NPORT-EX 3 pio82713.htm SOI




     
     
   
Pioneer High Income
Municipal Portfolio
   
 
     
     
     
     
     
     
     
   
Schedule of Investments | May 31, 2021
     
     
   
Ticker Symbols:
Class A
Class C
Class Y
PIMAX
HICMX
HIMYX


Schedule of Investments | 5/31/21 (unaudited)

 
Principal
Amount
USD ($)
      
Value
     
UNAFFILIATED ISSUERS - 95.8%
    
     
DEBTORS IN POSSESSION FINANCING- 1.0% of Net Assets#
     
Iron/Steel - 1.0%
  
 
11,000,000
  
United States Steel Corp., 6.25%, 3/15/26
$11,233,750
 
7,500,000
  
United States Steel Corp., 6.65%, 6/1/37
 7,724,850
     
Total Iron/Steel
  
$18,958,600
     
TOTAL DEBTORS IN POSSESSION FINANCING
  
     
(Cost $18,235,554)
$18,958,600
     
MUNICIPAL BONDS - 94.8% of Net Assets(a)
     
Alabama - 1.4%
  
 
2,500,000
  
Hoover Industrial Development Board, 5.75%, 10/1/49
$2,916,850
 
3,251,500
  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, 4.5%, 5/1/32 (144A)
 3,634,754
 
17,500,000
  
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, 5.25%, 5/1/44 (144A)
 19,975,725
     
Total Alabama
  
$26,527,329
     
Alaska - 2.0%
  
 
5,420,000
  
Northern Tobacco Securitization Corp., 5.0%, 6/1/32
$5,434,309
 
32,735,000
  
Northern Tobacco Securitization Corp., 5.0%, 6/1/46
 33,266,944
     
Total Alaska
  
$38,701,253
     
Arizona - 1.8%
  
 
1,675,000
  
Arizona Industrial Development Authority, Doral Academy Nevada Fire Mesa, Series A, 5.0%, 7/15/49 (144A)
$1,910,086
 
9,750,000
  
City of Phoenix, AZ, Industrial Development Authority, Deer Valley Veterans Assisted Living Project, 5.125%, 7/1/36
 10,062,195
 
12,865,000
  
City of Phoenix, Industrial Development Authority, 3rd & Indian School Assisted Living Project, 5.4%, 10/1/36
 13,296,235
 
1,000,000
  
Industrial Development Authority of the County of Pima, Facility Desert Heights Charter, 7.0%, 5/1/34
 1,103,040
 
3,000,000
  
Industrial Development Authority of the County of Pima, Facility Desert Heights Charter, 7.25%, 5/1/44
 3,312,270
 
1,700,000
  
Tempe Industrial Development Authority, 6.125%, 10/1/47 (144A)
 1,818,354
 
2,400,000
  
Tempe Industrial Development Authority, 6.125%, 10/1/52 (144A)
 2,584,776
     
Total Arizona
  
$34,086,956
     
Arkansas - 1.8%
  
 
32,265,000
  
Arkansas Development Finance Authority, Big River Steel Project, 4.5%, 9/1/49 (144A)
$35,764,785
     
Total Arkansas
  
$35,764,785
     
California - 10.9%
  
 
100,000
  
California County Tobacco Securitization Agency, 5.875%, 6/1/43
$100,351
 
12,025,000
  
California Educational Facilities Authority, 5.0%, 5/1/45
 18,347,504
 
4,495,000
  
California Educational Facilities Authority, Stanford University, Series U-7, 5.0%, 6/1/46
 6,892,139
 
11,020,000
  
California Educational Facilities Authority, Stanford University, Series V-1, 5.0%, 5/1/49
 17,458,655
 
2,910,000
  
California Municipal Finance Authority, 4.75%, 12/1/31 (144A)
 2,973,351
 
185,000
  
California Municipal Finance Authority, 5.0%, 12/1/36 (144A)
   210,756
 
2,000,000
  
California Municipal Finance Authority, 5.0%, 12/1/46 (144A)
 2,195,740
 
2,000,000
  
California Municipal Finance Authority, 5.0%, 11/1/49 (144A)
 2,194,420
 
2,000,000
  
California Municipal Finance Authority, 5.0%, 12/1/54 (144A)
 2,233,780
 
6,115,000
  
California Municipal Finance Authority, 5.25%, 12/1/36 (144A)
 6,529,597
 
4,530,000
  
California Municipal Finance Authority, 5.5%, 12/1/39 (144A)
 4,689,184
 
1,600,000
  
California Municipal Finance Authority, 5.5%, 11/1/45 (144A)
 1,899,072
 
1,550,000
  
California Municipal Finance Authority, John Adams Academics Project, 5.25%, 10/1/45
 1,625,485
 
250,000
  
California Municipal Finance Authority, John Adams Academics Project, Series A, 5.0%, 10/1/35
   261,102
 
500,000
  
California Municipal Finance Authority, Santa Rosa Academy Project, 5.125%, 7/1/35 (144A)
   549,405
 
1,575,000
  
California Municipal Finance Authority, Santa Rosa Academy Project, 5.375%, 7/1/45 (144A)
 1,729,114
 
6,300,000
  
California Municipal Finance Authority, Santa Rosa Academy Project, Series A, 6.0%, 7/1/42
 6,544,818
 
2,900,000(b)
  
California School Finance Authority, Classical Academies Project, Series A, 7.375%, 10/1/43
 3,169,004
 
830,000
  
California School Finance Authority, School View Park Elementary & Middle School, Series A, 5.625%, 10/1/34
   910,352
 
2,175,000
  
California School Finance Authority, School View Park Elementary & Middle School, Series A, 5.875%, 10/1/44
 2,399,895
 
1,000,000
  
California School Finance Authority, School View Park Elementary & Middle School, Series A, 6.0%, 10/1/49
 1,107,290
 
215,000
  
California School Finance Authority, View Park Elementary & Middle School, Series A, 4.75%, 10/1/24
   229,007
 
3,230,000
  
California School Finance Authority, View Park High School, Series A, 7.125%, 10/1/48 (144A)
 3,599,350
 
1,875,000
  
California Statewide Communities Development Authority, 5.0%, 11/1/41 (144A)
 2,200,519
 
1,560,000
  
California Statewide Communities Development Authority, Baptist University, Series A, 6.125%, 11/1/33
 1,772,550
 
4,030,000
  
California Statewide Communities Development Authority, Baptist University, Series A, 6.375%, 11/1/43
 4,574,372
 
1,000,000
  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.25%, 12/1/43 (144A)
 1,195,370
 
13,095,000
  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.25%, 12/1/56 (144A)
 14,778,886
 
10,000,000
  
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A, 5.5%, 12/1/58 (144A)
 12,057,300
 
Principal
Amount
USD ($)
      
Value
     
California – (continued)
  
 
700,000
  
City of Oroville CA, 5.25%, 4/1/34
$805,154
 
4,730,000
  
City of Oroville CA, 5.25%, 4/1/39
 5,434,534
 
8,415,000
  
City of Oroville CA, 5.25%, 4/1/49
 9,528,894
 
13,200,000
  
City of Oroville, Oroville Hospital, 5.25%, 4/1/54
 14,847,492
 
30,830,000
  
Golden State Tobacco Securitization Corp., 5.0%, 6/1/47
 31,909,358
 
11,815,000
  
Golden State Tobacco Securitization Corp., 5.25%, 6/1/47
 12,280,157
 
9,825,000
  
Golden State Tobacco Securitization Corp., Asset-Backed, Series A-2, 5.3%, 6/1/37
 10,242,563
 
2,500,000(c)
  
Pittsburg Unified School District Financing Authority, Capital Appreciation General Obligation Pittsburg, 9/1/41 (AGM Insured)
 1,582,600
 
1,925,000(c)
  
Pittsburg Unified School District Financing Authority, Capital Appreciation General Obligation Pittsburg, 9/1/42 (AGM Insured)
 1,181,430
 
1,000,000
  
Tobacco Securitization Authority of Northern California, 4.0%, 6/1/49
 1,176,750
     
Total California
  
$213,417,300
     
Colorado - 2.9%
  
 
4,535,000(d)
  
2000 Holly Metropolitan District, 5.0%, 12/1/50
$4,865,057
 
577,000(d)
  
2000 Holly Metropolitan District, 7.5%, 12/15/50
   615,036
 
865,000(d)
  
Belleview Village Metropolitan District, 4.95%, 12/1/50
   932,738
 
2,000,000(b)
  
Colorado Educational & Cultural Facilities Authority, Rocky Mountain Classical Academy Project, 8.0%, 9/1/43
 2,339,680
 
5,000,000(b)
  
Colorado Educational & Cultural Facilities Authority, Rocky Mountain Classical Academy Project, 8.125%, 9/1/48
 5,863,200
 
1,250,000(d)
  
Cottonwood Highlands Metropolitan District No. 1, Series A, 5.0%, 12/1/49
 1,328,925
 
2,090,000(d)
  
Cottonwood Highlands Metropolitan District No. 1, Series B, 8.75%, 12/15/49
 2,247,795
 
2,840,000(d)
  
Crystal Crossing Metropolitan District, 5.25%, 12/1/40
 3,056,152
 
3,379,000
  
Dominion Water & Sanitation District, 6.0%, 12/1/46
 3,510,376
 
3,550,000(d)
  
Green Valley Ranch East Metropolitan District No 6, 5.875%, 12/1/50
 3,868,861
 
7,635,000(d)
  
Larkridge Metropolitan District No. 2, 5.25%, 12/1/48
 8,159,983
 
3,327,000(d)
  
Littleton Village Metropolitan District No. 2, 5.375%, 12/1/45
 3,430,836
 
1,125,000
  
Nine Mile Metropolitan District, 4.625%, 12/1/30
 1,250,685
 
2,500,000
  
Nine Mile Metropolitan District, 5.125%, 12/1/40
 2,784,275
 
1,000,000(d)
  
Ridgeline Vista Metropolitan District, 5.25%, 12/1/60
 1,107,910
 
1,000,000(d)
  
Settler’s Crossing Metropolitan District No 1, 5.0%, 12/1/40 (144A)
 1,082,140
 
2,130,000(d)
  
Settler’s Crossing Metropolitan District No 1, 5.125%, 12/1/50 (144A)
 2,297,716
 
597,000(d)
  
Settler’s Crossing Metropolitan District No 1, 7.625%, 12/15/50
   633,208
 
1,875,000(d)
  
Village at Dry Creek Metropolitan District No 2, 4.375%, 12/1/44
 1,956,787
 
1,250,000(d)
  
Villas Metropolitan District, 5.125%, 12/1/48
 1,332,238
 
1,240,000(d)
  
Willow Bend Metropolitan District, 5.0%, 12/1/39
 1,334,376
 
1,460,000(d)
  
Willow Bend Metropolitan District, 5.0%, 12/1/49
 1,560,331
 
755,000(d)
  
Willow Bend Metropolitan District, 7.625%, 12/15/49
   801,946
     
Total Colorado
  
$56,360,251
     
District of Columbia - 0.7%
  
 
735,000
  
District of Columbia Tobacco Settlement Financing Corp., Asset-Backed, 6.75%, 5/15/40
$754,404
 
10,000,000(d)
  
District of Columbia, Series A, 5.0%, 10/15/44
 12,682,000
     
Total District of Columbia
  
$13,436,404
     
Florida - 0.2%
  
 
500,000
  
Capital Trust Agency, Inc., 5.0%, 7/1/43
$251,160
 
750,000
  
Capital Trust Agency, Inc., 5.0%, 7/1/53
   375,000
 
500,000
  
Capital Trust Agency, Inc., 5.25%, 7/1/48
   250,985
 
700,000
  
County of Lake FL, 5.0%, 1/15/39 (144A)
   796,845
 
1,525,000
  
County of Lake FL, 5.0%, 1/15/49 (144A)
 1,714,054
 
850,000
  
County of Lake FL, 5.0%, 1/15/54 (144A)
   952,799
     
Total Florida
  
$4,340,843
     
Guam - 0.1%
  
 
1,100,000
  
Guam Economic Development & Commerce Authority, 5.625%, 6/1/47
$1,085,216
     
Total Guam
  
$1,085,216
     
Illinois - 13.6%
  
 
1,305,000(d)
  
Chicago Board of Education, 5.0%, 12/1/44
$1,520,025
 
4,275,000(d)
  
Chicago Board of Education, 5.0%, 12/1/46
 4,970,970
 
15,000,000(d)
  
Chicago Board of Education, 5.0%, 12/1/46
 17,786,850
 
35,000(d)
  
Chicago Board of Education, 5.25%, 12/1/41
   35,576
 
5,000,000(d)
  
Chicago Board of Education, 5.5%, 12/1/31 (AMBAC Insured)
 6,763,500
 
1,650,000
  
Chicago Board of Education, 5.75%, 4/1/35
 1,983,845
 
8,010,000
  
Chicago Board of Education, 6.0%, 4/1/46
 9,531,500
 
6,500,000(d)
  
Chicago Board of Education, 6.138%, 12/1/39
 7,600,450
 
5,440,000(d)
  
Chicago Board of Education, 6.519%, 12/1/40
 6,687,011
 
2,415,000(d)
  
Chicago Board of Education Project, Series C, 5.25%, 12/1/39
 2,683,500
 
2,035,000(d)
  
Chicago Board of Education, Series A, 5.0%, 12/1/33
 2,481,988
 
925,000(d)
  
Chicago Board of Education, Series A, 5.0%, 12/1/41
   939,606
 
12,075,000(d)
  
Chicago Board of Education, Series A, 5.0%, 12/1/42
 12,638,902
 
1,575,000(d)
  
Chicago Board of Education, Series A, 5.5%, 12/1/39
 1,602,830
 
1,000,000(d)
  
Chicago Board of Education, Series A, 7.0%, 12/1/46 (144A)
 1,277,430
 
8,000,000(d)
  
Chicago Board of Education, Series B, 6.5%, 12/1/46
 9,699,040
 
3,250,000(d)
  
Chicago Board of Education, Series D, 5.0%, 12/1/31
 3,907,312
 
10,000,000(d)
  
City of Chicago IL, 5.0%, 1/1/28
 12,101,600
 
3,435,000(d)
  
City of Chicago IL, 5.5%, 1/1/30
 3,897,145
 
9,200,000(d)
  
City of Chicago IL, 5.5%, 1/1/35
 11,677,284
 
17,000,000(d)
  
City of Chicago IL, 5.5%, 1/1/49
 21,181,830
 
Principal
Amount
USD ($)
      
Value
     
Illinois – (continued)
  
 
7,975,000(d)
  
City of Chicago IL, 6.0%, 1/1/38
$9,684,760
 
4,000,000(d)
  
City of Chicago IL, 6.314%, 1/1/44
 5,024,320
 
2,000,000(d)
  
City of Chicago, Series A, 5.0%, 1/1/44
 2,377,780
 
4,495,000
  
City of Plano IL Special Service Area No 3 & No 4, 4.0%, 3/1/35
 4,744,517
 
1,591,212(c)
  
Illinois Finance Authority, 11/15/52
   129,843
 
2,520,597(e)
  
Illinois Finance Authority, 4.0%, 11/15/52
 2,586,561
 
4,050,000
  
Illinois Finance Authority, 6.0%, 11/15/36
 4,003,749
 
10,000,000
  
Illinois State Toll Highway Authority, 5.0%, 1/1/45
 12,784,000
 
5,000,000(c)
  
Metropolitan Pier & Exposition Authority, 12/15/56
 1,545,250
 
10,000,000
  
Metropolitan Pier & Exposition Authority, 4.0%, 6/15/50
 11,319,000
 
25,000,000
  
Metropolitan Pier & Exposition Authority, 5.0%, 6/15/50
 30,599,000
 
23,000,000
  
Metropolitan Pier & Exposition Authority, McCormick Place Expansion, 5.0%, 6/15/57
 27,221,650
 
2,830,000
  
Metropolitan Pier & Exposition Authority, McCormick Place, Series B, 5.0%, 6/15/52
 2,925,654
 
7,690,000(f)
  
Southwestern Illinois Development Authority, Comprehensive Mental Health Center, 6.625%, 6/1/37
 5,306,100
 
1,415,000
  
Southwestern Illinois Development Authority, Village of Sauget Project, 5.625%, 11/1/26
 1,344,278
 
1,225,000
  
Village of Matteson IL, 6.5%, 12/1/35
 1,357,876
 
1,139,000
  
Village of Volo IL Special Service Area No 17, 5.5%, 3/1/47
 1,202,294
     
Total Illinois
  
$265,124,826
     
Indiana - 6.8%
  
 
2,745,000
  
City of Anderson IN, 5.375%, 1/1/40
$2,784,528
 
775,000
  
City of Evansville IN, 4.8%, 1/1/28
   780,076
 
6,475,000
  
City of Evansville, Silver Birch Evansville Project, 5.45%, 1/1/38
 6,542,405
 
700,000
  
City of Fort Wayne IN, 5.125%, 1/1/32
   710,703
 
4,665,000
  
City of Fort Wayne IN, 5.35%, 1/1/38
 4,747,430
 
24,990,000
  
City of Hammond, Custodial Receipts Cabelas Project, 7.5%, 2/1/29 (144A)
 25,657,733
 
1,275,000
  
City of Kokomo, IN, Silver Birch of Kokomo, 5.75%, 1/1/34
 1,328,996
 
7,825,000
  
City of Kokomo, IN, Silver Birch of Kokomo, 5.875%, 1/1/37
 8,240,116
 
1,230,000
  
City of Lafayette, IN, Glasswater Creek Lafayette Project, 5.6%, 1/1/33
 1,266,937
 
6,000,000
  
City of Lafayette, IN, Glasswater Creek Lafayette Project, 5.8%, 1/1/37
 6,198,000
 
1,000,000
  
City of Mishawaka IN, 5.1%, 1/1/32 (144A)
 1,005,140
 
5,890,000
  
City of Mishawaka, Silver Birch Mishawaka Project, 5.375%, 1/1/38 (144A)
 5,936,767
 
1,905,000
  
City of Muncie, IN, Silver Birch Muncie Project, 5.05%, 1/1/31
 1,951,330
 
5,510,000
  
City of Muncie, IN, Silver Birch Muncie Project, 5.25%, 1/1/37
 5,635,352
 
4,560,000
  
City of Terre Haute IN, 5.35%, 1/1/38
 4,620,329
 
4,000,000(b)
  
Hospital Authority of Vigo County, Union Hospital, Inc., 8.0%, 9/1/41
 4,075,560
 
7,500,000
  
Indiana Finance Authority, 5.0%, 7/1/44
 8,153,475
 
1,405,000
  
Indiana Finance Authority, 5.0%, 7/1/48
 1,524,622
 
1,705,000
  
Indiana Finance Authority, 5.25%, 1/1/51
 1,860,155
 
5,190,000
  
Indiana Finance Authority, Educational Facilities, 5.125%, 7/1/37
 5,779,480
 
330,000
  
Indiana Finance Authority, Multipurpose Educational Facilities, Avondale Meadows Academy Project, 5.375%, 7/1/47
   368,884
 
1,940,000
  
Indiana Finance Authority, Sanders Glen Project, Series A, 4.25%, 7/1/43
 1,842,864
 
2,020,000
  
Indiana Finance Authority, Sanders Glen Project, Series A, 4.5%, 7/1/53
 1,927,787
 
11,985,000
  
Indiana Housing & Community Development Authority, 5.0%, 1/1/39 (144A)
 12,076,326
 
8,505,000
  
Indiana Housing & Community Development Authority, Evergreen Village Bloomington Project, 5.5%, 1/1/37
 8,597,024
 
8,000,000
  
Town of Plainfield IN Multifamily Housing Revenue, 5.375%, 9/1/38
 8,099,120
     
Total Indiana
  
$131,711,139
     
Iowa - 1.1%
  
 
8,000,000
  
Iowa Finance Authority, 4.75%, 8/1/42
$8,241,520
 
4,000,000
  
Iowa Tobacco Settlement Authority, 4.0%, 6/1/49
 4,637,360
 
8,000,000
  
Iowa Tobacco Settlement Authority, 4.0%, 6/1/49
 9,177,680
     
Total Iowa
  
$22,056,560
     
Kansas - 0.7%
  
 
400,000
  
Kansas Development Finance Authority, 5.25%, 11/15/33
$419,892
 
11,215,000
  
Kansas Development Finance Authority, 5.25%, 11/15/53
 11,578,366
 
2,000,000
  
Kansas Development Finance Authority, 5.5%, 11/15/38
 2,097,780
     
Total Kansas
  
$14,096,038
     
Maryland - 0.3%
  
 
4,160,000
  
Maryland Economic Development Corp., 5.0%, 3/31/41
$4,783,293
 
915,000
  
Maryland Health & Higher Educational Facilities Authority, City Neighbors, Series A, 6.75%, 7/1/44
   988,392
     
Total Maryland
  
$5,771,685
     
Massachusetts - 1.4%
  
 
11,500,000
  
Massachusetts Development Finance Agency, 5.0%, 7/1/50
$18,443,585
 
4,500,000
  
Massachusetts Development Finance Agency, 5.125%, 11/15/46 (144A)
 5,022,000
 
765,000
  
Massachusetts Development Finance Agency, Adventcare Project, 7.625%, 10/15/37
   382,500
 
2,000,000
  
Massachusetts Development Finance Agency, Adventcare Project, Series A, 6.75%, 10/15/37
 1,460,000
 
1,250,000
  
Massachusetts Development Finance Agency, International Charter School, 5.0%, 4/15/40
 1,366,300
 
723,826(c)
  
Massachusetts Development Finance Agency, Linden Ponds, Inc., Series B, 11/15/56
   723,956
     
Total Massachusetts
  
$27,398,341
     
Michigan - 2.9%
  
 
8,565,000
  
David Ellis Academy-West, 5.25%, 6/1/45
$9,010,808
 
1,250,000
  
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series A, 5.25%, 7/1/39
 1,327,887
 
5,485,000
  
Flint Michigan International Academy, 5.75%, 10/1/37
 5,486,371
 
Principal
Amount
USD ($)
      
Value
     
Michigan – (continued)
  
 
60,000,000(c)
  
Michigan Finance Authority, 6/1/65
$7,584,600
 
1,105,000
  
Michigan Finance Authority, 5.0%, 6/1/40
 1,419,925
 
2,000,000
  
Michigan Finance Authority, 5.0%, 6/1/49
 2,387,180
 
5,720,000
  
Michigan Finance Authority, 5.75%, 4/1/40
 6,417,554
 
7,125,000(e)
  
Michigan Strategic Fund, Michigan Department Offices Lease Series B, 7.75%, 3/1/40
 7,880,464
 
4,000,000(e)
  
Michigan Strategic Fund, Series B, 6.625%, 11/1/41
 4,637,280
 
7,550,000
  
University of Michigan, 5.0%, 4/1/50
 9,746,522
     
Total Michigan
  
$55,898,591
     
Minnesota - 1.8%
  
 
1,935,000
  
Bloomington Port Authority, Radisson Blu Mall of America, 9.0%, 12/1/35
$1,935,929
 
4,210,000
  
City of Bethel MN, 5.0%, 7/1/48
 4,604,309
 
1,000,000
  
City of Bethel MN, 5.0%, 7/1/53
 1,090,900
 
2,600,000
  
City of Brooklyn Park, Prairie Seeds Academy Project, Series A, 5.0%, 3/1/34
 2,731,690
 
2,000,000
  
City of Brooklyn Park, Prairie Seeds Academy Project, Series A, 5.0%, 3/1/39
 2,096,660
 
3,515,000
  
City of Deephaven MN, 5.0%, 7/1/55
 3,905,130
 
400,000
  
City of Deephaven, MN, Eagle Ridge Academy Project, Series A, 5.25%, 7/1/37
   447,840
 
1,500,000
  
City of Deephaven, MN, Eagle Ridge Academy Project, Series A, 5.5%, 7/1/50
 1,675,485
 
1,500,000
  
City of Rochester MN, 5.125%, 9/1/38
 1,642,095
 
3,145,000
  
City of Rochester MN, 5.25%, 9/1/43
 3,609,988
 
6,080,000
  
City of Rochester MN, 5.375%, 9/1/50
 6,970,051
 
2,000,000
  
Housing & Redevelopment Authority of The City of St Paul Minnesota, Great River School Project, Series A, 5.5%, 7/1/52 (144A)
 2,250,760
 
1,415,000
  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Higher Ground Academy Project, Series A, 5.125%, 12/1/38
 1,473,666
 
1,300,000
  
Housing & Redevelopment Authority of The City of St. Paul Minnesota, St. Paul City School Project, Series A, 5.0%, 7/1/36
 1,386,892
     
Total Minnesota
  
$35,821,395
     
Missouri - 0.4%
  
 
4,700,000
  
Community Memorial Hospital District, 6.68%, 12/1/34
$4,713,160
 
300,000
  
Kansas City Industrial Development Authority, Series A, 4.25%, 4/1/26 (144A)
   311,859
 
1,000,000
  
Kansas City Industrial Development Authority, Series A, 5.0%, 4/1/36 (144A)
 1,048,370
 
2,300,000
  
Kansas City Industrial Development Authority, Series A, 5.0%, 4/1/46 (144A)
 2,385,606
     
Total Missouri
  
$8,458,995
     
Nevada - 0.0%†
  
 
4,000,000(c)
  
City of Reno NV, 7/1/58 (144A)
$577,640
     
Total Nevada
  
$577,640
     
New Jersey - 2.5%
  
 
975,000
  
New Jersey Economic Development Authority, 4.7%, 9/1/28 (144A)
$1,032,467
 
1,255,000
  
New Jersey Economic Development Authority, 5.25%, 10/1/38 (144A)
 1,405,763
 
565,000
  
New Jersey Economic Development Authority, 5.375%, 9/1/33 (144A)
   616,579
 
7,205,000
  
New Jersey Economic Development Authority, 5.375%, 10/1/50 (144A)
 8,024,136
 
1,140,000
  
New Jersey Economic Development Authority, 5.625%, 9/1/38 (144A)
 1,247,593
 
6,125,000
  
New Jersey Economic Development Authority, 5.75%, 9/1/50 (144A)
 6,623,024
 
1,215,000
  
New Jersey Economic Development Authority, Charter Hatikvah International Academy, 5.25%, 7/1/37 (144A)
 1,314,885
 
2,500,000
  
New Jersey Economic Development Authority, Charter Hatikvah International Academy, 5.375%, 7/1/47 (144A)
 2,714,600
 
4,500,000
  
New Jersey Health Care Facilities Financing Authority, St Peters University Hospital, 6.25%, 7/1/35
 4,514,355
 
18,605,000
  
Tobacco Settlement Financing Corp., Series B, 5.0%, 6/1/46
 21,814,363
     
Total New Jersey
  
$49,307,765
     
New Mexico - 1.1%
  
 
3,290,000
  
County of Otero, NM, Otero County Jail Project, 9.0%, 4/1/23
$3,248,908
 
16,040,000(e)
  
County of Otero, NM, Otero County Jail Project, 9.0%, 4/1/28
 15,839,500
 
1,750,000
  
Lower Petroglyphs Public Improvement District, 5.0%, 10/1/48
 1,920,730
     
Total New Mexico
  
$21,009,138
     
New York - 12.8%
  
 
475,000
  
Buffalo & Erie County Industrial Land Development Corp., 5.0%, 10/1/28 (144A)
$534,817
 
4,150,000
  
Buffalo & Erie County Industrial Land Development Corp., 5.0%, 10/1/38 (144A)
 4,564,502
 
10,000,000(f)
  
Erie County Industrial Development Agency, Galvstar LLC Project, Series A, 9.25%, 10/1/30
 1,250,000
 
8,000,000(f)
  
Erie County Industrial Development Agency, Galvstar LLC Project, Series B, 9.25%, 10/1/30
 1,890,000
 
1,795,000(f)
  
Erie County Industrial Development Agency, Galvstar LLC, Series C, 9.25%, 10/1/30
   424,069
 
8,755,000
  
Erie Tobacco Asset Securitization Corp, 5.0%, 6/1/45
 8,772,860
 
17,100,000(c)
  
Metropolitan Transportation Authority, 11/15/32
 13,520,628
 
9,000,000(c)
  
Metropolitan Transportation Authority, 11/15/33
 6,869,340
 
1,870,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/25
 2,230,069
 
2,000,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/33
 2,485,900
 
3,000,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/43
 3,831,000
 
4,395,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/46
 5,112,879
 
9,500,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/48
 12,193,250
 
5,850,000
  
Metropolitan Transportation Authority, 5.0%, 11/15/56
 6,864,566
 
17,000,000
  
Metropolitan Transportation Authority, 5.25%, 11/15/55
 21,635,900
 
4,845,000
  
Metropolitan Transportation Authority, 5.25%, 11/15/56
 5,681,295
 
21,410,000
  
Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.0%, 6/1/35
 21,677,625
 
4,740,000
  
Nassau County Tobacco Settlement Corp., Asset-Backed, Series A-3, 5.125%, 6/1/46
 4,799,250
 
605,000
  
New York Counties Tobacco Trust IV, 5.0%, 6/1/42
   607,269
 
Principal
Amount
USD ($)
      
Value
     
New York – (continued)
  
 
18,500,000
  
New York Counties Tobacco Trust IV, 6.25%, 6/1/41 (144A)
$19,981,665
 
13,120,000
  
New York Counties Tobacco Trust IV, Series A, 5.0%, 6/1/45
 13,298,432
 
51,600,000(c)
  
New York Counties Tobacco Trust V, Capital Appreciation Pass Through, Sub Series S-4A, 6/1/60 (144A)
 2,237,376
 
2,000,000
  
New York Counties Tobacco Trust VI, 5.0%, 6/1/45
 2,119,120
 
5,000,000
  
New York State Urban Development Corp, 4.0%, 3/15/39
 6,012,450
 
4,000,000
  
New York Transportation Development Corp., 4.375%, 10/1/45
 4,798,080
 
5,000,000
  
New York Transportation Development Corp., 5.0%, 10/1/40
 6,368,500
 
3,210,000
  
Riverhead Industrial Development Agency, 7.65%, 8/1/34
 3,293,813
 
15,100,000
  
Suffolk Tobacco Asset Securitization Corp., Capital Appreciation, Series C, 6.625%, 6/1/44
 15,693,883
 
9,030,000
  
Suffolk Tobacco Asset Securitization Corp., Series B, 6.0%, 6/1/48
 9,043,003
 
14,000,000
  
Triborough Bridge & Tunnel Authority, 5.0%, 5/15/51
 18,067,840
 
3,000,000
  
TSASC, Inc., 5.0%, 6/1/45
 3,274,110
 
19,500,000
  
TSASC, Inc., 5.0%, 6/1/48
 21,011,445
     
Total New York
  
$250,144,936
     
Ohio - 3.6%
  
 
53,200,000
  
Buckeye Tobacco Settlement Financing Authority, 5.0%, 6/1/55
$61,645,500
 
715,000
  
Ohio Housing Finance Agency, 5.125%, 1/1/32 (144A)
   718,503
 
4,775,000
  
Ohio Housing Finance Agency, Sanctuary Springboro Project, 5.45%, 1/1/38 (144A)
 4,847,580
 
2,900,000
  
Southeastern Ohio Port Authority, Refunding And Improvement Memorial Health System, 6.0%, 12/1/42
 2,992,481
     
Total Ohio
  
$70,204,064
     
Pennsylvania - 4.2%
  
 
200,000
  
Chester County Industrial Development Authority, 5.25%, 10/15/32
$209,744
 
1,000,000
  
Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.125%, 10/15/37
 1,131,830
 
2,435,000
  
Chester County Industrial Development Authority, Collegium Charter School, Series A, 5.25%, 10/15/47
 2,737,378
 
8,425,000
  
Delaware County Industrial Development Authority, Chester Charter School Arts Project, Series A, 5.125%, 6/1/46 (144A)
 9,339,618
 
4,000,000
  
Hospitals & Higher Education Facilities Authority of Philadelphia, Temple University Health System, Series A, 5.625%, 7/1/42
 4,193,080
 
7,760,000
  
Pennsylvania Economic Development Financing Authority, US Airways Group, Series B, 8.0%, 5/1/29
 7,797,713
 
1,030,000
  
Philadelphia Authority for Industrial Development, 5.0%, 11/15/31
 1,103,882
 
1,570,000
  
Philadelphia Authority for Industrial Development, 5.0%, 3/15/45 (144A)
 1,702,681
 
8,295,000
  
Philadelphia Authority for Industrial Development, 5.0%, 11/15/50
 8,547,583
 
1,660,000
  
Philadelphia Authority for Industrial Development, 5.125%, 6/1/38 (144A)
 1,852,128
 
3,500,000
  
Philadelphia Authority for Industrial Development, 5.25%, 6/1/48 (144A)
 3,899,700
 
4,370,000
  
Philadelphia Authority for Industrial Development, 5.375%, 6/1/53 (144A)
 4,865,471
 
9,435,000
  
Philadelphia Authority for Industrial Development, 5.5%, 6/1/49 (144A)
 10,155,645
 
4,055,000
  
Philadelphia Authority for Industrial Development, 2800 American Street Co. Project, Series A, 5.625%, 7/1/48 (144A)
 4,472,341
 
2,200,000
  
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A, 6.5%, 6/1/45
 2,343,616
 
2,940,000
  
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Project, Series A, 6.625%, 6/1/50
 3,134,158
 
2,500,000
  
Philadelphia Authority for Industrial Development, Green Woods Charter School Project, Series A, 5.5%, 6/15/32
 2,589,525
 
5,200,000
  
Philadelphia Authority for Industrial Development, Green Woods Charter School Project, Series A, 5.75%, 6/15/42
 5,390,528
 
6,000,000(b)
  
Philadelphia Authority for Industrial Development, Nueva Esperanze, Inc., 8.2%, 12/1/43
 6,743,760
     
Total Pennsylvania
  
$82,210,381
     
Puerto Rico - 6.2%
  
 
42,400,000(d)(f)
  
Commonwealth of Puerto Rico, 8.0%, 7/1/35
$34,079,000
 
1,130,000
  
Puerto Rico Electric Power Authority, 4.75%, 7/1/27
 1,079,715
 
3,535,000
  
Puerto Rico Electric Power Authority, 4.8%, 7/1/28
 3,334,566
 
3,315,000
  
Puerto Rico Electric Power Authority, 5.0%, 7/1/21
 3,121,901
 
3,735,000
  
Puerto Rico Electric Power Authority, 5.0%, 7/1/23
 3,522,105
 
1,285,000
  
Puerto Rico Electric Power Authority, 5.0%, 7/1/24
 1,224,605
 
1,000,000
  
Puerto Rico Electric Power Authority, 5.0%, 7/1/28
   953,750
 
6,685,000
  
Puerto Rico Electric Power Authority, 5.25%, 7/1/21
 6,337,380
 
1,895,000
  
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, 5.2%, 7/1/24
 1,916,508
 
45,000
  
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, 5.625%, 7/1/22
   45,524
 
3,598,000
  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.75%, 7/1/53
 4,038,107
 
19,958,000
  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 4.784%, 7/1/58
 22,304,263
 
34,308,000
  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.0%, 7/1/58
 39,048,336
     
Total Puerto Rico
  
$121,005,760
     
Rhode Island - 0.4%
  
 
2,065,000(f)
  
Central Falls Detention Facility Corp., 7.25%, 7/15/35
$371,700
 
2,000,000(e)
  
Tender Option Bond Trust Receipts/Certificates, RIB, 0.0%, 9/1/47 (144A)
 3,020,240
 
4,250,000
  
Tobacco Settlement Financing Corp., Series B, 5.0%, 6/1/50
 4,669,688
     
Total Rhode Island
  
$8,061,628
     
Texas - 5.1%
  
 
640,000
  
Arlington Higher Education Finance Corp., 3.5%, 3/1/24 (144A)
$661,837
 
Principal
Amount
USD ($)
      
Value
     
Texas – (continued)
  
 
16,875,000
  
Arlington Higher Education Finance Corp., 5.45%, 3/1/49 (144A)
$19,005,975
 
135,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 5.875%, 3/1/24
146,852
 
525,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 6.625%, 3/1/29
   576,256
 
375,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.0%, 3/1/34
   415,609
 
7,030,000
  
Arlington Higher Education Finance Corp., Universal Academy, Series A, 7.125%, 3/1/44
 7,828,186
 
4,935,000
  
City of Austin TX Electric Utility Revenue, 5.0%, 11/15/50
6,376,958
 
540,000
  
City of Celina, TX, 5.5%, 9/1/24
   562,027
 
1,040,000
  
City of Celina, TX, 6.0%, 9/1/30
 1,091,282
 
2,650,000
  
City of Celina, TX, 6.25%, 9/1/40
 2,780,300
 
5,000,000
  
City of Houston TX Combined Utility System Revenue, 4.0%, 11/15/49
 5,973,050
 
9,760,000
  
City of Houston TX Combined Utility System Revenue, 5.0%, 11/15/45
 12,680,094
 
3,335,000(e)
  
Greater Texas Cultural Education Facilities Finance Corp., 9.0%, 2/1/33 (144A)
 3,364,014
 
16,755,000(e)
  
Greater Texas Cultural Education Facilities Finance Corp., 9.0%, 2/1/50 (144A)
 17,744,885
 
100,000
  
La Vernia Higher Education Finance Corp., 5.25%, 8/15/35 (144A)
   109,048
 
2,000,000
  
La Vernia Higher Education Finance Corp., Meridian World School, Series A, 5.5%, 8/15/45 (144A)
 2,171,800
 
1,250,000
  
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Village On The Park, 5.5%, 7/1/46
   939,175
 
1,000,000
  
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Village On The Park, 5.75%, 7/1/51
   751,180
 
75,000
  
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Village On The Park, 6.0%, 7/1/26
   71,042
 
1,350,000
  
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Village On The Park, 7.0%, 7/1/51
 1,151,415
 
1,700,000
  
Newark Higher Education Finance Corp., 5.0%, 6/15/48
 1,731,586
 
17,350,000(f)
  
Sanger Industrial Development Corp., Texas Pellets Project, Series B, 8.0%, 7/1/38
 4,272,438
 
8,142,447
  
Tarrant County Cultural Education Facilities Finance Corp., 5.75%, 12/1/54
 8,716,865
 
1,000,000(f)
  
Texas Midwest Public Facility Corp., Secure Treatment Facility Project, 9.0%, 10/1/30
   600,000
     
Total Texas
  
$99,721,874
     
Virginia - 5.7%
  
 
3,000,000
  
Ballston Quarter Community Development Authority, Series A, 5.5%, 3/1/46
$2,940,060
 
2,100,000
  
Cherry Hill Community Development Authority, Potomac Shores Project, 5.4%, 3/1/45 (144A)
 2,208,738
 
810,000
  
Embrey Mill Community Development Authority, 5.3%, 3/1/35 (144A)
   860,827
 
4,645,000
  
Embrey Mill Community Development Authority, 5.6%, 3/1/45 (144A)
 4,947,529
 
44,310,000
  
Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/47
 44,642,325
 
14,000,000(c)
  
Tobacco Settlement Financing Corp./VA, 6/1/47
 3,216,920
 
4,605,000
  
Tobacco Settlement Financing Corp./VA, 5.2%, 6/1/46
 4,704,514
 
22,045,000
  
Tobacco Settlement Financing Corp./VA, 6.706%, 6/1/46
 22,981,913
 
13,225,000
  
Virginia Small Business Financing Authority, 5.0%, 1/1/40
 13,547,558
 
925,000
  
Virginia Small Business Financing Authority, 5.0%, 1/1/44
   946,349
 
10,000,000
  
Virginia Small Business Financing Authority, 5.0%, 7/1/49
 10,228,500
     
Total Virginia
  
$111,225,233
     
Wisconsin - 2.4%
  
 
5,905,000
  
Public Finance Authority, 5.0%, 10/1/48
$6,646,136
 
2,660,000
  
Public Finance Authority, 5.0%, 6/1/50 (144A)
 2,912,088
 
2,500,000
  
Public Finance Authority, 5.375%, 6/1/52
 2,521,425
 
775,000
  
Public Finance Authority, Community School of Davidson Project, 5.0%, 10/1/33
   891,971
 
1,590,000
  
Public Finance Authority, Coral Academy Science Las Vegas, 5.625%, 7/1/44
 1,728,060
 
9,310,000
  
Public Finance Authority, Gardner Webb University, 5.0%, 7/1/31 (144A)
 10,390,239
 
5,325,000
  
Public Finance Authority, Glenridge Palmer Ranch, Series A, 8.25%, 6/1/46 (144A)
 5,453,652
 
5,057,500
  
Public Finance Authority, Las Ventanas Retirement Community, 7.0%, 10/1/42
 5,086,328
 
400,000
  
Public Finance Authority, Lead Academy Project, Series A, 4.25%, 8/1/26 (144A)
   428,900
 
2,000,000
  
Public Finance Authority, Lead Academy Project, Series A, 5.0%, 8/1/36 (144A)
 2,136,420
 
2,500,000
  
Public Finance Authority, Lead Academy Project, Series A, 5.125%, 8/1/46 (144A)
 2,669,700
 
500,000
  
Public Finance Authority, SearStone CCRC Project, Series A, 5.3%, 6/1/47
   503,575
 
10,470,000(c)(f)
  
Public Finance Authority, Springshire Pre Development Project, 12/1/20 (144A)
 1,047,000
 
1,245,000(b)
  
Public Finance Authority, Voyager Foundation, Inc., Project, Series A, 5.125%, 10/1/45
 1,324,257
 
2,815,000(b)
  
Public Finance Authority, Voyager Foundation, Inc., Project, Series A, 6.2%, 10/1/42
 3,030,685
     
Total Wisconsin
  
$46,770,436
     
TOTAL MUNICIPAL BONDS
  
     
(Cost $1,760,642,651)
$1,850,296,762
     
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 95.8%
  
     
(Cost $1,778,878,205)
$1,869,255,362
     
OTHER ASSETS AND LIABILITIES - 4.2%  
$82,541,048
     
NET ASSETS - 100.0%
$1,951,796,410

AGM
Assured Guaranty Municipal Corp.
AMBAC
American Municipal Bond Association Corporation.
RIB
Residual Interest Bond is purchased in a secondary market.  The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate at May 31, 2021
(144A)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At May 31, 2021, the value of these securities amounted to $360,401,475, or 18.5% of net assets.
†
Amount rounds to less than 0.1%.
(a)
Consists of Revenue Bonds unless otherwise indicated.
(b)
Pre-refunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date.
(c)
Security issued with a zero coupon. Income is recognized through accretion of discount.
(d)
Represents a General Obligation Bond.
(e)
The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at May 31, 2021.
(f)
Security is in default.
(g)
 The concentration of investments by type of obligation/market sector is as follows:

Education Revenue
24.1%
Tobacco Revenue
21.8   
General Obligation
16.3   
Development Revenue
13.3   
Health Revenue
12.6   
Transportation Revenue
6.5   
Facilities Revenue
1.5   
Power Revenue
1.4   
Other Revenue
1.3   
Water Revenue
1.2   
Pollution Control Revenue
0.0† 
 
100.0%
†            Amount rounds to less than 0.1%.

# Securities are restricted as to resale.

Restricted Securities
Acquisition date
  
Cost
    
Value
  
United States Steel Corp.
1/15/2021
  
$
10,845,897
    
$
11,233,750
  
United States Steel Corp.
1/20/2021
    
7,389,657
      
7,724,850
  
    Total Restricted Securities
            
$
18,958,600
  
    % of Net Assets
              
1.0
%

Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels below.
 
Level 1 - unadjusted quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining fair value of investments).
 
The following is a summary of the inputs used as of May 31, 2021, in valuing the Portfolio’s investments:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Corporate Bonds
  
$
–
    
$
18,958,600
    
$
–
    
$
18,958,600
  
Municipal Bonds
    
–
      
1,850,296,762
      
–
      
1,850,296,762
  
Total Investments in Securities
  
$
–
    
$
1,869,255,362
    
$
–
    
$
1,869,255,362
  

During the nine months ended May 31, 2021, there were no transfers in or out of Level 3.