NPORT-EX 4 NPORT_523B_19968600_0825.htm EDGAR HTML
CMU-Q3
 
Quarterly Report
August 31, 2025
MFS®  High Yield
Municipal Trust
 
Portfolio of Investments
8/31/25 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction. 
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – 160.8%
Alabama – 2.4%
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.5%, 6/01/2030
 
$
85,000
$85,177
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2035
 
 
95,000
93,694
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045
 
 
135,000
118,502
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 6%, 6/01/2050
 
 
135,000
118,174
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5.25%, 5/01/2056 (Put Date 5/01/2032)
 
 
360,000
368,255
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5.5%, 11/01/2053 (Put Date 12/01/2028)
 
 
345,000
364,662
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University
Foundation), “A”, AGM, 5.5%, 8/01/2058
 
 
160,000
161,543
Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053
 
 
540,000
550,127
Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), “A”, 4%,
2/01/2037
 
 
315,000
300,956
 
 
 
$2,161,090
Alaska – 0.8%
Alaska Municipal Bond Bank Authority, General Obligation Refunding, “2”, 5.25%, 12/01/2045
 
$
125,000
$125,786
Alaska Municipal Bond Bank Authority, General Obligation Refunding, “2”, 5.5%, 12/01/2050
 
 
185,000
188,527
Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2054
 
 
175,000
176,475
Northern Alaska Tobacco Securitization Corp., Tobacco Settlement Asset-Backed, Capital Appreciation, “B-2”, 0%, 6/01/2066
 
 
2,000,000
225,390
 
 
 
$716,178
Arizona – 5.1%
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2049 (n)
 
$
50,000
$43,949
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5%, 7/01/2054 (n)
 
 
70,000
60,465
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), 5.5%, 7/01/2058
 
 
40,000
37,086
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “B”, 5.5%, 7/01/2038 (n)
 
 
45,000
45,105
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “B”, 5.625%, 7/01/2048 (n)
 
 
90,000
85,920
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “B”, 5.75%, 7/01/2053 (n)
 
 
135,000
128,916
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2037 (n)
 
 
25,000
25,078
Arizona Industrial Development Authority, Education Rev. (Basis Schools Projects), “D”, 5%, 7/01/2051 (n)
 
 
110,000
98,783
Arizona Industrial Development Authority, Education Rev. (Benjamin Franklin Charter School Projects), “A”, 5%, 7/01/2043
 
 
150,000
139,080
Arizona Industrial Development Authority, Education Rev. (KIPP NYC Public Charter Schools - Jerome Facility Project), “B”, 4%,
7/01/2051
 
 
560,000
452,729
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Aliante & Skye Canyon Campus
Projects), “A”, 4%, 12/15/2041 (n)
 
 
155,000
128,506
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 3.75%, 12/15/2029 (n)
 
 
15,000
14,867
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 5%, 12/15/2039 (n)
 
 
15,000
14,489
Arizona Industrial Development Authority, Education Rev. (Somerset Academy of Las Vegas - Lone Mountain Campus Project),
“A”, 5%, 12/15/2049 (n)
 
 
25,000
21,830
Glendale, AZ, Industrial Development Authority Refunding Rev. (Terraces of Phoenix Project), “A”, 5%, 7/01/2048
 
 
55,000
47,375
Glendale, AZ, Industrial Development Authority, Senior Living Rev. (Royal Oaks - Inspirata Pointe Project), “A”, 5%, 5/15/2056
 
 
245,000
198,983
Maricopa County, AZ, Higley Unified School District No. 60, Certificates of Participation, AGM, 4.25%, 6/01/2047
 
 
135,000
122,496
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.125%, 2/01/2034
 
 
345,000
330,205
Phoenix, AZ, Industrial Development Authority Rev. (Guam Facilities Foundation, Inc.), 5.375%, 2/01/2041
 
 
220,000
193,696
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
 
 
100,000
100,026
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2035 (n)
 
 
35,000
35,010
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2045 (n)
 
 
165,000
154,147
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Basis Schools Projects), “A”, 5%, 7/01/2046 (n)
 
 
90,000
82,913
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2034
 
 
320,000
320,101
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2044
 
 
220,000
213,036
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)
 
 
170,000
156,822
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), “A”, 4%,
12/01/2051 (n)
 
 
440,000
284,287
1
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Arizona – continued
Phoenix, AZ, Industrial Development Authority, Hotel Rev. (Provident Group - Falcon Properties LLC Project), “B”, 5.75%,
12/15/2057 (n)
 
$
250,000
$173,672
Phoenix, AZ, Industrial Development Authority, Student Housing Refunding Rev. (Downtown Phoenix Student Housing LLC -
Arizona State University Project), “A”, 5%, 7/01/2042
 
 
80,000
77,691
Pima County, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 4%,
6/15/2051 (n)
 
 
350,000
259,498
Pima County, AZ, Industrial Development Authority, Senior Living Rev. (La Posada at Pusch Ridge Project), “A”, 7%,
11/15/2057 (n)
 
 
365,000
377,110
Sierra Vista, AZ, Industrial Development Authority, Education Facility Rev. (American Leadership Academy Project), 5.75%,
6/15/2058
 
 
240,000
229,747
 
 
 
$4,653,618
Arkansas – 1.1%
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2033
 
$
60,000
$59,530
Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039
 
 
10,000
9,134
Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC,
0%, 7/01/2046
 
 
485,000
159,337
Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 5.25%, 3/01/2053
 
 
600,000
609,350
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042
 
 
125,000
124,998
 
 
 
$962,349
California – 10.0%
Alameda, CA, Corridor Transportation Authority Rev., Capital Appreciation, “C”, AGM, 0%, 10/01/2053
 
$
925,000
$219,507
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 4.25%, 7/01/2043 (u)
 
 
625,000
564,731
Burbank, Glendale & Pasadena, CA, Airport Authority Rev., “B”, 4.5%, 7/01/2054 (u)
 
 
1,160,000
1,044,197
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%,
3/01/2056 (Put Date 11/01/2035)
 
 
415,000
443,778
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%,
1/01/2054 (Put Date 10/01/2031)
 
 
1,020,000
1,072,435
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036
 
 
657,974
660,294
California M-S-R Energy Authority, Gas Rev., “A”, 7%, 11/01/2034
 
 
155,000
185,177
California Municipal Finance Authority Rev. (Community Medical Centers), “A”, 5%, 2/01/2042
 
 
85,000
85,042
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2036
 
 
85,000
85,266
California Municipal Finance Authority Rev. (NorthBay Healthcare Group), “A”, 5.25%, 11/01/2041
 
 
80,000
78,533
California Municipal Finance Authority Rev. (William Jessup University), 5%, 8/01/2039
 
 
145,000
117,451
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 3.875%,
7/01/2028 (n)
 
 
90,000
87,715
California Municipal Finance Authority, Charter School Lease Rev. (Palmdale Aerospace Academy Project), “A”, 5%,
7/01/2049 (n)
 
 
100,000
86,757
California Municipal Finance Authority, Multi-Family Housing Rev. (CityView Apartments), “A”, 4%, 11/01/2036 (n)
 
 
100,000
92,064
California Municipal Finance Authority, Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2035
 
 
250,000
258,946
California Municipal Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)
 
 
105,000
85,034
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 8%,
7/01/2039 (a)(d)(z)
 
 
385,000
4,331
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%,
12/01/2039 (a)(d)(z)
 
 
490,222
5
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)
 
 
30,000
29,531
California Public Finance Authority, Senior Living Rev. (Kendal at Ventura Project), “A”, 10%, 5/15/2028 (n)
 
 
300,000
386,381
California School Finance Authority, Charter School Rev. (Aspire Public Schools - Obligated Group - Issue No. 6), “A”, 5%,
8/01/2052 (n)
 
 
340,000
304,339
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%,
7/01/2045 (n)
 
 
100,000
97,967
California School Finance Authority, School Facility Rev. (ICEF View Park Elementary and Middle Schools), “A”, 5.875%,
10/01/2044
 
 
115,000
110,262
California Statewide Communities Development Authority Rev. (California Baptist University), “A”, 5%, 11/01/2041 (n)
 
 
100,000
95,492
California Statewide Communities Development Authority Rev. (Enloe Medical Center), “A”, AGM, 5.375%, 8/15/2057
 
 
255,000
257,128
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044
 
 
390,000
378,093
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)
 
 
295,000
270,645
2
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
California – continued
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts
Project), 5.25%, 7/01/2049 (n)
 
$
145,000
$137,453
California Statewide Communities Development Authority, Essential Housing Rev. (Orange Portfolio), “B”, 4%, 3/01/2057 (n)
 
 
100,000
68,975
Indio, CA, Public Financing Authority Lease Rev., “A”, BAM, 4.5%, 11/01/2052
 
 
180,000
173,591
Morongo Band of Mission Indians California Rev., “A”, 5%, 10/01/2042 (n)
 
 
140,000
138,197
Morongo Band of Mission Indians California Rev., “B”, 5%, 10/01/2042 (n)
 
 
150,000
148,068
River Islands, CA, Public Finance Authority Improvement Area No. 1, Community Facilities District No. 2003-1, “A-1”, AGM,
5.25%, 9/01/2052
 
 
295,000
302,245
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, AGM, 5.5%, 5/01/2055
 
 
410,000
423,943
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)
 
 
465,000
387,156
University of California, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation,
“B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)
 
 
470,000
201,442
 
 
 
$9,082,171
Colorado – 4.3%
Broomfield, CO, Midcities Metropolitan District No. 2 Special Rev., AGM, 4%, 12/01/2046
 
$
514,000
$448,931
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038
 
 
75,000
75,009
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2030
 
 
35,000
35,039
Colorado Educational & Cultural Facilities Authority Rev. (Peak to Peak Charter School Project), 5%, 8/15/2034
 
 
35,000
35,075
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (New Summit Charter Academy Project), “A”, 4%,
7/01/2061 (n)
 
 
100,000
65,712
Colorado Health Facilities Authority Rev. (Christian Living Neighborhoods), 4%, 1/01/2042
 
 
85,000
70,682
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A”, 5.25%, 11/01/2052
 
 
365,000
364,466
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2049
 
 
110,000
90,763
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5.125%, 12/01/2055
 
 
160,000
153,135
Colorado Health Facilities Authority, Health Care Facilities Rev. (American Baptist Homes of the Midwest Obligated Group), 8%,
8/01/2043
 
 
375,000
206,250
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2047
 
 
120,000
103,862
Denver, CO, City & County Airport System Rev., “A”, 4.125%, 11/15/2053
 
 
110,000
91,624
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2036
 
 
40,000
40,177
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040
 
 
105,000
103,461
Denver, CO, Health & Hospital Authority Rev. (550 Acoma, Inc.), COP, 5%, 12/01/2048
 
 
75,000
71,504
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040
 
 
340,000
301,127
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045
 
 
100,000
100,147
Denver, CO, Health & Hospital Authority Rev., “A”, 6%, 12/01/2055
 
 
120,000
125,533
Denver, CO, Multi-Family Housing Authority Rev. (FLO Senior Apartment Project), “A”, 4.5%, 7/01/2041
 
 
400,000
389,150
Douglas County, CO, Mirabelle Metropolitan District No. 2, “A”, AGM, 4.5%, 12/01/2049
 
 
100,000
88,547
El Paso County, CO, Pinon Pines Metropolitan District No. 3, General Obligation, Convertible Capital Appreciation, 0% to
12/01/2027, 5.875% to 12/01/2054
 
 
500,000
422,774
Gunnison County, CO, Housing Authority, General Rev. (Whetstone Housing Project), BAM, 5.25%, 6/01/2059
 
 
145,000
145,485
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045
 
 
370,000
363,597
 
 
 
$3,892,050
Connecticut – 1.8%
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2044 (n)
 
$
470,000
$430,826
Connecticut Health & Educational Facilities Authority Rev. (Griffin Hospital), “G-1”, 5%, 7/01/2050 (n)
 
 
120,000
105,862
Great Pond, CT, Improvement District Special Obligation Rev. (Great Pond Phase II Project), 5.75%, 10/01/2052 (n)
 
 
265,000
264,839
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)
 
 
725,000
730,204
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “A”, 6.5%, 10/01/2055
 
 
100,000
98,625
 
 
 
$1,630,356
Delaware – 0.4%
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2043
 
$
185,000
$177,725
Delaware Health Facilities Authority Rev. (Beebe Medical Center Project), 5%, 6/01/2048
 
 
90,000
83,617
Kent County, DE, Student Housing and Dining Facility Rev. (CHF - Dover LLC - Delaware State University Project), “A”, 5%,
7/01/2058
 
 
175,000
153,080
 
 
 
$414,422
3
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
District of Columbia – 4.9%
District of Columbia Refunding Rev. (Catholic University of America), “A”, 5.75%, 10/01/2055
 
$
120,000
$122,945
District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), “A”, 5%, 6/01/2056 (n)
 
 
250,000
209,577
District of Columbia Rev. (Rocketship D.C.), “A”, 6%, 6/01/2058 (n)
 
 
250,000
248,538
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2030
 
 
115,000
115,013
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2035
 
 
670,000
660,881
District of Columbia, Student Dormitory Rev. (Provident Group - Howard Properties LLC), 5%, 10/01/2045
 
 
775,000
695,371
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2044
 
 
185,000
194,469
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 4.5%, 10/01/2053
 
 
400,000
361,683
Metropolitan Washington, D.C., Airport Authority System Refunding Rev., “A”, 5.5%, 10/01/2054 (u)
 
 
1,855,000
1,903,620
 
 
 
$4,512,097
Florida – 12.8%
Arborwood Community Development District, FL, Capital Improvement Refunding Rev., “A-2”, 5%, 5/01/2036
 
$
105,000
$106,107
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030
 
 
85,000
85,066
Florida Capital Projects Finance Authority, Student Housing Rev. (PRG-UnionWest Properties LLC Project), “A-1”, 5%, 6/01/2058
 
 
100,000
89,526
Florida Capital Region Community Development District, Capital Improvement Rev., “A-1”, 5.125%, 5/01/2039
 
 
140,000
140,324
Florida Capital Trust Agency, Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”, 5.375%,
6/15/2048 (n)
 
 
110,000
96,803
Florida Capital Trust Agency, Educational Facilities Rev. (KIPP Miami North Project), “A”, 6.125%, 6/15/2060
 
 
100,000
99,059
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2039 (n)
 
 
125,000
116,136
Florida Capital Trust Agency, Educational Facilities Rev. (Renaissance Charter School, Inc. Project), “A”, 5%, 6/15/2049 (n)
 
 
475,000
406,876
Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of
Technology Project), “A”, 5.375%, 7/01/2065
 
 
100,000
91,638
Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5.25%, 7/01/2053 (u)
 
 
1,855,000
1,761,694
Florida Development Finance Corp., Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global
Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)
 
 
100,000
76,341
Florida Development Finance Corp., Educational Facilities Rev. (Florida Charter Educational Foundation, Inc. Project), “A”,
6.375%, 6/15/2046 (n)
 
 
145,000
145,103
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6%,
6/15/2037 (n)
 
 
100,000
100,291
Florida Development Finance Corp., Educational Facilities Rev. (Southwest Charter Foundation, Inc. Project), “A”, 6.125%,
6/15/2047 (n)
 
 
155,000
146,369
Florida Development Finance Corp., Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)
 
 
400,000
348,505
Florida Development Finance Corp., Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)
 
 
235,000
157,334
Florida Development Finance Corp., Solid Waste Disposal Rev. (GFL Solid Waste Southeast LLC Project), “A”, 4.375%,
10/01/2054 (Put Date 10/01/2031)
 
 
500,000
497,095
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 4.5%, 6/01/2033 (n)
 
 
100,000
94,655
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)
 
 
110,000
90,724
Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), “A”, 6.875%,
11/15/2064 (w)
 
 
145,000
145,821
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2048
 
 
655,000
665,606
Jacksonville, FL, Educational Facilities Rev. (Jacksonville University Project), “B”, 5%, 6/01/2053 (n)
 
 
135,000
107,226
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2035
 
 
100,000
100,037
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood Centre North Project), 4.875%, 5/01/2045
 
 
140,000
129,337
Lakewood Ranch Stewardship District, FL, Special Assessment Rev. (Lakewood National and Polo Run Projects), 5.375%,
5/01/2047
 
 
135,000
135,325
Lee County, FL, Airport Rev., AGM, 5.25%, 10/01/2054
 
 
115,000
115,742
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2044
 
 
100,000
96,415
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), 5%, 11/15/2049
 
 
225,000
209,453
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “C”, 5%, 11/15/2054
 
 
405,000
369,304
Marshall Creek, FL, Community Development District Rev. (St. John's County), “A”, 5%, 5/01/2032
 
 
70,000
70,044
Miami Beach, FL, Health Facilities Authority, Hospital Rev. (Mount Sinai Medical Center of Florida), “B”, 4%, 11/15/2051
 
 
610,000
494,131
Miami-Dade County, FL, Aviation Rev., “A”, 5.5%, 10/01/2055
 
 
360,000
369,295
Miami-Dade County, FL, Industrial Development Authority Rev. (Pinecrest Academy Project), 5.25%, 9/15/2044
 
 
195,000
179,434
Midtown Miami, FL, Community Development District, Special Assessment (Infrastructure Project), “B”, 5%, 5/01/2029
 
 
145,000
145,115
Orange County, FL, Health Facilities Authority Rev. (Presbyterian Retirement Communities Obligated Group Project), “A”, 4%,
8/01/2047
 
 
800,000
649,113
Orange County, FL, Health Facilities Authority, Hospital Rev. (Orlando Health Obligated Group), “A”, 5.25%, 10/01/2056
 
 
515,000
519,999
4
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Florida – continued
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2037
 
$
155,000
$85,907
Osceola County, FL, Transportation Improvement & Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%,
10/01/2042
 
 
255,000
100,773
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%,
6/01/2056
 
 
285,000
221,768
Palm Beach County, FL, Provident Group Rev. (Lynn University Housing Project), “A”, 5%, 6/01/2057 (n)
 
 
235,000
194,265
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.7%, 5/01/2036
 
 
100,000
100,012
Pasco County, FL, Bexley Community Development District, Special Assessment Rev., 4.875%, 5/01/2047
 
 
140,000
127,549
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049
 
 
100,000
97,963
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 7%, 11/01/2045
 
 
105,000
107,574
Pasco County, FL, Estancia at Wiregrass Community Development District, Capital Improvement, 5.375%, 11/01/2046
 
 
85,000
84,343
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2047
 
 
55,000
49,307
Sarasota County, FL, Health Facility Authority Retirement Facility Improvement Rev. (Village on the Isle Project), “A”, 5%,
1/01/2052
 
 
100,000
86,419
Seminole County, FL, Industrial Development Authority, Educational Facilities Rev. (Galileo Schools for Gifted Learning Project),
“A”, 4%, 6/15/2051 (n)
 
 
100,000
74,317
South Miami, FL, Health Facilities Authority, Hospital Refunding Rev. (Baptist Health South Florida Obligated Group), 4%,
8/15/2047
 
 
495,000
412,269
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050
 
 
55,000
38,643
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2040
 
 
335,000
333,339
Tallahassee, FL, Health Facilities Rev. (Tallahassee Memorial Healthcare, Inc.), “A”, 5%, 12/01/2044
 
 
130,000
125,646
Tampa, FL (University of Tampa Project), 5%, 4/01/2040
 
 
80,000
80,031
Venice, FL, Retirement Community Improvement Rev. (Village on the Isle Project), “A”, 5.625%, 1/01/2060
 
 
100,000
92,853
Wildwood, FL, Special Assessment Rev. (Village Community Development District No. 15), 5.25%, 5/01/2054
 
 
125,000
121,047
 
 
 
$11,685,068
Georgia – 1.9%
Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, “A-1”, 0% to
6/15/2028, 6.5% to 12/15/2048
 
$
162,000
$138,281
Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), “A-2”, 5.5%, 4/01/2039 (n)
 
 
150,000
149,669
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 3.625%, 1/01/2031 (n)
 
 
100,000
96,791
Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)
 
 
180,000
158,436
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2030
 
 
45,000
45,026
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2033
 
 
75,000
75,017
Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), “C”,
5%, 7/15/2038
 
 
85,000
81,284
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028
 
 
335,000
357,474
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/15/2043
 
 
110,000
109,762
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), “A”, AGM, 5%, 7/01/2064
 
 
340,000
334,796
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project P), “A”, 5.5%, 7/01/2064
 
 
180,000
182,909
 
 
 
$1,729,445
Hawaii – 0.4%
Hawaii Airports System Rev., “A”, 5.5%, 7/01/2054
 
$
145,000
$149,889
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2030 (n)
 
 
100,000
99,581
Hawaii Department of Budget & Finance, Special Purpose Rev. (Chaminade University), 5%, 1/01/2045 (n)
 
 
110,000
89,935
 
 
 
$339,405
Idaho – 0.2%
Idaho Health Facilities Authority Rev. (Madison Memorial Hospital Project), 5%, 9/01/2037
 
$
55,000
$53,690
Idaho Housing and Finance Association, Nonprofit Facilities Rev. (Compass Public Charter School, Inc. Project), “A”, 6%,
7/01/2049 (n)
 
 
100,000
98,662
 
 
 
$152,352
5
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Illinois – 14.3%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024 (d)
 
$
11,859
$11,859
Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036
 
 
530,000
488,981
Chicago, IL, Board of Education (School Reform), Capital Appreciation, “B-1”, NPFG, 0%, 12/01/2028
 
 
250,000
222,676
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045
 
 
110,000
104,706
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2046
 
 
200,000
187,342
Chicago, IL, Board of Education, Dedicated Capital Improvement, 6%, 4/01/2046
 
 
975,000
984,168
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048
 
 
245,000
249,361
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 5%, 12/01/2042
 
 
200,000
178,273
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, 7%, 12/01/2046 (n)
 
 
310,000
317,552
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2039
 
 
100,000
85,164
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 4%, 12/01/2041
 
 
100,000
81,499
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046
 
 
250,000
213,190
Chicago, IL, Board of Education, Unlimited Tax General Obligation, “A”, 6%, 12/01/2049
 
 
550,000
560,274
Chicago, IL, General Obligation (Chicago Works), “A”, 5.5%, 1/01/2043
 
 
750,000
742,635
Chicago, IL, General Obligation, “A”, 5%, 1/01/2033
 
 
775,000
807,391
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039
 
 
40,000
39,280
Chicago, IL, General Obligation, “A”, BAM, 6%, 1/01/2046
 
 
555,000
587,592
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital
Appreciation, “B”, BAM, 0%, 12/15/2054
 
 
775,000
164,203
Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Rev. (McCormick Place Expansion Project), Capital
Appreciation, “B-1”, AGM, 0%, 6/15/2047
 
 
1,310,000
421,981
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2038
 
 
295,000
295,976
Chicago, IL, O’Hare International Airport Rev., Special Facilities, 5%, 7/01/2048
 
 
250,000
236,149
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048
 
 
200,000
194,481
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053
 
 
115,000
111,028
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5.5%, 1/01/2055
 
 
815,000
823,607
Cook County, IL, Community College District No. 508, Unlimited Tax General Obligation Dedicated Rev. (City Colleges), BAM,
5%, 12/01/2047
 
 
450,000
435,858
Du Page County, IL, Special Service Area No. 31 Special Tax (Monarch Landing Project), 5.625%, 3/01/2036
 
 
165,000
162,915
Illinois Finance Authority Rev. (Ascension Health), “C”, 4%, 2/15/2041 (Prerefunded 2/15/2027)
 
 
485,000
495,674
Illinois Finance Authority Rev. (Lake Forest College), “A”, 5.25%, 10/01/2052
 
 
405,000
376,718
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 5%, 5/15/2051
 
 
235,000
194,393
Illinois Finance Authority Rev. (Plymouth Place, Inc.), “A”, 6.75%, 5/15/2058
 
 
365,000
374,661
Illinois Finance Authority Rev. (Rosalind Franklin University), “A”, 5%, 8/01/2047
 
 
70,000
65,886
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2046
 
 
55,000
52,189
Illinois Finance Authority Rev. (Rosalind Franklin University), “C”, 5%, 8/01/2049
 
 
55,000
50,984
Illinois Finance Authority, Health Services Facility Lease Rev. (Provident Group - UIC Surgery Center LLC - University of Illinois
Health Services Facility Project), 4%, 10/01/2050
 
 
330,000
268,081
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago
Project), “A”, 5%, 2/15/2047
 
 
90,000
81,851
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago
Project), “A”, 5%, 2/15/2050
 
 
25,000
22,271
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034
 
 
116,000
116,077
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042
 
 
130,000
119,810
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039
 
 
75,000
71,632
State of Illinois, General Obligation, 4.5%, 11/01/2039
 
 
130,000
124,535
State of Illinois, General Obligation, 5%, 11/01/2040
 
 
380,000
379,987
State of Illinois, General Obligation, “A”, 5.5%, 3/01/2047
 
 
815,000
833,357
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2043
 
 
365,000
353,714
Upper Illinois River Valley Development Authority Rev. (Morris Hospital), 5%, 12/01/2048
 
 
365,000
348,453
 
 
 
$13,038,414
Indiana – 2.0%
Indiana Finance Authority, Educational Facilities Rev. (Marian University Project), 4%, 9/15/2044
 
$
20,000
$15,851
Indiana Finance Authority, Environmental Refunding Rev. (Duke Energy Indiana, Inc. Project), “A-2”, 4.5%,
5/01/2035 (Put Date 6/01/2032)
 
 
605,000
612,724
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051
 
 
345,000
334,462
6
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Indiana – continued
Indiana Finance Authority, Hospital Rev. (Reid Health), AGM, 5%, 1/01/2052
 
$
710,000
$686,064
Indiana Finance Authority, Student Housing Rev. (CHF - Tippecanoe LLC - Student Housing Project), “A”, 5.375%, 6/01/2064
 
 
165,000
158,132
 
 
 
$1,807,233
Iowa – 0.4%
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2033
 
$
50,000
$50,420
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2038
 
 
40,000
39,627
Iowa Finance Authority, Senior Housing Rev. (Northcrest, Inc. Project), “A”, 5%, 3/01/2048
 
 
70,000
62,313
Iowa Student Loan Liquidity Corp. Rev., “C”, 3.5%, 12/01/2044
 
 
250,000
184,314
 
 
 
$336,674
Kansas – 0.9%
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2030
 
$
45,000
$45,790
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2032
 
 
40,000
40,430
Lenexa, KS, Health Care Facility Rev. (Lakeview Village, Inc.), “A”, 5%, 5/15/2039
 
 
55,000
53,219
Manhattan, KS, Health Care Facilities Rev. (Meadowlark Hills), “A”, 4%, 6/01/2052
 
 
145,000
104,622
Topeka, KS, Health Care Facilities Rev. (Brewster Place), “A”, 6.5%, 12/01/2052
 
 
150,000
147,799
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2038
 
 
115,000
107,876
Wichita, KS, Health Care Facilities Rev. (Presbyterian Manors, Inc.), “I”, 5%, 5/15/2047
 
 
160,000
131,133
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044
 
 
200,000
197,018
 
 
 
$827,887
Kentucky – 2.3%
Henderson, KY, Exempt Facilities Rev. (Pratt Paper LLC Project), “B”, 4.45%, 1/01/2042 (n)
 
$
135,000
$123,648
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2036
 
 
125,000
113,721
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2046
 
 
325,000
251,956
Kentucky Economic Development Finance Authority Rev. (Masonic Home Independent Living II, Inc. - Meadow Project and
Grove Pointe Project), “A”, 5%, 5/15/2051
 
 
80,000
59,181
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.25%,
11/15/2046
 
 
285,000
196,424
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Baptist Life Communities Project), “A”, 6.375%,
11/15/2051
 
 
270,000
181,457
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.375%,
11/15/2042
 
 
180,000
146,550
Kentucky Economic Development Finance Authority, Healthcare Facilities Rev. (Masonic Homes of Kentucky, Inc.), 5.5%,
11/15/2045
 
 
55,000
43,897
Kentucky Economic Development Finance Authority, Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041
 
 
250,000
250,924
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2037
 
 
120,000
120,394
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2041
 
 
80,000
77,860
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5.25%, 6/01/2041
 
 
65,000
64,575
Kentucky Economic Development Finance Authority, Hospital Rev. (Owensboro Health, Inc.), “A”, 5%, 6/01/2045
 
 
100,000
95,211
Kentucky Higher Education Student Loan Corp. Rev., “B-1”, 5%, 6/01/2036
 
 
370,000
387,074
 
 
 
$2,112,872
Louisiana – 3.9%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (CDF Healthcare), “A”, 5.625%,
6/01/2045
 
$
535,000
$406,363
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Jefferson Parish GOMESA
Project), 4%, 11/01/2044 (n)
 
 
130,000
109,425
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Lafourche Parish GOMESA
Project), 3.95%, 11/01/2043 (n)
 
 
120,264
101,738
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Parish GOMESA
Project), 3.9%, 11/01/2044 (n)
 
 
150,000
124,472
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Tangipahoa Parish GOMESA
Project), 5.375%, 11/01/2038 (n)
 
 
100,000
101,962
7
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Louisiana – continued
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Terrebonne Parish GOMESA
Project), 5.5%, 11/01/2039 (n)
 
$
100,000
$101,777
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Vermilion Parish GOMESA
Project), 4.625%, 11/01/2038 (n)
 
 
70,000
69,498
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center
Project), “A”, 6.125%, 2/01/2037 (n)
 
 
190,000
180,235
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Westside Habilitation Center
Project), “A”, 6.25%, 2/01/2047 (n)
 
 
160,000
141,164
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St.
James Place of Baton Rouge Project), “A”, 6%, 11/15/2035
 
 
100,000
100,011
Louisiana Local Government, Environmental Facilities & Community Development Authority, Healthcare Refunding Rev. (St.
James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045
 
 
315,000
298,831
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident
Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2039 (n)
 
 
100,000
89,388
Louisiana Local Government, Environmental Facilities & Community Development Authority, Student Housing Rev. (Provident
Group - ULM Properties LLC - University of Louisiana at Monroe Project), “A”, 5%, 7/01/2054 (n)
 
 
105,000
81,880
Louisiana Public Facilities Authority Rev. (BBR Schools - Materra Campus Project), “A”, 4%, 6/01/2051 (n)
 
 
280,000
193,000
Louisiana Public Facilities Authority Rev. (BBR Schools - Mid City Campus Project), “C”, 4%, 6/01/2051 (n)
 
 
115,000
79,268
Louisiana Public Facilities Authority Rev. (I-10 Calcasieu River Bridge Public-Private Partnership Project), 5.75%, 9/01/2064
 
 
265,000
264,183
Louisiana Public Facilities Authority Rev. (Jefferson Rise Charter School Project), “A”, 6.375%, 6/01/2062 (n)
 
 
105,000
99,929
Louisiana Public Facilities Authority Rev. (Loyola University Project), 5.25%, 10/01/2046
 
 
450,000
433,285
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project),
“A-1”, 5.1%, 1/01/2057 (n)
 
 
630,000
476,197
Port of New Orleans, LA, Board of Commissioners, Port Facility Rev., “B”, AGM, 5.5%, 4/01/2054
 
 
110,000
112,620
 
 
 
$3,565,226
Maine – 0.6%
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%,
12/01/2047 (Put Date 6/01/2035)
 
$
100,000
$96,909
Maine Health & Higher Educational Facilities Authority Rev., “A”, AGM, 4.375%, 7/01/2053
 
 
515,000
465,672
 
 
 
$562,581
Maryland – 0.9%
Howard County, MD, Special Obligation (Downtown Columbia Project), “A”, 4.5%, 2/15/2047 (n)
 
$
120,000
$104,981
Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), “A”, 5.5%, 1/01/2036
 
 
145,000
147,355
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033
 
 
85,000
86,373
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038
 
 
245,000
245,993
Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation,
“C”, 0%, 5/01/2053
 
 
905,000
203,450
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042
 
 
70,000
63,872
 
 
 
$852,024
Massachusetts – 2.0%
Massachusetts Development Finance Agency Rev. (Adventcare), “A”, 6.75%, 10/15/2037 (a)(d)
 
$
577,352
$6
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “G”, 4.375%, 7/01/2052
 
 
205,000
173,980
Massachusetts Development Finance Agency Rev. (Lasell Village, Inc.), 5.25%, 7/01/2050
 
 
100,000
96,437
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2047 (n)
 
 
100,000
92,617
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)
 
 
290,000
258,869
Massachusetts Development Finance Agency Rev. (Tufts University Student Housing Project), 5.25%, 6/01/2065
 
 
100,000
98,833
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2046
 
 
425,000
345,066
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 3%, 7/01/2051
 
 
110,000
69,840
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 4.125%, 7/01/2052
 
 
360,000
281,097
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “D”, 5%, 7/01/2054
 
 
175,000
159,136
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2047
 
 
205,000
149,490
Tisbury, MA, General Obligation, Municipal Purpose Loan, Unlimited Tax, 3%, 8/15/2052
 
 
130,000
89,830
 
 
 
$1,815,201
8
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Michigan – 0.5%
Board of Regents of Eastern Michigan University, General Rev., “A”, 4%, 3/01/2047
 
$
245,000
$204,546
Michigan Finance Authority, ACT 38 Facilities Senior Rev. (Henry Ford Health Detroit Utility Plant Project), 4.375%, 2/28/2054
 
 
35,000
30,909
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “C”, 5%, 12/01/2044
 
 
90,000
88,557
Wayne County, MI, Airport Authority Rev., “B”, 5.75%, 12/01/2050
 
 
100,000
105,267
 
 
 
$429,279
Minnesota – 1.3%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2036
 
$
65,000
$57,487
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043
 
 
100,000
90,234
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043
 
 
155,000
155,047
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048
 
 
125,000
108,161
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048
 
 
125,000
123,316
Minnesota Higher Education Facilities Authority Rev. (St. Catherine University), 4.25%, 10/01/2038
 
 
600,000
553,674
St. Paul, MN, Housing & Redevelopment Authority, Charter School Lease Rev. (Great River School Project), “A”, 5.5%,
7/01/2052 (n)
 
 
100,000
90,096
 
 
 
$1,178,015
Mississippi – 0.4%
Mississippi Development Bank Special Obligation (Hancock County GOMESA Project), 4.55%, 11/01/2039 (n)
 
$
150,000
$145,502
Mississippi Development Bank Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n)
 
 
100,000
90,182
Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), “A”, 5%, 9/01/2046
 
 
110,000
103,554
 
 
 
$339,238
Missouri – 3.5%
Jackson County, MO, Special Obligations, “A”, 5.25%, 12/01/2058 (u)
 
$
1,600,000
$1,629,424
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization
Project), “B”, 5%, 3/01/2054
 
 
480,000
462,400
Kansas City, MO, Land Clearance for Redevelopment Authority Rev. (Convention Center Hotel Project - TIF Financing), “B”, 5%,
2/01/2050 (n)
 
 
310,000
285,587
St. Louis County, MO, Industrial Development Authority Rev. (Friendship Village St. Louis Obligated Group), “A”, 5.25%,
9/01/2053
 
 
480,000
439,707
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2030
 
 
40,000
40,008
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Nazareth Living Center), “A”, 5%, 8/15/2035
 
 
25,000
24,229
St. Louis County, MO, Industrial Development Authority, Health Facilities Rev. (Ranken-Jordan Project), 4%, 11/15/2036
 
 
55,000
48,483
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.375%, 11/15/2035
 
 
95,000
85,402
St. Louis, MO, Industrial Development Authority, Financing Rev. (Ballpark Village Development Project), “A”, 4.75%, 11/15/2047
 
 
205,000
171,782
 
 
 
$3,187,022
Montana – 0.4%
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2043
 
$
160,000
$160,482
Montana Finance Authority, Health Care Facilities Rev. (Kalispell Regional Medical Center), “B”, 5%, 7/01/2048
 
 
235,000
232,650
 
 
 
$393,132
Nevada – 0.4%
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”,
5.125%, 12/15/2045 (n)
 
$
150,000
$137,392
Director of the State of Nevada, Department of Business and Industry, Charter School Lease Rev. (Somerset Academy), “A”, 5%,
12/15/2048 (n)
 
 
100,000
87,839
Nevada Department of Business & Industry Charter School Rev. (Doral Academy of Nevada), “A”, 5%, 7/15/2047 (n)
 
 
200,000
175,076
 
 
 
$400,307
New Hampshire – 2.2%
National Finance Authority, NH, Lease Rent Rev. (Centurion Foundation West Main Street LLC), “A”, 5%, 5/15/2034
 
$
505,000
$505,408
National Finance Authority, NH, Lease Rev. (NCCD - UNR Properties LLC - University of Nevada, Reno Project), “A”, BAM, 5.25%,
6/01/2051
 
 
130,000
132,464
National Finance Authority, NH, Municipal Certificates, “1-A”, 4.375%, 9/20/2036
 
 
503,794
488,891
National Finance Authority, NH, Municipal Certificates, “2-A”, 4%, 10/20/2036
 
 
272,868
257,575
9
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
New Hampshire – continued
National Finance Authority, NH, Resource Recovery Refunding Rev. (Covanta Project), “C”, 4.875%, 11/01/2042 (n)
 
$
300,000
$268,830
National Finance Authority, NH, Special Rev. (River Ranch Project, Liberty County, TX), Capital Appreciation, 0%, 12/01/2031
 
 
285,000
196,757
New Hampshire National Finance Authority Municipal Certificates, “A-2”, 4.216%, 11/20/2042
 
 
227,352
203,230
 
 
 
$2,053,155
New Jersey – 3.5%
Camden County, NJ, Improvement Authority, School Rev. (KIPP Cooper Norcross Academy), 6%, 6/15/2062
 
$
140,000
$142,555
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043
 
 
255,000
255,122
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031
 
 
125,000
125,222
New Jersey Economic Development Authority Rev. (Kapkowski Road Landfill Reclamation Project), 6.5%, 4/01/2031
 
 
565,000
568,957
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student
Housing Project), “A”, 5%, 1/01/2030
 
 
80,000
80,012
New Jersey Economic Development Authority Rev. (Provident Group - Rowan Properties LLC - Rowan University Student
Housing Project), “A”, 5%, 1/01/2035
 
 
95,000
93,347
New Jersey Economic Development Authority, Deck & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.625%,
1/01/2045
 
 
190,000
193,882
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030
 
 
265,000
265,274
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., “B”, 4%, 12/01/2041
 
 
560,000
552,721
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039
 
 
165,000
159,525
New Jersey Housing & Mortgage Finance Agency, Multi-Family Conduit Rev. (Riverview Towers Apartments), “B”, GNMA,
5.25%, 12/20/2065
 
 
416,985
424,464
New Jersey Transportation Trust Fund Authority, “AA”, 4.25%, 6/15/2044
 
 
360,000
327,051
 
 
 
$3,188,132
New York – 14.1%
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)
 
$
500,000
$486,180
Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), “B”, 5%, 7/01/2062
 
 
110,000
97,055
Build NYC Resource Corp. Rev. (Urban Resource Institute Project), “A”, 5.5%, 12/01/2051
 
 
100,000
102,126
Genesse County, NY, Funding Corp. Rev. (Rochester Regional Health Project), “A”, 5.25%, 12/01/2052
 
 
405,000
392,146
Long Beach, NY, General Obligation, “B”, BAM, 4.625%, 7/15/2052
 
 
360,000
338,493
Metropolitan Transportation Authority, NY, Transportation Rev., “A”, 4%, 11/15/2052
 
 
75,000
60,866
New York City Water Finance Authority, Water and Sewer System Second General Resolution Rev., “CC-1”, 5.25%, 6/15/2054 (u)
 
 
1,855,000
1,912,820
New York Dormitory Authority Rev. (Montefiore Obligated Group), “A”, 4%, 9/01/2050
 
 
235,000
185,802
New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054
 
 
145,000
147,908
New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), “1”, 5%, 11/15/2044 (n)
 
 
860,000
834,121
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport
Project), 5.375%, 8/01/2036
 
 
400,000
408,532
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5%, 1/01/2031
 
 
365,000
373,135
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5.625%, 4/01/2040
 
 
215,000
221,478
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D
Redevelopment Project), 5%, 10/01/2040
 
 
200,000
198,571
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, 5.5%,
12/31/2060
 
 
340,000
328,680
New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), “A”, AGM,
5.25%, 12/31/2054
 
 
675,000
665,068
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), 6%, 6/30/2054
 
 
630,000
639,842
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.125%, 6/30/2060 (u)
 
 
895,000
864,651
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One
Project), AGM, 5.25%, 6/30/2060 (u)
 
 
955,000
939,921
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport Terminal Four Project),
“A”, 4%, 12/01/2038
 
 
60,000
54,138
New York, NY, City Housing Development Corp., Housing Impact (Sustainable Development Bonds), “A”, 4.8%, 2/01/2053
 
 
225,000
215,758
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “G”, 4.95%, 11/01/2058
 
 
700,000
682,065
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “D1”, 4%, 12/15/2031
 
 
100,000
103,496
10
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
New York – continued
New York, NY, Mortgage Agency Homeowner Rev., 4.7%, 10/01/2038
 
$
190,000
$187,123
Niagara, NY, Area Development Agency, Solid Waste Disposal Rev. (Covanta Energy Project), “A”, 4.75%, 11/01/2042 (n)
 
 
270,000
238,321
Niagara, NY, Area Development Corp. Rev. (Catholic Health System, Inc. Project), 4.5%, 7/01/2052
 
 
215,000
176,161
Port Authority of NY & NJ (234th Series), 5.5%, 8/01/2052
 
 
505,000
517,859
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2029
 
 
30,000
24,072
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2032
 
 
75,000
57,263
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2034
 
 
205,000
153,723
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2036
 
 
110,000
81,450
Tobacco Settlement Asset Securitization Corp., NY, “A”, 5%, 6/01/2041
 
 
715,000
681,139
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 4%, 9/15/2025
 
 
100,000
99,952
Ulster County, NY, Capital Resource Corp. Rev. (Woodland Pond at New Paltz Project), 5%, 9/15/2037
 
 
400,000
358,220
 
 
 
$12,828,135
North Carolina – 1.6%
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%,
3/01/2051
 
$
190,000
$144,548
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2025
 
 
10,000
10,003
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2030
 
 
70,000
70,016
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Pennybyrn at Maryfield), 5%, 10/01/2035
 
 
45,000
43,760
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2047
 
 
60,000
59,540
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2051
 
 
130,000
127,105
North Carolina Turnpike Authority, Monroe Expressway Toll Rev., “A”, 5%, 7/01/2054
 
 
85,000
82,599
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Rev., “A”, AGM, 5%, 1/01/2058
 
 
895,000
880,841
 
 
 
$1,418,412
North Dakota – 0.1%
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2034
 
$
40,000
$40,052
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2048
 
 
10,000
9,063
Ward County, ND, Health Care Facilities Rev. (Trinity Obligated Group), “C”, 5%, 6/01/2053
 
 
70,000
62,441
 
 
 
$111,556
Ohio – 4.6%
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055
 
$
825,000
$666,377
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 4%, 12/01/2034
 
 
160,000
160,153
Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), “A”, 5.5%, 1/01/2050
 
 
700,000
716,198
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2042
 
 
210,000
199,441
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 4.75%, 2/15/2047
 
 
285,000
254,144
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.25%, 2/15/2047
 
 
70,000
66,333
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052
 
 
770,000
733,442
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5%, 2/15/2057
 
 
150,000
132,202
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 4%, 9/01/2045
 
 
50,000
38,900
Darke County, OH, Hospital Facilities Rev. (Wayne Healthcare Project), “A”, 5%, 9/01/2049
 
 
65,000
57,792
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2034
 
 
120,000
120,016
Franklin County, OH, Health Care Facilities Improvement Rev. (Friendship Village of Dublin, Inc.), 5%, 11/15/2044
 
 
195,000
178,555
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049
 
 
310,000
300,746
Ohio Higher Educational Facility Commission Rev. (Cleveland Institute of Music 2022 Project), 5.125%, 12/01/2042
 
 
100,000
98,865
Ohio Housing Finance Agency, Residential Mortgage Rev. (Mortgage-Backed Securities Program), “A”, 4.9%, 9/01/2053
 
 
460,000
452,521
 
 
 
$4,175,685
Oklahoma – 1.4%
Norman, OK, Regional Hospital Authority Rev., 4%, 9/01/2045
 
$
110,000
$77,381
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045
 
 
75,000
61,089
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2041
 
 
245,000
244,451
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “A”, 5.5%, 8/15/2044
 
 
250,000
241,199
11
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Oklahoma – continued
Tulsa County, OK, Industrial Authority, Senior Living Community Refunding Rev. (Montereau, Inc. Project), “A”, 5.25%,
11/15/2045
 
$
645,000
$614,333
 
 
 
$1,238,453
Oregon – 1.1%
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2051
 
$
465,000
$329,237
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “A”, 4%, 12/01/2056
 
 
205,000
139,767
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2047
 
 
65,000
61,805
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2052
 
 
230,000
215,945
Yamhill County, OR, Hospital Authority Rev. (Friendsview Retirement), “A”, 5%, 11/15/2056
 
 
280,000
216,964
 
 
 
$963,718
Pennsylvania – 15.7%
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5.5%, 1/01/2055
 
$
490,000
$504,373
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Project), 5%, 5/01/2042 (n)
 
 
170,000
164,561
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Rev. (City Center Refunding Project), 5%,
5/01/2042 (n)
 
 
150,000
144,718
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-2”, 6%, 6/30/2034
 
 
158,000
164,286
Berks County, PA, Municipal Authority Rev. (Tower Health Project), “A-3”, 5%, 6/30/2039
 
 
708,000
633,599
Berks County, PA, Municipal Authority Rev. (Tower Health Project), Convertible Capital Appreciation, “B-1”, 0% to 11/15/2029,
6% to 6/30/2044
 
 
353,000
246,823
Blythe, PA, Solid Waste Authority Rev., 7.75%, 12/01/2037 (Prerefunded 12/01/2027)
 
 
215,000
234,146
Bucks County, PA, Industrial Development Authority, Hospital Rev. (St. Luke's University Health Network Project), 4%, 8/15/2050
 
 
365,000
301,397
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), 4%, 12/01/2035
 
 
405,000
322,247
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5%, 12/01/2030
 
 
45,000
41,798
Chester County, PA, Health & Education Facilities Authority Rev. (Simpson Senior Services Project), “A”, 5.25%, 12/01/2045
 
 
100,000
80,735
Doylestown, PA, Hospital Authority Rev., 5.375%, 7/01/2039
 
 
100,000
105,690
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2038
 
 
125,000
116,959
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2043
 
 
155,000
135,682
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2048
 
 
160,000
133,807
Franklin County, PA, Industrial Development Authority Rev. (Menno-Haven, Inc. Project), 5%, 12/01/2053
 
 
150,000
121,271
Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), 5%, 12/01/2055
 
 
100,000
90,683
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2037
 
 
955,000
560,072
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044
 
 
100,000
86,151
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), “B”, AGM, 3.125%,
5/01/2053
 
 
105,000
71,289
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project),
5.375%, 1/01/2050
 
 
970,000
846,692
Pennsylvania Economic Development Financing Authority Rev. (Presbyterian Senior Living Project), “B-1”, 5.25%, 7/01/2049
 
 
145,000
138,699
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital
Appreciation, “B-2”, 0%, 1/01/2044
 
 
540,000
201,836
Pennsylvania Economic Development Financing Authority, Guaranteed Parking Rev. (Capitol Region Parking System), Capital
Appreciation, “B-3”, 0%, 1/01/2049
 
 
250,000
51,859
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
5.25%, 6/30/2053
 
 
490,000
470,681
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5.5%, 6/30/2042
 
 
405,000
420,035
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project),
AGM, 5%, 12/31/2057
 
 
560,000
534,108
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project),
5%, 6/30/2042
 
 
600,000
589,916
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5%, 6/01/2051
 
 
106,000
96,615
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1C”, 5.5%, 6/01/2052
 
 
140,000
136,771
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 4.5%, 6/01/2043
 
 
275,000
276,205
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “146A”, 6.25%, 10/01/2054 (u)
 
 
3,245,000
3,576,834
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “141A”, 5.75%, 10/01/2053
 
 
392,997
418,500
Pennsylvania Housing Finance Agency, Single Family Mortgage Rev., “142A”, 5.5%, 10/01/2053
 
 
257,036
273,285
12
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Pennsylvania – continued
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%,
10/01/2044
 
$
150,000
$152,900
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.625%, 8/01/2036
 
 
100,000
100,377
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.75%, 8/01/2046
 
 
130,000
127,486
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “A”, 5.375%, 8/01/2051
 
 
120,000
114,268
Philadelphia, PA, Authority for Industrial Development Rev. (MaST Charter School Project), “B”, 6%, 8/01/2051
 
 
150,000
148,144
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Green Woods Charter School Project), “A”, 5.375%,
6/15/2057
 
 
100,000
91,820
Philadelphia, PA, Authority for Industrial Development, Charter School Rev. (Tacony Academy School Project), 5.5%,
6/15/2043 (n)
 
 
165,000
155,376
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “III”, 5.25%, 12/01/2047 (Prerefunded 12/01/2026) (n)
 
 
145,000
149,397
Philadelphia, PA, Authority for Industrial Development, Multi-Family Housing Rev. (University Square Apartment
Project-Section 8), “III”, 5.5%, 12/01/2058 (Prerefunded 12/01/2026) (n)
 
 
215,000
222,174
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2037
 
 
110,000
107,942
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2042
 
 
125,000
114,924
Philadelphia, PA, Authority for Industrial Development, Senior Living Facilities Rev. (Wesley Enhanced Living Obligated Group),
“A”, 5%, 7/01/2049
 
 
175,000
149,187
Scranton-Lackawanna, PA, Health and Welfare Authority, University Rev. (Marywood University Project), 5%, 6/01/2046
 
 
445,000
359,695
Washington County, PA, Redevelopment Authority Refunding Rev. (Victory Centre Tax Increment Financing Project), 5%,
7/01/2035
 
 
15,000
14,768
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035
 
 
35,000
34,832
 
 
 
$14,335,613
Puerto Rico – 2.2%
AES Puerto Rico LP, Taxable, 12.5%, 3/04/2026
 
$
1,927
$1,869
Commonwealth of Puerto Rico, General Obligation Restructured, “A”, 4%, 7/01/2041
 
 
406,000
353,104
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033
 
 
55,000
53,044
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2026
 
 
60,000
60,149
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030
 
 
250,000
252,144
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico
Project), 6.625%, 1/01/2027
 
 
34,436
24,692
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico
Project), 6.625%, 1/01/2028
 
 
262,636
188,323
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 4.375%, 10/01/2031
 
 
45,000
43,775
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education
Rev. (University of Sacred Heart), 5%, 10/01/2042
 
 
70,000
62,590
Puerto Rico Public Finance Corp., “E”, ETM, 6%, 8/01/2026
 
 
80,000
82,390
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053
 
 
3,000
2,580
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 4.55%, 7/01/2040
 
 
42,000
39,991
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-1”, 5%, 7/01/2058
 
 
777,000
710,550
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.784%, 7/01/2058
 
 
69,000
60,770
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2046
 
 
129,000
40,524
 
 
 
$1,976,495
Rhode Island – 0.8%
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 4.125%, 12/01/2042
 
$
585,000
$549,948
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.5%, 12/01/2034
 
 
60,000
56,655
Rhode Island Student Loan Authority, Student Loan Rev., “A”, 3.625%, 12/01/2037
 
 
150,000
145,249
 
 
 
$751,852
13
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
South Carolina – 3.7%
Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035
 
$
260,000
$256,014
South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), “A”, 5%,
4/01/2044
 
 
185,000
178,008
South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.),
5.125%, 5/01/2048
 
 
40,000
31,951
South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad
Healthcare Project), 5.5%, 11/15/2044
 
 
100,000
97,805
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048
 
 
395,000
385,927
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%,
4/01/2047
 
 
150,000
134,547
South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), 5%,
4/01/2052
 
 
120,000
103,744
South Carolina Public Service Authority Refunding Rev. (Santee Cooper), “B”, AGM, 5%, 12/01/2054 (u)
 
 
1,950,000
1,951,287
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, 5%, 4/15/2048
 
 
245,000
241,317
 
 
 
$3,380,600
Tennessee – 1.9%
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2031
 
$
50,000
$50,849
Knox County, TN, Health, Educational & Housing Facility, Board Student Housing Rev. (Provident Group - UTK Properties LLC -
University of Tennessee Project), “A-1”, BAM, 5.5%, 7/01/2059
 
 
110,000
112,800
Nashville and Davidson County, TN, Health & Education Facilities, Board of Metropolitan Government, Multi-Family Tax-Exempt
Mortgage-Backed (Ben Allen Ridge Apartments Project), “A”, 4.75%, 2/01/2048
 
 
325,581
302,809
Tennergy Corp., TN, Gas Supply Rev., “A”, 5.5%, 10/01/2053 (Put Date 12/01/2030)
 
 
515,000
548,065
Tennessee Energy Acquisition Corp., Gas Project Rev., “A”, 5.25%, 9/01/2026
 
 
165,000
168,130
Tennessee Housing Development Agency, Residential Finance Program Rev., “2A”, 4.7%, 7/01/2053
 
 
615,000
585,014
 
 
 
$1,767,667
Texas – 7.5%
Arlington, TX, Higher Education Finance Corp., Education Rev. (Newman International Academy), “A”, 5.5%, 8/15/2046
 
$
185,000
$141,823
Arlington, TX, Higher Education Finance Corp., Education Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.875%,
6/15/2065 (w)
 
 
105,000
102,848
Arlington, TX, Higher Education Finance Corp., Education Rev. (Newman International Academy), “A”, 5.375%, 8/15/2036
 
 
40,000
35,535
Austin, TX, Airport System Rev., 5%, 11/15/2052
 
 
270,000
261,782
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050
 
 
55,000
40,062
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)
 
 
100,000
72,758
EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039
 
 
155,000
144,936
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028
 
 
375,000
375,519
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), “A”, 4.125%,
7/01/2052
 
 
340,000
292,880
Harris County, TX, Houston Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046
 
 
225,000
72,016
Houston, TX, Airport System Refunding Rev., “A”, AGM, 5.25%, 7/01/2053
 
 
255,000
257,612
Houston, TX, Airport System Rev., Special Facilities Rev. (Continental Airlines, Inc.), 6.5%, 7/15/2030
 
 
380,000
380,964
Houston, TX, Higher Education Finance Corp., University Rev. (Houston Christian University Project), 5.25%, 10/01/2054
 
 
115,000
103,578
Memorial City, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2049
 
 
520,000
500,591
Mission, TX, Economic Development Corp. (Natgasoline Project), 4.625%, 10/01/2031 (n)
 
 
180,000
179,657
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
 
 
80,000
76,519
New Hope, TX, Cultural Education Facilities Finance Corp., Education Rev. (Beta Academy), “A”, 5%, 8/15/2049 (n)
 
 
55,000
47,496
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “A”,
6.5%, 10/01/2060
 
 
110,000
105,671
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”,
5.375%, 11/15/2036
 
 
55,000
48,620
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (MRC Senior Living - Langford Project), “A”,
5.5%, 11/15/2052
 
 
45,000
33,519
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%,
1/01/2035
 
 
75,000
74,672
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%,
1/01/2043
 
 
170,000
153,304
14
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Texas – continued
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Wesleyan Homes, Inc. Project), 5.5%,
1/01/2049
 
$
80,000
$68,501
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2060
 
 
100,000
89,203
Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), “A”, 4%, 1/01/2050 (n)
 
 
370,000
259,636
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046
 
 
225,000
216,817
Tarrant County, TX, Cultural Education Facilities Finance Corp. (Christus Health), “A”, 4%, 7/01/2053
 
 
395,000
316,369
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2030
 
 
80,000
80,100
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Barton Creek Senior Living Center, Inc.,
Querencia Project), 5%, 11/15/2035
 
 
100,000
99,994
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Stayton Museum Way), 5.75%,
12/01/2054
 
 
606,389
494,771
Texas Department of Housing & Community Affairs, Single Family Mortgage Rev., “A”, GNMA, 5.25%, 9/01/2053
 
 
600,000
601,786
Texas State Technical College System Rev., Financing System Improvement, “A”, AGM, 6%, 8/01/2054
 
 
240,000
255,894
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057
 
 
240,000
238,476
Tomball, TX, Independent School District, Unlimited Tax School Building, Texas PSF, 3.875%, 2/15/2043
 
 
720,000
652,928
 
 
 
$6,876,837
Utah – 1.1%
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2043
 
$
390,000
$385,983
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047
 
 
245,000
200,649
Utah Charter School Finance Authority, Charter School Rev. (Reagan Academy Project), 5%, 2/15/2046 (n)
 
 
120,000
104,357
Washington County, UT, Black Desert Public Infrastructure District (Assessment Area No. 1), 5.625%, 12/01/2053
 
 
316,800
306,690
 
 
 
$997,679
Vermont – 1.3%
Vermont Economic Development Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc.), “A-2”, 4.375%,
6/01/2052 (Put Date 6/01/2032)
 
$
100,000
$97,573
Vermont Housing Finance Agency, Multi-Purpose Rev., “A”, GNMA, 6%, 11/01/2053
 
 
709,000
774,300
Vermont Student Assistance Corp., Education Loan Rev., “A”, 4.375%, 6/15/2040
 
 
175,000
171,520
Vermont Student Assistance Corp., Education Loan Rev., “B”, 4.375%, 6/15/2046
 
 
145,000
120,702
 
 
 
$1,164,095
Virginia – 3.2%
Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond),
“A”, 5%, 10/01/2052
 
$
315,000
$306,683
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (United Methodist Homes of
Williamsburg, Inc.), “A”, 4%, 6/01/2047
 
 
105,000
77,479
James City County, VA, Economic Development Authority, Residential Care Facility Rev. (Williamsburg Landing), “A”, 6.875%,
12/01/2058
 
 
110,000
116,138
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2037 (n)
 
 
115,000
115,174
Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 4.5%, 9/01/2045 (n)
 
 
145,000
126,666
Prince William County, VA, Cherry Hill Community Development Authority (Potomac Shores Project), 5.4%, 3/01/2045 (n)
 
 
100,000
100,025
Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), “A”,
7%, 9/01/2059
 
 
385,000
414,955
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2030 (n)
 
 
175,000
164,794
Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), “B”, 5.25%, 7/01/2035 (n)
 
 
175,000
155,419
Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), “A”, 4%, 1/01/2045
 
 
495,000
418,051
Virginia Small Business Financing Authority Rev. (Pinnacle Living), 5%, 6/01/2052
 
 
100,000
88,075
Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William
& Mary Project), “B”, AGM, 5.25%, 7/01/2053
 
 
775,000
793,840
 
 
 
$2,877,299
Washington – 4.9%
Everett, WA, Housing Authority Refunding Rev. (Huntington Park Apartments Project), 4%, 7/01/2037
 
$
435,000
$406,701
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2033
 
 
115,000
116,774
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2038
 
 
150,000
147,214
Grays Harbor County, WA, Public Hospital District No. 2, General Obligation Refunding, 5%, 12/15/2048
 
 
285,000
252,082
15
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Washington – continued
Kalispel Tribe of Indians, WA, Priority Distribution Rev., “A”, 5.25%, 1/01/2038 (n)
 
$
130,000
$131,586
King County, WA, Housing Authority, Housing Refunding Rev., 5.375%, 7/01/2045
 
 
100,000
101,503
Port of Vancouver, WA, Limited Tax General Obligation, 5.125%, 12/01/2055
 
 
580,000
571,419
Vancouver, WA, Housing Authority, Multi-Family Rev. (Cougar Creek Project), “A”, 4.5%, 10/01/2042
 
 
230,000
222,601
Washington Health Care Facilities Authority Rev. (Providence Health & Services), “A”, 5%, 10/01/2033
 
 
1,105,000
1,105,494
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2035
 
 
90,000
90,719
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 5%, 8/15/2037
 
 
90,000
90,057
Washington Health Care Facilities Authority Rev. (Virginia Mason Medical Center), 4%, 8/15/2042
 
 
200,000
177,105
Washington Housing Finance Commission Municipal Certificates, “1-A”, 4.221%, 3/01/2050
 
 
97,150
91,152
Washington Housing Finance Commission Municipal Certificates, “X”, 0.725%, 12/20/2035 (i)
 
 
2,172,603
84,566
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Hearthstone Project), “A”, 5%, 7/01/2048 (n)
 
 
145,000
98,591
Washington Housing Finance Commission Nonprofit Housing Refunding Rev. (Judson Park Project), 5%, 7/01/2048 (n)
 
 
100,000
86,136
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2036 (n)
 
 
100,000
100,186
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2046 (n)
 
 
105,000
94,071
Washington Housing Finance Commission Nonprofit Housing Rev. (Presbyterian Retirement Communities Northwest Projects),
“A”, 5%, 1/01/2051 (n)
 
 
105,000
90,962
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2041 (n)
 
 
100,000
87,230
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2046 (n)
 
 
115,000
93,626
Washington Housing Finance Commission Nonprofit Housing Rev. (Wesley Homes at Lea Hill Project), 5%, 7/01/2051 (n)
 
 
165,000
127,623
Washington Housing Finance Commission Nonprofit Rev. (Blakeley & Laurel Villages Portfolio), “A”, BAM, 5.25%, 7/01/2064
 
 
100,000
95,692
 
 
 
$4,463,090
West Virginia – 0.7%
Monongalia County, WV, Special District Excise Tax Rev. (University Town Centre Economic Opportunity Development District),
Convertible Capital Appreciation, “B”, 0% to 6/01/2043, 8% to 6/01/2053 (n)
 
$
527,000
$107,474
West Virginia Economic Development Authority, Solid Waste Disposal Facility Rev. (Core Natural Resources, Inc. Project), 5.45%,
1/01/2055 (Put Date 3/27/2035)
 
 
205,000
208,553
West Virginia Hospital Finance Authority, Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), “A”, 5%,
1/01/2043
 
 
380,000
337,304
 
 
 
$653,331
Wisconsin – 9.3%
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040
 
$
580,000
$283,913
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040
 
 
250,000
122,377
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2027
 
 
70,000
38,500
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2032
 
 
105,000
57,750
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2037
 
 
55,000
30,250
Wisconsin Health & Educational Facilities Authority Refunding Rev. (American Baptist Homes), 5%, 8/01/2039
 
 
55,000
30,250
Wisconsin Health & Educational Facilities Authority Rev. (Cedar Crest, Inc. Project), 5.125%, 4/01/2057
 
 
485,000
395,697
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 5%, 2/15/2047
 
 
45,000
44,272
Wisconsin Health & Educational Facilities Authority Rev. (Marshfield Clinic Health System, Inc.), “C”, 4%, 2/15/2050
 
 
100,000
83,984
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054
 
 
465,000
387,059
Wisconsin Public Finance Authority Rev. (McLemore Hotel & Conference Center), “B”, 6.5%, 6/01/2056 (n)
 
 
195,000
154,050
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047
 
 
285,000
238,550
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052
 
 
475,000
379,710
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 5.75%, 4/01/2035
 
 
150,000
150,071
Wisconsin Public Finance Authority Rev. (Roseman University of Health Sciences Project), 4%, 4/01/2052 (n)
 
 
200,000
149,807
Wisconsin Public Finance Authority Rev., Subordinate-Social Certificates, “B-1”, 4%, 12/28/2044 (n)
 
 
402,082
307,883
Wisconsin Public Finance Authority Rev., Taxable (Kahala Nui Project), 5.25%, 11/15/2061
 
 
100,000
96,612
Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), “A”, 5%, 6/15/2051 (n)
 
 
75,000
58,588
Wisconsin Public Finance Authority, Charter School Rev. (Alamance Community School Project), “A”, 7%, 6/15/2053
 
 
130,000
136,029
Wisconsin Public Finance Authority, Charter School Rev. (North East Carolina Preparatory School Project), “A”, 5.25%, 6/15/2054
 
 
100,000
94,150
Wisconsin Public Finance Authority, Charter School Rev. (Unity Classical Charter School; A Challenge Foundation Academy), 7%,
7/01/2058 (n)
 
 
155,000
155,542
Wisconsin Public Finance Authority, Charter School Rev., Taxable (Foundation Academy Charter School Project), 5%, 7/01/2060
 
 
100,000
84,808
16
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Municipal Bonds – continued
Wisconsin – continued
Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2037
 
$
40,000
$39,997
Wisconsin Public Finance Authority, Education Rev. (Mountain Island Charter School), 5%, 7/01/2047
 
 
55,000
49,631
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5.5%, 6/15/2062
 
 
120,000
113,597
Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2033 (n)
 
 
25,000
25,235
Wisconsin Public Finance Authority, Educational Facilities Rev. (Community School of Davidson Project), 5%, 10/01/2048 (n)
 
 
190,000
168,849
Wisconsin Public Finance Authority, Health Care System Rev. (Cone Health), “A”, 5%, 10/01/2052
 
 
610,000
600,379
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2025 (n)
 
 
25,000
25,000
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2030 (n)
 
 
75,000
75,037
Wisconsin Public Finance Authority, Healthcare Facility Rev. (Church Home of Hartford, Inc. Project), “A”, 5%, 9/01/2038 (n)
 
 
60,000
58,901
Wisconsin Public Finance Authority, Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049
 
 
1,020,000
852,702
Wisconsin Public Finance Authority, Hotel & Conference Center Facilities Rev. (Foundation of the University of North Carolina at
Charlotte, Inc.), “A”, 4%, 9/01/2051 (n)
 
 
370,000
260,883
Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%,
8/01/2027 (a)(d)(n)
 
 
680,000
544,000
Wisconsin Public Finance Authority, Multi-Family Affordable Housing Certificates (Dominium Holdings I), “B-1”, 6.81%,
4/28/2036
 
 
265,000
269,322
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Promenade Apartments), 6.25%, 2/01/2039 (n)
 
 
120,000
119,965
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (Galloway Ridge Project), “A”, 6.875%, 1/01/2043
 
 
205,000
205,770
Wisconsin Public Finance Authority, Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%,
10/01/2051
 
 
15,000
11,673
Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065
 
 
365,000
356,579
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2037 (n)
 
 
60,000
60,108
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2042 (n)
 
 
65,000
62,031
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2047 (n)
 
 
195,000
177,120
Wisconsin Public Finance Authority, Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%,
5/15/2052 (n)
 
 
130,000
114,895
Wisconsin Public Finance Authority, Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)
 
 
565,000
412,450
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), “A”, 5.5%,
6/01/2055
 
 
100,000
97,002
Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), “C”, 5.75%,
6/15/2055
 
 
100,000
94,669
Wisconsin Public Finance Authority, Student Housing Rev. (Western Carolina University Project), 5.25%, 7/01/2047
 
 
190,000
176,519
Wisconsin Public Finance Authority, Texas Infrastructure Program Improvement & Refunding Rev., Taxable (Astro Texas Land
Projects), Capital Appreciation, 0%, 12/15/2037
 
 
100,000
49,866
 
 
 
$8,502,032
Total Municipal Bonds
$146,499,542
Other Municipal Bonds – 0.7%
Multi-Family Housing Revenue – 0.7%
Affordable Housing Pass-Thru Trust Certificates, 6%, 10/05/2040
 
$
425,519
$417,702
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.305%, 7/25/2041 (i)(n)
 
 
518,745
45,831
FRETE 2023-ML16 Trust, “A”, 4.632%, 7/25/2038
 
 
189,423
194,593
Total Other Municipal Bonds
$658,126
Bonds – 0.2%
Medical & Health Technology & Services – 0.1%
ProMedica Toledo Hospital, “B”, 5.325%, 11/15/2028
 
$
70,000
$70,580
Transportation - Services – 0.1%
Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2033 (n)
 
$
175,000
$100,767
Total Bonds
$171,347
17
Portfolio of Investments (unaudited) – continued
Issuer
 
 
Shares/Par
Value ($)
Escrow Interests (e) – 0.1%
 
 
Healthcare Revenue - Long Term Care – 0.1%
 
 
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A” (a)
 
$
105,000
$23,415
Waterford Township, MI, Economic Development Corp. (Canterbury Health Care, Inc.), “A” (a)
 
 
105,000
23,415
Total Escrow Interests
 
 
$46,830
Preferred Stocks – 0.0%
 
 
Utilities - Electric Power – 0.0%
 
 
AES Guayama Holdings B.V.
 
 
5,776
$58
Mutual Funds (h) – 2.8%
Money Market Funds – 2.8%
MFS Institutional Money Market Portfolio, 4.33% (v)
 
 
2,559,310
$2,559,566
 
Other Assets, Less Liabilities – (8.6)%
(7,835,736
)
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value (issued by the fund) –
(56.0)%
(51,000,000
)
Net assets applicable to common shares – 100.0%
$91,099,733
 
(a)
Non-income producing security.
(d)
In default.
(e)
Escrow interests represent beneficial interests in liquidation proceedings. The interests cannot be sold and the amount and timing of related future
payments, if any, cannot be predicted with certainty.
(h)
An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under
common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,559,566 and
$147,375,903, respectively.
(i)
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect
the cost of the security.
(n)
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in
transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $21,755,547,
representing 23.9% of net assets applicable to common shares.
(u)
Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(v)
Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the
annualized seven-day yield of the fund at period end.
(w)
When-issued security.
(z)
Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be
resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve
time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities:
 
Restricted Securities
Acquisition
Date
Cost
Value
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 8%, 7/01/2039
5/25/17
$383,097
$4,331
California Pollution Control Financing Authority, Solid Waste Disposal Subordinate Rev. (CalPlant I Project), 7.5%, 12/01/2039
7/26/19
426,259
5
Total Restricted Securities
 
 
$4,336
% of Net assets applicable to common shares
 
 
0.0%
 
The following abbreviations are used in this report and are defined:
AAC
Ambac Assurance Corp.
AGM
Assured Guaranty Municipal
BAM
Build America Mutual
COP
Certificate of Participation
ETM
Escrowed to Maturity
FHLMC
Federal Home Loan Mortgage Corp.
GNMA
Government National Mortgage Assn.
NPFG
National Public Finance Guarantee Corp.
PSF
Permanent School Fund
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
18
Supplemental Information
8/31/25 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided
by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an
evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less
may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net
asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2025 in valuing the fund's assets and liabilities: 
Financial Instruments
Level 1
Level 2
Level 3
Total
Equity Securities:
Netherlands
$—
$58
$—
$58
Municipal Bonds
—
147,204,498
—
147,204,498
U.S. Corporate Bonds
—
171,347
—
171,347
Investment Companies
2,559,566
—
—
2,559,566
Total
$2,559,566
$147,375,903
$—
$149,935,469
For further information regarding security characteristics, see the Portfolio of Investments.
The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table
19
Supplemental Information (unaudited) – continued
presents the activity of level 3 securities held at the beginning and the end of the period. 
 
Equity
Securities
Balance as of 11/30/24
$15,017
Change in unrealized appreciation or depreciation
(14,959)
Transfers out of level 3
(58)
Balance as of 8/31/25
$—
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended August 31, 2025:
 
Affiliated Issuers
Beginning
Value
Purchases
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation or
Depreciation
Ending
Value
MFS Institutional Money Market Portfolio
$2,935,864
$13,705,626
$14,082,170
$1
$245
$2,559,566
 
Affiliated Issuers
Dividend
Income
Capital Gain
Distributions
MFS Institutional Money Market Portfolio
$80,182
$—
20