NPORT-EX 4 NPORT_523D_43166226_0222.htm
Quarterly Report
February 28, 2022
MFS®  Investment Grade Municipal Trust
CXH-Q1
Portfolio of Investments
2/28/22 (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 - 153.5%
Alabama - 0.9%
Birmingham, AL, Airport Authority Rev., BAM, 4%, 7/01/2040   $ 40,000 $44,799
Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.25%, 6/01/2025     50,000 51,160
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2026     95,000 81,447
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2029     135,000 95,049
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2034     190,000 94,266
Jefferson County, AL, Sewer Rev. Warrants, Capital Appreciation, Senior Lien, “B”, AGM, 0%, 10/01/2035     365,000 169,583
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2044     170,000 200,980
University of South Alabama, Facilities Rev., “A”, BAM, 5%, 4/01/2049     100,000 117,532
        $854,816
Arizona - 3.1%
Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “A”, 4%, 12/01/2051 (n)   $ 300,000 $277,297
Phoenix, AZ, Industrial Development Authority Hotel Rev. (Provident Group - Falcon Properties LLC, Project), “B”, 5.75%, 12/15/2057 (n)     100,000 93,390
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2036     60,000 64,829
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2041     45,000 48,405
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Great Hearts Academies Project), “A”, 5%, 7/01/2046     80,000 85,712
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2035 (n)     70,000 75,417
Phoenix, AZ, Industrial Development Authority, Education Facility Rev. (Legacy Traditional Schools Project), 5%, 7/01/2045 (n)     80,000 85,478
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2047 (n)     165,000 167,028
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 4%, 6/15/2051 (n)(w)     120,000 120,087
Pima County, AZ, Industrial Development Authority Education Facility Rev. (American Leadership Academy Project), 5%, 6/15/2052 (n)     145,000 146,782
Salt Verde Financial Corp., AZ, Senior Gas Rev., 5%, 12/01/2032     795,000 970,674
Yavapai County, AZ, Industrial Development Authority Rev. (Waste Management, Inc.), 1.3%, 6/01/2027 (Put Date 6/01/2027)     745,000 710,506
        $2,845,605
Arkansas - 0.4%
Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), “B-1”, 5%, 9/01/2044   $ 140,000 $165,286
Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), “B”, 3.5%, 7/01/2046     25,000 23,508
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “A”, 5%, 2/01/2035     30,000 32,475
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2033     50,000 54,227
Pulaski County, AR, Public Facilities Board, Healthcare Rev. (Baptist Health), 5%, 12/01/2042     120,000 130,626
        $406,122
California - 14.0%
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2031   $ 130,000 $106,819
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2032     235,000 188,054
Beverly Hills, CA, Unified School District (Election of 2008), Capital Appreciation, 0%, 8/01/2033     470,000 366,330
California Community Housing Agency, Essential Housing Rev. (Aster), “A-1”, 4%, 2/01/2056 (n)     175,000 175,268
California Foothill/Eastern Transportation Corridor Agency, Toll Road Rev., “A”, 4%, 1/15/2046     1,000,000 1,097,675
California Health Facilities Financing Authority Rev., (Cedars-Sinai Health System), “A”, 4%, 8/15/2048     935,000 1,051,420
California Housing Finance Agency Municipal Certificates, “X”, 0.796%, 11/20/2035 (i)     1,825,434 116,515
California Municipal Finance Authority, Student Housing Rev. (CHF-Davis II LLC - Orchard Park Student Housing Project), BAM, 4%, 5/15/2040     40,000 44,101
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-1”, 3.125%, 5/15/2029 (n)     55,000 55,103
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-2”, 2.375%, 11/15/2028 (n)     35,000 35,026
California Public Finance Authority, Senior Living Rev. (Enso Village Project), “B-3”, 2.125%, 11/15/2027 (n)     50,000 49,986
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 2/01/2032     445,000 570,363
California Public Works Board Lease Rev. (Various Capital Projects), “A”, 5%, 8/01/2035 (w)     380,000 476,099
California Public Works Board Lease Rev. (Various Capital Projects), “I”, 5%, 11/01/2038     1,220,000 1,290,355
1
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
California - continued
California Public Works Board Lease Rev., Department of Corrections and Rehabilitation (Various Correctional Facilities), “A”, 5%, 9/01/2033   $ 1,135,000 $1,231,954
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2030 (n)     40,000 43,741
California School Finance Authority, School Facility Rev. (Alliance for College-Ready Public Schools Projects), “A”, 5%, 7/01/2045 (n)     100,000 108,393
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2034     85,000 93,317
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5.25%, 12/01/2044     245,000 267,166
California Statewide Communities Development Authority Rev. (Loma Linda University Medical Center), “A”, 5%, 12/01/2046 (n)     120,000 134,112
California Statewide Communities Development Authority, College Housing Rev. (NCCD-Hooper Street LLC College of the Arts Project), 5.25%, 7/01/2049 (n)     100,000 103,245
California Statewide Communities Development Authority, Essential Housing Rev. (Pasadena Portfolio), “A-1”, 2.65%, 12/01/2046 (n)     255,000 231,633
CMFA Special Finance Agency, Essential Housing Rev. (Solana at Grand), “A-1”, 4%, 8/01/2056 (n)     100,000 100,160
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 5%, 6/01/2030 (Prerefunded 6/01/2023)     85,000 89,217
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., “A”, 3.5%, 6/01/2036 (Prerefunded 6/01/2022)     60,000 60,437
Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Capital Appreciation, “B-2”, 0%, 6/01/2066     2,925,000 435,670
La Verne, CA, Brethren Hillcrest Homes, COP, 5%, 5/15/2036 (Prerefunded 5/15/2022)     50,000 50,944
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, AGM, 5%, 9/01/2023     185,000 195,744
Los Angeles County, CA, Redevelopment Authority Tax Allocation Refunding Rev., “D”, ETM, AGM, 5%, 9/01/2023     25,000 26,440
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2034     35,000 35,851
Los Angeles County, CA, Regional Financing Authority Rev. (Montecedro, Inc. Project), “A”, CALHF, 5%, 11/15/2044     65,000 66,539
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2023, 5.875% to 8/01/2028     140,000 160,028
Mount San Antonio, CA, Community College District Rev. (Election of 2008), Convertible Capital Appreciation, “A”, 0% to 8/01/2028, 6.25% to 8/01/2043     355,000 385,315
San Diego County, CA, Regional Airport Authority Rev., “B”, 5%, 7/01/2056     360,000 422,634
San Francisco, CA, City & County Airports Commission, International Airport Rev., “A”, 5%, 1/01/2047     195,000 223,216
San Francisco, CA, City & County Redevelopment Successor Agency, Tax Allocation (Mission Bay South Redevelopment Project), “A”, 5%, 8/01/2043     25,000 27,152
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., “A”, 5%, 7/01/2061 (n)     325,000 357,661
San Francisco, CA, Hastings Campus Housing Finance Authority, Campus Housing Rev., Convertible Capital Appreciation, “B”, 0% to 7/01/2035, 6.75% to 7/01/2061 (n)     330,000 181,096
San Joaquin Hills, CA, Transportation Corridor Agency Rev., “A”, 4%, 1/15/2037     430,000 484,592
San Joaquin Hills, CA, Transportation Corridor Agency Rev., “A”, 4%, 1/15/2040     500,000 558,642
State of California, Various Purpose General Obligation, 5%, 4/01/2045     770,000 923,832
Transbay Joint Powers Authority, CA, Senior Tax Allocation, “A”, 5%, 10/01/2049     55,000 65,883
West Contra Costa, CA, Unified School District, “B”, NPFG, 6%, 8/01/2024     80,000 85,096
Whittier, CA, Health Facility Rev. (PIH Health), 5%, 6/01/2044     125,000 133,547
        $12,906,371
Colorado - 4.8%
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/15/2030   $ 10,000 $11,202
Arvada, CO, Vauxmont Metropolitan District Rev., AGM, 5%, 12/01/2050     41,000 48,936
Colorado Education & Cultural Facilicites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2042     70,000 78,896
Colorado Education & Cultural Facilicites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2052     160,000 177,243
Colorado Education & Cultural Facilicites Authority, Charter School Refunding & Improvement Rev. (Littleton Academy Charter School Project), “A”, BAM, 4%, 7/01/2056     90,000 98,851
Colorado Educational & Cultural Facilities Authority Rev. (Classical Academy Project), “A”, 5%, 12/01/2038     75,000 80,268
Colorado Educational & Cultural Facilities Authority Rev. (Montessori Charter School Project), 5%, 7/15/2037     40,000 40,428
Colorado Educational & Cultural Facilities Authority Rev. (Twin Peaks Charter Academy Project), 5%, 11/15/2031     145,000 154,465
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (American Academy Project), 5%, 12/01/2055     685,000 816,900
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Prospect Ridge Academy Project), “A”, 5%, 3/15/2055     325,000 379,142
2
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Colorado - continued
Colorado Educational & Cultural Facilities Authority, Charter School Refunding and Improvement Rev. (Thomas MacLaren State Charter School Project), “A”, 5%, 6/01/2050   $ 130,000 $152,896
Colorado Health Facilities Authority Rev. (CommonSpirit Health), “A-2”, 4%, 8/01/2044     145,000 157,123
Colorado Health Facilities Authority Rev. (Evangelical Lutheran Good Samaritan Society), 5.625%, 6/01/2043 (Prerefunded 6/01/2023)     90,000 95,090
Colorado Health Facilities Authority Rev. (SCL Health System), “A”, 5%, 1/01/2044     380,000 402,460
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2038     115,000 129,040
Colorado Health Facilities Authority, Hospital Rev. (AdventHealth Obligated Group), “A”, 4%, 11/15/2043     245,000 272,200
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2035     70,000 77,924
Denver, CO, Convention Center Hotel Authority Rev., 5%, 12/01/2040     120,000 132,881
Denver, CO, Health & Hospital Authority Rev., “A”, 4%, 12/01/2040     140,000 152,827
Denver, CO, Health & Hospital Authority Rev., “A”, 5.25%, 12/01/2045     95,000 100,081
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Rev., “A”, NPFG, 5%, 12/01/2045     405,000 442,922
State of Colorado (Building Excellent Schools Today), “S”, COP, 4%, 3/15/2046     360,000 401,548
        $4,403,323
Connecticut - 0.3%
Mohegan Tribal Finance Authority, CT, Economic Development Bonds, 7%, 2/01/2045 (n)   $ 275,000 $284,126
District of Columbia - 0.2%
Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital Improvement Project), “B”, AGM, 4%, 10/01/2053   $ 175,000 $191,357
Florida - 6.0%
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.375%, 5/01/2030   $ 80,000 $84,898
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.5%, 5/01/2033     35,000 37,212
Bellalago, FL, Educational Facilities Benefit District Capital Improvement Refunding Rev., 4.6%, 5/01/2034     60,000 63,893
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2029     105,000 115,554
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2030     105,000 115,554
Florida Development Finance Corp. Educational Facilities Rev. (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project), “A”, 4%, 7/01/2051 (n)     100,000 102,697
Florida Development Finance Corp. Educational Facilities Rev. (River City Science Academy Projects), “A”, 4%, 7/01/2055     25,000 25,902
Florida Development Finance Corp. Healthcare Facilities Rev. (UF Health Jacksonville Project), “A”, AGM, 4%, 2/01/2046     175,000 191,937
Florida Development Finance Corp. Senior Living Rev. (Glenridge on Palmer Ranch Project), 5%, 6/01/2051 (n)     200,000 218,319
Florida Development Finance Corp. Senior Living Rev. (Mayflower Retirement Community Project), “A”, 4%, 6/01/2055 (n)     165,000 170,539
Florida Higher Educational Facilities Financing Authority Rev. (Jacksonville University Project), “A”, 5%, 6/01/2048 (n)     100,000 108,230
Hillsborough County FL, Industrial Development Authority, Hospital Rev. (Tampa General Hospital Project), “A”, 4%, 8/01/2045     1,000,000 1,079,012
Martin County, FL, Health Facilities Authority Hospital Rev. (Cleveland Clinic Health System), “A”, 4%, 1/01/2046     250,000 275,701
Miami-Dade County, FL, Aviation Rev., “A”, 4%, 10/01/2040     250,000 279,575
Miami-Dade County, FL, Seaport Refunding Rev., “A-1”, AGM, 4%, 10/01/2045     145,000 159,611
Miami-Dade County, FL, Special Obligation, “B”, 5%, 10/01/2035 (Prerefunded 10/01/2022)     180,000 184,473
North Broward, FL, Hospital District Rev. (Broward Health), “B”, 5%, 1/01/2042     275,000 313,843
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), “A-1”, 5%, 10/01/2049     60,000 69,088
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2037     105,000 63,402
Osceola County, FL, Transportation Improvement and Refunding Rev. (Osceola Parkway), Capital Appreciation, “A-2”, 0%, 10/01/2042     175,000 86,479
Palm Beach County, FL, Health Facilities Authority Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton), 4.25%, 6/01/2056 (w)     70,000 68,147
Pasco County, FL, Del Webb Bexley Community Development District, Special Assessment Rev., 5.4%, 5/01/2049     100,000 110,975
Pompano Beach, FL, Refunding Rev. (John Knox Village Project), “A”, 4%, 9/01/2056     100,000 102,244
St. John's County, FL, Industrial Development Authority, Senior Living Rev. (Vicars Landing Project), “A”, 4%, 12/15/2050     40,000 40,293
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2026     20,000 21,212
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5%, 7/01/2029     20,000 21,190
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.125%, 7/01/2034     40,000 42,432
3
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Florida - continued
Sumter County, FL, Industrial Development Authority Hospital Rev. (Central Florida Health Alliance Projects), “A”, 5.25%, 7/01/2044   $ 120,000 $127,228
Tampa, FL (University of Tampa Project), 5%, 4/01/2040     85,000 93,297
Tampa, FL, Hospital Rev. (H. Lee Moffitt Cancer Center Project), “B”, 5%, 7/01/2050     180,000 210,961
Tampa, FL, Sports Authority Rev. (Tampa Bay Arena), NPFG, 5.75%, 10/01/2025     825,000 887,190
Westridge, FL, Community Development District, Capital Improvement Rev., 5.8%, 5/01/2037     50,000 50,028
        $5,521,116
Georgia - 4.0%
Atlanta, GA, Geo. L. Smith II World Congress Center Authority Convention Center Hotel Rev., “B”, 5%, 1/01/2054 (n)   $ 100,000 $101,768
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2044     145,000 160,243
Brookhaven, GA, Development Authority Rev. (Children's Healthcare of Atlanta, Inc.), “A”, 4%, 7/01/2049     215,000 236,138
Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), “B”, 4%, 4/01/2039     45,000 50,018
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2028     125,000 125,479
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2029     120,000 120,460
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2030     75,000 75,288
DeKalb County, GA, Water & Sewer Rev., “A”, 5.25%, 10/01/2041     340,000 343,866
Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), “A”, 4%, 4/01/2050     130,000 142,176
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2026     120,000 138,349
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5.5%, 9/15/2028     250,000 299,859
Georgia Main Street Natural Gas, Inc., Gas Project Rev., “A”, 5%, 5/15/2043     75,000 86,106
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2056     65,000 75,400
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, 5%, 1/01/2063     70,000 81,200
Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project), “A”, AGM, 5%, 1/01/2062     395,000 464,157
Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), “A”, 5.5%, 8/15/2054 (Prerefunded 2/15/2025)     320,000 358,178
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2038     180,000 205,983
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2039     145,000 165,742
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2040     145,000 165,466
Private Colleges & Universities, GA, Authority Rev. (Emory University), “B”, 4%, 9/01/2041     290,000 330,444
        $3,726,320
Guam - 0.3%
Guam International Airport Authority Rev. (A.B. Won Pat Airport), “A”, 4.46%, 10/01/2043   $ 35,000 $34,784
Guam Waterworks Authority Rev. (Water and Wastewater System), “A”, 5%, 1/01/2050     175,000 204,106
        $238,890
Hawaii - 0.0%
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036   $ 35,000 $39,439
Idaho - 0.1%
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2038   $ 40,000 $46,052
Idaho Housing and Finance Association, Federal Highway Trust Fund, “A”, 4%, 7/15/2039     45,000 51,499
        $97,551
Illinois - 14.8%
Bolingbrook, IL, Sales Tax Rev., 6.25%, 1/01/2024   $ 100,488 $98,480
Bridgeview, IL, Stadium and Redevelopment Projects, AAC, 5.14%, 12/01/2036     360,000 372,317
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5%, 4/01/2046     100,000 109,954
Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 6%, 4/01/2046     420,000 483,754
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2025     85,000 95,809
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2026     30,000 34,670
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2027     85,000 100,479
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2028     40,000 48,257
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2029     30,000 36,764
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2030     20,000 24,935
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “A”, AAC, 5.5%, 12/01/2031     55,000 69,696
4
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2030   $ 115,000 $136,745
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2031     220,000 261,035
Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., “C”, AGM, 5%, 12/01/2032     190,000 225,194
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “A”, AGM, 5%, 12/01/2029     100,000 119,157
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “H”, 5%, 12/01/2046     180,000 199,149
Chicago, IL, General Obligation, “A”, 5%, 1/01/2025     25,000 27,161
Chicago, IL, General Obligation, “A”, 5%, 1/01/2026     120,000 132,639
Chicago, IL, General Obligation, “A”, 5%, 1/01/2027     80,000 89,782
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028     20,000 22,744
Chicago, IL, General Obligation, “A”, 5%, 1/01/2029     215,000 246,725
Chicago, IL, General Obligation, “A”, 5%, 1/01/2031     30,000 34,661
Chicago, IL, General Obligation, “A”, 5%, 1/01/2039     70,000 79,225
Chicago, IL, General Obligation, “A”, 5%, 1/01/2040     15,000 16,953
Chicago, IL, General Obligation, “A”, 5%, 1/01/2044     210,000 235,861
Chicago, IL, General Obligation, “A”, 5.5%, 1/01/2049     275,000 316,345
Chicago, IL, General Obligation, “D”, 5.5%, 1/01/2033     70,000 76,862
Chicago, IL, Greater Chicago Metropolitan Water Reclamation District, “A”, 4%, 12/01/2051     565,000 640,423
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2032     70,000 72,406
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.25%, 1/01/2033     35,000 36,203
Chicago, IL, O'Hare International Airport Rev., Customer Facility Charge, AGM, 5.5%, 1/01/2043     145,000 150,062
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2048     140,000 159,472
Chicago, IL, O'Hare International Airport Rev., Senior Lien, “A”, 5%, 1/01/2053     75,000 84,983
Chicago, IL, Transit Authority Second Lien Sales Tax Rev., “A”, 5%, 12/01/2045     270,000 321,797
Cook County, IL, Community College District No. 508 (City Colleges), BAM, 5%, 12/01/2047     455,000 512,720
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2034     145,000 164,525
Illinois Finance Authority Rev. (Edward-Elmhurst Healthcare), “A”, 5%, 1/01/2035     145,000 164,310
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033 (Prerefunded 5/15/2023)     20,000 20,864
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 4.75%, 5/15/2033     140,000 143,268
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043 (Prerefunded 5/15/2023)     15,000 15,715
Illinois Finance Authority Rev. (Franciscan Communities), “A”, 5.125%, 5/15/2043     110,000 112,657
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2036     85,000 98,076
Illinois Finance Authority Rev. (Presence Health Network), “C”, 5%, 2/15/2041     120,000 138,030
Illinois Finance Authority Rev. (Rehabilitation Institute of Chicago), “A”, 6%, 7/01/2043     565,000 600,051
Illinois Finance Authority Rev. (Silver Cross Hospital & Medical Centers), “C”, 5%, 8/15/2035     315,000 348,342
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035     1,000,000 1,087,984
Illinois Finance Authority Rev. (University of Chicago), “A”, 5%, 10/01/2035     390,000 516,190
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     230,000 250,337
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2030     5,000 5,801
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2026     55,000 61,727
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2027     120,000 138,006
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2028     110,000 128,905
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2029     25,000 29,823
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2030     55,000 66,636
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2036     50,000 59,903
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 5%, 1/01/2037     70,000 84,319
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2038     50,000 55,779
Illinois Sales Tax Securitization Corp., Second Lien, “A”, 4%, 1/01/2040     30,000 33,494
Lincolnshire, IL, Special Service Area No. 1 (Sedgebrook Project), 6.25%, 3/01/2034     136,000 136,052
Metropolitan Pier & Exposition Authority Rev. (McCormick Place Expansion Project), Capital Appreciation, “A”, AGM, 0%, 12/15/2056     220,000 59,359
Romeoville, IL, Rev. (Lewis University Project), “A”, 5%, 10/01/2042     130,000 139,058
Romeoville, IL, Rev. (Lewis University Project), “B”, 5%, 10/01/2039     60,000 64,347
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2041     45,000 46,731
Romeoville, IL, Rev. (Lewis University Project), “B”, 4.125%, 10/01/2046     50,000 51,730
Sangamon County, IL, General Obligation, BAM, 4%, 12/15/2040     500,000 556,797
5
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Illinois - continued
State of Illinois, AGM, 5%, 2/01/2027   $ 95,000 $101,697
State of Illinois, “A”, 5%, 11/01/2027     325,000 373,588
State of Illinois, “A”, 5%, 12/01/2024     20,000 21,835
State of Illinois, General Obligation, 5.5%, 5/01/2039     495,000 590,849
State of Illinois, General Obligation, 5.75%, 5/01/2045     475,000 569,682
State of Illinois, General Obligation, “A”, 5%, 3/01/2046     480,000 554,884
University of Illinois, Auxiliary Facilities System Rev., “A”, BAM, 4%, 4/01/2047     355,000 395,991
        $13,660,761
Indiana - 1.4%
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2030   $ 40,000 $43,014
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2039     100,000 106,461
Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), “A”, 5%, 7/01/2040 (Prerefunded 7/01/2023)     350,000 367,063
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2034     70,000 77,436
Indiana Finance Authority, Educational Facilities Rev. (Valparaiso University Project), 4%, 10/01/2035     90,000 99,450
Indiana Finance Authority, Health Facilities Rev. (Baptist Healthcare System Obligated Group), 5%, 8/15/2051     295,000 337,327
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2032     25,000 29,527
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2033     20,000 23,592
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2035     25,000 29,355
Lake County, IN, Hammond Multi-School Building Corp., 5%, 7/15/2038     75,000 87,656
Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044     110,000 119,792
        $1,320,673
Iowa - 0.4%
Iowa Student Loan Liquidity Corp. Rev., “B”, 3.5%, 12/01/2044   $ 170,000 $166,704
Iowa Tobacco Settlement Authority Asset-Backed, Senior Capital Appreciation, “B-2”, 0%, 6/01/2065     1,045,000 161,815
        $328,519
Kansas - 1.9%
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2038 (Prerefunded 6/01/2025) (n)   $ 300,000 $331,254
Coffeyville, KS, Electric Utility System Rev., “B”, NPFG, 5%, 6/01/2042 (Prerefunded 6/01/2025) (n)     100,000 110,418
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2036     45,000 48,862
Hutchinson, KS, Hospital Facilities Rev. (Hutchinson Regional Medical Center, Inc.), 5%, 12/01/2041     45,000 48,658
University of Kansas Hospital Authority, Health Facilities Rev. (University of Kansas Health System), “A”, 5%, 9/01/2048     540,000 636,722
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2047     215,000 234,253
Wyandotte County/Kansas City, KS, Community College Auxiliary Enterprise System Rev., 4%, 9/01/2052     140,000 151,836
Wyandotte County/Kansas City, KS, Unified Government Community Improvement District Sales Tax Rev. (Legends Apartments Garage & West Lawn Project), 4.5%, 6/01/2040     20,000 20,203
Wyandotte County/Kansas City, KS, Unified Government Utility System Improvement Rev., “A”, 5%, 9/01/2044     195,000 210,958
        $1,793,164
Kentucky - 1.0%
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2032   $ 35,000 $41,600
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2033     35,000 41,569
Commonwealth of Kentucky State Property & Buildings Commission Rev. (Project No. 119), BAM, 5%, 5/01/2034     40,000 47,473
Hazard, KY, Healthcare Rev. (Appalachian Regional Healthcare Project), 3%, 7/01/2046     55,000 53,961
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2037     35,000 40,333
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2041     230,000 263,765
Kentucky Economic Development Finance Authority Hospital Rev. (Baptist Healthcare System), “B”, 5%, 8/15/2046     135,000 154,744
Kentucky Higher Education Student Loan Corp. Rev., Tax-Exempt, “B-1”, 5%, 6/01/2036     250,000 272,229
Kentucky State University, Certificates of Participation, BAM, 4%, 11/01/2056     30,000 32,891
        $948,565
6
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Louisiana - 2.1%
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (St. James Place of Baton Rouge Project), “A”, 6.25%, 11/15/2045   $ 240,000 $253,322
Louisiana Public Facilities Authority Rev. (Loyola University Project), Convertible Capital Appreciation, 0% to 10/01/2023, 5.25% to 10/01/2046     345,000 354,470
Louisiana Public Facilities Authority Rev. (Provident Group - HSC Properties, Inc., LSU Health Foundation, New Orleans Project), “A-1”, 5.1%, 1/01/2057 (n)     445,000 471,770
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2040 (Prerefunded 12/01/2025)     65,000 73,454
New Orleans, LA, Sewerage Services Rev., 5%, 6/01/2045 (Prerefunded 6/01/2025)     185,000 206,137
New Orleans, LA, Sewerage Services Rev., 5%, 12/01/2045 (Prerefunded 12/01/2025)     85,000 96,056
St. Charles Parish, LA, Gulf Zone Opportunity Zone Rev. (Valero Energy Corp.), 4%, 12/01/2040 (Put Date 6/01/2022)     480,000 483,517
        $1,938,726
Maine - 0.3%
Maine Health and Higher Educational Facilities Authority Rev. (MaineHealth), “A”, 4%, 7/01/2050   $ 210,000 $230,209
Maryland - 2.2%
Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., “C”, 3%, 9/01/2051   $ 750,000 $780,753
Maryland Department of Transportation Special Project Rev., “B”, 5%, 8/01/2046     420,000 499,393
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2038     10,000 8,978
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2048     20,000 16,608
Maryland Economic Development Corp., Subordinate Parking Facilities Rev. (Baltimore City Project), “C”, 4%, 6/01/2058     70,000 55,498
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2033     100,000 110,850
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2034     65,000 71,938
Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), “A”, 5%, 7/01/2038     280,000 307,769
Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n)     100,000 108,045
Rockville, MD, Mayor & Council Economic Development Refunding Rev. (Ingleside at King Farm Project), “A-1”, 5%, 11/01/2037     10,000 10,614
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2042     15,000 15,854
Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), “B”, 5%, 11/01/2047     15,000 15,811
        $2,002,111
Massachusetts - 13.8%
Massachusetts Bay Transportation Authority, Sales Tax Rev., “A-1”, 5.25%, 7/01/2029   $ 350,000 $435,842
Massachusetts College Building Authority Project Rev., “A”, 5%, 5/01/2031 (Prerefunded 5/01/2023)     190,000 198,944
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 5%, 6/01/2039     35,000 41,662
Massachusetts Development Finance Agency Rev. (Atrius Health Issue), “A”, 4%, 6/01/2049     30,000 33,065
Massachusetts Development Finance Agency Rev. (Beth Israel Health, Inc.), “2018 I-2”, 5%, 7/01/2053     690,000 802,612
Massachusetts Development Finance Agency Rev. (Milford Regional Medical Center), “F”, 5.75%, 7/15/2043     40,000 41,632
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2057 (n)     100,000 106,836
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 4%, 7/01/2046     145,000 163,112
Massachusetts Development Finance Agency Rev. (Southcoast Health System Obligated Group), “G”, 5%, 7/01/2050     395,000 480,688
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2033     35,000 39,876
Massachusetts Development Finance Agency Rev. (Suffolk University), 5%, 7/01/2034     30,000 34,141
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2036     120,000 136,212
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “K”, 5%, 7/01/2038     80,000 91,061
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 4%, 7/01/2044     1,675,000 1,806,082
Massachusetts Development Finance Agency Rev. (Wellforce, Inc.), “A”, 5%, 7/01/2044     35,000 40,544
Massachusetts Development Finance Agency Rev. (Williams College), “P”, 5%, 7/01/2043     1,000,000 1,046,715
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 2%, 7/01/2037     10,000 9,513
Massachusetts Educational Financing Authority, Education Loan Rev., “C”, 2.625%, 7/01/2036     20,000 19,713
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033     45,000 45,113
Massachusetts Educational Financing Authority, Education Loan Rev., “J”, 3.5%, 7/01/2033 (u)     6,230,000 6,245,682
Massachusetts Educational Financing Authority, Education Loan Rev., “K”, 5.25%, 7/01/2029     80,000 80,958
Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., “C”, 3%, 7/01/2051     45,000 41,347
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2037 (Prerefunded 7/01/2022)     35,000 35,498
7
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Massachusetts - continued
Massachusetts Water Resources Authority, General Rev., “B”, AGM, 5.25%, 8/01/2029   $ 600,000 $752,772
        $12,729,620
Michigan - 5.5%
Detroit, MI, Downtown Development Authority Tax Increment Rev. (Catalyst Development), “A”, AGM, 5%, 7/01/2043   $ 65,000 $69,717
Eastern Michigan University Board of Regents, General Rev., “A”, 4%, 3/01/2047     250,000 270,214
Kent County, MI, Gerald R. Ford International Airport Authority Rev., 5%, 1/01/2051     50,000 60,101
Michigan Building Authority Rev., “I”, 4%, 10/15/2049     100,000 111,727
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 3.875%, 10/01/2023     50,000 51,204
Michigan Finance Authority (Detroit Financial Recovery Income Tax Rev.), “F”, 4%, 10/01/2024     65,000 67,437
Michigan Finance Authority Hospital Rev. (Ascension Health Senior Credit Group), “F-4”, 5%, 11/15/2047     570,000 680,760
Michigan Finance Authority Hospital Rev. (Henry Ford Health System), 3.25%, 11/15/2042     570,000 577,448
Michigan Finance Authority Hospital Rev. (Trinity Health Credit Group), 5%, 12/01/2048     150,000 175,153
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2033     65,000 71,772
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2034     150,000 165,783
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), “C”, 5%, 7/01/2035     100,000 110,248
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-1”, 5%, 7/01/2044 (Prerefunded 7/01/2022)     175,000 177,548
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-6”, 5%, 7/01/2033     220,000 237,907
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Senior Lien Local Project), “C-2”, 5%, 7/01/2044 (Prerefunded 7/01/2022)     135,000 136,920
Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Local Project), “D-2”, 5%, 7/01/2034     65,000 71,728
Michigan Strategic Fund Ltd. Variable Rate Limited Obligation Rev. (Graphic Packaging International LLC Coated Recycled Board Machine Project), 4%, 10/01/2061 (Put Date 10/01/2026)     100,000 107,394
Royal Oak, MI, Hospital Finance Authority Rev. (William Beaumont Hospital), 5%, 9/01/2039     545,000 578,487
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “D”, AGM, 5%, 12/01/2040     570,000 637,714
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “A”, 5%, 12/01/2046     190,000 231,757
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2046     60,000 71,692
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2038     105,000 128,141
Wayne County, MI, Detroit School District, ”A“, 5%, 5/01/2040     190,000 231,264
        $5,022,116
Minnesota - 2.8%
Duluth, MN, Economic Development Authority Rev. (Benedictine Health System), “A”, 4%, 7/01/2041   $ 55,000 $56,369
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2043     60,000 66,468
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2043     105,000 121,562
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 4.25%, 2/15/2048     60,000 66,081
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2048     85,000 97,740
Minneapolis, MN, Health Care System Rev. (Allina Health System), 4%, 11/15/2040     1,000,000 1,145,006
Minnesota Housing Finance Agency, “H”, 3%, 7/01/2052     1,000,000 1,041,145
        $2,594,371
Mississippi - 0.1%
Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040   $ 90,000 $97,653
Missouri - 3.5%
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2049   $ 355,000 $406,691
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, AGM, 5%, 3/01/2055     215,000 244,990
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “A”, AGM, 5%, 3/01/2057     1,000,000 1,154,207
8
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Missouri - continued
Kansas City, MO, Industrial Development Authority, Airport Rev. (Kansas City International Airport Terminal Modernization Project), “B”, 5%, 3/01/2046   $ 630,000 $721,347
Missouri Development Finance Board, Infrastructure Facilities Rev. (Crackerneck Creek Project), 4%, 3/01/2051     85,000 90,955
Missouri Health & Educational Facilities Authority Rev. (A.T. Still University Health Services), 5%, 10/01/2039 (Prerefunded 10/01/2023)     55,000 58,402
Missouri Health & Educational Facilities Authority Rev. (SSM Health Care), “A”, 5%, 6/01/2031     205,000 220,901
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3%, 5/01/2030     10,000 9,975
Plaza at Noah's Ark Community District, MO, Increment and Improvement Rev., 3.125%, 5/01/2035     5,000 4,881
St. Louis, MO, Municipal Finance Corp. Leasehold Rev. (Convention Center Expansion and Improvement Projects), AGM, 5%, 10/01/2045     285,000 340,351
        $3,252,700
Nebraska - 0.1%
Central Plains Energy Project, NE, Gas Project Rev. (Project No. 3), “A”, 5%, 9/01/2036   $ 105,000 $132,666
Nevada - 0.2%
Clark County, NV, School District General Obligation, “A”, AGM, 4%, 6/15/2040   $ 90,000 $102,194
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2033     5,000 5,797
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 5%, 6/01/2038     5,000 5,770
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4%, 6/01/2048     20,000 21,412
Reno, NV, Sales Tax Rev. (Retrac-Reno Transportation Rail Access Corridor Project), “B”, AGM, 4.125%, 6/01/2058     25,000 26,893
        $162,066
New Hampshire - 0.6%
National Finance Authority, New Hampshire Municipal Certificates “A”, 4.125%, 1/20/2034   $ 264,321 $294,531
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2031     100,000 113,552
New Hampshire Health & Education Facilities Authority Rev. (Memorial Hospital), 5.5%, 6/01/2036     105,000 119,184
        $527,267
New Jersey - 9.3%
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2032   $ 85,000 $98,183
Atlantic City, NJ, Tax Appeal Refunding Bonds (Qualified Pursuant to the Provisions of the Municipal Qualified Bond Act), “B”, AGM, 5%, 3/01/2037     80,000 92,069
Essex County, NJ, Improvement Authority, General Obligation Lease Rev. (CHF-Newark, LLC - New Jersey Student Housing Project. “A”, BAM, 4%, 8/01/2060     285,000 314,823
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2046     105,000 116,433
Gloucester County, NJ, Improvement Authority Loan Rev. (Rowan University Fossil Park & Student Center Projects), BAM, 4%, 7/01/2051     170,000 187,697
New Jersey Building Authority Rev., Unrefunded Balance, “A”, BAM, 5%, 6/15/2029 (Prerefunded 6/15/2026)     30,000 34,270
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.5%, 1/01/2027     40,000 42,918
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5%, 1/01/2028     40,000 42,521
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), 5.375%, 1/01/2043     225,000 239,558
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5%, 1/01/2031     115,000 122,291
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 1/01/2039     70,000 74,477
New Jersey Economic Development Authority Rev. (Goethals Bridge Replacement Project), AGM, 5.125%, 7/01/2042     35,000 37,239
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2032     10,000 11,943
New Jersey Economic Development Authority Rev. (School Facilities Construction), 5%, 6/15/2033     5,000 5,954
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2036     15,000 16,424
New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2037     15,000 16,398
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2034     55,000 62,254
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2035     40,000 45,266
New Jersey Economic Development Authority Rev. (School Facilities Construction), “DDD”, 5%, 6/15/2042     240,000 268,771
New Jersey Economic Development Authority, Special Facilities Rev. (Continental Airlines, Inc.), “A”, 5.625%, 11/15/2030     155,000 166,357
New Jersey Economic Development Authority, State Lease Rev. (Juvenile Justice Commission Facilities Project), “C”, 5%, 6/15/2042     150,000 169,565
9
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New Jersey - continued
New Jersey Health Care Facilities, Financing Authority Rev. (University Hospital), “A”, AGM, 5%, 7/01/2046   $ 360,000 $395,112
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”B“, 3.5%, 12/01/2039     230,000 235,937
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., ”C“, 3.25%, 12/01/2051     20,000 18,481
New Jersey Tobacco Settlement Financing Corp., “A”, 5%, 6/01/2035     550,000 627,697
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2038 (w)     45,000 49,213
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2039 (w)     90,000 98,269
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2041 (w)     70,000 76,042
New Jersey Transportation Trust Fund Authority, “A”, 4%, 6/15/2042 (w)     70,000 75,846
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2029 (w)     85,000 99,871
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2030 (w)     80,000 95,093
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2031 (w)     125,000 150,291
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2032 (w)     85,000 103,280
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2033 (w)     115,000 139,033
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2034 (w)     105,000 126,606
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2035 (w)     105,000 126,339
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2036 (w)     110,000 131,549
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2037 (w)     55,000 65,498
New Jersey Transportation Trust Fund Authority, “AA”, 5%, 6/15/2045     80,000 92,367
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2029     150,000 170,128
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., “A”, 5%, 6/15/2031     100,000 113,170
Newark, NJ, Board of Education, Energy Savings Obligation Refunding, 4%, 7/15/2036     30,000 34,556
South Jersey Transportation Authority, Transportation System Rev., “A”, BAM, 5%, 11/01/2041     1,000,000 1,209,031
State of New Jersey, COVID-19 General Obligation, “A”, 4%, 6/01/2031     1,875,000 2,167,506
        $8,566,326
New Mexico - 0.0%
Los Ranchos de Albuquerque, NM, Education Facilities Rev. (Albuquerque Academy Project), 4%, 9/01/2040   $ 15,000 $16,589
New York - 12.1%
Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n)   $ 300,000 $328,694
New York Dormitory Authority Rev., State Personal Income Tax, “E”, 4%, 3/15/2045     1,000,000 1,127,325
New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035     1,725,000 2,248,431
New York State Thruway Authority, Personal Income Rev., “A-1”, 4%, 3/15/2046     455,000 506,735
New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport Project), 3%, 8/01/2031     40,000 40,657
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2031     320,000 362,580
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2032     120,000 135,354
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4%, 1/01/2036     100,000 105,708
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 4.375%, 10/01/2045     385,000 411,820
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “A”, 4%, 12/01/2038     50,000 53,330
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), “C”, 5%, 12/01/2038     205,000 239,878
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “E”, 3.5%, 2/15/2048     172,516 174,629
New York, NY, Housing Development Corp., Multi-Family Housing Rev. (8 Spruce Street), “F”, 4.5%, 2/15/2048     570,000 577,637
New York, NY, Industrial Development Agency Pilot Refunding Rev. (Yankee Stadium Project), “A”, AGM, 4%, 3/01/2045     25,000 27,746
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., 5%, 6/15/2047 (Prerefunded 6/15/2023)     470,000 493,975
New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., Unrefunded Balance, 5%, 6/15/2047     530,000 554,787
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2037     140,000 158,861
New York, NY, Transitional Finance Authority Rev., “C-1”, 4%, 5/01/2038     175,000 198,045
New York, NY, Trust for Cultural Resources (Lincoln Center for the Performing Arts, Inc.), “A”, 4%, 12/01/2035     70,000 78,917
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, “B-1”, 4%, 6/01/2050     20,000 21,263
Suffolk, NY, Tobacco Asset Securitization Corp., Tobacco Settlement, Capital Appreciation, “B-2”, 0%, 6/01/2066     285,000 41,184
10
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
New York - continued
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2031   $ 110,000 $98,878
Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), “A”, 5%, 1/01/2035     215,000 184,560
Triborough Bridge & Tunnel Authority Rev., NY, Capital Appreciation, “A”, 0%, 11/15/2029     1,125,000 935,965
Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), ”A-2“, 5%, 5/15/2051     380,000 462,129
Utility Debt Securitization Authority Restructuring Rev., NY, “E”, 5%, 12/15/2041     1,500,000 1,591,519
        $11,160,607
North Carolina - 1.8%
Durham, NC, Durham Housing Authority Rev. (Magnolia Pointe Apartments), 5.65%, 2/01/2038 (Prerefunded 1/31/2023)   $ 325,704 $338,926
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2036     20,000 20,845
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2041     10,000 10,305
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2051     130,000 131,867
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2036     15,000 15,633
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “C”, 4%, 3/01/2042     5,000 5,122
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Presbyterian Homes Obligated Group), “A”, 5%, 10/01/2050     65,000 74,264
North Carolina Medical Care Commission, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 4%, 11/01/2052     285,000 316,496
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Refunding Rev., AGM, 5%, 1/01/2036     500,000 598,518
University of North Carolina, Greensboro, Rev., 5%, 4/01/2039     105,000 113,094
        $1,625,070
Ohio - 4.8%
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, “1”, 5%, 6/01/2036   $ 90,000 $105,867
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, “2”, 5%, 6/01/2055     405,000 440,904
Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, Capital Appreciation, 2020B-3, “2”, 0%, 6/01/2057     1,825,000 284,804
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 4.75%, 2/15/2047     220,000 245,660
Cuyahoga County, OH, Hospital Rev. (Metrohealth System), 5.5%, 2/15/2057     580,000 676,108
Cuyahoga, OH, Metropolitan Housing Authority General Rev. (2045 Initiative Project), 2%, 12/01/2031     75,000 72,229
Franklin County, OH, Hospital Facilities Rev. (OhioHealth Corp.), “A”, 4%, 5/15/2047     160,000 175,654
Miami County, OH, Hospital Facilities Rev. (Kettering Health), “A”, 5%, 8/01/2049     405,000 476,399
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2041     90,000 101,404
Middleburg Heights, OH, Hospital Facilities Improvement Rev. (Southwest General Health Center Project), “A”, 4%, 8/01/2047     50,000 55,107
Montgomery County, OH, Hospital Facilities Improvement and Refunding Rev. (Kettering Health Network Obligated Group Project), 4%, 8/01/2041     10,000 11,292
Ohio State Hospital Rev. (Premier Health Partners Obligated Group), 5%, 11/15/2034     1,000,000 1,194,922
Ohio State Hospital Rev. (University Hospitals Health System, Inc.), “E”, 4%, 1/15/2041     175,000 191,446
Ohio Tax Exempt Private Activity (Portsmouth Bypass Project), AGM, 5%, 12/31/2035     395,000 430,500
        $4,462,296
Oklahoma - 0.3%
Catoosa, OK, Industrial Authority Sales Tax Rev., 4%, 10/01/2028   $ 15,000 $14,922
Norman, OK, Regional Hospital Authority Rev., 5%, 9/01/2045     25,000 29,019
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2029     5,000 5,885
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2033     35,000 41,197
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5%, 8/15/2038     50,000 58,597
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2043     30,000 35,493
Oklahoma Development Finance Authority, Health System Rev. (OU Medicine Project), “B”, 5.25%, 8/15/2048     50,000 58,824
Tulsa, OK, Airport Improvement Trust Rev., “A”, 5%, 6/01/2045 (Prerefunded 6/01/2024)     55,000 59,381
        $303,318
11
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Oregon - 0.7%
Forest Grove, OR, Campus Improvement Rev. (Pacific University Project), “A”, 5%, 5/01/2036   $ 95,000 $103,803
Medford, OR, Hospital Facilities Authority Rev. (Asante Projects), “A”, 4%, 8/15/2050     260,000 284,941
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B”, 1.2%, 6/01/2028     20,000 18,406
Multnomah County, OR, Hospital Facilities Authority Refunding Rev. (Terwilliger Plaza - Parkview Project), “B-2”, 0.95%, 6/01/2027     50,000 46,587
Oregon Facilities Authority Rev. (Samaritan Health Services Project), “A”, 5%, 10/01/2040     20,000 23,836
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “A”, 5%, 11/15/2056     120,000 132,450
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-1”, 2.5%, 11/15/2028     20,000 19,396
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-2”, 2.125%, 11/15/2027     10,000 9,667
Yamhill County, OR, Hospital Authority Rev. (Friendsview), “B-3”, 1.75%, 11/15/2026     15,000 14,680
        $653,766
Pennsylvania - 9.1%
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 4%, 4/01/2044   $ 555,000 $601,498
Allentown, PA, Neighborhood Improvement Zone Development Authority Tax Refunding Rev., 5%, 5/01/2042     25,000 29,690
Beaver County, PA, Aliquippa Water & Sewer Rev., BAM, 4%, 11/15/2055     130,000 144,047
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2047     585,000 616,536
Berks County, PA, Industrial Development Authority Health System Rev. (Tower Health Project), 5%, 11/01/2050     140,000 146,868
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032     70,000 82,187
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033     60,000 70,316
Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034     30,000 35,112
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2029     80,000 84,514
Dallas, PA, Municipal Authority, University Rev. (Misericordia University Project), 5%, 5/01/2048     20,000 22,050
Delaware County, PA, Upper Darby School District, General Obligation, “A”, BAM, 4%, 4/01/2051     155,000 171,508
Doylestown, PA, Hospital Rev., “A”, 4%, 7/01/2045     20,000 21,086
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2030 (Prerefunded 7/01/2025)     25,000 27,923
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2035 (Prerefunded 7/01/2025)     35,000 39,092
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2039 (Prerefunded 7/01/2024)     35,000 37,967
East Hempfield Township, PA, Industrial Development Authority Rev. (Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania), 5%, 7/01/2046 (Prerefunded 7/01/2024)     20,000 21,695
Erie, PA, City School District General Obligation, “A”, AGM, 5%, 4/01/2034     30,000 36,081
Geisinger, PA, Geisinger Authority Health System Rev., “A”, 4%, 4/01/2050     720,000 786,342
Lehigh County, PA, Hospital Authority Rev. (Lehigh Valley Health Network), “A”, 4%, 7/01/2049     275,000 298,202
Lehigh County, PA, Water & Sewer Authority Rev. (Allentown Concession), Capital Appreciation, “B”, 0%, 12/01/2036     940,000 607,376
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043 (Prerefunded 12/01/2023)     480,000 511,510
Lehigh County, PA, Water & Sewer Authority Rev., “A”, 5%, 12/01/2043     420,000 445,462
Luzerne County, PA, Wilkes-Barre Area School District, General Obligation, BAM, 5%, 4/15/2059     35,000 40,968
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2044     80,000 87,552
Montgomery County, PA, Higher Education & Health Authority Rev. (Thomas Jefferson University), 4%, 9/01/2049     70,000 76,128
Montgomery County, PA, Industrial Development Authority Retirement Communities Rev. (Acts Retirement-Life Communities, Inc. Obligated Group), “C”, 5%, 11/15/2045     80,000 92,416
Montgomery County, PA, Industrial Development Authority Rev. (Whitemarsh Continuing Care Retirement Community Project), 5.375%, 1/01/2050     125,000 130,777
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), “A”, 0.58%, 8/01/2037 (Put Date 8/01/2024)     50,000 48,220
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “A”, 2.625%, 6/01/2042     25,000 24,328
Pennsylvania Public School Building Authority, School Lease Rev. (School District of Philadelphia Project), 5%, 4/01/2028 (Prerefunded 4/01/2022)     140,000 140,505
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2044     70,000 83,858
Pennsylvania Turnpike Commission Rev., ”A“, 4%, 12/01/2050     275,000 301,740
Pennsylvania Turnpike Commission Subordinate Rev., “A”, AGM, 4%, 12/01/2049     615,000 689,614
Philadelphia, PA, Authority for Industrial Development Rev. (Tacony Academy Charter School Project), “A-1”, 7%, 6/15/2043     100,000 105,826
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2035     65,000 74,408
Philadelphia, PA, Authority for Industrial Development Rev. (Thomas Jefferson University), “A”, 5%, 9/01/2042     645,000 737,033
12
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Pennsylvania - continued
Philadelphia, PA, School District, “A”, 4%, 9/01/2039   $ 100,000 $112,164
Pittsburgh, PA, Urban Redevelopment Authority Rev., “C”, GNMA, 4.8%, 4/01/2028     225,000 226,031
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2032     30,000 38,573
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2033     20,000 26,216
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 4%, 9/01/2035     10,000 11,315
Pittsburgh, PA, Water & Sewer Authority Rev., “A”, AGM, 5%, 9/01/2044     70,000 84,253
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2044     65,000 70,208
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2046     105,000 112,982
Washington County, PA, Canon-McMillan School District, BAM, 4%, 6/01/2048     70,000 75,286
Washington County, PA, Trinity Area School District, AGM, 4%, 11/01/2051     90,000 101,152
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2030     30,000 32,202
West Shore, PA, Area Authority Rev. (Messiah Village Project), “A”, 5%, 7/01/2035     35,000 37,293
        $8,398,110
Puerto Rico - 9.7%
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “D”, AGM, 5%, 7/01/2032   $ 300,000 $302,243
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “J”, NPFG, 5%, 7/01/2029     20,000 20,108
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2030     145,000 147,333
Commonwealth of Puerto Rico Highway & Transportation Authority Rev., “N”, AAC, 5.25%, 7/01/2031     120,000 121,813
Commonwealth of Puerto Rico, Public Improvement, “A”, AGM, 5%, 7/01/2035     325,000 326,725
Commonwealth of Puerto Rico, Public Improvement, “A-4”, AGM, 5.25%, 7/01/2030     65,000 65,061
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Rev., “A”, AAC, 5%, 7/01/2031     375,000 383,054
Puerto Rico Electric Power Authority Rev., “A”, 5%, 7/01/2029 (a)(d)     10,000 10,288
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2021 (a)(d)     25,000 25,844
Puerto Rico Electric Power Authority Rev., “AAA”, 5.25%, 7/01/2030 (a)(d)     10,000 10,338
Puerto Rico Electric Power Authority Rev., “CCC”, 5.25%, 7/01/2027 (a)(d)     35,000 36,181
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2020 (a)(d)     15,000 15,431
Puerto Rico Electric Power Authority Rev., “DDD”, 5%, 7/01/2021 (a)(d)     15,000 15,431
Puerto Rico Electric Power Authority Rev., “EEE”, 6.05%, 7/01/2032 (a)(d)     70,000 71,137
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 5.25%, 7/01/2022     115,000 115,363
Puerto Rico Electric Power Authority Rev., “NN”, NPFG, 4.75%, 7/01/2033     20,000 20,101
Puerto Rico Electric Power Authority Rev., “PP”, NPFG, 5%, 7/01/2022     45,000 45,279
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2021 (a)(d)     60,000 61,725
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2027 (a)(d)     10,000 10,288
Puerto Rico Electric Power Authority Rev., “TT”, 5%, 7/01/2032 (a)(d)     685,000 704,694
Puerto Rico Electric Power Authority Rev., “UU”, AGM, 5%, 7/01/2022     30,000 30,576
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2025     25,000 25,943
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2029     125,000 131,300
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030     205,000 213,652
Puerto Rico Electric Power Authority Rev., “WW”, 5.375%, 7/01/2022 (a)(d)     10,000 10,350
Puerto Rico Electric Power Authority Rev., “WW”, 5.25%, 7/01/2025 (a)(d)     25,000 25,844
Puerto Rico Electric Power Authority Rev., “WW”, 5%, 7/01/2028 (a)(d)     575,000 591,531
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2024 (a)(d)     30,000 31,013
Puerto Rico Electric Power Authority Rev., “ZZ”, 5.25%, 7/01/2026 (a)(d)     90,000 93,037
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Rev. (Cogeneration Facilities - AES Puerto Rico Project), 6.625%, 6/01/2026     320,000 330,400
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2022     50,000 50,673
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2026     10,000 10,025
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 4/01/2027     155,000 156,900
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.5%, 12/01/2031     55,000 55,137
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.125%, 4/01/2032     55,000 55,729
13
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Puerto Rico - continued
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5%, 3/01/2036   $ 55,000 $55,137
Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (Ana G. Mendez University System Project), 5.375%, 4/01/2042     45,000 45,675
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2023     220,000 226,276
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2024     140,000 143,425
Puerto Rico Infrastructure Financing Authority Special Tax Rev., “C”, AAC, 5.5%, 7/01/2028     60,000 62,062
Puerto Rico Municipal Finance Agency, “A”, AGM, 5%, 8/01/2027     15,000 15,221
Puerto Rico Public Buildings Authority Government Facilities Rev., “I”, AGM, 5%, 7/01/2036     35,000 35,033
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-2”, AAC, 10%, 7/01/2035     315,000 325,154
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2027     125,000 125,791
Puerto Rico Public Buildings Authority Government Facilities Rev., “M-3”, NPFG, 6%, 7/01/2028     25,000 25,157
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 4.55%, 7/01/2040     29,000 32,054
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-1”, 5%, 7/01/2058     1,816,000 2,032,017
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.329%, 7/01/2040     270,000 294,984
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.536%, 7/01/2053     1,000 1,091
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “2019A-2”, 4.784%, 7/01/2058     32,000 35,312
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2027     51,000 45,146
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2031     550,000 428,848
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2033     524,000 380,985
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “2019A-1”, 0%, 7/01/2046     772,000 249,828
University of Puerto Rico Rev., “P”, NPFG, 5%, 6/01/2025     30,000 30,169
        $8,909,912
Rhode Island - 1.1%
Rhode Island Health and Educational Building Corp., Higher Education Facility Rev., (Providence College), “B”, 4%, 11/01/2041   $ 750,000 $851,399
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 2.25%, 12/01/2039     65,000 62,490
Rhode Island Student Loan Authority, Student Loan Rev., ”A“, 3.625%, 12/01/2037     120,000 119,734
        $1,033,623
South Carolina - 1.6%
Columbia, SC, Waterworks and Sewer System Rev., 5%, 2/01/2038 (Prerefunded 2/01/2023)   $ 1,000,000 $1,037,736
South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Green Charter Schools Project), “A”, 4%, 6/01/2046 (n)     100,000 101,376
South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), “A”, 5%, 5/01/2048     270,000 309,294
Spartanburg County, SC, Regional Health Services District Hospital Rev., “A”, AGM, 4%, 4/15/2045     30,000 33,536
        $1,481,942
Tennessee - 2.3%
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (Catholic Health Initiatives), “A”, 5.25%, 1/01/2045 (Prerefunded 1/01/2023)   $ 820,000 $849,023
Chattanooga, TN, Health, Educational & Housing Facility Board Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2049     10,000 11,534
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2030     50,000 56,940
Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), 5%, 4/01/2036     60,000 67,902
Metropolitan Government of Nashville & Davidson County, TN, Health & Educational Facilities Board Rev., Refunding & Improvement (Trevecca Nazarene University Project), 5%, 10/01/2034     5,000 5,716
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2022     205,000 209,266
Tennessee Energy Acquisition Corp., Gas Rev., “A”, 5.25%, 9/01/2026     610,000 689,867
Tennessee Energy Acquisition Corp., Gas Rev., “C”, 5%, 2/01/2025     185,000 202,041
        $2,092,289
Texas - 9.1%
Central Texas Regional Mobility Authority Senior Lien Rev., “A”, 5%, 1/01/2045 (Prerefunded 7/01/2025)   $ 100,000 $112,040
Central Texas Regional Mobility Authority Senior Lien Rev., “B”, 5%, 1/01/2046     495,000 592,449
Clifton, TX, Higher Education Finance Corp. Rev. (Idea Public Schools), 5%, 8/15/2042     330,000 334,993
Conroe, TX, Independent School District, Unlimited Tax School Building and Refunding, PSF, 5%, 2/15/2039     155,000 165,087
Conroe, TX, Local Government Corp., First Lien Hotel Rev. (Convention Center Hotel), “A”, 4%, 10/01/2050     30,000 31,331
14
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Texas - continued
Conroe, TX, Local Government Corp., Second Lien Hotel Rev. (Convention Center Hotel), “B”, 5%, 10/01/2050 (n)   $ 100,000 $104,235
Conroe, TX, Local Government Corp., Third Lien Hotel Rev. (Convention Center Hotel), “C”, 4%, 10/01/2050     20,000 21,755
Dallas, TX, Dallas Area Rapid Transit Rev., “B”, 4%, 12/01/2051     135,000 151,702
Eagle Pass, TX, Tax and Limited Pledge Rev., AGM, 4%, 3/01/2040     195,000 224,163
Gulf Coast, TX, Industrial Development Authority Rev. (CITGO Petroleum Corp.), 8%, 4/01/2028     250,000 250,228
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2035     60,000 68,465
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2036     105,000 119,696
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2037     140,000 159,524
Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Texas Children's Hospital), “A”, 4%, 10/01/2038     120,000 136,498
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2031     90,000 97,323
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2032     20,000 21,628
Harris County-Houston, TX, Sports Authority Rev., “C”, 5%, 11/15/2033     40,000 43,252
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2041     70,000 31,737
Harris County-Houston, TX, Sports Authority Rev., Capital Appreciation, “A”, AGM, 0%, 11/15/2046     175,000 61,108
Houston, TX, Airport System Rev., Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B-1”, 5%, 7/15/2030     100,000 107,098
Houston, TX, Airport System Rev., Subordinate Lien, “A”, 5%, 7/01/2031 (Prerefunded 7/01/2022)     140,000 141,991
Houston, TX, Higher Education Finance Corp. University Rev. (Houston Baptist University Project), 4%, 10/01/2051     30,000 31,296
Houston, TX, Industrial Development Corp. (United Parcel Service, Inc.), 6%, 3/01/2023     100,000 100,279
Lone Star College System, TX, Limited Tax General Obligation, “A”, 4%, 2/15/2046     1,000,000 1,140,213
Matagorda County, TX, Navigation District No. 1 (Houston Lighting), AAC, 5.125%, 11/01/2028     2,000,000 2,359,969
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2030 (Prerefunded 4/01/2025)     25,000 27,762
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2035 (Prerefunded 4/01/2025)     30,000 33,315
New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing Rev. (CHF - Collegiate Housing Stephenville III LLC - Tarleton State University Project), 5%, 4/01/2047 (Prerefunded 4/01/2025)     65,000 72,182
North Texas Education Finance Corp., Education Rev. (Uplift Education), “A”, 5.125%, 12/01/2042 (Prerefunded 6/01/2022)     150,000 151,658
Port Beaumont, TX, Navigation District Facility Rev. (Jefferson Gulf Coast Energy Project), “B”, 6%, 1/01/2025 (n)     100,000 103,137
Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046     160,000 179,977
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2035     60,000 65,006
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Barton Creek Senior Living Center, Inc., Querencia Project), 5%, 11/15/2040     70,000 75,455
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Stayton at Museum Way), 5.75%, 12/01/2054     539,834 556,070
Tarrant County, TX, Cultural Education Facilities Finance Corp. Retirement Facility Rev. (Trinity Terrace Project), “A-1”, 5%, 10/01/2044     60,000 63,740
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038     115,000 124,922
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043     95,000 102,800
Texas Transportation Commission, State Highway 249 System Rev., “A”, 5%, 8/01/2057     165,000 183,702
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2037     20,000 11,141
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2038     10,000 5,276
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2039     15,000 7,502
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2040     15,000 7,090
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2041     30,000 13,416
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2042     40,000 16,924
Texas Transportation Commission, State Highway 249 System Rev., Capital Appreciation, “A”, 0%, 8/01/2043     35,000 14,034
        $8,423,169
Utah - 0.6%
Salt Lake City, UT, Salt Lake City International Airport Rev., “A”, 5%, 7/01/2043   $ 265,000 $303,866
Utah Charter School Finance Authority, Charter School Rev. (Da Vinci Academy of Science & Arts), 4%, 4/15/2047     165,000 170,912
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2039     10,000 11,671
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2044     10,000 11,582
15
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Utah - continued
Utah Charter School Finance Authority, Charter School Rev. (Summit Academy, Inc.), “A”, 5%, 4/15/2049   $ 20,000 $23,028
        $521,059
Vermont - 0.0%
Vermont Student Assistance Corp., Education Loan Rev., “A”, 2.375%, 6/15/2039   $ 35,000 $32,519
Virginia - 0.7%
Embrey Mill Community Development Authority, VA, Special Assessment Rev., 7.25%, 3/01/2043 (Prerefunded 3/01/2023)   $ 165,000 $174,721
Fairfax County, VA, Redevelopment and Housing Authority Rev. (Wedgewood Affordable Housing Acquisition), 5%, 10/01/2037     145,000 172,673
Virginia Small Business Financing Authority Rev. (Elizabeth River Crossings Opco LLC Project), 5.5%, 1/01/2042     275,000 278,809
        $626,203
Washington - 1.0%
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2033   $ 80,000 $89,806
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2038     100,000 111,714
Grays Harbor County, WA, Public Hospital District No. 2, Limited Tax General Obligation Refunding, 5%, 12/15/2048     195,000 214,851
Seattle, WA, Port Rev., 4%, 4/01/2044     60,000 65,580
Washington State Housing Finance Commission Municipal Certificates, “X”, 3.5%, 12/20/2035     394,566 411,165
        $893,116
West Virginia - 0.1%
Wheeling, WV, Combined Waterworks and Sewerage System Rev., “A”, BAM, 4%, 6/01/2051   $ 40,000 $45,131
Wisconsin - 4.4%
Wisconsin Center District Junior Dedicated Tax Rev., Capital Appreciation, “D”, AGM, 0%, 12/15/2040   $ 405,000 $218,002
Wisconsin Center District Senior Dedicated Tax Rev., Capital Appreciation, “C”, AGM, 0%, 12/15/2040     175,000 93,571
Wisconsin Health & Educational Facilities Authority Rev. (Aspirusm, Inc. Obligated Group), 4%, 8/15/2048     700,000 754,186
Wisconsin Health & Educational Facilities Authority Rev. (St. Camillus Health System, Inc.), “A”, 5%, 11/01/2054     325,000 347,359
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2022     10,000 10,054
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5.25%, 7/01/2028     95,000 96,218
Wisconsin Public Finance Authority Airport Facilities Rev. (Transportation Infrastructure Properties LLC), “B”, 5%, 7/01/2042     65,000 65,754
Wisconsin Public Finance Authority Entrance Fee Principal Redemption Accredited Rev. (Searstone CCRC Project), “B-2”, 2.25%, 6/01/2027 (n)     35,000 34,016
Wisconsin Public Finance Authority Healthcare Facility Rev. (Appalachian Regional Healthcare System Obligated Group), “A”, 4%, 7/01/2051     70,000 76,922
Wisconsin Public Finance Authority Healthcare Facility Rev. (Blue Ridge Healthcare), “A”, 4%, 1/01/2045     20,000 21,848
Wisconsin Public Finance Authority Hospital Rev. (WakeMed), “A”, 4%, 10/01/2049     700,000 765,734
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)     195,000 184,911
Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), “A”, 6.25%, 8/01/2027 (n)     155,000 154,568
Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050     100,000 104,837
Wisconsin Public Finance Authority Retirement Facilities First Mortgage Rev. (United Methodist Retirement Homes), “A”, 4%, 10/01/2051     35,000 37,175
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2047 (w)     195,000 210,944
Wisconsin Public Finance Authority Rev. (Obligated Group of National Senior Communities, Inc.), 4%, 1/01/2052 (w)     330,000 355,164
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2037 (n)     25,000 26,541
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2042 (n)     10,000 10,601
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2047 (n)     105,000 111,176
Wisconsin Public Finance Authority Senior Living Refunding Bonds Rev. (Mary's Woods at Marylhurst Project), “A”, 5.25%, 5/15/2052 (n)     15,000 15,864
Wisconsin Public Finance Authority Senior Secured Rev. (McLemore Hotel & Conference Center), “A”, 4.5%, 6/01/2056 (n)     155,000 145,196
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2044     15,000 17,301
16
Portfolio of Investments (unaudited) – continued
Issuer     Shares/Par Value ($)
Municipal Bonds - continued
Wisconsin - continued
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2054   $ 20,000 $22,870
Wisconsin Public Finance Authority Student Housing Rev. (Beyond Boone LLC - Appalachian State University Project), “A”, AGM, 5%, 7/01/2058     20,000 22,845
Wisconsin Public Finance Authority Student Housing Rev. (University of Hawai'i Foundation Project), “A-1”, 4%, 7/01/2061 (n)     125,000 128,226
        $4,031,883
Total Municipal Bonds   $141,533,151
Bonds – 0.1%
Consumer Services – 0.1%  
Toll Road Investors Partnership II LP, Capital Appreciation, “A”, NPFG, 0%, 2/15/2045  (n)   $ 16,377 $4,001
Toll Road Investors Partnership II LP, Capital Appreciation, “B”, NPFG, 0%, 2/15/2033  (n)     120,000 72,240
Total Bonds   $76,241
Other Municipal Bonds – 0.0%
Multi-Family Housing Revenue – 0.0%  
FRETE 2021-ML12 Trust, “X-US”, FHLMC, 1.219%, 1/25/2041 (i)(n)   $ 375,199 $46,971
 
Other Assets, Less Liabilities - (0.8)%   (740,802)
Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP shares), at liquidation value of $48,800,000 net of unamortized debt issuance costs of $93,623 (issued by the fund) - (52.8)% (48,706,377)
Net assets applicable to common shares - 100.0%   $92,209,184
(a) Non-income producing security.
(d) In default.
(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 $6,226,658, representing 6.8% of net assets applicable to common shares.
(u) Underlying security deposited into special purpose trust upon creation of self-deposited inverse floaters.
(w) When-issued security.
The following abbreviations are used in this report and are defined:
AAC Ambac Assurance Corp.
AGM Assured Guaranty Municipal
BAM Build America Mutual
CALHF California Health Facility Construction Loan Insurance Program
COP Certificate of Participation
ETM Escrowed to Maturity
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.
17
Supplemental Information
2/28/22 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2022 in valuing the fund's assets and liabilities:
Financial Instruments Level 1 Level 2 Level 3 Total
Municipal Bonds $— $141,580,122 $— $141,580,122
U.S. Corporate Bonds — 76,241 — 76,241
Total $— $141,656,363 $— $141,656,363
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Impacts of COVID-19
The pandemic related to the global spread of novel coronavirus disease (COVID-19), which was first detected in December 2019, has resulted in significant disruptions to global business activity and the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the securities and commodities markets in general. Multiple surges in cases globally, the availability and widespread adoption of vaccines, and the emergence of variant strains of the virus continue to create uncertainty as to the future and long-term impacts resulting from the pandemic including impacts to the prices and liquidity of the fund's investments and the fund's performance.
(3) Russia and Ukraine Conflict
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
18