4.95%, 3/01/2030     70,000 73,447
Wisconsin Public Finance Authority Education Rev. (Pine Lake Preparatory), 5.25%, 3/01/2035     70,000 73,158
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)     30,000 32,246
Wisconsin Public Finance Authority Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)     160,000 166,685
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 4%, 9/01/2020     25,000 25,000
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025     35,000 36,673
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030     95,000 99,299
Wisconsin Public Finance Authority Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038     80,000 82,184
Wisconsin Public Finance Authority Higher Education Facilities Rev. (Gannon University Project), 5%, 5/01/2047     100,000 105,315
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049     1,285,000 1,408,900
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027     670,000 590,732
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 6.5%, 12/01/2037     550,000 474,820
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050     135,000 116,825
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035     190,000 206,517
22
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037   $ 55,000 $58,488
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042     35,000 36,958
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047     180,000 189,000
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052     55,000 57,587
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.125%, 11/15/2029     140,000 149,320
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.5%, 11/15/2034     125,000 133,475
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 5.75%, 11/15/2044     120,000 127,994
Wisconsin Public Finance Authority Senior Living Rev. (Rose Villa Project), “A”, 6%, 11/15/2049     155,000 166,687
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044     30,000 34,989
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054     35,000 40,463
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058     40,000 46,056
Wisconsin Public Finance Authority Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047     235,000 242,417
        $11,380,352
Total Municipal Bonds   $255,734,941
Bonds – 0.1%
Consumer Services – 0.1%  
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NATL, 0%, 2/15/2045  (n)   $ 26,177 $8,406
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NATL, 0%, 2/15/2033  (n)     215,000 118,566
Total Bonds   $126,972
Investment Companies (h) - 1.3%
Money Market Funds – 1.3%  
MFS Institutional Money Market Portfolio, 0.1% (v)     2,056,275 $2,056,275
 
Other Assets, Less Liabilities - 1.0%   1,605,822
Variable Rate Municipal Term Preferred Shares (VMTPS), at liquidation value (issued by the fund) - (60.2)% (97,500,000)
Net assets applicable to common shares - 100.0%   $162,024,010
(a) Non-income producing security.
(d) In default.
(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 $2,056,275 and $255,861,913, respectively.
(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 $6,575,174, representing 4.1% of net assets applicable to common shares.
(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.
(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
Hastings Campus Housing Finance Authority Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 8/28/20 $220,754 $220,743
% of Net assets applicable to common shares     0.1%
The following abbreviations are used in this report and are defined:
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Portfolio of Investments (unaudited) – continued
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
BAM Build America Mutual
CALHF California Health Facility Construction Loan Insurance Program
COP Certificate of Participation
ETM Escrowed to Maturity
GNMA Government National Mortgage Assn.
NATL National Public Finance Guarantee Corp.
VRDN Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
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Supplemental Information
8/31/20 (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
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. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. 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, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an 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 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 August 31, 2020 in valuing the fund's assets or liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $255,734,941 $— $255,734,941
U.S. Corporate Bonds — 126,972 — 126,972
Mutual Funds 2,056,275 — — 2,056,275
Total $2,056,275 $255,861,913 $— $257,918,188
For further information regarding security characteristics, see the Portfolio of Investments.
(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:
Affiliated Issuers Beginning
Value 		Purchases Sales
Proceeds 		Realized
Gain
(Loss) 		Change in
Unrealized
Appreciation or
Depreciation 		Ending
Value
MFS Institutional Money Market Portfolio $1,275,298 $45,781,234 $44,997,607 $(2,578) $(72) $2,056,275
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Supplemental Information (unaudited) – continued
Affiliated Issuers Dividend
Income 		Capital Gain
Distributions
MFS Institutional Money Market Portfolio $26,360 $—
(3) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. This pandemic, the full effects of which are still unknown, has resulted in substantial market volatility and may have adversely impacted the prices and liquidity of the fund's investments and the fund's performance.
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